A report by United Overseas Bank and SMU Business Families Institute (BFI@SMU) revealed that most Asian family businesses see talent recruitment and development as the main challenge to securing long-term success. It also found that Asian business families have conservative risk appetites even though their "ambitions are big”, favouring stable returns over riskier growth options. Commenting on the findings of the report, SMU Office of Business Development Vice President, Professor of Finance (Practice) and BFI@SMU Academic Director Annie Koh said that while these businesses may be risk-averse, “Asian business families are using innovation to improve product quality and drive cost reductions in order to achieve sustainable profits