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YesAsia to raise up to HK$131.7 million by offering 39,540,000 Shares at HK$3.00-HK$3.33 each

Strives to be the “go-to” E-commerce gateway for Asian products with customers worldwide

HONG KONG SAR – Media OutReach – 28 June 2021 – YesAsia Holdings Limited (“YesAsia” or the “Company“; together with subsidiaries, the “Group“; SEHK stock code: 2209), a Hong Kong-headquartered E-commerce platform operator engaging in the procurement and sale of Asian fashion and lifestyle, beauty and entertainment products to customers around the world, has announced its proposed global offering (“Global Offering“) of shares (“Shares“) in Hong Kong and proposed listing on the Main Board of The Stock Exchange of Hong Kong Limited (“SEHK“) today.

YesAsia intends to offer 39,540,000 new shares (“Offer Shares“) at an indicative offer price range of HK$3.00 to HK$3.33 per Share (“Indicative Price Range“). About 35,586,000 Shares or 90% of the Offer Shares will be available for placing with institutional and professional investors (“International Offering“) while about 3,954,000 Shares or 10% of the Offer Shares will be available for subscription by the public in Hong Kong (“Hong Kong Public Offering“).

UOB Kay Hian (Hong Kong) Limited is the Sole Sponsor and the Sole Global Coordinator of the Global Offering.

CS Logistics Holdings Ltd., and Triple Surge Holdings Limited have agreed to subscribe for HK$30 million and HK$15 million worth of Shares, respectively, as cornerstone investors.

The aggregate net proceeds to the Company from the Global Offering, after deducting related underwriting commissions and incentive fees in connection with the Global Offering and assuming an Offer Price of HK$3.165, being the mid-point of the Indicative Price Range, will be approximately HK$93.5 million, which are intended to be applied as follows:

  • approximately HK$50.5 million or 54.0% for increasing marketing efforts for customer acquisition and retention;
  • approximately HK$18.8 million, or 20.1% for enhancing platform content, IT capabilities and creating satisfactory user experience to promote benefits and uniqueness of Korean beauty and fashion products;
  • approximately HK$15.0 million, or 16.1% for expanding logistics fulfilment capacity and enhancing warehouse efficiency; and
  • approximately HK$9.2 million, or 9.8% as general working capital.

YesAsia is engaged in the procurement and sale of Asian fashion & lifestyle, beauty and entertainment products to global customers. The Group primarily sells products through its online platforms, complemented by a portion of sales of entertainment products through its offline B2B sales channel. Its principal business activities can be divided into two business segments: (i) sales of fashion & lifestyle and beauty products on its YesStyle and AsianBeautyWholesale platforms; and (ii) sales of entertainment products on its YesAsia platform and through its offline B2B sales channel.

YesAsia launched its key opinion leader initiative in January 2018, and subsequently its award-winning YesStyle Influencer Program in February 2019, which assisted YesStyle to reach a broader worldwide audience. As of June 2021, more than 150,000 KOLs and influencers from around the world have joined the Group’s influencer marketing initiatives, providing it with a broad base of millions of followers. Revenues generated from its influencer marketing initiatives accounted for 1.2%, 7.9% and 17.4% of the total revenue of YesStyle for the three years ended 31 December 2020, respectively. The Group’s YesStyle Influencer Program received the ”Technology Excellence Award” in September 2020, granted by Hong Kong Business magazine. Their social media coverage includes social media platforms, including Instagram, YouTube, Facebook, Tiktok, Pinterest and Twitter.

Looking forward, the Group aspires to become the “go-to” E-commerce gateway that bridges Asian products with customers worldwide by reinforcing marketing strategies to boost customer base and enhancing customer loyalty; increasing global penetration to build stronger brand awareness; deepening its positioning as a Korean beauty product gateway; enhancing customer experience through further investment in IT systems and in-house-produced original content; and optimizing as well as expanding its logistics network and infrastructure.

Commenting on YesAsia’s business strategy, Mr. Lau Kwok Chu, Founder, Executive Director and CEO, said: “We had been able to achieve above-industry revenue growth during the Track Record Period even in the midst of the COVID-19 pandemic, mainly due to our continuous effort in strengthening our marketing strategy to support customer retention and acquisition as well as long-term ecosystem development such as engaging influencers and KOLs, our efforts in establishing and building the reputation of our platforms and customer services; and wider varieties and selections of fashion and beauty products offered by our Group than some of our competitors.”

“Our strengths rest with our established E-commerce platform with a global reach, our loyal and engaged customer base driving a virtuous cycle in our business ecosystem, our proven global E-commerce sales channel for Asian product suppliers, our innovative and effective marketing strategy to support customer retention and long-term ecosystem development, and our seasoned management team and diverse corporate culture. We believe these strengthens will continue leading our success in this industry,” Mr. Lau added.

The Hong Kong Public Offering is expected to open at 9:00 a.m. on Monday, 28 June 2021 and is expected to close at 12:00 noon on Friday, 2 July 2021. Allotment results and the Offer Price are expected to be announced or made available on Thursday, 8 July 2021. Dealings in the shares on the Main Board of the SEHK are expected to commence under stock code 2209 at 9:00 a.m. on Friday, 9 July 2021.

WHITE Application Forms and Prospectus can be obtained from UOB Kay Hian (Hong Kong) Limited or any of the designated branches of Bank of China (Hong Kong) Limited; or on-line via the designated HK eIPO White Form Service Provider at www.eipo.com.hk. Applicants can also instruct the Hong Kong Securities Clearing Company Limited to effect their applications by using the YELLOW Application Forms or via electronic instructions.

YesAsia Holdings Limited

Offering Statistics at-a-Glance

Share Offer

:

39,540,000 Shares

Offering Structure

  • Hong Kong Public Offering
  • International Offering

:

:

3,954,000 Shares
(subject to reallocation)

35,586,000 Shares
(subject to reallocation and over-allotment option)

Proposed Offer Price Range

:

HK$3.00 – HK$3.33 per Offer Share

Based on an Offer Price of HK$3.00

Based on an Offer Price of HK$3.33

Market Capitalisation(1)

:

HK$1,186,172,370

HK$1,316,651,330

Stock Code

:

2209

No. of Shares per board lot

1,000

Expected Listing Date

:

Friday, 9 July 2021

Note:

(1) The calculation of market capitalisation is based on the 395,390,790 Shares expected to be in issue immediately upon completion of the Global Offering

Track Record

The following is a summary of the combined results of the Group for the three years ended 31 December 2018, 2019 and 2020

Year ended 31 December

2018

2019

2020

(US$ ‘000)

Revenue

85,364

117,589

173,319

Gross Profit

29,067

37,648

61,871

Profit before tax

4,825

4,270

13,438

Profit for the year

3,992

3,369

11,220

Adjusted net profit for the year*
(*adjusted for listing expenses)

3,992

3,369

13,329

ECOVACS ROBOTICS Kicks Off “May You be a Cleaning PRO like Hyun Bin” Mid-Year Sale Campaign with Special Bundle of N8 PRO and Auto-Empty Station in Indonesia

JAKARTA, INDONESIA – Media OutReach – 28 June 2021 – ECOVACS ROBOTICS, following the appointment of popular Korean Actor Hyun Bin as brand ambassador and the successful launch of their latest DEEBOT series, today kicks off the “May You be a Cleaning PRO like Hyun Bin” mid-year sale campaign, a special deal for consumers wishing for a cleaning experience done like a pro. Among Tokopedia, Shopee, Blibli & Lazada online stores for ECOVACS products, the most anticipated being the “PRO deal” with the new DEEBOT N8 PRO robot vacuum bundled with the Auto-Empty Station.

DEEBOT N8 PRO, together with the Auto-Empty Station, delivers a more powerful, worry-free and automated cleaning experience with a number of key features:

  • Auto-Empty Station cleans the robot’s dustbin automatically after cleaning and is equipped with a large-volume 2.5L disposable dust bag. It dramatically reduces the need for direct human interaction to empty the dustbin for up to 30 days.
  • TrueDetect 3D Technology enables DEEBOT N8 PRO to avoid collisions or getting stuck with its 3D structured light technology and a 3D scanning algorithm. It scans and detects objects, down to the millimeter level.
  • TrueMapping Technology allows DEEBOT N8 PRO to intelligently and effectively navigate a user’s home, choosing which rooms and floors to clean, and customizing the optimum cleaning path for each respective floor map. The Virtual Boundary™ feature can be controlled via the ECOVACS Home App, allowing users to restrict the robot from entering and cleaning specific areas, if privacy is needed.
  • ECOVACS signature OZMO™️ Mopping System can efficiently clean the whole house without the need to top up the water tank repeatedly. Sensors on the DEEBOT N8 PRO automatically switches between mopping mode or disabling cloth dampening, to guarantee a safer and deeper cleaning process. The DEEBOT N8 PRO also comes with an upgraded disposable mopping pad that effectively removes stains and keeps floors clean. It can remove over 99% of bacteria together with the use of OZMO™️ Mopping technology.

Mid-year promotion – Pricing and Availability

The “PRO deal” bundle with the DEEBOT N8 PRO and Auto-Empty Station has a special bundled price of IDR 7,990,000. The special promotion for other DEEBOTs, including the flagship series DEEBOT N8 PRO, is offered at a mid-year discounted price of IDR 5,990,000.

Dedicated ECOVACS DEEBOTs come with a free giftpack and vouchers available at the official stores. The mid-year promotion period will be on 1st July to 9th July.

For more information, please visit ECOVACS Official Stores on Tokopedia, Shopee, Blibli & Lazada.

About ECOVACS ROBOTICS

Innovating Since Day One – Creating the Intelligent Home.

At ECOVACS ROBOTICS, we care about innovating solutions to enhance your lifestyle. Based on a deep understanding of use cases and consumer experiences, we design robots that help you to “live smart, enjoy life”.

With over 20 years of design and industry-leading research, we have led the market as homes become more intelligent and responsive. We are building a world where your home asks less of your attention, becomes more seamless and powerful, and frees you to spend more time doing what you love.

#ECOVACSROBOTICS

ECOVACS ROBOTICS Kicks Off “Clean Like a PRO” Mid-Year Sale Campaign with Special Bundle of N8 PRO and Auto-Empty Station in Malaysia

KUALA LUMPUR, MALASIA – Media OutReach – 28 June 2021 – ECOVACS ROBOTICS, following the successful launch of their latest DEEBOT series, today kicks off the “Clean Like a PRO” mid-year sale campaign, a special deal for consumers wishing for a cleaning experience done like a pro. There will be storewide discounts of up to 57% on Lazada and Shopee online stores for ECOVACS products, the most anticipated being the “PRO deal” with the new DEEBOT N8 PRO robot vacuum bundled with the Auto-Empty Station.



DEEBOT N8 PRO, together with the Auto-Empty Station, delivers a more powerful, worry-free and automated cleaning experience with a number of key features:

  • Auto-Empty Station cleans the robot’s dustbin automatically after cleaning and is equipped with a large-volume 2.5L disposable dust bag. It dramatically reduces the need for direct human interaction to empty the dustbin for up to 30 days.
  • TrueDetect 3D Technology enables DEEBOT N8 PRO to avoid collisions or getting stuck with its 3D structured light technology and a 3D scanning algorithm. It scans and detects objects, down to the millimeter level.
  • TrueMapping Technology allows DEEBOT N8 PRO to intelligently and effectively navigate a user’s home, choosing which rooms and floors to clean, and customizing the optimum cleaning path for each respective floor map. The Virtual Boundary™ feature can be controlled via the ECOVACS Home App, allowing users to restrict the robot from entering and cleaning specific areas, if privacy is needed.
  • ECOVACS signature OZMO™️ Mopping System can efficiently clean the whole house without the need to top up the water tank repeatedly. Sensors on the DEEBOT N8 PRO automatically switches between mopping mode or disabling cloth dampening, to guarantee a safer and deeper cleaning process. The DEEBOT N8 PRO also comes with an upgraded disposable mopping pad that effectively removes stains and keeps floors clean. It can remove over 99% of bacteria together with the use of OZMO™️ Mopping technology.

The mid-year sale also includes the newly launched DEEBOT T9, a 9-in-1 robot vacuum with TrueDetect 3D 2.0 obstacle avoidance capabilities and TrueMapping 2.0 precise navigation that combines powerful vacuuming with the OZMO™ Pro 2.0 Oscillating Mopping System and a built-in mobile air freshener.

Mid-year promotion – Pricing and Availability

The “PRO deal” bundle with the DEEBOT N8 PRO and Auto-Empty Station has a discounted price of MYR 1,999. The special promotion for other DEEBOTs, including the flagship series DEEBOT T9, is offered at a mid-year discounted price of MYR1,899 and T9 bundle Auto-Empty Station, is offered at a mid-year discounted price of MYR2,449.

Dedicated ECOVACS DEEBOTs come with a free giftpack and Up to RM77 vouchers available at the official stores. The mid-year promotion period will be on 18th June to 7th July.

For more information, please visit ECOVACS Official Stores on Lazada and Shopee.

About ECOVACS ROBOTICS

Innovating Since Day One – Creating the Intelligent Home.

At ECOVACS ROBOTICS, we care about innovating solutions to enhance your lifestyle. Based on a deep understanding of use cases and consumer experiences, we design robots that help you to “live smart, enjoy life”.

With over 20 years of design and industry-leading research, we have led the market as homes become more intelligent and responsive. We are building a world where your home asks less of your attention, becomes more seamless and powerful, and frees you to spend more time doing what you love.

#ECOVACSROBOTICS

Car Bursts Into Flames on Vang Vieng Expressway

Car catches fire on Expressway

A car burst into flames along the Vang Vieng Expressway last night as motorists looked on in shock.

Party and Government to Address National Agendas, Drug Problem

Party central committee discusses national agendas (Photo: Lao National Radio)
The Party Central Committee extraordinary plenary session.

The Central Committee of the Lao People’s Revolutionary Party has agreed to take action to address economic and financial challenges, as well as drug usage, which have been designated as national agendas.

Axiata to commercialise Open RAN for network leadership across emerging Asia

First and only Open RAN commercial pilots in Sri Lanka and Malaysia

First Open RAN solution commercially deployed with satellite backhaul

First commercial deployment of TIP’s Evenstar Split 7.2. Radio Unit (RU) architecture

  • Network modernisation gains traction as Axiata positions for network leadership across its footprint, with the commercial deployment of 2G and 4G single RAN Open RAN matching the performance of incumbents in brown field environment.
  • Key strategic partnerships formed with world-class network solutions providers, Mavenir, Parallel Wireless and global IT giant Infosys lead to successful Open RAN commercial pilots in Malaysia, Sri Lanka and Indonesia.

KUALA LUMPUR, MALAYSIA – Media OutReach – 28 June 2021 – Axiata Group Berhad (“Axiata” or “the Group”) has embarked on an ambitious network transformation program, leveraging Open Radio Access Networks (Open RAN) as a key technology for mobile networks designed to narrow the digital divide and enhance rural connectivity across Asia.

Eyeing large scale commercial deployments by year end, the Group has successfully conducted Open RAN commercial field pilots in Malaysia, Indonesia, and Sri Lanka through strategic partnerships with leading global network solutions providers Mavenir and Parallel Wireless and supported by Infosys as systems integrator (SI).

Through its strategic partnership with Mavenir, the industry’s end to end network software provider, Axiata has deployed the MAVair Open vRAN solution including all G Open RAN, Packet Core and Mobile Network applications at selected sites, in Malaysia, Indonesia and Sri Lanka. To simulate non-ideal backhaul conditions, especially for rural areas, the sites selected are connected with non-ideal backhaul (microwave links), and in some cases satellite, making this the first satellite backhaul powered Open vRAN sites in the world.

During the testing phase, Axiata was also able to achieve the first live commercial service integration of the Telecom Infra Project (TIP)’s Evenstar 4G Radio through Mavenir’s MAVair O-RAN based solution for Open RAN. Axiata is a participant of the TIP initiative in which a global community of companies and organisations are working together to accelerate the development and deployment of open, disaggregated and standards-based technology solutions that deliver high quality, low cost connectivity.

Axiata’s commercial pilot also encompassed a collaboration with Parallel Wireless, the US-based Open RAN company delivering all G, cloud-native Open RAN solutions. Axiata successfully demonstrated commercial deployment of 2G and 4G Open RAN connectivity within its network in Sri Lanka which is operated by Dialog Axiata.

Parallel Wireless’s solutions enabled 2G and 4G technology to be installed on the same radio units, with baseband deployed on a x86 commercial-off-the-shelf (COTS) platform, and all other applications deployed on Axiata’s OpenStack cloud infrastructure. The field trials now elevated to commercial availability, included 3-Sector, 4-Sector and 6-Sector sites, and demonstrated high quality network performance.

End user experience was demonstrated to be seamless and, in some cases, superior in terms of mobile broadband experience including next generation voice services. Commercial deployment encompassed rural, sub-urban and urban environments.

The paradigm shift in telco networks towards Open RAN requires system integration capabilities to bring together the ecosystem of disaggregated components using standardised open interfaces on general purpose hardware and ensuring interoperability in a carrier grade environment. Axiata was supported by Infosys in executing multi-faceted system integrations required to demonstrate the comprehensive coverage of Open RAN configuration options.

Thomas Hundt, Axiata’s Group Executive Vice President – Technology said, “Open RAN is the future for mobile networks, and it will be critical for 4G expansions as well as the 5G evolution that Axiata’s markets will soon embrace. Aligning with our vision to become The Next Generation Digital Champion, the benefits from open networks will enable Axiata to better serve rising connectivity needs across the region, especially in rural and underserved areas, whilst ensuring sustainable value creation for our stakeholders.”

“Together with our partners Mavenir, Parallel Networks and Infosys, and in line with the global connectivity push under the Telecom Infrastructure Project, Axiata is committed towards embracing fully automated infrastructure to boost the open networks ecosystem in Asia. Our successful trials in Malaysia, Sri Lanka and Indonesia prove that Open RAN solutions enable greater operational and cost efficiencies using advanced technologies, whilst also meeting the needs of our digital inclusion efforts across the region. We look forward to taking the next step towards commercialization in our pursuit of catalyzing game-changing advancements across emerging Asia,” he said.

Pardeep Kohli, Mavenir President and CEO said, “Mavenir is delighted to work with Axiata on their radio network transformation initiative and to achieve excellent results in the live everyday environment, proving the extreme flexibility of Open vRAN. The collaboration will transform existing networks into a dynamic, agile and cloud-native based platform where Mavenir and Axiata will build the Networks of the Future.”

Keith Johnson, President of Parallel Wireless said, “We are honored to partner with Axiata, replacing their incumbent vendors equipment with our leading-edge Open RAN Solution to enable 2G and 4G broadband services in Sri Lanka and other Axiata subsidiaries. We are thrilled that the trials are successful, and we look forward to the commercial deployments in 2021.”

Anand Swaminathan, EVP & Global Industry Leader, Communications, Media & Technology Infosys said, “Open RAN is transforming the wireless architecture and is enabling Telecom operators to be more competitive and innovative, while providing them flexibility in RAN component suppliers’ ecosystem. The successful completion of the field trial on live network was a major milestone for accelerating the scaled deployment of virtual and Open RAN networks. Infosys is excited to be the SI partner to Axiata in this transformational journey and is committed to stand together to achieve many more milestones in the near future.”

About Axiata

As one of the leading telecommunications groups in Asia in pursuit of its vision to be The Next Generation Digital Champion by 2024, Axiata has transformed itself from a holding entity with a portfolio of pure-play mobile assets into a Triple Core Strategy driven business focusing on Digital Telco, Digital Businesses and Infrastructure.

Within ASEAN and South Asia, the Group has controlling stakes in market-leading mobile and fixed operators in the region including ‘Celcom’ in Malaysia, ‘XL’ in Indonesia, ‘Dialog’ in Sri Lanka, ‘Robi’ in Bangladesh, ‘Smart’ in Cambodia and ‘Ncell’ in Nepal. Axiata is actively spearheading efforts to transform its mobile-centric operations into digital converged companies.

Axiata Digital, the digital services arm of Axiata is focused on two digital business verticals namely Digital Financial Services (‘Boost’, ‘Aspirasi’) and Digital Analytics & AI (‘ADA’).

‘edotco’, the Group’s infrastructure company, operates in eight countries to deliver telecommunications infrastructure services, amassing approximately 32,800 towers. Presently the 16th largest independent tower companies globally, it aims to be one of the top regional telecommunications tower companies and is committed to responsible and sustainable business operations.

As a committed and long-term investor, and in line with its sustainability goals, the Group actively supports and drives young talent development; disaster response and recovery; as well as green initiatives. Axiata’s broader goal of Advancing Asia aims to piece together the best in the region in terms of innovation, connectivity and talent.

Issued By:

Corporate Communications,

Axiata Group Berhad

Axiata Corporate Headquarters, Axiata Tower,

9 Jalan Stesen Sentral 5, Kuala Lumpur Sentral.

50470 Kuala Lumpur

Maddy Barber’s Bespoke Jewellery Brand, MADLY, Takes ‘Meaningful Jewellery’ to the Next Level

  • Top 0.1% of coloured gemstones, credible, educated and experienced staff, hand-drawn bespoke designs and the finest craftsmanship
  • In 2020, MADLY invested in their own gem sourcing offices in Tanzania and Sri Lanka, which ensure that more of the gem’s value benefits the local communities
  • Ending a 25 year radio career, Kiss92 Breakfast show anchor, Maddy Barber quits to focus on her growing jewellery brand, MADLY
  • Barber almost sold MADLY for a tenth of what it’s worth today

SINGAPORE – Media OutReach – 28 June 2021 – Founded in 2014, MADLY aimed to disrupt Singapore’s Diamond-centric jewellery industry by sharing the beauty and knowledge of coloured gemstones, and creating jewellery that is madly meaningful. Today, with their own sourcing offices, and a strong team of jewellery designers, GIA graduates, and even an in-house gem cutter, MADLY is well on their way to achieving that goal.

A glance at MADLY’s Instagram feed or website reveals some of their spectacular designs, along with customer testimonials that cement the brand’s place as one of Singapore’s hottest jewellers. First and foremost a design house, the MADLY experience breaks free from norms that people expect from fine jewellery. Their bespoke, coloured gemstone pieces are made specially for each client; designed with bright, vivid colours to celebrate an occasion, crafted with all their tiniest quirks in mind and made to last generation after generation. Each unique MADLY creation is an expression of the client and their loved ones, handcrafted in 18K Gold and forged by the hands of master craftsmen.

MADLY only uses the finest 0.1% of coloured gems. Their commitment to the highest level of quality led them to invest in sourcing offices in the coloured gem capitals of the world – Tanzania and Sri Lanka. So not only does MADLY have unrivalled access to some of Mother Nature’s most desirable coloured gemstones, the bespoke jeweler also makes it a point to give back by promoting responsible mining and ensuring that more of the value of the gem goes to benefit the people and communities at their source.

Unlike Diamonds which have a comprehensive standard grading system, for coloured gems, the knowledge and experience of the jeweller is imperative to making a good, educated purchase. This is why every member of the MADLY team is encouraged to continuously improve their gem knowledge academically, as well as through hands-on training at their in-house gem laboratory.

Given how MADLY has flourished, it’s finally time for the radio veteran to hang up her mic and commit to taking her jewellery brand to the next level. The multi-hyphenate thanks her lucky stars that her attempt to sell MADLY years ago, for a tenth of what it’s currently worth, was foiled. It was challenging to juggle the early mornings of a Breakfast DJ, being mum to two daughters and a growing business but Barber stuck it through.

Maddy Barber’s days in radio have definitely left their imprint, and even form one of the cornerstones of MADLY’s DNA – fun. “On radio, I discovered how having fun on the job, any job, was just as significant as striving for excellence. Why can’t we do both? We can take our work seriously without taking ourselves too seriously,” Barber believes.

MADLY may be a fun, vibrant and sassy brand but the bespoke jeweler definitely takes their commitment to the finest gems, bespoke design and craftsmanship very seriously. Whether your piece is a symbol of power, a statement of freedom, or a sparkly reminder of those nearest and dearest, MADLY’s bespoke service offers you the chance to create meaningful jewellery that speaks of who you are and who you want to be.

High-res images and press release available for download at https://tinyurl.com/maddymadly

Follow MADLY at:

Instagram: @madlygems

Facebook: @MadlySG

Website: MadlyGems.com

#MADLY #MadlySG #makeitMADLYmeaningful #WomenWhoWearMADLY #MADLYYes #StraightFromTheSource #GiveMaddyTheFinger


AI Readiness Index Aims to Accelerate AI Adoption in Singapore

SINGAPORE – Media OutReach – 28 June 2021 – AI Singapore (AISG) has launched its AI Readiness Index (AIRI), a comprehensive and easy-to-implement business-focused framework that helps organisations to self-assess the status of their artificial intelligence (AI) adoption readiness.

AIRI, Singapore’s first-of-its-kind, will help these businesses to measure their latest AI adoption and enable them to seek strategies and solutions in their AI pursuits.

The move is part of Singapore’s National AI Strategy, a whole-of-nation effort comprising Singaporeans, businesses, researchers and movement to work closely together to foster a Smart Nation.

Once businesses undertake this self-test at https://aisingapore.org/airi/, they will be able to identify the gap between their current and desired states.

A system-generated report will categorise their organisations into one of the following four categories: AI Unaware, AI Aware, AI Ready, and AI Competent.

Subsequently, they can leverage appropriate programmes to embark on a journey to improve their AI readiness.

AISG envisages that for organisations that are AI Unaware, the focus will be on increasing their AI literacy. For entities that are AI Aware, the goal would be to prepare them to adopt AI solutions. For organisations that are AI Ready, the aim is to help them to accelerate their AI adoption. Finally, AI Competent organisations will be encouraged to deepen their organisational AI capabilities.

These approaches will enable an organisation to ascertain the next steps, principally how it can move forward with a targeted approach to improve its organisational AI readiness. Businesses can also choose to continue the discussion with AISG on mapping their next steps forward towards AI adoption.

“AI is going to be pervasive in all aspects of life in the near future. AISG has worked hard to develop this index by translating the learning points and outcomes from our engagements with hundreds of companies,” says AISG Executive Chairman Professor Ho Teck Hua.

“The index is a critical and practical tool that will enable Singaporean businesses to benchmark their AI preparedness. It will also give companies a baseline they can use to further their adoption and use of AI,” he adds.

Dr Chng Zhenzhi, Director, National AI Office, Smart Nation and Digital Government Office, said: “AIRI is a useful tool for organisations to assess where they stand in their AI journey. AISG has been supporting Singapore’s National AI Strategy by growing a pipeline of local AI talent … AIRI will enable AISG to better tailor its suite of programmes to each organisation’s needs, and be more effective in helping organisations use and benefit from AI.”

As part of AISG’s effort to seed greater awareness of AIRI, it will collaborate with various industry partners and trade associations to get their customers and members to undergo the AIRI assessment. Some of the leading partners on board include Dell Technologies Singapore, Microsoft Singapore, Singapore Polytechnic and SGTech.

AI Readiness Index Framework

The AI Readiness Index consists of four main pillars which map to nine dimensions of assessment.

Pillars (4)

Dimensions (9)

Assessments

AI Literacy

Whether the employees could identify

potential AI use cases and be savvy

consumers of AI solutions

Organisational

Whether the organisation has the

AI Talent

capabilities to develop, integrate, and

Readiness

maintain AI models

Whether the organisation has policies to

AI Governance

guide the development and application of

trustworthy AI solutions

Management Support

Whether

the organisation has

allocated

resources for AI initiatives

Business Value

Business Use Case

Whether the organisation has identified

Readiness

suitable AI use cases and assessed their

value propositions

Whether the organisation has processes to

Data Readiness

Data Quality

ensure

the

quality

(accuracy,

completeness) of data collected

Whether there is a single source of truth,

Reference Data

consistency of data format, and reliable

metadata

Whether the organisation has appropriate

Infrastructure

Machine Learning

and sufficient ML infrastructure (e.g., GPU,

Infrastructure

memory) to support AI model training and

Readiness

deployment

Whether the organisation is using

Data Infrastructure

appropriate data infrastructure (e.g., data

lake) as a central repository of data

#AISingapore #AISG