Blockchain in Transport Alliance starts Asia growth

Blockchain in Transport Alliance starts Asia growth

Blockchain in Transport Alliance (BiTA) newly opened its Asia office in Singapore, operated by the Dane Soeren Duvier and Jana Lee. With many global supply chain members its primary intent to grow members in the Asian market has already gained results, with BiTA announcing NR Capital as new member in the Alliance.

Jana Lee and Soeren Duvier, Blockchain in Transport Alliance (BiTA) in Singapore

NR Capital is an alternative trade finance partner. Its CEO & CIO Tom James commented: “NR Capital as an innovative Alternative Trade Finance provider is committed to the Digitization of all elements of the Global Physical Commodity supply chain and as part of this initiative we are pleased to be part of such a strong global alliance like BiTA.”

BiTA describes itself as a “fast growing, and successful global alliance of companies across the transport and supply chain aiming to improve trade processes through the application of blockchain technology”. Members include some of the biggest names in the transport and logistics sector, including DHL, FedEx, Koch, SAP and JD.com.

“NR Capital represents the future of trade finance and is a leader in adaption of new processes and technologies including blockchain and we are proud to have them as a member” said Soeren Duvier, managing director of BiTA in Asia, expression appreciation for the trade finance company seeing the value the alliance brings to the supply chain.

NR Captial is made up of a team of very experienced professionals from the Commodity Investment & Trading, Risk Management, Maritime, Legal and I.T. profession. It was established for the specific purpose of building out the infrastructure, business model, and investment strategy for a new trade finance solution to better support the physical commodity trading and supply chain community.

Founded in August of 2017, BiTA promotes the development and adoption of blockchain applications in the trucking, transportation and logistics industries, including establishing industry-wide standards.

For example shippers, tech start-ups and incumbents, insurance companies, law firms, and other industry participants who have an interest in integrating blockchain technology into their organizations can join the alliance.

The goal is for members to participate, discuss, create, and adopt industry standards that would act as the bedrock for developing blockchain applications. This will be accomplished through workgroups staffed by members who work in various disciplines such as smart contracts, freight payments, freight forwarding, insurance, banking, asset management, transparency and numerous other ideas continuously under development.

Soeren has an extensive career in container shipping with Maersk and with ICAP, Sumitomo and Nordea in the oil and energy trading industries.

He stated:”It is a fantastic opportunity to join this forward looking organization to develop blockchain across transport and supply chain industry at this exciting juncture.”

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Saint Hans celebrations this weekend

Saint Hans celebrations this weekend

The 23rd of July marks the annual Saint Hans celebrations throughout Scandinavia, and of course it’s celebrated in the community in SE Asia as well. We have collected some of the events to give you an overview. 

From an outsider’s perspective, the Saint Hans celebration may be one of the strangest things that Scandinavians do.

The coming weekend will be filled with Saint Hans celebrations all through SE Asia. Many organisations, churches and embassies will be hosting some kind of related events, commemorating the birth of John the Baptist, who was born six months before Jesus Christ.

We have made a small overview of some of the events, but there may still be many out there that we have missed, so we will encourage you to search in your local community as well.

Thailand: 

The Norwegian Sjømannskirken in Pattaya will be hosting this years celebration for only 350 baht (children under 10 attend for free). There will be sodas, water, coffee and open grills.

Hong Kong: 

The Danish-Thai Chamber of Commerce will, as is tradition, join hands with the Danish Seamen’s Church for the yearly midsummer junk by going on a cruise from Kowloon Beer. Seats are limited, but can be booked here.

China: 

SwedCham China is the host of this years Midsummer, or the Swedish Young Professionals to be more precise. There will be barbecue, live music and the practical stuff about the event can be found here.

Singapore:

The Danish Seamen’s Church in Singapore is this year’s host of the Danish Sankt Hans Aften this year with the traditional bon-fire and Midsummersangen.

 

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Danish Folk High Schools event Singapore

Danish Folk High Schools event Singapore

On 10 June Denmark arranged a unique event in Singapore, including community singing and a debate how creativity and artistry can drive successful educational outcome and foster innovation with top politicians, artists and educators. This was showcased by Danish Folk High Schools and the global talent movement UNLEASH.

In 2017, The Danish Folk High School invited 1,000 young talents form 129 countries under the first ever Unleash Innovation Lab to stay at their school. While developing solutions to meet the United Nations Sustainable Development Goals, the talents were introduced to the Danish Folk High School spirit that combines artistry, education, community singing and lifelong learning. This year, Singapore carried forward the baton by hosting the heald Unleach Innovation Lab from May 30 – June 6.

Source: Embassy of Denmark, Singapore

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Clean energy roundtable held at Asia House

Clean energy roundtable held at Asia House

Asia House in Copenhagen, the Embassy of Denmark in Singapore and Clean – Innovating Green Solutions on 24 May presented a roundtable discussion regarding Singapore’s energy market, connecting to the Nordic Clean Energy Week in Copenhagen. Jonathan Goh, Director for External Relations of Energy Market Authority participated as speaker.

Asean has implemented the Asean Plan of Action for Energy Cooperation 2016-2025 to enhance energy connectivity and market integration to achieve energy security, accessibility, affordability and sustainability for all.

In particular, the region aims to reduce energy intensity by 20 % in 2020 based on 2005 levels and increase renewable energy components to 23 % by 2025. This roundtable discussed the efforts and challenges encountered by ASEAN and Singapore towards these outcomes. The roundtable offered a unique opportunity for Danish companies to discuss in detail the energy market not only in Singapore, but in the whole region of Asean.

It was clear from the discussion that there are great opportunities for Danish expertise, especially in areas such as Smart Energy and Energy Efficiency, reported Asia House.

Sources: Asia House, Embassy of Denmark in Singapore

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Unleash Innovation Lab programme held in Singapore

Unleash Innovation Lab programme held in Singapore

During 30 May – 6 June the Danish initiative UNLEASH Innovation Lab took place in Singapore, as the next country to take on the challenge, focusing on the UN Sustainable Development Goals. This programme is global, bringing together 1,000 carefully selected young talents from more than 100 countries, to collaborate on ideas and solutions for the UN goals.

After the inaugural Unleash in Denmark in 2017 Danish Prime Minister, Lars Løkke Rasmussen in November 2017 handed over to Singapore to be the next host country in 2018.

“We each have a valuable contribution to make to sustainable development. I am happy that Singapore’s private sector will be hosting UNLEASH 2018 and doing their part for the Sustainable Development Agenda. This gathering of young, creative and innovative minds will harness the power of human ingenuity, to create imaginative solutions that achieve the SDGs,” Prime Minister Lee Hsien Loong then said.

The participants coming to Singapore for the 8-day programme worked on themes and challenges related to the SDGs, including Food, Health, Education & ICT, Water & Sanitation, Energy, Sustainable Cities & Communities, Responsible Supply Chain & Consumption, and Climate Action.

Scheduled speakers included the founder of the World Toilet Organization Jack Sim; and the founder of the Mara Group Ashish Thakkar.

The talents went through a four-day Innovation Lab held at University Town, NUS and The Hive, NTU. The talents formed teams that worked on solutions within their area of expertise. The lab was facilitated by Deloitte, who has continued their involvement in Unleash from the previous edition.

On June 5, talents pitched their solutions to experts, mentors and peers. Talents then went on to showcase their solutions at the market place, which was held alongside Temasek’s Ecosperity conference at Suntec City. This event was open to the public, and people could stop by for inspiration and speak to the talents.

On the final day five winning teams were picked to receive special awards at the Unleash Awards Show at Suntec City. Here, local and international stakeholders convened to celebrate the work of the talents and to be inspired by international speakers, including President of Singapore Mdm Halimah Yacob; Nobel Peace Prize laureate José Ramos-Horta; Oscar-winning actor and UNESCO Special Envoy for Peace and Reconciliation Forest Whitaker; CEO of DBS Bank Piyush Gupta; and UNDP Innovation Champion Sophia the Robot.

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One Night in Paris – an overall success

One Night in Paris – an overall success

One Night in Paris was the theme of this year’s DABS Annual Gala Dinner. As always, the event included phenomenal dresses, great dinner, champagne en masse and the distribution of the DABS Business Award.

Photo: Tatyana Kildisheva @Kildi Photo (kildi.com)

This year’s Danish performers Big Fat Snake perfectly matched the French premise with their theme song Bonsior Madame which surely is a song that will get most people twirling on the dance floor. 170 guests joined the party at the beautiful Shangri-La Hotel. Days after, when then eventual hangovers had eased out, DABS send out a thank you-note to all participants:

“Thank you all – sponsors, guests and entertainers – for an absolutely amazing DABS Gala Dinner on the 19th of May.”

ScandAsia has talked with two of the participants who both agree that the evening was delightful. Maria Ruby and Camilla Sejr Larsen enjoyed the nice atmosphere, good company, extraordinary dresses and champagne ad libitum. Also, the yearly night snack was complimented – the all Danish hotdogs.

“It was lovely,” Camilla Sejr Larsen states.

Photo: Tatyana Kildisheva @Kildi Photo (kildi.com)

 

Quality rather than quantity

Even though the overall impression of the night was a success, the two guests did ask for a little more attention to the details for next year’s Gala Dinner. The impression was that some of the younger generations stayed home.

“We usually get these little photos taken that we can bring home with us. Still, I will definitely attend next year if there is a great band,” Maria Ruby states.

According to DABS president Stine Martinussen the association made the priority to focus on quality rather than quantity. For instance, more finance went to the photographer in order to get higher quality pictures than previous years. And no less than 152 bottles of champagne were emptied at the end of the night.

“We want it to be as distinguished as possible,” Stine Martinussen explains.

Photo: Tatyana Kildisheva @Kildi Photo (kildi.com)

And the DABS Business Award goes to…

Not only was the evening about the music and great company. This annual and very special event is also a way of celebrating Danish business in Singapore. To do so, DABS each year chose a winner among nominated candidates for the DABS Business Award. And the winner of the award 2018 is a company that every person who have had their childhood in Denmark value dearly. That is, of course, LEGO.

“This year’s DABS Business Award went to a company which most of us will come across at some point during our lives; LEGO!” DABS states. The award was received on behalf of LEGO by Leslie Falvey, General Manager, Singapore and Malaysia.

Photo: Tatyana Kildisheva @Kildi Photo (kildi.com)

DABS visited the LEGO office prior to the Gala Dinner. And the award was given to LEGO for their innovative approach to “New Ways of Working”, which DABS explains:

“LEGO Singapore has created a very dynamic workspace, which focuses on activity-based working and allows each individual to structure his or her workday based on the tasks at hand. In practice, the office space has been divided into a number of different work zones that enable employees to change seating throughout a workday or week, and to meet colleagues and collaborate across teams, functions and specializations. By focusing on the ways of working LEGO has acknowledged that people have varying needs to focus and collaborate with colleagues during a day and that traditional-style offices do little to cater for these needs.”

 

See more pictures from the Gala Dinner below:

Photo: Tatyana Kildisheva @Kildi Photo (kildi.com)

Photo: Tatyana Kildisheva @Kildi Photo (kildi.com)

Photo: Tatyana Kildisheva @Kildi Photo (kildi.com)

Photo: Tatyana Kildisheva @Kildi Photo (kildi.com)

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OW Bunker’s top management was misled by the Singapore boss

OW Bunker’s top management was misled by the Singapore boss

The head of the subsidiary Dynamic Oil Trading is sentenced to prison for losses of 90 million dollars. The top of the OW Bunker Group was not aware of the huge risks, which were hidden in the bookkeeping, the court in Denmark states.

Photo: Per Johansen

The bankrupt of the OW Bunker Group in 2014 has led to a series of claims for compensation. 2400 shareholders have joined together to bring an action for damages. The former director Lars Møller in the oil company OW Bunker’s subsidiary Dynamic Oil was liable for a loss of 90 million dollars. Lars Møller is sentenced to prison for a year and a half.

“There is no direct link between this criminal case and our case, but it may be interesting for us to read the verdict,” said Niels Mengel, acting chairman of the association OW Bunker-Investor, to Ritzau.

Lars Møller concealed a number of huge credits, which had been given to Tankoil. The companies traded oil with each other. The Group’s chief executive, Jim Pedersen, had granted a 10-million-dollar credit line, but Lars Møller crossed that line big time, the court established. The loss summed up to 90 million dollars – and that was a contributing factor to the OW Bunker collapse in November 2014.

During the case, Lars Møller has maintained his innocence and his defendants have said that responsibility for the huge losses in the OW Bunker Group must be placed elsewhere. The management knew all about the commercial risks that were taken, Lars Møller’s lawyer said.

The penalty also states that Lars Møller is not allowed to participate in the management of companies at home or abroad. The criminal case was raised because of the huge credit that Lars Møller had given Tankoil in Singapore. Mail from the CFO of Dynamic Oil Trading shows, according to the court, that Lars Møller was aware that a number of trades with Tankoil were not logged.

According to the court, Jim Pedersen was apparently misled. On November 5, both Lars Møller and Jim Pedersen travelled from Singapore to a crisis meeting in Denmark. There was an atmosphere of panic. At that point, Lars Møller admitted that credits of between 80 million and 125 million dollars were granted. Jim Pedersen considered this as fraud. Both Mr. Møller and Mr. Pedersen were deprived of their passports and expelled.

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