Agribusiness and Trade: Sustainable food innovator seeks inspiration from NZ

Ray Poh from one of Singapore’s leading vertical farms talks with Tim McCready about what he can learn from New Zealand’s agriculture sector.

Artisan Green, founded in 2018 by Ray Poh, is a high-tech, indoor farm that uses stacked growing systems, precision automation and plant science to produce pesticide-free leafy greens in the densely populated city-state.

Poh didn’t start out in agriculture. After years working in the casino industry in Macau, he returned to Singapore looking for a new challenge that was meaningful and sustainable.

That led him to vertical farming, a sector combining climate-controlled growing environments with data and automation. With no prior experience, he began experimenting on a small indoor site with practical knowledge gained through site visits and workshops in Japan and Australia, and volunteering at other farms.

Now, Artisan Green is the country’s top producer of baby spinach as well as other leafy greens and herbs.

In land-scarce Singapore, space is precious. But so is food security.

Singapore imports more than 90% of what it eats, however, as part of its “30 by 30″ goal to produce 30% of its nutritional needs locally by 2030, the Government tenders parcels of land for agriculture. Artisan Green won its plot by demonstrating the commercial viability and technical sophistication of its operation.

From its original 300 square metre facility, the company is preparing to move into a new two-hectare site in Singapore’s designated agriculture zone. The expansion includes a 5500sq m vertical farm, along with significant outdoor greenhouse space and a 4000sq m facility to support post-harvest operations.

This will lift production from one tonne a month to 30 tonnes per month in the initial phase. The second phase will see this increase to 90 tonnes per month.

Poh says the larger scale will allow Artisan Green to bring prices down and make the locally grown produce more competitive.

“Our aim is to price between overseas imports and imported organic produce,” he says. “People support us even though we’re more expensive than imports because we’re local, and our customers – especially younger families – want to avoid exposing their children to pesticides.”

In partnership with Siemens, Artisan Green has digitised its crop recipes: water and nutrient profiles, lighting cycles and temperature settings, allowing consistent yields without relying on a large team of plant scientists.

“We encapsulate the entire growing cycle into our recipes,” he says, “which means that anyone using this platform in the future will not have to be a plant scientist to operate it.”

Poh explains that the intellectual property developed will help make future expansion easier. With the science centralised and scalable, Artisan Green can replicate its model overseas using local workers, without having to bring in expensive technical talent.

He likens it to McDonald’s. “You don’t have chefs in McDonald’s. You just need operators, while all the R&D is done in the central kitchen.”

Poh was in New Zealand last month as part of the Asia New Zealand Foundation’s ASEAN Young Business Leaders Initiative programme.

The delegation of 11 agribusiness entrepreneurs visited businesses around the country and attended Fieldays to learn about New Zealand’s agricultural sector, build local connections, and explore future business opportunities.

Poh says that for a city-based grower like him, seeing how New Zealand brings together science, industry and government in the agribusiness sector has been eye-opening.

“Agriculture is in New Zealand’s blood,” he says. “It’s not just individual farmers doing their own thing, you can see how industry and government work together to advance the sector.”

He points to New Zealand’s plant science research and downstream operations, including packhouses, marketing, and distribution networks, as areas that Singapore still needs to develop.

Too often, he says, small farms in Singapore fail not because they can’t grow food, but because they can’t get it to customers efficiently. It’s one reason why Poh started his own distribution company, which now handles produce from other local farms as well.

There are lessons New Zealand might take from Singapore too, particularly the value of investing in science to develop high-value crops that can command a premium.

“We can’t grow things like baby spinach outdoors in Singapore. It’s too hot. So we grow it indoors. But to make that work, you need margins, and you need to grow something premium,” Poh says.

And you need to know your science.

“A lot of people think AI or automation is going to revolutionise agriculture. But you can’t eat software,” he says.

“So you need to know your basics in plant science first, then automate from there.”

Poh sees both countries as coming at the same problem from different angles. New Zealand has deep-rooted farming knowledge and strong science institutions. Singapore brings innovation in urban food production.

If the future of food is global, then the best ideas will likely grow in both places.

China Business Summit 2025: Prize Draw

Prizes courtesy of Air New Zealand and Silver Fern Farms

Katy Riddell, Summit Event Director
Sam Winstanley, Senior Manager Corporate, Government & SME Sales, Air New Zealand
Tim McCready, Summit MC

The 2025 China Business Summit was held on 18 July 2025 at Cordis, Auckland.
Brought to you by NZ INC. and Auckland Business Chamber.

China Business Summit 2025: Perceptions Matter with New Zealand Story’s David Downs

David Downs, CEO of New Zealand Story, unpacks the latest China Market Perception research from New Zealand Story, revealing how Chinese consumers view their nation, and how this shapes their perception of other countries, including New Zealand. David covers what the research shows for sectors like education, food and beverage, and tech – including the need to leverage our strengths in safety and innovation, emphasise our technical capability, and tell stories that resonate with Chinese consumers.

Moderator: Tim McCready, Summit MC

The 2025 China Business Summit was held on 18 July 2025 at Cordis, Auckland.
Brought to you by NZ INC. and Auckland Business Chamber.

China Business Summit 2025: Tourism and Education turning the tide

Tourism and international education were among the hardest-hit sectors during the pandemic. While global travel has largely rebounded, New Zealand’s recovery in the China market continues to lag behind.

What’s holding us back, and how do we turn it around?

In this session, Lisa Li MNZM (China Travel Service), Professor Dawn Freshwater (Vice Chancellor, University of Auckland), Carrie Hurihanganui (Chief Executive, Auckland Airport) and Jessica Miao (United Media Solution) share insights on how the landscape has shifted, explore strategies to reignite growth, and discuss what a sustainable rebound to pre-pandemic levels looks like.

Moderator: Tim McCready, Summit MC


The 2025 China Business Summit was held on 18 July 2025 at Cordis, Auckland.
Brought to you by NZ INC. and Auckland Business Chamber.

China Business Summit 2025: Nick Mowbray and Zuru

Nick Mowbray took us inside the “Just in Time” building revolution that Zuru Tech has sparked to disrupt the manufacture of homes and commercial buildings for international markets. Zuru Tech’s flagship product, DreamCatcher, is the world’s first BIM software directly connected to automated production systems, enabling users to design, price, and manufacture buildings with unprecedented efficiency and precision.

It’s the latest chapter in the Zuru story, which began over two decades ago in Guangzhou with a toy company founded by the Mowbray siblings, now a global powerhouse in innovation and scale.

Moderator: Tim McCready, Summit MC


The 2025 China Business Summit was held on 18 July 2025 at Cordis, Auckland.
Brought to you by NZ INC. and Auckland Business Chamber.

 

China Business Summit 2025: Opening

Tim McCready and Renata Blair of Ngāti Whātua Ōrākei get the China Business Summit underway.

The 2025 China Business Summit was held on 18 July 2025 at Cordis, Auckland.
Brought to you by NZ INC. and Auckland Business Chamber.

 

Minister of Finance Lunch with Hon Nicola Willis (Auckland Business Chamber)

Minister of Finance Lunch with Hon Nicola Willis (Auckland Business Chamber)

Stepped in for Simon Bridges** today at the Auckland Business Chamber’s packed-out post-Budget lunch hosted by Recorp NZ and supported by Kiwibank. It was a great opportunity to hear directly from Finance Minister Hon Nicola Willis MP, just days after delivering her second Budget.

Minister Willis walked us through the “growth budget”, outlining her focus on stimulating business investment, attracting international capital, and maintaining fiscal discipline in uncertain times. Unsurprisingly, the Investment Boost tax incentive drew a lot of interest.

While there was speculation around changes to depreciation, no one expected the accelerated depreciation in the Budget to be as generous as it was. When I asked the Minister why it was set at 20%, she said it was deliberately chosen as the “sweet spot” for “maximum bang for buck” – bold enough to spark confidence, without blowing the books.

Thanks to CEO Bruce Parton for hosting us at Recorp’s highly automated facility, and for leading the charge to replace single-use plastic bottles with infinitely recyclable aluminium cans.

(**Simon Bridges is currently 17,000km away leading a business delegation to Eastern Europe. And since no Auckland Business Chamber event feels complete without a comment on his impressive beard, I took the liberty of declaring that, for one day only, the Auckland Business Chamber was clean-shaven!)

AI levelling the investment field

Artificial intelligence is fast becoming one of the most powerful forces reshaping global finance.

At the annual Asian Financial Forum held earlier this year in Hong Kong, leading industry voices painted a picture of a very near financial future driven by artificial intelligence (AI), where algorithms are rapidly surpassing humans not just in speed, but in the capacity to analyse, synthesise and act on data.

“Generative AI is the single most disruptive technology that we have ever experienced in human history,” said Sinovation Ventures chair and AI expert Dr Kai-Fu Lee.

“We now have AI thinking better and faster than people most of the time for most tasks.”

Lee argued that this shift is not limited to trading desks or research teams, but that every department in a financial firm should be incorporating AI tools.

He pointed out that the number-centric nature of finance makes it especially conducive to fast, scalable deployment of AI.

“You can’t use AI to make a car instantly, but in the financial industry you are not shipping physical goods, you’re dealing with numbers.”

Lee, formerly the head of Google China, isn’t talking about a hypothetical future.

He cited an AI-enhanced market index fund backed by his venture capital (VC) firm, which allows only AI to buy and sell stocks – humans are excluded from the process entirely. He said the fund outperforms the market index by around 30% each year.

High-Flyer Capital Management, a Chinese hedge fund founded in 2016, gained attention for using machine learning to identify mispriced stocks and time trades.

Its funds have returned 151% in total (or around 13% annualised) since 2017 – a standout performance amid a volatile China market. Regulatory changes in 2024 forced the closure of its market-neutral funds, but High-Flyer’s successes continue to influence a new wave of AI-led investment innovation.

Lee described the global AI race as a tale of two superpowers: the US, leading on groundbreaking research through its culture of innovation and strength in fundamental science, and China, excelling in the practical implementation of user-facing applications.

“WeChat is better than WhatsApp. TikTok is better than Instagram,” he noted. “Chinese teams have figured out how to find product–market fit globally.”

China’s fintech firms, in particular, have been early adopters of large language model (LLMs) like DeepSeek, which received attention earlier this year for claiming performance comparable to OpenAI’s GPT-4 at a significantly lower training cost.

Lee’s message to a room full of finance professionals was direct: if your firm is not integrating AI into research, trading and operations today, it is already falling behind.

“AI should be doing most of the writing. AI should be doing most of the reading. I use AI to read all my news … to ask what the top news are today, or what are three stocks I should buy or sell,” he said.

AI removes one of the most common pitfalls for investors: emotion. Tools now allow for real-time sentiment tracking and automated triggers based on logic and data.

But not every role will disappear. Lee sees long-term investing, M&A (mergers and acquisitions) and relationship-based advice remaining human-led. What’s at risk are roles driven by short-term analysis and repeatable decision-making.

“Computer trading replaced floor traders. AI trading will replace a lot of traders today,” he says.

“So now would be a good time for people in the financial industry to upgrade their skills. Otherwise, their job will simply be replaced.”

He suggested financial services firms consider appointing a chief AI officer: someone who understands the technology deeply and can lead transformation across departments, from legal and HR to asset management.

Democratising financial access
AI has already been embedded across the capital markets landscape, with large and small financial institutions using AI not just to assist human analysts, but to automate decision-making at scale. It is powering everything from trade execution and risk modelling to real-time sentiment tracking, portfolio optimisation and fraud detection.

But Lee says this is only just the beginning.

Until recently, building sophisticated AI models required hundreds of millions of dollars in computing power. Now, models are being trained for a fraction of that cost, enabling a much broader range of financial firms to implement AI technologies.

“AI will be made available to everyone – the world will be able to build applications on top,” said Lee.

For everyday investors, this level of access may prove to be one of the most transformative aspects of AI in finance. Previously, obtaining high-quality investment advice and in-depth data analysis meant relying on costly human advisers or institutional-grade tools that were beyond the reach of most individuals.

With AI-powered market analysis assistants emerging to bridge that gap, users will be able to query the markets in plain language, analyse stock trends in real time and receive suggestions tailored to their investment preferences.

Ultimately, it is expected that these assistants will offer tailored guidance to an individual’s specific profile, factoring in things like risk tolerance and income level, but also personal values and unique financial goals.

In some markets, AI regulators have already approved AI platforms for public use. But as these tools begin offering recommendations that resemble traditional financial advice, they raise important regulatory questions around licensing, disclosure, complaint processes and duty-of-care obligations.

Financial regulators around the world are looking at how to address these issues. With the right policy and regulatory frameworks in place, AI could help democratise investing, making smart, data-driven decisions accessible to all, not just the already wealthy.

– Tim McCready was a guest of the Asian Financial Forum

 

Capital Markets: WNT Ventures launches fourth fund, targets deep tech growth (NZ Herald)

Capital Markets: WNT Ventures launches fourth fund, targets deep tech growth (NZ Herald)

WNT Ventures has become one of New Zealand’s most enduring early-stage deep-tech investors.

Ten years since its launch, the firm has begun deploying capital from its fourth fund, a rare milestone in New Zealand’s venture capital (VC) landscape.

“We’re very excited about our fourth fund,” says Maria Jose Alvarez, WNT Ventures’ managing partner. “Only two other funds are at a fourth vintage or more – Movac and Icehouse. That puts us among the few who’ve seen the full life cycle of a fund.”

WNT’s track record backs that longevity. Its first fund delivered a net annual return of around 20%, with all investor capital returned and more upside expected. Fund 2 is tracking even higher at 25%. Launched last month, WNT’s latest fund is targeting $35-$40 million, building on its commitment to backing early-stage deep tech ventures. Its bigger size will allow for larger investments and more meaningful follow-on support.

“Looking back at our first fund, our very first investment was $150k into a company. At the time, it was a big deal – it helped them go from a benchtop lab to something slightly larger,” Alvarez says. “Today, our typical investment is between $1.2 million and $1.5 million; $150k just doesn’t move the needle anymore.”

Alvarez notes that while New Zealand start-ups have traditionally been capital-efficient, WNT is now better positioned to provide meaningful backing at an early stage and to double down on the companies that are performing strongly, with follow-on investment. The increased capital also allows WNT to more consistently support capital-intensive phases, such as pilot plants or prototyping, often critical for commercialising scientific IP.

Experience through cycles
WNT’s decade of activity means it has seen the market at both its peaks and troughs. That context is proving valuable in the current economic climate.

“We’ve lived through economic hardship before,” Alvarez says. “What matters now is helping our founders navigate it – encouraging capital discipline and building businesses that can withstand pressure.”

That discipline has earned WNT lasting credibility with its investors.

“We’ve been consistently returning capital for seven years, regardless of the economy,” says Alvarez. “But now more than ever, founders need to understand what’s expected. If you’re raising capital, you need to hit your milestones – otherwise the whole system comes under pressure.”

Strategic focus and trends
WNT remains broadly generalist in its tech investments, though Alvarez says the fund has clear boundaries.

“We avoid drug development, basic diagnostics and now – given the hype – the benchmark for AI [artificial intelligence] investment is much higher,” she says. “That said, we’ve backed companies with core AI capabilities before, in 2019 and 2021, because they were ahead of the curve.”

Alvarez sees waves of innovation shaping New Zealand’s start-up ecosystem. “A few years ago, everyone seemed to be working on sensors. Now the big focus is decarbonisation: things like biomanufacturing, precision fermentation, synthetic biology and manufacturing.”

These sectors are addressing urgent commercial challenges, including supply chain resilience and cost efficiency, while also delivering major emissions-reduction potential.

But Alvarez cautions against chasing buzzwords. “Last year there was hype around climate. Now, ‘climate tech’ is thrown around left, right and centre. But climate as a label will only get you so far. You still need to solve a real problem.”

WNT’s new fund has already made its first investment, into Captivate Technologies, which develops carbon-capture technology.

“The company already has a lot of commercial and pilot agreements in place, which for early stage deep tech is quite rare. So we were really excited about seeing the clarity in the value proposition.”

She says WNT is particularly interested in companies operating in overlooked but essential sectors.

“I like some of the innovation we’re seeing in ‘boring’ areas like instrumentation and manufacturing. These are consistent sectors with real, persistent pain points, which are always sought after, regardless of economic conditions.”

Although not actively investing in AI, Alvarez says the technology has become a critical internal tool for both founders and investors.

“It’s always in the background, helping assess competitors, test positioning, identify market opportunities. When used well, it sharpens thinking across the board.”

Attracting better talent
While capital is critical, Alvarez says talent remains one of the biggest constraints to growth.

“The main problem isn’t building companies, it’s having the talent to support and scale them. Recruiting experienced technical teams and seasoned management is becoming increasingly difficult.”

This is where she sees an opportunity for the Government to step up. “It’s great to see initiatives like the Active Investor Plus visa – that has been outstanding for us in terms of attracting capital and global connections,” Alvarez says.

“Our third fund launched during Covid, so we didn’t raise offshore at the time. But since then we’ve built strong relationships in the US, Germany, and Hong Kong. These markets have proven to be really valuable for us.”

But Alvarez says more could be done to make New Zealand’s innovation ecosystem sustainable.

“We need a more integrated approach, starting from early education and continuing through university and PhD pathways. At the same time, we also need to support entrepreneurs who might not fit the traditional VC model,” she says.

As WNT enters its second decade, Alvarez says the firm’s focus remains unchanged: finding the right team, working on the right problem, at the right time.

“New Zealand has all the ingredients to build globally competitive deep-tech companies,” she says. “With aligned capital, talent, and support, we can go from clever ideas to real, scalable impact.”

Capital Markets: Putting up the guardrails: the need for accountability (NZ Herald)

Putting up the guardrails: the need for accountability

Tim McCready

Artificial intelligence is rapidly re-shaping the future of finance, and New Zealand’s regulators are taking notice.

With its potential to cut costs, boost efficiency, and spark innovation, AI is increasingly critical to the financial services sector.

The New Zealand Financial Markets Authority (FMA) is making it clear it encourages innovation and believes New Zealanders should have access to the same technological advancements as those in other countries. At the same time, it wants to help facilitate the responsible adoption of AI, working with firms to ensure they have the appropriate oversight to mitigate risks and provide quality service to customers.

“The FMA recognises the transformative potential of AI in finance, and our focus will always be to ensure that adoption is safe and ultimately benefits both consumers and markets”, says FMA’s executive director of strategy and design, Daniel Trinder.

The FMA’s latest research on AI, released last year, shows the New Zealand financial services sector is rapidly gearing up for an AI-powered future. Thirteen firms responded to the FMA’s survey, with representatives across asset management, banking, financial advice, and insurance.

The findings show a clear consensus: AI is a pivotal technology with enormous promise. All respondents said they have either integrated generative AI into their operations or plan to do so soon, driven by a desire for better customer outcomes, improved operational efficiency, and enhanced fraud detection. But companies are still cautious. Firms are taking a measured, risk-assessment-driven approach to deployment, with a strong emphasis on responsible and controlled deployment.

From the FMA’s perspective, there are three categories of risk for industry and regulators to consider – market manipulation, systemic risk, and consumer protection and ethical concerns.

There is concern about AI amplifying herding behaviour, which could increase correlations across markets and make them more susceptible to sudden shocks. Poorly tuned models trained on biased or incomplete data can also pose real dangers, delivering flawed predictions and skewing decision-making. And with AI tools becoming widely embedded and complex, there is an increased exposure to sophisticated cyber threats.

One of the most significant threats is AI-generated fraud. The use of generative AI to create fake content or impersonate individuals (known as “deepfakes”) is a real concern in New Zealand. A recent example saw an AI-generated video of Prime Minister Christopher Luxon circulated as part of a scam targeting pensioners.

To date, the FMA has not opted to introduce standalone AI regulation. Instead, it is relying on existing legal frameworks, while signaling that governance and accountability will be the core expectations placed on financial services firms.

Trinder spoke on this topic at the annual EU-Asia Pacific Forum on Financial Regulation in Vietnam earlier this year.

“Clarifying our expectations will permit greater adoption of AI and other emerging technologies, but also in a way that minimises risks,” he said.

“This would help ensure good governance which is paramount for safe AI adoption. Governance is not a panacea on its own, but without good governance arrangements that keep pace with the application of AI, the risks increase substantially.”

What’s clear is that boards and senior management of financial institutions won’t be able to delegate their AI responsibilities.

Trinder says there is a requirement for accountability across the entire AI lifecycle, including possibly specifying the role of human intervention to minimise harmful outcomes from the adoption of AI.

The FMA is collaborating with industry on guardrails for AI-generated financial advice and tools. It has conducted an industry round table to discuss the current and future applications of AI in financial services with key market players.

The challenge will be to unlock the benefits of AI while ensuring New Zealanders remain protected.

As the technology develops, so too will the expectations around risk, disclosure, and accountability.

That balancing act is only just getting started.