Indonesia wants to overtake Singapore to become region’s top golf tourism destination
Indonesia aims to become a leading golf tourism spot in Southeast Asia as Singapore recently closed its only public 18-hole course.

“As Singapore has become more expensive and less affordable, we could provide [a golf tourism destination replacement] in Riau Islands, which has geographical proximity,” Indonesia’s Tourism and Creative Economy Minister Sandiaga Uno said, as quoted by The Jakarta Post.

Marina Bay Golf Course has permanently closed after 18 years of operation to make way for restructuring of land use in Singapore, according to Bloomberg. The golf course was opened in November 2006 and was the first and only public 18-hole golf course in the city state.

The Indonesian government wants to turn Riau Islands Province into the country’s golf tourism hub, Sandiaga added.

Located less than an hour’s ferry ride from Singapore, the province is home to seven private and three public golf courses.

Thanks to the convenient proximity of the Riau Islands, golfers from Singapore can easily access the islands by ferry.

In addition, Indonesia has witnessed increased interest from international tourists, with many flocking to golf courses in Jakarta and Bali.

Indonesia receives around 250,000 golf tourists annually, Darma Mangkuluhur Hutomo, President Commissioner of Intra GolfLink Resorts, said, as quoted by news outlet Detik.

The figure is still lower compared to its neighbors such as Thailand (6 million), Vietnam (1.5 million) and Malaysia (500,000).

Nirwana Bali Golf Club in Bali resort island of Indonesia. Photo courtesy of Tripadvisor
Nirwana Bali Golf Club in Bali resort island of Indonesia. Photo courtesy of Tripadvisor © Provided by eVnExpress
Related video: Indonesian Minister on Tourism Recovery, Digital Economy (Bloomberg)

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Hong Kong investors value firms with better sustainability disclosures: ASIFMA
Story by Martin Choi
• 13h • 3 min read

Adoption of sustainability-related financial information disclosures should be prioritised if Hong Kong is to maintain its market attractiveness: lobby group official
Hong Kong-listed companies that disclose sustainability-related financial information that form part of global baseline reporting standards, are likely to get better valuations in a market that is increasingly integrating sustainability risks into its investment decision-making, according to industry lobby group Asia Securities Industry & Financial Markets Association (ASIFMA).

The sustainability and climate standards released last June 2023 by the International Sustainability Standards Board (ISSB), a body set up during the COP26 global climate summit in 2021 to consolidate various reporting standards, form part of a globally recognised baseline that jurisdictions around the world use to improve the consistency, comparability and usefulness of sustainability disclosures.
Sustainability-driven funds may bypass the city if companies fail to adopt the general requirements for sustainability-related financial information disclosures, known as S1, in Hong Kong as soon as possible, Yvette Kwan, executive adviser to ASIFMA Asset Management Group said in an interview, reiterating a view reflected in the lobby group’s “Adoption of the ISSB Standards in Asia” paper released on Thursday.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

“As Hong Kong looks to maintain its market attractiveness and role as a leading sustainable finance hub for the region, adoption of sustainability-related financial information disclosures should be prioritised,” she said.

Such adoption must be made in addition to the climate-related disclosures currently mandated by stock exchange operator Hong Kong Exchanges and Clearing (HKEX) environmental, social and governance (ESG) framework, she added.

In April, the HKEX published conclusions from its consultations on the enhancement of climate-related disclosures under its ESG framework. This would include new requirements, based on the ISSB’s climate-related disclosures also known as S2, which would come into effect in Hong Kong beginning in 2025.

The S1 general requirements for disclosure of sustainability-related financial information require “an entity to disclose information about all sustainability-related risks and opportunities that could reasonably be expected to affect the entity’s cash flows, its access to finance or cost of capital over the short, medium or long term”, according to the International Financial Reporting Standards Foundation, which created the ISSB.

This includes disclosures about the governance processes and the entity’s strategy for managing sustainability-related risks and opportunities, as well as progress towards targets that the firm has set or is required to meet by law or regulation.

“With secular demand for sustainable investments rising, markets and companies which fully adopt ISSB may potentially have more access to capital and may more likely be targets for sustainable investing,” said Kwan.

“There’s then a risk that international investors with net-zero targets and other sustainable investing priorities will choose not to invest in the laggard market or because of insufficient data to make an assessment, discount the market.”

Headquartered in Hong Kong, ASIFMA has over 160 member firms comprising banks, asset managers, accounting, law firms, and market infrastructure service providers.

HKEX’s new climate requirements serve as an interim step to prepare listed issuers for sustainability and climate reporting under the proposed local sustainability reporting standards which are currently being drawn up.

The so-called Hong Kong Standards will be aligned with the ISSB and developed by the Hong Kong Institute of Certified Public Accountants.

“When the Hong Kong Standards for sustainability become available, HKEX will consider whether and how to transition towards sustainability reporting in line with these standards,” said a HKEX spokesman. “This includes whether to replace the current ESG regulatory framework with a direct listing rule mandating listed issuers to publish sustainability reports in accordance with the Hong Kong Standards.”

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This article originally appeared on the South China Morning Post (www.scmp.com), the leading news media reporting on China and Asia.

Copyright (c) 2024. South China Morning Post Publishers Ltd. All rights reserved.

Yvette Kwan, executive adviser to ASIFMA Asset Management Group
Yvette Kwan, executive adviser to ASIFMA Asset Management Group © Provided by South China Morning Post
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