Business
Pandemic delivers first crisis lessons to Southeast Asia’s Grab
SINGAPORE (Reuters) – In the early weeks of the coronavirus outbreak, Anthony Tan, the CEO of Southeast Asia’s biggest ride-hailing firm, recalls how he mistook the infection to be a China-only problem, similar to the Severe Acute Respiratory Syndrome in 2003.
As COVID-19 turned into a pandemic, sending markets into a tailspin, the 38-year-old sought advice from titans among his investors including Softbank’s Masayoshi Son and Microsoft’s Satya Nadella.
The message was clear. No one knew how long the crisis would last or how deep it would be. Tan, who co-founded Grab in 2012 with fellow Harvard Business School alumni Tan Hooi Lin, learnt he had to set thresholds and make decisive moves, even if they were unpopular.
“There’s no more debate, it’s just execution,” he said.
In June, the Singapore-based company laid off around 360 employees, just under 5% of its headcount, after slashing discretionary spending.
“I remember tears couldn’t stop rolling down my face. I don’t ever want to go through it again,” Tan said in his first interview since the layoffs.
The pandemic is the first crisis for Southeast Asia’s decade-old start-up ecosystem from which Grab has emerged a household name and the most valuable firm at over $14 billion.
Grab says its app has seen a total of 198 million downloads, although it has yet to turn profitable.
Operating in 351 cities across eight Southeast Asian countries, the company garnered global attention in 2018 when Uber (UBER.N) sold its regional business to the startup after a costly five-year battle. In return, Uber got a stake in Grab.
As coronavirus measures put the region of 650 million people under lockdown, Grab saw demand eroding for its transport business, but then nearly 150,000 of its drivers switched to becoming delivery men for home-bound customers.
“Food delivery has become the norm, grocery delivery is growing very fast, cashless payments is growing very fast, so these behaviours have changed permanently with or without a vaccine and we’ve been beneficiaries,” said Tan, who is preparing Grab for a future in which its users will at least partially work from home.
“You couldn’t ask for a better hedge,” Tan said in the living room of his Singapore penthouse, where he often spends 15 hours a day at his standing desk, sometimes exercising with dumbbells.
Delivering financial services
The company, which counts Indonesia as its biggest market and is locked in a fierce competition there with Jakarta-based Gojek, is doubling down on deliveries, with its two-year-old food business overtaking the mature transport division as its biggest segment.
It has had to scale back plans for its travel and hospitality service verticals as consumers stayed at home, but its finance business has been boosted by surging digital payments and small businesses seeking working capital loans. The financial services business includes wealth management, insurance and lending.
Backed by the likes of China’s Didi Chuxing and Japan’s MUFG, Grab was already transforming itself into an universal everyday app but the pandemic accelerated the plans, including providing more services for merchants.
The company, which says it has more than 9 million drivers, merchants and agents, is also awaiting the result of its application for an online banking licence in Singapore.
While the pandemic initially led to short-term thinking in a fight for survival, Tan said working from home for months and consultations with leaders from around the world has made him reflect and think longer term.
By “also just being insane and microscopic about costs”, Grab was now on a faster path to profitability, Tan said, without giving a time-frame.
Jixun Foo, managing partner at GGV Capital and an early backer of Grab, said speed was key.
“In good times, everybody is grabbing market share. When the tide turns, the best companies respond the fastest, they correct the fastest in terms of their business,” he said.
Reporting and photo: Reuters
Business
Waste Management Corporation (WAMCO) Marks a Significant Step Towards Transforming Urban Waste Management
Waste Management Corporation (WAMCO) marked a significant step towards plastic waste management with the adoption of dedicated vehicles handed over to boost this transformation of urban waste management supported by The Coca-Cola Foundation (TCCF) and the United Nations Development Programme (UNDP) in the Maldives.
In March 2024, UNDP Maldives officially handed over a fleet of six vehicles to WAMCO, which included two electric vehicles (EVs), as part of an initiative aimed at enhancing waste management across the Greater Male’ Area (GMA). This acquisition, facilitated through the financial support of TCCF paves the way for a crucial advancement in bolstering PET collection efforts and tackling the challenge of plastic waste in the Maldives.
“This initiative marks a significant step towards boosting recycling rates and combating environmental pollution in the Maldives,” stated Pek Chuan Gan, Deputy Resident Representative of UNDP Maldives speaking at the handover ceremony. “Integrating electric vehicles into WAMCO’s fleet and improving PET recycling processes not only lowers carbon emissions but also pioneers renewable energy use in waste management. It’s a vital move for steering the Maldives towards a sustainable and renewable-powered future.”
The provision of electric vehicles marks a continuation of UNDP Maldives’ support to the Government’s vision to introduce renewable energy in key sectors such as waste management that significantly contribute to the country’s renewable energy transition ambition. By embracing clean energy solutions, such as electric vehicles in waste management practices, the Maldives can further reduce its carbon footprint and move closer to achieving its renewable energy goals.
“Utilizing eco-friendly vehicles is a pivotal change for WAMCO, signifying a major leap towards modernizing waste management in the Maldives,” remarked Mujthaba Jaleel, Managing Director, from WAMCO. “This collaboration highlights the shared commitment to environmental stewardship and the potential for such partnerships to catalyse meaningful progress in sustainability and about the positive impact these vehicles will have on our operations and the environment.”
Representatives from UNDP Maldives, WAMCO, and The Coca-Cola Foundation’s unified efforts towards a sustainable future. Photo courtesy: CIAO Advertising.
“Our commitment goes beyond just recycling; it’s about fostering a culture of sustainability,” remarked Saadia Madsbjerg, President, Coca‑Cola Foundation and VP Community Affairs. “By enhancing waste management in the Maldives, we aspire to set a benchmark for environmental stewardship.”
For The Coca-Cola Foundation, together with the stakeholders, the aim is to propel Maldives towards a future where plastic circularity is not just envisioned but actively pursued. By channelling resources and expertise into the heart of waste management, TCCF has made a sizeable contribution in enhancing and attracting investment to this crucial sector in the Maldives. This initiative is a testament to TCCF’s commitment to fostering sustainable practices and promoting the reuse and recycling of plastics, thereby reducing environmental impact, and paving the way for a circular economy.
The fleet handover event held on March 18, 2024, served as a celebration of collaboration in waste management. Representatives from UNDP Maldives, WAMCO, The Coca-Cola Foundation, government officials, and stakeholders came together to mark this significant step and reinforced their collective dedication to building a more sustainable future for the Maldives.
Coca-Cola is thrilled to unveil its official partnership with UEFA EURO 2024TM, launching an engaging promotional campaign designed to give football enthusiasts across the Maldives the extraordinary opportunity to experience the Finals live in Berlin, Germany.
This season, Coca-Cola reintroduces its iconic football-themed packaging, igniting excitement on store shelves. To join the promotion, customers need to simply open the promotional pack, find the six-digit code under the Cap (for PET bottles) or Tab (for Cans) and enter the giveaway by sending the code to 2626, with chances of winning increasing every time they send a code! Available in a variety of sizes, these packs ensure that every fan has a chance to participate.
During the promotion, six (06) couples will win a trip to experience the UEFA EURO 2024TM Final Match in Berlin, Germany with great Coca-Cola hospitality — an integral part of Coca-Cola’s initiative to deepen its connection with football fans and infuse the season with refreshing excitement. Consumers will also have a chance to win a Smartphone which is to be won every other day and branded Premia daily making it a power-packed promo.
The promotional campaign will span from May 1st to June 15th, 2024. Throughout this period, lucky draws will be conducted every other day and broadcast live on ICE TV, with the first Live Draw starting on the 11th of May 2024.
Kaushali Kusumapala, Country Director – Coca-Cola Maldives and Sri Lanka, is enthusiastic about the new partnership, stating, ” This partnership with UEFA EURO 2024TM, marks a milestone in our commitment to sports and entertainment. We’re excited to offer fans unique opportunities that showcase our dedication to enriching their experience of the tournament, one refreshing sip at a time.”.
As the tournament draws nearer, Coca-Cola will announce further exciting activities under its UEFA EURO 2024TM campaign. Fans are invited to stay engaged and participate in the ongoing promotions to enhance their chances of witnessing the zenith of European football live.
Grab a Coke, gather with friends and family, watch the UEFA EURO 2024TM matches live, and stand the chance of winning many fabulous prizes! Stay tuned to the official Coca-Cola Maldives Facebook and Instagram pages for the latest UEFA EURO 2024TM updates and promotions.
Coca-Cola has been a partner of every UEFA European Football Championship since 1988, and for more than three decades, Coca-Cola has played an essential role in the competition by uniting people and providing fans with unforgettable and innovative experiences.
The Maldives Association of Tourism Industry (MATI) held its 34th Annual General Meeting at Kurumba Maldives today, with a total of 100 members in attendance.
The day’s events began with a welcome address from the Chairman of MATI, Mr. Mohamed Umar, who also presided over the session. The agenda included an address from the Secretary General, Mr. Ahmed Nazeer, the review and approval of the minutes of the 33rd AGM, the review and adoption of the Annual Report and Financial Reports for 2023, the approval of the 2024 budget, the appointment of auditors for 2024, the welcoming of new members and election of executive board members to the two vacant positions (by-election).
In the member discussion session, the following topics were covered: the Government’s aim to reach net-zero emissions by 2023 and renewable energy generation in the Tourism Industry, new terminal of Velana International Airport and developments, employment challenges, the Industrial Relations Act and trade unions, environmental conservation and the significance of creating and executing efficient management plans for protected areas like the South Ari Marine Protected Area (SAMPA).
Following the official proceedings, the Minister of Tourism Hon. Ibrahim Faisal and the Minister of Economic Development and Trade Hon. Mohamed Saeed joined the forum. The Ministers provided remarks and engaged in a Member Q&A session. This session provided members with the chance to directly engage with the Ministers and delve into crucial industry topics. The queries focused on the Economic Outlook, forthcoming development plans and immediate challenges and issues affecting the Tourism Industry.
A video presentation was also showcased that delved into the extensive work undertaken by MATI in 2023. The video also touched upon the Tourism Industry’s performance over the past 5 years, as well as the current and projected human resource capacity of the sector.
In his closing remarks, the Secretary General highlighted the importance of collaborative efforts in addressing industry challenges and called for greater unison amongst industry stakeholders, ending with an acknowledgement of the promising start to the year in terms of arrivals.
Executive Board Members elected to the 2 vacant positions (by-election):
- Ibrahim Shareef, CEO and Managing Director of Maldives Airports Company Limited
- Renato De Olivera, General Manager of The Ritz-Carlton Maldives, Fari Islands and representative of Marriott International
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