IOI Corporation: Driving Innovation in Malaysia's palm oil industry

In this episode, Mr. Kong Kian Beng, CFO of IOI Corporation Berhad, discusses how the company has leveraged technology and innovation over the past few decades to transform and grow its palm oil business. He provides an overview of IOI's history, its move into palm oil in the 1980s when many saw it as a sunset industry, and its investments in downstream capabilities like oleochemicals and specialty fats. Mr. Kong also shares IOI's digital transformation journey and how they are getting ready for future technologies like AI,  highlights how traditional industries can embrace innovation and technology to drive growth.

Transcript

AIBP Intro: 0:02

The AIBP ASEAN B2B growth podcast is a series of fireside chats with business leaders in Southeast Asia focused on growth in the region. Topics discussed include business strategy, sales and marketing, enterprise technology and innovation.

Irza Suprapto: 0:28

Hello and welcome to the AIBP ASEAN B2B growth podcast where we sit down with individuals responsible for driving growth of their organizations here in Southeast Asia today, we have with us a very, very interesting individual who is actually part of IOI group, one of the largest Sustainable Palm Oil companies here in Southeast Asia. Historically, I'm not sure if you're aware, but palm oil has played a significant role in contributing to ASEAN GDP, especially in Indonesia and Malaysia. And it's not often that we have finance guy, a guy who comes from a financial background talking about digital transformation. But we're very happy to welcome Mr. Kong Kian Beng, the CFO of IOI group, and he will be able to introduce himself, plus his company, a lot better than I ever will. So Mr. Kong, welcome to the show, and thank you for joining us today. Maybe if you could just give us a brief introduction about IOI group. And then after that, a little bit of an introduction about yourself and your role.

Kong Kian Beng, IOI Group: 1:24

Alright, thank you. Hira, so thank you for having me firstly. Okay, talking about our group. Our group was actually founded by our late Tan Sri, Lee Shin Cheng in 1969 so is, but then was not started off as a plantation company. So they were in beginning was they are in, in the business of industrial gasses. And thereafter, then they went through into property properties during, during the 70s, 80s, and IOI then the name was called I, as in Industrial O is, I cannot remember I, O. I stands for O is oxygen. Is it, if I remember, yeah, oxygen Incorporated. Then it was, it was listed in 1980s in the 1980s so then need conditioning came in some time in mid, mid 80s, and then only went bigger in the 90s, when they acquire substantial sticks, substantial land banks in Malaysia. So, so that is where there is, that is where there's a famous thing whereby, that time, the analysts and reporters were asking the late Tan Sri, the founder, as in those pump oil is always seen as Dan was seen as a sunset industry and and they're asking why Tan Sri, the late Tan Sri, why he is so willing to buy tracks of palm oil plantations land. And he answer. His answer was, sunset today, sunrise tomorrow. How it started, but, but in fact, actually, the late founder is he's very interested into plantation. In fact, his his life history is actually from from in the estates itself. It works in estates and so on. So that is where, where he cultured his his beginning of a love of palm trees. And they also were saying that he strings to achieve for them to grow better. So today, that's how I grew from there, then there about from plantation itself, the early 2000s that is where we venture into further downstream in a more, bigger way, and in the bigger way, in sense that we went down to acquire this, this company called, then was called Lotus crock group. It was under the Unilever group. So that is then it was doing specialty fats. So bit of specialty fat. So what was specialty fats about? Is basically using vegetable fats and and come up with different ways of things, for bakery, confectioneries, mainly for food, food, industrial food. And sometimes you can substitute for to substitute as chocolates derivative is a chocolate like a poly cocoa butter equivalent. They substitute the cocoa butter and using palm base and Sher knots, sure, Sher knots paste ingredient to produce this. And the reason for this is because this cocoa butter equivalent. We mix very, very closely to the pure cocoa butter, very, very close. And because of the price differentials, a lot of chocolate tears, they tend to substitute a portion of it, of the of this cocoa butter with CBE. So I mean, if you give understanding what specialty fat is all about, other than that specialty fats, like those sweet donuts, like those suck on the oils that you could use for cooking. Then there are certain formulation that you can have the smell and the taste of the of the donuts. So that is where all these innovations come in from this company. So that was during the 2000s then thereafter we organic expand that this further downstream, and then in the same time also holo chemicals industry, we also grew quite in that industrial field. So Ola chemicals is basically vegetable based or plant based, type of chemical products. It is the opposite of petrochemicals. So it's actually most like a substitute for petro chemicals. So, so a lot of times an sp test, as we speak today, a lot of times you will see, especially food nursery, there are a lot of push to change lubricants, the mineral oil, lubricants and food nursery, into this plant based lubricants. So this is where, the innovation from this plant based chemicals products are important to substitute minerals, and as today itself, we we assume quite one of the largest player, we are fully integrate one the largest, fully integrated pump, yes, in the world. So when we see farm payments. We have the upstream, which is a plantation, and downstream, which is the manufacturing of of the palm oil. So that is where we have roughly about planted area. For upstreams, about 175,000 hectares planted area. And then downstream itself. We have actually downstream of two parts. One is the midstream, which is called the refinery. But the refinery is to refine the balls of the meals, and further that. Then, when we refine the oil, actually you can use it as a cooking oil. That's one part of it which what we always use, this part of the working oil. And then from there, then you would have to refine further and factor fractionations with facilitate, and then you come up with other derivatives that is used for further downstream, like own chemicals or industrial use. And then the other part is mentioned, specialty, fast, okay, then a lot of people doesn't seems to know also is that fun facts, palm oil is very versatile. Oil we use is almost every single thing that we purchase is definitely there's some, some sort of pump that will give in any of the products, ice cream, to tires to change lot there's, there's numerous ways of of use using this component of palm oil. So that is where. That is where we are, where we are today. And also innovation of products is also very, very important. That is where, where, where we constantly have a research and development into into this farm itself, whether solar chemicals or for the downstream specialty oils so on,

Irza Suprapto: 8:04

Perfect. Thank you, Mr. Kong. That's a great history of the IOI group. And it was interesting that you brought up, you know, your founder, Tan Sri, when they first, when he first started going into palm oil, people are saying that sunset industry and and it's an interesting point where he said, It's Sunrise Sunset today, but sunrise tomorrow. So when people generally look at innovation nowadays, they generally try to think about, you know, what dominates the mind share of most people when it comes to innovation is what's happening in the technology space as well as in the startup space. So every time people start thinking about technology startups, they think innovation. But when people think about traditional industries, especially one which you said was our people deemed to be a sunset industry in the 80s or even in the 90s, innovation is still alive. And I think one thing to note for all our listeners is IOI group was actually one of the winners of the ASEAN enterprise innovation award last year based on a project which they did. But having said that, what I find most interesting is that Mr. Kong himself, who is the CFO of the organization, actually is gets quite involved in in the projects, or the IT projects that you run, right? Mr. Kong, so you've explained about IOI group, maybe you can give an introduction about yourself. I understand you've been with IOI group for quite a significant amount of time, something 18 years. Is that correct? Yes, alright, 18 years, yeah. So maybe just give a rough background of your your career as well, as maybe, to some extent, your education background as well.

Kong Kian Beng, IOI Group: 9:28

Yeah, okay, so as a brief history about myself, so I, I'm, I'm a graduate of ECCE. So that is a professional degree for accountancy, based in UK.That is where my education is from. Where I come from, where I studied, is actually numerous places, because as a professional degree, basically something like that, you is like, you can have your own self study, or you can even take classes if you didn't want to take. So, so a lot of time I, I do take classes, but there were point in time I also took part time. There was during the 1998 or so so that I started working. And then I also take part time of my ACCA. Then thereafter, I year 2000 I was I moved to PwC, so I was there for six years, until 2006 well, and that is where, where I started off from associate and ended up as a manager in PwC, Malaysia. That is where, in 2006 I landed a job in iy, so that was actually the push factor for me. Was then the distance between my house to this office is only roughly about 1015, minutes, very big consideration for me, as opposed to previously, my committing time, or something like one hour, one half hours, so probably, so imagine. Let's see if you, if you, if you work, find this weekend and you time, the commerce that you spend is a lot of numbers lost.

Irza Suprapto: 11:16

They do say that one of the biggest happiness factors is how close you work. You work from your home, because the shorter the commute, generally, the happier you are. So you have just proven that to be true, because you started because of, it's 10-15, minutes away, and you've been there for 18 years

Kong Kian Beng, IOI Group: 11:32

Yeah, it's, it was that that was the main food sector for me, actually. So that was then that. But then again, when it was here, I was, I must say, quite faithful, especially the founding finding of bio i So, especially times early times, because I learned a lot from him in terms of how we look at things, especially the business way. Sometimes we as professional, we tend to be more complicated in doing things, and our explanation can be quite complicated that we but, but the late, late pastry has taught me things that you should be looking at things, how to dissect things in a simpler way and and straightforward without going to the all the jargons technical jargons, because everything that We do is always objective, and it's with something that's end of the line, and that is where we try to simplify things, how complicated we try to break it down, to make it as simple as possible. So that is also quite our mantra for IOI. We do not want to do things too complicated. I mean, even though it can be a technical but we will try to make sure that the way how technical is it is at the end date it is everyone can understand. Yes, when everyone can understand means that the goal, the objective of the goals of the company, can be achieved faster and easier.

Irza Suprapto: 12:57

Okay, and throughout those that 18 years you've been an IOI, has it always been along the finance accounting track. So I

Kong Kian Beng, IOI Group: 13:05

started from as the Accounting Manager. So yeah, that was accounting track. But in between, I was tuned to a lot of detail projects. Usually it's quite diverse. It can be from an m&a perspective, it can be also part of process improvement and sometimes flow can be also part of good sales investigation. What is more like the fact finding in in operations as a as a federal accountant, I might not know like process flow and so on, but so sometimes I will go there and have a different perspective of how things work. And then I might not be the expert in it, but sometimes it is just asking questions, asking the right questions, I guess, which makes things breaking it down to more clarity and easy to understand. So most of the time, my role is there. So apart from that year by year goes by then I was also been, been also posted to other type of departments. So I mean, like treasury, IR investment relations, then corporate finance, then insurance risk management. So I've been been moving around and hitting some of these departments. That's where, that where the last, I think I'm holding this post for CFO for three years, three years, right? So, so, so that is where, because I have this extensive, I guess I believe report, who have have considered this. That is where I landed this position, three years ago.

Irza Suprapto: 14:47

Okay, and especially now. You know, I think with technology and digitalization being one of a strategic pillar of IOI, in fact, it's a strategic pillar for most organizations. From a CFO, wearing your CFO hat on, your knowledge about the operations. How does IOI actually decide, or, how does it measure financial success when it comes to investing in innovation, or towards to a sub category? How do you look at investments into technology? How does it what kind of is there an ROI that you're looking for? Is it something that's long term? Do you have a return profile? How do you look at it?

Kong Kian Beng, IOI Group: 15:20

It's basically a mix of what you mentioned. It can be finance based ROI. That means you specifically to get returns or savings. I mean, that's the traditional way of looking at things. But I think sometimes we we shouldn't be so fixated into just ROI or just figures knowledge that's so yes, things like non financial type of benefits or values that we can create might not be tangible or calculable today. That means you can, you can't put a value to it, but then that is value in terms of how we move forward you might not see today, or sometimes when you we look at it, it's like, okay, why do we spend this so maybe just give examples. Maybe the ROI is quite easy to understand. Usually we have the rate that we put the hurdle rate, then then you IRR eight, then you get see whether returns, whether it returns above the huddle rate. So that's quite simple for most of the usually the big projects, you have this. But then again, the interesting part is more those that you trying to have at ROI. So one of them is like sustainability projects. So sustainability projects is, yes, you can have low projection like, okay, then you, if you have do this, then what is impact to cost savings or costs, or whatever is. But for us, when we look at it, is more of like, intangible benefits from from having so one example maybe I give you is foreign workers. What is for foreign workers? I think the Malaysia itself, ever since pandemic, there's a lot of issues with surrounding of foreign neighbors, workers in Malaysia and one the main thing is that this foreign workers, they tend to, I mean, usually they feel that they don't have avenue to relay their glasses, their complaints and safely, first is safely, and they do not know what Channel and how to do it and so on. So, of course, for us as ROI, we have a lot of different channel in place, whether website, whether with telephone number, emails and so on. The whole for all these foreign workers, I mean, you want to work within the blanks and farmers, is not also so simple for them to understand. Yeah. So, so then, of course, sometimes you can see that workers quarters are not in a good condition, but they do not know where to contain, yeah. So they and sometimes there might be fear factor of, okay, if I complain this, if I kept in the estate itself, that's where, when we see this and we devise app for I must run. So this is actually very easy to use. It just download from the App into your phone. So every, every workers will have phone anyway. They don't want to say download. All they need to do is just you can put your name, or you do want to anonymous, also, fine. Then you can just put a place, oh, let's say my this, my unit here, in this place, this area is needs to be upgraded. There's some broken toilet bowl and so on. So then they will, they will put their complaints and glasses there. And then he will route to here history. And there will be people here. We do not know who they are. Is anonymous. Sometimes we put most of time you don't put there are some people put fine. Then we will, we will attend to it. And that is where we take. We find that we the they are more forthcoming in their in their ideas, or, in fact, their browsers. Like repair mostly, is about repair works on your thing. So, so, so project like this, when you want to put ROI, that's that is no ROI in this. But the benefit is, if I can make my workers happy, indirectly, they are their productivity would be higher. Then I could retrain these people, foreign workers, longer, because usually for foreign workers, they tend to not to work, let's say, more than two years. And there's also a lot of time when workers are not happy, they just just run off. Right? So that is where this app is actually to address many issues, are not, say, 100% resolve, but at least reduce, reduce the grouses of the of the foreign, foreign neighbors, and is in multiple language. Can be Indonesian, Tagalog then Bangladesh and so on.

Irza Suprapto: 19:57

This is, you call it IOI Mesra, Mesra as in, Mesra is caring, right? Yeah. And this is like, for a project like this, somebody comes up with the idea of to do something like this, and then you set a budget, and you, you, you do it with an aim in mind. Again, this doesn't need to be financial in mind, but it's to improve, maybe the happiness of your workers, foreign workers, working at the IOI plantation.

Kong Kian Beng, IOI Group: 20:21

Yes. The main point is easy access, perfect.

Irza Suprapto: 20:26

And everybody who comes in gets the app downloaded onto their phones, and everybody has access to this feedback channel, feedback loop, I would say,

Kong Kian Beng, IOI Group: 20:33

yeah. Mainly feedback, if you dissect it, is basically a lot of complaints on, on the mvts and so on, say, first block plan. Maybe I just leave you some context. Previously, you see all these quarters, right? We have 1000 quarters and then, and then, it's always the duty of the employees, or the workers to take care of the meetings. But if, let's say, there's some, some, some, some issue. We have to go stop check every time. But there's a lot of pencil wasted, just just squish Downing and the spot check that $1,000 and then we do do this. It's not survival. So of course, we still do the spot check, but we thought of you want to address the concerns promptly. Then we encourage them to report this on this, this IO atmosphere, so that we can take the most immediate action on it without waiting for months and months. So the long time we saw that that this toilet bowl was broken, apparently, was few months, really, I think almost a year or something like that. That was, like, quite late. I mean, most people how to how to use it, right? I mean, really nice. So this, we want to resolve all this issue, because if, if, let's say, if we don't resolve it, then we have a sanitary problem again, then disease. And so this is something that we thought desirable. Yeah,

Irza Suprapto: 22:03

that's, that's very, I mean, you've pointed out a lot of things, but I think generally, as a CFO, the idea that most, and when we speak to CFOs in ASEAN enterprises, you know, in Malaysia, Indonesia, Philippines, Thailand, a lot of them actually have a lot of experience working in different parts of the organizations. They've been an organization for a long time, and they kind of have an idea about what kind of projects to fund to get to where they want to be. And it's driven by a lot, as you mentioned, the core company values, or the core ideas of what needs to be done, as opposed to just pure financial metrics. But, but let me go back to you know, your for for your team. You know Alvin the CIO, the head of it, of IOI, the submission of the one IOI integrated program, right? That's quite a big it's there's a difference between running a program like that, we are trying to integrate everything within your organization, versus, say, building an app for your for your workers or foreign workers. When a project like that comes along, you know, it involves internal people, external stakeholders, employees, adoption, because otherwise you don't get the correct data going in. So when you look at a project like that, I understand it's part of your roadmap as well. I think it's what is part of the three year roadmap. Now, can you just give us an overview of that project? You know, how it was initiated, and where it's going, because I know it's going to last long into the future.

Kong Kian Beng, IOI Group: 23:24

Well, that one is quite an interesting case. This, this, this digital transformation, was started seven, about seven years ago. The journey actually then that one, it was supposed to be small project that we are looking at in corporate side. It was never meant to be a bigger, bigger picture. It was started off with a corporate side looking at some consolidation, consolidation software at a corporate level. That ended up the conversation ended up into SAP, because SAP came, came about. They see that they can provide that solution to it. So then we invited sap in talking about consolidation. And prior time, we find that consolidation then was not for pay. It was quite complicated. Then it opens the door. It actually opens the door, because while the conversation was happening, they started to open. Actually, when they came here, it was no idea of the only talking about consolidation, but somehow, rather, during conversation, you brought up something, talking about plantation, about the they were talking about agricultural and so on. So that's where they pick the interest for us. So, so that is where there, after we have few conversation on this, talking about, okay, if you were to do this, ho, how we going to do it for plantation? And CS conversation came out. And then finally, they found a partner, which are also also plantation, and they are also an implementer for SAP in terms of plantation software. So that is where that. That is where it's all started. Then we have more conversation with this implementer and and we've we compile all the information, and then we have have, I have series of internal discussion talking about change of system and so on. Then finally, we came to our MD group Managing Director, Dr, he was presented to him few rounds talking about SAP. And then, of course, rather than talking SAP also, we also explore other solution, plantation solution, because I think there's a lot of plantation solution out there. And what we found is that whilst the other solution is definitely way, cost effective in terms of is cheaper. But SAP, we also found that the software they use are also not much different or not we have that means before, before SAP, so they still a stand alone system and so on, and then you have to still integrate reconciliation between another HQ system as well. So after we look at it, it's like I said, if you suggest the case, why do we spend money on something that existingly is what we have? Yeah, we just need certain upgrades about functionality and so on. But it doesn't give us the to resolve all the pinpoints, like especially, we spend days on reconciliation, from estates to estates. We do regional, regional to HO. So they saw years of reconciliation, and because of different different systems that they are talking to, because all the system are not talking to each other. So, so, so that is where hard decision was made, and thankfully, our group managing director, he made the decision to go forward with SAP, because he looks at it as such that then innovation technology will be the forefront going forward, and this would be the way forward for to bring The group to the next level. That means you need to be ready for the future. Why not? Like seven years ago? We might not think that okay with this, how we do but, but then as time goes by, we're talking about artificial intelligence, generative AI and so on. That is if, if you don't, we have not started, then we're not able to to benefit from some of these technologies, also that we have.

Irza Suprapto: 27:25

That's a great point you make, because a lot of the, especially when you look, you mentioned the cost factor, right? And a lot of the technology solution providers, they're not native to Southeast Asia, so a lot of them international providers. So whether you SAP Oracle, Microsoft, your pricing is international pricing, right? So a lot of the enterprise, especially the small medium companies in Malaysia, in Indonesia, Thailand, I think there's this worry right now that you know, they cannot catch up with because they haven't started investments like you mentioned for IOI, it started seven years ago, but because you started seven years ago today, when you know AI comes about, your data is you have data, you have clean data that you can then put into AI models, and you can benefit from it. Going forward, whether your competitors are just, I mean, if your competitors did not do what you did, they'll be in quite a bit of a difficult position, Yeah, but you're right, yeah, going on to this project like this was started seven years ago, it's still running now, and it's taken a different shape and different form. And what, what? What does it look like going forward? Because I understand you're going to extend it, you're going to put quite a few, quite a bit resources into it. What is the aim, or is there, whether it's an intermediary aim or final aim, of what you're looking to do with this one IOI project?

Kong Kian Beng, IOI Group: 28:40

Okay, so the the main objective also, again, as it's actually a journey. The the main objective is, is always ongoing thing. So the Our objective is to make sure that as far as we can, we want to automate those mundane tasks as many as possible. So, so one those tasks is usually robotics, robotics. They call it a software is using a robots to help us to match and also to process. So those are the process that we are we are looking at today. That means looking at solution from from some third party, and then that's one type one one time, and the other one is looking through our process itself, process improvement. So So lot of times that we look through, and actually we can cut, let's say, from five process to maybe three process. So those are the things I still ongoing. But it's not so simple. It just okay. I just want to have 5% three process, because you still need to go through the whole protocol of change. Yeah, it's all that's why I say that it's constantly ongoing. But the goal is to make sure that, if you can, we will try to have limited human intervention in between the systems as far as we can, having said that, so that always the. We also believe that human human still needs to be there, and we cannot say that everything's 100% so so the employees here will need to also upgrade that their skill sets, upskilling and so on, to have a different type of role, not just doing data entry and more, but more like monitoring of of the data, and then making sure that if you need to intervene when there are things which is not going right, that this person is supposed to intervene. So these are the processes that higher thinking skill sets are important in the future as we as a group, goes more into this type of automation

Irza Suprapto: 30:37

Understood,and it allows you to also attract a different set of workers right to your organization as well. If you have systems where you know you need less, you mentioned data analysts or even like aI ml professionals. So it's quite I think when we speak to palm oil companies, especially in Indonesia and Malaysia, or agriculture companies, I think what a lot of people don't realize is, I think something Indonesia and Malaysia are responsible for something like 80, 80% of global palm oil production and exports. So it is. These are actually world class organizations, and the systems your IT, systems that you use, hence, has to be world class as well. Going back to that, I know we've taken a lot of your time, and I think we are running out of time, Mr. Kong, just one, one last question, especially within the you know, you mentioned, especially for IOI group. You know, you're looking at both palm oil, traditional palm oil revenue, and non CPO related revenue. When you look at the role that technology plays in your industry, not just for IOI, but for your industry, what role does it play? How can technology help? If you look at it, you know, looking especially, you know, with all the developments that are going on now, AI coming up, you're seeing everybody's interested in all these tech companies, AI companies, chip manufacturers, out of the US, how, when you try to connect the dots between your industry and technology, what are you most excited or worried about when it comes to technology's role within The crude palm oil or the palm oil industries.

Kong Kian Beng, IOI Group: 32:03

I mean looking at upstream wise, technology wise. I guess, because palm oil is always seen as labor intensive, we have yet to find solution for harvesting, for collection of fruits. We do have solution, like those grabbers and so on. Mechanization, but the harvesting of food, that means cutting down the fruits bunch FFP food bunches still requires human even though we're giving them motorized tools to motorized cutters. But still, you still need human being. The industry has also looking a lot of try to see a solution. Some using drones, cutter cutter drone don't using lasers or lasers to cut the fruit. So, so all these things are still in the works, but I do believe that one day this, this ho problem of harvesters, have you relying too much on labor, could be resolved. Maybe so, because there's quite a lot of players looking into this, this part of the work, other than that renewable energy space, because everyone's looking at net zero. So I think this is quite a big thing for palm. Palm ways, right? We have a lot of fluent ponds, and these affluent ponds have retained gasses. So for most plantation like us, we will have done the first phase, at least capturing the meeting gas using like a balloon shape or plastic cover. So then, then we also have used this heating gas as energy. Now what where we are looking at now is generate electricity out of these gasses by using gas burners electro to generate electricity or Mills, as well as our nearby workers, workers quarters. So now, now maybe what can be done for the industry itself is maybe looking at the ways of tapping the excess gas. That means, after you use the own use excess gas and use it as an energy for the country or for the world, that means to harness this energy for maybe for aviation East and the problem now here is talking about is logistic how do we, how do we collect all these gasses from so many means in Malaysia, or, in fact, Indonesia and and and monetize it in a way that is commercially viable? So this question that yet to be answered, but there are interests. We just that this question needs to be answered first before it can can be fruition. So I believe in this phase of renewables, this can work in the future, when I'm not too sure, but I believe it will come to a time where it will be

Irza Suprapto: 34:54

Perfect I think, you know, when we speak to AG tech companies in the region, there are a lot of startups ASEAN natives. Startups, interestingly, because we are very much still an agriculture dominated economy in Malaysia and Indonesia, so I think there are a lot of interesting startups in the region who are looking at different solving this kind of solutions. And then on top of it, you still have all this, all this hype around AI, right? I think the hype around AI is more macro thing. That's something I think every large enterprise will have to implement on a high level, right? It's not so much like working with startups who are building drones or even cutting edge technology around how you use you mentioned logistics and how you can potentially monetize the methane gasses which escape or which are captured during your processes. So yeah, I think there's a lot of interesting things to be about. Thank you very much, Mr. Kong, for taking the time to be with us today. I think it's very interesting to hear around stories around how IOI is actually growing and how it's using technology and again, once again. Congratulations on being the winner of the ASEAN innovation award last year, and we look forward to continued innovation from the IOI group.

Kong Kian Beng, IOI Group: 36:00

Yeah. Thank you. Thank you. Thank you.

AIBP Intro: 36:04

We hope you've enjoyed the episode. For more information about business growth in the ASEAN region, please visit our website, www.IoTbusiness-platform.com.