Extraordinary Endeavors in Turbulent Times: Asian Innovation, Inclusion, and Impact during COVID-19

ASIA BUSINESS COUNCIL HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY Executive Summary Extraordinary Endeavors in Turbulent Times 1 Executive Summary The year 2020 will be remembered for the turbulence caused when a pandemic swept through the world, fundamentally changing people’s way of life, presenting unprecedented challenges to governments worldwide, and forcing businesses to reflect and adapt in order to survive. With this in mind, the Asia Business Council and the Tanoto Center for Asian Family Business and Entrepreneurship Studies at the Hong Kong University of Science and Technology (HKUST) embarked on a six-month research project to analyze how Asia Business Council member companies have responded to the pandemic in strategic, innovative, or impactful ways. The eight companies that were selected employ over 360,000 people and have assets totaling over $680 billion. In terms of geographical distribution, the companies are headquartered in Mainland China, Hong Kong, Taiwan, Myanmar, Philippines, Singapore, South Korea, and Vietnam. The key industries the companies are engaged in include education, entertainment, financial services, information technology, investments, real estate, retail, telecommunications, and textile manufacturing. Several major themes emerged from the study. First, the most important alliance during a global crisis like the pandemic is that of the public sector with the private sector. Governments can tap into the vast resources of businesses, while businesses can seize the opportunity to play a vital role in society. Companies like Ayala Corp., DatVietVAC Group Holdings, Fubon Group, and Yoma Group all demonstrated the efficacy of public-private collaboration in crisis management and can serve as a model for future calamities. The second theme that emerged is the deepening and reframing of corporate social responsibility (CSR). Apart from supporting their employees, companies rolled out initiatives to support the wider eco-system, from small business partners to underprivileged communities. Indeed, companies like Ayala Corp., Esquel Group, Lenovo, Temasek, and Yoma Group all took social responsibility to a new level through their economic, educational, and environmental initiatives. The third theme that emerged is the accelerated migration to all things digital. School closures, work-from-home arrangements, and lockdowns of entire cities led businesses to seriously re-evaluate their digital strategies and offerings. Many have leveraged technology as a force for good in the process. It is fair to say that companies like DatVietVAC Group Holdings, Lenovo, Lotte Group, and Yoma Group have been at the forefront of digital transformation in their respective economies. The following are short summaries of each case study.