May 20, 2020

Apple seeks to grow in China with a new promotional campaign

Apple Pay China
Catherine Rowell
2 min
Apple seeks to grow in China with a new promotional campaign

With many companies struggling to tap into the Chinese market, even technology giants such as Apple are no exception. To tempt Chinese consumers from utilising its services, Apple is now promoting Apple Pay by providing 50 percent off for consumers who will utilise the technology.

From today until the 24th July, Apple will be enabling the promotion to gain some headway, and will go up against Alibaba (Alipay) and Tencent Holdings (WeChat Pay) across mainland China. With Alipay and WeChat dominating over 90 percent of the mobile payment market, the deal is sure to turn heads.

Launching in China in February 2016, this is the largest promotion Apple has placed in China regarding its Apple Pay services, with consumers able to gain up to 50 times the number of reward points ordinarily allocated. However, with Apple Pay only available through the use of Apple products, it will be interesting to see how the promotion will enable further growth. In the first quarter, “Apple shipped 9.6 million iPhones in China, down 26.7 percent from the same period a year earlier,” according to thisisinsider.

The mobile payment market in China is worth approximately $6 trillion, a lucrative market for Apple to gain increased ground and gain further market share. The promotion encompasses a number of supermarkets and restaurants, online retailers and nearly 30 walk-in stores.

Over 15 Chinese banks are even involved in Apple’s venture, and are also offering 50 times the reward points through Apple Pay.

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Jun 7, 2021

Business Chief Legend: Ho Ching, CEO of Temasek

hoching
legend
singapore
Temasek
3 min
Singaporean Ho Ching created the largest listed defence engineering company in Asia, before leading Singapore’s sovereign wealth fund to global success

Ask Singaporeans who Ho Ching is, and the majority will answer the ‘wife of Prime Minister Lee Hsien Loong’. And that’s certainly true. However, she’s also the CEO of Temasek Holdings, Singapore’s sovereign wealth fund, and one of the world’s largest investment companies.

Well, she is until October 1, 2021, as she recently announced she would be retiring following 16 years as CEO of the investment giant.

Since taking the reins in 2004, two years after joining Temasek as Executive Director, Ho has gradually transformed what was an investment firm wholly owned by Singapore’s Government into an active investor worldwide, splashing out on sectors like life sciences and tech, expanding its physical footprint with 11 offices worldwide (from London to Mumbai to San Francisco) and delivering growth of US$120 billion between 2010-2020.

Described by Temasek chairman Lim Boon Heng as having taken “bold steps to open new pathways in finding the character of the organisations”, Ho is credited with building Temasek’s international portfolio, with China recently surpassing Singapore for the first time.

As global a footprint as Ho may have however, she has her feet firmly planted on Singapore soil and is committed to this tiny city-state where she was not only educated (excluding a year at Stanford) but has remained throughout her long and illustrious career – first as an engineer at the Ministry of Defence in 1976, where she met her husband, and most notably as CEO of Singapore Technologies, where she spent a decade, and where she is credited with repositioning and growing the group into the largest listed defence engineering company in Asia.

It’s little wonder Ho has featured on Forbes’ annual World’s Most Powerful Women list for the past 16 years, in 2007 as the third most powerful woman in business outside the US, and in 2020 at #30 worldwide.

But it’s not all business. Ho has a strong track record in Singapore public service, serving as chairman of the Singapore Institute of Standards and Industrial Research and as deputy chairman of the Economic Development Board; and is a committed philanthropist with a focus on learning difficulties and healthcare.

As the pandemic kicked off, she not only led active investments in technology and life sciences, with German COVID-19 vaccine developer BioNTech among the most recent additions to Temasek’s portfolio, but through the Temasek Foundation – the firm’s philanthropic arm which supports vulnerable groups close to Ho’s heart, handed out hand sanitiser and face masks.

So, you would be forgiven for thinking that at age 68, Ho might simply relax. But in March 2021, just as she announced her retirement from Temasek, Ho joined the Board of Directors of Wellcome Leap, a US-based non-profit organisation that’s dedicated to accelerating innovations in global health. Not ready to put her firmly grounded feet up yet it seems.

 

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