46 minute read
Why Multiplier is a panacea for HR hiring troubles
Multiplier co-founders
Hiring staff across multiple countries can be a headache for any human resource department at the best of times, but with travel blocked the complications of onboarding new employees in a foreign country is even more acute. This is where Multiplier Co-founders Sagar Khatri, Amritpal Singh, and Vamsi Krishna saw an opportunity to create an online platform that manages payroll and local labour compliance regulations across different countries, allowing the employer to confidently onboard new staff.
Setting up abroad can be an expensive and timeconsuming process taking up to nine weeks and costing $51,000, according to the global business set-up expert, Healy Consultants.
Simplifying the processes of managing labour regulation and contracts, legal affairs, and risk management is what Multiplier aims to do. “Multiplier is a self-serve global employment platform that lets businesses expand and employ international talent compliantly without having to set up an entity,” according to the co-founder.
With remote work now a reality, many organisations may seek staff in a multitude of countries without physically wanting to set up offices or legal structures in those countries, but, nevertheless, would want to remain compliant with local labour laws as they hire local staff on a work from home basis.
“It is the first platform to run international management of compliance and a multi-country payroll in a single dashboard. It has an instant onboarding system that allows businesses to hire international talents in a matter of minutes; and an automated compliance payroll and payments solution that enables businesses to pay their talent working anywhere in the world, compliantly,” they said.
Expansion in progress
Adding to the company’s coverage is a global presence in over 150 countries across APAC, Europe, and the US. An on-site team of legal and tax experts is also available to help draft multilingual contracts and international payroll accounts.
This, according to them, helps businesses focus on their core goals, whilst the role of international employment falls on to Multiplier.
The platform recently raised $13.2m in Series A funding in November 2021, with Sequoia Capital India serving as the lead investor. Existing investors include DeepInder Goyal, Co-founder, Zomato and Amrish Rau, CEO, Pine Labs.
How VFlowTech’s energy solution improves battery life by 85%
By now the world is familiar with lithium-based batteries, those wonders of electricity storage that are rechargeable and found in everything from smartphones to electric cars. But could a better battery be built with another elemental atom? Yes, said the founders of the new battery startup VFlowTech, which uses the metal Vanadium instead of lithium to store energy. Vanadium is a medium-hard, steel-blue metal that rarely exists as a free element in nature but can be found in about 65 different minerals.
The Temasek-backed firm has raised $4m so far and has developed a unique electrolyte additive, which is the secret source on which it has developed the intellectual property to make a vanadium redox flow battery.
Vanadium redox flow batteries operate at a much wider temperature which is particularly useful because this ensures that the battery is stable and less prone to degradation of electrolyte due to overtemperature operation.
How it came to be
The firm was founded by Dr. Arjun Bhattarai and Dr. Avishek Kumar, who spent years researching the field at Nanyang Nanyang Technological University.
“Both of us have strong expertise in the field of renewable energy, and we wanted to use our knowledge and expertise on vanadium redox flow technology to provide an alternative solution to lithium-ion batteries—one that has a longer lifespan and also has a lower chance of catching fire, and is ideal for utility-scale storage, equally for off-grid systems relying on renewables and grid applications,” Bhattarai, now the chief technological officer of VFlowTech, explained.
“We have since designed and developed a unique power stack that can significantly reduce parasitic losses and improve the round-trip efficiency over 85%,” he said.
“The falling cost of energy storage is making renewable energy microgrids economically viable and a reliable alternative to diesel. Our geographical focus is on emerging markets of Asia,
VFlowTech banked on the Vanadium redox flow tech to make batteries run at a wider temperature
where the lack of reliable grid coverage creates immediate revenue opportunities for us to replace diesel generators with 24/7 renewable power leveraging batteries or provide backup power solutions for industrial and commercial buildings facing unreliable grid situations. A true potential for VFlowTech would be achieving targets to power 20% of Asia’s off-grid and renewable energy market,” Bhattarai said.
Right now, it already has two projects for integrating its V-Flow battery application into EV charging infrastructure in South Korea and Thailand.
“We have already secured competitive grants to work on the next-generation power stack with German universities.” Bhattarai added.
Started in 2018, VFlowTech initially raised $4.07m (US$3m) in a pre-Series A funding round led by Wavemaker Partners, with participation from SEEDS Capital, Sing Fuels and other unnamed angel investors. The Singapore-based startup initially raised more than $1m (US$800k) in its seed funding round with participation from Temasek Foundation and Enterprise Singapore, making their total funding to date at over US$4m.
Research from Lux and other analysts have predicted that stationary energy storage solutions will grow to US$30b in annual revenues in Asia over the next 10 years.
EXCLUSIVE: SPACE WATCH What attracted Amazon to build a corporate den in the Lion City?
The 100,000-sq.-ft.-office was built to spur collaboration, inside and outside the company.
Singapore’s strategic location as a springboard to Asia allured Amazon to set up a workplace that would spur collaboration in the heart of Asia Square’s CBD area, which houses a community of local and foreign talents.
With over 100,000 square feet across three floors, Amazon Singapore’s new office can accommodate up to 700 employees. For Amazon Singapore’s Country Manager Henry Low, this office is the company’s pivotal step in seizing the opportunities available in the Lion City.
Low said that Amazon recognised the expansion opportunities for business-to-consumer (B2C) e-commerce exports present in Singapore: 24% of micro, small, and medium (MSMEs) in Singapore conduct B2C e-commerce. Of those MSMEs, more than 90% are in the export business Furthermore, e-commerce sellers in the country earn an estimated $1.4b, with 45% of these coming from MSMEs. If this sector continues its acceleration, the value is expected to reach $3.5b by 2026, with 73% earned by MSMEs. With this data, Amazon Singapore invested approximately Henry Low $20.3b (US$15b) in infrastructure, programs, people, and tools in support of the entrepreneurs in the country. Because of the expansion, Amazon Singapore was able to create over 110 job openings. By 2022, the company expects to welcome in its office 200 more teammates.
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1Amazon furnished the place with Singlish phrases on the walls to recognise the diversity of its workforce, partners, and customers.
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2Like the product showcase area and 50 breakout rooms, the meeting rooms are designed with a local touch.
3Amazon highlights its journey by imprinting on its office walls and panels Amazon’s milestones in Singapore.
4Amazon put up reminders to stay true to its customer obsession and process of continuous learning and curiosity.
5Amazon employees are allotted a place to destress. There’s a pantry and mini cafe with coffee machines, game tables, interactive board walls, and a lot more.
6In 2022, the company expects to welcome in its office 200 more teammates.
Azbil Corporation strengthens businesses in the Asia Pacific with a focus on the UN’s SDGs
The azbil Group aims to achieve a sustainable society through human-centered automation.
Takayuki Yokota, Director and Senior Managing Executive Officer, CFO, and in charge of international business at Azbil Corporation
Leading automation solutions provider, Azbil Corporation, continues to pursue industry growth and the achievement of a sustainable society globally guided by the United Nations Sustainable Development Goals (SDGs). Addressing customers’ needs, whilst maintaining socially-responsible and environment-friendly business practices, requires a need for balance—and the company integrates these factors together in its business. Azbil sees the potential for long-term development from the increasing demand for automation technologies to address social issues and achieve sustained growth. Formerly known as Yamatake Corporation, Azbil stays true to its philosophy of “humancentered automation” that promotes collaboration between humans and machines. It recognises the irreplaceable value of human ingenuity and the efficiency of applying automation technology in the industry and so it works to contribute to people’s safety, comfort and fulfilment, and global environmental preservation. The azbil Group’s business segments in Building Automation, Advanced Automation, and Life Automation provide customers with its unique value in offices, production sites, and everyday life. The group works in various industries, offering high-quality control systems and products that help businesses improve productivity, safety, profitability, and environmental compliance. “We aim to continue expanding our share in the Asian market by demonstrating unique capabilities and implementing measures customised to each country’s business environment and infrastructure,” said Mr. Takayuki Yokota, Director and Senior Managing Executive Officer, CFO and in charge of international business at Azbil Corporation. Azbil has been expanding its global operations with the aim of developing them into another engine for business growth. The group currently has sales and service operations in 23 countries, adopting new dialogue with stakeholders and digital content like social media, product presentations, webinars, digital exhibitions, virtual tours, and video conference from their showroom in Singapore. This allows Azbil to communicate consistently with stakeholders across regions to share the group’s new technologies, products, and services. Its distinctive solutions in three growth fields— new automation, environment and energy and life-cycle solutions—share a common foundation of automation technology to achieve and continue sustainable growth. These enable continuous improvements to the quality of space and productivity in the customers’ assets, as well as improvements in energy usage. “We are targeting to effectively reduce CO2 emissions at customers’ sites and decrease greenhouse gases from our business activities across the entire supply chain whilst using natural resources effectively to preserve the Earth’s environment,” said Mr. Yokota. This commitment can be seen in their projects, particularly a demonstration project in Indonesia where Azbil installed its advanced control technology in the existing control system. This achieved a coordinated control of multiple power plants resulting in greatly improved efficiency. This low-carbon technology has also successfully reduced approximately 35,000 tons of CO2 emissions in 10 months at a refinery unit for one of Indonesia’s large gas and oil companies and cut power plants energy usage by approximately 4% leading to a savings of approximately ¥300m (S$3.56m). “The needs of customers and society are evolving worldwide — with demands for high quality, safety, remote access, and global decarbonisation,” said Mr. Yokota. “We will continue to strengthen our product and service development capabilities and technological innovation strategies to meet customers’ needs and create new value through automation. We will also build greater connections as well as opening up business opportunities in new markets and business fields not only in the Asia Pacific region but around the world,” he concluded.
Cutting-edge science: Raising health and wellbeing through innovative specialty drugs
Kyowa Kirin continues to provide a rich portfolio of products in four therapeutic areas to improve quality of life.
In the perpetual race to discover new treatments and products for human health and wellbeing, the impact of technological innovation and advancements in the pharmaceutical industry has become more crucial in addressing patients’ unmet medical needs.
Such innovations have become more significant in this age, creating growth for companies in uncertain times and making positive contributions to human health and community welfare.
This is what Japan-based global specialty pharma group Kyowa Kirin strives to do: leverage innovation for the health and well-being of people around the world by creating new value through the pursuit of advances in life sciences and technologies.
Kyowa Kirin’s advanced research and development system applies cutting-edge biotechnology to engineer antibodies for drug discovery across four therapeutic areas: nephrology, oncology, immunology and allergy, and central nervous system.
“These therapeutic areas represent the quality and diversity of decades-long research – particularly in biotechnology platforms and small-molecule capabilities – by the two Japanese bio-pharmaceutical pioneers who merged to form Kyowa Kirin in 2008,” said Dr Tan Boon Heon, President, Kyowa Kirin Asia Pacific.
Dr Tan added that these assets, including the success of its ground-breaking partnership with Amgen since the 1980s, have led to the rich product portfolio Kyowa Kirin has today. “We continue to develop new products in these and other therapeutic areas relevant to our platform technologies,” he said.
In its regard for innovation as one of its core philosophies, Kyowa Kirin leverages this value in the organisation by constantly evolving alongside its customers and stakeholders.
“As a company committed to delivering the results of our technology to the people that most need them, we expect our colleagues to question the status quo in whatever we do. Kyowa Kirin recently began its transformation into a global company. We have been able to build
Dr Tan Boon Heon, President, Kyowa Kirin Asia Pacific
on international best practices by enlisting the collective know-how of colleagues with diverse backgrounds in decision-making,” Dr Tan said.
Kyowa Kirin’s heritage of innovation traces back to its earliest days as part of the Kirin Group, which has applied fermentation and brewing methods in food and beverage production since 1907. The group went on to develop the world’s first L-glutamic acid production technology and achieved further success in the invention of amino acid fermentation during the 1950s and 1960s. It also pioneered recombinant DNA technology in its joint venture with Amgen.
Kyowa Kirin’s research institutes have since developed breakthrough monoclonal antibody technologies such as POTELLIGENT®, which is the basis for its recent product POTELIGEO®. This humanised monoclonal antibody targets CC chemokine receptor 4.
Similarly, CRYSVITA®, another output of the company’s monoclonal antibody research and a recombinant fully human monoclonal lgG1 antibody against the phosphaturic hormone fibroblast growth factor 23 (FGF23), is being progressively launched around the world.
With the pandemic highlighting concerns on drug supply shortages, Kyowa Kirin mitigated this problem by working with partners to ensure supply chain integrity, bearing additional costs to secure safety stocks or utilising alternate supply routes.
Minimising risk for employees
For Kyowa Kirin, the best results come from its people. Hence, when the pandemic hit, the company focused on securing employees’ safety whilst ensuring continuous drug supply for patients.
According to Dr Tan, the company “prioritised employee safety and well-being by adopting flexible work policies and work-from-home arrangements, as well as extending mental health resources to employees and their families,” thus earning employee goodwill.
These initiatives and Kyowa Kirin’s regard for its employees have brought the company recognition and contributed to its winning two SBR Management Excellence Awards in 2020. Kyowa Kirin brought home the trophies for Employee Engagement of the Year and COVID Management Initiative of the Year in the Pharmaceuticals category in the prestigious awards programme.
The company aims to go above and beyond as it further strives for innovation. Its vision is to become a best-in-class global specialty pharmaceutical company in its therapeutic areas and partner of choice for specialty drug commercialisation.
“We continue to build on our marketleading positions in nephrology and haemato-oncology by launching new products in these areas and venturing into the rare disease segment with our latest product offerings. We believe we can achieve more through partnership for access to new channels or collaboration on complementary products and technologies. More importantly, our pipeline of new products will make Kyowa Kirin an exciting place for employees to develop and grow their careers,” Dr Tan highlighted.
Change management success or failure depends on one thing: people
Global consultancy Daggerwing Group unveils why change fails and how they help organisations do change right
When companies undergo business change or transformations – from mergers and acquisitions to new operating models, ways of working, and culture transformations – they tend to focus on changing strategies, technologies, processes and structures, leaving the people agenda as an afterthought. This is why change often fails.
Daggerwing Group, a Top-10 rated global change consultancy established in 1999, takes a different approach. They help their clients break the cycle of change management failure by doing change right the first time by helping leaders focus on people – the hardest part of change management – to make change happen and make it last.
Ning Wong, Principal at Daggerwing Group in APAC, says the consultancy has extensive experience working with leaders at Fortune 500 companies around the world such as Pfizer, HPE, Takeda, PepsiCo, Nissan, and Nestlé. After carefully studying the factors undermining change success at each organisation, Ning says change failure can be attributed to two things: human nature and a lack of understanding about why people do and do not want to change.
“It is human nature to resist change— even when it is good for the business, the customers, and the careers of individual employees. Leaders who do not have a good grasp of why their people do and do not want to change, and who cannot leverage those insights to create and implement a strategy to make change happen and stick, may see their transformation ambitions evaporate,” Ning added.
Although these issues are challenging, Daggerwing Group helps businesses face them head-on by looking through the lens of the “8 Reasons Why Change Fails” for all their engagements. These include: 1. An urgent reason to change is not communicated 2. A compelling vision for the future has not been articulated 3. Lack of feeling of ownership among key employees 4. Common biases are not surfaced or addressed 5. Leaders do not drive the change 6. Organizational systems and other initiatives are not aligned with the change 7. People are not enabled or encouraged to develop new skills and behaviours 8. The mass does not embrace change or goes against culture
According to Daggerwing, whether an organisation’s CEO is laying out a new corporate strategy, or announcing new behaviours to support the culture transformation, having a clear picture of what the future looks like – and how it impacts employees’ day-to-day – is key. Without the articulation of a clear vision, employees’ first instinct may be to resist the change – putting the change or transformation at risk.
Daggerwing avoids this situation, and attributes much of their success to their deep understanding of the wide-reaching effect of common biases, thoughts, and perceptions that drive human behaviour. They know how creative, human-centred solutions can impact what people think, feel, and do.
“We usually start our engagements with executive alignment on vision and roll out. We facilitate rapid identification of the desired state in detail – as well as the gaps to address and the elements of the phased action plan to make it happen. We then use engaging approaches to get leaders to confidently align on what success looks like and when it will happen,” says Ning.
With their people-first and psychologybased approach, Daggerwing is uniquely equipped to help leaders overcome their transformation challenges. They work with a broad range of sectors and industries including consumer packaged goods, healthcare and pharma, manufacturing, aerospace, technology and more – offering their clients an array of services that deliver tangible, lasting change, and successful outcomes.
“Whether we’re working with a client on digital transformation or helping to win the war on talent, we create a custom-fit approach that meets our client’s needs. We do not see any transformation journey as being linear,” says Ning. “There should always be pivots, revisits, and reiterations in any change program. That’s how we do change right the first time,” she continues.
Daggerwing Group continues to solidify their place in the global change consultancy as they worked with APAC based clients.
FINANCIAL INSIGHT Singapore’s 2021 IPO market surpasses previous year’s performance
As of 15 December 2021, SGX IPOs raised an approximate total of
Initial public offerings (IPOs) had a slow start on the Singapore Exchange (SGX) in 2021, with only seven listings in the first three quarters of the year. But listings more than doubled in the last two months of the year, with eight new IPOs as of 15 December 2021.
This is still lower than the 16 IPOs listed in 2020, but when it comes to market cap, 2021’s performance has already surpassed that of the previous year. Digital Core REIT, which has raised the highest amount at approximately $819m (US$600m), was only listed on 6 December 2021. The REIT’s initial portfolio comprises ten data centres in the U.S. and Canada, valued at an approximate $1.03b (US$1.4b). It is sponsored and externally managed by USbased firm Digital Realty.
“There are at least two [more listings], the chunky ones, that pulled up the figures before the end of the year,” said Tay Hwee Ling, Audit Partner for Deloitte Singapore in an interview with Singapore Business Review.
Japan-based Daiwa House Logistics Trust, which is 2021’s second-highest performer, listed on 26 November and raised $464m; and Aztech Global, listed on 12 March and raised $314m.
As of 15 December 2021, SGX IPOs raised an approximate total of $1.656b. In comparison, there were 16 fresh listings on the SGX and Catalist in 2020, raising an approximate total of $1.3b. Nine of these companies were listed in the latter half of the year, with Singapore-based Nanofilm Technologies raising $510m in October 2021. Nanofilm also has the highest IPO market cap, at $1.7b.
“There’s this interesting observation for the last couple of weeks. If you look at 2020, Singapore went into a circuit breaker... transaction flow came down and there’s practically no IPO. But the moment we got out of the circuit breaker, we saw a lot of IPOs. It’s similar for this year, as well. We didn’t have a circuit breaker but we had a heightened alert,” Tay said.
She added that the capital market in Southeast Asia, particularly in Singapore, continued to be very active in 2021. The pandemic merely pushed back IPO plans, but these plans still pushed through at the end of the year.
Make space for SPACs
The SGX published its rules for the listing of special purpose acquisition companies (SPACs) in 2 September 2021, a move that went through several consultations whilst these blank cheque companies saw a resurgence in the United States market.
SPAC listings in Singapore are based on US listing requirements, but with a few caveats that hold sponsors accountable for their actions, should the IPO push through.
“We stayed quite aligned with what the market expects from a SPAC framework from what we observed from the US market. The minor difference is a critical item: putting the skin in the game for the sponsor,” Tay said.
From a regulatory perspective, she cited two key differences between Singapore and US SPACs.
Tay Hwee Ling
The first batch of SPAC listings on the SGX would happen early 2022
First, the SPAC framework in Singapore has a moratorium on sponsor’s shares from IPO to de-SPAC, followed by another six-month moratorium after the de-SPAC for the sponsors and applicable resulting issuers, and an additional six-month moratorium on 50% of shareholdings. Second, sponsors and management teams involved in Singapore SPACs must subscribe to at least 2.5% to 3.5% of the IPO shares depending on the market capitalisation of the SPAC. These two provisions are not imposed in the US market.
Minimum market capitalisation for Singapore SPACs is at $150m, higher than the US requirement of $70 to $150m (approximately US$50m to US$100m). The de-SPAC must occur within 24 months after the SPAC IPO, with an allowed extension of 12 months subject to prescribed conditions. This is shorter than the allowed extension in the US, which can be up to 36 months subject to shareholder approval.
Whilst there is currently no SPACs listed in the SGX as of 15 December, media reports have revealed the following potential SPAC sponsors: Tikehau Capital, Vertex Holdings, Novo Tellus, Turmeric Capital, and Catcha Group.
Unicorns could be the potential target companies of SPACs in Singapore, according to a research from CGSCIMB penned by Andrea Choong and William Tng, which could include private companies from China and India.
“Novo Tellus focuses mainly on tech-related investments. Singapore investors would be familiar with AEM Holdings Ltd, a multi-bagger investment made by Novo Tellus. Roughly eight years ago, AEM was on the brink of bankruptcy and faced a possible delisting from the Singapore Exchange. Today, AEM is the sole supplier of test handlers to the largest semiconductor company in the world,” CGS-CIMB said, noting that Novo Tellus has a track record of successful investments and exits.
Potential investee companies for a SPAC in Novo Tellus’ portfolio, according to CGS-CIMB, include Novoflex, Tessolve, and Sunningdale Tech.
Meanwhile, CGS-CIMB expects Temasek-owned Vertex Holdings to list one of its current investments, which includes Horizon Robotics, Nanjing Semidrive Technology, SES, and SmartX.
“SPACs could play a role in granting deep tech startups access to capital and continuous funding for the long gestation period needed for their products or solutions,” CGS-CIMB said.
For her part, Deloitte’s Tay said that Singapore SPACs have an added advantage of the investors coming from the consumers of the target acquisition companies.
“A lot of Singapore tech companies are looking at the US because of the value offered to them and the de-SPAC route that is perceived to be faster. But if Singapore’s SPACs take off well, I would be quite optimistic that some of these high-growth tech companies are looking to list in Singapore as well for a very simple logic: your investors are also your consumers. They understand you and value you well,” she said.
View for 2022
It is likely that the first batch of SPAC listings on the SGX would happen early 2022. This, along with REITs, are going to be bright spots in the capital market in this year, Tay said.
“I’m still quite optimistic for the rest of 2022, because we see a few bright spots: the REITs are coming back, and the SPACs are giving Southeast Asia and Singapore-based tech companies a good alternative option that they can tap on,” the audit partner for Deloitte said. “These two would be strong agents for the Singapore market in 2022.”
Social restrictions and global supply chain issues have delayed or downright cancelled business plans all over the world. And it is likely that these conditions will continue with the discovery of the Omicron variant of COVID-19 in December 2021.
But just like in the previous years, Tay expects the new variant to merely delay IPO plans in the Singapore market, not derail them completely. “It will potentially stall the market, but it will not stop the [transactions],” Tay said.
SPAC listings and REITs will be the bright spots in the 2022 capital market
The new COVID-19 variant will merely delay IPO plans in the SG market, not derail them
LEGAL BRIEFING Will the Energy Bill dim out competition in the electricity generation market?
Under the Bill, the Energy Market Authority will be allowed to be a market player.
Rising electricity prices may be a fact of life, but usually, it is the job of the government-appointed regulator to ensure the market is as open and competitive as the power to borrow, which allows EMA to raise capital or issue bonds to finance the construction of critical energy infrastructures. it can be so that prices for consumers are maintained low. This is why eyebrows were raised when it was proposed that the Energy Market Authority (EMA), which acts as the market referee, also be allowed to be a market participant by investing in electricity generators. Whilst this may seem like an unusual setup, certain law firms said the changes were necessary to fund Singapore’s transition to green energy and could even lead to lower power prices.
The Bill stated that EMA “will not be required to obtain an electricity license to acquire, build, own, and operate critical infrastructure that generates electricity.” RHTLaw Asia LLP managing partner, Azman Jaafar, told Singapore Business Review that “as a regulator, it appears that EMA may block, deter, or stop competitors under the Singapore Wholesale Electricity Market from competing against EMA-owned or operated energy units.”
Jaafar added that the EMA can also pass regulations, which can favour energy generation units that it has acquired or built, as well as those that it owns or operates. “This advantage given to EMA could also give rise to the depression of wholesale electricity prices.”
“In addition, imposing high technological barriers for newcomers to enter the market can be construed as an abuse of dominance and can be deemed as an anti-competitive behaviour,” Jaafar said, emphasising that this counters the law’s chief aim to create a competitive market framework for the industry.
Jaafar also warned that the new law would give rise to a monopoly of the electricity generation market. “Given the lack of competition, there will not be scope for resellers in the market for locally-generated electricity.”
On the flip side, Jaafar mentioned that a lack of competition might encourage resellers to tap on greener sources of electricity exported from foreign grids.
Furthermore, a provision of the Energy Bill repeals section 12 of the Energy Market Authority of Singapore Act or “If interest rates were to become volatile, this can give rise to huge fluctuations in bond prices and yields. This can have an adverse effect on wholesale electricity prices,” Jaafar said. Allowing EMA to issue commercial bonds could also expose EMA-owned or -operated generation units to market forces and risks relating to the fund-raising, which, according to Jaafar, could thereby directly affect the already small electricity market. The extensive powers given to the EMA under the Bill, however, can be justified for several reasons, according to Jaafar. Singapore’s energy market is “far too small,” and EMA will allow the country to “safeguard the reliability” of its energy generation sector.
‘Too early to tell’
Drew & Napier LLC told Singapore Business Review that whilst concerns raised about the Bill are legitimate, they may be premature at this stage.
“The Ministry of Trade and Industry has reiterated their commitment to ensuring a competitive wholesale electricity market, and to put in place proper governance structures to ensure fair competition and mitigate any potential conflicts of interests,” Christopher Chong, Drew & Napier LLC’s head of Construction & Engineering, said.
Chong added that the Bill also has positive implications, such as energising the project finance space for energy infrastructure in the country that will benefit, rather than handicap, competitors.
“As we have seen in other markets, such as the offshore wind sector in Taiwan, investments will follow wherever the funds go, and the funds will go where there is future money,” he said.
It could also allow Singapore to explore “obtaining interests in major infrastructure projects overseas such as mega-solar farms in Australia, or geothermal plants in the Philippines, or hydropower plants in Laos, with a view to piping or transporting electricity into Singapore and obtaining greater security over Singapore’s energy needs through importation,” added Chong.
“This could also help spur developments in Singapore and the region, in complementary industries such as in hydrogen, battery, power transmission; and in the carbon/renewable energy credits space,” he said.
More importantly, Chong said allowing EMA to acquire, build, own, and operate power plants and infrastructure, and to fund these steps are also “extremely helpful” towards Singapore’s Clean Energy Transition.
This was also underscored by Jaafar, saying the Bill can bring about much-needed change to transform Singapore’s local energy sector and reduce greenhouse gas emissions.
The Bill can energise the project finance space for energy infrastructure that will benefit competitors
Azman Jaafar
Under the Bill, EMA may block, deter, or stop competitors under the Singapore Wholesale Electricity Market from competing against EMAowned or operated energy units
Bid goodbye to tedious tasks with a single digital platform
Sleek is an all-in-one digital platform that simplifies the day-to-day hassle of managing a business for busy entrepreneurs and investors.
When co-founders Adrien Barthel and Julien Labruyere attempted to start their company in Singapore in 2017, they faced many issues with paperwork and slow processes. According to them, the industry was largely paper-based and didn’t accommodate the fast-paced environment that businesses were already accustomed to.
“Traditional corporate secretaries and accounting firms moved at pedestrian speed and were outdated in their offerings, creating many roadblocks in a business journey,” said Sleek CEO and Cofounder Julien Labruyere.
Labruyere and Barthel knew this could be addressed, and better workflows could be set in place with the help of digitalisation and automation. With growing frustration towards the inefficiency of traditional corporate service providers, the founders took matters into their own hands by developing their own digital solution.
In May 2017, they launched Sleek—an all-in-one digital platform for business owners, by business owners, to effectively manage their back-office operations and reduce hurdles.
All-in-one simplified experience for users
Sleek offers easy to use tools for businesses from order management to government requirements. Through one simple platform, Sleek manages clients’ incorporation process, from preparing registrations forms and company constitutions, to liaising with the Accounting and Corporate Regulatory Authority in Singapore. They also provides clear-cut, efficient, and innovative corporate secretarial services and governance depending on business needs and the number of shareholders. Sleek understands the modern business owner. With the countless processes involved in the daily operations of an enterprise, Sleek integrates commonlyused applications into their interface. Sleek has developed a WhatsApp bot and receipt channel that allows users to submit their business invoices and expenses. With just a snapshot of their receipt, Sleek’s WhatsApp receipt channel will digitally record the company’s expenses through optical character recognition.
Moreover, the platform’s accounting and bookkeeping is interoperable with solutions available in the market, as its technology stack can be connected with any Xero-integrated app. Users can connect their payment, e-commerce, and logistics applications with Sleek’s platform, making it easier to integrate their current operations with Sleek.
For entrepreneurs and business owners aiming to set up their business bank account, Sleek’s latest solution, Sleek Business Account, allows them to open a free business account with no initial deposit, no minimum balance, and no local transaction fees. Account set up can be done remotely, without having to visit the bank. The account is open on the same day as the company is incorporated, reducing by almost 95% the time traditional banks take.
The business account is provided free of charge to Sleek clients who are using any of its current services, and new companies onboarding to Sleek.
Staying competitive amidst gamut of digital applications
The pandemic has accelerated the rise of digital applications such that businesses have to find a way to stay on top whilst providing quality services for their clients. Sleek does this by constantly listening to its clients’ feedback as it grows its services and aims to add value and make their lives easier. SleekSign and Sleek Business Account innovations are a result of this strategy.
Moreover, the platform integrated corporate insurance into its service offerings in 2021 to provide clients with options to protect and safeguard their businesses. This came about from the increasing concerns of clients towards business security.
Staying competitive ties with two of Sleek’s values: remaining customer-centric and striving for quality. Sleek’s ongoing development and innovation is a testament to their commitment to delivering the best service and business solutions to their clients. This has allowed Sleek to expand offices beyond Singapore, to Hong Kong and the Philippines, and launch services in Australia and the UK earlier this month.
To know more, visit Sleek.com and get up to S$300 off on your services today if you are an existing company looking to transfer to Sleek.
MARKETING BRIEFING The best social media platforms to invest in for 2022 for high online engagement
An Emplifi study showed that brand posts on Instagram had 6.1x higher engagement than Facebook.
Instagram is the main platform of choice for fast-moving consumer goods, e-commerce, gadgets, and F&B industries
Social media advertising continues to gain traction over traditional ad spend, growing by 34.4% over 2021. But when it comes to choosing which platform to advertise on, how does a brand marketer make the right choice?
One key is to look at the engagement rather than reach.
In 2021, Instagram got 6.1 times higher engagement than Facebook despite the latter having more users in Singapore, a study by marketing agency Emplifi has shown.
The photo-sharing app is also the key platform for brands seeking out influencers, followed by Twitter and YouTube, whilst TikTok has also been seeing increased momentum, according to Aditya Aima, managing director of Agency Business for AnyMind, a brand enablement platform.
In terms of post types, brands need to invest in video content—particularly live video—rather than static post, since the former generates three times more engagement.
Live videos get 42 median post interactions, whilst photos and pre-recorded videos get an average of 15 and 14, respectively.
“Live experiences enable brands to connect in a raw and authentic way with their audiences. They are real-time, conversational, and can drive sales when integrated into a social commerce strategy. Despite these benefits, we’re still seeing that marketers have yet to take full advantage of the potential of live videos,” Emplifi Vice President for Asia Pacific & Japan, Varun Sharma told Singapore Business Review.
There are also new emerging platforms that can capture user attention and evolution amongst current platforms such as influencer marketing, social commerce, and even metaverse, according to Aima.
Igniting the power of influencer marketing
One platform that has emerged in the field of influencer marketing is the Flame Influencers app, which helps brands build more awareness and visibility by connecting them to influencers from all walks of life.
“Basically, anyone who’s interested in being an influencer can download the app and select campaigns that fit their interests and also their creativity,” Founder and CEO, Florence Fang, told Singapore Business Review.
Despite only being launched in 2021, the app created by Flame Communications already has over a thousand influencers on the platform—from mothers, students, and professionals—and already has clients from the lifestyle and beauty, fashion, sports/esports, technology, travel, and foods industries.
Marketing through storytelling
On the app, influencers can look at campaigns from brands and choose what they would like to promote. The platform also provides influencers with the amount they will earn in each campaign.
The app also provides influencers workshops and tips on how to help their following, according to Fang.
For brands, what the app provides are real-time tracking of content, campaign reports, and hashtag generation, amongst others.
“We track the performance, we track what content is being pushed out with…how the brand narrative is successfully communicated to the influencers’ content,” Fang said.
One of the firm’s clients, a charity, got 10 influencers to support their campaign whose followers range from 3,700 to 54,000, and with an engagement rate of 1.70% to 9.41%.
Depending on the goal of the brand, Fang said they will either get influencers to attend webinars, or share product or service reviews.
“Let’s say they have a certain beauty treatment or face treatment, and is quite unique. We get influencers to try that and then do the storytelling or share their experience how they feel about the product service,” the Flames Communications CEO said.
In terms of return of investments, Fang said brands using their service can capture more than the average $6 in every $1 spent on influencer marketing, depending on the nature of the campaign.
“They can decide on…the goal, and then a specific budget, and then we help them to match the influencers. And therefore they can start with very small campaigns. And with success, they can then, therefore, scale, so we provide them [with] that flexibility,” she explained.
“If you’re a brand…you can come to Flame Communications website (www.flamecomms.com)… and then there’s a form there. We will capture your requirements and we will be contacting the brand to better understand and create an account for them [in the app],” she added.
Brands planning to put their campaigns on the Flame Influencers app can look forward to its new and more userfriendly version, which Fang said will be launched in the first quarter of 2022.
Varun Sharma
Florence Fang
Live video generates three times more engagement compared to other types of posts
Axis Communications offers solutions as businesses power through the post-pandemic era
More than providing security systems, the global market leader leverages its network-based solutions to meet the customers’ changing needs.
With the world’s largest installed base of network video products and employees in more than 50 countries, the global market leader, Axis Communications, continues to provide upto-date post-pandemic technology solutions for navigating the “new normal” business landscape.
A pioneer in the IoT and edge computing space, Axis has a complete range of products and services for video surveillance and analytics, access control, intercom, and audio systems for a broad spectrum of industries and customer needs. Its market leadership has been established since 1984, rooted in creating customer value through innovative solutions that are simple and user-friendly–from installation to operation.
Recently, they celebrated the 25th anniversary of its world’s first network IP camera, which was conceived by the company back in 1996. Since then, the company has continued to revolutionise the video surveillance industry with more than one million of its network cameras installed worldwide.
“It was a great reminder of the people who contributed and dedicated their time, efforts, and talent to making Axis what it is today,” Sales Director for Southeast Asia, Irenaeus Clare Pereira said. “On top of that, when it comes to partnerships, we are very committed to our partner network, which includes channel, technology partners, and more, as this has made us one of the most integrated camera brands on the market,” Ms. Pereira added.
With an increased demand for a complete security system with contactless security devices in the new normal, Axis showcases its very timely end-to-end solution that is tailored to its customers’ specific needs. This includes a video
We are very committed to our partner network and this has made us one of the most integrated camera brands on the market
management system that is connected to cameras and other security devices, such as IP audio speakers, intercoms, and touchless access control solutions.
In the industrial segment, their offerings rest upon three key pillars–Intrusion Protection, Operational Efficiency, and Health and Safety. Each pillar provides specific endto-end solutions for intelligent monitoring and smooth integration with the existing control system architecture.
The intrusion protection solutions are equipped to safeguard the entire site–from perimeter to critical core. Its technology provides intelligent monitoring of the sites, based on surveillance systems with visual and thermal imaging, radar devices, audio equipment, access control solutions, and analytics software. These elements work together to create a security system that allows businesses to monitor multiple sites from a single control room, providing complete, efficient, and cost-effective intrusion protection.
As the eyes of the production monitoring system, Axis connected technology also lets users visually inspect and verify processes, monitor production efficiency, and provide maintenance staff with remote assistance. It also supports data collection and planning for predictive maintenance, whilst minimising downtime and optimising productivity.
Their surveillance solutions also make sites safer for employees and better for the environment, in the process of helping the business comply with HSE regulations. This also boosts cyber security, and even sustainability in its products, which is particularly timely as criminal elements step up their efforts to penetrate corporate networks.
Aside from these new innovations, the company also pivoted its outreach efforts to the online space, running webinars and virtual events to keep its partners and customers updated with the latest solutions and technology.
With the increasing demand of products and market growth in Southeast Asia, Axis revealed that it will be focusing on strengthening their solutions offerings for key segments, as well expanding their channel partners in key geographical territories in the region.
For their existing key segments, such as Critical Infrastructure and Smart Cities, Axis will further expand and strengthen its position through closer engagement with its key end-user customers. In terms of channel strategy, they will continue to develop and grow their distribution landscape to increase efficiency and strength of its local positions in each country.
Aside from the increasing need for intelligent industrial solutions given the growth of the manufacturing sector in Southeast East Asia, Axis also targets to serve more customers across various segments, such as healthcare, hospitality, FSI, and commercial sectors.
Currently, Axis covers the key countries in Southeast Asia, namely Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. It has offices in 50 countries, with over 3,800 employees worldwide, and generated total sales of US$1.2b last year.
Irenaeus Clare Pereira, Sales Director for Southeast Asia, Axis Communications
HR BRIEFING Diversity to play a pivotal role in organisations in 2022
D&I policies are crucial in service-based companies, analysts say.
Nobody likes to be discriminated against in the workplace, but actually having a written diversity and inclusion (D&I) policy and program around the issue is something that 70% of Singapore-based firms have yet to implement. Not only would a written policy help attract talent and drive productivity, but it will become a major competitive differentiator in 2022, according to EngageRocket, a human resource consultancy.
Once a company has decided it needs to have a D&I program, the next question is where to start, as it can be a daunting and mine-field laden task. Thankfully Jen Wu, Team Lewis’ VP for People APAC & EMEA, and Lewis Garrad, Mercer Singapore’s Partner and Career Business Leader have some tips.
Rather than just forming the policies at a board level, Wu advised that companies engage and communicate with their employees to gain a better understanding of the gaps and opportunities within the organisation.
“Regular employee-related feedback through engagement surveys, individual feedback sessions, or exit interviews help companies understand what areas of focus are needed. Importantly, regular training across areas of unconscious bias and improving cultural intelligence allows for a more open-minded approach, and commitment from the board is important,” she said.
To properly implement these policies and really effect change within the organisation, Wu said it would be better if companies create C-level diversity roles, which will also help “evolve programs for relevancy in real-time.”
Citing research from PwC, EngageRocket said only 25% of organisations have D&I goals for leadership, only 17% have a C-Suite level diversity role in place, and nearly 31% still have no D&I leader based on a PwC.
“It’s equally important to have a clear point of view about how to develop and progress a diverse group of people into management and leadership positions. This often means having flexible benefits and support structures to ensure that people with diverse needs are given a fair shot,” Garrad said.
Why invest in D&I policies now
Wu said effective D&I policies allow “for a high-performing, diverse team of employees.”
“The whole concept of ‘many brains are better than one’ is probably the most fitting analogy here. If all the brains think the same, you won’t be able to challenge, evolve, and innovate. This is fundamentally why D&I is critical to a company achieving growth potential,” Wu added.
The analyst said that when employees “feel they individually matter versus just a ‘cog in a wheel’,” their productivity will naturally improve—and improved productivity can significantly impact a company’s financial performance. “Staff costs are, for most companies, the biggest overheads. So improved productivity, efficiencies, and lower turnover mean that staff costs can be maintained in a more controlled manner,” the analyst said.
The efficiency of working is critical particularly in servicesbased companies, Wu said.
“Having a diverse and inclusive employee base means that there is always a fresh pair of eyes to review existing processes and ways of working. Quality of service means lower client turnover and of course, allows for more consistent revenue growth,” she explained.
The revenue growth argument is supported by a 2020 report from McKinsey that shows that “companies in the top quartile for gender diversity in leadership were 25% more likely to have above-average profitability than their bottomquartile counterparts.”
This growth, however, cannot be achieved with halfmeasured attempts, according to Wu.
“If an organisation is not committed to making these changes in real-time, they risk longevity, given D&I requirements transcend any industry,” the Team Lewis analyst said.
This sentiment was also expressed by Google’s Director of APAC Diversity & Employee Engagement, Roman Matla, who said companies should develop a mindset and not a program towards D&I.
Apart from revenue growth, companies can also use D&I policies to attract and retain quality talent, particularly from the millennial and Gen Z age groups who are “more conscious than ever on corporate responsibility and commitment to D&I.”
EngageRocket also highlighted this in their report, saying that millennial and Gen Z employees value D&I as a key determiner of where they want to work.
D&I policies are not only critical in ensuring that brands can attract employees but customers, as well, Garrad said.
“Clients want to buy products and services from companies who share similar values and purposes as them and having strong D&I policies give companies that competitive edge in an already challenging business landscape,” Garrad said.
Millennial and Gen Z employees value D&I as a key determiner of where they want to work
Jen Wu
Lewis Garrad
Companies should develop a mindset, rather than a program, towards D&I
How advisors can remain relevant as more customers turn online
MoneySmart provides data-driven insights on the ‘phygital’ experience that customers want.
A large majority of customers prefer to have human interaction in their insurance journey
With the proliferation of digital services like chatbots, self-serve portals, and video conferencing, will personal interactions with insurance advisors soon become a thing of the past?
A new survey by MoneySmart found that although customers have welcomed digital innovation in insurance, a large majority still prefer to have human interaction and relationships at certain points in their insurance journey. This is where the “phygital” experience comes in, the balance between “bots and bodies.”
In particular, customers believe that digital channels do not adequately answer questions about products, premiums, and coverage. Chatbots are incapable to fully answer unique queries that customers may have about a particular product, especially for more complex services, like hospitalisation insurance, which tend to have the highest preference for human consultation amongst buyers due to complexities in processing. The doubts and fears of customers cannot be fully addressed by digital channels, leading many clients to believe that an actual advisor’s involvement will yield better outcomes. This lack of understanding around what risks need coverage, what premium amounts will be, and how reimbursement is settled, represent a need for insurers to properly educate customers in a more effective manner.
In comparison, critical illness insurance (CI) is easily purchased online because insurers can instantly provide online a wealth of information regarding policy specifications and what the coverage entails, hence customers are more likely to buy from online platforms than go through a financial advisor. Some even find the purchase of such a policy easy after getting reassurance that their choice of insurer and product is correct. For other products, however, such as life insurance, it can be surmised that customers cannot solely rely on digital channels to address their complexity.
Know your customer
MoneySmart’s survey highlighted the changing habits of insurance customers. For instance, when shopping for an insurance product, customers visit multiple online sources in search of content to educate themselves on the basic principles of their preferred policies. They also compare their different products using online finance aggregators or review sites.
Before buying an insurance policy, customers first validate any information found online through friends, family, or advisors that they trust. MoneySmart’s survey showed that a cross-check is almost always necessary in getting customers across the line.
Customer behaviour changes when it comes to making a claim on the policy. At this stage, most customers prefer to go through their advisors to make claims, as opposed to using digital self-serve options. In particular, customers prefer to have an advisor assist them in document assembling and claims processing and submissions. Customers appreciate the sense that someone on the “inside” is working hard in their best interest, and this experience cannot be found in digital platforms at the moment.
A human touch
Insurers need to strike a balance between providing convenient digital services and responding to a customer’s desire for trust, assurance, and accountability through an advisor. This can be done by better integration of both the digital and physical service experiences, which will result in the greatest satisfaction for customers.
In particular, digital materials developed by insurers may also need to be further simplified in order to ensure understanding and comprehension to wider segments of audiences. Chatbot algorithms must be finetuned to provide better answers for unique queries, although they may still incorporate extensive use of templated answers. Ondemand video calls with qualified advisors could also be provided. This is a unique and personalised offering that truly addresses customer needs, beyond just write-ups and blog posts from insurers.
Balance must be at the core of the transformation of the insurance industry. As more processes become digitised, insurers and personal finance aggregators have a responsibility to ensure that the crucial human element is not lost. The nuances of human interaction in the insurance purchase journey are still of tremendous value in the eyes of the customer and need to be integrated into the digitisation efforts of the industry.
Dive deeper and learn the perfect mix between digital and human interaction to give the “phygital” experience that customers need and want, especially in this pandemic. Download MoneySmart’s white paper HERE.
