Technological transformation is penetrating our lives in profound ways and with ubiquitous influence. With rapid digitalisation, artificial intelligence (AI) and virtual reality (VR) compelling change to the way we work and live, it is time to reflect on whether we are progressing into a digital utopia or sliding into a ‘Digital Dystopia Dilemma’. Awareness of the potentially deleterious effect of technology forms the basis of the theme for our 2023 Annual Report.

While recent technological advancements aim to propel us to new heights including the launch of OpenAI’s GPT-4 in April 2023 and other generative AI tools that have emerged, they have also sparked concerns about the social and ethical cost of technology. Issues such as dwindling attention spans, social media addiction, loss of privacy, over-reliance on digital tools, social disconnect and isolation, and declining mental wellbeing are among major threats to the technological revolution that promises unparalleled efficiency, precision, information and connectivity.

This theme underscores the dual nature of digital innovation, which has brought significant progress and convenience to mankind while also introducing new challenges and risks. Amidst this backdrop, we are compelled to review and re-evaluate the role we play in establishing an equilibrium for the progress and sustainability of our business and our companies. Our role as a PE firm has always been intertwined with our social values and commitment. In riding the digital wave, we hold steadfast to our belief that everything we do must be driven by purpose.