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Publication date: 02 Oct 2024

IDC Announces the 2024 Future Enterprise Awards Winners for Hong Kong

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Mox Bank Limited and CEO Barbaros Uygun Receive Future Enterprise of the Year Award and CEO of the Year Award, Respectively

HONG KONG, 03 October 2024 – IDC has announced the winners of the 2024 Future Enterprise Awards (FEA) Hong Kong, recognizing outstanding digital transformation (DX) efforts and leadership that harness technology to achieve business success and gain competitive advantage. This year’s awardees are distinguished for their ability to lead their industries through innovative, technology-driven strategies that represent the evolving digital landscape.

The 2024 winners reflect Hong Kong’s diverse array of digital innovators, with honorees from various sectors, ranging from telecommunications to financial services. The awards span categories including connectedness, customer experience, digital infrastructure, operations, and industry ecosystems, while also acknowledging leadership excellence through the CEO of the Year and CIO/CDO of the Year categories.

“The 2024 Future Enterprise Awards winners exemplify the power of digital transformation in driving measurable business value and industry leadership. By leveraging emerging technologies like AI, 5.5G, and blockchain, these organizations are enhancing customer experience, boosting operational efficiency, and setting new goalposts for innovation in today’s digital-first landscape,” says Linus Lai, Vice President, Digital Business, IDC Asia/Pacific

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As global challenges reshape industries, enterprises are driven to adopt sustainable, tech-driven models. Now in its 8th year, the IDC Future Enterprise Awards have honored over 600 winners from 6,000+ nominations, recognizing digital-first pioneers from 3,000 organizations across 12 countries who are redefining their industries.

Following a two-phased approach, each nomination is evaluated by IDC analysts, with country winners then qualifying for a regional competition judged by a panel of international experts. The following are the best out of all the nominations received from Hong Kong:

Best in Future of Connectedness | HKT 5.5G — Pioneering Asia’s Next-Gen Fireworks Experience by HKT Limited

The project pioneered the deployment of 5.5G technology in Hong Kong and is a key component to its strategy to create a more connected, dynamic, and responsive infrastructure that underpins its vision of digital leadership in telecommunications. The implementation of 5.5G technology has led to significant response time improvements compared with 5G. With a latency reduction to just 1 millisecond, 5.5G is up to 10 times faster than 5G, which typically has a latency of around 10 milliseconds. This ultra-low latency enhances real-time applications — from high-definition video streaming to interactive gaming and remote operations. As a result, it ensures a seamless and highly responsive user experience, boosting customer satisfaction and productivity by enabling instant access to data and services without delays.

Best in Future of Customer Experience | Omne by FWD Group

FWD’s customer experience transformation strategy focuses on making insurance easy to understand, buy, claim, and engage with — leveraging digital tools, data analytics, and a multichannel distribution approach. The company’s flagship app, Omne, integrates lifestyle and wellness features with insurance management, fostering engagement and long-term retention and prioritizing predictable communications, lifetime value, and applied intelligence. As a result of the project, 47% of customers selected “ease” as the majority response in 2023 when asked how Omne best helped customers achieve 36,000 transaction responses. A similar trend of 41% has continued into 2024 with a significant uptick in volume of transactions with over 100,000 completed by June 2024. At the moment, Omne has accumulated over 10 million downloads in the 10 markets in Asia/Pacific.

Best in Future of Digital Infrastructure | Unleash and Unveil AI Power for the Next Generation of Digital Infrastructure by YF Life Insurance International Limited

YF Life IT has set the world standard for innovation in digital life insurance, transforming at the forefront of emerging technologies, dedicated private cloud, and customer data platforms using AI and ML on big data. By leveraging its decentralized and immutable nature, blockchain offered unparalleled security, transparency, and efficiency to YF Life’s processes, leading to enhanced trust, streamlined operations, and improved customer experiences. The data-driven risk assessment and underwriting processes enhanced YF Life’s ability to price policies more accurately, reducing the risk of adverse selection and improving profitability by 73%. Moreover, the optimization of operational efficiency through data-driven approaches resulted in cost savings by 65% and improved productivity by 63%.

Best in Future of Industry Ecosystems | oneTECO by Plaza Premium Group (PPG)

In response to the significant drop in business during the COVID-19 pandemic, PPG seized the opportunity to expand by offering comprehensive hospitality services at airports that is powered by the oneTECO digital technology platform. oneTECO is an integrated digital ecosystem that connects various products and services, aiming to enhance travel experience for customers. This platform is designed to incorporate a range of travel and hospitality technologies used by airports, airlines, and other travel industry operators. It aims to engage all types of users that purchase these services through a single payment portal, a linked loyalty and rewards platform, an engagement and contact center, and information desks and counters.

Best in Future of Operations | AIA Operations EASE Program by AIA Group Limited

EASE was introduced to drive a step-change in operations and to deliver an outstanding customer experience that is driven by AIA’s Operations function and covering customer journeys for “Buy, Serve, Claim, Call.” EASE tracks and elevates the customer experience across four key principles: empathetic, automated, simple, and engaged (EASE). In 2023, 4.2 million new users registered in the application, bringing the total number of users to nearly 20 million at the group level. As a result, 91% of claims are submitted digitally, and 78% are processed within one day through the AI-based claims solution with straight-through processing (STP). This increase in Claims STP for the group from 60% in 2022 to 75% in 2023 has helped increase productivity for its operations team and has directly led to a significant reduction in its gross operating expenses in 2023 compared with 2022, reducing per-transaction cost.

CIO/CDO of the Year | Gary Ho of AXA Hong Kong & Macau

Gary Ho, CIO/CTO of AXA Hong Kong & Macau, spearheads a visionary digital transformation strategy, harnessing Cloud adoption as the bedrock for driving big data utilization and catalyzing the modernization of our legacy systems. Simultaneously, our embrace of microservices paves the way for a groundbreaking leap into offering Insurance as a Service. This bold and comprehensive approach, underpinned by cutting-edge technologies such as the AXA-owned Secured Chat GPT designated for our internal staff, has propelled us to revolutionize digital operations and customer engagement. The result is a remarkable enhancement in operational efficiency and customer interaction, further solidifying our position at the forefront of innovation and excellence.

CEO of the Year | Barbaros Uygun of Mox Bank Limited

Under the leadership of Barbaros, Mox has launched many market-first products and services under a customer-centric approach. Barbaros has fostered a culture of innovation and digital mindset, paving the way for an agile way of working that allows the organization to be flexible and meet customer needs. With a digital-first mindset, the organization continues to leverage data analytics to understand customer needs better and deliver tailored banking services, including personalized notifications, targeted offers, and relevant content to enhance customer engagement and satisfaction, as well as advanced technologies, such as AI, ML, and so forth, to enhance security, streamline operations, and offer personalized services. Mox has tripled its revenue and attained many number 1s across HK digital banks, including total revenue, CASA, net interest income, and top net promoter score among HK digital banks.

Special Award for Smart Cities – Best in Connected City | MTR’s Smart ESG: Technology-Enabled Social Inclusion by MTR Corporation

MTR’s “Smart ESG: Technology-Enabled Social Inclusion” program aims to address the challenges faced by customers with special needs and create a seamless, accessible, and self-empowered commuting experience. The program encompasses various initiatives that leverage technology and partnerships with social enterprises, including the “MTR·Care” App, Pre-Door Closing Indicator, and Partnership with Social Enterprise (SE). The “MTR·Care” App enables better trip planning, allowing more than 25,000 passengers with special needs to travel with ease. The Pre-Door Closing Indicator addresses concerns of the hearing impaired in Hong Kong, mitigating potential door-nipping hazards. The implementation of a virtual assistant (VA) and the Station Cityline Call Center, in partnership with a social enterprise, has improved enquiry response rates and reduced waiting times by over 50%.

Future Enterprise of the Year | Mox Bank Limited

Mox Bank Limited (Mox) is a pioneering virtual bank in Hong Kong and a registered institution powered by Standard Chartered in partnership with PCCW, HKT, and Trip.com. Through a scalable platform, lower cost to serve, topnotch customer experience. and the unique promise of safe, simple, smart, and fun banking, Mox has found immense affinity among Hong Kong customers: being the top-rated Hong Kong virtual banking app in Apple App Store in Hong Kong and consistently having the best net promoter score (NPS) among all Hong Kong virtual banks in 2023. With a data-driven approach, Mox leverages advanced data-driven risk intelligence to accelerate lending, surpassing traditional methods. In 2023, Mox successfully delivered a revenue of US$77 million, 2.3x on a year-over-year (YoY) basis while maintaining the cost growth at 7% increase on a YoY basis.

All country winners qualify for the Asia/Pacific competition, where a panel of judges comprised of IDC worldwide analysts, industry thought leaders, and members of academia will determine the regional winners. These winners will be announced during the IDG Technology Symposium & Awards in Singapore at the Sands Expo and Convention Centre (MBS) on 19 November 2024. To join the event and the celebration of our winners, you can register here. 

“In an era where being future-ready requires more than just technology investment, these trailblazers demonstrate that true digital transformation demands a comprehensive strategy and business model reinvention. This includes customer-centric solutions, operational agility, and data-driven ecosystem models —key factors in achieving long-term resilience and growth in the digital business ecosystem,” ends Linus.

For more information about FEA, contact Vanessa Ong at vong@idc.com or Charles Tamayo at cjtamayo@idc.com. For media inquiries, contact Michael de la Cruz at mdelacruz@idc.com   or Miguel Carreon at mcarreon@idc.com.

-Ends-

About IDC

International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading tech media, data and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDCAP  and LinkedIn. Subscribe to the IDC Blog  for industry news and insights.



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