This partnership will further expand the Dreamline telecommunications business and is the first step for Gaw Capital to tap into the Korea IDC market. Gaw Capital will continue to seek additional opportunities in South Korea, where IDC demand has been growing due to the government’s policy of moving into cloud computing.

Established in 1997, Dreamline has a long history of operating businesses in the ICT field based on the technology and expertise it has accumulated over the past 20 years. The company operates a nationwide optical fiber network providing high speed leased lines to enterprise and hyperscale customers as well as data center services via its subsidiary Dreammark1.

Established in 2016, Dreammark1 is an internet data center (IDC) operator based in Seoul, South Korea, that owns a data center in Guro, Seoul with a capacity of over 1,200 racks and power supply of 10MW. Having established a unique market position as one of the top-tier carrier-neutral IDC operators in Korea, Dreammark1 is independent from the major carrier providers in the country hence its clients are provided a wide selection of network services. Facilities of Dreammark1 are protected by a dual-source electricity supply system and earthquake-resistant design that ensures data protection in addition to superior capabilities to provide uninterrupted services to its clients. Dreammark1 currently has a number of blue-chip tenants that are attracted by Dreammark1’s exceptional service quality. Dreammark1 is also an investor in the upcoming Jukjeon Data Center project. Located in the eastern part of Seoul metropolitan area, Jukjeon Data Center is close to the Pangyo Techno Valley, a technology hub known as South Korea’s Silicon Valley.

Kok Chye Ong, Managing Director – Head of IDC Platform, Asia (Ex-China) of Gaw Capital Partners, said, “We are delighted to have seized on this favorable investment in South Korea, which brings significant strategic value to our pan-Asia IDC platform. The surging demand for data centers in Asia Pacific continues to grow due to increased Internet usage driven by the pandemic, and we are committed to the principles of sustainable development of such centers through the application of ESG initiatives such as appropriate construction waste management, and renewable power sources exploration, that will further enhance our competitiveness in the data center sector. Gaw Capital will continue to look for new investment opportunities and partnerships in South Korea.”

Gaw Capital Partners was named ‘Alternatives Investor of the Year: Asia’ at the PERE Awards 2021 after receiving the largest number of votes in a public ballot of the real estate industry. In recent years, IDC has been a focus sector for Gaw Capital Partners as the data center industry is one of the cornerstones of the digital economy, which is growing rapidly with broad prospects. The firm was also highlighted for launching two data center platforms in China and one in pan-Asia. In September 2020, the firm closed fundraising for its first IDC platform, which invested in a portfolio of projects in partnership with IDC developers and operators in China, bringing the total equity raised to approximately US$1.3 billion with the aim to build “green, efficient, innovative and recyclable” data center clusters.

Following this announcement, the Gaw Capital global data center platform comprises of data centers located in China, Indonesia, Japan and now in South Korea.

About Gaw Capital Partners

Gaw Capital Partners is a uniquely positioned private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally.

Specializing in adding strategic value to under-utilized real estate through redesign and repositioning, Gaw Capital runs an integrated business model with its own in-house asset management operating platforms in commercial, hospitality, property development, logistics, IDC and education. The firm’s investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, serviced apartments, hotels, logistics warehouses and IDC projects.

Gaw Capital has raised seven commingled funds targeting the Greater China and APAC regions since 2005. The firm also manages value-add/opportunistic funds in Vietnam and the US, a Pan-Asia Hospitality Fund, a European Hospitality Fund, a Growth Equity Fund and provides services for separate account direct investments globally.

Since 2005, Gaw Capital has commanded assets of US$34.1 billion under management as of Q4 2021.

#GawCapitalPartners

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• 60 per cent of SME employees are more willing to join a company that provides medical benefits
• 85 per cent of SME employees said that it is a priority for companies to provide employee benefits
• 79 per cent of SME employees see digital transformation as essential to company’s survival

SINGAPORE – Media OutReach – 26 April 2022 – Coverage for in-patient and outpatient medical expenses (“medical benefits”)[1] are an important consideration for most small-and-medium-sized enterprise (SME) employees, with nine in 10 saying that they want their employers to provide healthcare coverage. This is according to a poll commissioned by Prudential Singapore (“Prudential”) which explores the needs and challenges of SMEs in the area of medical and employee benefits.

Sixty per cent of the 1,029 respondents said that they are more willing to join an SME that provides medical benefits, while almost 40 per cent are more likely to stay in a company that provides the same benefits. Almost half of them see companies that provide medical benefits as a caring employer.

Thirteen per cent of respondents said their company does not offer any medical benefits, and this number doubled (27 per cent) for SMEs with 10 or less employees. SMEs account for 99 per cent of the businesses in Singapore, and they employ 70 per cent of the workforce.[2]

Mr Dennis Tan, CEO, Prudential Singapore, said that medical benefits are essential to employees’ overall wellbeing and success at work.

“Awareness of health and protection has gone up since the pandemic, so understandably, employees value medical benefits and appreciate investments in their wellbeing and future. An ageing workforce coupled with rising healthcare costs are also driving employees to want support in the area of medical protection so that they can focus on their work with greater peace of mind,” said Mr Tan.

Most respondents cited small company size and high cost of group insurance as reasons why their company does not provide medical benefits. When asked how much budget is set aside for their company’s medical benefits per year, almost two in five SME owners and Human Resource (HR) professionals said $10,000 and below.

Employee benefits also top of mind

SME employees also value flexible benefits such as company-sponsored trainings, e-vouchers, and wellness initiatives (eg. fitness classes), with 85 per cent of them saying employers should consider it a priority to provide such benefits. However, 34 per cent of respondents said their company does not offer any employee benefits. This number went up to 45 per cent for SMEs with 10 or less employees. Small company size and high costs were noted as the key reasons for why their companies do not provide employee benefits.

SME employees also regard employee benefits to be just as important as medical benefits. Three in five respondents said that they are more willing to join a company that provides employee benefits, and two in five said that they are more willing to stay in a company that provides the same.

SME employees acknowledge need for digitalisation

When asked if they are more willing to stay in a company that prioritises digital transformation, about one in five respondents said that they would, and four in five agreed that digital transformation is an important factor for business survival.

“Digitalisation is crucial in helping SMEs remain competitive and relevant in the digital economy. It empowers businesses to accelerate growth and at the same time, appeals to talents who share this belief and are looking for companies that have started on their digital journey,” said Mr Tan.

However, just 21 per cent of SME employees say that their company is already digital. They face challenges such as lack of talent with digital skills, high cost, and lack of training opportunities to do it effectively.

All is not lost as 64 per cent of SME employees say that their company intends to undergo or is on the road to digital transformation. Steps being taken to digitalise include automation of processes and trainings for employees to enhance their digital skills.

Support for SMEs

There are various initiatives provided by the government as well as private sector companies to help SMEs speed up digitalisation. This could take the form of skills trainings in areas such as cybersecurity, or a comprehensive guide to kickstarting the SME’s digitalisation journey. One example is the customisable digital commerce playbook[3] launched by Ngee Ann Poly and Prudential which provides SMEs with guidance and practical help on the use of digital technologies.

Prudential has been supporting the needs of SMEs over the years. For example, it offers a range of insurance solutions for SMEs, even those with just three employees. It also provides a corporate wellness programme to encourage SME employees to be more proactive about preventative healthcare to ensure they stay healthier and productive for longer.

This poll was commissioned by Prudential and conducted by Milieu Insight and surveyed 1,029 Singaporean SME employees and business owners aged 18 and above who work in SMEs with 1 to 200 employees. Responses for the online poll were collected in April 2022.

About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)

Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 91 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor’s, with S$53.3 billion funds under management as at 31 December 2021. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,000 financial consultants.

#PrudentialSingapore

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Founded by the Institute of Shopping Centre Management in 2020, the Awards set the stage with the theme “The Proven Strengths of Asia’s Shopping City: Hong Kong”, for local malls to collectively establish what it truly takes to be at the heart of Hong Kong’s culture and to duly claim its title as the “city of malls”.

ISCM Chairman, Mr Baldwin Ko said, “We are grateful to see our local professionals always thinking several steps ahead when it comes to supporting our shopping centres and the community they serve. We are all aware of how challenging the past 2 years have been for the industry, not just for the malls, but for the teams, tenants and all staff. And today, we celebrate all winners for giving Hong Kong’s malls that extra edge and generating healthy competition for the continuous development of our economy and its articulation for a prosperous Greater Bay Area.

OC Chairlady of ISCM Awards 2021, Ms Angie Chung added, “Our city is the densest concentration of shopping malls and we’ve witnessed them in the best and worst of times. So, we are very proud of all the professionals in the industry. Especially in the past few years with social unrest and the pandemic, it was truly a difficult time for shopping malls’ frontline staff and operators, yet the industry used its creativity and adapted to the situation; with latest examples from strategically thought-out promotions for the potential revenge shopping that can be leveraged by consumption vouchers provided by the government. In comparison to last October’s results, Hong Kong’s retail sales rose 12 percent year-on-year with the assistance of the e-vouchers, and we hope to see resembling results in 2022.”

The competition is strong with largely developers and their respective shopping malls winning various awards including Best Rejuvenate Shopping Centre, Best Retail Marketing and Promotion Campaign, Best Retail Leasing Team, Best Property Management Team, and Best Corporate Social Responsibility Project. All winners have been duly recognised by the jury panel for their commitment to upholding the standards for all of Asia’s shopping centres, particularly in Hong Kong.

Results of the ISCM Awards 2021 are as follows:

For more award details, please visit: www.iscmawards.com/2021

About ISCM

The Institute of Shopping Centre Management (ISCM) is a non-profit organization founded by a group of local shopping centre professionals, certified practitioners and professors in the shopping centre management industry. We have extensive knowledge, skills and practical experience in managing various shopping centre portfolios in Hong Kong and the Mainland China. As a professional society and a recognized governing body in Hong Kong, ISCM aims to standardise and enrich the overall professional profiles within the industry and act as a representative in the shopping centre industry. Our mission is to identify various prospective channels with government bodies, thereby creating a platform to exchange best practices in the art and science of shopping centre management within the Asia Pacific region.

#ISCM

This innovative small business culture is critical to Malaysia attaining a ‘high technology nation’ status by 2030, supporting long-term growth and improving the competitiveness of Malaysia’s small businesses.

CPA Australia’s Malaysian Digital Transformation Committee Chairman Bryan Chung FCPA (Aust.) said the findings on Malaysia’s innovative culture are encouraging when compared to small businesses from Australia, Hong Kong, New Zealand, Singapore and Taiwan.

Bryan said that business owners’ mindsets have shifted, which augurs well. Business owners are now motivated to pursue technological innovations for long-term growth as opposed to short-term survival.

“The findings are indicative of a new generation of entrepreneurs who are tech-savvy, innovative and eager to promote what their business has to offer, both to the region and the world. Malaysian respondents are typically younger with 55.9 per cent under 40, compared with the survey average of 45.2 per cent.

“The focus on technology is reflected in cybersecurity preparedness, with 40.1 per cent of local small businesses reviewing their cybersecurity measures in the past six months, while 38.5 per cent expected their business will be cyberattacked in 2022,” he said.

Bryan also observed that the reasonable rate of technology investment is heartening against a highly challenging business environment where survival and sustainability is paramount. Of the businesses surveyed, close to 40 per cent invested in technology and said their investment improved their profitability. While for some it may have been a knee-jerk response, the positive business outcomes will to a large extent, validate continuous investments.

“This demonstrates that Malaysia’s small businesses are generally pretty good at adopting technology into their business, however there is room to improve. We suggest that more small businesses seek information and advice to ensure they adopt the right technology solutions for their business,” said Bryan.

Reflecting the tech-savvy nature of many Malaysian small businesses, eight in ten earned revenue from online sales and 62.5 per cent received more than 10 per cent of their sales through digital payment options such as Grabpay, Alipay and iPay88.

Given the impact of COVID-19, it’s not surprising that of those that sought external finance in 2021, close to 55 per cent sought it for business survival and nearly half found that accessing finance was challenging.

Malaysia is also the only market where businesses found it more difficult than easy to pay their debts in 2021. These solvency problems are expected to continue this year with Malaysian small businesses again more likely to expect difficulty repaying debt than easy repayment conditions.

Despite facing a difficult 2021, during which Malaysia’s small businesses were more likely to report that they shrunk than grew, most are bullish about their expected performance this year. Just over 66 per cent of businesses expect to grow, which is higher than the survey average of 61.9 per cent.

Read CPA Australia’s Asia-Pacific Small Business Survey 2021-2022

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 170,000 members in over 100 countries and regions, including more than 10,500 members in Malaysia. CPA Australia has been operating in Malaysia since 1956 and opened our Malaysian office in 1994. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au

#CPAAustralia

The issuer is solely responsible for the content of this announcement.