Man has evolved from taking months or weeks to send a single letter via hand or messenger pigeon to speeding up the process with the invention of the telegraph, then the telephone, and finally, the smartphone of today. This transformation is one of many that underscore how emerging technologies have always been catalysts for global change, shaping our future in unprecedented ways.

As we study the impact, opportunities, and challenges presented by these transformative forces, we must also aim to steer these same forces and their resultant trends to our entrepreneurial advantage. These innovations are more than just novelties; they are the driving forces behind a global transformation.

At this point, it is important to note that change, especially transformational change, is often triggered by a crisis or key events. When we talk about crises in this context, we are not referring to global issues like the pandemic; instead, we are referring to the introduction of disruptive technologies within a company’s ecosystem. Disruptive technologies, such as artificial intelligence, can swiftly propel a company from one state to another, necessitating a transformation.

This transformative journey involves corporate restructuring, human capital transformation, and continuous learning. Corporate restructuring addresses financial crises, while human capital transformation focuses on changing mindsets and cultural elements.

This includes the incorporation of continuous learning as a part of the ongoing process aimed at making companies better at what they do. The evolution toward organisational learning and development is critical for sustained success.

Also Read: How digital payments are transforming the travel experience

Considering the untapped potential stemming from empowered new markets, revolutionised customer experiences, and leapfrogged production efficiencies, the unprecedented growth opportunities for a business are immense — but so are the challenges. In a world now characterised by Volatility, Uncertainty, Complexity, and Ambiguity (VUCA), navigating the technological landscape and its trends demands a strategic approach.

In fact, ignoring or delaying involvement with these advancements is not viable in today’s competitive landscape, if only because of how untenable this approach is in the long run. Companies that do not embrace these changes risk falling behind and facing regulatory issues. They also are in danger of being overshadowed by more tech-savvy and adaptable competitors and of compromising their global competitiveness in an interconnected, tech-driven economy.

Also, the dark side of disruption presents ethical, legal, and societal challenges that require responsible implementation. For example, companies will find themselves grappling with dilemmas related to privacy, data usage, and the potential consequences of their innovations on individuals and society.

At the same time, addressing these challenges is paramount to ensuring that technological progress aligns with ethical standards, legal frameworks, and positive societal outcomes. Naturally, balancing innovation and stability becomes a delicate act in this rapidly evolving technological environment.

Notably, the technology sector’s impact on global Gross Domestic Product (GDP) further serves as a testament to its relevance in the largest economies worldwide. For instance, in the United States, a whopping 24 per cent of economic growth comes from the technology sector.

This trend is not exclusive to developed countries; the tech sector contributes a whopping 16.34 per cent to the GDP of China. Even in countries like Singapore, where the economy is mostly service-based — i.e. more dominated by people than tech — technology continues to play a vital role.

The implications of this are profound. For industrialised first-world economies, technology is a major player, driving growth and innovation. However, for countries aspiring to develop similarly, access to importing or acquiring technology is the crucial factor. The ability to even enter the market for the adoption of new technologies can be a make-or-break factor for economic development.

Also Read: Why Singapore’s traditional sectors need a digital makeover

Delving into trend analysis is then pivotal for organisations, serving as a cornerstone in understanding the evolving narratives of emerging technologies and laying the groundwork for strategic planning.

Organisations armed with this analysis can, therefore, derive strategic responses, and engaging in trend analysis goes beyond staying current; it becomes a proactive initiative that empowers organisations to capitalise on opportunities and prepare for challenges associated with rapid technological adoption.

This awareness is not just for the corporate boardrooms; it is a call to action at the grassroots level, particularly within educational institutions. As we step into a future defined by emerging technologies, equipping the workforce with the knowledge and skills to adapt becomes paramount, too.

Colleges and educational institutions must curate awareness around these technologies, fostering an environment where future professionals are not just prepared for change but actively driving it.

In the grand tapestry of technological evolution, the narrative is not solely written by CEOs and executives; it is co-authored by the workforce, the students, and the educators.

The transformative potential of technology is a shared responsibility, and as we navigate this tech revolution, let us ensure that no one is left behind. Only a collaborative effort, fuelled by awareness and education, will truly unlock the global change promised by emerging technologies.

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e27 has been dedicated to nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our newly introduced ‘Contributor Spotlight’, we shine a weekly spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

In this episode, we feature Tristan Chiappini, VP and Head of Partnerships, APAC at PPRO, leveraging a decade of payments industry experience to enhance PPRO’s global digital payments platform in the APAC region.

A valued contributor since 2020, he has published 10 articles with over 10,000 views. “I have spent many years in the payments industry, and e27 is a fantastic resource for both sharing that knowledge and furthering my own,” he said candidly.

Chiappini shares his personal and professional journey in this episode of Contributor Spotlight.

Thoughts, goals, and journey

Chiappini, whose career in merchant acquiring began with a spontaneous interview at American Express Merchant Services, shares the amusing start. Recruited over lunch, he swiftly learned Excel essentials, passing the test with flying colours and setting the stage for a successful payment industry journey.

“Professionally, 2023 has been a fantastic year for me at PPRO, with more to come in 2024. In terms of personal goals, on top of being the best possible husband and father I can be, I have a few triathlons, cycling events and an ultramarathon planned — I’m always looking for the next challenge. Roll on 2024!”

Also Read: ‘Tis the season to be shopping: Can businesses still capitalise on sales events in APAC?

With over a decade in the fintech industry, particularly at PPRO, he emphasises the importance of catering to locally preferred payment methods. Recognising the impact on conversion rates, user recognition, and trust, he observes this trend unfolding online and in physical stores.

“Seeing Alipay+, WeChat Pay, JCB, and very soon Unified Payments Interface (UPI) in-store these days is common practice. Speaking of UPI, this is a fascinating one, locally in India. In just seven years, it has become the preferred method of digital payment in India, with 230 million active users (40 times the population of Singapore) transacting more than 10 billion in monthly transactions. According to some, UPI is expected to reach a billion transactions a day by 2026-2027,” he said.

He continued, “2024 will be the year UPI goes cross-border both for online, allowing Indian consumer to pay using UPI at global merchants, as well as in-store where Indian travellers can by pay for their duty-free at airports, at hotels and restaurants and tourist attractions using UPI. At the same time, UPI is also connecting inter-regionally into other national real-time payment rails, for example, PayNow here in Singapore and PromptPay in Thailand. This will be a fascinating one to watch next year.”

Advice for budding thought leaders

Chiappini advises budding thought leaders, echoing Moffat Machingura’s wisdom that “the first step is the hardest.” He emphasizes that committing to sharing knowledge initiates an enjoyable process, leading to a deeper understanding of the chosen subject and continuous learning.

Juggling too many things?

“The eternal balancing act! It really comes down to priorities. Spending time alone in silence with your thoughts each day helps you balance all the pressures of the work-life balance. It will always be something you have to work on, along with your own personal development, which in today’s hectic lifestyle often gets neglected,” Chiappini said.

Also Read: What the payments industry should consider when preparing for the holiday season

He underscores that dedicating at least 10 minutes daily to personal and professional growth enriches oneself and contributes positively to one’s company, family, and friends. He also suggests reframing the commitment in this broader perspective for effective prioritization in the future.

Staying in the loop

“Payments and fintech are moving and changing so fast that often books become out of date so quickly that things would have moved on by the time you reach the last page. Committing to spending a couple of minutes a day scanning and reading through the media to keep your knowledge fresh is something I’ve done for years and would always recommend,” Chiappini said.

In his role at PPRO, Chiappini benefits from valuable interactions with experienced industry professionals. With daily readings from various sources and active participation in major trade shows, his genuine interest in the field facilitates easy and comprehensive staying up-to-date on relevant information.

“The payments industry, and fintech in general, continues to be a fascinating and ever-changing industry to work in. There are ups and downs, as we have seen with the mass-scale restructuring projects over the last few years from all of the industry’s largest players, but payments are central to our everyday lives. If we, as payments professionals, can make it simpler and easier for people to transact online, our work is touching and improving the lives of millions, even billions of people — that makes it worthwhile,” he concluded.

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Join the e27 Contributor Programme and become a valuable voice in our ecosystem. 

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In a recent report, the Association of Chartered Accountants (ACCA), the International Federation of Accountants (IFAC), and professional services firm PwC revealed that 19 per cent of businesses in Singapore have no emissions plan in place despite the climate emergency.

In addition, 70 per cent of those without an emissions plan do not intend to develop one. This trend can be attributed to a lack of awareness or understanding of the importance of such plans or the perception that businesses are not directly responsible for the sustainability agenda.

“The recent COP28 emphasised the need for a swift, just, and equitable transition away from fossil fuels, with an overarching aim to keep global temperature rise within 1.5°C. This agreement and the global stocktake, which calls for significant emission cuts and scaled-up finance, are expected to influence national climate action plans due in 2025,” an ACCA spokesperson wrote in an email to e27.

“These developments could provide a framework and impetus for businesses in Singapore, including those without current emission plans, to develop stronger climate action strategies aligned with global standards and expectations.”

There are several steps that the organisation recommended to encourage businesses to develop their emission plan, starting with involving CFOs and finance teams in emissions reduction planning, as they can integrate climate priorities into business planning and resource allocation. But these finance teams should also be equipped with the skills and expertise to support net-zero initiatives.

Also Read: What is left behind in our conversation on climate change

In addition to that, there have to be clear targets and timelines from the government for the phase-out of unabated fossil fuels and supporting the clean energy transition, completed with ensuring clear pricing signals through a meaningful price on carbon and reforming fossil fuel subsidies to support a clean energy transition.

“Public and private financial flows aligning with the objective of phasing out fossil fuels. Incentives could work if they are aligned with these broader strategies and if they address the specific barriers that businesses face in developing and implementing emissions plans.”

The startup approach

In an interview with e27 in June, Susli Lie, Partner at Monk’s Hill Ventures, spoke about the increasing popularity of startup investors considering elements of ESG (Environmental, Social, and Governance) in deciding a potential investment.

“Traditionally, people care a lot about managing and mitigating risks. So, what damage are you doing to the environment? How much greenhouse gas emissions waste are you producing? What are you doing with that, and how do you treat your people? Those things are all very important, and we track those as well. But we also understand that when we work with companies, there are sometimes ESG-related opportunities that could also lead to commercial success,” Lie said.

Also Read: Evercomm wants to pave the way for corporate decarbonisation success

This seems to align with the idea of encouraging businesses in Singapore to have an emission plan. So what can be done to encourage startups to implement the ESG approach in their business, particularly by including an emission plan?

The ACCA have several recommendations:

– Providing access to knowledge and resources about sustainable practices and their benefits
– Offering incentives such as tax breaks, grants, or subsidies for implementing sustainable technologies or practices
– Facilitating connections with sustainability experts and networks that can provide guidance and support.
– Creating a supportive policy environment that encourages sustainable practices and makes it easier for startups to adopt them
– Recognising and rewarding startups that successfully incorporate emission plans into their operations, which can serve as an inspiration for others

By having an emission plan ready and a generally positive attitude towards ESG, startups in the region might be able to go through the funding winter better and impact how they operate their business.

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Image Credit: RunwayML

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