Women are quickly becoming the most important consumers of wealth management services. With the coming USD68 trillion in wealth transfers¹ over the next 20 years, it’s anticipated that women will soon control more than half of the word’s wealth.

But the fact remains that the wealth management industry does not successfully serve women: within a year of their spouse’s death, nearly two-thirds of women change financial advisers².

‘Women and Wealth: Mastering your plan and doing it’ acknowledges these complexities and seeks to help women understand some of the key principles of managing wealth. Added to this, though 500 companies, becoming Heads of State, and founding some of the world’s most important companies, they nevertheless face specific financial challenges:

	The wealth gap between women and men endures, with women having less access to private capital, being more likely to take time off from their careers, and in general, earning less money than men over the course of their lives.
	Women tend to outlive men – so not only do they need their wealth to last longer, but also, they are often in the position to make decisions around their family’s wealth over the long term.

And let’s face it- women lead truly busy lives, running their careers, in many instances acting as primary caregivers for their children, family and household, taking care of aging parents of often, doing all of this at the same time.

With this in mind, listen to a dynamic panel discussion focusing on the unique concerns and considerations faced by women as they take on wealth management, strategic estate planning, investing, and planning for the future.

¹CNBC, What the coming 468 trillion Great Wealth Transfer means for finance advisors, October 2019
²CNBC, for some widows, breaking up with an advisor is easy to do, October 2014

Rivera soon gained widespread recognition, and became the benchmark of Puglia quality wine production. When second-generation family member Carlo de Corato came onboard in the early 1980s, he introduced innovations in both vineyards and winemaking, enabling Rivera to sustain its reputation and success. As the wine industry became increasingly competitive, the de Corato family remained focused on its business goals and constantly adapted with the times, yet still retaining its tradition.

So, how has the Rivera family business remained authentic across 3 generations? The answer lies in their appreciation of cultural roots and family history. Sebastiano de Corato, son of Carlo and third generation family member, spoke fondly of how he first learned of the family business’s legacy, “I spent long afternoons listening to my grandfather’s Rivera stories on how he designed the first label; called the first professional winemaker to the winery, how he met the then President of Italy and have him drink his wine…over and over again.” Sebastiano’s heightened awareness of the family’s legacy, from humble beginnings to achieving global fame, enabled him to firmly understand the business’s ambitions in an extremely intimate manner.

The strength of a family business is measured by its ability to adapt through changes and swiftly overcome conflicts. Carlo explained how the family navigated market changes, “always by innovating and investing in new projects, either productive or commercial, with a long term view.” This mindset has helped them to tide through several setbacks such as this pandemic, and sometimes missed opportunities.

When dealing with disagreements, Carlo emphasised that they respectfully discuss and make strategic decisions like any Italian family, “over lunch with a glass of wine.” This deceptively simple ethos allowed the de Corato family to manage generational differences in the workplace with ease. Granted, this strategy requires significant familial trust, open communication and an iron-clad belief in the next generation’s judgement. The de Corato family’s approach, while unconventional, proves the typical intergenerational gap found in most family businesses may not be as wide as initially assumed. As the current leader of the family business, Carlo’s willingness to take risks and trust his sons with Rivera’s future is a key contributing factor to the winery’s gleaming triumph.

Sustainability plays a significant role in the de Corato family’s innovative business vision. Carlo proudly declared that 35% of their energy comes from solar power, and that they invest annually in new technologies that support sustainable farming and winemaking. Ultimately, the family’s deepest respect for the natural processes allow them to uphold environmental sustainability in a commercially favorable manner.

Effective family business succession is never easy. Thus, having a clear business strategy for renewed commitment across generations is vital for long-term survival. The de Corato family’s ambitious winemaking philosophy has enabled them to emerge from uncertainty with greater resolve. What remains unchanged is their commitment to create quality Rivera wines that uphold the family legacy in a sustainable manner.

Part I: How the tech and manufacturing sector responded to the biggest call in the face of COVID-19

Anmol, technology has never played such an important role in how we live and operate. Your businesses, Jaltek, Equivital and Wavesight work to deliver cutting edge technology in a range of sectors such as clean energy, medical and defence as well as aerospace. Tell us about your businesses and the impact of COVID-19.

About our businesses

	Jaltek Systems Ltd – Looks at the design and manufacture of high end, complex technology products and systems for customers in the defence, civil aviation & industrial sector. With defence, aviation & medical approvals in place, the range of products that are being manufactured is extremely diverse, which was important in navigating through the economic shock of the COVID-19 pandemic.
	Equivital – Here we design wearable technology solutions for professional organisations around the world including global militaries, first responders, clinical research and industrial customers. With existing FDA and intrinsic safety approvals in place, our current product range includes clinical grade wearable sensors to collect & aggregate human, environmental & geo-location data as well as mobile and web applications to view data in real time. We have also developed proximity monitoring solutions, initially used for social distancing purposes with data available for contact tracing, soon to be used for proximity monitoring between workers and potentially dangerous plant and machinery.
	Wavesight – this business specialises in the supply of critical wireless infrastructure where we supply wireless infrastructure products and services such as radios to transmit video, voice & data, ruggedized communications products and solar power solutions, delivering low-cost power around the world.

Our businesses are focussed on delivering technology related solutions for our clients. From a manufacturing perspective, companies who have medical approvals are definitely seeing a rise in demand and interest, but one of the biggest challenges facing the whole industry is the lack of availability of components, globally. It is difficult to know when this supply chain is going to open back up fully, but we can definitely see the signs of recovery already.

Our Jaltek factory has remained open throughout the pandemic with our amazing team going into work every day in order to meet deadlines. We saw a strong financial performance between April and June and continue to see growth in the next quarter. Even during these times, we have seen that our services have remained in high demand.

Jaltek was asked to manufacture critical medical equipment for COVID-19. Can you tell us more?

We have long standing relationships with some large UK companies who when the government put out a request for help in supplying ventilators, were more than keen to help.

Thanks to our existing approvals, we were actually contacted by four different groups and consortiums. It was amazing to see how quickly these companies were able to produce and finalise designs for critical medical equipment, such as ventilators, and we were honoured to play a part in that.

Fortunately, the National Health Service (NHS) was able to cope with the demand for ventilators without further support from the private sector. The designs that we helped to prototype are now being transitioned to other countries, where the demand for ventilators remains high.

The UK Government also asked for your help in producing Personal Protective Equipment (PPE) for the NHS and social distancing tags?

Our business, Equivital, produces FDA approved wearable technology for researchers, the military, first responders, as well as industrial companies. We came up with four clear strategies for how our products, services and experience could help:

1. Our research products are being used to assist with research groups globally who are trying to better understand the virus and look at potential vaccines and treatments for it. Our clinical grade wearable technology means that data can be collected from a wide cohort of subjects who are potentially in different locations and can send that data back to the researcher. We are also allowing multiple groups, who are building home healthcare monitoring platforms, to integrate our sensors into their platform.

2. Our Blackghost application that is already being used to provide safety and performance monitoring for military, first responders and industrial personnel has been adapted. As well as physiological and geolocation data, we can take spot measurements for temperature and SPO2. SpO2 is also known as oxygen saturation and is a measure of the amount of oxygen-carrying haemoglobin in the blood relative to the amount of haemoglobin not carrying oxygen. The body needs there to be a certain level of oxygen in the blood or it will not function as efficiently. If the data points measuring this are below certain thresholds, steps can be taken to limit risk within the overall workforce. As many first responders are wearing PPE during the pandemic, our wearable technology is providing valuable data to ensure they do not keep working past a safe point, measuring fatigue and heat stress.

3. Being able to adapt and pivot, we prioritised the development of our latest product that is a small device worn by individuals. If two or more individuals, who are both wearing the device, come within 2 meters / 6 feet of each other (distance is configurable by organisation), an alert will be triggered with a visual and vibrating indication until the wearers move to a safe distance. This device means organisations can start bringing employees back to work, in office, retail, warehouse, construction and other such settings, safely. As data from these devices can be stored and downloaded, further analytics can be obtained, such as contact tracing, heat maps, hot spots amongst others meaning a whole organisation does not need to isolate in case of an individual diagnosis.

4. We've designed and commercialised FDA approved products - we were approached by some of our existing customers to source various forms of PPE that are so sought after globally. We have now built up an entire supply chain that is able to provide a range of PPE (masks, gloves, gowns etc.) to customers in the UK and globally.

Part II: Responding to COVID-19 when you’re an entrepreneur

Resilience is a key trait of entrepreneurs, as is flexibility and adaptability. You had to change your original plans for this year, what does resilience mean to you and what advice would you give to other entrepreneurs on how to remain resilient during these times?

Any good business plan must have the ability to adapt, built into it. It is very rare, even if there isn't a global pandemic, that the assumptions you built your business plan on at the start of the year (or earlier) remain valid throughout the period of performance. So the ability to react to a changing environment is something we pride ourselves on. Similarly, if the entrepreneur behind a business is not able to adapt or react to change, the execution of that business plan becomes fraught with risk and uncertainty.

Each of our businesses had to adapt at the start of this pandemic and that is continuing even today. Key strategic activities we were undertaking had to be put on hold; we had to make sure that we were solid and secure as a business, to weather this storm. I’m thankful that until now, we have not had to furlough any staff, even though we had the option to do so. Our ethos is that if we are able to carry on funding our operations ourselves, there are many businesses that can’t and need government assistance, so why divert potential financial support from them?

In addition to this, I've always believed that during times of crisis, businesses that survive come out of that period so much stronger. These are the businesses that are able to pivot to deliver compelling value propositions that are related to their core business mission and vision, but are adapted to satisfy the changing current and future demand. So whether it is our manufacturing business, Jaltek, that placed a heavier focus on our medical expertise to assist with the provision of key medical equipment or whether it is Equivital, where we expanded our product ecosystem to include social distancing and other monitoring capabilities, we have tried to adapt to the current situation, but also staying true to who we are and what we want to build in the future.

There is no doubt that these new focus areas for each of our businesses will remain as an addition to our core business, but they will also need to adapt. For example, once the social distancing protocols are relaxed and/or removed, our social distancing devices can become proximity sensors that help to prevent accidents between humans and machinery, on industrial and construction sites around the world.

How has it felt to be an important factor in supporting the fight to combat COVID-19?

This pandemic has been an awful event, unprecedented in the effects it has had on our globalised societies and economies. The global economy will take years to get back to pre-pandemic levels, with statistics such as GDP decline and unemployment numbers showing how badly we are being impacted. The effects of the massive interventions that central banks and governments have had to resort to will be felt for decades by taxpayers and that's just one aspect of the economics picture. Social economics, health economics and behavioural science studies show that there are challenges across every aspect of our lives.

However, I believe there will be benefits as we come out of this crisis as well. Firstly, as a society, we will not take for granted our ability to meet friends, go to the restaurant, see family etc. Secondly, pre pandemic, technology was important but was almost seen as a convenience in certain sectors such as video conferencing, fitness and some retail segments. Now that people have realised its value, the true benefits of technology are being more widely understood. As an example, I can't travel to meet customers and staff but using Microsoft Teams actually allows me to be more in touch with people all around the world, more regularly. Online shopping, streaming services for entertainment, virtual fitness classes, all of these have become the norm and have created what is being called the "stay at home economy". This will hopefully last post pandemic and actually lead to greater efficiencies for us all.

From a personal perspective, it is inspiring to see our businesses being able to assist during this pandemic. We've always maintained that the ability to positively impact people's lives is the greatest success a business can have. We are also very clear that we are not aiming to unfairly profit from this situation which is why we have reduced pricing and margins in a number of areas that means our services are more widely accessible globally.

Providing help runs in the family with your sister, Ekta now providing healthcare support in UK hospitals. Ekta can you tell us more?

When I saw the situation in Italy or Spain and knowing that in the UK we were between 2 and 4 weeks behind, it was a natural reaction to offer help to my medical colleagues. With the government launching a comprehensive medical returner programme, the process was fairly easy. As I haven't practised for a number of years, I was first issued with a license to practise by the GMC. Since then I have undertaken training to work at the Nightingale hospitals and will be further deployed in a North Central London hospital based on clinical need. The acute need was dealt with really well by the NHS planners and government, but there is now a large backlog of normal patient care work that doctors like me, will hopefully help clear quickly. I would like to hope that people who have waited for procedures or appointments are able to be seen quickly and their needs dealt with efficiently.

While digital innovation and transformation have been underway for decades, the volume and speed of recent technological advances is accelerating transformation across all aspects of society, with significant impact on economic sustainability. Looking at the disruptive impact of the COVID-19 pandemic, it's clear that many of the trends that came into play as a result, have the potential to permanently alter the global business and economic landscape.

As technology and economic growth become increasingly linked, it's critical that technology investments generate revenues, drive productivity and reduce cost. This imperative is heavily influencing investments across the spectrum of consumer services, business services, infrastructure, logistics, healthcare, financial services, and other sectors. Economists commonly refer to the concept of creative destruction; wherein, with each recession, those parts of the economy that break down are replaced with new innovations that move the economy forward. In the case of COVID-19, creative destruction is in the spotlight. The profound changes we are seeing as a result of this disruption will likely impact the way we work, play, learn and interact well into the future.

In the early days of technology evolution, developers focused on task implementation: word processing, data manipulation in spreadsheets, data transmission, etc. New functionalities were born and the technologies permeated homes, businesses and institutions, but for a long time, the amount of true innovation was limited. Cyclical forces such as the employment rate and capital spending influenced the ebb and flow of spending on new technologies, considered a risk within the broader economic context.

However, with more recent advances in digital capabilities, including web-based software, powerful smartphones, artificial intelligence, Big Data, 5G and streaming, technology adoption has become pervasive and productivity enhancements are quite significant – making technology a secular growth trend.

Now, not investing in digital capabilities is a significant risk.

Innovation, Growth and Disruption – Five Key themes

The companies that will succeed in this environment can span sectors, industries and product groups across the economic landscape. Some will create structural growth by delivering innovative products and services that utilize digital technologies. Others will develop disruptive technologies that upend how long-established businesses provide services to their markets. Still others will deliver solutions that anticipate and address shifting consumer and corporate demand as individual and company behaviors evolve.

What unifies the opportunity for all of them is a set of drivers that will shape how they respond to digital innovation.

1. Digital Consumer – Consumer expectations and consumer behavior have shifted dramatically as all aspects of our lives can be captured, organized and facilitated via digital technologies. eCommerce, Social Media, Advertising and Streaming are just some of the examples of how the landscape has been disrupted, forever altering how people access and interact with information and content, and how those who are sharing information are taking feedback on that content.

2. Digital Services – More and more companies and institutions are using technologies such as cloud computing, SAAS, Artificial Intelligence, Big Data and Remote Access/Remote Working to drive productivity during an incredibly challenging time. Whether you are a provider or a user of services, the services of today and the future look quite different from how they looked a decade ago.

3. Infrastructure – infrastructure lies at the center of the digital eco-system as the speed and volume of activities accelerate. Semiconductors, Handsets, 5G, Data Centers, Towers, reliable power generation, etc. all play a crucial role in support of consumer and corporate demands.

4. Fintech – Electronic and Contact-less payment activity has been growing for many years and the COVID-19 pandemic has re-accelerated a focus on the cash-less society. Advances in algorithms and AI are leading to new products for mortgage origination, insurance, security trading and investment advice. As financial services firms seek to offer services to younger members of society (Millennials), the mechanisms and the safety of the delivery of services must evolve to meet their demands.

5. Healthcare – the medical field certainly came into the spotlight as a result of the COVID-19 pandemic, and continues to transition toward greater utilization of digital technologies in the fields of tele-medicine and medical records, diagnostics and testing, genetics, robotic surgical procedures, and research data.

Public vs Private Markets

For startup companies developing innovative, cutting-edge digital technologies, there's an increasing amount of private capital available from Angel, Venture and Private Equity investors – both in the early stages of development and in subsequent rounds of raising capital. Companies that can successfully navigate multiple rounds of capital raises can afford to wait longer before entering the publicly traded markets. Once they do, they are further along with development of their products and services and can often demonstrate greater sustainability and credibility, as well as a clearer path toward profitability. For investors, this means that they can seek to capture early stage returns from the private markets, before turning to the public markets.

Post Covid-19 World

While the pace and duration of the current pandemic remains unknown, the landscape for adoption and utilization of digital products/services is likely to be forever altered. We have seen in so many instances that the path to a resilient economy, during uncertain times, is through innovation and adaptation. This path to the future runs through many sectors and industries, but it's likely that those best situated to leverage digital solutions will experience the greatest success.

The UK has begun consultation on bringing the date of its ban on the sale of petrol, diesel and hybrid cars and vans forward from 2040 to 2035.¹ For France, the deadline for banning the sale of cars powered by fossil fuels is 2040.² Scotland has set its own date of 2032, although hybrids will still be permitted.³ Germany and the Netherlands are aiming for 2030. Norway is more ambitious still, with a 2025 target.⁴

None of these dates is yet enshrined in law; some are firm intentions, others are hazier 'policies'. But the direction is clear. All these countries intend to ban production of petrol and diesel vehicles. Other major economies, such as China, are still considering their own target dates.

The days of the internal combustion engine are numbered. In its place will come electrification: clean public transport, combined with electric and battery-driven road vehicles. (Hybrid cars, which combine conventional engines with an electric motor, seem set to have a reprieve for now, in some countries.)

Climate and cost drivers

It's not so long since electric cars were dismissed with jokes about 'shocking' prices, or the length of the extension cord that drivers would need. Few petrolheads are laughing today.

The speed of the shift has been triggered by various factors, including the pressure on countries to reduce emissions and meet the legally binding 2015 Paris Agreement on climate change.

Transport, responsible for about 23 per cent of global greenhouse gas emissions, is an obvious target for action. Many city leaders are already restricting diesel use, imposing congestion charges and expanding the availability of charging points for electric vehicles.

The recent lockdown also had a dramatic effect of pollution levels, which were down some 30 per cent in the world's COVID-19 hotspots as mobility dropped around the world.⁵ People have seen knock-on benefits in the reduction of noise, better air quality and the growing prevalence of wildlife.⁶

At the same time, the cost of the technologies required has been falling, making clean energy more attractive. The cost of producing one megawatt-hour of electricity using solar is now USD50 – less than half that of electricity using coal,⁷ with the cost of generating renewable power falling rapidly over the past 10 years and renewable energy projects proving cheaper than even the most inexpensive coal-fired power plants.⁸

Critically, battery costs are also in decline. The cost of running lithium-ion batteries, now seen as the standard for electric vehicles, has fallen by 75 per cent over eight years. Analysts have calculated that each time battery production doubles, costs fall by a further 5 to 8 per cent.⁹

Consumers buy in

If policymakers have decided that electric vehicles are the future, drivers – and the markets – aren't far behind.

In China alone, 770,000 electric vehicles hit the roads last year, a 50 per cent increase. By 2025, one in every six cars sold worldwide is expected to be an electric vehicle.¹⁰ The traditional automobile companies can see the writing on the wall. Most have their own electric models in development. In 2019, analysts calculated that the big car makers were investing over USD90 billion in what remains, for now, a relatively tiny market.¹¹

Giants vs. newcomers

The legacy manufacturers are up against a host of agile start-ups which have gained the attention of investors.

The diverse suppliers of components for electric vehicles are also attracting interest. Like the carmakers themselves, suppliers have had to make a judgment on how far and how quickly to jump into the electric vehicle market.

Ride-hailing companies are entering the market too, many of them devoting parts of their fleets to electric cars. Besides boosting demand, this will have the effect of getting consumers accustomed to using electric vehicles – an important step towards mainstream adoption.

Supporting technologies

Beyond the car plants, there are opportunities in related fields. Those in the battery supply chain who can successfully feed the growing demand stand to gain.

Electric charging networks will be a growth market too. A host of companies are vying to set them up. A few carmakers are establishing their own networks to help broaden the appeal of their products, rather than rely on third-party providers.

Other innovators are seeking ways to enhance the efficiency of electric vehicles. Vehicle-to-grid technology, for example, could allow parked vehicles to charge their batteries, or to discharge their batteries back to the grid.

Investment in the raw components required by electric vehicle systems, including copper, lithium and cobalt, may be another useful angle to explore. Even allowing for current attempts to reduce cobalt content in batteries, the cobalt demand for electric vehicles is expected to grow 25 times by 2030.¹² Mining companies are stepping up production specifically to meet clean transport demands.

Risks and rewards

The opportunity posed by charging networks is also one of the risks: the lack of charging points is seen by consumers as the major barrier to the adoption of electric vehicles.

The development of speedier charging will also be critical, enhancing the appeal by offering long-distance travel. Only a quarter of the 430,000 publicly accessible chargers worldwide in 2017 were 'fast' – that is, taking around 30 minutes to charge.

More widely, the stance of the current US administration on climate change and its withdrawal from the Paris Agreement is a source of uncertainty for the future of this sector. From carmakers to suppliers and grid operators, there are multiple opportunities, but neither newcomers nor traditional players can be assured of success. Those who blend great design and innovation with efficient production techniques are most likely to reap rewards.

In a crowded market, there are bound to be losers as well as winners, so investors need to be selective. Speak to your Relationship Manager about a strategy for investing in clean transport.

¹ Govt.uk, Consulting on ending the sale of new petrol, diesel and hybrid cars and vans, February 2020
² Reuters, France to uphold ban on sale of fossil fuel cars by 2040, June 2019
³ AutoExpress, Scotland to ban petrol and diesel car sales by 2032, September 2017
⁴ Countries are announcing plans to phase out petrol and diesel cars. Is yours on the list?, World Economic Forum, September 2017
⁵ Sciencedirect, COVID-19 pandemic and environmental pollution: A blessing in disguise?, August 2020
⁶ News Medical, Improvements in air quality and health during COVID-19 lockdown, April 2020
⁷ Lazard's Levelized Cost of Energy Analysis – Version 11.0, Lazard, 2017
⁸ World Economic Forum, Chart of the day: Renewables are increasingly cheaper than coal, June 2020
⁹ Electric carmakers step up pursuit of enhanced EV batteries, Financial Times, September 2018
¹⁰ One in Six New Cars in the World Will Be Electric By 2025, Bloomberg, November 2017
¹¹ Global carmakers to invest at least USD90 billion in electric vehicles, Reuters, January 2018
¹² Global EV Outlook 2018, International Energy Agency, 2018

These population changes are already having an impact on lifestyles and consumer spending. Here we highlight 10 key trends in Asian demographics that businesses and investors in the region should have on their radar.

1. India overtakes mainland China

By 2030, India is expected to become the most populous country, with mainland China’s population starting to shrink. Companies need to consider the implications well before this happens: for instance, can they offset slower volume growth by offering better quality products at higher prices.

2. Falling populations

Very low fertility rates may become common but slowing population growth does not necessarily mean a shrinking labour force. While Japan’s populace is falling, its workforce has been growing since 2013.

3. Empty-nesters

The combination of an ageing population, children leaving home and more women working is a powerful force in mainland China. These ‘empty-nesters’ are one of the world’s largest demographic shifts: they buy more premium products – better quality at higher prices – on almost everything from food and clothing to home furnishings.

4. Shrinking households

The proportion of single-person households in South Korea is estimated to reach almost 33 per cent by 2030. This changes spending patterns – more discretionary consumption and ready-to-eat meals from convenience stores. Expect similar trends in Taiwan and parts of mainland China.

5. More working women

This trend is especially pronounced in mainland China and Indonesia, where more women are completing higher education and getting managerial jobs. This boosts household income and impacts how families spend their income.

6. Mid-tier cities

Employment and spending is growing in mid-tier cities, especially in India and the ASEAN nations of Southeast Asia, creating a new group of consumers in lesser-known cities and towns.

7. Online shopping

Southeast Asia’s internet economy is expected to triple to USD300 billion by 2025. Coronavirus has accelerated the trend, with more customers ordering online for the first time. ASEAN and India, in particular, should see rapid increases in online penetration.

8. Traditional medicine

Rising interest in health is renewing attention on traditional products. Exports of traditional Chinese medicines rose 270 per cent over the past decade while Indonesia and India’s traditional healthcare industries are booming. However, diabetes is a key threat: associated risks are high in the Philippines, Indonesia, and India.

Read more analysis on Asian demographics and health on the HSBC Global Banking & Markets

9. Bikes are back

With people choosing healthier lifestyles and keen to avoid public transport due to COVID-19, demand for bicycles is rising. Asia, especially Taiwan, has some of the best cycle designers and component makers.

10. Asset accumulation

Asians are living and working longer, allowing a greater accumulation of wealth to finance an extended retirement. It may be prudent for them to plan for a time when families are unable or unwilling to care for older members. That may require new types of insurance, care and financial products.

Whatever stage they are at, though, these markets must also continue to think beyond the crisis, and about what can be done to safeguard and improve their long-term economic prospects.

Developing nations across Asia – Thailand included – have of course not been immune to the social and economic disruption caused by COVID-19. Travel restrictions and distancing measures have hit trade and jobs around the globe. Budget deficits have widened and overall levels of debt will continue to increase across much of the region.

Despite the near-term challenges, it’s important to remember the underlying trends that underpin many developing nations’ long-term growth potential.

For one thing, most of emerging Asia enjoys favourable demographics. For another, the region’s economies are increasingly capable of delivering innovation and higher-end manufacturing and services.

It’s also important to remember that emerging Asian economies are, broadly speaking, now more resilient to external financial shocks than during the 1997-1998 Asian financial crisis or the 2008 global financial crisis.

And as the 2020 crisis picked up steam, governments and central banks were quick to provide assistance. In Thailand, the Finance Ministry and Bank of Thailand announced a number of relief measures to cushion the impact of COVID-19 – from interest-rate cuts and soft loans to payment holidays, and a new corporate bond stabilisation fund. The cabinet also approved in principle a THB22 billion (around USD700 million) package to stimulate domestic tourism.

Still, with COVID-related obstacles set to linger, policymakers would do well to supplement their immediate economic support measures with bold steps aimed at increasing their economies’ attractiveness as places to invest and do business.

There are three broad areas of focus.

First, improving the local operating environment – making it easier to do business. That spans everything from reducing red tape and corruption to dialling back restrictions on incoming investment and labour market reforms. Many countries have made laudable progress on these fronts, and building on this will stand them in good stead.

Second, boosting competitiveness and productivity through investment. Specifically in transport and energy infrastructure, telecoms and internet connectivity, healthcare, education and smart, low-carbon ways to manage urbanisation. Building infrastructure well from the outset – and building back better after each upset or crisis – is crucial to each economy’s long-term growth and resilience.

Linked to this is the third area, of climate change preparedness. Southeast Asian and South Asian nations are particularly vulnerable to the effects of climate change, with low-lying megacities like Jakarta, Bangkok and Mumbai highly susceptible to storms and sea level rises.

The COVID-19 pandemic has taken a human and economic toll that was unimaginable just months ago. Its impact will linger for months, if not years. But like every crisis, it also represents an opportunity for policymakers and business communities to rethink and accelerate their reform agendas.

Those that grasp the opportunity could not just move their economies to the proverbial light at the end of the tunnel, but bolster their solid fundamentals for the world well beyond it.

Note: This is an edited version of an article that first appeared in The Bangkok Post on 21 July 2020.

Centred around your needs

With an HSBC Jade account, your status will be recognised in mainland China, the US, Canada, Singapore and France. Check out our HSBC Jade Centres in Hong Kong and Singapore, offering you a comfortable, confidential space to meet privately with your HSBC Relationship Manager, plan your next move or simply take care of the day’s banking needs. Apart from Hong Kong and Singapore, you can also have access to the HSBC Jade Centres in mainland China, the US, Canada, and France.

Giving a green light to worldwide convenience

Speaking of overseas, wherever your travels take you, count on HSBC Jade to make life easier and more rewarding with retail banking products and services, like our HSBC Jade Debit Card and HSBC Jade Passport. Exclusive to Jade clients in mainland China, Hong Kong and Singapore, your Jade status entitles you to Jade exclusive products, services and privileges without the need to maintain local minimum eligibility requirements.

Whatever the situation calls for

An additional benefit through your HSBC Jade account is access to our HSBC Jade concierge service. Powered by the resources of Ten Lifestyle Group², our concierge service brings to life the delights of tailored moments and memorable lifestyle benefits at your fingertips. From direct booking of flights, hotels and travel experiences to invitations, private events and more, our concierge service was created to help you explore your passions.

We’ve barely scratched the surface

Speak with your HSBC Private Banking Relationship Manager to open a HSBC Jade account or if you are an existing retail client, upgrade your account to HSBC Jade now.

¹ Terms and conditions apply. For more information, reach out to your Private Bank RM
² HSBC Jade clients will enter into a direct agreement with Ten Lifestyle Group PLC under which Ten Lifestyle Group PLC and its affiliates will deliver the lifestyle service available under the HSBC Jade concierge service. HSBC will not be a party to that agreement and will not be responsible for the delivery of the lifestyle services. The HSBC Jade concierge service digital platform is owned and operated by Ten Lifestyle Group PLC.