Trip Notes: Sri Lanka

We spent our holidays in Sri Lanka over the Christmas and this is the fifty-fifth country in the world that I’ve visited. It is an island country which is located south of India and has recently become open to tourism, since the civil war ended in 2009.

Room View from Jetwings Galle Hotel

We made a big mistake by booking the hotels and the driver through a tour agency in Singapore and, as a result, we were significantly overcharged and stayed in the hotels that we did not particularly enjoy.

Our first destination was Colombo City and we stayed at Mirage Hotel. Since we landed very late at night, we stayed in Colombo City to sleep and go to Kandy in the morning. Colombo City is the capital of Sri Lanka and there are a lot of nice colonial buildings.

Sri Lanka was a colony of Portugal, the Dutch and the British.

I would not recommend spending much time in the capital, and I think a day should be more than enough to see the all landmarks. I would not recommend staying at Mirage Hotel, either. There is a Hilton in the city centre which would be a much better option.

We arrived Kandy in the afternoon after six hours trip by car. Christmas traffic and a one lane road increased the duration of the journey, which would usually take three and a half hours.

Sunset in Kandy

We stayed at Amaraya Hills Hotel in Kandy. The hotel sits at the top of a hill and has a beautiful view of Kandy. Having said that, the hotel is not up to good standard and they are lacking very basic service requirements. You can find my review of the hotel on the Trip Advisor website.

Kandy Lake and Tooth Temple are places to see, but I would not advise spending much time to see them. Kandy sits in the middle of a valley and, as a result, the air can be quite polluted. Unfortunately, during our two day visit, the air quality was horrible.

We travelled to Sigiriya Rock, which is around a two hour journey from Kandy. Sigiriya Rock used to be a fortress for monks and, today, it is a UNESCO listed World Heritage site. It is an example of ancient urban planning. I would say that this is the most interesting place that we visited throughout our eight day trip to Sri Lanka.

Sigiriya Rock

On the way back to Kandy, we stopped at the Elephant Corridor Hotel, where we ate our lunch. It is a good hotel with a good manager. I would recommend anyone wanting to stay close to Sigiriya Rock to stay there.

On our second day in Kandy, we went to Elephant Park Orphanage, which charges around USD 20 each for entry. It was interesting to see elephants, however, I was not particularly amazed.

Elephant Orphanage

After Kandy, we headed towards Galle which is located to the south of the island. It is another five hour journey by car. Luckily, there is an express way between Colombo and Galle and this makes the journey much more enjoyable.

On the way, we stopped at a spice garden and were introduced to different types of spices. We also stopped at a tea shop where they gave us a free introduction on how tea is processed. It was interesting to go on a small tour to learn about the stages of tea processing and we bought some tea during our visit to the tea shop.

We stayed at Jetwings Lighthouse Hotel in Galle. I would recommend staying at this hotel, since it has a great location, by the beach and lives up to certain international standards. They have a nice open buffet, as well as a good a la carte menu.

The staff are friendly and they definitely do their best to help.

The only downside to this hotel was that they were not able to give us a late check out, since we were checking out on the 30th December, which is understandable.

There are not many places to visit around Galle, except the Galle Fort, which is a must. A lot of small shops and leftovers from colonial times make you feel as if you are somewhere in 18th century. There are some very nice hotels inside the Galle Fort, however, I would not stay in any of those as they are not by the beach. There are nice tea shops inside the Fort, which I would recommend visiting to buy various selections of beautiful tea.

Overall, Sri Lanka is a nice country to visit and is developing very fast. Many foreigners are buying their holidays homes there. For me, it is a good to place to visit, but I am not sure I will go back soon. If I were to go back, I would definitely stay in the middle of the tea plantations, rather than in Kandy and Colombo.

If you are planning a trip to Sri Lanka, I am always more than happy to help.

Best from Singapore.

Sukru Haskan
Twitter: @sukru_haskan

 

Trip Notes: Bali

I was in Bali a couple of weeks ago for the second time in my life. It is one of the few things that I really regret that I have been so close to Bali in the last 3.5 years and this has been only my second visit. Many people have asked for recommendations for Bali, so I decided to provide this short write-up. There are many different areas in Bali, such as Ubud, Nusa Dusa, Jimbaran and Seminyak. I personally prefer Ubud over any other area as it is very tranquil and authentic.

So far, I have stayed at the Kamandalu and the COMO Uma Ubud. I slightly prefer the Kamandalu to the COMO Uma Ubud as it has larger grounds. I would say that the staff were very friendly and helpful in both cases. The COMO Uma has a great yoga area, with a stunning view. Alternatively, you might like to check out the Four Seasons, but it is a bit pricey.

Como Ubud Hotel

You might want to try out the Bridges or Mosaic restaurants if you like European cuisine. The Bridges has a good variety of wines, but relatively reasonable prices, although my “carnivorous” friend was not very happy with the size of the meals. For a local treat, you might like to go to Pulau Kelapa, where they grow their own organic vegetables and fruits. If you have chance, walk around their gardens and you will be amazed by the lovely smell of each plant. If you would like to try the local cafés, you could visit the Seniman, Clear and/or Elephant coffee shops.

Pulau Kelapa Restaurant’s own garden

In terms of sightseeing in Ubud, I would suggest you go to the Volcano, Monkey Forest, Uluwatu and Bath temples. There are many temples and I personally don’t think it necessary go to all of them, except the Uluwatu and Bath temples.

In Nusa Dua, I stayed at the Amanterra Villas and my experience was good overall. The level of English may sometimes be challenging, but the access to the beach and the hotel facilities are good.

Como Ubud Hotel Yoga Area View

If you would like to have some drinks, try the Single Fin and the Rock Bar in Jimbaran. The Single Fin is the place the Aussie surfers go and there are many beautiful ladies there, so watch out! 🙂 The Rock Bar in the Ayana Hotel is a “must visit”, but it is unnecessarily expensive and be prepared to wait in a long queue to be able to see the sunset from the bar.

Monkey Forest

I hope these are some useful tips for trips to Bali. If you want to have a chat, you are always more than welcome.

All the best from Singapore.

Sukru Haskan
Twitter: @sukru_haskan

Best books of 2016

   

I managed to read 25 books in 2016 and I hope to finish two or three during my Christmas break.

During 2016, I read the books listed below.

The Prince by Niccolo Machiavelli
Prisoners of Geography by Tim Marshall
Focus by Daniel Goleman
Homo Sapiens by Yuval Harari
Homo Deus by Yuval Harari
Startup Nation by Dan Senor and Saul Singer
A Funny thing happened on the way to Enlightenment by Lenny Ravich
His life biography by Jak Kamhi
Arrested by Can Dundar
Blockchain Revolution by Don Tapscott and Alex Tapscott
An Intelligent Person’s Guide to Education by Tony Little
Power of Palace: Geography, Destiny, and Globalization’s Rough Landscape by H.J. de Blij
Never Give Up: Jack Ma in his own words by Suk Lee
Germany: Memories of a Nation by Neil MacGregor
Confession of a Sociopath: A Life spent hiding in plain sight by M.E. Thomas
Facing with our own history by Emre Kongar
Acknowledging what is: Conversations with Bert Hellinger by Bert Hellinger
Incognito: The Secret Lives of the Brain by David Eagleman
Blimey! from Bohemia to Britpop: The London Artworld by Matthew Collin
This is London by Ben Judah
Heart of Darkness by Joseph Conrad
When Breath becomes Air by Paul Kalanithi
2014: The Election that changed India by Rajdeep Sardesai
Last night I Dreamed of Peace by Dang Thuy Tram
Memoirs of Ataturk’s Servant by Cemal Granda

Of course, you learn something from each book and each book has a relative value to each reader. If I were to suggest only three books to read from this list of great books, they would be the following:

  • Homo Sapiens and Homo Deus by Yuval Harari
  • Incognito: The Secret Lives of the Brain by David Eagleman
  • The Prince by Niccolò Machiavelli

 Both books by Yuval Harari are great and I believe I have already given at least 40 volumes as gifts to my colleagues, friends and clients. In particular, Homo Sapiens is a must read. For those who have not read my review of these two books, here are the links:

http://haskanwrites.com/2016/02/book-review-sapiens-by-yuval-noah-harari/
http://haskanwrites.com/2016/12/book-review-homo-deus/ 

Incognito is also another great book which confirms that while most of us think that we know everything, our brain plays tricks and we are, in fact, missing a large part of the world. I also published a review of this book a couple of months ago.

http://haskanwrites.com/2016/11/book-review-incognito-by-david-eagleman/

Finally, The Prince by Machiavelli is a classic and I bought this book during my summer visit to Florence. I think this is the sort of book that you should read every few years.

I would like to take this opportunity to wish everyone happy 2017!

I am sure 2017 will be much better in many ways than 2016!

Best of luck in 2017.

All the best from Galle, Sri Lanka.
Sukru Haskan
Twitter: @sukru_haskan

Lecturing in China

I was honoured to give a short lecture on wealth management last week in Beijing at Renmin University. It was my first time in Beijing and I wish I could have spent more time discovering the city, but giving a short lecture was definitely more accommodating.

This has been my second teaching experience; my first one was in late 2014 at Singapore Management University.

Public speaking skill is a virtue which I really want to develop further, as it is always good to give back to society and meeting younger people to connect with different generations is always a great opportunity.

My session took about 45 minutes and I spoke about various aspects of wealth management such as its challenges and the opportunities ahead, along with its advantages and disadvantages compared to other departments in an ordinary bank.

What I am amazed by was the quality of the questions and the level of spoken English in the class.

It was such a good experience and I hope to avail of similar opportunities more regularly.

Thank you Eric Sim for the invitation!

All the best from Sri Lanka.

Sukru Haskan
Twitter: @sukru_haskan

Fintech & KYC (Know Your Customer)

shutterstock_250985839

Each thematic area of the fintech ecosystem is important, but I believe that infrastructure will determine the fintech industry’s future.

Data is becoming more important every day, as is privacy. In addition, it is not possible to build a system and expect people to use it without proper security measures in place. Enhanced encryption and speed of execution is key for infrastructure.

The most challenging part of the job is getting through the ‘know your customer’ (KYC) process.

According to a recent Thomas Reuter survey, the average bank spends GBP 40 million a year on KYC compliance and customer due diligence 

Requests for an excessive number of documents and a lack of understanding of the client background from the KYC team gives out the wrong messages to new clients and means they are frustrated in their business relationship with the bank from the very start.

Fintech, with the help of blockchain technology, is a great opportunity for clients and financial institutions.

It currently takes a considerable amount of time and money to perform the necessary due diligence on people and companies.

An open source ledger, where data on HNW individuals and companies can be collected, verified and constantly updated will not only help financial institutions but also the client, as they will not have to give the same documents to each bank in which they want to have an account.

It will increase efficiency, reduce costs and make the client’s experience smoother. The idea is not particularly new and there are some companies which are already working in this space.

During the recent Singapore Fintech Festival in November 2016, IBM announced a blockchain project with Singapore fintech startup KYCK! to help enable financial institutions to have a more rapid on-boarding process

Another company, Slimpay, is also exploring opportunities in this space. It has broken down the process into steps, such as as ‘Paper KYC’ and ‘Internet KYC’ to help financial institutions.

In addition, a group of entrepreneurs have founded ComplyAdvantage in the United Kingdom with the aim of gathering better anti money laundering insights and helping banks to deal with the due diligence of customers.

All the best from Singapore.
Sukru Haskan
Twitter: @sukru_haskan

Book Review: Homo Deus

After reading Yuval Harari’s book, Sapiens: A Brief History of Humankind early this year, it was almost impossible not to read his next book, Homo Deus: A Brief History of Tomorrow as soon as it is published and I can get it.

image1

Homo Deus is the second book written by Harari and talks about the future of mankind. Since Deus is “God” in Latin, he argues in his book that a new religion called Dataism to raise and humans will not need gods anymore since we will very accurately predict what will happen or who will do what by the help of gather data.

The book starts with striking statistics about the past and the present. Almost three million people–15% of the French population–starved to death between 1692 and 1694.  Today, more people are dying of diabetes, which is linked to being overweight rather than a result of starvation.  According to Harari, in 2014 more than two billion people were overweight compared to 850 million who suffered from malnutrition. Half of humankind is expected to be overweight by 2030.

Some of the quotes from the book that I really liked:

“Sugar is more dangerous than gunpowder”

“We don’t become satisfied by leading a peaceful and prosperous existence. Rather, we become satisfied when reality matches our expectations. The bad news is that as conditions improve, expectations balloon”

Does the above quote remind you of someone?

“Historians don’t ignore objective factors such as climate changes and genetic mutations, but they give much greater importance to the stories people invention and believe”

Like in his first book, Sapiens: A Brief History of Humankind, in Homo Deus Harari emphasizes the power of stories whether they are true or not. Actually my interpretation is; the less likely they are true and superficial, the more likely the people will listen.

Another point Harari argues is that humankind’s definition of knowledge has kept changing since the Agricultural Revolution. We were simple creatures during this time, so knowledge for reading the scriptures and applying and applying our logic.

“Knowledge= Scriptures x Logic”

Then the Scientific Revolution came and everything focused on collecting data and trying to find meaning for the gathered data.

“Knowledge = Empirical Data x Mathematics”

Finally in 21st century, as much as we are confident about ourselves, we care more about our life experiences and our sensitivities.

Another provocative fact that Harari argues is that there is no free will, and that free will can be manipulated. With the help of technology and data, machines know much better than what we will do or choose. Harari argues that companies are using this to manipulate us. In other words, Harari says what you think you want to do may not be really what you want to do.

He strengthens these points in the following sentence: “We are about to face a flood of extremely useful devices, tools and structures that make no allowance for the free will of individual humans”

Fascinating and provocative! Isn’t it!?

Harari also argues “In the 21st century we might witness the creation of a new massive class: people devoid of any economic, political or even artistic value, who contribute nothing to the prosperity, power and glory of society”  I personally did not get this point. Since societies are manipulated, how can they have this massive new class?

Some other provocative thoughts in the book are about collecting personal data.  Harari states “In the 21st century our personal data is probably the most valuable resource most humans still have to offer, and we are giving it to the tech giants in exchange for email services and funny cat videos”

“After 300 likes, Facebook algorithm can predict your opinions better than your husband or wife!

Yuval Harari is a young and great visionary writer. He definitely make my 2016 and led me to think as well as learn a lot!  He offers great opportunities for readers to think and learn. Harari’s Homo Deus is highly recommended.  His first book, Sapiens: A Brief History of Humankind is suggested as a prerequisite to Homo Deus.

I believe he will be in Istanbul on January, 25th which I am planning to fly and meet him in person!

Best Regards from Singapore.
Sukru Haskan

Twitter: @sukru_haskan

Lattice80 – Largest Fintech Space

The world’s largest fintech hub opened in Singapore on 10 November and I was honoured to be at the launch.

Singapore’s deputy prime minister and chairman of the Monetary Authority of Singapore, Tharman Shanmugaratnam, was the guest of honour at the opening ceremony. His speech was full of insights regarding the stance of the Singaporean government and the regulator towards fintechs.

image1

The Singapore government fully supports the fintech industry and sees fintech as complementary to the banks in the financial industry, rather than a direct competitor.

Besides that, the Singapore government fully acknowledges that there will be a lot of fintech startups going bust, but it is vital to create the right ecosystem to create a fintech unicorn from Singapore.

Lattice80 is located at the centre of the central business district of Singapore and occupies two floors at the moment and plans to host 350 people in the coming week/months.

image4

Compared with its peers The Floor in Israel and Level 39 in the UK, it is now officially the largest fintech startup space.

Singapore Fintech Association and Finlab are already in the space, which shows the strong commitment to create the right ecosystem.

image3

It was established by the Marvelstone group founded by a Korean entrepreneur and hedge fund manager, Joe Cho.

It is a great step for Singapore to fully leverage its well established common law system with its highly skilled labour force. There is no doubt that Singapore will be playing a key role in fintech space.

Personally, I am thrilled to enrol on the MIT Fintech Course, which will take place during the next 12 weeks. It will kick off on 21 November.  It is not only a regular academic education, but importantly the course will need students to participate in business planning of a fintech idea to pitch to venture capitalists.

I look forward to sharing my experience about the course within the next weeks.

All the best from Singapore.
Sukru Haskan

Twitter: @sukru_haskan

Can Singapore model be applied in Turkey?

Following from my last article, I would like to find some answers as to whether Turkey could replicate the success of Suzhou Industrial Park in Diyarbakir.

Actually, some work has already been carried out in this field.

A reputable businessman and philanthropist, Erdal Aksoy, aims to replicate the project in Diyarbakir in order to create an eco-system for 1 million people in the region, including Syrian migrants.

Turkey has a strategic role in natural gas transit because of its position between the world’s second largest natural gas market, continental Europe, and the substantial natural gas reserves of the Caspian Basin and the Middle East.

Since Turkey is well placed to serve as a transit hub for oil and natural gas supplies as they move from Russia, Central Asia, and the Middle East to Europe and other Atlantic markets, the project is to develop an energy industrial park as the main platform to:

  • Create employment to improve lives in order to stabilise the region, particularly at the borders.
  • Leverage the energy resources and infrastructure in the region and target markets in Eastern Europe and Western Asia.
  • End the refugee crisis in Turkey and Europe.
  • Eradicate terrorism and maintain stability in the region.

The project will involve social housing (HDB equivalent in Singapore or council housing in the UK), education centres such as nurseries, primary schools, and universities, as well as hospitals for the health services.

To ensure that it is built on strong foundations, the project is intended to be a public private partnership involving the Turkish government and possibly other governments.

Surbana Jurong, a Singapore company that also provided the expertise for Suzhou Industrial Park, has already drafted the project and the Turkish government has already been briefed and promised support for the project.

The next step is to find other sustainable and strong partners, especially from Asian countries such as China and Singapore, to support the project.

Mr Aksoy is quite open to sharing the project with anyone that would like to enhance and take ownership of this huge socio-economic innovation.

The realisation of a project of this scale could bring stability and prosperity to the region, and could potentially be replicated in other parts of the Middle East.

Personally, I believe that this is an exciting project and that everyone who wishes to contribute to peace of Middle East shall be involved in it.

All the best from Singapore.
Sukru Haskan
Twitter: @sukru_haskan

 

 

 

Suzhou Industrial Park in China

I had an opportunity to go Shanghai last weekend and I took the opportunity to visit Suzhou Industrial Park which is about 1.5 hours away from the city centre of Shanghai.

img_2015

Suzhou Industrial Park is a landmark project between Chinese and Singaporean governments to create an ecosystem to enhance people’s lives through creating jobs, providing healthcare and education services.

img_2031

In the late 1980s, when China modernisation gained momentum, Chinese delegations visited Singapore and they were eager to learn modern management methods from Singapore. In 1992, the idea of developing a modern industrial city with Singapore flourished when China’s leader Deng Xiaoping told the public that they must tap into Singapore’s experience and learn how to manage better from Singapore’s good social order.

img_2032

After several rounds of discussion, both governments decided to develop a modern industrial park in the east of Suzhou, which was founded on February 1994 when Chinese Vice Premier Li Lanqing and Singapore Senior Minister Lee Kuan Yew signed an agreement on the joint development of Suzhou Industrial Park in Suzhou. Suzhou Industrial Park has a total jurisdiction of 288 km2 where China-Singapore cooperation area covers 80 km2 with a residential population of 1.2 million.

Of course, this huge project has gone through many different phases and there were a lot of disagreements with both governments during the journey. Because of these disagreements, Singapore has decreased its share in the park from 65% to 35%. Also, between 1994 and 2000, the park made huge losses. The profit between 2000 and 2003 has erased all the losses made during the period between 1994 and 2000.

img_2017

The numbers speak for themselves today. Today, the park generates one of the highest incomes per capita in China. The regional GDP per capita is 257,900 yuan in Suzhou Industrial Park where Suzhou is 136,700 yuan and Jiangsu is 88,000 yuan. The per capita disposable income of urban residents in SIP is 56,696 yuan, in Suzhou 50,390 and 37,173 yuan in Jiangsu.

Another interesting statistic is that patents per ten thousand people are 86 in SIP, 25.46 in Suzhou and 14.22 in Jiangsu. A lot of international companies have presence in the park such as Bosch, Samsung, Hitachi, Nokia, Loreal and Panasonic.

img_2027

Can Turkey copy this model in southeast of Turkey to generate economic growth, to educate Syrian migrants with the Southeastern Turkish population and most importantly to eradicate terrorism in the region?

I will write this in my next article in the coming days. Please keep following!

Best from Singapore.
Sukru Haskan

Twitter: @sukru_haskan

Book Review: Incognito by David Eagleman

I do not know if it is a coincidence, but I have started reading quite a lot of neurology books recently.

Incognito by David Eagleman was recommended by someone who I really value and I immediately ordered it through Amazon in September, but it only arrived in Singapore in early October.

image1

The author discusses how we run mostly on autopilot and how little we are conscious when we are living our normal lives. One of the provocative parts of the book is: even though we are in a consciousness state in most of our lives, we are not able to access this part of the brain. According to the author, this consciousness is carved by natural selection to solve problems our ancestors faced during our species’ evolutionary history or simply by practising something so hard that it becomes part of our lives such as a tennis player serving a ball or a driver driving a car.

He discusses that when an idea comes to your mind, your unreal circuitry has been working on it for hours, or days, or years, consolidating information and trying out new combinations.

It is just like the apple that fell down from the tree onto Newton’s head and he discovered gravity. He had already been working on it quite hard so that the apple falling from the tree and hitting him on the head was just the last touch to the ball to cross the line for the goal!

He emphasises that the conscious mind is not at the centre of the action in the brain; instead, it is far out on a distant edge, hearing but whispers of the activity.

One of the interesting examples that he uses in the book is that we believe that we see naturally but actually we learn to see and it is interesting that the majority of human beings live their whole lives unaware that they are only seeing a limited cone of vision at any moment.

There is a very provocative blind spot exercise that I will leave you to find out whilst reading the book.

He argues, “Just because you believe something to be true, just because you know it’s true that doesn’t mean it is true.”

According to the author, many people are found to have the neural ravages of Alzheimer’s disease upon autopsy – but they never showed the symptoms while they were alive. This is because these people continued to challenge their brains into old age by staying active in their careers, doing crossword puzzles, or carrying out any other activities that kept their neural populations well exercised. As a result, they built cognitive reserve.

The author gives many very interesting examples throughout the book, which I will leave you to discover. He discusses that a slight change in the balance of brain chemistry can cause large changes in behaviour and he adds that the behaviour of the patient cannot be separated from his biology.

The conclusion is: human behaviour will always remain unpredictable and we are not really responsible for all our actions, since many parts of the brain lead us to do a lot of stuff against our will. In addition, he believes the legal system and punishments should be adjusted to the state of the criminal’s brain where they may not be responsible for their actions, but his brain would (!)

Finally, David Eagleman has a more recent book, Brain: The Story of You, and he has a website, www.eagleman.com, where you can follow him.

Best from Singapore.

Sukru Haskan
Twitter: @sukru_haskan