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Live in the Moment with Ivy See

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RIWAY means “Right Way”, leading everyone to the right path! RIWAY International advocates the unique direct selling values of integrity, righteousness and positivity, and by following these steps, those who join RIWAY and their teams are able to soar further and stronger.

Ms Ivy See has been in the direct selling industry for almost 25 years, and she sees all that she had been through with a heart of gratitude. All this while, she learned with a thankful heart and shared what she had learned with others. These experiences became her knowledge too as she was sharing it.

Ivy See started her previous direct selling career after she completed her Malaysian Higher School Certificate (STPM). With experience as a manager in numerous direct selling companies, and a director of her own company, she is now the Vice President of Operations in RIWAY. Having gone through many challenges and tests, she is now very familiar with every in and out of the industry, while cherishing every moment of her career life.

Ivy See has come back with great passion. She had initially wanted to start her own business, living a simple and peaceful life. But after knowing RIWAY International’s Founder and President Dr Lim Boon Hong, her life took a new turn. “Although I had been helping Dr Lim with projects involving market developments, I had no intention to go back to direct selling industry at that time.”

However, Dr Lim had never failed to share with her RIWAY’s development, vision and mission. Seeing him handling different situations with poise and calm, she started to change her mind.

The fact that Dr Lim Boon Hong announced her as the Vice President of Operations for RIWAY International at one of the Leaders Recognition Nights was really a surprise and was unbelievable for her.

Dr Lim Boon Hong’s perseverance and tenacity had brought back the passion towards direct selling within her. What moved her most was seeing that within a few years, leaders who once lacked confidence were standing on stage and sharing their success after going through tests and challenges, besides having their financial and health improved significantly. “This is why I like direct selling so much, to see the positive changes in people,” she said.

According to Ivy, RIWAY’s four top management personnel include the Founder and President Dr Lim Boon Hong, Co-Founder and Vice President of Marketing Ms Claudia Ong, Vice President of Business Development Dato’ Kenny Wong and herself. Each of them playing an important role in the company. Ivy is in charge of and manages the whole operations of the company, taking care of the customer services sector and supporting its internal and international operations.

After joining RIWAY in year 2011, her team has been developing the international market. In year 2011, the Indonesia market was launched, which was followed by the Taiwan market in year 2012. Another 12 new branches were opened at the same time in Singapore, Malaysia, Indonesia and Taiwan respectively, and also ventured into the Thailand market in the year of 2014. She has always believed that this company was going to flourish and shine in the global market.

Ivy See feels that one should not be afraid to do more, as this will turn into great skills. Always have the courage to ask questions, and there will be someone who is willing to help you out. To her, challenges are just part of the growing and learning process. She says, “You will be well-equipped and become stronger to handle the challenges in future, and continue to fight towards your goal.” RIWAY International does not only provide a direct selling career platform, but it also resembles a big educational institute, advocating the values of the right attitude in doing business, sincerity and respect towards others, the power of thinking and self-improvement. Like the law of attraction, when one is positive and becomes a better person, then one will have more capacity to help others.

The good working environment at RIWAY International has produced many quality workers. From the Vice President of Operations’ point of view, Ivy feels that there must be trust between co-workers, in order to grow from their mistakes and move towards the same goal. Thus, everyone must learn to improve themselves in every situation instead of pointing fingers at others when something happens, and to prevent division in a company. Thus, she constantly encourages her staff frequently, so that they can be positive and pro-active in a healthy and peaceful working environment. Moreover, she sees solving personnel issues as a priority, “Because when human affairs are solved, only then the rest will fall into place.”

RIWAY International upholds positive vision and mission, which Ivy See will fully support it if one day her children choose direct selling as their career. She said, “Because in this career, one has to learn how to sell, experience rejection, learn to encourage themselves, to think and to set goals.” She said gratefully, “I am very thankful that I have the chance to be in this career. I really like my current career, and it helps many normal people to fulfill their dreams.” She smiled, “All these experiences that I gained are worth-while!”

Looking at the future of RIWAY, Ivy has been exceptionally excited. The company has entered into its 7th Anniversary and its total revenue has made it one of the top 100 direct selling company. She believes that RIWAY is going to be the top ten, top five, top three and even the number one in the world, with every RIWAY distributor striving towards the same goal! Thus, Ms Ivy See and her team will fight for this goal together and to create a stable and fast growing company, and overcome the limits.

Ivy See Chein Ling is a winner of the Asia Pacific Entrepreneurship Awards 2015 Malaysia, under the Outstanding Category. The Awards were held on 27th August 2015 at InterContinental Hotel, Kuala Lumpur, Malaysia.

Callum Connects

Jason Feng, Co-Founder of Pillpresso

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Mr. Jason Feng is re-engineering the healthcare industry.

What’s your story?
I am an engineer at heart. I enjoy the process of problem solving and have been actively developing innovative solutions to existing problems. Me and my co-founder settled on the problem of poor medication adherence among the elderly. This was a problem which struck a chord with us because we all have loved ones who have to take multiple medications on a daily basis. The complex medication regimen, coupled with declining cognitive abilities of the elderly tend to exacerbate the lack of medication adherence, which may lead to disease relapse and hospital readmissions, ultimately increasing the burden to caregivers and the society.

What excites you most about your industry?
The problem of medication adherence is not a new one in the healthcare industry. In fact, lack of medication adherence is a well-researched problem in many countries. Solutions which have been developed to address this problem face three major issues:

  • Entrenched mindset within the healthcare system, many of which are used to and unwilling to change from the legacy systems which were implemented decades ago.
  • Complex nuances in healthcare delivery across different countries, making it hard to “copy” and “paste” solutions which have worked well in other areas.
  • Because poor medication adherence is multifactorial, and many solutions focus solely on a few aspects, and do not employ a holistic approach.

Nevertheless, entering this industry at this time excites me because we are in the midst of a global shift in healthcare models; one where the industry is moving away from a service-based model, towards a more value-based model. This shift means that traditional players such as insurance companies and pharmaceuticals are under increasing pressure from patients and payers to demonstrate the value of their products under real-world use. Medication adherence data is one crucial missing link in this puzzle to deliver better care to patients. Being able to build a business around these incumbents and pioneer a new way of care is something which I look forward to.

What’s your connection to Asia?
I am a Singaporean. Most of my experiences throughout my life have been in Asia.

Favourite city in Asia for business and why?
I have not worked in other Asian countries outside of Singapore, so I can’t comment on other Asian countries too much. Singapore has a relatively low barrier for starting a business, and all business rules and regulations are clear and transparent. The startup ecosystem is also rather comprehensive and easily accessible. Being a small country, Singapore has a very limited market for products and services. However, due to its size and efficiency, it serves as an excellent test bed for new ideas. Being a travel hub, travelling to other Asian countries is cheap and easy.

What’s the best piece of advice you ever received?
Fail fast, fail often. The greatest lessons are never learnt through success.

Who inspires you?
Elon Musk

What have you just learnt recently that blew you away?
Successful launch of Falcon Heavy and the recovery of the 2 side cores. The way the 2 cores landed was like something you’d only see in CGI. Very well calculated.

If you had your time again, what would you do differently?
Applied for NOC (NUS Overseas College)

How do you unwind?
Go rock climbing.

Favourite Asian destination for relaxation? Why?
Nepal. I’m an outdoors guy. Being able to trek around the Himalayas is probably the best form of relaxation for me.

Everyone in business should read this book:
Creative confidence, by the Kelly Brothers

Shameless plug for your business:
Pillpresso is an award-winning health-tech startup that aims to improve medication adherence. We’re developing a medication management system that empowers seniors to manage their medicines independently and deliver proactive healthcare in the community through technology. Comprising individuals with complementary skills across business, engineering and medicine, our team is driven by a desire to improve healthcare and the human condition.

Grand Prize Winner of the 2017 Tech Factor Challenge
https://www.opengovasia.com/articles/8072-top-4-grand-prize-winners-for-3rd-edition-of-ageing-in-place-tech-challenge-announced-in-singapore

Grand Prize Winner of the 2015 Modern Aging
https://www.channelnewsasia.com/news/business/3-teams-receive-s-125-000-of-seed-funding-for-elderly-friendly-i-8246318

How can people connect with you?
[email protected]

This interview is part of the ‘Callum Connect’ series of more than 500 interviews

Callum Laing is an entrepreneur and investor based in Singapore. He has previously started,
built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.

Connect with Callum here:
twitter.com/laingcallum
linkedin.com/in/callumlaing
Download free copies of his books here: www.callumlaing.com

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Entrepreneurship

Will Financial Liberalisation Trigger a Crisis in China?

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The People’s Republic of China (PRC) has been liberalizing its financial system for nearly 4 decades. While it now has a comprehensive financial system with a large number of financial institutions and large financial assets, its financial policies are still highly repressive. These repressive financial policies are now a major hindrance to the PRC’s economic growth.

The PRC is at the beginning of a new wave of financial liberalization that is necessary for supporting the country’s strong economic growth. The country’s leaders have already unveiled a comprehensive program of financial reform, which includes 11 specific reform measures in three broad areas: creating a level-playing field (such as allowing private banks and developing inclusive finance), freeing the market mechanism (such as reforming interest rate and exchange rate regimes and achieving capital account convertibility), and improving regulation.

But could financial liberalization lead to a major financial crisis in the PRC? What would be the consequences for financial stability as the PRC moves to further liberalize its financial system? If the PRC repeats the painful experiences of Mexico, Indonesia, and Thailand, then it might not be able to achieve its original goal of overcoming the middle-income trap.

International experiences of financial liberalization, especially those of middle-income economies, should offer important lessons for the PRC. In our new research, based on cross-country data analysis, we find that financial liberalization, in general, reduces, not increases, financial instability. This powerful conclusion is valid whether financial instability is measured by crisis occurrence or by fragility indicators, such as impaired loans and net charge-offs. The only exception is that financial liberalization does not appear to significantly lower the probability of systemic banking crises, although it does lower the risk indicators for banks. These results have higher statistical significance and are greater in magnitude for the middle-income group than for the entire sample.

The insignificant impact on banking crises, however, should be interpreted with caution. One of the possible explanations is that under the repressed financial regime, the government supports banks with an implicit or explicit blanket guarantee. This reduces the probability of an explicit banking crisis, although the banking risks may be even greater because of the moral hazard problem. In fact, government protection of banks could also increase the probability of a sovereign debt crisis or even a currency crisis before financial liberalization.

If financial liberalization significantly reduces the likelihood of financial crises, especially in middle-income economies, then why did some middle-income economies experience financial crises following liberalization? We further investigate whether the pace of liberalization, the supervisory structure, and the institutional environment matter for outcomes of financial liberalization.

We obtain three main findings. First, an excessively rapid pace of financial liberalization may increase financial risks. The net impact on financial instability depends on the relative importance of the “liberalization effect” and the “pace effect.” In essence, what the “pace effect” captures could simply be the prerequisite conditions and reform sequencing that are well discussed in the literature. Second, the quality of institutions, such as investor protection and law and order, also matter. International experiences indicate that investor protection can significantly reduce the probability of financial crises. Third, the central bank’s participation in financial regulation is helpful for reducing financial risks during financial liberalization. This is probably because central banks always play central roles in financial liberalization, especially in the liberalization of interest rates, exchange rates, and the capital account. If a central bank is responsible for financial regulation, its liberalization policies might be more cautious and prudent.

Our research findings offer important policy implications for the PRC. (1) Further financial liberalization is necessary not only for sustaining strong economic growth but also for containing or reducing financial risks. (2) Gradual reform may still work better than the “big bang” approach, and sequencing is very important for avoiding the painful financial volatilities that many other middle-income countries have seen. (3) The government should also focus more on improving the quality of other institutions, especially market discipline, to contain financial risks. (4) It is better for the central bank to participate in financial regulation. The new regulatory system should focus exclusively on financial stability and shift from regulating institutions toward regulating functions. It should also become relatively independent to increase accountability.

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About the Author 

This submitted article was written by  and  of Asia Pathways, the blog of The Asian Development Bank Institute was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in the Asia-Pacific region.

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