Bank Of The Future- Asia Pacific Retail Banking Survey 2022

* Research by - Rob Jameson APAC Content Lead at Capco, Hayley Haupt Partner and APAC Head of Strategy & Consulting at Capco, Paul Sommerin Partner and APAC Head of Digital & Technology at Capco Danny Wan Executive Director, and Head of Strategy at Capco - Hong Kong 

Consumer attitudes to banking services in Asia-Pacific are evolving rapidly. Here we assess the cross-regional themes that emerged from our poll of nearly 5,000 Asia-Pacific consumers while also highlighting the differences between our individual markets: Hong Kong, Greater Bay Area (ex-Hong Kong), and Singapore. 

SIX IN TEN RESPONDENTS SAY THEY WOULD TRUST ‘BIG TECH’ MORE THAN A BANK TO DELIVER BANKING SERVICES 

Eight in ten say they want a better online experience from their banking services provider. Across the Asia-Pacific region, consumer attitudes towards banking services are increasingly influenced by factors outside of local banking markets. For example, the super app mobile portals that consumers have adopted to help organize key aspects of their daily lives (from messaging friends to food deliveries, ride hailing and travel) are now setting a high bar for ease and convenience across all types of digital customer journeys – including banking services.  

Mobile access is king 

Across our five surveyed markets, three-quarters of all respondents now access banking services using mobile phone apps. For many consumers, their bank is their mobile banking app. The spectrum of this mobile dominance ranges from 66% of respondents in China’s Greater Bay Area (ex-Hong Kong) who use mobile apps for banking service access to 85% in Bangkok and the surrounding region. Not that the wider Greater Bay Area is behind the curve when it comes to using technology – 22% of our GBA (ex HK) respondents say they now use wearables to access banking services, compared to only 6% in Singapore. 

Trusting technology 

Confidence and trust are everything in digital banking (not least because these are accepted strengths of traditional providers) and here the message from Asia-Pacific consumers is at first reassuring – but with a sting in the tail. In our cross-region sample, most consumers – about eight in ten – said their confidence in using mobile and digital banking services has grown over the last two years. That vote of confidence in a digital future was most pronounced in Thailand (88%) but weakest in Hong Kong (68%). The twist is that six in ten consumers across our five markets say they would trust a ‘Big Tech’ firm more than they would a bank to fulfill banking services. The vote in favor of ‘Big Tech’ was most marked in China’s Greater Bay Area (ex-Hong Kong) – birthplace of the super app – where 77% of consumers asserted, they would trust ‘Big Tech’ more than a bank. In contrast, that figure falls to 42% in Singapore. 

Personalization and sharing  

The strategic threat posed by fintech, ‘Big Tech’ and the new generation of virtual/digital only banks means it is vital that established banking service providers can identify and deliver precisely what consumers want. However, it is not just those incumbents that need to pay attention. In Hong Kong, which began to license virtual banks relatively early, from March 2019, many of the new entrants are also having to work hard (often in the shape of attractive introductory offers/inducements) to make an impact and attract customers. Digital offerings that can truly differentiate a banking service are therefore going to be critical. Across most of the five Asia- Pacific markets that we surveyed, a large majority of consumers said they would be attracted by an app that gave them better visibility of all their financial products and provided personalized insights. For example, in Singapore, 20% found this ‘extremely attractive’, an additional 36% ‘very attractive’, and 38% ‘somewhat attractive’. 

HONGKONG- 

SEVEN OUT OF TEN CONSUMERS WA N T A B ETTER O N L I N E EXPERIENCE 

Consumer confidence in digital banking has risen strongly over the last two years, but most consumers would trust ‘Big Tech’ to fulfill their banking services as much as a bank. Hong Kong’s relatively mature banking market – dominated by a few traditional banks and with robust cross-selling rates – has been fast-forwarded to the future by the pandemic-fueled rise of remote banking and the advent, since 2019 of eight virtual banks. Consumers at first welcomed the new banks, with more than 1.2 million accounts opened by end 2021 as promotional offers helped to fuel the enthusiasm.  

More recently, openings have plateaued and digital transformation at many incumbent institutions has slowed under the twin pressures of a stuttering economy and a dearth of technology talent. However, with 70% of our respondents currently accessing banking services using mobile apps and many also using laptops and wearables, Capco’s survey showed that there is significant consumer appetite for further transforming banking services – in ways that incumbent banks will welcome, and in ways they may not. 

Recommendations 

• Hong Kong consumers are gaining confidence in digital banking but say they are open to switching and would trust strategic bank competitors, such as ‘Big Tech’, to fulfill their banking services. 

• They are demanding better online services and more visibility across products and are prepared to share information to fuel more personalized products – and many want providers to adopt a sustainable stance. 

• Financial services providers need to expand the aperture through which they view the modern Hong Kong consumer. Pricing is key and consumers are looking for the right deal, but their demands are widening away from cost and value in a narrow sense. They are looking for financial services providers that can help them save money while also helping them view and understand their finances in a more holistic and personalized way. 

• With trust no longer a bank monopoly, it is urgent that Hong Kong’s banks improve the customer experience and answer consumer demands for better digital platforms that can support more holistic views and real-time personalized digital services and advisory support – tailored around the lives of individuals and enabled by AI and end-to-end straight-through processing. 

“Our survey reveals that ease and convenience and a single gateway to multiple services are a fundamental ask of bank customers. However, instead of a simple aggregator, they are expecting banks to offer personalized insights and advice, e.g., money-saving opportunities. The metaverse is just emerging as a future channel for digital banking services. Banks need a forward-thinking, executable strategy on digital omnichannel that includes apps, metaverse, product personalization, AI advisory, and the right balance of data sharing/privacy” says- Paul Sommerin, Partner, and APAC Head of Digital & Technology. 

GREATER BAY AREA (EX- HONG KONG) 

NINE OUT OF TEN RESPONDENTS WOULD TRUST ‘BIG TECH’ AS MUCH OR MORE THAN A BANK TO FULFILL BANKING SERVICES 

Most respondents (84%) say they are more confident using mobile and digital banking 

services today than two years ago. The eleven cities of the Greater Bay Area (GBA) form a fast-growing, capital-rich regional economy that will play a central role in shaping China’s future – and that already sits at the frontier of developments in retail banking services.  

Hong Kong is a leading city within the GBA and – as a business gateway and center of financial expertise – will be a key contributor to the GBA’s future success. However, in this commentary, we will be looking at data drawn from the GBA excluding Hong Kong to highlight the differences and similarities in consumer attitudes between Asia-Pacific’s traditional financial capital and the wider GBA region.  

The GBA (ex HK) area itself and its public services are highly digitally connected – Shenzhen, for example, pioneered the ‘smart city’ concept and hosts vibrant tech/fintech sectors as well as serving as the headquarters for internet and technology giant Tencent and retail financial services group Ping An.  

Sustainability and the metaverse 

Sustainability is a key issue for GBA (ex HK) respondents, reflecting wider concerns in this market not just about global warming but also local issues, such as water and air quality. Around 30% of respondents told us they now view a banking service’s sustainability and ESG credentials as ‘extremely important’, with a further 53% attaching at least some degree of importance to it.  

Though nascent, the metaverse has the potential to be an important new channel for payments and other banking services. Despite its currently nebulous nature, 78% of respondents said they were at least open to thinking about consuming banking services via the metaverse’s virtual and augmented realities, with 21% responding, ‘Yes, definitely!’. Overall, our GBA (ex HK) respondents were open-minded about how, and where, banking services are delivered.  

“Our survey highlights further opportunities to improve and refine customer experiences around banking services to drive adoption in the digital-savvy Greater Bay Area (ex- Hong Kong) market. Consumers are demanding transparency and offerings that are relevant to their lifestyle choices and ambitions and are willing to share social media data to unlock personalization. They also want a more in the- round view of their finances, while taking advantage of products and services from multiple providers. Banks should explore points of differentiation and have a clearer understanding of their customers’ behaviors and lifestyle values. This will ensure they can innovate effectively to deliver a more frictionless financial services experience via digital channels, and drive renewed levels of engagement and trust, says”-Danny Wan, Executive Director and Head of Strategy, Hong Kong 

SINGAPORE 

EIGHT OUT OF TEN CONSUMERS NOW ACCESS BANKING SERVICE BY MOBILE APP 

Mobile dominance is leading to demands for better apps, easier navigation, and face ID and fingerprint login. Singapore, arguably now Asia’s largest financial center, has for years put its citizens on the fast track to a digitally-enabled lifestyle – the city’s early adoption of a digital identity solution, Singpass, gives daily access to a myriad of government and business services.  

While digital banking licenses only began to be awarded in 2020, lagging rival financial center Hong Kong, Singapore has a thriving fintech sector and a highly competitive e-wallet market. In August 2022, the firm behind the regionally important Grab super app, headquartered in Singapore, began launching the city state’s first retail digital bank, GXS (partnering with Singapore Telecommunications), with the digital Trust Bank (Standard Chartered and FairPrice Group) following on in September.  

For the moment, the wider retail banking market remains concentrated, with four long-established banks taking threequarters of the market. Traditional banks have been tending to cut branch staff and invest in online offerings, but satisfaction with the ease of digital banking varies across institutions and, with some exceptions, there are areas for improvement. Such improvements will become more pressing as digital competition increases, and the attitude of Singapore’s consumers – digital savvy and bargain conscious, but also risk averse – begins to determine the rate of change. 

Nearly one in four (23%) of Singaporeans think their banking service’s sustainability credentials are extremely important, a rate that does not vary much by age, with a further 43% attaching a more limited degree of importance. A little under half of our sample would either consider buying (31%) or were definite that they would buy (16%) banking services over the metaverse. This rises to well over half (61%) for the 18-24 age group, who are clearly intrigued by the idea and are perhaps more exposed to the metaverse concept through gaming activities. That’s encouraging news for the leading Singapore banks that are now trying to gain first-mover advantages through experimenting in creating metaverse experiences. One in five (21%) Singaporeans in our survey said they would find it ‘very interesting’ if their bank offered the ability to trade cryptocurrency, with just over half showing at least some degree of interest. However, regulators in Singapore are worried that crypto trading is too risky to be suitable for the public and have recently published a consultation on reducing potential consumer harm, e.g., by disallowing the use of credit facilities for cryptocurrency trading. 

“The nascent yet burgeoning digital banking landscape has seen a shift in consumer trust patterns toward ‘Big Tech’ firms, which could lead to an interesting jostle for market position as Asia’s largest financial center continues to evolve. Our survey reveals that consumers are in search of a differentiated digital banking experience with enhanced personalized insights. The ask for an aggregated view of financial information means banks need to think about how they can best embed education about products and offerings as part of the customer digital journey”, says- Hayley Haupt, Partner and APAC, Head of Strategy & Consulting 

Thai And Singapore Airlines Sign “MoU To Forge New Stratic Partnership”

* THAI Acting Chief Executive Officer Suvadhana Sibunruang (left) and SIA Chief Executive Officer

*Goh Choon Phong (right) at the Association of Asia Pacific Airlines 66th Assembly of Presidents event held in Bangkok, Thailand. 

Thai Airways International Public Company Limited (THAI) and Singapore Airlines (SIA) have signed a Memorandum of Understanding (MoU) to form a new strategic partnership. This will result in the airlines progressively code sharing more extensively on each other’s services and exploring wide-ranging commercial collaboration that provides their customers with more options and value, as well as greater benefits and an enhanced travel experience. 

In the initial phase, THAI and SIA will codeshare on each other’s flight services between Singapore and Bangkok. THAI will also codeshare on SIA’s flight services to Cape Town and Johannesburg in South Africa; Houston, Los Angeles, New York (John F. Kennedy International Airport and Newark Liberty International Airport), San Francisco, and Seattle in the United States of America; as well as Vancouver in Canada, by the first quarter of 2023, subject to regulatory approval. 

Additional codeshare arrangements to points in both airlines’ networks will be explored to support increased air connectivity to Thailand and Singapore, as well as points in Europe, India, and South West Pacific routes.  

Mr Goh Choon Phong, Chief Executive Officer, Singapore Airlines, said: “SIA and THAI have had a close relationship for many years, which we aim to strengthen through this comprehensive agreement. Both airlines have a loyal customer base, as well as extensive operations within South East Asia and around the world. This is a win-win opportunity to support the growth of our respective hubs and enhance the options and service offerings for our customers.”   

Mr Suvadhana Sibunruang, THAI Acting Chief Executive Officer, said: “THAI and Singapore Airlines have shared a long-term relationship, and I am glad that this cooperation between the two airlines will certainly cater for the demand of travellers between Thailand, Singapore, and beyond. It will also enable the expansion of THAI’s network to more service points in the United States, Canada, South Africa, Europe, India, and South West Pacific routes. The codeshare arrangements will greatly benefit our customers in a range of service areas including the frequent flyer programme, customer experiences, lounge access, and airport ground services.  The collaboration strengthens both the airlines’ networks as members of Star Alliance.” 

Shoppers Stop Launches Its Seventh Store In Bengaluru At Forum Prestige Mall

* Present at the launch was Shri. M. Krishnappa, Member of Legislative Assembly (MLA) Vijayanagar Constituency, Bangalore, 

* Mr. Irfan Razack, Chairman and Managing Director, Prestige Estates Projects Ltd, Ashraf Ali M.A   

* Executive Director, Lulu Group International along with Mr. Venu Nair MD & CEO, Shoppers Stop inaugurated the store 

India’s premier fashion and beauty destination, Shoppers Stop has launched its seventh store in the Silicon Valley of India, Bangalore. The new store, which is located at Forum Prestige Mall, is intended to satisfy India's growing demand from fashion-forward shoppers. Present at the launch was Shri. M. Krishnappa, MLA Vijayanagar Constituency, Bangalore, Mr. Irfan Razack, Chairman and Managing Director, Prestige Estates Projects Ltd, Ashraf Ali M.A Executive Director, Lulu Group International and Mr. Venu Nair MD & CEO, Shoppers Stop formally inaugurated the store. 

Speaking on the launch, Mr. Venu Nair – Customer Care Associate, MD & CEO, Shoppers Stop Limited says ‘With each new store opening, Shoppers Stop strives to elevate the brand experience for consumers. Key markets such as Bengaluru, known for its sense of style, will offer discerning consumers the best the brand has to offer. We are confident that the new Shoppers Stop store in Bengaluru will strengthen our retail offering. In addition, the launch of this store will add to the festive cheer in the city, making it one of the most sought-after shopping and leisure destinations in the city.’ 

Customers of Shoppers Stop may enjoy the full Shoppers Stop experience at the new Shoppers Stop store, including access to the Personal Shoppers Lounge and fit and sizing assistance from Personal Shoppers in-store. They can try on the clothing in the lounge's distinctive, hygienic trial rooms without being bothered. Additionally, the store is kid and senior-citizen-friendly and offers a variety of food and drinks. In addition to the seven Shoppers Stop stores in Bengaluru, the company also has 2 Home Stop stores and one airport door to cater to the tastes of the high-heeled citizens of the city.  

The Shoppers Stop store at Forum Prestige Mall, is approximately 55,696 sq. ft with products from over 500 of the finest international, national, and exclusive brands spread across multiple categories all under one roof. With this new store, the brand has enhanced its presence across 98 department stores in 49 cities. The store houses key brands such as Jack and Jones, Levis, Celio, AND, Vero Moda, ONLY, JJ Kids, Adidas, Puma, RENNE, HUSH PUPPIES, ONLY KIDS among others. They also house the first MAC cosmetics outlet in the city for all the beauty fanatics. 

The mood is bullish at Shoppers Stop and we are very enthused with our expansion plans. We will continue to increase our product portfolio to meet the needs of our customers. Added Mr. Nair.  

Shoppers Stop has reinforced its commitment to giving customers an exceptional experience with the opening of its new outlet. So, visit the brand-new Shoppers Stop location to shop! 

Prestige Unveils Bangaloreans' Unforgettable Brand - Forum Rex Walk At Brigade Road & Forum At Prestige Falcon City, Kanakapura Road

* A million square feet retail space of endless possibilities ~

* Prestige Group continues to provide an elite retail experience with Forum Rex Walk and Forum at Prestige Falcon City~

The South of Bengaluru is underway a massive retail spin as Prestige Group brings its largest and newest development under the Forum portfolio to life with Forum at Prestige Falcon City, Konanakunte Cross, Kanakapura Road, South Bengaluru. Primed to become Bengaluru’s most iconic location, the mall is a well-packaged solution for shopping, food, entertainment, and fun.

On the momentous occasion of the inauguration of Bangalore’s largest and newest mall, Chairman and Managing Director, Prestige Group, Mr. Irfan Razack shared, "Today marks a milestone of another big achievement by our very own- Forum Malls, with the inauguration of Forum Falcon City, the largest mall in South Bangalore. Being the first from our new inventory of assets, the mall captures the essence of Bengaluru beautifully. In the coming years, ‘Forum’ is going to pave the way for endless possibilities when it comes to shopping, entertainment and f&b and our vision is to strengthen its foothold through thoughtful expansion plans. With our upcoming projects, we are working towards delivering up to seven million sq. ft space across cities which will help build resonance with our modern- day consumers. The brand has revolutionized the concept of retail in the country, and we will continue to serve our patrons with quintessential, unique spaces that render the ‘Prestige’ feeling."

Chief Executive Officer – Retail, Prestige Group, Mr. Muhammad Ali threw light on the Group’s most boisterous retail investments to date. Said, “It gives me great pleasure to launch our largest venture in the retail space – Forum at Prestige Falcon City – in South Bengaluru, the cultural heart of the city. The first in our new inventory of assets, we have sought to capture the essence of old Bengaluru, the garden city with this mall. When we created Forum back in 2004, it was the realization of a dream and today, we are reimagining the dream, to develop a new generation of malls that are designed to cater to the future customer.”

Developing into an iconic location in Bangalore, Forum Mall at Prestige Falcon City is marked to stay way ahead of the game and not just for its design but for the best catchment that any brand could ask for. Strategically located in the heart of South Bangalore at the intersection of Kanakapura Road, Banashankari and JP Nagar, this landmark property is sure to attract the most discerning of buyers.

Design & Aesthetics

Designed by the leading architects, Benoy from Singapore, the mall is created to have architectural forms derived from trees and dappled light in a bold form. A playful elevation of green monochromes, a clearly articulated entrance, a fusion of garden and tree forms blended to create a neutral yet dramatic impact, this mall will be a treat for eyes and mind.

Against the blue backdrop of Bangalore's skies, Forum mall looms tall and wide with a swanky green façade that resembles a flawless synthesis of nature and its elements. The spectacular skylight that sits over the main atrium casts beautiful light patterns on the mall's interiors, creating a spellbinding light show throughout the day.

The interior design adheres to the overall theme, which unites modernism with natural earthy elements into one feature. There are artistically created social seating areas that evoke a sense of solidarity with nature.

Unique Retail Mix

The brand-new Forum Mall, has evolved into a bespoke shopping destination with the most coveted retail brand mix, primarily attributed to a rarely seen combination of two premium international anchors like Zara and H&M under one roof. Embellishing this offering further, is the presence of most popular brands including Shoppers Stop and Lifestyle, Home Stop and Home Centre, and the newest format of hypermarkets from Dubai's leading group, Lulu, spread out over 70,000 sqft of space.

Forum Mall is bringing home the largest Family Entertainment Centre in the heart of south Bengaluru with Tridom, from the Landmark Group, Dubai. Tridom offers next-gen arcade games and rides and spans over a whopping 50,000 square feet of space – a one stop gaming destination for young adults as well families and kids.

The mall also features one of the largest and most opulent megaplex from the house of PVR, with 12 screens, featuring Gold class, PXL and 4DX theatres. With over 45 food and dining options, a microbrewery, alfresco dining, and a large food court with 1200 plus seating, the mall is set to become the ultimate food destination in South Bengaluru.

In addition to all of this, this brand-new Forum Mall is the quintessential shopping paradise for shopaholics, offering a plethora of brands in the fashion, lifestyle, jewellery, health and beauty, home solutions, and a host of other categories, as well as services like topnotch salons, spas, and wellness centres.

Auditorium

The fact that this property features a fully integrated convention centre with state of the art amenities and a design by one of the best architecture companies in the country, is its strongest USPs. Divided into three segments, this convention centre houses a 1300 seated broadway theatre, a 500 capacity banquet hall and a 500 seater open air amphitheater, making it the most desirable community and social space in the city. From performing arts like musicals to broadway theatres, elite social get-togethers to funky community gatherings, truly formal business functions to big fat Indian weddings, this convention centre is built to transform to any form as needed.

A part of the Prestige Group since 2004, Forum, one of the biggest success stories scripted in the Indian retail sector, is creating the next generation of malls, whose transformative retail experiences are redefining the concept of malls in India. In addition to the Forum at Prestige Falcon City, Forum Rex Walk is also ensuring to upgrade its offerings by launching the first Director’s Cut in Bengaluru. The new Director’s Cut marks the inauguration of the finest luxury cinema in Bengaluru and third of its kind in India. Forum stays committed in providing the best to its modern-day customers and targets to deliver 7mn sq. ft in the next three years.

About Prestige Group: - 

Prestige Group, one of the leading real estate developers in the country, has a legacy of over three decades in real estate development. It has a diversified business model across various segments, viz Residential, Office, Retail, Hospitality, Property Management, and Warehouses with operations in more than 12 major locations in India. The Group has completed 271 projects spanning a developable area of 151 mn sqft and has 48 ongoing projects across segments, with a total developable area of 75 mn sqft. Further, it is planning 51 projects spanning 84 mn sqft and holds a land bank of over 375 acres as of Jun-22. The company has been graded CRISIL DA1 CRISIL and also enjoys a credit rating of ICRA A+. 

Sehwag Teams Up With ZEE To Announce Return Of Cricket On ZEE

* The new campaign announces the inaugural season of ILT20 to be held in the UAE and telecast LIVE across 10 ZEE channels and its OTT platform ZEE5

Marking its return to sports broadcasting, ZEE releases an exciting new campaign to announce the inaugural season of ILT20 to be held in UAE starting January 2023. The campaign stars the swashbuckling Virender Sehwag to give a glimpse of the pulsating T20 action in store.

The campaign film takes an irreverent approach in creating anticipation around the ILT20 league in sync with Sehwag’s persona. The film starts with the Nawab of Najafgarh relaxing by the pool when his secretary, played by actor Brijendra Kala, informs him that Zee Cinema has called him regarding a big project. Zee Cinema being an iconic movie destination synonymous with blockbusters like RRR, Sooryavanshi, Radhe, the former World Cup winner is convinced the call is regarding a potential film role and starts talking about how he always knew he had the perfect face for starring in the movies, until Kala reveals that the project ZEE has for him is for a new cricket league, leaving him surprised.

“We are thrilled at the opportunity to engage sports fans, with the return of cricket on ZEE. Our endeavour is to leverage the ZEE movie platforms across languages and deliver a heightened experience to the T20 cricket fan. Our brands understand the passion that drives movie fandom, it’s exciting to see these two worlds of movies and cricket fandom coming together on the Zee movie channels” said Kartik Mahadev, Chief Marketing Officer – Content SBU, ZEE. “The league will be telecast across 10 of our movie channels across 3 languages, engaging with 419 million movie audiences as well as our digital platform Zee5.   To build this new league we have planned a high buzz multi-phase campaign. We are stoked to have Sehwag announce the league, a natural fit as he has captivated millions of fans with his batsmanship as a player and flair as an expert, to build anticipation around the T20 Cricketing action coming up on ZEE”

The campaign film is produced by tiqui-taka and their founder Jigar Fernandes. Catch Sehwag’s comical moment of confusion and the Aha! moment where ZEE lands its message of Cricket frenzy in store for its viewers with the exciting new league ILT20 in the campaign film here: http://bitly.ws/xn75

Jigar Fernandes, founder and creative head, tiqui-taka says, “With Cricket returning to a platform synonymous with movies, masti and magic, Cricket and Cinema came together in a fun brief. It was essential to build awareness around Zee Cinema as the new destination for Cricket. It was cool of Sehwag sir to be such a sport and go along with the joke. He is a natural in front of the camera. Hope to really see him on the ‘bada parda’ someday!”

The 34-match event will have 6 teams competing to win the coveted ILT20 trophy. The tournament will exclusively air LIVE on ZEE’s 10 linear channels in English, Hindi and Tamil languages as well as on its OTT platform ZEE5. The event will be broadcast on Zee Cinema (SD & HD), ZEE Anmol Cinema, ZEE Thirai, ZEE Bangla Cinema, ZEE Zest (SD & HD), & Pictures HD, &Flix (SD & HD) and ZEE5 in India and globally.

You can find all the updates about ILT20 on Zee on their official social media handles:

Facebook - https://www.facebook.com/ilt20onzee

Instagram - https://www.instagram.com/ilt20onzee/

Twitter - https://twitter.com/ilt20onzee

Odisha Aims To Be The Leading Start-Up And Incubator Hub In The Country

Make in Odisha Conclave 2022’, one of the largest investment summits in the country, today began with a plenary session with CXOs and industry leaders. The first day of the conclave witnessed a thematic session hosted by Startup Odisha with the theme ‘Startups’ Paradigm Shift and the road ahead’ that showcased Odisha’s growing startup ecosystem, trends and emerging opportunities in the start-up world. The session touched upon the entrepreneurial culture, economic and business transformation and building of a sustainable and scalable start-up ecosystem. The thematic session was conducted in the presence of Dr. Omkar Rai, Executive Chairman, Startup Odisha, Government of Odisha, and Shri. Saswat Mishra, Principal Secretary, MSME Department, Government of Odisha. Veteran Industry leader Padma Bhushan Shri. Ajai Choudhary, Co-Founder, HCL Technologies and Chairman of taskforce for Electronics – MEITY, Chairman of FICCI Startup Committee was the chief guest of the thematic session. Ms. Nivruti Rai, Country Head, INTEL INDIA graced the inaugural session with her presence as Guest of Honor.

Speaking about the growing start-up ecosystem in the State, Dr. Omkar Rai, Executive Chairman, Startup Odisha, Government of Odisha said, “Make in Odisha Conclave 2022 is the perfect platform for start-ups to interact with investors, mentors and leaders with Startup Odisha playing the role of an enabler, having set up 25 active incubators and supported 1434 start-ups since 2016 of which, 590 start-ups are led by women. We intend to give additional thrust to the startup ecosystem by granting better incentives to prospective entrepreneurs. A Fund-of-Funds scheme has been promulgated by Startup Odisha under which AIFs of national and global repute participated, thereby provisioning an investment of ?950 Crores into state-based Startups. AWE Fund, IAN – Alpha Fund, Gujarat Venture Finance Limited, Unicorn India Ventures, Trillium Venture Capital, SEA Fund and PONTAQ Venture Capital are the participants of this scheme for mobilizing the provisioned investment”.

The valedictory session of the thematic session witnessed the felicitation of Unicorn Founders by Shri. Pratap Keshari Deb, Minister for MSME, and the launch of an impact report and a coffee table book. A total of 5 MoUs and 7 Letters of Intent were signed during the conclave. Startup Yatra Awards were also distributed at the event. The vote of thanks was delivered by Mr. Debashish Patnaik, President TiE Bhubaneshwar.

Air India Resumes Its Most Popular Bengaluru & San Francisco Non-Stop Service Strengthening Its Network From India To The USA

Air India, India’s leading airline and a Star Alliance member, in line with its vision to strengthen and expand its global footprint is resuming its non-stop flight connecting Bengaluru to San Francisco. This will connect the world’s two tech hubs – the original Silicon Valley and the Silicon Valley of India. The flight will operate thrice a week on Fridays, Sundays and Wednesdays with the Boeing 777-200LR aircraft

The first flight AI 175 will leave Bengaluru at 1420 hrs. (Local Time/LT) on 2nd December, 2022, to arrive in San Francisco at 1700 hrs. (LT) on the same day. The first return flight AI 176 will leave San Francisco on 2nd Dec, 2022 at 2100 hrs.(LT) to arrive at Bengaluru on 4th Dec ,2022 at 0425 hrs.(LT)+2.

The direct distance between Bengaluru and San Francisco is 13,993 kms approx. and the cities are diametrically at opposite ends of the world with a time zone change of approx. 13.5 hours. The total flight time on this route will be of more than 17 hours depending on the wind speed on that particular day. The route for this flight will be the safest, fastest and most economical.

This will take Air India’s India-US frequency to 37 non-stop flights per week. At present, Air India operates non-stop flights from Delhi to New York, Newark, Washington DC, San Francisco and Chicago and from Mumbai to Newark. Air India is set to spread its wings further in the United States with the commencement of its first-ever non-stop service between Mumbai and San Francisco and to New York.

For more details visit www.airindia.in Air India booking offices or your travel agent.

About Air India:

Founded by the legendary JRD Tata, Air India pioneered India’s aviation sector. Since its first flight on October 15, 1932, Air India has an extensive domestic network and has spread its wings beyond to become a major international airline with a network across USA, Canada, UK, Europe, Far-East, South-East Asia, Australia and the Gulf. Air India is a member of Star Alliance, the largest global airline consortium. After 69 years as a Government-owned enterprise, Air India and Air India Express were welcomed back into the Tata group in January 2022. The present management at Air India is driving the five year transformation roadmap under the aegis of Vihaan.AI to establish itself as a world-class global airline with an Indian heart.

Vihaan.AI is Air India’s transformational roadmap over five years with clear milestones.  It will be focussing on dramatically growing both its network and fleet, developing a completely revamped customer proposition, improving reliability and on-time performance. The airline will also be taking a leadership position in technology, sustainability, and innovation, while aggressively investing in the best industry talent. Vihaan.AI is aimed at putting Air India on a path to sustained growth, profitability and market leadership.

About the Tata Group:

Founded by Jamsetji Tata in 1868, the Tata Group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals. The group operates in more than 100 countries across six continents, with a mission 'To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’.

Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture.

In 2021-22, the revenue of Tata companies, taken together, was US $128 billion (INR 9.6 trillion). These companies collectively employ over 935,000 people.

Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 29 publicly-listed Tata enterprises with a combined market capitalisation of $311 billion (INR 23.6 trillion) as on March 31, 2022. Tata Group Companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power,  Indian Hotels, Tata Communications, Tata Electronics, Air India and Tata Digital.