Singapore Business Review (April - June 2022)

Issue No. 99

Display to June 30, 2022 S$5.90

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HOTTEST STARTUPS 2022 FINTECH STARTUPS DOMINATE THIS YEAR’S HOTTEST STARTUPS EDITION CARZUNO IS THE NETFLIX FOR CARS HOW COMPANIES CAN DODGE THE GREAT RESIGNATION

TECH GIANTS ARE EYEING MORE OFFICE SPACE IN 2022 5 ADVANCED PAYMENT METHODS TO ADOPT IN 2022

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FROM THE EDITOR About Us

I

n this era of smart devices, online commerce has taken over physical retail. Consumers increasingly want to do away with cards and pay with a wave of a hand. This year’s 20 Hottest Startups also see a number of fintech companies dominating the list, pioneering the advent of virtual economy. See the full list on page 22.

AUDITED CIRCULATION: 23,116 ONLINE READERSHIP: 410,000 monthly unique clicks through Google Analytics The Singapore Business Review 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.

We sat down with Colliers’ Managing Director Abhishek Bajpai to discuss the challenges posed by the attractiveness of metaverse real estate in the market. See the full story on page 12.

PUBLISHER & EDITOR-IN-CHIEF Tim Charlton PRINT PRODUCTION EDITOR COMMERCIAL EDITOR COPY EDITOR PRODUCTION TEAM

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In this issue, we salute the top executives and teams at the SBR Management Excellence Awards 2021 (page 34). Get to know the winners of the inaugural Malaysia Management Excellence Awards (page 58), as well as the winners of this year’s Made in Singapore and Designed in Singapore Awards (page 64) and The Asian Export Awards (page 70).

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ERRATUM Singapore Business Review erred in the January-March 2022 issue on the “Singapore’s 18 most influential lawyers under 40 in 2021” list with the name and background of the following legal luminary: Alexandra Forrest (Holman Fenwick Willan).

For the full corrected Legal Luminaries list, see page 12 or visit the digital version at https://issuu.com/charlton_media/.

SINGAPORE BUSINESS REVIEW | Q2 2022

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CONTENTS

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HOTTEST STARTUPS 2022 INTO THE NEW WORLD: PIONEERS OF VIRTUAL ECONOMY ARE VICTORS AMONGST VENTURES

FIRST 08 Around 7 in 10 homebuyers affected 09 Singapore is the top SEA

16 Will the GST Amendment Bill level the playing field for local business?

18 The future is now: 5 advanced

country with women CEOs

10 Banks to be hit by prolonged UA

payment methods to adopt in 2022

20 How companies can dodge the great

invasion

resignation in 2022

STARTUP

INDUSTRY INSIGHT 14 How the Philippines’ ‘underserved’ data centre market can evolve toward growth

32 Carzuno is the Netflix for cars – here’s why this platform works

34 SBR salutes top executives and teams at Management Excellence Awards 2021

58 Check out the winners of the inaugural Malaysia Management Excellence Awards

64 Find out who won at this year’s

11 How the gov’t plans to make Singapore ‘fairer and greener’

30

INDUSTRY INSIGHT RUSSIAN OIL VESSELS FACING ‘DIFFICULTIES’ BUNKERING IN SINGAPORE

EVENT COVERAGE

BRIEFING

by property cooling measures

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INDUSTRY WHAT YOU SHOULD KNOW ABOUT VIRTUAL REAL ESTATE IN THE METAVERSE

SBR Made in Singapore and Designed in Singapore

74 How to make the sustainable profitable

30 Russian oil vessels facing ‘difficulties’ bunkering in Singapore

Published Quarterly on the Second week of the Month by Charlton Media Group 101 Cecil St. #17-09 Tong Eng Building SINGAPORE BUSINESS REVIEW | MARCH 2018 Singapore 069533

For the latest business news from Singapore visit the website

www.sbr.com.sg

News from sbr.com.sg Daily news from Singapore MOST READ

MARKETS & INVESTING HOTELS

Which companies will win big from SG’s easing of restrictions?

The easing of restrictions has proven to be a gain for Singapore stocks following a 4% to 5% lift, but five companies enjoyed this win more than anyone else.

OCBC Investment Research said Singapore Airlines, SIA Engineering, SATS, ComfortDelGro Corporation, and Genting will be the key beneficiaries of the latest slew of relaxations imposed by the government.

HOTELS & TOURISM

VTLs no more: SG allows quarantinefree travel for fully-vaxxed individuals Singapore will no longer have Vaccinated Travel Lanes (VTLs) and will allow the entry of all fully vaccinated travellers. In a press briefing, Minister for Transport S Iswaran said Singapore will implement a Vaccinated Travel Framework instead, which allows for quarantine-free travel for fully vaccinated individuals. The only exemption are individuals coming from “restricted” countries or regions.

INFORMATION TECHNOLOGY

SG amongst top 5 countries investing the most money in blockchain Singapore ranked fifth amongst the countries investing the most money in distributed ledger technology, a report fromWalkMe, revealed.

Using data from the latest Digital Future Index 2021-2022, WalkMe found that amongst the types of distributed ledger technology, Singapore businesses are investing the most in blockchain, putting around $1.52b (£850m) to date.

MOST READ COMMENTARY Why Singapore’s $10m Corporate Launchpad Programme isn’t just for the big guns

BY ERIC CHIN Singapore has always been a country with big ideas. The Economic Development Board is looking to continue this trend with its $10m Corporate Launchpad Programme, which will give companies the impetus to explore innovative growth areas they may not have considered before.

The program serves as a launchpad for companies to explore new business ideas.

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4 SINGAPORE BUSINESS REVIEW | SEPTEMBER 2019 SINGAPORE BUSINESS REVIEW | Q2 2022

Finding the silver lining in Singapore’s retail story

BY JOEL NEOH Sales have plunged between 30 to 70 per cent for some local retailers since the onset of the COVID-19 pandemic, according to the Singapore Retailers Association, prompting many to pivot and turn to alternative solutions.

During the Great Singapore Sale shopping festival from June to July for instance, the Singapore Retailers Association partnered with e-commerce site Lazada in efforts to boost online turnovers.

The lure of Singapore – An attractive destination for single family offices

BY ALICE QUEK With rising affluence and wealth transfer comes a growing number of Ultra-High-Net-Worth (UHNW) families and individuals seeking professional help to manage and protect their wealth. With the average Assets Under Management (AUM) higher than ever before, it is no surprise families are looking for greater sophistication and personalisation looking beyond their immediate jurisdiction for their wealth management.

Top Employers APAC 2022 Congratulations to the certified Top Employers for 2022 in the APAC Region as well as those certified as Top Employers in Singapore. To see the full list in your country as well as around the globe, visit www.top-employers.com

Organisations must be certified in a minimum of 5 APAC countries to carry the Regional Certification.

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SINGAPORE BUSINESS REVIEW | Q2 2022

SINGAPORE BUSINESS REVIEW | Q2 2022

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FIRST Nearly one in four or 24% of Singaporeans shared that they seek to delay their property purchase because of the government’s latest cooling measures.

Cooling measures could cause more investors to turn to commercial and industrial properties

Around 7 in 10 homebuyers affected by property cooling measures

T

he property market had been heating up over the past year, so the government’s recently implemented cooling measures took property buyers by surprise.

About 68% of homebuyers are affected by the imposed cooling measures, according to the latest study by PropertyGuru.

Of the 68%, 60% were impacted by the Additional Buyer’s Stamp Duty (ABSD) rates. In December last year, the government said ABSD rates will remain at 0% for Singapore Citizens (SC) and 5% for Singapore Permanent Residents (SPRs) when they buy their first residential property but raised the ABSD rate to 17% for SCs’ second residential property purchase, 25% on their third and subsequent property purchases.

Tan Kee Khoon, country manager of PropertyGuru Singapore, warned that the cooling measures could cause more investors to turn to the commercial and industrial property markets where the ABSD and tight Loan-to-Value limits will not apply.

“If this happens, luxury properties and those in the Core Central Region are expected to be the most affected,” said Tan. Despite this result, 52% agreed with the

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SINGAPORE BUSINESS REVIEW | Q2 2022

government’s new property cooling measures enforcement. Amongst the respondents who agreed, 57% said they believed that the new measures would slow down the increase in property prices.

Meanwhile, amongst those who disagreed with the cooling measures, 68% said the new measures would make it harder for them to afford the property they intend to buy whilst 36% said it would be more challenging for them to sell their properties.

PropertyGuru also said the impact of the latest cooling rules on property buyers’ aspirations is multifold as some have lowered their budgets and adjusted their expectations, whilst some have adopted a wait-and-see approach.

Specifically, 40% of Singaporeans said they seek to change their preferred property, 32% said they are not affected by the latest cooling measures, and 50% are considering a less expensive property compared to before, with an average budget decrease of 9.7%.

Greater demand for larger properties The study also showed that Singaporean property buyers are likely to remain open to larger homes in suburban districts which are more value-for-money. Specifically, 42% of Singaporeans expect greater demand for larger homes post-pandemic whilst 30% anticipates greater demand for properties outside of the central region.

As most professionals in the market continue to implement work from home, 35% expect preferences for residing in less crowded areas to increase whilst 33% also disclosed that they want to repurpose parts of their home that better suit the individual needs of household members.

Even as 90% of Singaporeans agree on the need for retirement villages, only two in five or 40% of Singaporeans are interested in moving into one in the future.

Of those interested in moving into retirement homes, 71% said they will transfer into a retirement village once they turn 70 years old or older. However, 48% of Singaporeans want to retire in their current residence, with 37% saying they want to live with or near their family.

Other Singaporeans also considered relocation, with 53% saying that retirement is one of their reasons to buy properties overseas. PropertyGuru’s study showed that Australia (25%) is the most attractive location for Singaporeans who want to purchase property in other countries, followed by the UK (15%), and Malaysia (12%).

The findings from PropertyGuru’s study are in line with a supplementary survey conducted on the back of the latest biannual H1 2022 PropertyGuru Consumer Sentiment Study (CSS), which measures the Singapore property market’s current consumer sentiments and expectations.

Five hundred respondents were polled in the supplemental survey conducted from 10 January 2022 to 14 January 2022 to analyse Singaporeans’ response to new property cooling measures that were imposed on 15 December 2021 whilst the CSS polled 860 Singaporeans between 15 November to 26 December 2021.

Singaporean property buyers are likely to remain open to larger homes in suburban districts, which are more value-for-money

FIRST

Seah Geh Choo

Singapore ranks 1st among SEA countries with CEO roles held by women

Singapore is the top SEA country with women CEOs

D

eloitte Global reported that women held 19.7% of board seats globally, a 2.8% increase from 2019. At this pace, the world could expect to reach nearparity in 2045 compared to 2052, as predicted in the previous edition.

Deloitte Global collaborated with

The 30% Club to release the seventh edition of Women in the boardroom: A global perspective.

Countries in Southeast Asia included in the report are Singapore, Indonesia, Malaysia, the Philippines, Thailand and Vietnam. They have collectively fared better, with an

Institutional support is critical for accelerating the progress of having more women in leadership

average of 17.1% of women in board seats compared to 14.3% in 2018.

This outperformed the Asia average of 11.7% and has inched to the global average of 19.7%.

The research showed polarising results where even though 6.0% of board chairs are women in SEA, the percentage change was more dispersed. However, when looking at CEO roles held by women, Singapore (13.1%) and Thailand (11.6%) are ranked first and third, respectively, amongst the countries surveyed. “[This year] could be a year of opportunity for the appointment of more women on boards as companies re-evaluate the needs of their board in a post-pandemic business climate,” said Deloitte SEA centre for corporate governance leader Seah Gek Choo. “Institutional support, in areas like equal pay, flexible work arrangements, mentorship, and sponsorship programs for women are critical for accelerating the progress of having more women in leadership.”

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SINGAPORE BUSINESS REVIEW | Q2 2022

FIRST it may be unlikely for the US Federal Reserve to hike 50 basis points given the uncertainty, even if the 40% hike in gas prices would probably warrant the hike more than before.

FIs LOOK OUT FOR RUSSIA-RELATED RISKS

S

ingapore’s financial industry is vigilant to any risks arising from sanctions imposed on Russia due to its invasion of Ukraine.

The Monetary Authority of Singapore (MAS), the local financial regulator, said that local financial institutions (FIs) are aware of the heightened risks, and “are taking appropriate measures to manage any legal, reputational, and operational risks arising from the sanctions imposed by various jurisdictions.”

“MAS has sent a circular to all financial institutions in Singapore, reminding them to manage any risks associated with the situation in Ukraine and the sanctions imposed by major jurisdictions,” an MAS spokesperson told Singapore Business Review in response to queries.

“FIs should also continue to stay vigilant to any suspicious transactions or flow of funds, and apply enhanced customer due diligence in higher-risk situations,” the spokesperson added.

Curbing potential risks Asian FIs and issuers are generally not very exposed to Russia or Ukraine, according to separate comments from Moody’s and Natixis. Despite this, local banks in Singapore are taking measures to curb any risk that could possibly arise from connections to the affected markets.

United Overseas Bank (UOB), one of Singapore’s biggest banks, told Singapore Business Review that they do not have direct exposure to Russian banks, but have advised clients on possible exposure to risks.

“We have earlier advised a handful of our clients with trade flows affected by potential sanctions to manage down their exposure accordingly,” UOB said in an emailed correspondence.

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SINGAPORE BUSINESS REVIEW | Q2 2022

Asia’s financial markets—including that of Singapore— are generally not very exposed to Russian-related risks

Banks to be hit by prolonged UA invasion

S

ingapore banks face a possible negative impact on their asset qualities should uncertainties arising by the Ukraine invasion by Russia persist.

“If the uncertainty extends over time, it might have some negative impact on banks’ asset quality, all the more so to those countries with close ties with Russia. The most obvious in Singapore since Russian energy companies are present there,” Alicia Garcia Herrero, Natixis’ chief economist for the Asia Pacific, told Singapore Business Review.

Overall, however, Asia’s financial markets—including that of Singapore—are generally not very exposed to Russian-related risks, according to Natixis’ Garcia Herrero.

“We only have Rusal in the Hangseng and very few syndicated loans,” she noted.

Garcia Herrero said that banks’ biggest risk is if Russian financial institutions are moved out of SWIFT, as well as any sanctions on Russian debt secondary trading.

More generally, if the conflict is extended, Garcia Herrera said that

If the uncertainty extends over time, it might have some negative impact on banks’ asset quality

Energy woes The energy sector has been named as amongst the likeliest to be severely hit by the Ukraine invasion.

Kelly Bogdanova, vice president and portfolio analyst at RBC Wealth Management, said that energy sector risks are ever-present, especially if sanctions hit the Russian energy sector, or if the pipeline carrying natural gas from Russia, via Ukraine, to Europe becomes damaged.

“The RBC Capital Markets commodity team points out that there is not enough spare liquefied natural gas capacity to replace Russian pipeline gas should pipeline to Europe be cut off. Furthermore, natural gas storage levels in Europe are much lower than normal—there is little room to maneuver,” Bogdanova warned.

Half of Europe’s energy supplies originate in Russia, and in the interim, global energy prices have grown volatile given the conflict, with oil prices soaring to $100 per barrel, reported American asset manager Nuveen. “We expect high energy prices to cause further inflationary pressure in the United States and globally, even as winter begins to thaw,” the report read.

Apart from the energy sector, uncertainties around the severity of sanctions to be imposed add risks for the equity markets, as well as the agriculture and metals markets, and global economic growth in general, according to RBC Wealth Management’s Bogdanova.

SG banks’ biggest risk is if Russian FIs are moved out of SWIFT

FIRST

Singapore is redoubling its efforts to build a more connected, innovative, and resilient economy

How the gov’t plans to make Singapore ‘fairer and greener’

F

inance Minister Lawrence Wong gave opening remarks during the Singapore Regional Business Forum on 22 March. He discussed several imperatives that aimed to make the country “fairer, greener, and more inclusive.”

Connectivity, innovation Wong said Singapore is redoubling its efforts to build a more connected, innovative, and resilient economy. He enumerated several long-term projects that will contribute to these objectives,

such as enhancing physical infrastructure like Tuas Mega Port and Changi Airport Terminal 5, as well as digital infrastructures like the broadband network and new technologies like 6G. Wong added their strong connectivity made the country a hub for business, finance, trade, and even data flows. He also mentioned strengthening the support for small to medium enterprises (SMEs) by allocating some of the 2022 Budget for their innovation. He noted this will create more opportunities for SMEs to partner with research centres.

Resilience Wong gave his suggestions to make the country’s economy more resilient: • Ensure sound and stable finances. He said Singapore was fortunate to have accumulated reserves due to their “forefathers upholding the attitude of fiscal discipline.” Today, he said the reserves were being used as a steady source of annual government income, as well as a critical buffer, as seen during the COVID-19 crisis which they have already drawn $40b for.

• Invest in people. Wong said the government has been heavily investing in education with projects like the KidSTART and SkillsFuture, which is part of the $1b yearly allocations for education. He added that working with businesses and employers are also important.

• Strengthen social impact. The finance minister highlighted initiatives tackling workplace inequality and uplifting lowwage workers.

Wong concluded that the country has successfully tackled multiple crises in previous years and decades, especially during the pandemic of the past two years, and have been achieving good results.

In the process, he said the finance sector has built strong partnerships between the government, trade associations and chambers, businesses and unions.

7 in 10 businesses mull creating more green jobs in the next 12 months

T

he majority of businesses in Singapore plan to create more green jobs in the next 12 months in support of the government’s efforts to grow its green economy, a survey by Schneider Electric showed.

These green jobs would likely be in industries such as energy, construction and buildings, manufacturing, and transportation, according to the “Singapore Green Pulse” survey.

Apart from creating green jobs, 80% of businesses surveyed are also showing support towards green finance, another enabler for the green economy, with 73% even saying their companies are already well-placed to attract green finance investment.

Another measure businesses showed favour for was the increasing of carbon taxes in Singapore to fund

decarbonisation efforts locally, with eight in 10 expressing support.

Overall, the majority of business leaders—nine in 10—are supportive of the government’s plans to advance the green transition.

“The findings indicate strong support for Singapore’s green ambitions and increasing momentum among local companies to advance their sustainability agendas,” said Yoon Young Kim, cluster president of Schneider Electric Singapore.

The strong support for the green transition from businesses could be because 78% of them believe that they can benefit from the growth of the green economy in Singapore.

Many businesses (81%) also believe a strong ESG and sustainability strategy offers competitive advantages, whilst 73% see money being spent on such efforts as an investment in future growth.

The risk of outdoor transmission is significantly lower, but indoors mask wearing is still mandatory

SINGAPORE BUSINESS REVIEW | Q2 2022

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INDUSTRY: METAVERSE REAL ESTATE

What you should know about virtual real estate in the metaverse

A total of 268,645 parcels are up for grabs across the 4 metaverse platforms.

according to Bajpai, a new dimension is created in terms of the workplace.

Establishments built in the metaverse can mirror those in real life, which also gives room to gatherings with avatars and holograms.

He cited brand presence through e-commerce as another area of expansion for businesses. This would bridge the gap between online and physical goods. Non-fungible tokens (NFTs) art can be used to advertise products and goods, which can either be bought as a physical product outside the network or as a digital asset in the metaverse.

As the metaverse evolves, new ideas and software come into play

R

eal estate developers seem to have found their next target location: the metaverse—a space which has proven itself to be profitable with parcels netting an average price of $16,258 (US$12,000).

With its attractiveness in the market, the metaverse also comes with challenges, Abhishek Bajpai, Colliers’ managing director, warned developers during his talk at the Real Estate Asia Summit 2022.

As the metaverse evolves, new ideas and software come into play, some of these risks will stall immediately, while new ones will potentially come up,” said Bajpai.

A problem unique to the metaverse space is how the creation of virtual worlds and assets can affect established ones.

Currently, there are four virtual worlds, also called operating spaces, that exist—The Sandbox, Decentraland, Cryptovoxels, and Somnium Space. Collectively, they yield a total of 268,645 digital assets, also known as parcels.

With the creation of new worlds and functions specific to these creations, the value of the digital assets or parcels can swing wildly depending on these factors.

The use of cryptocurrency as

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SINGAPORE BUSINESS REVIEW | Q2 2022

Abhishek Bajpai

The more that we, as real estate experts, focus on understanding the value of the metaverse, the more we’ll be in a position to lead this discussion

the main method of payment also echoes the same subset of problems due to the unit having the same volatile characteristics, according to Bajpai. Unlike transactions done in the physical world, the frequency of change in cryptocurrency’s value, compounded with the nature of the digital land, can see prices for these parcels slide up and down.

In terms of technology, one of the barriers preventing the adoption of the metaverse is the use of virtual headsets and the lack of access to them. These headsets are essential to access the metaverse, with ease of use, price, and availability also cited as possible areas for improvement.

Sustainability is one of the biggest challenges, as accessing and being a part of the metaverse require energy.

Logistics-wise, this would mean more power consumption from the consumer end, such as hardware used to enter the metaverse, to the need for more data centres and power.

Digital frontier Whilst challenging, investing in the metaverse will be quite a triumph considering that it also presents a lot of opportunities.

The ownership of a simulated space carries its own benefits as,

Profit in the metaverse Developers also will not need to worry about profit in the metaverse.

According to Bajpai, an estimated $54b has been spent on digital goods in the virtual space, almost double when compared to the amount spent on buying music.

Bajpai also cited that Second Life, the first-ever version of the online world, recorded a $650m gross development product, with over $80m being paid to creators.

Meanwhile, 200 strategic partnerships have been established to date with The Sandbox alone.

Adding to that value of computerised goods is the current status of NFTs, which have a market cap of $41b.

Once bought, the online space becomes a digital asset owned by the buyer and ensured through blockchain technology.

“Now is the time to be a part of the conversation, rather than following it. The more that we, as real estate experts, focus on understanding the value of the metaverse, the more we’ll be in a position to lead this discussion as it goes forward,” said Bajpai.

Bajpai expects these pros and cons of the metaverse, however, to continue evolving. This is mainly due to how young the metaverse is currently, and how other worlds can pioneer specific functions.

INTERVIEW

Tech giants are eyeing more office space in 2022

The tech industry accounted for 40% of the demand for office space.

I

n what seems to be a surprising turn for the office property sector, the demand for office space shifted from the banking and finance sector to the tech industry, which accounted for 40% of the demand from 20% pre-pandemic.

And as Cushman & Wakefield observed, it is the big tech companies that were at the forefront in seeking more office space since 2021.

Anshul Jain, managing director for India and South East Asia of Cushman & Wakefield, spoke with Singapore Business Review Editor-in-Chief Tim Charlton and touched upon the latest trends and outlook for real estate in Singapore and Asia in 2022 and beyond.

There were many firsts in the real estate industry in 2021.

What trends can we look forward to in 2022? We’re seeing in Singapore, it’s A team, B team set up. Is it really back to the office or is it hybrid?

I think A teams, B teams, etc. will really be governed by what the government tells us to do. So within that ambit, I think, the hybrid work is here to stay. We think that 60% workingfrom-office will be where we’ll kind of settle down. Work from home is not a new global concept. In the US, European, and Australian markets, the three- to four-day working from office week was prevalent, and one- to two-day working from home was prevalent.

Now, in the rest of Asia, that trend is absolutely here to stay.

But that does not necessarily mean that office demand will go down. On the contrary, office demands are actually going up. It’s moving into better-quality buildings and the construct of the designers is changing how the offices are designed. It’s more collaborative, it’s more teamwork – offices are going to be used more as a social space, as opposed to, working as for a personal space.

The other big trends for 2022 that we’re seeing clearly on the back of global sustainability push, and more corporations are going to demand better-quality buildings that are truly sustainable in nature. On the back of that, what we’re going to see is perhaps investments starting to flow in on retrofitting some of the old buildings, which are going to get obsolete, and won’t cater to the new ways of working or being sustainable enough. The other sectors such as data centres, industrial sectors in Singapore will perform exceptionally well. And I think, whilst the residential sector will cool down a bit, there’ll still be enough in there for increase, enough demand going forward in the residential real estate sector.

Are there any anecdotes that you can share with us about recent transactions or leasing deals or sales that you think people should be paying attention to?

Anshul Jain, Managing Director for India and South East Asia, Cushman & Wakefield

2021 was an interesting year, you know, we had almost $25b-worth invested in real estate in Singapore, five of which roughly was office, but the interesting part was almost fourand-a-half actually came in industrial. The big buildings sold from an office perspective included, the PIL Building, [and] 112 Robinson. The deals however took longer because debt financing took more time. People were cautious in 2021. But I think the market really supported the sale of the building, and there’s lots of capital right now. Going forward in 2022 and beyond, we’ll see a lot more of that. We expect the market to be really active.

We expect the real estate market to be really active in 2022 and beyond

What initiatives is your organisation working on at the moment?

We recognise the status of Singapore as a regional powerhouse, as a regional headquarter city for most of the multinationals. So for us, Singapore has two meanings: one is Singapore for Singapore, and the other is Singapore for Asia. What we’ve done so far is we’ve strengthened Singapore for Singapore very significantly. The next steps that we’re working on is to strengthen Singapore for Asia. We are also investing significantly in building local and regional teams, and building two brand new offices. A very exciting move is coming up for us, moving into CapitaSpring, one of the topmost floors. Building that signifies innovation signifies sustainability, and signifies leadership, which is the positioning we have in Asia.

SINGAPORE BUSINESS REVIEW | Q2 2022

13

INDUSTRY INSIGHT: TELECOMMUNICATIONS

How the Philippines’ ‘underserved’ data centre market can evolve toward growth

Evolution Data Centres expect more non-telco-run data centre companies to enter the market.

S

ingapore and Hong Kong have served as the hubs for data centres across Asia in the past few years; but now, cloud operators have started moving into other markets—a decentralisation trend that the industry will continue to see.

With a huge young population and a rich renewables potential, the Philippines sits at the cusp of becoming a major market for data centres. The country, however, remains underserved in this industry with most operators still emerging out of telecommunications firms, according to Evolution Data Centres CEO and Co-founder Darren Webb.

Webb, who has been in the telecommunications industry for two decades, told Singapore Business Review that data centres have historically evolved out of telcos into a pure data centre environment.

“What we’re seeing now is more

entrants coming into the market. I would say, today, [the Philippines is] moving from an underserved market into that growth curve. And you’ll see a number of foreign operators come in that are specialist data centre companies, not telcos, in fact we have already seen a number of recent announcements.”

At present, amongst the key operators of data centres in the country are telco giants PLDT and Globe. They have their own data centre environment and that’s been the main option for cloud adoptions,” Webb said.

But Webb noted that the entry of Dito Telecommunity as the third telco player in the country gives a good sign for growth.

The Philippines has one of the highest number of social media users that spend an average of nearly 11 hours a day on the internet, which

Key operators of data centres in the Philippines are telco giants PLDT and Globe

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SINGAPORE BUSINESS REVIEW | Q2 2022

The Philippines has one of the highest number of social media users that spend an average of nearly 11 hours a day on the internet

could further drive the need for data centres. This is on top of around 30 million people who have no access yet to smartphones and other devices that remain untapped.

Webb also observed that more investments are coming in for subsea cable installations, telecom towers, dark fibre deployments and 5G infrastructure, putting the Philippines well on its way to becoming one of the next major data markets in Southeast Asia.

Aside from the market size and funding, the country’s rich potential in renewables makes the Philippines a good site for data centres since data centres consume a high amount of energy. But whilst this is the case, Webb cautioned that the Philippines also poses challenges to data centres.

“The Philippines is a really interesting market—what God has given [it], God has also taken away to

INDUSTRY INSIGHT: TELECOMMUNICATIONS We have to be, as an industry, more considerate of the environment

a certain degree,” he said.

“If you look at it from a geological point of view, the Philippines has benefits and has some challenges that come from that.”

He cited the abundance of geothermal power stems from the high level of volcanic activity, not to mention, several flood zones across the country, and is also susceptible to typhoons. In this light, data centre operators need to be selective in terms of the location at which they will set up their sites.

Other emerging markets For similar reasons, Webb said Indonesia, Thailand, and Vietnam are also seen as emerging markets.

Like the Philippines, the said countries have a big “data-hungry” population that continues to grow and remains underserved from a data centre point of view.

“They’re traditionally telecoms markets, not pure data centre markets,” he said.

“All of those that have good access in terms of subsea cables, and more investment going in, and deregulation, the things I talked about that happen in the Philippines, were seen in other markets, as well.”

As CEO of Evolution, Webb said the company wants to be amongst the early entrants into those markets.

Webb shared that around five years ago, cloud companies in the US were reluctant to enter markets in the region, such as Indonesia, due to the lack of familiarity and the perception that it would be difficult to do business as a foreign entity. But today, operators have entered the markets,

particularly Indonesia, to capture demand as it started to peak.

“Big cloud operators from the east and the west are all there in a very big way, which goes to show that when demand starts to peak, all the cloud operators wish to come into that market because they want to serve their customers locally,” the Evolution CEO said.

Greener data centres Webb said Evolution is cognisant that identifying as “green” gives the company an “almost impossible” target considering the amount of materials used to build and energy the data centres consume. Hence, Evolution strives for “greener.”

“You know that the average statistics suggest that between seven and 10% of the global energy requirements go into data centres,” Webb explained.

“But, we also need to remember that data centres are needed as they

underpin the digital transformation, supporting our e-banking, e-commerce, gaming, video streaming that are so common in our daily lives,” he said.

For instance, Webb said a sudden shut-down in the operation of data centres in the Philippines would likely lead to an uproar as social media becomes accessible and remote work is disrupted. But whilst this is the case, the industry should be aware that data centres consume a high amount of energy and that it needs to be sensitive to the environment it works in.

Sourcing energy for data centres To offset the impact of operating data centres on the environment, Evolution looks to utilise existing plots, often on industrial parks, rather than in greenfield areas that will require the cutting of trees.

“I think we have to be, as an industry, more considerate of the environment. When we source energy, we want to buy it locally because that then requires extra regeneration, extra investment in the renewable energy space, and it becomes self-fulfilling,” he said.

He added that it is likely that this move could also put pressure on the grid to start using non-coal based energy.

“We have one planet, And we need to start being a bit more considerate for the future generations. and that’s where we want to be in terms of Evolution,” he said.

To offset the impact of operating data centres on the environment, Evolution looks to utilise existing plots

SINGAPORE BUSINESS REVIEW | Q2 2022

15

LEGAL BRIEFING

Will the GST Amendment Bill level the playing field for local business?

Under the bill, goods worth $400 or less imported by air or post will be subject to GST.

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ocal businesses have been at a disadvantage as their products and services are subject to goods and services tax (GST), whilst their overseas counterparts are not, allowing the latter to sell the same products without charging GST. This disparity is what the GST Amendment Bill aims to address.

Under the bill, the scope of Singapore’s existing overseas vendor registration (OVR) regime and reverse charge (RC) regime will be expanded to include lowvalue goods imported by local customers starting 1 January 2023, subjecting goods worth $400 or less imported by air or post to tax.

Lee Shih Hui, principal (tax advisor) at Baker McKenzie Wong & Leow in Singapore, said that before the bill’s passage, only digital services and imported services were covered by OVR and RC, respectively.

The bill widens the scope of the OVR regime to cover remote services whether digital or non-digital services, according to Lee. “As such, non-digital services (within the scope of remote services) acquired by local consumers from overseas supplies can be subject to GST from 1 January 2023. The key provision of the GST Amendment Bill, which will effect this change is Clause 25 of the GST Amendment Bill,” Lee said.

“Following the amendments to the OVR and RC regimes, we would expect local suppliers to be competing on a more equal footing with overseas suppliers from a GST perspective,” Lee told Singapore Business Review.

Lee, however, underscored that GST is just one factor in the competitiveness of local businesses.

“The impact of the amendments (i.e., whether they will affect consumer purchasing behaviour) will be difficult to isolate given the myriad of other considerations that affect consumer decisions, such as product offerings, post-purchase service, and customer experience,” the Baker McKenzie Wong & Leow’s tax expert said.

Impact on overseas businesses Ong Ken Loon, head of Tax and Private Client Services at Drew & Napier LLC, doubts that the bill would deter large e-commerce businesses from continuing their operations in Singapore in terms of systems, saying that most of them are probably registered in Singapore’s OVR. “Scaling up from there should not pose a big issue given that Singapore market is a relatively small market, compared to other countries (including Australia, the UK, and the EU) where similar regimes have been rolled out for some time,” she said.

On whether the policy would push international businesses to pass on the full burden of the GST to their customers, Ong said: “This would likely depend on

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SINGAPORE BUSINESS REVIEW | Q2 2022

Ong Ken Loon

Lee Shih Hui

Yeo Wan Ling

Levelling the playing field through the bill might just be a short-term solution

business considerations, such as the existing margins and the price elasticity of the goods.”

Lee, for her part, said overseas businesses will likely be faced with increased obligations and compliance costs with the implementation of the bill.

“This may be balanced out with the simplified compliance regime such as reduced price display and invoicing requirements under the OVR regime,” the Baker McKenzie tax expert said.

‘Not a magic bullet’ MP Yeo Wan Ling, in her speech during the bill’s reading on 2 November, said levelling the playing field through the bill might just be a short-term solution, thus suggesting that the bill be complemented with a “wider ecosystem change that not only props up retail businesses but elevates the retail experience in Singapore as well.”

Both tax experts agreed with Yeo’s statement, with Lee saying that the bill is not a “magic bullet” and should be “complemented by other policies and private sector investment in the retail space in Singapore.”

“The government may consider looking into new retail trends such as sales and auctions over social media live streams, using [artificial intelligence] to drive recommendations to individual consumers, and even augmented reality to show how clothing fits on a consumer without them having to try it on. Where these trends are worth promoting, they can be incentivised by integrating them with the retail experience,” Lee said.

Ong, for her part, said “a weaker team would still lose to a stronger team” even on a level playing field which is why businesses should “constantly review and refresh their service offering to stay ahead of the competition.”

“For many of them, their entrepreneurial spirit would drive them to take these steps, regardless of whether government support is available,” Ong added.

Overseas businesses may face increased obligations and compliance costs with the implementation of the bill

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SINGAPORE BUSINESS REVIEW | Q2 2022

17

MARKETING BRIEFING

The future is now: 5 advanced payment methods to adopt in 2022 Consumers want to do away with the cards and just pay with a wave of a hand, study shows. biometric authorisations, even consumers are saying so with nine in 10 already wanting their payment cards to be biometric in 2022, Zwipe’s study revealed.

The only concern of consumers (80%) about biometric payments is the risk of infection when paying in-store or touching POS machines.

The use of biometrics in payment authentication has the highest form of security available today

I

magine paying for fuel, meals, and other necessities by simply showing a hand and not having to remember passwords and pins to authorise online payments.

This is how Singapore consumers envision the new era of e-commerce—and they might not need to wait for long for this future to arrive given that 94% of businesses are planning to adopt a new payment method in 2022, according to Visa.

But with several payment methods available in the ecosystem, which exactly should businesses adopt?

Based on the FIS Generation Pay 2021, there are five methods of paying which are gaining ground amongst Singaporean consumers: biometric authentication (71%), smart commands (47%), in-car integration (52%), cryptocurrencies (37%), and a hand-implanted microchip (25%).

Amongst these options, Kelvin Lam, regional general manager of fintech firm YouTrip, said the best payment method to adopt in terms of cost, convenience, and safety would be biometric authorisation. “[It is a] tried-and-tested payment method that promises both convenience and security,” Lam told Singapore Business Review, adding that biometric authentication through fingerprint or facial verification is “inherently more secure than passwords and [two-factor authorisation] methods.”

This was echoed by fintech company Zwipe’s VP for Sales and Business Development, Claus Hansen, saying that the use of biometrics in the payment authentication process has the highest form of security available today.

“Unlike a PIN code, a fingerprint securely stored in the EMV chip as a template cannot be stolen,” Hansen told Singapore Business Review.

“Matching the fingerprint with the image already stored on the card, keeps the privacy of the cardholder intact and the safety and health of the consumer addressed whilst maintaining the convenience of contactless payment,” Zwipe’s Hansen added.

It’s not only experts who are backing the safety of 18

SINGAPORE BUSINESS REVIEW | Q2 2022

Kelvin Lam

Claus Hansen

Nagesh Devata

Just like B2C payments, companies will also expect to pay in the fastest and cheapest manner

Crypto for cross-border commerce For businesses that serve not only the local market but across borders, as well, cryptocurrency would be a good option to consider, especially by small and medium enterprises.

Lam told Singapore Business Review that cryptocurrencies are “set to bring about faster and cheaper” cross-border transactions which he said are “expected to go up as companies increasingly operate in a distributed and borderless manner.”

“Just like B2C payments, companies will also expect to pay in the fastest and cheapest manner. Advancements in payment technologies such as blockchain is a step towards helping businesses save time and cost on cross-border payments,” Lam added.

In 2022, professional services company EY Global said it expects global cross-border payment flows to reach US$156t or $209.75t (1 SGD = 0.74 USD); of which $201.66t or US$150t will be from B2B transactions.

Whilst cryptocurrency will hugely benefit B2B transactions, Lam cautioned that this type of payment is still “a volatile space that requires a more sustainable framework and more consumer protections before it can be rolled out to the masses.”

Things to consider When selecting which to adopt amongst the rising payment methods, Nagesh Devata, Regional SVP, GTM APAC at commerce technology company Payoneer, said businesses should take into consideration not only their global appeal but the preferences of the local markets they operate in.

“For example, Gen Z and Millennials are the digital generations and are particularly fond of mobile payments, and digital credit schemes, such as Buy-Now-Pay-Later. The silver generation has also been driven to contactless and digital payments, likely to reduce their health risk during the pandemic,” Devata told Singapore Business Review.

With consumers paying more attention to convenience, the Payoneer expert said it is also important to consider the complexity, cost, user experience, speed, and market reach of these innovative payments.

More than increased convenience, Lam said businesses should put importance on the safety of the payment methods they plan to adopt given that the increase in scams and cybercrimes has led to customers placing a higher emphasis on security when they pay.

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HR BRIEFING

How companies can dodge the great resignation in 2022 Qualtrics reported that 58% of Singaporeans plan to switch jobs this year.

Work-life balance remains the most unmet candidate expectation amongst Singaporean workers

B

efore Singapore’s job market can even heal from its talent crunch problem, it has received yet another blow—the great resignation. This phenomenon is set to hit companies in 2022 as 58% of employees plan to shift careers, according to a Qualtrics report.

HR coaches, however, are saying that there are certain ways to dodge this problem.

In an interview with Singapore Business Review, Randstad Singapore’s Managing Director Jaya Dass said companies should embrace and adapt quickly to the change in employees’ expectations around work and work-life balance to retain their talent pool.

Dass said Randstad’s 2021 Employer Brand Research report found that work-life balance has become the most important employee value proposition amongst Singaporean professionals (74%), tied with salary and benefits.

Qualtrics also had a similar finding, with 60% of their respondents citing work-life balance as the top reason for staying in their current companies.

Despite this, Dass said work-life balance—which is driven by employees’ desire to work remotely or in a hybrid environment—remains the most unmet candidate expectation amongst Singaporean workers. This is backed by Monster.com’s study, showing that one in three Singaporeans were dissatisfied with their work-life balance.

“In order to retain prized talent, employers will need to prioritise what is important to candidates and accommodate their desire for greater autonomy over where and when they work,” Randstad Singapore’s Dass said.

“Having a comprehensive hybrid and remote work policy, supported by a targeted employer brand positioning and effective marketing communication strategy, will help organisations attract and retain quality talent much more easily,” the Randstad official added.

Future of work A Qualtrics report found that 60% of employees would stay in their current employers if they provide them with a worklife balance, whilst those looking for new jobs want to enter 20

SINGAPORE BUSINESS REVIEW | Q2 2022

Jaya Dass

Angela Yang

To retain prized talent, employers must accommodate candidates’ desire for greater autonomy

companies that offer more flexible time off (50%) and hybrid work options (42%).

Angela Yang, a partner at Page Executive, told Singapore Business Review that hybrid working will be the “default mode” in the future and flexible hours will be a trend amongst companies, but both will still depend on the nature of certain job roles.

About 84% of CEOs surveyed by KPMG in 2020 expressed the same sentiment, saying that the remote working trend is “irreversible.”

Based on a 2021 Ipsos survey, about 38% of Singaporeans are already working from home more often than they were before the COVID-19 pandemic.

“Some roles, especially those in sales, marketing, and customer service will need to operate within a set of hours to optimise their exposure with clients,” Yang said.

“Whilst a large-scale shift away from the traditional 9-6 model of work will be challenging, having a hybrid working schedule will help companies foster a happier, healthier workforce, lead to lower attrition rates, and nurture greater innovation through the use of digital tools during remote work,” Randstad Singapore’s Dass said.

An April 2021 study by Mathew Mathews et. al also showed that 80% of those working from home enjoy the setup and 73% of the respondents were productive when working from home.

Productivity ​​was also seen amongst seven in 10 Singaporeans who were under a flexible working arrangement, according to the Ipsos ​​ survey.

As companies shift into hybrid work, companies must also fundamentally change the way they view productivity, shifting their focus from quantity of work to quality.

“When employers focus less on being process-based and more on being outcome-driven, they can better foster a workplace where it’s genuinely safe and acceptable for them to work remotely. In this regard, work is what you do and not where you do it,” Dass said.

Other ways to retain talent The analysts said companies can also retain talent by addressing the reasons why employees quit their jobs.

According to Qualtrics, the first reason why employees leave their companies is to seek more growth opportunities (51%), which Yang said can be answered by knowing “what growth and progress mean to their employees.”

“Go beyond the usual development plan and tie that back to how the pandemic has changed their mental state, family situation, and [finances],” Yang said.

The analyst also underscored that companies must have honest and pragmatic discussions on what opportunities they can offer their employees and that they should be clear on how and when this can be achieved.

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SINGAPORE BUSINESS REVIEW | Q2 2022

21

HOTTEST STARTUPS 2022

Fintech at the forefront of this year’s edition of Hottest Startups

Venture Capital firms tell Singapore Business Review why the vertical was the most attractive to investors.

Fintech will continue to be the leading vertical in terms of capital deployed and startup formation

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intech has proven anew that it is a force to be reckoned with in Singapore’s startup economy after it amassed approximately $5.40b (US$3.94b) funding in 2021, and dominating the eleventh edition of Singapore Business Review’s Hottest Startups List.

In this year’s list, the vertical took over eight of the 20 spots, led by Spenmo which secured $45.70m in its latest funding, followed by Syfe ($40.33m), Volopay ($39.59m), Endowus ($35m), CyberHash ($26.96m), Xen Capital ($10.08m), Jenfi ($6.3m), and STACS ($4.85m).

Capital not only poured into these eight fintech ventures but also into the entire Singapore startup economy as they gathered $11.2b in funding in the first nine months of 2021 alone, which was already double the amount raised for the entire 2020 at $5.5b, according to Enterprise Singapore.

What makes these startups—and fintech, in general—attractive to investors is that they are pandemic

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SINGAPORE BUSINESS REVIEW | Q2 2022

resilient, and they are taking part in the strengthening of the digital commerce ecosystem, according to Quest Ventures’ head of Environmental, Social & Governance and director of Sustainable Impact Accelerator, Michelle Ng. This attractiveness was clearly reflected in the amount of capital poured into fintech startups in 2021.

Data from S&P global showed that fintech startups in Southeast Asia raised $4.7b, proving that the sector is a force to be reckoned with in the startup economy.

With continuous innovations in the sector, particularly in the area of blockchain and open banking, analysts believe that fintech’s force will continue to be felt throughout 2022 and it will remain at the forefront of the startup scene.

“Fintech… will continue to be the leading vertical in terms of capital deployed and startup formation,” Justin Hall, partner at Golden Gate Ventures, told Singapore Business

Regulators in the Asia Pacific region appear supportive of innovation in fintech

Review, adding that more capital will be poured into fintech across the board in 2022.

This was echoed by Singtel Innov8’s managing director for Investment in the Asia Pacific, Kum Tho Wan, who said fintech will be a “high growth area” in 2022.

“Regulators in the Asia Pacific region appear supportive of innovation in fintech, which is seen as a way to drive financial inclusion and efficiency,” he said.

But fintech-related ventures are not the only ones catching the eyes of investors, those involved in the development of digital reality have also been capturing the interest of investors, Ng added.

These types of startups will also continue to be attractive in the years to come given that Web 3.0 is the “buzz of the time,” according to Accelerating Asia’s Craig Dixon, adding that venture capitals (VCs) are actively exploring or investing in startups involved in this internet revolution.

HOTTEST STARTUPS 2022 ‘Explosion’ in e-commerce Web 3.0’s arrival has also pushed Singapore’s visionary minds to create solutions that will level up e-commerce. Eunice Wong, principal at Monk’s Hill Ventures, told Singapore Business Review that there was an “explosion of business startups dedicated to building the infrastructure and tools to power the rapid growth in online commerce.”

The year 2021 saw a flurry of that with the entry of seven commercecentred startups into the ranking, namely, Una Brands, Rainforest, Osome, Tinvio, Upmesh, Nektar.ai, and AI Palette.

In 2022, there will be even more startups that will aim to solve both consumer and enterprise pain points with technology on the back of a stronger internet economy, Wan said.

There is even the possibility of social media overtaking traditional retail this year, claimed Wong, as social commerce and live-selling will continue to boom. “People increasingly spend more time on product discovery and purchasing on social media platforms.” She added that the e-commerce industry will continue to benefit from COVID-19 tailwinds as consumers and businesses learn to live in the new normal.

As e-commerce goes side by side with logistics, startups involved in the latter also saw tremendous growth in terms of funding, Hall and Ng said.

Digital health boom The new normal of the pandemic era also led to a swirl of activities in the digital health industry, both Wong and Ng observed, as VCs invested in startups that “focused on health and well-being,” both physical and mental in 2021.

True enough, this year’s Hottest Startups list also saw the entry of health tech startups such as digital therapeutics startup Neuroglee.

COVID’s emergence also shone a spotlight to startups focusing on research and development like Germany-based BioNTech, which, together with Pfizer, developed a vaccine for the coronavirus.

This spotlight, however, would be unlikely in Southeast Asia, Hall said.

“Majority of biotech investments will be made in more mature markets.”

Solving real-world problems: sustainability Apart from being tech-focused, the common ground that successful startups last year had was founders “who are deeply passionate about the problems they are solving for; who are tackling huge pain points and have figured out a repeatable and scalable way to sell their products and services,” Wong said.

Quest Ventures’ Ng had a similar observation and so she urged business founders who are just starting to raise funds for their startup to “focus on solving realworld problems and value creation for your users and stakeholders.”

One particular problem that startups are aiming to address is sustainability, according to Ng and Dixon, with the latter saying that this focus will grow fast in the years to come given that consumers are being more “conscientious.”

Ng, for her part, said Environment, Social, and Governance (ESG) must be on top of startups’ strategy and operations, as venture capitals also look into this aspect.

In support of the green movement in the ecosystem, the government has also created programs to support cleantech startups or those who are trying to help improve environmental sustainability.

According to the Global Startup Ecosystem Report 2021, the cleantech sector in Singapore is supported by various incubators and accelerator programs such as Temasek’s Sustaintech Xcelerator which was launched to identify and nurture climate innovators.

Michelle Ng

Justin Hall

Craig Dixon

Eunice Wong

Emerging tech sectors Singapore is already home to 3,800 tech-enabled startups, and with the

industrialisation revolution and as the world rapidly undergoes digitisation, tech’s stronghold in the city’s startup ecosystem will not wear off soon.

As Dixon puts it, “everything’s tech these days,” and the only question now is what type of tech will emerge next.

Ng said that based on Quest Ventures’ observations, the tech sector that will emerge in 2022 would be agritech, edutech, healthtech, biotech, deeptech, and foodtech, which Singapore has already been known as a leader on.

Dixon said he personally and professionally finds the foodtech industry as an exciting sector as it also has an ESG perspective. “[Let’s say], beef in a lab instead of, you know, feeding cows that are creating emissions and taking up land and stuff like that. So, I think, food tech is a really interesting one,” the Accelerating Asia partner said.

Foodtech was also cited as one of Singapore’s strengths in the startup ecosystem by the Global Entrepreneurship Network; and with the government investing $144m in cultured meat and microbial protein production, foodtech is well on its way to being an emergent sector.

Next step After considering what sectors would emerge, and which verticals would interest VCs in 2022, what step should budding startup founders do next?

Ng said they should create a clear fundraising roadmap as this would help them not run out of fuel for their growth.

“We always encourage founders to fundraise early and get investors to support their growth and scaling,” she added.

The new normal has led to a swirl of activities in the digital health industry

SINGAPORE BUSINESS REVIEW | Q2 2022

23

HOTTEST STARTUPS 2022

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1. Una Brands

2. Spenmo

Founders: Kiren Tanna, Adrian Johnston, Kushal Patel, Tobias Heusch, Srinivasan Shridharan Funding: $53.93m (US$ 200m) in an equity and debt round.

Start of operations: 2020

Founders: Mohandass Kalaichelvan, Isaq Ahmed Funding: Spenmo raised $45.7m (US$40m) in a Series A funding round.

Start of operations: 2019

Founded by entrepreneurs Kiren Tanna, Adrian Johnston, Kushal Patel, Tobias Heusch, and Srinivasan Shridharan, Una Brands is an e-commerce platform aimed at using growth capital to develop brands. The startup uses brand strategies to help transform brands into household names and to aid through the development of plans that involve geographical expansion and product line launches. Recently, it raised $53.93m in a debt and equity round, with investors such as 500 Startups, Kingsway Capital, 468 Capital, Presight Capital, Global Founders Capital, and White Star Capital.

The platform founded by Mohandass Kalaichelvan and Isaq Ahmed offers ways for companies to manage their business payments. This includes methods such as automated local transfers, the use of credit cards to make non-card payments, and the issuance of virtual and physical corporate cards.

On top of these financial services, Spenmo also helps small businesses through a network of over 100 licensed small and medium enterprise lenders. The startup recently raised $45.70m in a Series A funding round.

3. Syfe

4. Volopay

Founder: Dhruv Arora Funding: Syfe acquired $40.33m in a Series B funding round.

Start of operations: 2019

Founder: Rajesh Raikwar Funding: Volopay raised $39.59m in a Series A funding round.

Start of operations: 2019

US stocks just got more accessible with this investmentfocused platform. Syfe, founded by current CEO Dhruv Arora, is aimed at consumers wanting to invest in both US stocks and exchange-traded funds. Trade single stocks, build custom portfolios or choose a managed solution – all in one place. Five free financial trends per month, Securities Investor Protection Corporation coverage, and real-time stock quotes are some of the supplemental functions offered by the program. The platform recently acquired $40.33m in a Series B funding round, with Valar Ventures as the leading investor.

Volopay aims at making expense reports digital, fast, inclusive, and safe for clients. It is the first AI-based real-time expense management software – a business management solution to streamline expense workflows. Total visibility and control are the main focus of Voloplay, as it allows for real-time monitoring of company card use, domestic and international money transfer, and payment management. To accelerate the startup’s plans, it raised a total of $39.59m from its most recent Series A funding.

SINGAPORE BUSINESS REVIEW | Q2 2022

HOTTEST STARTUPS 2022 5. Endowus

6. Sleek

Founder: Gregory Van, Samuel Rhee Funding: Endowus raised $35m in a follow-on fund raising.

Start of operations: 2017

Founders: Julien Labruyere, Adrien Barthel Funding: $34m in funding was raised by Sleek in an extended Series A funding round.

Start of operations: 2017

Endowus is the first and only digital wealth advisor that gives 100% cashback on all trailer fees. Endowus makes expert investing advisors within reach. The app offers personalised advice for customers with low fees and 100% trailer fee rebates.

Several investment portfolios are amongst the offerings of the startup—ranging from its flagship, which offers broad market exposure through low-cost funds with long-term outperformance, to environmental, societal and governance (ESG)-based portfolios. Prosus Ventures led the startup’s most recent funding round, adding $35m to its funds in a follow-on fundraising.

This subscription-based service offers everything a budding business needs. From business registration to accounting and tax, Sleek—founded by French entrepreneurs Julien Labruyere and Adrien Barthel—aims to make the process easier. The entity also helps by offering a company secretary and business insurance for entities with more years behind them. Recently, the company underwent a successful Series A round to reach $19m in funding, with White Star Capital and Jungle Ventures as amongst the investors. EDBI, meanwhile, headed the extended round to raise an additional $15m, totaling the startup’s Series A funding to $34m.

7. Rainforest

8. Cyberhash

Founders: Per-Ola Röst, JJ Chai, Jason Tan Funding: Rainforest raised $26.96m in a pre-series A funding round.

Start of operations: 2020

Founder: Alex Zhu Funding: $26.96m was raised by Cyberhash in an early-stage funding round.

Start of operations: 2021

As an e-commerce aggregator and brand builder, Rainforest is focused on acquiring e-commerce brands and exposing them to a long-term path headed towards success. It is focused on building the best in class brands, specifically in the home, and mom and baby space. The startup’s co-founders are Per-Ola Röst, taking the lead in developing tools for business teams; JJ Chai, heading the company’s strategy and culture; and Jason Tan, in charge of deal structuring and negotiations. Their startup acquired $26.96m in a pre-series A funding round.

With Alex Zhu and CEO Jacky Teo at the helm of this startup, Cyberhash is focused on the expansion of its cloud storage facility, which helps to provide a stable, secure and efficient solution to its distributed storage services. This blockchainbased startup focuses on offering this at a lower cost to businesses. Further helping the company’s plans to expand their staff and operations was a $26.96m early-stage funding round, led by venture capital firm Lemon.

SINGAPORE BUSINESS REVIEW | Q2 2022

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HOTTEST STARTUPS 2022

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9. Osome

10. Tinvio

Founders: Victor Lysenko, Dr. Konstantin Lange Funding: $21.57m was raised by Osome in a Series A funding round.

Start of operations: 2017

Founder: Ajay Gopal Funding: $16.18m was raised by Tinvio in a Series A funding round.

Start of operations: 2019

Osome’s main focus is to untangle the complications of business management. Through an on-call chartered accountant and corporate secretary, the process of maintaining a business becomes their responsibility. This includes processes such as managing invoices, reports, and taxes, whilst the customer is free to focus on growing their business. A $21.57m Series A funding was reached by the startup, with Target Global, AltalR Capital, and Phystech Ventures returning as lead investors.

With the current push towards digitalisation, Tinvio was envisioned as an application that bridges supply chain merchants and buyers. Founder Ajay Gopal armed the platform with a communication path between buyers and suppliers, a digital ledger, and an insights report. Over $16.18m in a Series A funding round was reached by the platform, as it prepares to incorporate financial services within its app. All of Tinvio’s existing investors returned for this round of funding, which includes Sequioa Capital India’s Surge, Global Founders Capital, and Partech Ventures.

11. Neuroglee

12. Upmesh

Founder: Aniket Singh Rajput Funding: $13.44m was raised by the startup in a pre-seed funding round.

Start of operations: 2020

Founders: Shawn Teow, Wong Zi Yang Funding: $10.11m was raised by the startup in a Pre-Series A funding round.

Start of operations: 2019

This health-tech based startup takes aim at providing a digital platform for neurodegenerative diseases. Through the use of artificial intelligence, functions like baseline assessment, cognitive intervention, and continuous monitoring are able to be applied to personalised settings. These all then come together to offer a system of digital therapeutics and virtual care to support patients and clinicians. Following pre-seed funding of $13.44m, Neuroglee is slated to launch virtual neurology clinics and see a move to Boston.

Unlike other platforms with just live streaming and selling, Wong Zi Yang’s platform arms sellers with tools such as automatic capturing of dibs comments, checkout carts for buyers, and an order management system. It is also the only live selling software that offers 24/7 customer service and technical support. To further strengthen Upmesh’ capabilities, the platform recently acquired a $10.11m pre-Series A funding round led by Monk’s Hill Ventures.

SINGAPORE BUSINESS REVIEW | Q2 2022

HOTTEST STARTUPS 2022 13. Xen Capital

14. Jenfi

Founders: Katrina Cokeng, Manish Sansi Funding: $10.08m was raised by the startup as part of a Series A funding round.

Start of operations: 2018

Founders: Jeffrey Liu, Justin Louie Funding: $6.3m was raised by the startup in a Series A funding round led by Monk’s Hill Ventures.

Start of operations: 2019

Xen Capital is the first zero-upfront fee platform that offers wealth advisors and asset managers a transparent alternative investment marketplace. Over $271.32m of alternative investments were closed through this alternative investment platform aimed at both asset managers and wealth advisors.

Aside from offering a market, accessibility became a part of Xen Capital’s focus, which allowed them to bypass obstacles such as high minimum tickets, lack of transparency, and high fees. The wealth-management platform also raised $10.08m in a Series A funding round.

Jenfi is an alternative revenue-based financing company for digital-native businesses and startups for Southeast Asia. The goal of this startup is to make business development painless and quick. For Jenfi, the process is as simple as sending an application and seeing the decision within 24 hours. A flexible repayment plan is also in place, with the investment platform only requiring a fixed percentage of sales. The revenue-based platform raised a total of $6.3m in a Series A funding round led by Monk’s Hill Ventures.

15. Nektar.Ai

16. Easy Eat AI

Founders: Aravind Ravi Sulekha, Abhijeet Vijayvergiya Funding: $6.74m was raised in a Seed Round headed by Nexus Venture Partners and 3One4 Capital.

Start of operations: 2020

Founders: Mohd Wassem, Rhythm Gupta, Abdul Khalid Funding: $5.92m was raised by the startup in a Series A funding round.

Start of operations: 2019

Business-to-business sales are the bread and butter of this startup. With the aim of putting together the multiple tools needed by sales teams to work with buyer committees, the platform is able to put together details such as CRM data entry, deal activity, and revenue predictability under one program.

Despite the product only being in early access, Nektar.Ai, led by founders Aravind Ravi Sulekha and Abhijeet Vijayvergiya, got $6.74m in their seed round headed by returning investor Nexus Venture Partners and 3One4 Capital.

Despite the availability of delivery platforms in Singapore, there is more that goes behind the scenes as restaurants rush to transform their establishments in the digital landscape. Enter Easy Eat Ai, a startup that employs a cloud-based point-ofsale. Through this platform, functions like table ordering, deliveries, personalised loyalty rewards, and payment gateway services are all available. Connections between the platform and other delivery infrastructures are also in place. On top of that, no subscription fees exist, with small technology fees serving as fees for the consumer. The platform raised $5.92m in its most recent funding round.

SINGAPORE BUSINESS REVIEW | Q2 2022

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HOTTEST STARTUPS 2022 17. AI Palette

18. X0pa AI

Founders: Somsubhra GanChoudhuri, Himanshu Upreti Funding: $5.92m was raised by the startup in an oversubscribed Series A funding round led by pi Ventures and Exfilinity Venture Partners.

Start of operations: 2018

Founders: Jussi Keppo, Nina Alag Suri, Satnam Alag Funding: $5.66m was raised in a Series A funding round headed by ICCP SBI Venture Partners.

Start of operations: 2017

Consumer trends in the food and beverage industry got a lot easier with AI Palette, a softwar as a service-based platform that helps entities determine the current trends. It is able to determine insights real-time through a mixture of data and machine learning. Insights accumulated by the platform expand beyond food trends, as integration into business development and the research and development process are offered by the startup. A Series A funding round, which also resulted in an oversubscribed $5.92m funding, was co-led by pi Ventures and Exfinity Venture Partners.

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Artificial intelligence, machine learning, and robotic process automation are what X0pa AI uses in terms of improving its clients’ application process for new hires. Through benchmarking applicants with standards set by the app, the bias present in the hiring process is lost. Instead, a transparent hiring process that allows for communication within the consumer and external agencies is present, with the platform reducing time and cost of hiring by 87% and 50%, respectively.

The SG-based startup recently raised $5.66m in a Series A funding round led by ICCP SBI Venture Partners.

19. STACS

20. INKR

Founder: Benjamin Soh Funding: $4.85m was raised by the startup in a Pre-Series A funding round led by Wavemaker Partners.

Start of operations: 2019

Founders: Ken Luong, Khoa Nguyen, Hieu Tran Funding: $4.18m was raised by the startup in a pre-series A funding round led by Monk’s Hill Ventures.

Start of operations: 2019

STACS focuses on blockchain technology solutions for financial institutions. STACS’ focus on ESG goals can be found in the products the entity offers. For instance, the startup’s ESGpedia, done in partnership with the Monetary Authority of Singapore’s Project Greenprint, is a blockchain-powered solution that aids the financial industry through ESG-focused methods such as Monitoring of Commitment and Impact Reporting. Backing up the green initiative is a $4.85 pre-Series A funding, led by Wavemaker Partners.

INKR is a digital comics platform focused on making comic books available to everyone. Through partnerships with publishers and creators worldwide, both ad-supported and exclusive content are available on the startup’s mobile application. Setting the company apart is its localisation technology, which helps make the production process for different markets more accessible. Strengthening the startup’s reserves is a $4.18m pre-Series A funding round headed by Monk’s Hill Ventures.

SINGAPORE BUSINESS REVIEW | Q2 2022

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SINGAPORE BUSINESS REVIEW | Q2 2022

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INDUSTRY INSIGHT: RUSSIAN OIL AND SHIPPING

Russian oil vessels facing ‘difficulties’ bunkering in Singapore Shipowners walk away from charter deals as multiple shipping lines reject Russian bookings.

I

s the ship sinking for Russian oil traders? This question has been floating around after multiple countries imposed restrictions on transactions with the Putin-led country amidst its invasion of Ukraine.

Whilst the answer to the question remains uncertain, one thing is clear: there have been disruptions in the flow of trade between Russia and other countries, including Singapore, which imports fuel oils from the western territory.

“Russian state-owned vessels are finding it difficult to stem bunkers according to our market checks,” Braemar ACM Shipbroking’s Head of Tanker Research, Anoop Singh told Singapore Business Review in an exclusive interview.

But bunkering is not the only thing slowing down following the sanctions. Singh said the flow of Russian oil will likewise decelerate in the short term given that prominent local banks in Singapore have been dialling back the pace of issuing letters of credit (LC).

In a separate interview, oil trader Siddiq Ahmed told Singapore Business Review that about 70% of oil business are done on letters of credit, thus a restriction on its issuance will affect trading flow.

“Because of [the] sanction, trade can’t be done directly or indirectly with any Russian entity,” Ahmed said.

Singh, for his part, explained that “payments for oil trade only get due, typically, after the cargo is loaded onboard, an LC opened for Russian energy flows today could very well be caught up in a fast-changing sanctions environment.”

“This uncertainty, plus additional checks required—such as to rule out the involvement of sanctioned individuals or entities in a trade—will slow clearances for Russian oil flows,” the Braemar official added.

Globally, Singh said a few current oil deals have already fallen through because of Russia’s attacks on Ukraine and the retaliatory sanctions imposed by other countries against the major oil producer.

“We are, for instance, aware of a ‘Western’ buyer and a shipowner walking away from a spot deal for which a tanker ship had been chartered,” Singh revealed.

Whilst there are pullouts from buyers, there is also a rush of tankers being chartered to load Russian crude

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SINGAPORE BUSINESS REVIEW | Q2 2022

Whilst there have been pullouts from buyers, Singh said there has also been a rush of tankers being chartered to load Russian crude.

“That is because for now, traders will need to meet their contracted supply commitments,” he added.

Anoop Singh

Because of sanctions, trade can’t be done directly or indirectly with any Russian entity

Are ports congested?

Despite a setback in oil trade and bunkering of vessels from Russia, Singapore ports have yet to see congestion, according to both Singh and Ahmed.

Singh, however, said there might be congestion in load ports in a few weeks since there has been a run-up in “spotfixing for Aframax and Suezmaxes,” which will “start to load by the end of next week.” (The interview was conducted on March 4 , 2022).

Meanwhile, Ahmed sees the rejection of multiple shipping lines for new bookings for Russia to clog ports not only in Singapore but worldwide.

Since there is also no clarity as to what is to be done on containers coming from Russia or going to Russia this could also cause issues on all major ports, including Singapore which is a transit hub.

So far, Singh said there have been no tankers loading from Russia bound for Singapore that has been “diverted,” adding that the Maritime and Port Authority of Singapore (MPA) has also yet to issue orders barring Russian cargoes being discharged in Singapore.

“Containers which already left Russia and for which financial settlement [was] done should not face much problem,” Ahmed said.

Overall, Ahmed said it is too early to say the kind of impact the Singapore sanctions against Russia will have on ports.

“Port will be congested but in Europe mostly, not much impact in Asia,” he said.

Self-sanctioning is the game The lack of clarity on retributions imposed by other countries on Russia has pushed players to impose a self-sanction.

Even without government sanctions, ship owners have “opted to lift Russian cargoes out of the Baltic and the Black Sea,” according to research by Fearnley Offshore Supply.

This is on the back of multi-year high rates for Afra- and Suezmaxes, following the conflict.

Refiners and traders have likewise shied away from Russian oil, Fearnley added.

“This is still not sanctioned, but amid[st] reported war crimes, it may come,” Fearnley said in its report.

Russia’s flagship crude oil grade Urals have received “low to no interest from buyers” despite its “price differential to Brent hitting another record of -$22,7/barrel,” Fearnley said.

Singh had the same observation on self-sanctioning, particularly on western buyers, adding that this will in turn accelerate flows of Russian oil to China and India.

SINGAPORE BUSINESS REVIEW | Q2 2022

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STARTUP

Carzuno is the Netflix for cars – here’s why this platform works The first subscription-based car rental in Singapore seeks to provide an alternative to car ownership.

W

hen subscription-based models are brought up, the majority point to Netflix or HBO Max for video consumption and Spotify or Apple TV for music. For a low price, multiple options are presented for customers to choose from at the touch of a button or tap on a screen. Two former Grab executives thought of a different use for the model.

Andrew Chan and Amrt Sagar developed Singapore’s first subscription-based car rental platform called Carzuno.

“With the whole world changing and moving digital, car leasing has not changed much. And that’s where I see me and my co-founder realise that actually there is a space for car subscriptions,” explained Chan in an exclusive interview with Singapore Business Review.

Traditionally, consumers either purchase or lease vehicles. Buying a car meant dealing with the minimum payment of at least $10,000 for the certificate of entitlement (COE) alone. Adding on to that would be expenses like taxes and the depreciation of their personal vehicle. On the other hand, renting a car meant paying a daily rental rate that could add up over the long term.

Chan saw all of these inconveniences as something that could be avoided through Carzuno, an alternative option that could make it easier and accessible for Singaporeans to own a car for the long term.

What’s in a name The founders, both veterans in the industry, coined the name Carzuno by combining the two words ‘car’ and the Spanish word for one, ‘uno’. It was fitting, then, that the start-up is Singapore’s first subscription-based car rental service.

A customer’s review summarised how Carzuno worked: “I always thought it was very complicated to get a car in Singapore. Then I saw Carzuno’s ad online, found an excellent car at a great price, picked how many months I wanted to subscribe, paid online and uploaded my and my partner’s driver’s licences. Great customer service throughout the whole process.”

One thing that sets Carzuno’s pricing apart from other car rental businesses in Singapore employing a daily rate, is that it includes the insurance in the customer’s monthly bill, as well as a 24/7 roadside assistance program and taxes.

The use of a digital platform also addressed one of Chan’s initial comments on the rental process. If one were to go through the traditional route, multiple trips to the showroom would be needed, with negotiations with dealers often taking longer than usual. With Carzuno, consumers can sign up, choose a car, and pay within a matter of minutes. One-, six-, 12-, and 32

SINGAPORE BUSINESS REVIEW | Q2 2022

Chan saw these inconveniences as something that could be avoided through Carzuno (Photo: Amrt Sagar and Andrew Chan)

We are the only platform that’s neutral, meaning there is no brand preference.

We are here to consolidate everybody

24-month subscription plans are available. The car is then delivered to the consumer within one to two days from the transaction.

“We are the only platform that’s neutral, meaning there is no brand preference. We are here to consolidate everybody, and that allows us to have a range of stocks as well as pricing,” said Chan.

In other words, over 60 models can be found in Carzuno’s catalogue, from Japanese hatchbacks to German-manufactured vans. Meanwhile, other car rental services primarily partner up with other car manufacturers, resulting in a car roster primarily populated by that brand.

To further grow the current subscriber base, its talent roster, and the product itself, the startup entered into pre-seed funding round and received $674,655 (US $500,000). Lead investors for the start-up’s funding round include Net Ventures and Hustle Fund, as well as private investors in the automotive and ride-hailing sectors. According to Chan, the start-up even proved popular enough that they were over-subscribed.

Going forward, Chan looks toward expanding into Southeast Asia over the next five years. As early as now, he is gearing up for a different set of challenges beyond Singapore’s unique automobile market.

For instance, with Thailand and Indonesia, a larger delivery area is required. On the other hand, the same countries present a less volatile market and have the opportunity to provide more transparent pricing due to a wider range of aging cars.

But for Chan, Sagar, and Carzuno? It’s the next mile in a long drive.

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SINGAPORE BUSINESS REVIEW | Q2 2022

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EVENT: SBR MANAGEMENT EXCELLENCE AWARDS

SBR salutes top executives and teams at Management Excellence Awards 2021

T

he success of a company is dependent on its people. With the threat of the healthcare crisis not going away anytime soon, it is important for leaders to collaborate with their teams in achieving a shared goal and have innovative solutions to unique challenges that each of them are facing. The 7th SBR Management Excellence Awards, then, aims to recognise these initiatives and celebrate the great leadership that executives and company managements have shown especially amidst adversity.

In the 2021 edition of the awards programme, over 40 executives and teams respective sectors were recognised for their innovative business practices that brought tangible business gains for the success of their companies. Companies were also honoured for their exceptional employee engagements and COVID management initiatives that made

a positive impact to their workforce and customers.

These businesses represent a wide range of industries, including banking and finance, insurance, manufacturing, retail, real estate, IT services, corporate accommodations, healthcare and pharmaceuticals.

The winners were awarded from 01 to 14 December via hybrid interviews through digital and hotel presentations.

This year’s winners were judged by an elite panel of judges that includes Wai Keat Cheang, Partner, Consulting at Ernst & Young Advisory Pte. Ltd; Irving Low, Partner, Co-Head Advisory at KPMG Singapore; David Chew, Risk Advisory Regional Managing Partner at Deloitte Southeast Asia; Roger Loo, Executive Director at BDO Consultants Pte Ltd; Joshua Ong, Managing Partner & Practice Leader, Capital Markets & IPO, FCA (Singapore) at Baker Tilly.

SBR MANAGEMENT EXCELLENCE AWARDS

Marketing Technology - Client Services Team, Verticurl Transportation - Yeap Transport Team, Yeap Transport Pte Ltd

Executive of the Year Advertising - Prakash Kamdar, Dentsu International Singapore Biotechnology - Dr. Zhou Lihan, MiRXES Building Services & Facilities - Pierce, Ang Wui Liang, Peregrine Security Pte Ltd Computer Software - Nicholas Wee, CrimsonLogic Healthcare - Dr. Kelvin Loh, IHH Healthcare Energy - Leon Farrant, Green Li-ion Pte Ltd Hospitality & Leisure - Piotr Kupiec, Sofitel Singapore Sentosa Resort & Spa & SO/ Singapore IT Services - Sridhar Pinnapureddy, Cloud4C Manufacturing - Kevin J. McGuigan, 3M Marketing Technology - Genevieve Tan, Verticurl Media & Entertainment - Andrew Lim, Gushcloud International Networking Technology - Sanjay Kaul, Cisco Oil & Gas - Vikash Dhanuka, Sing Fuels Pte Ltd Pharmaceuticals - Marine Queniart-Stojanovic, Sanofi-Aventis (Singapore) Pte. Ltd. Retail - Seah Kian Peng, NTUC FairPrice Co-operative Pte Ltd Technology Distributor - Eunice Lau, Ingram Micro Asia Pte Ltd Technology Software - Gordon Lam, Syniti Asia Pacific & Japan Travel Services - Henry Yu, The Travel Corporation - The Velvet Collection, Asia

COVID Management Initiative of the Year Biotechnology - GenScript Biotech Manufacturing - Olam Cocoa Pte. Ltd. Retail - NTUC FairPrice Co-operative Pte Ltd Technology - Blue Prism Employee Engagement of the Year Banking - Societe Generale Environmental Services - ISS Facility Services Private Limited Hospitality & Leisure - Sofitel Singapore Sentosa Resort & Spa & SO/ Singapore Manufacturing - Singapore Ink Operations, Inc Technology - Blue Prism

Innovator of the Year Accounting Technology - Xero Banking- Arivuvel Ramu, Tonik Digital Bank Electronics Technology - Sid Chan, AEM Holdings Ltd Environmental Services - ISS Facility Services Private Limited General Insurance - QBE Singapore Team, QBE Insurance (Singapore) Pte Ltd Manufacturing - Wang Deyang, HP Inc. Team Real Estate Agency - Marcus Chu, ERA Singapore Training and Development - Dr. Nina Tan, Business Intelligence and 8nalytics Pte Ltd Team of the Year Biotechnology - MiRXES Electronics Technology - AEM Singapore Engineering Team, AEM Holdings Ltd General Insurance - QBE Singapore Team, QBE Insurance (Singapore) Pte Ltd Healthcare Technology - Guardant Health Asia, Middle East & Africa Team Manufacturing - HP Laserjet Team, HP Inc. 34

SINGAPORE BUSINESS REVIEW | Q2 2022

Simranjit Singh, CEO, Guardant Health

HP Inc

QBE Singapore Team, QBE Insurance (Singapore) Pte Ltd

Sing Fuels Pte Ltd

3M

AEM Holdings Ltd

SINGAPORE BUSINESS REVIEW | Q2 2022

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EVENT: SBR MANAGEMENT EXCELLENCE AWARDS Blue Prism

Cisco

Business Intelligence and 8nalytics Pte Ltd

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SINGAPORE BUSINESS REVIEW | Q2 2022

Cloud4C

CrimsonLogic

Dentsu International Singapore

ERA Singapore

GenScript Biotech

HP Inc.

IHH Healthcare

SINGAPORE BUSINESS REVIEW | Q2 2022

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EVENT: SBR MANAGEMENT EXCELLENCE AWARDS

Ingram Micro Asia Pte Ltd

ISS Facility Services Private Limited

MiRXES

NTUC FairPrice Co-operative Pte Ltd

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SINGAPORE BUSINESS REVIEW | Q2 2022

Peregrine Security Pte Ltd

Sanofi-Aventis (Singapore) Pte. Ltd.

Societe Generale

Sofitel Singapore Sentosa Resort & Spa & SO/Singapore

Syniti Asia Pacific & Japan

The Travel Corporation

Yeap Transport Pte Ltd

SINGAPORE BUSINESS REVIEW | Q2 2022

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EXECUTIVE OF THE YEAR - MANUFACTURING

Using science to navigate the pandemic and improve lives 3M ramped up global production of protective equipment to meet accelerating demands.

T

he COVID-19 pandemic has disrupted businesses in different ways. But few found themselves in a similar position to global science company 3M – shouldering a unique and critical responsibility in pandemic preparedness and response whilst protecting the health and well-being of its employees worldwide.

Mr Kevin McGuigan, Vice President and Managing Director, 3M South-East Asia Region and Country Leader, Singapore, recalled the company’s swift response: “We moved quickly to secure our employees. At the same time, we worked to protect the public, including and especially the nurses, doctors and first responders on the front lines.”

In 2021, 3M Singapore trained and certified 1,500 healthcare professionals as RespiratorFit-Testers, and collectively conducted fit testing for over 10,000 healthcare workers, providing them peace of mind knowing that they are protected with correct-fitting respirators.

Supporting COVID response locally and globally To meet the accelerating demand, 3M ramped up global production of protective equipment, including its N95 respirators. In 2020, 3M manufactured 2 billion respirators globally – quadrupling production since 2019. It also worked with local and global law enforcement to combat price gouging and counterfeiting to ensure local communities’ access to proper medical supplies. Closer to home, 3M expanded production of respirators in the 3M Tuas Plant in Singapore.

These products are part of 3M’s extensive portfolio of innovative solutions in safeguarding the public. They include Powered Air Purifying Respirators that protect frontline workers and the 3M™ Instant Microbe Removing Wipes that prevent crosscontamination through surfaces.

Improving lives in Singapore Continuing access to high-quality STEM education programs was also a priority. Said Mr McGuigan: “Given the pandemic’s widereaching impacts, we knew we had to step up community engagement efforts to give back and truly make a difference.”

3M Moves @ South East 2021, an annual fitness-for-good campaign in collaboration 40

SINGAPORE BUSINESS REVIEW | Q2 2022

Supporting COVID response locally and globally

with South East Community Development Council, galvanised employees and the public to exercise, raising over $102,000 worth of stationery product donations for underprivileged students in the South-East District. 3M volunteers also led beneficiaries through an at-home science experiment in the December finale event.

In July and the end of November 2021, 3M and Science Centre Singapore distributed 281 3M Science at Home kits to underprivileged students and their families, engaging them in simple and fun science experiments.

Under separate funding by 3Mgives, 3M’s social investment arm, the two organisations launched the 3M Tinkering Headstart Program in April 2021. The year-long program comprised up to 15 tinkering workshops for 600 underprivileged primary school students and their families to spark curiosity and interest in science.

In February 2021, 3M also partnered with non-profit United Women Singapore in their flagship Girls2Pioneers programs to empower diverse talent in Science, Technology, Engineering and Mathematics. More than 1,750 girls and young women were engaged in various educational activities, ranging from virtual camps to mentorship programs.

For these community contributions, 3M received the American Chamber of Commerce’s AmCham Cares Distinction

Award in 2020 and 2021 and the People’s Association Community Spirit Award from 2014 to 2021 for the 3M Moves campaign.

Sustainability at the heart of 3M 3M also doubled down on its commitment to the planet’s health. Globally, the company expects to invest US$1 billion over the next 20 years to achieve carbon neutrality and other environmental goals.

3M Singapore has been well on its way to sustainability. Since 2018, 100% of the waste generated in 3M’s Tuas facility is converted into energy or recycled. The site also features a 2.2-megawatt photovoltaic rooftop solar system that can generate annual average electricity of 2,400 MWh – enough to power 506 4-room HDB flats.

For its continuous efforts to increase renewable energy whilst reducing emissions, waste and water usage, 3M was awarded the AmChamREPRESENT Business Transformation Award for Environment & Sustainability.

Reflecting on the past two years, Mr McGuigan said: “Whilst the pandemic has brought extraordinary challenges, it has also been a time to recommit to our values, our priorities, and the difference we want to make. We will create a better world through science, and we want to inspire others to join us in that effort.”

WHILST THE PANDEMIC HAS BROUGHT EXTRAORDINARY CHALLENGES, IT HAS ALSO BEEN A TIME TO RECOMMIT TO OUR VALUES, OUR PRIORITIES, AND THE DIFFERENCE WE WANT TO MAKE. WE WILL CREATE A BETTER WORLD THROUGH SCIENCE, AND WE WANT TO INSPIRE OTHERS TO JOIN US IN THAT EFFORT

Improving Lives Through Science Science lies at the heart of 3M, and our commitment to science includes ongoing support for the next generation of scientists and Science, Technology, Engineering and Math (STEM) education for all.

With our diverse ecosystem of partnerships to advance STEM education in Singapore, we can provide even more access to high-quality educational opportunities and empower our employees to leverage their talents and skillsets to support a diverse pipeline of talent for generations to come.

3M Singapore go.3M.com/gives-sg/education

@3MSingapore @3msingapore SINGAPORE BUSINESS REVIEW | Q2 2022

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EXECUTIVE OF THE YEAR - OIL & GAS

Vikash Dhanuka receives Executive of the Year trophy for oil and gas The Sing Fuels CEO helmed the company’s rapid growth in recent years.

Vikash Dhanuka, Sing Fuels’ Principal CEO

V

ikash Dhanuka is an entrepreneur, global visionary and innovator with more than two decades of experience responsible for the inception and running of companies within the energy, fintech, cleantech, edtech and telecommunications industries, producing over half a billion dollars in revenue per annum.

Vikash graduated from St. Xavier’s college, Calcutta (India), He moved to Singapore to pursue his MBA from the National University of Singapore (2008) and has been a permanent resident of Singapore for more than 20 years. In 2021, Vikash was awarded the Executive of the Year - Oil & Gas in the SBR Management Excellence Awards.

Vikash was the founding member of 2Coms Consulting Pvt Ltd. He founded and pioneered Vida Technologies in March 2010, a telecom solution company and established a highly successful joint venture with Haier Telecom (US$17b Enterprise) which generated revenues over $100m in a span of 6 years.

Vikash conceptualised and founded Sing Fuels in 2012 which started as a bunker trading company and expanded to a Global Energy Trading Company with offices and subsidiaries across the globe; in Asia, the UK,

mainland Europe, the Middle East, and the US. Under his leadership, Sing Fuels was a winner of the prestigious Enterprise 50 Awards 2021 for four consecutive years with excellent performance, resilience, and strong sustainability practices in Singapore and abroad. With the aim of becoming a global leader, Sing Fuels revenues reached over US$400m in FY 2021 and obtained recognition as a Top 500 High-Growth Company in the Asia Pacific (2021) Vikash recognised that business needs to go beyond the interest of their companies to the communities they serve. His approach and ability to identify new opportunities helped him implement innovative solutions to shape a sustainable future. Vikash aimed to create a long-term value which re-coursed his path to initiate development in the most challenging environments extending across the South and Southeast Asian Regions, the Commonwealth of Independent States, and the African continent.

Vikash has been a driving force for the recent successful collaboration to bring green energy solutions to the shipping industry and ports. He has also signed a joint venture with

VIKASH RECOGNISED THAT BUSINESS NEEDS TO GO BEYOND THE INTEREST OF THEIR COMPANIES TO THE COMMUNITIES THEY SERVE. HIS APPROACH AND ABILITY TO IDENTIFY NEW OPPORTUNITIES HELPED HIM IMPLEMENT INNOVATIVE SOLUTIONS TO SHAPE A SUSTAINABLE FUTURE 42

SINGAPORE BUSINESS REVIEW | Q2 2022

VFlowTech to provide clean energy by using sustainable microgrids in Africa. This JV was created through partnering with ERI@N (Energy Research Institute @ Nanyang Technological University) to deliver CleanTech Energy services and products to the Global Markets.

Vikash’s latest start-up is TARA Edtech. He is aiming to bridge the skills gap in most of the developing countries by opening one of the biggest digital universities to provide end-toend learning solutions and develop a futureready workforce. Named after and honouring Vikash’s mother, TARA Edtech’s mission is to provide education to children in underserved parts of the world.

With a successful, thriving business strategy in place, Vikash’s business ventures have largely benefited from his strategic partnerships across the globe. Vikash has ventured into underserved markets with a strong partner network and market knowledge due to his good reputation, integrity, and professionalism.

Vikash has built a strong, dedicated team and has grown to employ over 17 different nationalities and the ability to deal in 42 different languages. He brings forward diversified human capital and an attractive clientele portfolio to add value to the decades of experience and heights attained over the years.

At Vikash’s top of mind is how to develop and innovate traditional businesses, he continually seeks to transform and bring new ideas to challenge his team. Vikash is currently incubating a new innovative and disruptive business that could potentially be a gamechanger which he hopes to open publicly in late 2022.

CONTACT Sing Fuels Pte Ltd Address: 10 Anson Road #16-09 International Plaza Singapore 079903 Contact Number: +65 6420 0400 Fax Number: +65 6222 4414 Email: vikash@singfuels.com Website: www.singfuels.com

- Vikash Dhanuka, 2016

SINGAPORE BUSINESS REVIEW | Q2 2022

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EMPLOYEE ENGAGEMENT OF THE YEAR - MANUFACTURING

An advanced, cultural and engaged global ink hub

HP Singapore Ink Operations’ three consecutive years of high employee engagement was recognised at the SBR Management Excellence Awards 2021.

HP Singapore Ink Operations (SIO)

S

ingapore Ink Operations (SIO) has established a strong foundation and operational excellence in ink manufacturing over the last 15 years. The organisation is at a critical juncture to capitalise and build upon its asset to advance to the next level of value add to HP Print and our customers.

In line with HP’s strategic initiative to pivot advanced capabilities and leadership for Print into Asia and particularly into Singapore, HP is embarking on expanding the capabilities of SIO at the Tuas site.

how effective our strategy may be. Indeed, SIO is proud to receive the Employee Engagement of the Year – Manufacturing award. It is a testament to the workplace culture that everyone in the organisation has worked hard to cultivate. The high employee engagement scores that SIO received internally is also an affirmation that it is on the right track in engaging and building teamwork and trust among its employees.

Some of the key factors that the SIO management team felt were important can be summarised as ACT, that is Authenticity,

THE ORGANISATION CONTINUES TO DRIVE ADVANCED MANUFACTURING ADOPTION, ANALYTICAL CHEMISTRY AND SMART TECHNOLOGIES IN EXPANDING ITS CAPABILITIES TO BECOME A SUSTAINABLE GLOBAL INK HUB The total investment is estimated to be in tens of millions over the next couple of years.

The full setup and capabilities developed will also generate significant flow-through and value-add in Singapore. This will require local suppliers, vendors, and third-party support for raw material procurement and logistic services.

The organisation continues to drive advanced manufacturing adoption, analytical chemistry, and smart technologies in expanding its capabilities to become a sustainable global ink hub. Besides grooming and growing its talents, SIO plans to attract more locals to join its engineering, manufacturing, laboratory, and supply chain departments.

There is a famous Peter Drucker quote that says “culture eats strategy for breakfast”.

This implies that the culture of our company always determines success regardless of 44

SINGAPORE BUSINESS REVIEW | Q2 2022

Care and Transparent Communication. These three key elements were vital in helping to build friendships, gain trust, and foster a stronger sense of community, thereby creating more opportunities for collaboration and possibilities leading to innovation and creativity.

To find out how the team did it, read these lessons from the HP team.

1. Celebrate & Recognise: Whilst business growth was underway, the existing team was still working hard and putting in long hours to hit production targets. They celebrated milestones with T-shirts, mugs, and other giveaways.

Small and big successes were celebrated to encourage employees to unite as one team.

2. Strengthen the HP Way: As the organisation grows with new employees coming on board rapidly, the team had

3.

4.

to explore ways to integrate the new talents into the organisation. New employees’ orientation (NEO) program was set up to introduce the HP Way and SIO norms to the new additions. The Director and managers were heavily involved in the onboarding process through informal dialogue and walking through the organisation’s history. The team believed that onboarding is a great opportunity for SIO to win the hearts and minds of new employees and have them stay engaged.

Show care for the employee and community: As hard as employees were working, they also made time to connect with each other. They volunteered in the community and adopted a charity organisation. During the COVID-19 outbreak and the border closures, many employees were affected by the lockdown. With their families and loved ones across the border, the dedicated employees made personal sacrifices to stay in Singapore to help keep the core production supplies flowing and ensure business continuity. The management appreciates this devotion from them, and no efforts were spared to look after their welfare.

Offer a vision for the future: HP’s strategic initiative to pivot advanced capabilities and leadership for Print into Asia and especially into Singapore is one of the most ambitious endeavours in HP’s history. It is a show of confidence in the nation, the government, and its people. This significant shift of worldwide ink volume manufacturing and build-up of ink capability development leading towards ink R&D in Singapore will make HP Singapore and SIO the key ink hub for HP Print. SIO is excited to play a critical role in supporting and ensuring this strategic initiative become a reality in Singapore. One of the most motivating elements for the employees is the energy that comes from knowing that they are an important part of HP and SIO’s story.

The employees understand that they are part of a growing manufacturing site where they can keep learning, developing skills, challenging themselves and growing their careers.

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Read more: https://press.ext.hp.com/us/en/press-releases/2020/hp-disrupts-digital-printing-with-worlds-most-productive-press-innovation.html SINGAPORE BUSINESS REVIEW | Q2 2022

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TEAM OF THE YEAR - TRANSPORTATION

Yeap Transport’s digital transformation journey Driving towards agility, innovation and sustainability to provide greater value to its clients.

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ith work from home being the default option for Yeap Transport’s executives in early 2021, pulling together a major tender submission under tight timelines, by the remote teams, was no mean feat. Yet, the company managed to do so, impressing the client with not just its domain expertise in school bus transportation but also with initiatives on digitalisation, sustainability and people development.

Yeap Transport’s digital transformation journey since 2001 The company embarked on its digital transformation journey in 2001 to address operational inefficiencies and communications challenges. By developing Yeap Transport Management System (YTMS) that streamlined processes in its various satellite offices, the company improved productivity, and gained greater visibility and control over its drivers, fleet and passengers.

Besides a centralised administrative module that enabled route planning, crew management, billing, and customer relationship management, YTMS also deployed its bus crew and parent mobile apps.

Today, YTMS is a comprehensive ecosystem connecting all stakeholders from the school administrators, bus operations and bus crew to the riders and their parents.

Being agile and responsive for business continuity The pandemic and its ensuing disruptions gave rise to numerous operational difficulties, especially for the private transportation industry. With YTMS, Yeap Transport managed to circumvent some of these challenges by having the contingency to make large-scale changes quickly through its route optimisation programme, customer and crew management platform.

YT continuous training

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YT low emission Euro 6 buses

“If it was one thing we learned from the Covid-19 situation, it was the importance of having a digitalised system and immediate data on hand. This gave us the agility to react quickly to the changing transport scenarios to ensure business continuity. It was this ability that also gave our customers the assurance that we are well prepared to support their transport needs. This enabled us to win the school bus tender for a premier international school during the pandemic,” said Mr Adrian Yeap, CEO of Yeap Transport.

Sustainable fleet management The company is also committed to fighting climate change and championing sustainability in line with the Singapore Green Plan. It is currently offering the latest Euro 6 buses that emit the lowest NOx and PM2.5 and is planning to deploy its electric bus fleet later this year. Leveraging on YTMS will allow route optimisation to reduce the miles driven, the number of buses on the road and fuel efficiency.

Central to the company’s sustainable fleet management is the principle of “You can’t manage what you don’t measure”1. YTMS unlocks performance data of every aspect of the bus fleet with telematics that provide data points, from driver performance and vehicle idling time to maintenance. This will ensure that vehicles are being used as efficiently as possible, thereby reducing the overall carbon footprint. Engaging Yeap Transport’s eco-friendly transport solution is a step towards a positive contribution for schools

and corporations embarking on sustainability initiatives.

A people-centric business Technological advancements have empowered Yeap Transport to transform itself into a data-driven bus transport management company today. Yet, at the heart of the organisation is still the fact that it is offering a people-centric service. Starting from the young riders, and their parents to the school administrators, Yeap Transport recognises the importance of addressing the needs of each of these stakeholders. As a result, it has established a dedicated training arm to equip its bus crew members with the proper skills and knowledge to ensure the safety and well-being of their riders. Its bus crew has undergone certified courses in child safeguarding, service excellence and safe driving.

The roadmap ahead Yeap Transport aims to chart new paths in innovative and sustainable mobility by offering YTMS through a SaaS model for bus owners, operators, schools and organisations.

Having won Singapore Business Review’s Team of the Year Award in the transportation category of its Management Excellence Awards 2021, the company will strive towards improving its service offerings so that it becomes a trusted, long-term value-adding transport partner.

1

Quote by Peter Drucker

SINGAPORE BUSINESS REVIEW | Q2 2022

47

INNOVATOR OF THE YEAR - ACCOUNTING TECHNOLOGY

Accounting software provider Xero wins Innovator of the Year at SBR Management Excellence Awards Xero shares insights and recommendations to address SME owners’ hesitancy to adopt technology

C

including presenting technology adoption over 4,200 SMEs in six countries: Australia, loud-based accounting software in a more straightforward, less daunting New Zealand, the UK, the United States, platform Xero uncovered barriers to way. Xero recommends using language that Canada, and Singapore. In collaboration with small business technology adoption articulates digitalisation as a journey of small, neuroscientists, cognitive scientists and through its “One Step” behavioural research incremental, achievable steps, with even small behavioural economists, Xero harnessed campaign, earning them the Innovator of the changes reaping tangible benefits. behavioural research to analyse the barriers Year Award in the Accounting Technology The study also looked at how different small businesses face in adopting technology category at the SBR Management Excellence countries have different approaches and and how to overcome them.

Awards. attitudes towards tech adoption, which The results show that small businesses The Management Excellence Awards can help local policymakers, advisors, and which readily adopt new technology enjoy is presented by the Singapore Business technology vendors around 120% higher revenues. They also Review, honouring noteworthy individuals encourage small businesses in their digital reported 106% higher productivity than or teams who made a huge contribution to transformation journeys. Apart from the those who repeatedly fail to do so and their business’ success, as well as employee study, One Step included a diagnostic quiz for were 27% more likely to wake up excited engagements and COVID management businesses to better understand the mindsets about their work. And yet, with all the initiatives that made a positive impact on and behaviours its workforce or that might impact customers.

As a tech company, THE ONE STEP CAMPAIGN IS JUST ONE OF XERO’S ONGOING their readiness or Xero helps small EFFORTS TO HELP SMALL BUSINESSES ACROSS THE GLOBE confidence in adopting Based businesses automate MAKE THEIR OPERATIONS SMOOTHER, FASTER, AND MORE technology. on the quiz result, financial processes EFFICIENT BY LEVERAGING TECHNOLOGY the respondent will and is a leader in be directed to the the industry with corresponding sub-page on the Xero website. well-documented benefits of technology over three million subscribers globally.

There, they will find tools to help them on adoption, the survey reported that only Despite the glaring benefits of incorporating their digitalisation journeys, such as a decision 21% of small businesses digitise. Singapore technology into their businesses, there is matrix, pre-mortem assessment, cost-benefit boasted the highest proportion of tech still a significant number of SME owners analysis and a Q&A checklist. adopters at 36%. who either refuse or delay adopting These initiatives are an innovative way The One Step campaign revealed an technology. Xero acknowledges this problem to facilitate tech adoption. The One Step adoption gap amongst small business and launched the “One Step” campaign to campaign is just one of Xero’s ongoing efforts owners, as well as the 12 common mindsets/ drive behavioural change in small business to help small businesses across the globe perceptions that hold them back. Based digitalisation. make their operations smoother, faster and on this data, Xero has offered several Xero partnered with behavioural science more efficient by leveraging technology. recommendations on how to address this, consultancy Decision Design to survey 48

SINGAPORE BUSINESS REVIEW | Q2 2022

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49

INNOVATOR OF THE YEAR - TRAINING AND DEVELOPMENT

8nalytics successfully launches award-winning AI system

Top strategic planning business advisor Business Intelligence and 8nalytics Pte Ltd (8nalytics) has launched an award-winning 360 multimodal AI system to bring forth synergistic solutions that benefit individuals, businesses, and society.

It began in 2013 when Dr Nina Tan’s empirical research established a significant predictive correlation between synergizing personnel behavioural awareness and competency with performance targets.

This research-based AI Machine Learning system enhances workplace performance by upskilling competencies with a behaviouralbased training intervention. These intervention methods leverage meta-communication cues capabilities The process starts by capturing human behaviours and competencies using videos and 360 surveys apps on smart devices. These data captured in visual, audio, textual, cognitive, and numerical format are then processed using diagnostic algorithms. Prescriptive insights generated would enable personalised intervention methods to better align

behaviours and upskill competencies towards achieving performance goals.

The AI system leverages digitised algorithmic machine intelligence to identify causal relationships within data collected, for personality profiling and diagnostic competency mapping solutions.

In recognition of this extraordinary achievement, 8nalytics Director Dr Nina Tan is awarded the Innovator of the Year by the SBR Management Excellence Awards 2021 for her outstanding commitment to lead innovations in the Training and Development industry.

Dr Nina Tan is seen to be one of Singapore’s most exceptional business leaders. In granting the award, the judging panel considered three significant achievements. First, the system has won an award in the EUREKA Global Innovation Summit 2020; an event participated

by Enterprise Singapore and IPI. Dr Tan, who developed the system, was also nominated one of Singapore’s Top 100 Entrepreneurs in 2021.

Secondly, this well-researched AI system has been empirically tested and applied over the last five years to substantiate strong evidence

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that the system brings significant results to organisations. Thirdly, it has been commercially implemented and has seen strong traction in demand.

Notably, the 360 multimodal system is designed to help businesses upskill employee competencies and bring positive organisational behavioural changes. As a result, there is the potential to generate returns on investment and revenue opportunities.

For more details, contact Dr. Nina Tan at nina@8nalytics.com or at +65 6255 5101

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SINGAPORE BUSINESS REVIEW | Q2 2022

At Sanofi, our passion is to prevent, treat and cure illness and disease throughout life. We are driven to improve the health of communities and to find new solutions for patients by combining breakthrough science with advanced technology.

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Innovator of the Year

Employee Engagement of the Year

ISS Singapore bagged two awards in the Environmental Services Industry category. With over 9,000 employees, ISS Singapore is serving her client with pride and purpose with the help of technology-driven productivity solutions and strong focus on employee engagement.

Highlight of our win:

Successful use of technology to improve hygiene and safety standards SMART FM solutions to build resilience and drive productivity and efficiency Strong employee engagement through ISS HERO, APPLE & Long Service Award Commitment to leadership development and skill training for employees

Connecting people & places to make the world work better SINGAPORE BUSINESS REVIEW | Q2 2022

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Innovation Gamechangers At AEM, our people are curious, creative, and collaborative, embracing agility in the way we work and think, approaching challenges from all perspectives to fuel innovation. As a global leader in test and handling solutions, our teams of engineers are responsible for developing innovative and cutting-edge solutions for our customers and ensuring their success.

SBR Management Excellence Awards Team of the Year & Innovator of the Year

category at the SBR Management Excellence Awards for their hard work in building our customer engagements and product roadmap development.

Despite the pandemic, AEM continues to grow its global engineering teams to meet the needs of its global customer base. With the common goal of ensuring customers’ success, the teams have been agile in working together, adapting to new strategies and processes and staying resilient in the face of challenges.

Teamwork makes the dream work Sid Chan with his team of engineers

Embodying the innovative spirit at AEM Solving problems and turning ideas into reality is a huge motivator for engineers everywhere.

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As the leader of AEM’s Advanced Technological Research Center (ATRC), the company’s first research center of excellence for technologies, Sid leads with a culture of innovation with coaching and mentorship at the core as he empowers his team of engineers to try out new ideas without being afraid of failure.

“ Innovation is not a one-man job, and it takes a team to succeed on this journey of making great products. We will continue to work together, be innovative and create the next innovator of the year in AEM.” - Sid Chan

At AEM, teams of engineers work together to innovate next-gen test and handling solutions

Over the last few years, our Singapore Engineering Team has been playing a huge role in driving the company’s innovation journey, advancing its technological capabilities and delivering exceptional products and services for its customers. The team receives the honor of the Team of the Year award in the Technology

Sid Chan, AEM’s Senior Director for the Test Cell Solutions Group and recipient of SBR’s Innovator of the Year Award echoes this sentiment wholeheartedly. For Sid, the award not only recognizes himself, but also the good work that the team has done in creating something new that improves someone else’s life.

For more information, visit www.aem.com.sg Team of the Year Electronics Technology AEM Holdings Ltd

Innovator of the Year Electronics Technology AEM Holdings Ltd

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EXECUTIVE OF THE YEAR - BIOTECHNOLOGY TEAM OF THE YEAR - BIOTECHNOLOGY

Behind MiRXES’s success are its people The biotech company future-proofs the biomedical science workforce in Singapore

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aving established itself as a global leader in RNA technology and diagnostics, Singapore headquartered biotech company MiRXES has set its sights on delivering blood tests that can detect multiple cancers in the early stages of the disease, thus advancing its mission of saving and improving lives. MiRXES has already launched GASTROClear, the world’s first microRNA blood test for early detection of gastric cancer so that patients can be screened for stomach cancer before they have symptoms.

As much as rigorous science and cuttingedge technology are core competencies of MiRXES, the driving force behind the company’s achievements is its people. From its beginnings as a three-person team in 2014 and its growth to the 300-plus strong team spread across the world today, MiRXES has relied on the talent and hard work of team members who shared a common passion and purpose: saving and improving lives through early diagnoses.

Now as MiRXES expands in Singapore and worldwide, with a planned expansion of its

MiRXES Team Photo (taken pre-pandemic)

global talent pool to over 400 in the next two years, the company is also actively giving back to the community from which it all began. In 2021, MiRXES established the MENDAKI – MiRXES Scholarship Scheme to develop next-generation talents who have a passion for life and biomedical sciences, as well as engineering and entrepreneurship. Through efforts like this, MiRXES hopes to play its part in future-proofing the biomedical science

workforce in Singapore and creating a more vibrant biotechnology ecosystem that will allow Singapore to nurture technologies that enable preventive and personalised healthcare.

In the post-pandemic future, cancer will remain one of the world’s greatest healthcare challenges. The MiRXES team will press on to deliver early cancer detection so that cancer will no longer be a terminal disease but one that can be treated like a chronic illness.

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19/2/22 11:33 AM

EVENT: MANAGEMENT EXCELLENCE AWARDS

Check out the winners of the inaugural Malaysia Management Excellence Awards

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ith the evolving work environment and the current economic landscape, companies and business leaders must identify and address the challenges that its employees and stakeholders are facing and strive to improve their employee engagements and management initiatives.

To recognise these projects and innovations, Singapore Business Review lauds top executives and innovators at the inaugural Malaysia Management Excellence Awards. The event acknowledged trailblazing individuals and teams whose initiatives have brought tangible business gains for their company’s operations. Winners were awarded via virtual awards presentations held on the 6th, 8th and 17th

of December. Companies also had the opportunity to share their thoughts on winning in the prestigious awards programme.

This year’s programme was judged by an elite panel of judges consisting of Stanley Teo, Country Audit & Assurance Leader at Deloitte Malaysia; Vivien Mah, Partner, Business Consulting, ASEAN at Ernst & Young Malaysia; Ngu Heng Sing, Executive Director, Transaction Services at KPMG in Malaysia; Lou Hoe Yin, Partner, Audit & Assurance and Transactions Advisory at RSM Malaysia; Hooi Kok Mun, Senior Partner, National Audit Practice Leader at Grant Thornton Malaysia PLT; and Bonnie Tham, Executive Director & Head of People and Support at BDO Malaysia.

MALAYSIA MANAGEMENT EXCELLENCE AWARDS

Esther Yap, CEO, Stellar SparX International Sdn Bhd Innovator of the Year - Training and Development

Feroz Razi Ramli, Chief Executive Officer, Boustead DCNS Naval Corporation Sdn. Bhd. Executive of the Year - Aerospace & Defense Satya Ganesh, Global Head, SCNXT (Innovation CoE for Lean Digital, Robotics, Artificial Intelligence & Machine Learning and Data Analytics & Insights), Standard Chartered Bank Executive of the Year - Banking KL Bock, SVP Global Flash Backend Operations, Western Digital Batu Kawan Executive of the Year - Computer Hardware Madhuri Govilkar, Director & Managing Partner, Southeast Asia, Consus Global Executive of the Year - Consulting Dato’ Sean H’ng Chun Hsiang, Group CEO, HNG Capital Sdn Bhd Executive of the Year - Energy

The Deep Green Circle (DGC) Team, Boustead DCNS Naval Corporation Team of the Year - Aerospace & Defense Jebsen & Jessen Group Services Team of the Year - Business Services People Team, foodpanda Malaysia Team of the Year - Technology foodpanda Malaysia Employee Engagement of the Year - Technology Prudential BSN Takaful Bhd COVID Management Initiative of the Year - Life Insurance Sarawak Energy Berhad COVID Management Initiative of the Year - Utilities

Syahrunizam Samsudin, Managing Director / Chief Executive Officer, UEM Edgenta Berhad Executive of the Year - Engineering Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank Berhad Executive of the Year - Financial Services Wan Saifulrizal Wan Ismail, Chief Executive Officer, Prudential BSN Takaful Bhd Executive of the Year - Life Insurance Manuel Zarauza, Group Managing Director, Carsem Executive of the Year - Manufacturing Tobin Ng, CEO, Epost Express Malaysia Sdn Bhd Innovator of the Year - IT Services Jebsen & Jessen Group Services

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SINGAPORE BUSINESS REVIEW | Q2 2022

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EVENT: MANAGEMENT EXCELLENCE AWARDS

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SINGAPORE BUSINESS REVIEW | Q2 2022

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TEAM OF THE YEAR - BUSINESS SERVICES

Masters of Entrepreneurial Partnership in South East Asia

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ebsen & Jessen Group is an ASEAN focused industrial conglomerate. We speak the language of the region – paving the way into ASEAN and beyond via our network of companies in 31 locations, including 10 manufacturing facilities in China, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

Through five market-leading business units: Cable Technology, Ingredients, Life Sciences, Packaging and Technology, we join partners in bringing manufacturing, engineering, after-sales service and distribution solutions to 20,000 customers regionally.

To translate your ASEAN expansion into informed market entry, connect with us.

www.jjsea.com CABLE TECHNOLOGY | INGREDIENTS | LIFE SCIENCES | PACKAGING | TECHNOLOGY

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EVENT: SBR MADE IN SINGAPORE & DESIGNED IN SINGAPORE

Find out who won at this year’s SBR Made in Singapore and Designed in Singapore

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s the health crisis continues, many companies are still trying to overcome several challenges that were accelerated by the pandemic. In this age of transformative change, providing engaging platforms and products that match the consumers’ expectations are important, especially in the manufacturing industry.

Companies who are successful in identifying the right solutions and address existing challenges are able to create exceptional products that would provide superior customer experience and ensure business growth.

Singapore Business Review aims to honour these innovative products with the 5th installation of the Made in Singapore Awards and Designed in Singapore Awards. The Made in Singapore Awards is an initiative hailing innovative products across industries that are

manufactured in Singapore, whilst the Designed in Singapore Awards lauds products that are conceptualised by a Singapore-based office but manufactured outside the country.

The trophies were presented to the winners via digital and studio presentations the first to the second week of December 2021. The winning companies also had the opportunity to share their thoughts on winning in the prestigious awards programme through interviews.

Winners were judged by a panel of industry leaders consisting of Richard Loi, Private Leader, Southeast Asia at Deloitte; Jonathan Ho, Partner, Head of Governance & Risk, Advisory, Head of Private Enterprise at KPMG Singapore; and Joshua Ong, Managing Partner & Practice Leader, Capital Markets & IPO FCA (Singapore) at Baker Tilly.

Made in Singapore Awards Appliances- PerkinElmer, Inc. Automotive- ALIFE AIR PRIVATE LIMITED Beverage- SACHA INCHI PTE LTD Food- Vitasoy International Singapore Pte Ltd Healthcare- TSMART SYSTEMS Pte Ltd Packaging- Sealed Air Singapore Pte Ltd Robotics- Akribis Systems Pte Ltd

Designed in Singapore Awards Fitness Technology Apparel- AlphaBody Tec Pte Ltd Fixtures & Fittings- Photizo Global Pte Ltd Food- Kino Biotech Pte Ltd Healthcare- Daviscomms (S) Pte Ltd Medical- Systmz Pte Ltd Packaging- Sealed Air Singapore Pte Ltd ALIFE AIR PRIVATE LIMITED

Akribis Systems Pte Ltd

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Alpha BodyTec Pte Ltd

Daviscomms (S) Pte Ltd

PerkinElmer, Inc.

Sealed Air Singapore Pte Ltd

Kino Biotech Pte Ltd

Photizo Global Pte Ltd

Vitasoy International Singapore Pte Ltd

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The Accolades Continue for PerkinElmer and the Market-Leading Avio ICP-OES The company was recognised with the SBR Made in Singapore award in the Appliances category.

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erkinElmer enables scientists, researchers, and clinicians to address their most critical challenges across science and healthcare, offering a unique portfolio of innovative testing solutions for a healthier world. Within this portfolio is a comprehensive suite of atomic spectroscopy solutions, which are used in a variety of application areas and industries. These diverse applicatioans include detecting and quantifying concentrations of heavy metals and toxic elements in our soils and waters; supporting the safety and quality of our global food supply chain and pharmaceutical products; as well as ensuring the quality of materials and products for solar energy and electric cars, semiconductors, biofuels, lubricants and petrochemicals.

PerkinElmer has a rich history as a pioneer in atomic spectroscopy technology and has continued innovating in response to our customers’ evolving elemental analysis needs.

Our Avio® family of inductively coupled plasma optical emission spectroscopy (ICP-OES) instruments, manufactured in Singapore, is a prime example of such commitment. The Avio ICP-OES platform was first launched in 2016 (Avio 200) and 2017 (Avio 500).

“Since their introduction, PerkinElmer has sold thousands of instruments, outperforming the market growth rate of 6% YoY and increasing PerkinElmer’s market share whilst also helping the company exceed performance expectations,” says Dr. Erica Cahoon, ICP-OES Portfolio Director at PerkinElmer. “Customer satisfaction is inherent to PerkinElmer’s ICP-OES portfolio thanks to its flexibility and robustness.”

The Avio Max Series ICP-OES The current Avio Max ICP-OES platform, first launched in December 2020, includes three distinct models – Avio 220 Max, Avio 550 Max, and Avio 560 Max – addressing the diverse needs of the market, from low-medium throughput to high throughput labs. Labs with varying sample loads may choose the Avio 220 Max hybrid simultaneous system due to its unique plug-and-play capability and low cost of operation. Its unique capabilities allow the instrument to go from cold start to sample analysis in 10 minutes, making it possible to turn off the instrument as needed throughout 66

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Dr. Erica Cahoon, ICP-OES Portfolio Director at PerkinElmer

the day to save argon –since there’s virtually no startup time.

The Avio 550 Max is a fully simultaneous instrument for testing labs that depend on fast turnaround at the lowest possible cost, whilst still needing to meet regulatory requirements with uncompromised accuracy.

Lastly, the Avio 560 Max, also a fully simultaneous instrument, steps up performance, going from fast to fastest, with a built-in High Throughput System (HTS) sample introduction module, bringing 1.5-minute sample analysis times down to about 30 seconds.

CUSTOMER SATISFACTION IS INHERENT TO PERKINELMER’S ICP-OES PORTFOLIO THANKS TO ITS FLEXIBILITY AND ROBUSTNESS

A Heritage of Innovation In our continued commitment to innovate in response to customers’ multi-elemental analysis needs, the three Avio Max models share first-to-market proprietary technologies. Flat Plate™ plasma technology provides several advantages over traditional induction coil systems – it’s maintenance-free, does not require cooling, and generates a robust plasma at a low argon flow (only 8 L/min

for most applications), delivering substantial cost savings over traditional systems that consume twice the amount.

Another unique feature is PlasmaShear™ technology, which uses compressed air as a shear gas to provide a maintenance-free solution for removing the cool end of the plasma, where other systems will use a cone or orifice that requires regular maintenance.

In addition, the PerkinElmer Avio ICP-OES series incorporates a vertically oriented plasma with dual-viewing optics under computer and software control. Any wavelength can be used in the radial, axial, or mixed viewing modes in a single method.

Plus, Syngistix™ software offers a host of smart features designed to optimise the performance of the Avio Max ICP-OES instruments and improve efficiencies in the lab, mirroring the progression of the user’s workflow and guiding through each step for greater control, confidence, and accuracy.

Flexible and easy to use, its smart features offer immediate benefits, whether running the instrument(s), the laboratory, or the business.

At PerkinElmer, we pioneer scientific technologies for better detection, imaging, and informatics to help our customers make a profound impact on the world. In our continued commitment to innovate for a healthier world, PerkinElmer and the Avio Max ICP-OES platform were recently recognised

by Singapore Business Review at the 2021 Made in Singapore awards for manufacturing excellence in the Appliances category.

Copyright © 2022 PerkinElmer, Inc. 514415 All rights reserved. PerkinElmer® is a registered trademark of PerkinElmer, Inc. All other trademarks are the property of their respective owners.

WORKFLOW, MAXIMIZED DOWNTIME, MINIMIZED Avio® Max Series ICP-OES

Avio® Max series ICP-OES – multitasking solutions for multielemental analysis Like most industries, today's testing labs are finding novel ways to accomplish more with less – without sacrificing quality and accuracy. Enter the Avio Max series: reliable, dual view ICP-OES systems that are as comfortable with multitasking as you are.

With Avio 550/560 Max systems, you have high-throughput, fully simultaneous ICP-OES instruments that deliver exceptionally fast performance. Plus, the Avio 560 Max system features a built-in high-throughput sample-introduction module that yields multielemental results in as little as 30 seconds. And completing the portfolio, the hybrid simultaneous Avio 220 Max system provides plug-and-play performance, taking you from cold start to analysis in just 10 minutes.

Learn more at www.perkinelmer.com/AvioMax

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iCore® Smart IoT Urban is a ground breaking pole designed with powerful features that transforms lighting poles into an integrated and flexible IoT infrastrucutre for smart cities.

Designed to be open and extensible via dedicated Smart compartments.

Brand recognition among competition Brand campaigns Logo re– design Print collateral

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T his is the platform where data, people, technology, and intelligence are connected together to serve a sustainable and more convenient living environment for everyone.

Learn more at photizo.global

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EVENT: THE ASIAN EXPORT AWARDS

2021

Get to know the winners of the 4th Asian Export Awards

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ith the supply chain disruptions and logistical problems due to the current crisis, companies who were able to keep trade flowing and make sure that their products would reach their consumers regardless of distance are the ones who thrive amidst the crisis. These companies that have provided excellent products or services were hailed at the recently concluded Asian Export Awards 2021. Now in its fourth year, the awards programme honoured products and services that have significantly enhanced business in the regional export scene.

The event is divided into two categories, Large Corporate for companies with a group turnover of over US$300m and Local Champion for small and medium enterprises (SMEs) with a turnover

of less than US$300m.

The awards were handed to the winners via digital presentations during the first and second week of December. Winning companies were also interviewed virtually to share their thoughts on winning in the prestigious event.

This year’s nominations were judged by an elite panel of judges consisting of Asta Nie, Worldtrade Management Services Leader, China at PwC Asia Pacific Customs and Trade; Jeremy Huang, Director, Corporate Finance at Deloitte; Chong Cheng Yuan, Partner at RSM Singapore; Josephine Hong, Executive Director, Corporate Advisory at BDO Singapore; and Toh Kim Teck, Partner at Foo Kon Tan.

THE ASIAN EXPORT AWARDS Large Corporate Division C.P. Merchandising Co., Ltd • Export Initiative of the Year - Food • Product Exporter of the Year - Food CP Merchandising introduced a new packaging solution for its C.P. brand black bag range that reduces the use of paper and also has the same strength to hold the product. The new packaging is a good solution for its wholesale customers that need to be able to use the shelf display package.

Its Meat Zero product line was also recognised in the awards programme for its quality, catering to those who love the taste of meat but want to minimise the environmental impact of the meat they consume. Meat Zero looks, cooks, and tastes like meat but is made from plants, and it is also claimed to be good for the health.

Local Champion SOLEX INTERNATIONAL (THAILAND) CO., LTD.

C.P. Merchandising Co., Ltd

• Product Exporter of the Year - Security & Safety Solex International won the Product Exporter of the Year - Security & Safety award under the Local Champion division in the recently concluded Asian Export Awards 2021 for two of its latest offerings: the Key Alike and Master Key System, and its innovative Padlock Bar for Roller Shutters.

The Key Alike and Master Key System introduce a mechanism that requires only one code to enable one key to open all locks. Each lock has a different code key that cannot open others, but the master key of the group can open all locks. Its second offering was created to minimise weak points they have identified in roller shutters. The weak point of the roller shutter is the thin padlock bar which can be easily cut by thieves.

Jiangsu Konsung Bio-Medical Science & Technology Co., Ltd. • Product Exporter of the Year - Healthcare • Product Exporter of the Year - Medical Jiangsu Konsung Medical Information Technology Co., Ltd recently launched products, such as COVID-19 test kits, to help alleviate testing concerns during the pandemic. The company integrates R&D, manufacturing, sales and provides dozens of products that are also exported to various countries and regions such as Asia, America, Africa, and others. Konsung also takes pride in its In Vitro Diagnostic equipment and has also launched a wide range of Point-of-care Testing diagnostic products, a medical diagnostic test performed using a small amount of specimen which takes place at or near the site of patients.

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SOLEX INTERNATIONAL (THAILAND) CO., LTD.

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EXPORT INITIATIVE OF THE YEAR - FOOD PRODUCT EXPORTER OF THE YEAR - FOOD

2021

C.P. Merchandising recognised with two wins at The Asian Export Awards Its Meat Zero product line was highlighted.

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eading the way to sustainability is a key part of C.P. Merchandising Co., Ltd.’s business philosophy over the decade not only in the business operation, raw material, and ingredients but also in packaging aspects. The company received two major awards in the recently concluded Asian Export Awards, an annual awards programme that recognises top exporters in the region.

The awards are Export Initiative of the Year – Food under the Large Corporate division and the Product Exporter of the Year – Food under the Large Corporate division for its Meat Zero product line.

Mr Anat Jurintron, Managing Director of C.P.Merchandising said these recognitions are reflective of the company’s strong professional management as a responsible food producer focusing on food safety and environmentally friendly products that adhere to global standards.

The first award that C.P. Merchandising received is the Export Initiative of the Year – Food under the Large Corporate division for its efforts in the C.P. Packing Innovation project. The company introduced a new packaging solution for its C.P. brand black bag range that reduces the use of paper44% and also has the better strength to hold the product.

The new packaging is not only reducing paper waste but also a good solution for our wholesale customers and consumers.

The new displayed carton design was found more convenient to tear off for the staff compared to the old style that is comprised of 2 pieces of paper which lead to efficiency at operation whereas the new design on side of the design is also attractive for consumers and distinctive on the shelf.

The company started sustainable packaging in 2020 with the product Flamin’ chicken tenders as a trial. After the successful result, they roll out the new packaging across the range of four SKUs in 2021. The company expects to export more than 200,000 cartons this year and with this new innovative packaging, C.P. Merchandising proudly expects to save over 170 trees.

Meanwhile, the second award received by the company is Product Exporter of the 72

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After around two years of developing the product, C.P. Merchandising successfully launched Meat Zero in Thailand in May 2021. The brand enjoys success in its home country. Over 4 million packs were sold in Thailand since its launch in May and is now rolling out its expansion plan, exporting to Asia, the USA, the UK, and the EU. The company is currently listing its Meat Zero products in key retailers, online channels and foodservice channels starting with Hong Kong and Singapore in November 2021. The company plans to export to Korea, Japan, China and other Asian countries this year.

The brand aims to become the no.1 plant-based brand in Asia within 3 years.

The C.P. brand aims to bring the most genuine regional Asian cuisines possible, with the convenience of frozen prepared meals.

Mr Anat Jurintron, Managing Director of C.P. Merchandising

Year – Food under the Large Corporate division for its Meat Zero product line.

“Meat Zero is a new plant-based product catered to those who love the taste of meat but want to minimise the environmental impact of the meat they consume. Meat Zero plants and manufactured to feel, taste, and appear like real meat thanks to our ‘PLANT-TEC’ innovation, making it a healthy option with high protein and 0% cholesterol. The product ranges from chicken nuggets, patties, and various ready meal menus,” said Mr Anat.

Flamin’ Chicken Tenders

THE C.P. BRAND AIMS TO BRING THE MOST GENUINE REGIONAL ASIAN CUISINES POSSIBLE, WITH THE CONVENIENCE OF FROZEN PREPARED MEALS

Meat Zero

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EVENT COVERAGE: CLOUD4C

How to make the sustainable profitable Experts from Cloud4C and SAP talk about how to take that daunting first step into ESG monitoring.

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ore organisations are seeing the importance of sustainability reporting. It is not only good for the environment, it’s also good for transparency.

“I think everybody’s seeing the importance of ESG,” said K Selveraja, Sr. Director for the Center of Excellence for xP&A of SAP, at the Operationalising Sustainability Reporting virtual roundtable that was hosted by Singapore Business Review and Cloud4C. But there’s also a financial incentive to sustainability.

“If the economic activities that a company is going to do are not sustainable activities, the loan interest may be high, and there will be a higher cost of investment for the company in the long run,” Selveraja added, citing the increasing incentives financial institutions are placing for sustainable projects.

But when is a good time to start?

And how?

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Sustainability is not a fad. This is something that will take over the whole world

Hoden Wan, Vice President and Head of SAP Practice – Asia Pacific Japan of Cloud4C, suggests starting now, and starting simple.

“I typically advise my clients to report their matrix, not to be too fancy. The data we collected manually, we upload and we showcase, because it’s more costefficient,” Wan explained during the virtual roundtable.

Even a simple spreadsheet can give a company a good idea of where they currently are in their ESG journey.

Once that important first step is taken, companies may benefit from putting their data on a platform that is specially optimised to monitor and track their goals.

“We are developing new capabilities to help customers right to capture the emissions data to capture, for example, incidents at the roadside, or in also multiple areas we are actually working together,” Selvaraja said during the demonstration of SAP’s capabilities.

Selvaraja, who has over 26 years of experience in risk and compliance, and performance management solutions, dissuaded the notion that sustainability and profit are opposites.

“Adopting new practices, or changing processes to reflect the reuse of your materials will eventually make a more profitable outcome. That’s why we’re saying that sustainability is profitable and profitability is sustainable,” he said.

And sustainability is here to stay, as it has been gaining traction for the past few years.

“Sustainability is not a fad. This is something that will take over the whole world, for sure... Don’t be daunted by the extent with which we need to do it. It’s important that we start off with small steps now, because once you start doing it you’ll get a hang of it,” said Wan. Companies can breath a sigh of relief that platforms such as the ones provided by Cloud4C are there to help them make a profit whilst saving the world.

For more information, please visit www.cloud4c.com/sap/ Write to us at measales@cloud4c.com

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OPINION

AVIK BOSE, ANH PHAM

Global minimum tax and its potential impact on business planning for MNCs in Singapore

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ligible MNCs are being offered generous and accessible incentive programmes that enable them to reduce their operating costs or upgrade their capabilities in Singapore.

In anticipation of the proposed implementation of a 15% global minimum tax rate under Pillar Two by 2023, MNCs subject to Pillar Two and operating in Singapore are waiting for Singapore’s response to Pillar Two so that they can consider the potential impact on their businesses, model the available options and plan ahead.

In the second half of 2021, the international tax system witnessed important developments. A detailed implementation plan was published by the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on BEPS (IF) in response to the high-level political agreement on reallocating a share of global residual profits to the market countries (Pillar One) and implementing global minimum tax rules (Pillar Two).

Under this plan, Pillar One will be introduced by way of multilateral convention (MLC) whereas Pillar Two will be implemented through domestic legislation based on the “model rules” that were published on 20 December 2021 supplemented by a detailed commentary on the rules. Both measures are expected to take effect by 2023.

There have been directions/developments from the European Union (EU), the United Kingdom (UK) and Switzerland towards Pillar Two. Specifically, on 22 December 2021, the European Commission released a proposal for Council Directive on ensuring a global minimum level of taxation for multinational groups in the Union. The Directive includes the principal method for implementing Pillar Two in the EU. In January 2022, the UK’s HM Revenue & Customs started a consultation process on implementing Pillar Two in the UK with a particular focus on the UK application of the “model rules” as well as a series of wider implementation questions.

The Swiss Government has also approved the Pillar Two implementation starting 2024. Those rules have been drafted to indicate that irrespective of what any other governments do (say for e.g., whatever the Singapore Government may do in terms of its tax incentive programmes in Singapore), if the Effective Tax Rate (ETR) of an MNC group is less than 15% in a particular jurisdiction, then the ultimate parent entity located in any of the countries that has implemented the model rules will be impacted.

According to Lawrence Wong, Minister for Finance, there are about 1,800 MNCs in Singapore that meet the revenue threshold of 750 million euros under Pillar Two and most of these will have group ETR below 15%.

Singapore has yet to provide comment on Pillar Two or announce how it plans on updating the existing tax regulations.

There have also been few comments to Singapore’s commitment to follow international standards, creating uncertainty for Singapore’s

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AVIK BOSE, ANH PHAM Transfer Pricing Partner; Director, Deloitte Singapore Tax & Legal Practice

business environment.

In an article published last October, the Economic Development Board (EDB) stated that the overarching objective of any prospective adjustments is to continue to ensure that tax outcomes rightfully reflect profits attributed to economic substance and value-creation activities in Singapore. In a similar vein, the Inland Revenue Authority of Singapore (IRAS) said that the Government is committed to delivering on its proven track record of minimising compliance efforts of businesses and will consult businesses through the policy and implementation process for the Two Pillar solution.

Due to the ongoing pandemic, it is hard to predict how the new normal would be and what changes it would bring. With Pillar Two due to be implemented in 2023, MNCs have even more reason to be anxious.

As Singapore prepares its Budget Statement to be delivered on 18 February, MNCs would appreciate some clarity regarding how Singapore will make changes to its tax system (especially tax incentive programmes) or introduce any new non-tax measures in response to Pillar Two. A number of potential areas in which guidance is needed for businesses include expected changes to the tax regime for tax (e.g., a minimum tax rate, cash-based forms of incentives etc.) and non-tax incentives (e.g., payroll incentives, reducing regulatory compliance burdens etc.) to encourage investment, as well as a roadmap for the transition period for businesses in Singapore.

MNCs should start assessing the potential impact from Pillar Two by February or March if they have not already done so.

The assessment should cover both the financial and operational aspects of MNCs across the globe as well as explore all possible scenarios to understand whether and how significantly Pillar Two would affect their businesses. MNCs could then visualise the impacts, discuss with relevant stakeholders, and develop appropriate response strategies.

Any MNC having doubts regarding its financial and operational sustainability in Singapore – regardless of whether it has a headquarters based in Singapore or is a tax-incentivised business – should seek advice from their tax consultants and if necessary, request a one-on-one discussion with the relevant government agencies for guidance on unclear areas and ways to mitigate any potential adverse impacts.

The upcoming Budget might be an avenue for tax and finance professionals to gain clarity on Singapore’s response to Pillar Two and help facilitate business planning and financial impact assessment while taking into account all the pros and cons of the Two Pillar solution / Pillar Two. This might also present a good opportunity for Singapore to outline its plans to continue to encourage investment.

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77

OPINION

ALVIN YUAN

Should Singapore firms revamp employees’ healthcare benefits after COVID-19?

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ccording to recent news reports, more than two-thirds of people surveyed by Future Forum now prefer a hybrid working model and 95 percent of respondents want flexibility over times when they work. Companies too are learning and have refined their work policies to ensure minimum disruption to work quality and productivity.

In essence, our workplace practices and policies are evolving.

In Singapore, hybrid work practices will soon become a mainstay as firms become more adept in managing their workforce by putting in place the digital infrastructure required to support their business functions and human resources. Some have advanced to begin implementing policies that prioritise employees’ well-being, addressing issues of work-life balance and boundaries of work hours in hybrid work arrangements.

But what about employee healthcare benefits? Do companies need to relook into this as healthcare needs have vastly changed since the pandemic? According to various reports by World Health Organisation (WHO) and others, among some of the mental health issues brought about by the pandemic on employees include: • Loss of purpose and direction • Anxiety-related to the future and job security • Work overload and pressure to do more work than usual • Loneliness and isolation • Difficulty in concentrating and making decisions • Difficulty in falling asleep and staying asleep Increasingly and spurred by the pandemic, employees are prioritising health over wealth. Many of the HR professionals we speak to have brought up the challenges in retaining and engaging employees, who now more than ever prioritise healthcare-related benefits over other perks.

The younger generation (the millennials) especially prefer companies that offer remote working opportunities and flexible work hours. Across the board and regardless of age groups, employees prefer companies that offer good medical benefits and wellness programs. They want to have the assurance their welfare is in the good hands of the company, which includes ensuring that sick leave and medical expenses if incurred during the volatile pandemic situation, are well covered.

Dealing with rising cost of healthcare benefits In Singapore, sick leave benefits generally correspond to the minimum requirements of the Employment Act while healthcare insurance benefits largely depend on the employer. However, the rising cost of healthcare benefits pose a challenge for employers. While most would like to offer the best to their employees, the high cost and the frequency of employees seeking medical help is much higher during the pandemic.

In addition, multiple factors such as inflation and prior claim history affect insurance premiums.

To mitigate the impact of the high cost of health benefits, some employers are using a combination of tactics, ranging from care navigation support to managing premiums. According to a survey by Willis Towers Watson, employers globally are planning or considering 78

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ALVIN YUAN Co-founder and CEO, Healthmetrics

taking the following measures to manage healthcare costs: • Use Care Navigation Support (32%) • Use Condition Specific Care (30%) • Manage Premiums Paid to Insurance Providers/Vendors (29%) To deliver value to employees during and post the pandemic period, Singapore firms should look into enhancing the choice and flexibility in their healthcare benefits. But do they have the right tools to help them manage and navigate these benefits? For companies with a sizeable workforce, such as manufacturing and banking sectors, this task can be daunting, especially with the myriad changes in work arrangements.

Enhancing transparency and communication of benefits The Willis Towers Watson survey also found that the areas within administration and operations where employers globally show the greatest weakness is in the use of technology in HR and having streamlined internal HR operations. But Covid-19 has changed this somewhat.

Many companies are becoming more cognizant of the importance of deepening employees’ understanding and appreciation of their benefits through improved use of technology, manager support, and enhanced communication.

For one, the pandemic has definitely accelerated the use of cloudbased systems for HR and digital health systems for employees. In Singapore, telemedicine and telehealth mobile apps are also becoming more essential and widely used, especially for a remote or hybrid workforce.

However, the transparency and communication of their healthcare benefits still need to be further enhanced. Employers should consider using a range of tools, including preferably interconnected digital hubs, navigator tools and mobile apps that can also offer personalised communications to specific segments of the workforce. Giving both employers and employees immediate, real-time data of healthcare benefits offered and utilised is critical, especially during this pandemic period.

Leveraging analytics to forecast cost and risks Finally, analytics help employers better understand the wants and needs of different employees and make data-driven decisions critical to managing healthcare cost as well as employee welfare. But this is still a highly untapped potential and unutilised tool by many employers. The Willis Towers Watson survey on benefits trends finds that only 38% of employers globally use data and analytics to understand program effectiveness.

In Singapore, uptake of HR analytics has been promising. Some of the bigger companies in the banking and logistics sector have started using predictive analytics to prevent and monitor attrition. But on the strategic and operational level, not many companies have fully realised the potential of using analytics to forecast healthcare benefits costs and manage risks. Top executives buy-in is key as this can potentially help save the company hundreds of thousands of dollars.

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79

OPINION

ANDREW SIM

Holistic changes needed for the logistics industry to thrive

O

ver the past few years, e-commerce’s popularity has soared tremendously, as restrictions on mobility drove more and more people to shop online.

In fact, e-commerce values in Singapore alone skyrocketed by 87% in 2020 compared to the year before, according to a recent report by Google, Temasek, and Bain Southeast Asia.

Driven by the e-commerce boom, the logistics industry has started to feel the impact of digitally discerning consumers, as the average consumer becomes more digitally savvy because of the pandemic.

Consumers now demand an online shopping experience that is efficient, accurate, and responsive to their needs and more are expecting multiple delivery options and the ability to track and trace their parcels.

As more businesses scale up and expand their presence online, there is also an increase in demand for fulfillment and warehousing services by businesses of all sizes. With more consumers now shopping globally online, there is also an increasing demand for cross-border shipping in the post-pandemic world.

As a result of changing consumer and business demands, it is no longer enough for logistics companies to focus their business on a sole aspect of the supply chain, but also demonstrate the necessary resources, expertise, and know-how across every aspect of the logistical process.

With that, what lies in the horizon for the industry is that it will be imperative as we enter into 2022 and beyond for logistics companies to consider big changes, and this includes delivering a holistic suite of services across the supply chain in order to adequately meet the evolving needs of consumers and businesses.

Building bigger, better, and stronger In order for the industry to move towards a more holistic business model, the first order of business for any logistics firm is to diversify one’s offerings. The ability to provide one-stop e-commerce solutions – from the set-up of an online store, order and inventory management, to logistics operations – is no longer just about achieving a competitive edge over other players. It will simply become the norm in the next few years.

Beyond expanding the breadth and depth of one’s core offerings, the need for more comprehensive, reliable supply chain networks has never been more apparent in the new normal. The supply chain disruptions experienced during the height of the pandemic – of which is still felt in some parts of the world – have brought to light some of the unseen vulnerabilities and demonstrated that enterprises need to make their supply chains more resilient, collaborative, and networked.

As countries move towards recovery, we are seeing demand for crossborder shipping picking up pace again, with more consumers shopping globally online to enjoy greater options, and businesses looking to expand beyond Singapore to other markets. This in turn led to the need for networks to be extensive.

The future is digital and autonomous The pandemic has undeniably accelerated digital transformation for

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ANDREW SIM CEO, J&T Express Singapore Pte Ltd

every industry, and the supply chain is no exception. Technology such as automation, big data, and the Internet of Things (IoT) will continue to play a huge role in meeting changing consumer and business demands. According to management consulting firm Mckinsey, automation will be among the top agenda for the logistics industry due to the increasing demand from online retailers, a growing shortage of labour, and technological advances. Hence, it will be crucial to continuously invest in technology and automation to deliver more efficient and quality services.

Currently, in the industry, innovations such as automated parcel sorting systems can provide valuable efficiencies and insight. Not only can it help to sort incoming parcels automatically, it also allows for additional data to be captured such as their weight and dimensions to help cut down on human error, increase the team’s efficiency, and allow manpower to be shifted to more skilled areas where needed.

Digitalisation also needs to exist beyond the warehouse floor. At its most cutting-edge, logistics companies will also need to look at enabling application programming interfaces (API) integration to provide their e-commerce sellers with a seamless process from the capturing of orders and fulfillment to last-mile delivery by allowing integration with major e-commerce marketplaces and platforms like Shopify, WooCommerce, and more. APIs have positively impacted a number of industries as they connect traditionally siloed sources of data, opening a door to improved processes, better communication, and more efficiencies.

Big Data will also continue to play a big role in helping logistics companies reduce inefficiencies and make better-informed decisions, whether it is optimising delivery routes for greater efficiency and maximise profits, or even forecasting demand with greater accuracy for the deployment of resources and manpower. On the other hand, IoT will be able to help logistics companies increase operational efficiency, increase security, and enable real-time tracking of the parcel to ensure peace of mind for both sellers and consumers.

Green logistics taking root in the industry The final piece to the puzzle of achieving a holistic approach in the industry is embracing sustainability. All the strategic advancements and innovations discussed above will only sustain success for the short term if we do not strive to protect the environment and ensure a future for all. Our present choices and actions have huge long-term impacts on future generations, and both businesses and consumers are recognising this in where they put their dollar towards.

In fact, logistics companies have already started to adopt environmentally friendly practices to cut carbon emissions and contribute to sustainability. Small steps such as recycling the used warehouse resources and materials, and leveraging innovative software to calculate and reduce their carbon footprint can make a significant difference in the long run.

Display to 31 March 2019 HK$40

Issue No.52

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Hong Kong’s Best Selling Business Magazine

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Issue No. 86

Display to 31 March 2019 S$5.90

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Issue No. 94

DISPLAY TO 31 MARCH 2019

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ISSUE NO. 13

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Display to 28 February 2019

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