HKUST Business School Magazine

Eight Silver Linings Amidst the Pandemic Case Studies A joint report by the Tanoto Center for Asian Family Business and Entrepreneurship Studies at the HKUST Business School and the Asia Business Council examines the extraordinary endeavors of eight companies in Asia, as they move ahead in the turbulent times to embrace innovation, promote inclusion, and drive social and economic impact. Ayala Corp: Recommitting to a Broad Stakeholder Ecosystem During the Pandemic Ayala Corp is one of the oldest conglomerates in the Philippines with a history of supporting the wider community in difficult times. The company realized many years ago that it could be more effective during crisis situations by engaging a network of companies to coordinate relief efforts. In 2009, it helped establish the Philippine Disaster Recovery Foundation (PDRF), known today as the Philippine Disaster Resilience Foundation, a consortium of some of the largest private sector corporations and NGOs in the nation. As the COVID-19 pandemic unfolded, Ayala stepped in to help the broader community through Project Ugnayan, which provided unconditional emergency cash transfers to economically vulnerable families. Ayala also played a major role in Task Force T3, a partnership to enable the testing, tracing, and treatment of COVID-19 patients. Indeed, Ayala’s efforts supported the government’s response by bringing together the major actors in the private sector and civil society. DatVietVAC Group Holdings: Leveraging Entertainment as a Force for Good in Face of COVID-19 Challenges Vietnamese entertainment giant DatVietVAC Group Holdings is an example of how a company can leverage media and content as a force for good during the pandemic. It played no small part in helping the Vietnamese government promote the official BlueZone app, which helped contain the virus. By mobilizing its network of celebrities, DatVietVAC encouraged the public to download the official app, which registers health information, traces close contacts, and provides up-to-date information on the virus. DatVietVAC also launched online streaming platform VieON and continued to develop dramas and entertainment shows which led to nothing short of a cultural phenomenon in Vietnam. This proved two things: that Vietnam is a prime market for digital media, and that digital media can be used for good. The company is now looking to transform its internal operations, while expanding its digital business with a focus on local content. Esquel Group: Launching a Sustainable Mask Amidst a Public Health Crisis Hong Kong-based textile company Esquel Group reaffirmed its commitment to sustainability and social responsibility by developing a reusable mask even as it was hit hard by the unfolding pandemic and escalating U.S.-China tensions. While initially made for donations, especially in the communities where it had operations, the product soon became a business as well, demonstrating that social responsibility can go hand in hand with opportunity. The desire to protect the environment is one that runs deep in the family-owned business, and the company has potentially saved 1.3 billion single-use masks from disposal. Esquel’s achievements are due to a convergence of innovation, a focus on wellness, and an ethos of carving out new opportunities while serving the community. 1 / Philippines 2 / Vietnam 3 / Hong Kong Biz@HKUST Biz@HKUST 60 61 // Feature 1 3 6 5 4 2 7 8