ONLINE READERSHIP: 410,000 monthly unique clicks through Google Analytics
The SingaporeBusinessReview is the highest circulating and best read business magazine in Singapore. Our online readership has an average of 215,000 unique viewers, according to Google Analytics. We won the Business Trade Media of the Year Award at the 2017 MPAS Awards.
Do reach out to us if you would like us to tell your story to our readers via print and online advertising or events.
Room 1006, 10th Floor, 299 QRC, 287-299 Queen's Road Central, Sheung Wan, Hong Kong +852 3972 7166
MIDDLE EAST FDRK4467,Compass Building,Al Shohada Road, AL Hamra Industrial Zone-FZ,Ras Al Khaimah, United Arab Emirates www.charltonmedia.com
PRINTING
Times Printers Private Limited 18 Tuas Avenue 5, Singapore 639342 www.timesprinters.com a member of Times Publishing Limited
Can we help?
Editorial Enquiries: If you have a story idea or press release, please email our news editor at sbr@charltonmediamail.com. To send a personal message to the editor, include the word “Tim” in the subject line.
Media Partnerships: Please email sbr@charltonmediamail.com with “Partnership” in the subject line.
Singapore Business Review is published by Charlton Media Group. All editorial materials are covered by copyright and may not be reproduced without consent. Contributions are invited but copies of all work should be kept as Singapore Business Review can accept no responsibility for loss. We will, however, take the gains.
Sold on newsstands in Singapore, Malaysia, Hong Kong, London, and New York. Also out in sbr.com.sg with an online readership of 215,000 monthly unique visitors*.
*Source: Google Analytics
FROM THE EDITOR
The Year of the Snake brings themes of wisdom and transformation— both crucial for investors facing a potentially volatile market this year, according to experts. Our cover story presents 10 investment ideas to help investors navigate market uncertainties this year. Read more on pages 26 to 28.
Within the investment scene, the IPO market is set for a better year, thanks to real estate investment trusts (REITs). In 2025, Singapore is expected to welcome listings from Praemia REIM France and Japan’s Nippon Telegraph & Telephone Corp.'s global data center REIT. Turn to page 18 for more insights.
The dining scene in Singapore is also gearing up for a transformative year, with the arrival of more luxury dining establishments from the Mainland—explored on page 22—and the listing of Japan-based Food Innovator Holdings. Turn to page 42 to hear from CEO Kubota Yasuaki on his plans to introduce ‘anime’ dining experiences to Singapore.
In the insurance sector, it was a game of snakes and ladders—general insurance performed better, whereas life insurance declined compared to the previous year. Know more about how the sector performed on pages 38 to 39.
To offer wisdom in your deals and other legal matters this year—whether in insurance, F&B, or other sectors—we have compiled a list of Singapore’s most notable lawyers under 40 on pages 32 to 35.
Here’s to a year of strategic growth and transformative success.
Tim Charlton
is available at the airport lounges or onboard the following airlines:
is available at the following clubs and hotels: Singapore
Business Review
Business Review
Singapore Business Review is a proud media partner and host of the following events and expos:
News from sbr.com.sg
Daily news from Singapore
MOST READ
Singapore’s factory, retail spaces shine as housing heads for worst
Investors are buying industrial estates amidst a manufacturing revival in Singapore, analysts said, as new home sales in one of the world’s most expensive housing markets fall to the lowest this year since the global financial crisis of 2008. Amongst industrial assets, logistics properties remain the most sought-after.
MOST READ COMMENTARY
Navigating the rise of Singapore’s million-dollar HDB flats
BY David Baey
In 2023, the number of million-dollar HDB flats in Singapore reached unprecedented heights, even amidst inflationary pressures and significant policy changes. Whilst these eye-popping transactions represent a small percentage of the total HDB resale market, their frequency is rising, signalling a notable shift in the property landscape.
Singapore retailers told to step up as RTS link with
Retailers in Singapore should step up their game including offering value-added services, as a rapid transit system with Johor Bahru that is expected to start operating in 2026 pits them against their lower-priced counterparts in Malaysia’s secondlargest city. They could lose as much as 4% of their sales as more citizens make more trips to Johor Bahru for shopping.
Medical data exchanges - a pipe dream or a nightmare?
BY Frederick Tay and Jeffrey Lim
Data exchanges promise us fruits of the future. For medical data, these exchanges are meant to accelerate innovation, speed the pathway to personalised medicine, finding cures for long dreaded diseases, extending life and the quality of life. There’s just one problem: Which of you would like to post your medical data for the world to see?
Singapore’s push to become a global hub for the super-rich is expected to boost its private equity market (PE), as family offices help drive a global resurgence in private investment dealmaking, analysts said. Many of these fortune managers based in the city-state have been providing capital for some of the year’s biggest acquisitions.
How businesses can successfully influence sustainable consumerism in Singapore
BY Koh Kong Meng
The rise of environmental consciousness has led to consumers worldwide becoming more intentional in purchasing behaviours. Yet, the journey to adopting sustainable lifestyles is not without its hurdles as 65% of consumers say that they want to buy driven brands that advocate sustainability but only about 26% actually do.
Johor Bahru looms
Billionaire clans may fuel Singapore’s future private equity buyout wave
TIGER BOSS DEBIT CARD
SG’s first debit card with fractional shares.
*T&Cs apply. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Tiger Brokers (Singapore) Pte Ltd has partnered with Wise to provide card issuance and account issuing services. Wise is the trading name of Wise AsiaPacific Pte Ltd, which is a company incorporated under the laws of Singapore with Unique Entity Number 201422384R.
Hawker centres struggle to dish up meals even with foreign workers
ASingapore plan to allow certain foreigners to work as food assistants in the hawker trade may not translate into a large increase in applicants, given the back-breaking requirements of the job, according to policy experts.
Hawker work often stretches upwards of 12 hours, is punishing, unglamorous, and doesn’t attract enough workers in a firstworld country where there are opportunities to earn way more without working for so many hours a day.
“‘Hawkerprenuership’ is known for long, inflexible and sometimes irregular hours and gruelling tasks,” Dr. George Wong, a senior lecturer of Sociology at the School of Social Sciences of Singapore Management University, told Singapore Business Review.
“With similar wages, long-term visit pass (LTVP) holders may consider work-related factors in choosing between occupations,” he added.
The government plan to let foreigners with long-term visit passes to work as food stall assistants — now limited to Singapore citizens
and permanent residents — is meant to ease rising manpower costs and is part of a bigger push to help and preserve the city-state’s hawker culture and identity.
But Dr. Xu Le, lecturer from the Department of Strategy and Policy at NUS Business School, noted that even local citizens are no longer willing to enter or return to the hawker business because they want more stable and higher-paying jobs.
Hawker business operators may also be reluctant to share their treasured recipes perfected over generations with nonfamily employees, Wong said.
“This is especially [true] for those who see their crafts and recipes as an heirloom or intellectual property. Unless there are safeguards, it would pose a barrier to hiring LTVP holders outright.”
More foreigners at food stalls could drive
many Singaporeans’ view that hawkers are indeed a dying breed — the exact opposite of what the government is trying to promote.
“This has the tendency to exacerbate xenophobic and nativist reactions on the ground, which will sour public sentiment around the government’s performance in foreign labour policies, leading up to the impending general elections,” Wong said.
He added that the hawker business was limited to Singaporeans and PRs because the state wanted to preserve hawker centres as symbols of the country’s heartland image.
“This recognition reflects Singaporeans’ sentiments that hawker culture should remain primarily a local heritage space.”
Wong also cautioned against seeing the policy as a panacea to cut manpower costs for hawkers, citing possible indirect costs from an increase in foreign workers who need to be trained in food safety.
Adopting technology
He added that stall assistants, who are highly sought after for their skills, might demand higher wages, potentially affecting the policy's effectiveness.
Still, he is hopeful that the policy could cut labour costs in the long run for the sector, where manpower takes up a fifth of operating costs.
Xu said hawker operators should hire skilled workers or those with a background in the food and beverage space to improve their operational efficiency.
She noted that with a potentially bigger talent pool, they might no longer have to raise salaries to attract workers or retain existing staff.
Xu said hawker entrepreneurs should improve other aspects of their operations, such as technology, to ease manpower challenges. Using digital payments or selfordering technology for customers could help, she added.
Wong said business owners should take advantage of government aid such as productivity grants and a programme to help them go digital, develop a sustainable commercial model, and raise consumer awareness how they can support hawker culture in their own ways.
Customers can also help hawkers by dining outside peak hours, exploring more stalls, avoiding wasteful use of condiments, utensils, and packaging, or accepting charges for these extras, he added.
This recognition reflects Singaporeans’ sentiments that hawker culture should remain primarily a local heritage space
More foreigners at food stalls could drive many Singaporeans' view that hawkers are indeed a dying breed
FOOD
Premium groceries get a lift from higher household spending
Singapore’s premium grocery market is headed for recovery amidst a trend of higher spending per person.
Households in private residences have shown higher spend per person, according to data from the Singapore Household Survey. This indicates willingness to spend more on premium groceries, and signals a recovery in the premium grocery market, according to DBS Group Research analysts Andy Sim and Zheng Feng Chee
Shifting food and beverage
consumption behaviour— with more Singaporeans choosing to dine home— is also pushing up supermarket sales volumes.
Grocery market for home dining experience is expected to accelerate to mid-single digit growth over the next five years, with companies like Sheng Siong and DFI to benefit, Sim and Chee wrote in a January 2025 report.
Amongst companies, DFI Retail will benefit from the expected recovery of the market.
“With ongoing store network
rationalisation, including the closure of Cold Storage locations in suburban areas (with higher Housing Development Board flats [HDB] concentration), we believe DFI’s Singapore grocery segment is well positioned for a return to profitability,” Sim and Chee said.
The analysts said that DFI should have ample liquidity for corporate actions that could boost shareholder returns thanks to its recent sale of its Singapore real estate, and the conclusion of the Yonghui sale.
In particular, DFI may opt to raise dividends by 50% or give out a special dividend.
Growth for ThaiBev
Meanwhile, Thai Beverage (ThaiBev) is expected to benefit from Trump’s recent re-election and the acceleration of China +1 strategy.
The strategy—in which companies avoid investing only in China but opts to diversify their investments— is expected to benefit ASEAN economies, particularly Vietnam. ThaiBev and companies with exposure to Vietnam may benefit, the analyst said.
DFI’s Singapore grocery segment is well positioned for a return to profitability
“With sugar, barley, corn, and soybean prices continuing to normalise, we expect margin expansion for [ThaiBev] and Japfa,” DBS Group Research said.
Improving market conditions and lower interest rates may pave the way for ThaiBev to seek a global brewery partnership, or an IPO of BeerCo, its beer unit.
THE CHARTIST: 3 STRATEGIES FOR NAVIGATING SINGAPORE'S EQUITIES MARKET IN 2025
Singapore's equities market offers a good opportunity for investors in 2025, with a projected 4.1% dividend yield and high returns on equities of around 12.3%-12.4%.
Within the equities market, CGS International said investors must focus on three themes: high-yield, high-growth stocks, value-up plays, and interest rates and bond yields.
The expert expects large-cap stocks to yield 5.0%-5.7% in FY25F. Amongst these, banks will remain well-owned due to their upcoming full-year results and the possibility of special dividends.
CGS International expects investors to focus on stocks offering high yields above 5% and strong earnings growth. These include Hongkong Land Holdings, StarHub, Venture
Corporation, and City Developments.
For investors with higher risk tolerance, CGS International cited growth stocks like Sea Limited, iFAST Corporation, Seatrium, SATS Limited, and Singapore Technologies Engineering.
Amongst small-cap companies that CGS International covers, the highest dividendyielding stocks include BRC Asia Limited, PropNex Limited, APAC Realty, and CSE Global, with projected FY25F dividend yields ranging from 5.8% to 8.3%. Stocks offering high yields and above-market earnings growth include CSE Global, Japfa, and PropNex Limited.
As Singapore works to enhance its stock market, CGS International expects investors to seek companies trading below book or market value but with strong fundamentals or growth potential.
Source: CGS International - Navigating Singapore
Supermarket
Andy Sim
Zheng Feng Chee
HOW DO AUSTRALIAN BUSINESSES PERCEIVE SINGAPORE'S FREE TRADE POLICIES?
Will electric air taxis take off in Singapore?
Though electric air taxis promise enticing prospects like five-minute trips to Johor, they may struggle to gain widespread market appeal due to the relatively lower congestion levels in Singapore, experts said.
“For cities that have heavy traffic congestion… the value proposition of these cheaper, more flexible AMS (Air Mobility System) is welcome and probably will see a higher demand simply for the congestion reason, than we will see in Singapore,” Jochen Wirtz, professor of Marketing and vice dean of MBA Programmes at NUS Business School, told the magazine.
Challenges in adoption
Singapore’s highly developed public transport system could also curb the demand for air taxis and raise questions about its necessity for local travel, said Prof. James Wang, director of the EVTOL Research and Innovation Centre at Nanyang Technological University (NTU) Singapore, told Singapore Business Review
The market for air taxis will likely be limited to tourists and wealthy individuals, said Wirtz.
Another hindrance to its wide adoption could be cost. Wang estimates that initial costs for rides at $6 to $8 per passenger per mile.
But if fares go down to $3-$4 per passenger per mile by 2035 and match taxi prices, Wang
said people might start riding them.
Whilst it is still uncertain whether air taxis will “take off” in Singapore, especially amongst the general public, Wirtz still views them as “an exciting addition to Singapore’s transport network.”
“Compared to cars, it is a lot faster, and compared to helicopters, it is not as noisy, it is cheaper, and more easily available,” he said.
Implementing the new technology in Singapore, however, will require significant infrastructure upgrades, including the establishment of strategically located vertiports across the island and at nearby international destinations to enable seamless travel, said Wang.
The NTU professor said air taxis could take off from compact spaces like rooftops or converted parking lots, reducing the need for large airport-style runways.
Wirtz suggested that air taxi facilities be integrated into existing urban infrastructure, such as the rooftops of hotels and hospitals.
Singapore’s CBD is losing office buzz to transit hubs
About a quarter of Singapore’s office supply now lies outside the Central Business District (CBD), driven by the rise of transitoriented developments (TODs).
Justin Quek, CEO of OrangeTee & Tie, said transit-oriented developments have decentralised business hubs, complementing government efforts to foster growth in areas like Jurong East.
Businesses in Singapore are increasingly seeking spaces in transit-oriented developments, said Quek, leading to a narrowing gap between CBD and suburban TOD office rents.
The appeal of these developments lies in their combination of convenience, accessibility, and efficiency, which resonate with modern urban living, according to Lee Sze Teck, senior director of Data Analytics at Huttons.
transport," Lee said.
Quek, for his part, said TODs break away from Singapore’s traditional land-use models.
“We used to look at it in absolute silos— industrial, residential—but now you can spread different densities of real estate across the island.”
Source:AustChamSingapore
In addition, TODs provide residents with easy access to amenities, offices, and retail outlets within their immediate surroundings. "It reduces the need for residents to travel, whether by private or public
Air taxis can take off from compact spaces like parking lots
TRANSPORT & LOGISTICS
TRANSPORT & LOGISTICS
Jurong East Bus Interchange
STARTUPS
ARROWBIOME HUNTS HARMFUL BACTERIA WITH PRECISION TOOLS
ArrowBiome has pioneered selective bacterial targeting and killing in humans to help treat diseases including skin conditions caused by bacteria such as acne and body odour, to promote gut health, and ultimately to tackle antimicrobial resistance.
“[When it comes to] skin microbiomes, people add more stuff to the microbiome as a solution like prebiotics, probiotics, or postbiotics,” Boon Chong Goh, founder and CEO at ArrowBiome, told SingaporeBusinessReview. “At ArrowBiome, we do the opposite. We remove the harmful elements instead of adding more and [our] one-of-a-kind technology enables us to do that.”
The Singapore startup’s technology works with an antibacterial protein called lysin, which was relatively underexplored when Goh started developing this technology six years ago.
Goh noted that lysin kills bacteria very quickly — within 10 minutes — and eliminates more than 90% of the bacteria, “essentially popping them like a balloon.” It is also highly selective, targeting only the bacteria you want to kill.
“And third, bacteria have a hard time developing resistance to lysin,” Goh said.
"Our antibacterial proteins are highly selective and effective,” he said. “We're looking at a dosage of just 0.01%, which is, frankly, mind-blowing. When you compare that to something like benzoyl peroxide, which is used at concentrations of 5-10%, 0.01% is almost unheard of.”
Solving antimicrobial resistance
The startup co-founder also claims that the proteins are safe and sustainably produced using synthetic biology.
“[Our] technology can be a promising alternative to antibiotics, and we can also use that to solve the global unmet medical need of AMR (antimicrobial resistance), [which will have] caused 10 million deaths by 2050 if there was no intervention,” he said. Antimicrobial resistance could lead to an additional $1.3t (US$1t) in healthcare costs by 2050, according to World Bank estimates.
The biotechnology startup, founded in 2022, currently focuses on the personal care market, where its ingredients can deliver immediate benefits to consumers. This includes skincare and deodorant products.
They create customised proteins for business-to-business suppliers in the cosmeceutical — cosmetic products with bioactive ingredients purported to have medical benefits — space. These proteins are used as the active ingredient in the products these manufacturers make.
“We supply to ingredient manufacturers and specialty chemical companies, who can then do some formulation for their own products or provide them to others who create their own brand,” Goh said.
Quocia creates a social media buzz for SMEs
Quocia AI Pte Ltd has developed an artificial intelligence (AI)-powered social media marketing tool that helps small and medium enterprises (SMEs) expand their online presence at a low cost.
Quocia provides customers a content direction for the business to quickly create a video to accompany the scheduled post that can be shared across eight social media platforms, including TikTok, Facebook, Instagram, and YouTube for $118 (US$88) a month.
Small businesses must answer five simple questions. The answers help the platform generate a “brand brief” for market analysis and hashtag research to develop a personalised strategy. The entire process takes just three minutes.
“Quocia has this [feature] called Q-Chat,” Daniel Yew, founder and CEO at Quocia, told Singapore Business Review. “It plays the role of a social media agency's account manager. You can talk to it about your strategy… and it will adjust it for you. After that, you will have new automated posts tailored to what you're trying to achieve.”
The social commerce market in Southeast Asia was valued at $45.7b (US$34b) in 2022 and is expected to reach $56.5b (US$42b) by 2025, driven
UTILITIES
by rising middle-class incomes and the rise of digital influencers, according to a May 2024 report by Zilio International Consulting Group.
Southeast Asia is emerging as a global leader in social commerce, where social media platforms not only entertain but also facilitate buying and selling directly, according to marketing agency Comms8.
“I know someone who uses a social media agency and pays $3,000 for three posts a day,” Yew said. “Quocia will do this for you across seven, eight different platforms, delivering as many posts as you want. There's no comparison when it comes to price and productivity.”
The startup also allows project collaboration, where several users can work on a single project, allowing businesses to manage their workflow more efficiently.
Aprisium battles global water crisis in real time
Singapore start-up Aprisium is helping companies and governments respond quickly to water and solid waste contamination at the first sign of trouble using tech that also helps industries go green whilst boosting profit.
The startup’s internet of things (IoT)enabled analyzers monitor contaminants in water and solid waste across municipal, industrial, commercial, and agricultural sectors, using artificial intelligence (AI) algorithms that process data in real time.
The machine learning models of the company, which was set up in 2021 to help address the global water crisis and worsening environmental pollution, also analyse historical data to predict future contamination risks or water quality issues. Aprisium’s proprietary technology in electrochemistry can detect
organic pollutants such as polychlorinated biphenyls (PCB) and polycyclic aromatic hydrocarbons (PAH), which are used in industrial and commercial products.
“We are one of the first companies in the world to deliver an analyzer which can detect PFAS at source in 40 minutes, as against weeks, months, and so on,” CEO Raghav Narayan said.
Daniel Yew, Quocia founder and CEO
ArrowBiome founders Boon Chong Goh and Maurice van Steensel
MEDIA & MARKETING
The Aprisium team
Cheng Chung Design blends ‘decaffeinated’ comfort into workplaces
The Chinese interior designer’s headquarters was designed to resemble a home for comfort.
Completed in just 75 days, Cheng Chung Design’s (CCD) new Singapore headquarters embodies its philosophy of blending artistry with comfort. The office’s “decaffeinated” concept creates a calm, home-like atmosphere, breaking away from the stereotypical clean or concrete architectural offices.
“When you walk into the office, you feel calm, as if you're in your own home. Our founder didn’t want the stereotypical architectural office, which is often very clean or concrete; he wanted it to be lifestyle-driven,” Aldwin Ong, senior vice president at CCD, said.
Its founder, Joe Cheng, loves cars, and many office elements, sculptures, and accessories reflect his lifestyle.
“We have a landscape gallery, where we showcase nature. We also have the galley, which is essentially where people gather around to eat,” Ong added.
The headquarters also features a book bar with an extensive wine collection surrounded by books, along with an interactive TV used in meetings. Designers can also work here. “So it's not just spaces that you see in your home; they have been converted to suit our needs.”
To reflect Singapore’s reputation as a garden city, CCD incorporated landscape designs and cultural elements inspired by Peranakan heritage and colonial-era shophouses.
“We want to emphasise that landscape is art, which is our DNA,” Ong said.
1 Work-life balance is thoughtfully integrated into the design, with the carefully curated Galley connected to the workspace.
2 The Art Gallery reception featuring a curated art display and an eclectic mix of furniture styles, creating a striking yet welcoming atmosphere.
3 A fusion of lifestyle appreciation and design creativity is showcased on the Wall of Fame, presenting unique interpretations of our mood boards.
4 Ivory screens provide both daylight transparency and privacy, framing picturesque views of Singapore's urban landscape.
5 Pockets of lounge spaces provide cozy discussion spots for designers, featuring a harmonious blend of art, books, and plants.
6 The Galley is thoughtfully designed with a complete line of luxe components, featuring state-of-the-art induction cookware.
Aldwin Ong
more than 410 projects 95% MABR market share
across 5 contients
World’s Highest Altitude MABR + MBR system
Largest High Altitude MABR WWTP World First MABR wastewater treatment in Nuclear Power Plant
Maybank adds ‘Instagrammable’ events café to its latest lifestyle branch
The Malaysian bank’s newest branch has a bright space that brings a sense of tranquility.
Maybank Singapore Ltd. has opened its second lifestyle banking space with a café that will double as a venue for workshops, seminars, and gatherings for customers.
“A lot of banks are closing branches, they have been downsizing,” Adam Tan, head of Community Financial Services at Maybank Singapore, said.
“But for Maybank, we have been keeping our branch premises intact, largely because we believe that the branches are the place for our customers to engage with us. It's a place for high-value transactions,” he added.
The newest branch of Maybank Singapore, which has the most branches amongst foreign banks in Singapore at 18, features Joe & Dough, which serves both breakfast and lunch.
It also has a grand piano that autoplays music at the lounge.
“It's our key touchpoint with our customers, and that's the differentiating part of Maybank — we're not shy in investing a bit to make the branch a more welcoming space,” Tan said.
“We also have alfresco dining. We can now accommodate even more customers, especially those who enjoy the warmer outdoor environment. They can enjoy their coffee there,” he added.
The expanded space of MSpace@Maybank Tower offers enough room to host events. “We can easily accommodate 30 to 40 people for small seminars, ranging from lifestyle events to financial and investment talks,” Tan added. The lifestyle branch is also friendly to people with disabilities.
1 The new “Instagrammable” branch also features sustainability-focused designs.
and
The cafe space doubles as an event space for workshops, seminars, events, and gatherings for customers.
MSpace@Maybank Tower is one of the bank’s 18 branches across Singapore.
Adam Tan
The glass windows allow for more natural light to enter.
Lunch
dinner is served at Joe & Dough.
INDUSTRY INSIGHT: HEALTHCARE
Telemedicine providers under fire for unethically short consultations
One provider had its license suspended for doing 1-minute consultations.
Singapore should mandate a fiveminute minimum for first-time telemedicine consultations after patient safety and care were put in the spotlight with the possible revocation of a local clinic’s licence due to unethical practice.
Shin Thant Aung, director at management consulting firm YCP's Thailand office, said five minutes aligns with the average length of faceto-face consultations and should be enough for an accurate diagnosis.
For second or third-time consultations via telemedicine, the minimum duration could go down to three minutes, he added.
The Ministry of Health (MOH) In 2024 said it would revoke the licence of MaNaDr Clinic Pte Ltd for failing to provide outpatient medical services in a clinically and ethically appropriate manner. The agency probed the clinic for its short teleconsultations, with some lasting less than a minute.
It also said it would refer 41 doctors who conducted teleconsultations for MaNaDr to the Singapore Medical Council (SMC) for possible professional misconduct.
Issuing medical certificates
Beyond the issue of consultation duration, Shin said the MaNaDr case exposed flaws in the issuance of medical certificates by telemedicine providers, adding that there should be “very strict control” over it.
One issue raised by the Ministry of Health against MaNaDr was its frequent issuance of medical certificates to the same patients within a short period.
“People are turning to telemedicine because they want a medical certificate at the cheapest cost. The issue is, how long do telemedicine providers need to understand the patient’s symptoms before they can issue the medical certificate?” Shin told Singapore Business Review. Before issuing a medical certificate, Shin said telemedicine providers should conduct thorough consultations. Telemedicine should
How long do telemedicine providers need to understand the patient’s symptoms before they can issue the medical certificate?
not be limited to one-minute calls, nor should it be conducted without video or phone calls, or symptom checks.
Ruch De Silva, head of Patient & Payor Solutions and M&A lead at DKSH Patient Solutions, said telehealth should be integrated with in-person care to ensure accurate consultations and findings during online checkups. “Some telemedicine platforms do not provide a designated doctor for their user. Instead, doctors are randomly assigned on an ad-hoc basis,” he pointed out.
“Integrating telehealth with inperson care enables continuity and familiarity in the patient-provider relationship,” he said.
“Patients who can see the same doctor both virtually and in-person build stronger, ongoing relationships with their healthcare providers.”
Optimising telemedicine
An integrated telehealth system also distributes patient demand more effectively, reducing the high virtual consultation volumes that often lead to doctor burnout, De Silva said. “Inperson visits can be reserved for more complex cases or follow-ups, creating balance and helping providers manage their time more effectively, reducing fatigue and stress.”
Shin said health facilities should also
improve the documentation process in telemedicine, noting that many doctors rely on handwritten notes and paragraph-based format during consultations, instead of standardised templates for patient records.
He said telemedicine providers should use dedicated documentation software systems rather than having doctors rely on Microsoft Word for note-taking.
Meanwhile, both the state and the industry should hold audits and inspections at least every six months to ensure compliance with standards, Shin said.
The gaps exposed by the MaNaDr case stemmed from insufficient protocols, not regulatory shortcomings, according to De Silva and Shin. Singapore’s telemedicine regulations are amongst the strictest globally and align with international standards, they pointed out.
The MaNaDr case could affect the growth of telemedicine but would ultimately lead to better quality of service, Shin said.
De Silva said the government’s “rigorous enhancement of standards and quality control within the telemedicine industry should serve as a reflection to the high standards that telemedicine providers must be able to reach.”
Ruch De Silva
Shin Thant Aung
REIT listings may boost Singapore IPO market in 2025
A central bank plan to cut listing costs could enhance the city-state’s market appeal.
Singapore may experience increased listing activity this year after a slow 2024, with real estate investment trusts (REIT) driving the growth, analysts said.
Expected REIT listings in Singapore include Praemia REIM France and Japan’s Nippon Telegraph & Telephone Corp., which is weighing plans for a late-2025 debut of its global data centre REIT.
“There seems to be a renewed focus on REITs in Singapore,” Darren Ng, a transaction accounting support partner at Deloitte Singapore, said in an initial public offering (IPO) report for Southeast Asia. “As global interest rates stabilise, investor appetite for income-generating assets like REITs is expected to strengthen.”
The impact of interest rates is evident from the iEdge S-REIT Index's 1.7% rise after a 50 basis-point policy rate cut by the US Federal Reserve. Analysts expect three rate cuts from the US central bank in 2025.
S-REITs could benefit if these cuts play out, according to brokerage CGS International Securities Pte. Ltd.
Danny Wan, head of Strategy for Asia-Pacific at Capco, cited “a significant uptick” in REIT listings in Singapore.
There were 40 listed REITs and property trusts in Singapore as of August 2024, according to the REIT Association of Singapore.
S-REITs account for 12% of the Singapore Exchange’s market capitalisation, with a market cap that has grown 6% annually in the past decade.
Wan said a plan by the Monetary Authority of Singapore to cut listing costs could boost the city-state’s market appeal.
“Together with the initiatives intended to drive activities and buzz, we look forward to continued relevance, enhancements and added vibrancy to Singapore’s equities market,” said Chan Yew Kiang, IPO leader for ASEAN and Singapore at Ernst & Young.
Apart from REITs, Singapore’s IPO market is full of midand large-cap stocks from the property and manufacturing sectors, he pointed out.
Wan said consumer goods, healthcare, and technology would continue to be bright spots. SCI Ecommerce Pte. Ltd., which spans the tech and consumer goods sectors, is set for a mid-2025 listing on the Singapore bourse.
Wan expects Singapore to keep its status as a hub for ASEAN (Association of Southeast Asian Nations) markets and economies after being the worst-performing Southeast Asian market in the first half of 2024, with just one mainboard listing from the Singapore Institute of Advanced Medicine Holdings Pte. Ltd.
The listing boosted Singapore's IPO market capitalisation to $231.8m in the first half of 2024 from $136.6m a year earlier, according to CSA Global TS.
Wan is keeping a positive outlook for 2025, forecasting higher market activity and listings amidst expected interest rate cuts from many central banks. “Stability in macroeconomic and geopolitical environments will increase market confidence,” he said.
Chan said he expects increased IPO activity next year as interest rates ease and companies prepare for regional growth.
DEAL #1: JAPAN'S NIPPON TELEGRAPH & TELEPHONE CORP. IS WEIGHING PLANS FOR A LATE-2025 DEBUT OF ITS GLOBAL DATA CENTER REIT
DEAL #2: SCI ECOMMERCE PTE. LTD., WHICH SPANS THE TECH AND CONSUMER GOODS SECTORS, IS SET FOR A MID-2025 LISTING
Darren Ng
Danny Wan
Chan Yew Kiang
7002 AMK
7002 Ang Mo Kio Avenue 5, S(569914)
7002 AMK is a brand new 8-storey high-specifications industrial building.
This new block comes with an impressive ceiling height of up to 8.40 metres*, a high floor loading capacity of up to 25kN/sqm*, and a power station to cater to your needs, which makes it ideal for high-tech and high-value manufacturing tenants.
Strategically located within the AMK Industrial Estate with excellent visibility from the main road of Ang Mo Kio Avenue 5, 7002 AMK is within walking distance from the bus stop, and well-connected to major Expressways. *Varies with floor
Accessibility
Well-connected to major Expressways such as CTE, TPE, BKE and PIE
9 mins drive to Ang Mo Kio MRT Station
Less than 3 mins walk to bus stop
INDUSTRY INSIGHT: HEALTHCARE
What aged care homes can change to support seniors' well-being
Their services are routinary and not personalised mainly due to resource constraints.
Most nursing homes barely feel like a home and are mostly perceived as a healthcare assembly line, failing to attract ageing Singaporeans who prefer to stay home and live independently.
“There’s limited customisation to meet residents' psychosocial needs,” Phyllis Tan, head of Nursing at Allium Care Suites, told Singapore Business Review. “Care is also often routinised, lacking a person-centred approach due to resource constraints.”
A fifth of Singapore’s population is aged 65 and above, and this is expected to increase to 24.1% by 2030, according to the National Population and Talent Division. A study by the Singapore Management University found that eight in 10 elderly Singaporeans prefer to stay home as they age.
“As our population ages, ensuring this option (nursing homes) is safe and sustainable through integrated resources and support systems is crucial,” Tan said.
Caregiver burnout
As more elderly Singaporeans prefer to stay home, the industry should also address gaps in caregiver training, burnout, and communication barriers, said Vincent Wong, cofounder at Anglo Caregivers.
Stay-at-home caregivers, who usually have one or two rest days a month, often suffer physical and emotional burnout, he added.
“A common situation is not having enough sleep or rest,” Wong said. “A live-in caregiver has to be by the elderly’s side day and night compared to part-time ones.” he pointed out.
Wong noted that some domestic helpers and caregivers lack both the skill and patience to deal with elderly patients. “Some problems we commonly hear include the inability of the current helper to pick up tasks, despite multiple training with nurses and physiotherapists in the hospital.”
“Our viewpoint is that training is important,” he said. “However, as caregiving is demanding and
complex, sometimes even with training, it might not work out.”
Wong said Anglo Caregivers has started recruiting experienced foreign domestic caregivers, particularly those who can speak Mandarin or English. “It’s easier than training inexperienced ones.”
The local industry could draw inspiration from best practices overseas to foster discussions between caregivers and seniors and improve service, said Janice Chia, founder at Ageing Asia Pte Ltd.
On the other hand, providing emotional support to seniors may be more complicated. “Some may require it immediately, whilst some may seek it years into their caregiving journey,” she said.
“Singapore has organisations dedicated to this,” Chia said. “The key now is to raise awareness about the resources already available.”
Technology to the rescue
The early adoption of new technologies has led many assistedliving facilities in the city-state to tackle individual issues without addressing the bigger picture of aged care, EZ Bala, CEO at Alphind Healthcare, said.
“For example, electronic health records are designed for episodic care,” he said. “This results in a limited view of the patient's health.”
Whilst the city-state is known for
coordinated transitions between hospitals and home care services, Bala said electronic health records do not contain information about diet, the environment, and personal lifestyle. “We need to integrate additional information from other systems.”
Despite aged care facilities’ fragmented environment, Bala expects the emergence of one seamless platform that will integrate individual solutions. “This integration could be driven by government regulations and standardisation on how different systems communicate with one another.”
He cited the need for 24/7 monitoring and privacy-protected solutions to track people even as they sleep. “Augmenting the workforce’s abilities and providing them with more efficient, user-friendly workflows would be the first step to improving the care system.”
Tan cited the use of wearable health devices and robotics, including emotional support companions and automated medication dispensers. “This will help allow for timely interventions while keeping seniors’ independence.”
Hospitals can also invest in telehealth services and remote monitoring and share medical information with primary care providers and community care teams, said Chia.
Eight in 10 elderly Singaporeans prefer to stay home as they age
EZ Bala
Vincent Wong
Phyllis Tan
INDUSTRY INSIGHT: RETAIL
Chinese fine dining finds its next course in Singapore
The city-state’s high spending power and big Chinese commune make it an ideal entry point in the Southeast Asian market.
Once dominated by casual Chinese eateries and cafés, Singapore’s streets now feature a growing number of fine dining restaurants from the Mainland.
The opening of Yong Fu, Chamoon Hotpot, and Sushi Zen in 2024, along with KUN's debut in 2023, is a testament to the growing number of fine dining restaurants in Singapore.
Joceline Yong, a Singapore-based analyst at Canvas8, said the growth is tied to the drop in luxury spending in China.
'“Luxury spending is on a downward trend in China, including in the fine dining sector," Yong noted.
A more attractive market Singapore’s status as a business hub, coupled with its safety, governance, and popularity amongst Chinese expatriates and locals, makes it an ideal entry point, Yong said.
“More Chinese companies have come to Singapore, especially in the last five years,” Joongshik Wang, AsiaPacific leader at EY-Parthenon, told Singapore Business Review. “Singapore provides the most transparent and business-friendly environment in the world, with tax benefits and government support to help companies grow in the region.”
He added Singapore’s financial, logistical, and cultural advantages make it an attractive base for companies seeking to expand in the region.
Singapore's high spending power and growing Chinese community make it an ideal market for testing new products, Savills Singapore Pte Ltd said in a report in August.
In 2022, the expansion of Chinese F&B brands accelerated as the market recovered from the pandemic, Savills said. Following the success of Chinese hotpot chains, brands that specialise in hot and fragrant pots — known for their spicy and numbing flavors from Sichuan peppercorns and chili peppers — have become more popular in Singapore.
Chinese coffee and tea brands like Heytea, Mixue, ChaGee, and Luckin Coffee are also rapidly expanding in the city-state.
Its large Chinese population also plays a crucial role in the success of Chinese F&B brands, Wang said, noting that 70% to 80% of Singaporeans are of Chinese descent. “Singaporean lifestyle and expectations on products are always top-notch, which means Chinese brands can test their quality and brand power in Singapore.”
He noted that if a Chinese F&B brand succeeds in Singapore, it is likely to appeal to the broader Chinese community across Southeast Asia, which has 700 million people.
Standing out
To stand out in Singapore’s competitive food scene, Chinese fine dining brands offer a distinctive experience for local and expatriate tastes, Yong said.
Yong Fu has introduced the lesser-known Ningbo cuisine, whilst KUN has reimagined Sichuan flavours with an omakase-style dining experience, diverging from the communal meals typical of Singapore cuisine.
“Chinese fine dining F&B concepts like Yong Fu and KUN that have recently entered Singapore’s dining scene are standing out by offering a unique, exclusive, and novel experience for diners,” Yong said.
“Brands like Chamoon Hotpot have launched Singapore-exclusive items like a mala broth and KUN has likewise adapted some of its dishes to suit local palates, but the heart of the brand’s offerings still needs to tie back to its roots,” she added.
Chinese fine dining F&B brands are thus looking towards overseas expansion to offset the challenges they are facing in China’s domestic market
Yong added that Chinese F&B brands could hire Chinese-speaking staff in the city-state, whose strong base of ultra-rich people and corporate clientele generates demand for an upscale dining experience.
Still, Chinese fancy restaurants face stiff competition from both local and regional rivals, along with a manpower shortage and high operational costs. “Diners in Singapore have a wide range of choices, so brands must offer a compelling, differentiated experience,” she added.
Chinese food and beverage brands should prioritise authenticity, exclusivity, and premium quality to sustain growth, Yong said. They also should distinguish themselves through cultural heritage.
They also need a thoughtful pricing strategy, as rising operational costs have prompted several fine dining brands to shift to more casual, lower-priced options. “Brands will need to ensure that they offer pricing options that are palatable and perceived as providing sufficient value for money to diners.”
New concepts like Yong Fu and KUN stand out in Singapore's dining scene with unique and exclusive experiences
Joongshik Wang
Joceline Yong
Global investment opportunities powered by Regional Investment Center of Souss Massa
Spearheading initiatives to attract investors, support green growth, and enhance competitiveness.
Situated in central Morocco, the Souss Massa region is redefining itself as a premier investment destination, blending its economic potential with a commitment to sustainable development and a high quality of life.
Souss Massa benefits from robust infrastructure, abundant natural resources, and government-backed incentive programmes that make it a magnet for investors. Subsidies covering up to 30% of investment amount, national incentive, regional incentives (land, equipment, and employment), industrial acceleration zones, and a supportive entrepreneurial ecosystem offer businesses unparalleled growth opportunities.
This unique combination of professional opportunities and lifestyle appeal continues to attract both domestic and international investors, positioning Souss Massa as a leader in sustainable economic development.
At the heart of Souss Massa’s economic transformation is the Regional Investment Center of Souss Massa (CRI SM). As a public institution, CRI SM’s primary mission is to execute government policies to foster development and attract investment in the Souss Massa region and position it as a dynamic and competitive destination for domestic and international investment.
Innovative investment strategies
Acting as a one-stop shop, CRI SM ensures a seamless journey for investors from project inception to execution and completion.
“Singapore businesses can draw valuable lessons from our approach to regional
development, which prioritises close collaboration between public and private stakeholders,” the institution said. “By focussing on tailored support services and creating a businessfriendly ecosystem, we ensure that investments are not only initiated smoothly but also thrive sustainably in the long term.”
The organisation’s dedication to efficiency and innovation has positioned Souss Massa as a globally competitive investment destination. Singaporean businesses, in particular, can draw valuable lessons from CRI SM’s approach to regional development.
CRI SM offers a comprehensive suite to support investors and streamline the investment process. These include personalised assistance for navigating administrative procedures, dedicated project support to meet unique business needs, and digital transformation initiatives that reduce delays and enhance transparency. CRI SM also promotes the region’s assets and provides investors with detailed market intelligence, enabling them to make informed decisions.
A key pillar of CRI SM’s approach is sustainability. The organisation has launched several initiatives to encourage sustainable development, including the “Investment Opportunity Guides,” which detail 80 regionspecific projects focussed on renewable energy, agri-business, automotive, mining, and tourism. The Atlas Original meanwhile provides an in-depth overview of the region’s economic dynamics, identifying opportunities for green growth. Additionally, the Financing Platform connects investors with funding for sustainable projects and guides on industrial and tourism land to promote responsible development practices.
CRI SM also engages the diaspora through its Welcome Home Guide, encouraging
community-driven, sustainable project investments, and operates a Conciliation Platform to resolve conflicts amicably.
“Through these initiatives, CRI Souss Massa empowers investors to contribute to the region’s sustainable economic growth whilst aligning with Morocco's broader green development objectives,” CRI SM said.
In 2023, CRI SM facilitated 519 investment projects, totalling AED15.3b and creating approximately 14, 000 jobs. The region’s industrial sector accounted for 57.43% of these projects, followed by tourism with 21.78% and mining with 4.7%. Key successes include leading German automotive supplier LEONI and major medical manufacturing player Meditech Gloves. These projects were made possible by CRI SM’s proactive engagement and support throughout the entire process. These achievements highlight Souss Massa as a prime destination for investment and business growth, with its business-friendly environment, seamless administrative processes, and robust collaboration between the public and private sectors.
Shaping Souss Massa’s future
Looking to the future, CRI SM is committed to further enhancing the region’s investment appeal through focussing on several strategic initiatives. These include expanding digital platforms for real-time updates to investors, developing world-class industrial zones and logistical infrastructure, and promoting high-potential sectors such as renewable energy, agribusiness, automotive, pharmaceutical industry, metallurgy, and tourism. CRI SM also aims to strengthen international partnerships to attract foreign direct investment and encourage businesses to integrate sustainability and innovation into their operations.
By fostering an ecosystem where businesses can thrive and contribute to long-term economic stability, Souss Massa continues to drive the region’s transformation into a global investment hub, shaping Morocco’s economic future and setting a benchmark for regional development worldwide.
We ensure that investments are not only initiated smoothly but also thrive sustainably in the long term
Kenza Gassib, Director of CRI Souss-Massa
10 best ways to invest in 2025
Analysts are not too worried about the impact of US tariffs.
Singapore investors are likely to weigh another round of trade wars between the world’s biggest economies, Asian currencies’ potential rally, and Hong Kong and China’s strong tech sectors in what is shaping up to be a “year of volatility,” analysts told Singapore Business Review
Despite the expected trade uncertainty — fanned by incoming US President-elect Donald Trump’s threat to raise tariffs against China, Canada, and Mexico — most analysts are not too bothered by Asia’s chances this time around.
“We’re tempted to be pretty sanguine about the impact of tariffs,” Mel Siew, a portfolio manager at Muzinich & Co., said in an interview. “The Asian region has got very strong fundamentals. You can make a case that there should be a pretty limited impact as well this time around, despite the initial reaction and volatility.”
Asian equities and currencies would probably perform well, according to analysts.
In Singapore, industries such as fintech, digital assets, and green technologies are rapidly expanding, driven by strong government support, innovation hubs, and regulatory clarity, said Khai Lin Sng, co-founder & chief investment officer, Alta Alternative Investments.
Here are some investment ideas for the next 12 months.
Idea 1: Sell Li & Fung and peers
Despite their more upbeat outlook for the US-China trade situation, analysts still cautioned against companies in sectors that may be caught between the trade wars.
“Li & Fung is a clear sell,” Daniel Tan, a portfolio manager at Grasshopper Asset Management, told Singapore Business Review
The Hong Kong-based supply
chain company endured a sell-off at the height of the US-China trade wars in 2018 and went private in 2020. “I will have that positioning preference for similar quality names in a similar industry,” he added.
Investors should shun sectors sensitive to international trade, Ross Maxwell, global strategy operations lead for online trading platform VT Markets, told Singapore Business Review
“This will be more sensitive as Hong Kong draws closer to mainland China and becomes more aligned with its economy,” he added.
Idea 2: Asian currencies are solid Asian currencies are expected to rally this year.
“In the long run, we anticipate an appreciation of Asian currencies, driven by additional stimulus from China, which is likely to draw new capital inflows into the region, along with improving macro fundamentals in ASEAN (Association of Southeast Asian Nations) and India,” said Alfred Mui, managing director and head of Asia Fixed Income Investment Management at HSBC Global Asset Management.
Tan said the currency and bond rallies could extend to emerging markets globally. “On the longer term basis, [we see a] potential for equity rally within emerging markets. Some of the countries that we like are India, China, Colombia, China, Indonesia, [and] the Philippines.”
Mui said Asia’s fixed income markets including currencies are less volatile than those in emerging global markets. “This stability, coupled with an attractive durationinsulated carry, provides essential insulation against rising global market volatility.”
Idea 3: Private equity poised for
growth
Private equity is poised for a dynamic year, with pent-up demand and strong financing conditions likely to catalyse deal-making, particularly in the US and Europe, Sng told Singapore Business Review. “Growth-oriented investors can look to buyout, growth, and venture strategies, with sectors like software, technology, and services
Singapore banking stocks may be a good place to hide from market volatility
Mel Siew
Daniel Tan
offering attractive opportunities,” she said. “These areas are primed for innovation and expansion, creating significant value for long-term investors.”
On the other hand, investors may want to be cautious in industries facing regulatory uncertainties, such as cryptocurrencies. “Additionally, sectors heavily reliant on global supply chains like manufacturing may be more vulnerable to geopolitical tensions and trade disruptions,” Sng said.
Idea 4: Singapore banks a good hiding place
For the truly cautious: Singapore banking stocks may be a good place to hide from the market volatility expected from Trump version 2.0 and shifting expectations about the US Federal Reserve’s next moves.
United Overseas Bank Ltd. (UOB), Oversea-Chinese Banking Corp. Ltd. (OCBC), and Development Bank of Singapore Ltd. (DBS) expect potentially low earnings in 2025, RHB Bank Berhad said in a November 2024 report. The three banks offer a dividend yield of 5.6% for the next 12 months.
Of the three, DBS offers dividend safety given its guidance for a fixed step-up in absolute dividend per share, whilst OCBC and UOB may offer higher dividend per share of earnings in 2025 turn out to be better.
Idea 5: Lucrative HK tech sector
Venture capitalists targeting tech development and unicorns in Hong Kong and the Greater Bay Area offer attractive investment opportunities in 2025, Maxwell said.
He cited Hong Kong government efforts to develop Cyberport and Science Park as it tries to become a fintech hub. “As such, fintech startups or established companies that are looking towards digital transformation can offer potential lucrative investment opportunities.”
Tech startups that focus on artificial intelligence (AI) and biotechnology also offer good opportunities. So do companies in digital payments, blockchain, and cybersecurity.
Idea 6: BYD over Tesla; China tech in general
Apart from Hong Kong, China’s tech space is another solid pick.
Tan cited China’s electric vehicle (EV) industry, and prefers the stock of car brand BYD over Tesla, which he said is overvalued.
The Asian region has got very strong fundamentals
“I don't really like where Tesla is trading,” he said. “EV as a whole has been rallying too much, [and] poised to sell off early in 2025 or throughout the whole year.”
Siew, meanwhile, cited the Chinese tech space for its strong balance sheets. “Because of its small-ticket consumption… [consumers] don’t have the hesitancy to spend,” he said, adding that tech companies have logged strong year-on-year growth.
China had 369 technology unicorns with an average value of $3.8b as of April 2024, the second-biggest in the world, according to data from the World Economic Forum (WEF).
Idea 7: Steer clear of the Hong Kong dollar
Since the Hong Kong dollar is pegged to the US dollar, its interest rates generally follow those set by the US Federal Reserve, reducing the flexibility of the Hong Kong Monetary Authority in setting policy rates. This opens it up to risks from global inflationary pressures and rate fluctuations, Maxwell said.
Idea 8: Ride the easing cycle with bonds
Trump’s tariff obsession will elicit some knee-jerk responses in the investment space in the early days of his second term. Overall, Asian investment-grade bonds will see little impact, just like in 2018, Siew said.
The rate-easing cycle by central banks across the globe is expected to
DBS offers dividend safety given its guidance for a fixed step-up in absolute dividend per share
Hong Kong's push to develop its Science Park into a fintech hub presents lucrative opportunities
Alfred Mui
Ross Maxwell
Khai Lin Sng
continue next year, and bonds stand to benefit. When interest rates fall, bonds are more profitable than other investments, so bondholders can sell them at a premium.
The 20-year bonds look particularly promising, and were giving 4.7% in returns in late November, Tan said.
“The front end of the curve, short-dated bonds, look best-placed, particularly in an Asian context versus the US,” Siew said. “That is where we see some pickup in Asian credit spreads over the US.”
High-coupon bonds can also be appealing. “High-coupon bonds will surprise people in terms of returns they can generate over other investments, particularly, say, longer maturity bonds and tenor bonds that have high headline yields but generate low income because they have low coupons,” he added.
Idea 9: Never too late to turn green Exchange-traded funds dedicated to sustainable practices, green bonds, and companies investing in renewable energy infrastructure in Asia may also offer attractive investment opportunities.
“Global efforts to combat climate change will offer opportunities in the renewable energy sector and a focus on a company’s environmental and social criteria can give clues for longterm returns,” Maxwell said.
The shift toward cleaner energy and decarbonisation through investment in solar, wind, and hydrogen would continue to be a predominant theme in the second half of the decade, the VT Markets expert added.
Allocations to transition finance, climate adaptation projects, and natural capital investments are gaining traction, Sng said.
Idea 10:
Be cautious of oil commodities
Analysts are bearish for oil commodities in 2025. J.P. Morgan Commodities Research forecasts Brent to decline to $60 per barrel by the end of next year.
Crude oil prices have soared amidst war in the Middle East. But even then, prices have remained pretty stable, averaging at $70 to $75 a barrel, Siew said.
“If suddenly, you were to get ceasefires in place, and especially with the US being more focused on its energy self-sufficiency, what does that mean for oil prices? We’re cautious on that commodity,” he said.
There is also likely to be an oil oversupply in 2025, Natasha Kaneva, head of Global Commodities Strategy at J.P. Morgan, said in an October 2024 report.
“Price is a function of demand for oil inventory, which in turn depends on the willingness of users to either deplete or restock their holdings,” she said. “Given the anticipation of an oversupplied market in 2025, oil consumers have so far opted to wait, causing a dislocation of the oil price from its fair value.”
“However, shifting dynamics in the Middle East might create a greater urgency to replenish inventories, thereby realigning the price of oil with its fundamental level,” she added.
Singapore property a mixed bag
Analysts cautioned on investing in Singapore properties– and real estate investment trust (REIT) stocks — amidst still high interest rates.
“Property prices in Singapore have also corrected a fair bit this year, and rental yields are coming off,” Daniel Tan, a portfolio manager at Grasshopper Asset Management, told Singapore Business Review in an interview.
Regional REIT markets have underperformed in recent years, as higher interest rates ate into net income and reduced their chances of finding accretive investments, according to a report by PwC and the Urban Land Institute (ULI). Shareholders have sold down holdings of REITs that own traditional core assets such as office and retail properties.
But Mel Siew, a portfolio manager at Muzinich & Co., expects Singapore’s real estate sector to perform well as interest rates go down. He added that the citystate is unlikely to head toward an oversupply, which bodes well for its chances in 2025. That’s as long as demand remains stable.
It may be down to choosing which property types to invest in. For example, logistics and green infrastructure offer promise, according to said Khai Lin Sng, co-founder & chief investment officer, Alta Alternative Investments.
“Retail and office properties in oversupplied markets, particularly those heavily impacted by remote work and e-commerce trends, may see continued downward pressure on valuations and rental yields,” Sng told Singapore Business Review.
Prices of new homes are estimated to grow 2% to 4% next year, and resale prices by 4% to 7%, said Christine Sun, chief researcher and strategist for OrangeTee Group. Huttons Asia Pte. Ltd. CEO Mark Yip expects prices of all types of residential property to rise 4% to 7%.
This is a reversal from 2024, when prices dropped 0.7% in the third quarter from a quarter earlier — the steepest since the global COVID-19 pandemic.
Things are not so rosy for Singapore’s commercial property space. Growth prospects for the office rental market are weak due to concerns over increased office supply and a low capitalisation rate of about 3.4%, below borrowing costs of 3.94% as of the third quarter, according to PwC and ULI.
REITs in most jurisdictions still trade at sometimes significant discounts to net asset value, making them attractive buyout candidates for large private equity players.
Prices of new homes are estimated to grow 2% to 4% in 2025
Global crude oil inventories are the lowest on record since 2017
Source: J.P. Morgan Global Research - Commodities
Trusted Manufacturer, Distributor, Solution Provider and Integrator of IoT Monitoring Solutions
We are a trusted manufacturer, distributor, solution provider and integrator of IoT monitoring solutions for thermal, partial discharge, vibration and arc detection applications We specialise in end-to-end predictive non-contact thermal monitoring solutions and bring industrial IoT, Big Data and A.I. to organisations in any industry that needs real-time business insights
Mediation drives legal hiring growth in Singapore
Corporate and commercial law is also set to boost hiring in 2025 amid M&As.
Dispute resolution and international arbitration are fuelling legal hiring in Singapore, and the momentum is likely to continue into 2025.
Data from job portal foundit showed that as of end-September 2024, mediators accounted for 24% of jobs in the legal sector. Hiring in the legal sector rose 28% from a year earlier.
Stefanie Yuen Thio, joint managing partner at TSMP Law Corp., said the firm also reported growth in their dispute and international arbitration practice this year. The firm ranked 12th in terms of the number of legal professionals in Singapore, based on Singapore Business Review's survey.
Agnes Yee, executive director and legal practice lead at Kerry Consulting, attributed the growth in dispute resolution and international arbitration to Singapore’s push to become a leading arbitration hub. Singapore is seeking to establish an International Committee within the Singapore International Commercial Court to strengthen its international dispute resolution capabilities. The court will hear designated appeals
and related cases from specified foreign jurisdictions.
Growth in the practice in 2025 is expected to be particularly strong in international arbitration, according to Anurag Sinha, chief product and technology officer at foundit. He added that regulatory changes would drive demand for international arbitration.
Sinha said corporate and commercial law would grow next year with the expected surge in mergers and acquisitions (M&A), corporate restructuring, and crossborder transactions.
Thio said corporate and commercial law has been a strong sector for TSMP in 2024, particularly in M&A, driven by increased private equity fund deployment in the second half. As of end-September, the practice accounted for 32% of jobs in the legal sector.
Other key fields law firms hired for in 2024 included banking and finance (17%), tech & intellectual property (12%), real estate and construction (11%), and environmental and ESG (environmental, social and governance) standards (4%),
according to foundit.
Within these fields, Yee and Sinha said fintech, cryptocurrency regulations, technology law, cybersecurity, artificial intelligence ethics, data privacy, and sustainability and environmental compliance will see increased demand in 2025.
Attractive career paths
Sinha said firms should provide tailored career development programmes to support practitioners in fields like cryptocurrency law, AI regulation, and global arbitration.
“By providing specialised certifications and courses in these high-demand areas, firms can differentiate themselves from competitors,” he said, adding that these programmes could help firms attract more talent.
Law firms with clear and meritbased promotion criteria are also more likely to attract and keep talent.
Yee said having a “curated blueprint” for career trajectory could help legal professionals know where they can be years from now based on their performance.
Ten years ago, Yee said a junior lawyer could not be a partner within five years, but things have changed in the industry, and some firms have decided to take the performance of their staff into account.
TSMP is amongst those firms. According to Thio, TSMP takes “fasttrack promotion to partner seriously.”
“Our newly promoted partners this year, Leon Lim and Nanthini Vijayakumar, have both been with the firm since their traineeship,” she told Singapore Business Review.
Shin said formal mentorship programmes are important in keeping talent because they create “an environment where new hires feel supported and integrated.”
For younger talents, investing in legal tech is the way to go, Yee said.
“Legal tech has become an important attraction. Millennial candidates or the Gen Zs, they want to work in a smart and efficient firm.”
Sinha noted that legal tech such as AI-powered research tools, contract automation software, and e-discovery platforms boosts firm efficiency whilst also appealing to younger, tech-savvy lawyers seeking modern work environments.
The growth in dispute resolution to Singapore's push to become a leading arbitration hub
Anurag Sinha
Agnes Yee
Stefanie Yuen Thio
PROFESSIONAL SERVICES/LEGAL
LEGAL FIRMS SURVEY
LEGAL LUMINARIES
Singapore’s most notable lawyers under 40
In search of the best lawyers in the country, Singapore Business Review reached out to over 90 legal firms in Singapore. After rigorous review of all nominations submitted by firms, six women and 14 men made it to the final cut.
Agents in this year’s list come from Davinder Singh Chambers LLC, Dentons Rodyk & Davidson LLP, Donaldson & Burkinshaw LLP, Drew & Napier LLC, Harry Elias Partnership LLP, Herbert Smith Freehills Prolegis, Mishcon de Reya LLP, Rajah & Tann Singapore, Setia Law LLC, Tan Kok Quan Partnership, TSMP Law Corporation, and Withers KhattarWong. Leading the pack are Dentons Rodyk & Davidson LLP and Davinder Singh Chambers LLC with three representatives each. The youngest in this year’s list is also from Davinder Singh Chambers LLC.
This year’s awardees have served and advised big clients such as Temasek, Maybank, Morgan Stanley, Amazon, KPMG, Deloitte, Seraya Energy, BreadTalk, and Wee Hur Holdings.
This year’s awardees include a lawyer who represented a former minister in criminal proceedings and another who advised on Singapore’s first special purpose acquisition company (SPAC) listing.
3 Joshua Phang
TSMP Law Corporation
Joshua is known for his expertise in corporate litigation, arbitration, and shareholder disputes. He is defending KPMG against claims brought by Hyflux’s liquidators, and has acted in a $4b insurance merger conflict, and advised on cross-border regulatory investigations and defamation cases. His portfolio includes advising both investors and states on investor-state disputes and acting for major corporations, such as Deloitte in negligence claims. Joshua has also assisted directors in criminal proceedings and handled high-value cases involving multinational corporations.
in criminal litigation as well as commercial litigation and international arbitration. Her notable cases include representing a former minister, defending a former CEO in claims exceeding $690m, and assisting in a minority oppression claim involving the hundreds of millions of dollars. She has acted in matters involving complex legal issues and appeared before the High Court and Court of Appeal. Sheiffa also engages in community initiatives, such as mentoring programmes and pro bono efforts to support various communities.
4 Nguyen Vu Lan
Vu Lan specialises in litigation and international arbitration, with a wide range of expertise spanning from multi-million-dollar commercial disputes to trust and private wealth matters. His clientele includes high-networth individuals, multinational corporations, and major stakeholders in diverse industries. For example, he acted in one of Singapore’s largest trust disputes involving US$800m in assets. He also represented Seraya Energy Pte Ltd in a landmark liquidated damages case, successfully securing $30.8m for the client. Fluent in English and Vietnamese, he actively develops Vietnam-related legal networks and contributes to Singapore-Vietnam legal
Sumedha specialises in complex commercial and criminal litigation as well as international arbitration. She has acted in prominent cases, including representing a former minister in criminal proceedings, a foreign state in disputes over arbitral awards, and defending claims amounting to $4.7b claims involving allegations of fiduciary breaches and fraudulent trading. Sumedha also represented foreign companies in unjust enrichment claims for $35m. She has appeared in all levels of Singapore’s courts, including the Court of Appeal and the Singapore International Commercial Court.
5 Victoria Ting
Victoria, an Associate Director at Setia Law LLC, specialises in fraud and financial crimes, asset recovery, and regulatory investigations. A former Deputy Public Prosecutor and Senior State Counsel at Singapore’s AttorneyGeneral’s Chambers, she successfully prosecuted many significant fraud, bribery, money-laundering, and sanctions cases and acted for the state in asset forfeiture cases. She has also represented Singapore as a delegate at financial regulation forums such as the G7’s Financial Action Task Force. A Cambridge and Columbia graduate, she also contributes to anti-scam education and teaches trial advocacy at the National University of Singapore.
Nicole specialises in mergers and acquisitions, corporate transactions, and capital markets, leveraging her litigation training for a versatile approach. She has advised major Singaporean and global brands on investments, joint ventures, and acquisitions. Notable work includes representing Indonesia’s largest property developer in coal mine investments, and BreadTalk in its Food Junction acquisition. Nicole also advised Apollo on its investment in PanAsia Health Limited and KKR & Co. in its acquisition of a 20% stake in Singtel’s regional data centre business. She joined her current practice in 2022.
9 Desmond Ching 34, Drew & Napier LLC
Desmond is a commercial disputes and employment law specialist. He represented Singapore Airlines in securing the first reported extended civil restraint order in Singapore, defended AIA Singapore against a fraudulent life insurance claim, and acted in a S$165m SIAC arbitration for an electronics manufacturer. Currently, he represents a statutory board landlord in a major industrial lease termination case. His clients include global MNCs and highprofile entities like ByteDance, CapitaLand, Marina Bay Sands, and Ubisoft. Desmond also serves on dispute resolution panels and volunteers with legal aid organisations.
7
Rachel, a partner since 2024, combines private practice and public sector expertise in dispute resolution and restructuring. Her notable cases include discharging a worldwide freezing injunction for Tania Rappo, securing a moratorium for Warehouse Logistics Net Asia, and advising on Wirecard AG’s $2.7b fraud investigations. She has represented a Singapore commodities trader in Singapore International Arbitration Centre (SIAC) arbitration and acted as State Counsel in significant government cases, including one on legal costs. A mentor and volunteer, Rachel is committed to fostering legal talent and contributing to the community through legal clinics and
10 Lam Zhen Yu 34, Withers KhattarWong
Zhen Yu, a Special Counsel, specialises in restructuring, insolvency, and commercial disputes. He advises insolvency practitioners, creditors, debtors, investors, and investment funds. Notable cases include representing a customer-creditor and the liquidator of Zipmex Singapore to end a restructuring moratorium and to wind up the company, opposing judicial management for the Yang Kee Group companies on behalf of Maybank, and cases concerning advantages to creditors funding liquidators' recovery actions. Zhen Yu is fluent in Mandarin and has expertise in representing clients from Mainland China and Hong Kong.
Jaspreet, with 7 years of experience, specialises in dispute resolution, disciplinary matters, and international arbitration. He has acted as 2nd chair to Davinder Singh SC in high-profile cases involving high profile clients. Notable work includes litigation on behalf of a mining family from India who sought to recover trust assets amounting to over $300m, and defending professionals in disciplinary tribunals, including a deputy public prosecutor in connection with her conduct in a prosecution. Jaspreet has also advised foreign parties in arbitration related matters.
11 Tan Tien Wei 34, Harry Elias Partnership LLP
Tien Wei is a counsel in the Corporate and Financial Services Practice, specialising in mergers and acquisitions, funds, capital markets, and financial services regulation. He advises fund managers on structuring investment funds exceeding $50m. Notable transactions include advising Wee Hur Holdings on the divestment of its Australian student accommodation fund to GIC, Sun Venture’s acquisition of 71 Robinson Road property, and FLEETCOR’s acquisition of Associated Foreign Exchange. He also assists on initial public offerings and mandatory general offers for companies in the Singapore Exchange.
Chee Hian, head of Financial Services Regulatory Practice for the Herbert Smith Freehills Prolegis law alliance, specialises in financial regulations. He advises on financial licensing, product and business conduct requirements, change of control requirements, AML/CFT laws, and sanctions. He has guided institutions like Morgan Stanley, Baillie Gifford, Amazon, and Binance on various regulatory requirements and MAS licence applications. He has also handled investigations relating to financial institutions, such as employee misconduct and AML/CFT breaches, and has co-authored the AML/CFT best practices guide for ASIFMA.
Martin, a Dispute Resolution partner, specialises in commercial litigation and arbitration, often involving the law of agency, contract, equity, fraud, fiduciary duties, corporate governance, and joint venture. His successful track record includes representing the PNG Sustainable Development Programme in one of Singapore’s highest-value disputes. As an advocate and adviser, Martin has earned praise from the Chief Justice for his thoughtful submissions and from clients for his “ability to see through complex issues”. An active contributor to scholarship and the community, Martin graduated first class and received the Special Volunteer Award
13 Hong Chengyi 35, Dentons Rodyk & Davidson LLP
Chengyi, a partner in the Banking and Finance practice group, specialises in corporate banking, acquisition financing, and real estate financing, often involving cross-border transactions. He has advised lenders and borrowers on high-profile deals. Chengyi has recently acted on various development financings for Singapore government land sales at Clementi Avenue 1 and Pine Grove (Parcel B), financing for the en bloc acquisition of Shenton House and a sponsor’s loan for the recapitalisation of a Singapore-listed REIT. He represents local and international banks, financial institutions, corporates, and REITs in complex financing transactions.
16 Derric Yeoh 35, Donaldson & Burkinshaw LLP
Derric is the head of International Arbitration and Litigation and has expertise in investor-state, commercial, cryptocurrency, and sports disputes. He has represented Olympic athletes, sovereign states, listed companies, and high-net-worth individuals in high-value multi-jurisdictional disputes. Some of his notable cases include the seminal decision of BOK v BOL and another [2017] SGHC 316 which led to the development of the law of unconscionability in Singapore. Derric’s publications on arbitration topics are frequently cited and he was a former elected member of the Council of the Law Society of Singapore.
14 Cheryl Seah 35, Drew & Napier LLC
Cheryl is a director in the Corporate & Finance Department, advising Fortune 500 companies to startups on legal and governance issues concerning their use of AI. With her past experience as a legislative drafter in the Singapore Attorney-General’s Chambers (drafting legislation across areas such as infrastructure and transport, including autonomous vehicles), she is adept at navigating evolving legal landscapes. Cheryl regularly publishes on AI-related legal issues, with her work cited in a regulator’s report, and delivers talks on AI issues with private sector organisations, local and ASEAN regulators, and universities.
17 Vincent Sim 36, Mishcon de Reya LLP
Vincent, a managing associate specialising in tax and private wealth law, advises HNW and UHNW individuals and families on tax-efficient asset holding structures, estate and succession planning, and family governance. With experience in multi-jurisdictional tax complexities, immigration planning, and philanthropic structuring, he helps clients achieve their succession objectives whilst ensuring compliance with regulatory and tax obligations. Previously with Credit Suisse Trust, Vincent crafted bespoke trust arrangements for UHNW clients across Asia Pacific. He shares tax planning insights through articles and speaking engagements.
19
Yanguang, deputy head of Litigation, is an accomplished litigator specialising in representing state-owned entities, financial institutions, private equity funds and wealthy individuals in high-value, complex commercial disputes. Notable reported cases include representing clients in worldwide enforcement and setting aside of international arbitration awards, defending professional negligence claims in construction projects, prosecuting asset enforcement claims against high-net-worth individuals and conducting contractual litigation for private equity funds, MNCs, and financial institutions.
Jun Yi regularly advises private equity firms, sovereign wealth funds, listed companies, and MNCs in public takeovers, mergers and acquisitions, and joint ventures across Singapore, China, and the Southeast Asia. Recent transactions include advising EQT’s $1.47b acquisition of PropertyGuru, and Hanwha in its approximately $800m acquisition of Dyna-Mac. He has also advised on landmark transactions including the first SPAC acquisition in Singapore and first merger of two listed S-REITs by way of a trust scheme of arrangement. He also contributes to the Chambers and Partners M&A Global Practice Guides.
Senthil, a partner at Dentons Rodyk, handles commercial disputes in the following sectors: shipping, aviation, international trade, construction, and renewable energy. He has handled a variety of cases including: claims in the SICC by Sri Lanka arising from the "X-Press Pearl" maritime disaster, a representative action involving 650 claimants who were victims in a $150m Ponzi scheme, and a $40m arbitration in the SIAC arising from fraudulent trading in LME metals. Senthil has been an advocacy trainer since 2015 and as a younger person, represented Singapore in softball and cricket.
18 Ker Yanguang 36, Herbert Smith Freehills Prolegis
Goh Jun Yi 36, Rajah & Tann Singapore
K-pop craze may spur demand for Income Insurance’s hourly travel cover
The Singaporean insurer is targeting spontaneous travellers who love concerts.
More young travellers, particularly K-pop
Income Insurance is banking on Millennials and Gen Zs crazy about K-pop to drive the demand for its hourly travel insurance plan, which has been expanded to over a dozen more destinations in Asia like South Korea.
Many young Singaporeans, particularly K-pop fans, are increasingly travelling overseas to watch concerts, a trend that the insurer seeks to capitalise on, Annie Chua, vice president and head of Key Accounts Management at Income Insurance, told Singapore Business Review. Income Insurance noticed that more travellers from these age brackets are booking trips just days in advance, and it thinks its FlexiTravel Plus policy may just be the right product for them.
“There is an increasing trend of last-minute, spontaneous travellers, so we decided to come up with a flexible travel product that caters to this new behaviour," Chua said.
The insurer chose the new destinations because they are
We noted that a lot of people, especially Millennials and Gen Zs, going for short weekend getaways don’t even purchase travel insurance
popular among Singaporeans for short getaways such as concerts. The product will replace FlexiTravel Hourly Insurance, Singapore’s first hourly travel insurance launched in 2022 and limited to Malaysia, and Bintan and Batam in Indonesia.
The plan now covers Brunei, Cambodia, Laos, Myanmar, the Philippines, Thailand, Vietnam, Australia, China, Hong Kong, India, Japan, Korea, Macau, New Zealand, Sri Lanka, Taiwan, and the entire Indonesia.
“We noted that a lot of people, especially Millennials and Gen Zs, going for short weekend getaways don’t even purchase travel insurance,” Chua said.
Income Insurance wants to change that by allowing them to buy six-hour blocks of coverage starting at $1.80, with additional hours priced at $0.30, capped at $3 daily. A three-day trip to Thailand will cost as much as $9 for a full coverage.
Singapore’s travel insurance industry was valued at $195.8m last year and is expected to grow 22.6% annually
through 2030, according to a report by Next Move Strategy Consulting.
New consumer needs
Millennials and Gen Zs, who are exposed to higher travel risks, look for insurance that goes beyond safety, according to a Klook survey of 2,500 respondents from Singapore, Malaysia, the Philippines, Hong Kong and South Korea in February 2024.
Many travellers, particularly Singaporeans (30%), Hong Kongers (36%), Malaysians (37%), and Filipinos (36%), buy insurance just days before their trips, and about a third of them want the insurance process to be enjoyable.
Convenience and flexibility are crucial for Millennials and GenZs, with 75% preferring to book flights, accommodation, and insurance in one place.
Income Insurance’s hourly travel insurance allows travellers to adjust their insurance based on their changing plans. The concept was borrowed from Singapore's hourly parking, where customers could shorten or extend by the hour, Chua told the publication.
If a traveller decides to extend their trip, they can simply extend their insurance by the hour. They also don’t have to pay for insurance hours they originally planned to use in case they cut their trip short.
Available only through Income Insurance’s mobile app, buying and adjusting coverage is seamless for a traveller who relies heavily on their smartphone for daily tasks.
“It becomes quite relevant because Millennials use their phones as the main source for their daily errands," she told Singapore Business Review
Because travel insurance is often not a priority for last-minute planners, Income Insurance allows travellers to buy insurance eight hours after they have left Singapore. The feature, the first of its kind in the industry, ensures that even the most forgetful travellers are protected.
fans, are booking trips just days in advance
Annie Chua
OU R I N DU STRY MU ST B ECOM E MOR E SU STAI NAB LE. WE’VE SOWN SEEDS TO DR IVE THAT CHANGE.
Per formance you can rely on.
Sustainability should be a priority for everyone. The Chemical Additives industry has a crucial role to play, delivering the affordable lower carbon products and services that society needs. Infineum has responded by making sustainability an integral part of our business. Sustainability now shapes our strategic direction, including how we invest in technology and production facilities. But to drive industry transformation, we are also partnering with key stakeholders including customers, suppliers and industry bodies to develop more sustainable solutions and practices.
Find out what we’ve been doing by visiting Infineum.com/sustainability
Learn More
INSURANCE OUTLOOK
Top 50 list shows worsening dip in SG's insurance premiums
The thriving nonlife business offset life insurance’s poor showing in 2023.
The drop in gross premiums of Singapore’s insurance industry widened to 9% in 2023 due to slowing demand in the life insurance segment, with people putting their money instead in fixed deposits to get better returns.
On the other hand, general insurance flourished, cushioning the overall contraction that was worse than the 0.5% dip in 2022, according to data compiled from official sources by Singapore Business Review 2024 Insurance Rankings.
Amongst the top 10 life and nonlife insurance segments, seven experienced a drop in premiums, whilst three posted growth. Thirteen life insurers, 28 general insurers, two life reinsurers, and two general reinsurers were on the top 50 list. Five companies had two entries for both their life and nonlife units.
Life insurers dominated the list, with Great Eastern Life Assurance Co. Ltd. getting the highest premiums at S$11.9b despite a 15.9% decline from a year earlier. It was followed by Prudential Plc, whose gross premiums fell 21.7% to S$7.1b.
In third place was AIA Singapore Pte Ltd., followed by Manulife (Singapore) Pte. Ltd. Singapore Life Holdings Pte. at No. 5 bucked the trend with a 5.7% premium growth.
Income Insurance Ltd. came in sixth place for its life segment and
10th for nonlife insurance, followed by HSBC Life (Singapore) Pte. Ltd.’s life business at No. 7, Tokio Marine Life Insurance Singapore (life) at eighth, and Utmost International Isle of Man Ltd. (Singapore branch) (life) at No. 9. Amongst the top 10, HSBC Life posted the biggest year-on-year increase of 58%.
Cost-of-living pressures
High interest rates in 2023 dissuaded Singaporeans from borrowing to finance their single-premium life policies, Billy Teh, an analyst at S&P Global Ratings, told Singapore Business Review
. High borrowing costs often cut disposable income, which forces people and businesses to skip insurance or opt for lower coverage.
for a guaranteed death benefit.
On the other hand, the demand for regular premium nonpar products such as term and health Insurance plans rose, according to the Life Insurance Association of Singapore.
Single-premium life insurance products, which used to fuel much of the sector's growth, lost traction as consumers leaned towards fixed deposits that had shorter lock-in periods and attractive returns.
On the positive side, Teh said premiums from the health insurance segment were more resilient, supported by consumer awareness about the importance of health coverage in a post-COVID 19 environment.
Growth for the life sector
Despite these setbacks, analysts are cautiously optimistic about life insurance in 2024 and 2025. With the expected decline in fixed deposit rates, single-premium endowments may regain popularity.
Economic challenges, including inflation and cost-of-living pressures, appear to have impacted consumers more heavily
“Economic challenges, including inflation and cost-of-living pressures, appear to have impacted consumers more heavily, as they navigate a volatile macroeconomic environment marked by rising interest rates and intense market competition,” Carmel Green, a partner at Reynolds Porter Chamberlain LLP (RPC), told Singapore Business Review
The weighted new business premiums of Singapore’s life insurance sector fell 3.9% year on year due to slowing demand for single-premium life insurance, in which a policyholder pays a lump sum up front in exchange
Teh said he expects Singapore’s life sector to grow 3% to 4% in the next two years amidst an ageing population and the need to bridge the protection gap.
Gross written premiums of Singapore’s domestic and offshore general insurance segments rose 10.1% to $10.2b in 2023, according to the General Insurance Association of Singapore. Underwriting profit was $608.1m.
“The economic rebound created favourable conditions for commercial insurers, with businesses increasingly seeking coverage for emerging risks like cyberattacks and supply chain disruptions,” Green said.
However, the rising sophistication of cyber incidents and climate-related events signals a need for insurers to recalibrate their risk models and policy products.
“Several measures, such as partnerships with auto repair workshops and doctor panels, as well as industry-wide data analytics collaboration to detect fraud, are expected to gradually improve claims experiences,” Teh said.
But the motor insurance segment faces slower growth due to Singapore’s stringent car ownership rules, which aim for near-zero vehicle growth to align with environmental targets under the Singapore Green Plan 2030.
Great Eastern Life Assurance Co. topped the list with $11.9b in premiums despite a 15.9% decline from a year earlier.
Carmel Green
Billy Teh
INSURANCE RANKINGS
NETS adds inventory features to payment terminals for Singapore retailers
It is using data from its payment system to help businesses improve operations.
Network for Electronic Transfers (NETS) expects its expanded payment terminals, which now include inventory capabilities, to help Singapore’s small and medium enterprises (SME) improve their operations.
“If the retailer doesn’t have my shoe size, they can use the NETS terminal to scan the shoe box, and the retailer can tell me that they are selling the size online, or that another branch of their store has it,” NETS CEO Lawrence Chan told Singapore Business Review in an interview at the Singapore Fintech Festival 2024.
“Helping our merchants manage their inventory through our terminal is one way in which we can help them better manage their operations,” he added.
Aside from inventory, NETS also lets merchants know how they are doing in a specific customer segment. “Many offline or face-to-face merchants actually don’t know their customers very well, because customers don’t have to register with the merchant,” Chan said.
Singapore Business Review spoke with Chan to learn more about NETS’ expanded services and the challenges faced by Singapore SMEs.
How has NETS transformed itself from being a payment to a solution provider?
NETS, fundamentally, is a payment provider. We would like to think that we offer solutions to our merchants, and we would like to think that we understand the pain points of our merchants, and therefore we can help them solve their payment and nonpayment-related pain points as a result of our service to them.
The solutions that we provide to our merchants are a result of us understanding their business and how we can make them more efficient. In the research that we have done in Singapore with our merchants, [we found that] what's important with our merchants is they definitely want more business. Reducing costs is also a very important part of the business, especially for SMEs. We can help them be more efficient in doing business. That is one way we definitely can add value to our merchants.
How can NETS help Singapore businesses solve operational challenges?
We have started three merchant categories, where we have some scale, and where we are offering solutions.
Let me start with one industry I’d like to speak about a lot — the hair salon industry. In the hair salon industry, one of the main pain points is in managing commissions. The owner of the hair salon alone has to give a commission to the hairstylist who works with a customer. Normally, they have to write down that so and so came and worked with a customer, or which hairstylist did that job.
We can help the owner of the hair salon link directly to the customer, so that the hairstylist can be paid more easily for the good work they have done for a customer. That’s one solution where we understood the pain point and provided the solution.
We also provide solutions for the food and beverage (F&B) industry, where they use point-of-sale (POS) equipment that many merchants use, costing a few thousand dollars. Today, this point-of-sale terminal can be input into our own payment terminal. They don’t have to purchase another POS terminal.
How do you help Singapore SMEs unlock revenue streams?
The solutions that we provide to our merchants are a result of us understanding their business and how we can make them more efficient
One of the things that my team has been working very hard a few years back during COVID was to enable cross-border payments. Today, we are very privileged that we have a few corridors where customers from Malaysia, Thailand, Indonesia, China, and India can scan a NETS QR and make payments. This is a huge advantage for our merchants. Whether they are actually staying in Singapore or visiting Singapore as a tourist or for business, they can now go to a hawker centre in Singapore, scan the NETS QR, and make payments without changing the local currency. That means our merchants potentially can have new customers. And that's a great value that we can share with our merchants — that we can bring them new customers.
Another value that we can help our merchants with is through data. Through data, we can help our merchants understand who their customers are.
Lawrence Chan, Network for Electronic Transfers (NETS) CEO
The new payment terminals can be linked to a retailer's offline and online inventories (Photo from NETS)
Thakral One is a technology consulting and services company headquartered in Singapore, with a pan-Asian presence. We are heavily inclined towards building capabilities collaboratively with clients to collectively deliver grounded and practical outcomes.
How We Help Clients
Technology Consulting
Helping organisations to navigate complex challenges surrounding their core systems, enterprise architecture, and IT modernisation, fostering an environment primed for adaptability and innovation.
Data & Analytics
Crafting bespoke data strategies rooted in business objectives, unlocking data potential with use cases, establishing analytics capabilities / skills via training, and leveraging advanced analytics to gain competitive advantage through insightful decision-making.
Solutioning
Providing expert guidance to organisations as they define their technology needs, evaluate options, and implement solutions that seamlessly align with their digital journey, ensuring success at every stage of the process.
People & Talent
Enhancing project agility by integrating adept technology experts into delivery teams, streamlining workflows, tackling evolving requirements, addressing technical competencies, and expediting time-to-completion.
Food Innovators to serve up ‘anime’ diners in Singapore
CEO Kubota Yasuaki expects the city-state to become their gateway to other Asian countries.
Food Innovators Holdings (FIH) Limited plans to set the table for more traditional Japanese and Japanese-inspired European cuisine restaurants in Singapore, including anime-themed ones, whilst expanding its subleasing business after debuting on the Singapore Exchange.
The company, which started in 2011 and also operates in Japan and Malaysia, is considering acquiring new operating rights for a popular anime-themed restaurant, which is scheduled to open in Japan in 2026. If successful, FIH would replicate it in Singapore, CEO Kubota Yasuaki told Singapore Business Review in Japanese. Shuji Sakurabashi, FIH’s financial controller, acted as his interpreter.
The company raised $3.1m from its listing on the exchange’s second section and intends to use the funds for its expansion plan.
Novel concepts and dining experiences
Recently, the company also acquired licences to operate a Moomin café and sell merchandise inspired by the Moomin characters, created by Finnish writer Tove Jansson. It currently operates one Moomin café in Japan.
“In Singapore, consumers prefer diverse and unique dining experiences,” Kubota said. “They often seek novel concepts and high-quality food [which is why] FIH wants to introduce distinctive Japanese dining experiences tailored to meet [customers’] preferences.”
The CEO said Singapore has bolstered FIH’s reputation as a bridge for Japanese cuisine across Asia. “Singapore is a central hub of the Asian economy, and we would like to expand business in Asia — some countries in Asia. If we are listed in Singapore, we think that we will be able to raise our credibility in Japan and other countries in Asia,” he added.
Kubota said they seek to partner with more Japanese restaurants that are expanding in Singapore. FIH facilitates the expansion of Japan-based food and beverage (F&B) operators, whilst their partners retain control of day-to-day operations. Profits are split between them.
Kubota said the collaboration model could support Japanese restaurateurs who want to expand in Singapore but lack the expertise, which FIH could provide. As of 19 August 2024, FIH has nine collaboration restaurants in Singapore, including Yatagarasu, Mikoto, and The Ushi Club.
“There’s a lot of tourists coming to Singapore and there’s also a growing affinity for the Japanese anime culture and the Japanese cuisine, which is an advantage for us,” Kubota said.
FIH also plans to take over retiring Japanese F&B operators in Singapore. Its food business accounts for 55% of its revenue and the rest comes from its subleasing business.
Shuji said the occupancy rate of its subleasing business exceeds 99% and they had 214 subleased properties as of 19 August 2024. It generates more than $200,000 in gross monthly profit.
There’s a lot of tourists coming to Singapore and there’s also a growing affinity for the Japanese anime culture and the Japanese cuisine
Under its subleasing business, FIH leases properties to restaurants on behalf of landlords. The business operates only in the Tokyo Metropolitan area, but Kubota said they plan to expand to other Japanese cities such as Nagoya and Osaka, as well as overseas markets like Singapore.
Some of the company’s 200 subleasing tenants are looking to expand in Singapore, an opportunity that FIH aims to leverage through its collaboration model, the CEO said.
The Mikoto Club Singapore at Robertson Quay is one of the nine collaboration restaurants operated by FIH (Photo from FIH)
Kubota Yasuaki, Food Innovators Holdings CEO
SingPost brings service closer to commuters
It plans to expand its service touch points.
Singapore Post Ltd. (SingPost) plans to expand its e-commerce touchpoints in both urban and heartland areas as it integrates logistical services into customers' daily routines.
In 2024, SingPost launched its standalone POPStop, a shipping and return drop-off service, at Tampines MRT station. It has also deployed mail ambassadors to collect postal items at Tampines and Raffles Place MRT stations.
“We are strategically locating our service points in the heartlands and close to main transportation nodes to serve the needs of the community,” Shahrin Abdol Salam, CEO at SingPost's Singapore business, told Singapore Business Review.
“Together with Stellar Lifestyle, the business arm of SMRT, we aim to continue bringing convenience to commuters through the integration of e-commerce services into daily commutes, at key transportation nodes across Singapore,” he added.
Strategic touchpoints
Shahrin said they started the two initiatives to better integrate SingPost’s postal and e-commerce systems. “By leveraging our transportation infrastructure and strategically placing e-commerce touchpoints, we aim to streamline operations and elevate service delivery.”
Since its implementation in March and June this year, respectively, POPStop@Tampines and the postal collection via SMRT Trains have “significantly improved” SingPost delivery services.
“The integration of postal collection via SMRT trains has enhanced our logistics network, whilst our extended collaboration with Stellar Lifestyle strategically places our service points at key transportation hubs across Singapore,” Shahrin said.
“The accessibility of the rail network allows us to bring our services closer to the community, seamlessly integrating them into their daily routines,” he added.
Apart from POPStop, SingPost has other collection services such as POPDrop, a self-service box solution for deliveries and returns, and POPStations, which uses a locker system.
To date, its locker network has reached more than 300 condominiums in 100 locations in Singapore, the company said.
SingPost is not only expanding the reach of its collection services but is also enhancing them by using artificial intelligence (AI) to improve service delivery and operational efficiency.
At POPStop@Tampines, for example, SingPost piloted a generative AI-powered digital assistant that answers customer inquiries, print labels, and dispense postage stamps, allowing agents at the post to concentrate on more
complex matters.
“AI plays a pivotal role in our strategy. For instance, AI-powered chatbots and virtual assistants engage with customers by addressing inquiries and providing real-time updates on deliveries,” Shahrin said.
“Additionally, machine learning algorithms analyse customer behaviour to offer tailored recommendations and promotions, enhancing satisfaction and loyalty.”
We are strategically locating our service points in the heartlands and close to main transportation nodes to serve the community
In line with its digitalisation efforts, SingPost also introduced a “Future of Work" programme for employees and customers. Part of the programme is the Future of Work Academy, where SingPost workers learn digital and leadership skills.
SingPost has improved sustainability, having converted 37% of its delivery fleet to electric vehicles (EV). It expects to fully use EVs by 2026.
“Our strategic transformation efforts aim to expand SingPost's logistics network to meet the competitive demands of e-commerce, whilst maintaining our commitment to sustainability and technological advancements,” Shahrin said.
Shahrin Abdol Salam, CEO at SingPost's Singapore business
TRANSPORT & LOGISTICS
Etiqa projects 20% revenue growth with HDB fire insurance deal
The company is banking on the city-state’s 1.11 million flats to boost fire insurance sales.
Etiqa Insurance expects revenues from the residential fire segment to increase by as much as 20% after it was appointed as the official insurer of Singapore’s Housing Development Board (HDB).
The unit of the Kuala Lumpur-headquartered insurer is banking on the existing 1.11 million HDB flats and a state plan to build 100,000 more until 2025 to boost growth in the coming years. Last year, Etiqa Insurance Singapore’s revenue from fire insurance jumped 40.9% year-on-year (YoY) to $2.1m (RM9m).
Fire insurance is mandatory for HDB flat buyers and homeowners with mortgages, creating a steady demand. Given that more than three-quarters of Singapore's population lives in HDB flats, this provides a solid foundation for growth in the sector.
“The strategic launch of new flats makes the potential for take-up in the next five years very promising,” Jazzreal Wong, head of Direct Business at Etiqa Insurance Singapore, told Singapore Business Review.
Last year, HDB flats — housing estates built and managed by the Singapore government that are usually cheaper than condos — increased 1.7% to 1.11 million from a year earlier, the fastest since 3.4% in 2018.
“We are expecting between 10% and 20% growth for the entire residential fire class, including that of the HDB fire insurance scheme,” Wong said.
Coverage plans
Starting 16 August 2024, Etiqa will provide basic fire insurance coverage to newly sold HDB flats, charging premiums for a five-year term at $1.11 to $6.68, depending on the flat type. Existing HDB flat owners will be covered by their fire insurance policies until these expire.
The plan only covers the cost of reinstating damaged internal structures and fixtures, as well as areas built and provided by HDB.
Residential fire incidents in Singapore rose 3.7% YoY to 970 last year, according to data from the Civil Defense Force. Most of the fires were caused by unattended cooking and electrical problems, Wong said.
Fires caused by battery-powered e-bikes have also been increasing since 2022, she said. “For a relatively smaller country like Singapore, the residential fire risk is a lot more common than we think,” she added.
The fire insurance market in Singapore is highly competitive, with about 61 general insurers offering similar products. Wong said the company’s "competitive rates, digital capabilities, and service commitment" set them apart.
Etiqa’s home insurance, which can be added to the fire insurance plan, has earned high consumer ratings.
The strategic launch of new flats makes the potential for take-up in the next five years very promising
Market challenges
Still, Wong said there are challenges, including the lack of understanding about fire insurance. The company’s website details the differences between its fire insurance policies and the broader home insurance market.
Etiqa, a member of the Maybank Group, has also beefed up its customer service to help clients understand technical insurance terms before and after they buy a policy, she added.
Singapore’s property and casualty insurance sector is also forecasted to register a compound annual growth rate of 5% from 2023 to 2028, possibly bagging $1.05b, according to Mordor Intelligence.
Raymond Ong, CEO of Etiqa Insurance Singapore, highlighted the importance of home security, stating, “As the appointed insurer for the HDB Fire Insurance Scheme, we are committed to delivering affordable and comprehensive fire insurance coverage and ensuring Singaporean homeowners have the peace of mind they deserve. This means financial protection for one’s home in case of fire damage to internal structures and fixtures provided by HDB.”
Jazzreal Wong, head of Direct Business at Etiqa Insurance Singapore
Decathlon plans to be within 15 minutes of homes
The world’s largest sporting goods retailer lets clients pick up online orders on the go.
Decathlon is building on the success of its pick-up service in Singapore as it boosts its presence in the city-state by opening 37 more branches in the next two years, its top official said.
“The key to the brand’s expansion is our desire for Decathlon to be as close to the community as possible — to be within 15 minutes from the homes of all Singaporeans,” Decathlon Singapore CEO Stephan Veyret told Singapore Business Review
“Click & Collect is designed to integrate smoothly into the lives of Singaporeans, offering them a flexible way to pick up purchases on the go,” he added.
The French sporting goods retailer, the largest in the world, heavily relies on its brick-and-mortar stores, with 87% of sales occurring in-store compared with 13% online.
About 50% of Singaporeans prefer hybrid shopping, though they tend to make more purchases online, according to a study by KPMG and GS1 released in June. A further 26% said they mostly shop online, but visit physical stores for specific items or experiences, whilst 21% prefer physical stores.
KPMG cited the emergence of seamless commerce, “which recognises a brand’s customer journey across multiple platforms and services, encompassing social media, delivery innovations, apps, websites, automated messaging and other digital interactions, all seamlessly integrated with traditional physical stores.”
“E-commerce is something Singaporeans have been accustomed to for many years now,” Veyret said. “With speed and efficiency so ingrained in our daily lives, ‘quick commerce’ is fast becoming the expected service standard.”
Reducing carbon footprint
Beyond convenience, Decathlon’s Click & Collect service aligns with the company’s broader values. “For example, each delivery van carries multiple parcels per trip to each of our 18 stores, bringing deliveries closer to our customers, whilst reducing our carbon footprint,” the CEO said.
In line with its sustainability goals, the company has committed to eliminating single-use plastics from its e-commerce operations. Decathlon's efforts in this area are further supported by a 30% year-on-year increase in awareness of its Second Life product range, highlighting a growing acceptance of second-hand goods.
“As a brand, we understand that both consumers and brands drive each other to be more sustainable, and both play integral roles in moving towards more green practices,” Veyret shared in the interview.
The company aims to produce all its products using renewable energy by 2026, from 65% now. It reduced its carbon emissions by 9.2% in 2023, whilst posting a 4.2%
increase in global revenue. Decathlon's circular business model is also gaining traction, with Singapore leading the way. The company has refurbished and sold more than 2,500 bicycles under its buy-back program, and there are plans to expand the initiative by including fitness equipment and other products.
Globally, Singapore ranks sixth for circular turnover and second-life sales within Decathlon’s operations.
Future plans
Looking ahead, Decathlon plans to enhance customer experience by working with Enterprise Singapore, Design Singapore, and the Economic Development Board. Future innovations include integrating digital content with instore purchases and launching an upgraded membership programme with benefits such as point redemption and extended returns.
“These digital innovations will allow us to enhance the customer experience not only at the larger Experience stores, but also at the more compact Click & Collect touchpoints,” Veyret said.
The key to the brand’s expansion is our desire for Decathlon to be within 15 minutes from the homes of all Singaporeans
Decathlon continues to prioritise product innovation, with designs crafted by sports enthusiasts for enthusiasts. Notable innovations include the Easybreath snorkelling masks, twosecond camping tents, and a one-second folding bicycle.
Additionally, the retailer’s revamped membership program, introduced in July, seeks to deepen customer engagement by offering rewards and exclusive access to Decathlon events and services.
Stephan Veyret, Decathlon Singapore CEO
Enhancing Infrastructure Health with fiber sensing technology
Ensuring the safety and integrity of infrastructures is of paramount importance and fiber sensing technology has been emerging as a game-changer in this domain. Several infrastructure monitoring applications are available with VIAVI fiber sensing interrogators: A portable MTS-8000 platform with a fiber sensing module enables an inspector to conduct field measurements on fibers.
Detection of
∙ Ground movement along a pipeline
∙ Mechanical deformation of the pipeline
Detection and location of
∙ Any leakage along a pipeline, dike, dam etc.
∙ Any critical point in a telecom optical network
∙ Any hot spot along a power cable
A rack-mounted OTU (Optical Test Unit) with a fiber sensing module monitors fibers using periodic traces that are set to alarm if there is a change from the beginning reference trace.
To learn more about fiber sensing, take a look at viavisolutions.com/fiber-optic-sensing.
OCBC triples quantum tech workforce to enhance cybersecurity measures
The Singapore bank expects significant tech advancements in the next five to 10 years.
Oversea-Chinese Banking Corp. Ltd. (OCBC) is tripling the number of workers in quantum computing as it tries to boost security using the technology that it expects to take off in as short as five years.
“The potential of quantum technology is twofold — it can enhance the protection of banking systems but can also render such protection useless if the technology is in the wrong hands,” Peter Koh, head of group technology architecture at OCBC, told Singapore Business Review.
“It is therefore essential for banks to not just explore and experiment with quantum technology, but to take charge of it,” he added. The Singapore-based bank has been exploring quantum technology, when it outlined its quantum roadmap. Part of the plan is to establish a “quantum-ready workforce.”
“We intend to triple the number of employees who are of an intermediate proficiency level in quantum computing,” Koh said in an emailed reply to questions.
The roadmap also includes modernising the bank’s technology architecture and boosting its capabilities in blockchain and quantum computing.
“The timeline for quantum to become a mainstream technology in banking is still uncertain, but many experts believe that we could see significant advancements within the next five to 10 years,” he added.
Here are excerpts from the interview.
What are the possible uses of quantum computing?
Quantum security is a big aspect of quantum technology. We recognise this and this is why we are partnering with Singtel, becoming the first financial institution to trial the use of Singtel’s quantum-safe network. Singtel’s quantumsafe network uses quantum key distribution and advanced encryption algorithms to protect the network from quantum threats.
We have also signed a memorandum of understanding with the Monetary Authority of Singapore (MAS), along with other banks, to collaborate on quantum security and study the application of QKD (quantum key distribution) in financial services. Additionally, we are partnering with institutes of higher learning to explore quantum computing applications in pricing models and fraud detection.
What risks should be addressed before adopting quantum computing technology?
Specific to the technologies surrounding quantum computing, several key risks need to be addressed. These include the challenges associated with error-corrected qubits to improve the reliability of quantum computations, entanglement-based QKD protocols and further refinements needed for the implementation of post-quantum cryptography.
There could also be regulatory challenges. Although standards like ETSI (European Telecommunications Standards Institute) exist, the lack of established certifying bodies hinders our ability to scale the procurement of quantum hardware effectively. A gradual approach will enable
It is essential for banks to not just explore and experiment with quantum technology, but to take charge of it
us to navigate these uncertainties.
How might quantum influence the competitive landthe banking sector?
Many experts predict seeing a fully fault-tolerant quantum computer by 2035. Should that happen, McKinsey estimates quantum computing could create $798b (US$594b) in value for the finance industry if utilised to improve existing processes and for transformative use cases. Collaboration initiatives with institutes of higher learning, fintechs and government incentives continue to play a pivotal role, especially for smaller financial institutions, to enable adoption. What are the ethical considerations?
Quantum technology is essential for enhancing the bank's security and protecting customers. It can revolutionise portfolio and risk management, particularly in trade finance and collateral optimisation, due to the high value and complexity involved. However, quantum technology also poses a cybersecurity risk by potentially breaking current cryptographic encryption. Therefore, we are actively exploring quantum computing applications in cryptography to protect customer data from future quantum threats.
How do you expect regulation to change?
Given that the technology is rapidly advancing, regulators could play a critical role to support the adoption of quantum computing by financial institutions. MAS issued an advisory in February 2024 that warned financial institutions about cybersecurity risks associated with quantum technology and offered guidance on mitigating the identified risks. Such guidance is necessary to enable financial institutions to capitalise on this technology.
Peter Koh, head of group technology architecture at OCBC
Process improvement is like climbing. With a strong partner, you can overcome any obstacle.
Do you want to learn more? www.sg.endress.com
New anti-phishing framework increases compliance costs for banks and telcos
Including e-commerce, social media, and ISPs in the mandate may be a wise move.
ASingapore plan to assign duties to banks and telecommunication companies in the fight against phishing scams could increase compliance overhead, while creating a false sense of security among consumers who think they are fully covered.
Benjamin Tan, chief technology officer of one of Singapore's major mobile network operators, SIMBA Telecom, formerly TPG Singapore, told Singapore Business Review in an email response that customers may have a misconception "that their losses are fully indemnified by the banks or telcos."
Liew Ying Yi, local principal for financial services regulatory at Baker McKenzie Wong & Leow, offered a different view, saying that the framework “is a step in the right direction and serves to strike the right balance between protecting vulnerable consumers on one hand and also discouraging complacency" on financial institutions and telco players.
Liew clarified that under the Shared Responsibility Framework by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA), consumers still ultimately "bear the loss" if both financial institutions (FIs) and telcos fulfill their obligations.
The framework also sets out certain duties to consumers like not clicking on links provided in email or SMS unless these are informational links that the user is expecting to receive from the FI and to avoid sharing personal or account credentials, she pointed out.
Phishing scams, a cyberattack that tricks people into sharing sensitive information through fraudulent emails, text messages, phone calls, or websites, have evolved beyond those relying solely on hyperlinks, Rakesh Kirpalani, director of Dispute Resolution & Information Technology, at Drew & Napier, said.
Liew said the government should include e-commerce platforms, social media companies, and internet service providers (ISP) in its so-called shared responsibility framework to improve the city-state’s defences against phishing.
The most effective way to boost Singapore’s defenses against phishing attacks remains to be public education, Kirpalani said.
Under the framework, banks must enforce a real-time fraud surveillance system and other anti-scam measures. These include a 12-hour cooling-off period for activating digital security tokens, which Liew said could increase operational and compliance costs.
Based on the rules that will take effect on 16 December, consumers are also entitled to payouts in case of corporate negligence.
On 30 November, the Singapore Police Force and MAS reported an uptick in the impersonation of banking and government officials. The number of cases and losses from
phishing almost doubled to about 1,100 incidents covering more than $120m from a year earlier, they said.
For the first half of 2024, authorities also reported an 18% year-on-year increase in scams and cybercrime cases to 28,751, with scams accounting for 92.5% of the total.
"We hope that MAS and the IMDA step up their public education of consumers so they will always be on the alert for phishing scams given the evolving methods used by scammers,” SIMBA Telecom Pte. Ltd. said in an emailed reply to questions.
Kirpalani said phishing strategies “move very quickly with technology,” and consumers should be able to spot their telltale signs.
The Association of Banks in Singapore, whose members include Singapore's big three — DBS Bank Ltd., OverseaChinese Banking Corp., and United Overseas Bank Ltd. — said it expects “some friction” in the customer journey under the framework.
“At times, legitimate transactions may be put on hold or blocked while financial institutions attempt to contact their customers to verify the transactions,” it said in a statement in October.
Liew expects to see greater adoption of fraud detection technologies among banks, including artificial intelligence and machine learning algorithms that can detect and respond to suspicious activities in real-time.
While the measure could increase compliance costs, the good thing about it is that these will be shared by banks, telcos, and end-users, Kirpalani said. Liew, for her part, expects it to “incentivise higher standards of security and vigilance.”
Customers would bear the loss from fraudulent transactions if both financial institutions and telcos prove their due diligence
Rakesh Kirpalani
Liew Ying Yi
In the age of AI, data centers are the beating heart of innovation. Digital Realty’s open global data center footprint across APAC provides a platform for your ideas to flourish. We use cutting-edge technology to optimize energy use in our data centers, ensuring a smarter future doesn’t come at the cost of a sustainable Earth. Partner with us for responsible AI that keeps the planet thriving. Learn more
Digital Realty Enables AI Workflows and Innovation
Transcending boundaries, creating possibilities
Collaborating and engineering solutions
The Halliburton Singapore Material Science Laboratory stands as our Global Center of Excellence, spanning an area of 18,000 ft2 (1,672 m2). The ISO17025 accredited laboratory is dedicated to to providing a comprehensive range of testing services for both polymeric and metallic materials, focusing on performance evaluation and quality assurance.
For more information scan the QR code.
Xiaohongshu, Taobao could help Singapore brands reach more Chinese clients
Retailers less familiar with the China market could start with Tmall and JD Worldwide.
Singapore brands should use digital platforms like Xiaohongshu, Tmall Global, and JD Worldwide if they want to reach more Chinese consumers beyond tourists, analysts said.
Tmall Global, Taobao, and JD Worldwide sell products directly to Chinese consumers, whilst Xiaohongshu and REDnote are ideal for brands that focus on lifestyle, beauty, and fashion, Carmen Zhu, consulting director at Frost & Sullivan, told Singapore Business Review
Diana Shao, category director for China Reports at London-based market research firm Mintel Group Ltd., said Tmall and JD Worldwide are a good starting place for brands and retailers less familiar with Chinese consumers.
Shao said Xiaohongshu could help brands reach young consumers who choose “trendy retail brands.” “A lot of young people use Xiaohongshu to find shopping inspirations and mostly to share their lifestyles," she shared in an interview with Singapore Business Review
About a third of consumers in China use Tmall and JD Worldwide daily, whilst 66% buy stuff on these platforms at least once a week, according to Mintel. It also said 27% of Chinese consumers access Xiaohongshu daily, and 34% make purchases on the app once a week.
But selling on these apps is not enough; brands should also come up with marketing strategies such as short-form videos to attract more buyers.
In China, Douyin, TikTok's local counterpart, and Kuaishou dominate short-form videos. Six in 10
consumers use these platforms daily, and 33% make weekly purchases, Mintel said.
“Douyin provides an excellent platform for short video marketing and livestream e-commerce,” Zhu said.
David Zhang, insights manager at Euromonitor International, said Singapore retailers are turning to platforms like Douyin, Xiaohongshu, and Kuaishou to connect with Chinese consumers. Scarlett Supermarket is on Xiaohongshu whilst OSIM is on Douyin.
Partnership opportunities
Shao said brands should partner with internet influencers and tap livestreams to boost brand visibility and credibility on these platforms. Meanwhile, brands could reach a more mature audience on WeChat, she said, adding that they could open an account where they could push information daily and use WeChat mini-programmes to do marketing.
WeChat also has an integrated mobile payment platform called WeChatPay which, together with Alipay, ranks as the top payment method for Chinese consumers, Zhu told the publication, urging retailers to offer these options to appeal to the market.
“This applies not only to online sales but also to physical stores to enhance shopping convenience for Chinese tourists,” the expert from Frost & Sullivan added.
Apart from digital wallets like WeChat and Alipay, Zhang said retailers could also team up with financial institutions such as UnionPay, Industrial and Commercial Bank of China Ltd. (ICBC), and Bank of China.
Retailers with their own online channels, whether an app or a website, should partner with Ant Group’s AliPay, Tencent’s TenPay, and UnionPay to let Chinese consumers use their preferred payment methods, he said. They should likewise team up with logistics firms like SF Express to support cross-border e-commerce.
Offline, retailers could use pop-up stores to boost brand awareness in China without the expense of a permanent setup, Shao told Singapore Business Review.
“Retailers can create a buzz through pop-up stores or offline events that are designed to generate interest and engagement on social media,” Zhu said.
Chinese consumers are drawn to pop-up stores along popular streets or near landmark buildings (51%), those that offer exclusive products (46%), and free samples or gifts (45%), according to Mintel.
Zhang said retailers with a bigger budget could target store openings in Tier 1 cities in China such as Chengdu. Singaporean fashion brand Charles & Keith’s inaugural flagship store in China is in Chengdu’s MixC Shopping Mall. With the rise in domestic travel, Shao suggested partnering with local tourism bureaus, whilst Zhu cited the need to combine offline and online strategies to “diversify their customer base beyond tourists.”
27% of Chinese consumers access Xiaohongshu daily, and 34% make purchases on the app once a week.
Carmen Zhu
Diana Shao
David Zhang
EXPERIENCE EASE WITH EVERY JOURNEY YOU EMBARK ON.
Located in CIP terminal, JetQuay offers VIP Meet & Greet service from your commercial aircraft, private Immigration & Customs clearance and premium lounge experience before and after your flight.
Plan your trip
Retailers urged to adopt 2D barcodes
The machine-readable symbol gives consumers detailed product info at the point of sale.
Global retailers should start using 2D barcodes by 2027 to make products more transparent, according to GS1 Singapore Ltd.
“[By] 2027, our ambition is, which is only three years down the road, that the entire world at the retail point of sale system [will have been] able to scan a 2D barcode," Christopher Ang, CEO at the nonprofit group, told the Retail Asia Summit 2024 in Singapore.
Quick access to more information Ang noted that the 2D barcode lets customers access detailed product information at the point of sale. Unlike 1D barcodes, which only store a simple product ID or the Global Trade Item Number (GTIN), 2D barcodes contain a wealth of information such as a product’s origin, sustainability practices, and certifications.
Leading retailers are already integrating this technology in their stores. Woolworths in Australia started using 2D barcodes on fresh meat and poultry to track batch details, suppliers, and use-by dates in 2019.
By early 2022, 50% of their meat products in over 1,000 stores had these barcodes. The technology has reduced food waste by up to 40% and improved food safety by managing expiry dates and recalls more effectively.
These 2D barcodes also enable quicker identification of expiring items, more accurate recalls, and prevent out-of-date products from being sold. It also enhances productivity by automating expiry date management and markdowns, resulting in up to a 21% increase in store productivity.
Additionally, it offers new digital engagement opportunities for consumers. Scanning a barcode can provide information such as sustainability certifications, nutritional data, and product details. Suppliers benefit too, gaining better quality assurance and traceability through this technology. Likewise, 7-Eleven Thailand
has implemented GS1 DataMatrix barcodes to prevent the sale of expired products, with support from GS1 Thailand.
These compact 2D barcodes, which include expiration dates and batch numbers, replaced QR Codes for efficiency.
The project involved updating packaging, production line printers, and point-of-sale scanners, and establishing new procedures for handling expired items.
Around 100 ready-to-eat products in over 12,000 stores used these barcodes by early 2023. This change has improved quality control, streamlined store operations, and eliminated expired product complaints. 7-Eleven said it plans to extend the use of 2D barcodes across more products and suppliers and aims to phase out 1D barcodes completely.
In Singapore, innovative startups and healthcare companies are also incorporating 2D barcodes to improve product traceability and engage consumers more effectively.
If you have a brand owner who implements the 2D barcode, but the retailers are not ready with the equipment, it will not work
More collaboration However, the shift relies on more than just technology. Collaboration across the entire supply chain is needed too.
"If you have a brand owner who implements the 2D barcode, but the retailers are not ready with the equipment, the firmware, the software, the hardware, it will not
work," Ang said. At present, 80% of retail POS systems can read 2D barcodes. Ang noted that this figure is expected to rise to over 85% by the end of 2027.
Ang noted that 2024 marks the 50th anniversary of the first retail barcode scan in Ohio, USA, which revolutionised point-of-sale systems worldwide.
He also cited the increasing adoption of GS1 standards by major platforms like Amazon and Google, which both endorse the barcode as a key listing tool.
Ang also urged businesses to embrace digital transformation and commit to sustainability, positioning GS1 as a key enabler of these changes.
He cited the rising trend of seamless commerce, a concept that goes beyond omnichannel retailing to create a smooth consumer experience.
Citing a recent KPMG survey, he noted that 86% of Gen Zs support brands with clear sustainability commitments.
The survey also found that 63% of Gen Z consumers view social commerce as a key part of their shopping experience, with 57% thinking that livestreaming enhances their buying decisions.
“We think that in order to get growth for your business, and particularly stay ahead of the market trends, you must engage with Gen Z,” Ang said.
GS21 CEO Christopher Ang cites 2D barcodes as a key listing tool endorsed by Amazon and Google
GROW INTO NEW MARKETS. GO BIG.
A small business that dreams big needs the right logistics partner.
• Trusted by Asian businesses
• Quick and efficient delivery service
• Experts in customs clearance support
• Flexible options to suit your needs
Chart your next phase of innovation and growth with our industry-leading digital solutions.
EVENT NEWS: RETAIL ASIA SUMMIT -
All you need is one ‘hero’ TikTok product
One best-selling product out of a hundred is enough to drive an online shop’s gross merchandise value (GMV), according to TikTok.
Brands can boost their gross merchandise value with just one best-selling SKU. If a brand can earmark and get the right SKU to continue growing, that is how it can drive up its shop’s GMV
In fact, only 1% of stock-keeping units (SKU) in TikTok shops contribute to half of their GMV, according to the social media app’s own findings.
Brands should not focus on a product range, Trixie Chua, performance marketing strategy lead at TikTok Global Business Marketing in the Asia-Pacific region, told the recent Retail Asia Summit in Singapore.
“It all boils down to a brand’s ‘hero SKU’ — or its bestseller,” she said. “If a brand can earmark and get the right SKU to continue growing, that is how it can drive up its shop’s GMV.”
The gross merchandise value is often used to determine the health of an e-commerce site's business because its revenue will be a function
of gross merchandise sold and fees charged, according to Investopedia. “It's most useful as a comparative measure over time such as current quarter value versus previous quarter value.”
Chua said GMV also measures three factors including shock traffic or how many eyeballs a brand is getting to look at its shop. Conversion rate calculates how many are considering, adding to their carts, and ultimately, ordering the item. Lastly, how a brand can constantly grow its customer base.
TikTok analysed 9,000 sellers in the region and found that when an SKU reaches an average of 30 daily orders, it can grow as much as 36% in terms of order volume in the next 30 days. Reaching 100 daily means it will scale by more than 60% in the next month.
But Chua said 90% of SKUs in TikTok shops struggle to break through this phase. “So what can a brand do to reach its first sale?” she
asked. She noted that brands just need to list their product and let the app boost it whilst it acquires more relevant audiences.
Engaging influencers
The next stage is growing an SKU to a ‘hero SKU’ through short videos promoting the product. “Brands can partner with several creators and put video shopping ads to extend the life cycle of these short videos.”
The creator economy has become a lucrative alternative to traditional marketing. Influencers deliver greater returns for businesses by directly engaging with target audiences, as stated in a GlobalData report.
According to Partipost’s Influencer Marketing Report 2024, about 75% of consumers in Southeast Asia are more likely to buy a product recommended by an influencer, highlighting how much trust and influence these personalities have compared with traditional advertising. Additionally, 80% of people surveyed have bought something based on an influencer's endorsement at least once.
She also introduced the company’s latest automated solution called GMV Max, which optimises the total return on investment by taking into account paid channels, affiliates, and organic videos.
“And last but not least, moving from a hero SKU to a superhero SKU stage, one of the most crucial factors is in terms of going live,”
Chua said.
Sellers who go live at a minimum of three hours daily — an average of 100 hours a month — reach the ‘superhero SKU’ stage three to four weeks faster than those who do not.
TikTok brands experience more stable GMV via live selling and can also make use of live shopping ads to get more traffic into their live rooms.
“We also have an automated solution for this called GMV Max,” she said. “Brands just need to put in the products during a live selling and it automates reaching the right audiences.”
Trixie Chua, Tiktok's performance marketing strategy lead, urges brands to let the app boost products to more relevant audiences
Master’s degrees in partnership with
Established UK Universities:
���� MBA International Business
���� MA International Business
���� MA Logistics and Supply Chain Management
���� MA Media and Communication Industries
���� MSc Information Security & Digital Forensics
���� MSc Computer Science
���� MSc Financial Technology
���� MSc Finance
SBR International Business Awards 2024 (Education)
Recognised for implementing a series of transformational initiatives to propel LSBF toward student satisfaction and growth.
Achieved recognition for Excellence in Education within the business industry.
EVENT NEWS: SINGAPORE FINTECH FESTIVAL 2024
Singapore’s top central banker touts potential of asset tokenisation
The tech must be regulated, which can be a challenge.
Asset tokenisation is one of the key areas that Singapore is exploring for its “potential” to improve the financial system, although its top central banker noted that it is still a challenge to realise its full potential.
Tokenisation is expected to cut duplication and costs, as well as increase speed of settlements, said Chia Der Jiun, the managing director of the Monetary Authority of Singapore (MAS).
“[Global financial institutions] know that it works, and the economic benefits are clear to all participants,” Chia told attendees of the Singapore Fintech Festival 2024, where he spoke at a fireside chat.
Chia touted MAS’ tokenisation efforts under Project Guardian, where it worked private and global financial institutions to explore tokenisation use in a plethora of finance functions.
Use cases were identified in multi-currencies, payment settlement, foreign exchange, treasury management, collateral management, and security settlement.
Despite these use cases, Chia said that there it is still a challenge to get to that potential.
Amongst challenges are the need to set up regulation for exchange, industry frameworks, and standards.
Regulators also have to form a “high quality settlement asset” or a digital money that is on-chain.
MAS will also need to set up an infrastructure that is interoperable across networks so that different tokens can be connected; as well as compatible with compliance.
For their part, MAS has already set up a stablecoin regulatory framework in 2023, and are working on legislation as of 2024, Chia said.
Not too early for quantum Chia also touched upon quantum technology, saying that “it’s not too early” for it.
“I think that’s the thing that most
This has the potential to transform cross border payments and make it much more accessible in a low cost, fast way
people have in their minds, because quantum computers are still in the lab and not commercial grade. But is it too early? No, it’s not too early, especially on the security front,” Chia said.
He warned of hackers who reportedly already harvest data to break later when quantum technology becomes available.
“We have to look into security, post quantum encryption, as well as quantum key distribution,” he said.
Beyond security issues, Chia said that it’s also not too early to think of use cases for quantum, citing its potential to grant computing power greater than classical computers.
Improving payments
Chia also discussed Singapore’s efforts to make its local payments more interoperable whilst pushing cross-border payments to be faster and cheaper.
Chia highlighted MAS’ efforts
with Project Nexus in order to achieve their vision for a low cost, accessible, fast domestic payments and cross-border payments.
“We think [Project Nexus] is a game changer…it’s like a central switch, and it [has] single framework standards, so that you won’t have to form bilateral linkages,” Chia said in a fireside chat.
Chia noted how much time and resources it took to form bilateral linkages with several Asian countries like India, Malaysia, and Thailand.
In contrast, with a central switch like Project Nexus, the markets will just need to connect to the central switch and adopt a single framework, and they can have access to the whole framework.
“This, I think, has the potential to transform cross-border payments and make it much more accessible in a low cost, fast way,” Chia said.
Chia Der Jiun, managing director at the Monetary Authority of Singapore (MAS), at the Singapore Fintech Festival
Simplicity and security for your digital transactions
WiseQ Mobile Payment Solutions
Introducing Wiseasy's WiseQ solutions and our trio of flagship QR payment devices. Setting new standards for secure and efficient transactions.
WISEASY QS2
Reimagine mobile QR payments with QS3D's dynamic QR display, which
Take your transactions anywhere with the mini but mighty QS5M, perfect for payments on the go WISEASY QS3D
LIMING QIAO Chief of Strategy, Asia Global Wind Energy Council
Southeast Asia is at risk of deepening its reliance on fossil fuels as it tries to meet surging electricity demand. On 22 October, during Singapore International Energy Week (SIEW), the International Energy Agency (IEA) warned that the region needs to boost clean energy investments to US$190b, about five times the current level, by 2035 to achieve its climate goals. To hit these targets, urgent action, as well as increasing access to green finance, is needed. Significantly, Singapore and offshore wind power, can play an outsized role in supporting Asia’s decarbonisation, energy security, and economic growth.
With investment in Asia Pacific’s (APAC’s) offshore wind sector potentially hitting hundreds of billions of dollars over the next 25 years, numerous opportunities await investors and Singaporean companies. Indeed, Enterprise Singapore, the Association of Singapore Marine & Offshore Energy Industries (ASMI), and the GWEC, an international trade association, announced in late September that they are working together to foster more project and innovation opportunities between the city-state and international players in the space.
Billions of dollars of investment
Total investment in offshore wind in APAC is projected at US$621 billion by 2050. Markets expecting strong growth include China, Japan, South Korea, India, Vietnam, the Philippines and Australia.
Moreover, the offshore wind sector uses fleets of installation, construction, and maintenance vessels, meaning another US$72b to US$97b could be required for new ship construction by 2050, according to research from the Institute for Energy Economics and Financial Analysis.
This would be a boon to shipbuilders in the region as well as the maritime economies, like Singapore, that support and maintain such fleets. Over the years, many Singapore offshore and marine companies have pivoted from just servicing the oil and gas industry to also doing business in renewables. Several, including Seatrium, Mooreast, and Cyan Renewables, are already redeploying assets and recalibrating solutions for offshore wind generation.
Indeed, offshore wind holds the key to the energy transition and net-zero aspirations, as it provides large-scale power and generates more consistent energy compared to other forms of renewables. This makes it highly efficient and leads to improved project economics.
The Singapore opportunity
Nevertheless, scaling up finance ultimately remains one of the biggest challenges facing the sector in the region. Singapore, with its wellestablished banking and finance sector, can take the lead to help catalyse green project development with innovative financing solutions and partnerships.
However, worryingly, as COP29 looms large - where global leaders will gather to negotiate and advance efforts to combat climate changethere remains a lack of alignment on how to revamp the risk perceptions
of capital markets to mobilise private investment in renewable energy. This is an opportunity for Singapore to play a key role in regional industrialisation by driving the expansion and modernisation of critical infrastructure whilst greening regional economies.
Positively, Enterprise Singapore understands the opportunities to grow the nation’s economy and create good jobs. EnterpriseSG will be leading a delegation of Singaporean companies to the second annual wind energy summit of APAC industry players, civil society groups, financiers, and government representatives in South Korea from 26-28 November 2024 to help accelerate the development of the nascent sector.
Asia needs low-cost financing to harness offshore wind
Still, the offshore wind industry urgently needs to lower the risk perceptions among financiers to access more competitive finance. In many countries in the Asia-Pacific, excluding China, the industry faces high financing costs as it is a relatively new technology. This poses a challenge because when the cost of capital is 1% higher, total capital spending costs for an offshore wind project increase by around 8%. Thus, a higher cost of capital plays an outsized role in the overall costs of offshore wind.
Access to green finance is vital
Whilst the cost competitiveness of renewables - such as wind and solar - continues to strengthen compared to fossil fuels, many developing economies in the region remain constrained in financing the buildout of renewables and related grid infrastructure. Improved access to financing is vital for large-scale renewable energy projects, which are characterised by high upfront capital investments and zero fuel costs.
Remember that offshore wind projects are many years in the design and construction phase. To have an impact they need to move ahead now. Increased collaboration across the public and private sectors, as well as innovative financing, will be essential for scaling solutions.
So, let's push boundaries, invest in sustainable innovations, and advocate for policies that accelerate adoption. Together we can achieve a sustainable future. Crucially, Singapore can lead the way. But action is urgently needed.
This is why GWEC is calling on experts from renewable energy finance and project development teams, as well as export credit agencies, development finance institutions, commercial banks, financial agencies, policymakers, and civil society groups, to join the APAC Wind Energy Summit in South Korea in late November.
The objective is to create a common perspective on how to increase wind project investability and achieve ambitious, sustainable financing conditions for renewable energy in the region this decade to hit Asia’s decarbonisation, energy security, and economic growth targets. Crucially, Singapore and Singaporean companies can play an outsized role.
FREDERICK TAY OPINION
Singapore platform workers could create a new legal category
It is heartening to know that efforts have been made to ensure that our gig economy is catered for especially individuals who operate on a platform basis.
Although the official statistics indicate that this is a relatively small segment of the working population, the Singapore government has turned its attention to key issues faced by this workforce to ensure their rights are protected as they continue to provide services to the masses.
There have been many discussions around the impact of having such legislation, and this has also led to corresponding changes made to the other laws, in support of, or to harmonise with, the new law. The longest discussion was in fact eight hours long – one of the longer parliamentary debates in recent times.
Most of the discussions centre around potential rising costs that may come with the implementation of the new legislative requirements. There may indeed be additional considerations that may require fuller discussions, which we will take the opportunity to raise below.
Potential curtailment of the autonomy to contract English common law lawyers, and that includes Singapore lawyers, easily recognises that one of the central theories that separate employees from contractors is that employees work under a contract of service, whilst contractors operate under a contract for services.
A contractor has, in theory, a higher autonomy to negotiate his/her terms and perform his / her services with more independence. This independence is meant to manifest in differences in the way the law navigates issues ranging from termination rights, and costs to charge and contract out of non-compete provisions.
New restrictions for workers and operators
Schedule 2 of the proposed Platform Workers Bill, however, is interesting in this regard. The Bill proposes that there are clauses, which will need to be included in the contract between the platform operator and the platform worker. These include restrictions on the platform workers to solicit for their own clients in the course of their operations and restrictions on the fees that can be charged to the clients.
Before the passing of the law, it was not uncommon for private hire drivers to agree to certain arrangements with their regular customers so that in consideration of a more consistent driving schedule, they could charge a lower rate for such services. They even provide their alternative contact details to allow such customers to contact them should there be referrals. One query then is whether such an arrangement is prohibited by such provisions stated in Schedule 2.
Further, under the newly introduced Section 77B in the Industrial Relations Act, even though the Industrial Relations Court is not to consider a dispute relating to the termination of a platform work agreement or make an award relating to the resumption of a platform worker’s provision of a platform service for a platform operator except in limited circumstances, the Minister of Manpower can decide on whether termination is rightful as the platform workers can make written representations to the Minister to request for resumption of provision of platform services.
FREDERICK TAY Director, M&A, Life Science and Healthcare Joyce A Tan & Partners LLC
The decision of the Minister is final with no right to appeal. This newly introduced right could be said to circumvent the parties’ autonomy to enter into contracts for services given that in a typical civil claim dispute involving the termination of the contract of service, the courts have the right to hear such claims.
Section 77B(8) of the Industrial Relations Act 1960 further provides that any direction of the Minister of Manpower under section 77B(5) of the Industrial Relations Act 1960 operates as a bar to any action for damages by the platform worker in any court in respect of the wrongful termination of the platform work agreement. This is rather unusual as it strengthens the earlier view that the Minister’s direction supersedes any potential civil action that may be pending.
But what if the court in the civil action raised by the platform worker arrives at a decision before the direction of the Minister?
In such a situation, does the Minister’s direction still supersede the court’s decision in the event that the decision is not consistent? We await clarity over these questions since the issues do not seem to have been addressed in the changes introduced.
Vicarious liabilities of the platform operator
Another key difference between a contract of service and a contract for service lies in the liabilities of the employer as compared to that of a service recipient. In the former, there will be vicarious liability imposed on the employer for the acts of its employees and in the latter, it will depend on the contractual relationship between the service recipient and the service provider.
Whilst the Bill has made platform operators liable to the platform workers for injuries they suffer in the course of their duties, akin to an employer-employee relationship, it is not clear if the platform operators will be liable to third parties who suffer injuries as a result of an incident in which the platform workers have been involved in.
For certain categories of platform workers such as delivery drivers and ride-hailing workers, this may not be a substantial gap in that where such platform workers operate vehicles, there is already mandatory third-party liability insurance as part of operating the vehicle that is in place and the relevant insurance policies should then apply.
However, what if the injury suffered is not a result of the usage of the vehicle? One example would be if due to the mishandling of food delivery by the platform worker, the food gets contaminated.
In such a situation, should the platform operator be liable to a third party who suffered food poisoning as a result? Or what if a food delivery platform worker spills the food, and it is no longer edible as a result? In this case, can the platform operator be liable?
Facts may be further complicated if the platform operator, with the intent to ensure that the platform worker operates more safely when delivering food, mandates that all platform workers will have to use certain types of containers or delivery methods which were subsequently found to have contributed to more frequent food wastage or food contamination.
The most innovative eet in Gulfstream history, with expert customer support anytime, anywhere. Request your private consultation
