PwC Asia Pacific

Why Asia Pacific?

The Asia Pacific region is a powerhouse of global economic growth. The Asia Pacific region accounts for more than half of the world’s population, one fifth of the world’s economy, and is expected to contribute about 60% of all global growth in the next 10 years (Source: WEF, UNFPA).

Such growth promises a rising tide of prosperity but as Asia Pacific businesses grow and mature, the challenges confronting them and broader society become more challenging and complex.

That’s why PwC Asia Pacific is dedicated to fostering new ways of working to solve the important problems.

We do this by bringing together people with diverse ways of thinking and giving them the space to approach problems from all angles. We know the collective power of difference and its ability to spur creative breakthroughs.

Here’s how PwC is using it to solve important problems.

Asia Pacific’s Time

Asia Pacific is changing. The strong fundamentals which dramatically improved prosperity and living standards across the region, can no longer be relied upon to address the inevitable continuous disruptions.

The era of passive growth is over; it is now time to act.

This is Asia Pacific’s time. Asia Pacific must now build a resilient future on five pillars: Advancing the digital economy, enabling regional enterprise growth, rebalancing supply chains and fostering innovation, future-proofing the labour force, and building towards a net-zero economy.

Creating the ability to make financial decisions faster, together

The problem

The amount of data being generated and collected each and every moment is not only staggering – it’s growing astonishingly. But most businesses are struggling to collate or analyse this data, letting potentially transformative insights go ignored and unknown.

The solution

Siloed or fragmented data drastically reduces the value of the insights that can be drawn from it, but large datasets can be impossible to thoroughly analyse. It’s why we created a business intelligence tool that combines unified datasets with powerful visualisation, to allow fast identification of outliers.

PwC’s Asia Pacific IFRS 17 Health Check Survey

The insurance industry is growing rapidly in Asia Pacific’s developing markets. A significant unifying factor in this diverse region is the adoption of IFRS 17, a globally standardised accounting model for all insurance contracts.

We surveyed close to 70 insurance executives across 11 countries in the Asia Pacific region in May 2020 to understand how insurers are conducting their IFRS 17 programmes. The responses provide insights into approaches followed, progress made and challenges faced with IFRS 17 implementation.