FUNDING SHIFTS TO DEEP TECH AS GENERATIVE AI DRIVES INVESTMENTS
MBA PROGRAMMES EXPAND GLOBALLY DESPITE COST PRESSURES
WEALTHTECHS WIN BY MANAGING WEALTH AND NOT THE WEALTHY
VC VS. ENTREPRENEUR ‘ STAND-OFF’ DECREASES FUNDING VOLUME
ONE PASS FACES DELICATE BALANCE BETWEEN TALENT ATTRACTION AND SALARY PRESSURES
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Deep tech is increasingly getting popular in many sectors. Emerging startups are developing deep learning applications to enhance the productivity of traditional processes, and experts believe that more startups will build upon their business models on generative AI applications such as text bot ChatGPT. In this year’s 20 Hottest Startups list, we feature four companies categorised as deep tech. See them and the rest of this year’s outstanding startups on page 34.
As the modern workforce evolves, MBA education is changing to keep pace with the new demands. MBA programmes are expanding globally despite cost pressures, and providers are offering experiential learning programmes through disruptive tech. In this issue, we rank the top MBA providers that included state-of-the-art innovations in their curriculum as demand for advanced digital skills rises. See the full story and rankings on page 28.
Top companies and initiatives are acclaimed at the latest SBR Management Excellence Awards, Malaysia Management Excellence Awards, Made in Singapore Awards, and Designed in Singapore Awards. Take a look at the list of exceptional executives and teams on pages 44, 66, and 76.
Read on and enjoy!
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‘Mass exchange’ of lawyers pushes firms to review retention strategies
Singapore’s legal industry, similar to those in the US and UK, was hit by the great resignation wave. Many of these lawyers have either moved to other firms or taken in-house positions, resulting in a shortage of mid-level lawyers with Post-Qualified Experience (PQE). These lawyers are considered valuable as they are experienced enough to run client matters effectively but are not yet too expensive to compensate.
Singapore unveiled a new longterm work visa in late 2022. Singapore’s ONE Pass is targeted towards attracting specific seniorlevel talent — those with regular monthly salaries of at least S$30,000 ($US21,128). The extended 5-year duration of the ONE Pass will also be an excellent way for individuals and businesses to consider Singapore as a long-term option.
Budget 2023: Time to loosen ‘15-month wait-out’ policy for HDB
In September 2022, Singapore imposed a wait-out period of 15 months for former and current private property owners wanting to downgrade to HDB flats to moderate demand in the market. Almost five months after its implementation, an expert from Savills believes it is time to “fix” the measure. Savills Singapore’s Alan Cheong, said there is no longer a need for the waitout period since the market is already “starting to clear.”
The government has implemented several measures to support small businesses, one of which is the Productivity Solutions Grant (PSG). This is aimed at helping small businesses in Singapore adopt technology and improve their productivity. In this article, we will take a closer look at PSG and how it has helped small business owners through the examples of ComfortDelgro Engineering and Achieva Technology.
8 investment ideas to achieve affluence in the year of prosperity
Feng shui experts predict that 2023 will be a year of hope and prosperity, however, financial experts warned that inflation and geopolitics like the rivalry between the G2 powers of China and the US will continue to haunt investors during the year. Stefanie Holtze-Jen, APAC chief investment officer of Deutsche Bank International Private Bank, shared eight investment ideas that can help investors to navigate systemic risks.
The workforce that is emerging from the pandemic is different from the one that entered it. At a recent forum for maritime HR leaders and practitioners organised by the Singapore Maritime Foundation (SMF), advisory firm Ernest & Young presented the EY 2022 Work Reimagined Survey, which suggested a shift in priorities of what companies and talent value in work.
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DocuSign helps organizations connect and automate how they prepare, sign, act on and manage agreements. As part of the DocuSign Agreement Cloud, DocuSign offers eSignature, the world’s #1 way to sign electronically on practically any device, from almost anywhere, at any time.
Today, over a million customers and more than a billion users in over 180 countries use the DocuSign Agreement Cloud to accelerate the process of doing business and simplify people’s lives.
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S P Jain School of Global Management (SP Jain) is an Australian business school with campuses in Mumbai, Dubai, Singapore and Sydney. The School offers a plethora of undergraduate, postgraduate, professional and doctoral programs with a motive of crafting leaders for the 21st century workplace. The learning experience provided by them is modern, relevant and truly global. Their full-time MBA programs have significant recognition as evinced through global rankings by Forbes, The Economist and The Financial Times to name a few.
To know more, please visit www.spjain.sg
With remote work and a newfound emphasis on wellness, the housing market has seen a shift in the way homebuyers search for properties. No longer just a place to sleep, they want spaces that are versatile and adaptable—a home office during the day and transforms into a personal gym at night. Whilst urban properties with easy access to malls and public transportation are their popular choice, they often lack green spaces such as parks. Homebuyers are then faced with a tough choice between convenience and wellness. But developers are stepping up to meet their changing demands, a prime example of this is GuocoLand. GuocoLand’s latest developments, Lentor Modern and Midtown Modern, seem to have struck the right mix of convenience, versatility, and green space. Despite economic headwinds, GuocoLand sold over 84% of units in Lentor Modern just two days after its launch. Meanwhile, Midtown Modern sold over 60% of all units during its launch weekend in March 2021.
“We still see the market performing resiliently. One of the reasons for us saying this is mainly because most of the launches last year sold very well,” Dora Chng, General Manager (Residential) at GuocoLand, said, adding that the property market will likely benefit from multinational corporations setting up shop in Asia, as well as the growing middle-class population.
This January, JLL reported that developers have returned with new launches rebounding to 410 units, the highest in four months. This also represented a 130.3% increase compared to only 178 units released in the same month last year. “Pent-up demand from potential buyers who sat out of the market due to limited options available in 2022 is expected to return to pick up units from an increased line-up of project launches this year,” Chia Siew Chuin, Head of Residential Research at JLL, said. “The anticipated return of Chinese
buyers, particularly to the high-end/luxury segment of the residential market, will add to overall sales numbers.”
In addition, Singapore’s property market will be underpinned by a steady inflow of talent and wealth preservation. This will also boost demand for prime properties amongst international high-net-worth individuals (HNWI). In 2022, Singapore’s super-prime market and ultra-prime market saw a total of US$121b and US$18b worth of sales. It ranked second in the Asia Pacific and sixth globally.
“Singapore continues to attract highnet-worth homebuyers both domestically and from all over the world,” Nicholas Keong, Head, Private Office, Knight Frank Singapore, said. “Post-pandemic era, the country is regarded as a safe haven to a wider spectrum of high-net-worth individuals and families with the manner in which the government had the wherewithal and the financial resources to keep the economy and public health stable even in a period of global economic uncertainty and political tensions.”
“Homeowners don’t want to spend so much time commuting to and from work, to and from dinners in that aspect,” Chng said. With this in mind, GuocoLand constructed Lentor Modern. This integrated mixed-use development is directly connected to Lentor MRT station, placing residents just a train ride away from schools and workplaces along the Thomson-East Coast Line.
Moreover, GuocoLand introduced the “One Lift Ride Lifestyle” in Lentor Modern, where, as the name suggests, residents are just a lift ride away from the retail podium, supermarket, childcare centre, cafes, and restaurants. “Living on top of this transitoriented development, you can actually seize the day in one minute,” she said.
“What is deterring families from living in the city when it is so convenient to be right where everything is?” Chng said. “It’s really the lack of greenery and family-oriented facilities in the developments in the city.”
To address this, GuocoLand conceptualised the Midtown Modern, where residents may stroll in more than 1 hectare of greenery within the development and take a dip in a 50-metre lap pool, a tennis court, and entertainment pavilions in Midtown Modern, and even a dance studio in Lentor Modern.
Living on top of this transit-oriented development, you can actually seize the day in one minute
“Midtown Modern is one of the first family-oriented residential developments in the central business district. We will be the only CBD condominium with full facilities.” The development is now 88% sold.
“Besides its connectivity, many homeowners chose Lentor Modern because of its proximity to green parks and spaces and the abundance of facilities –such as a dance studio, pavilions, and open lawn areas where they can work on their health and fitness.”
“Although many buyers are upgrading to larger units due to the change in their lifestyle needs, we noticed that most buyers do not really need a larger one. Rather, they are looking for a unit that is flexible to meet their needs,” Chng said.
GuocoLand introduced two to fourbedroom units in Lentor Modern that feature a versatile Flex Room designed with dimensions that can be used in a variety of ways. These Flex Rooms are small, but have
enough space to fit a single bed, Chng said. It can be used as a nursery, gym, playroom, or even a guest bedroom. The rooms will also be helpful for home-based entrepreneurs in need of an office or workshop.
Chng added Midtown Modern and Midtown Bay also have duplex units, where two identical units stacked above each other offer space for hosting guests on the lower level, whilst still allowing homeowners to keep their privacy preserved on the upper level.
“Lifestyle changes have evolved even before the pandemic. We noticed people entertaining family, friends, and business associates more frequently than before,” Chng said. “Home buyers may choose to host their guests in the function rooms in the clubhouse or at the private dining pavilions, instead of their homes.”
GuocoLand built their residential developments around these three key trends, which proved to be effective, as demonstrated by the quick up-take of Lentor Modern and Midtown Modern.
For more on this story, go to https://sbr. com.sg/
The centre is part of the company’s new Asia Pacific headquarters in Singapore.
With the aim to improve customer experience, manufacturing company Evident created spaces in its new headquarters in Singapore. It features several unique spaces, including Microscopy Centre, a facility that can provide a controlled environment similar to their client’s laboratory, allowing for better product testing. Evident’s full range of microscopes is located in the Microscopy Centre, which is why the manufacturer can assure professional demonstration of the equipment with its optimum performance for testing the customer samples and studying the usability of microscopes for their scientific applications.
Zhang Feng, Evident’s Head of Strategy Management Office and general manager for Singapore, said they adjust the humidity and temperature in the Microscopy Centre identically to the client’s research facility to make their customers “feel at home.”
Another area in the new headquarters which they built for improved customer experience is the Technology Centre, which has a showroom capability for its NDT equipment, industrial video scopes, and X-ray fluorescence analysers for elemental analysis. Both areas are fit for offline, live demonstrations, said Feng. Evident also conducts online demos of their products in their Omni Theatre.
1 The Breakout Area allows employees to collaborate and brainstorm.
2 Evident built its new office intending to give its people a comfortable working environment.
3 The Omni Theatre is where Evident conducts online demos of products.
4 Evident’s cosy lobby helps its customers feel at home.
5 Microscopy Centre provides a controlled environment similar to the laboratory of Evident’s client.
6 The Technology Centre has showroom capability for Evident’s NDT equipment, amongst others.
Ithas become commonplace for employers to include all manner of boilerplate provisions in their template employment agreements, usually including post-termination restrictive covenants (PTRC(s)). This article identifies the various types of PTRCs and suggests that they should be carefully drafted and only included where necessary.
A PTRC is a provision in an agreement that generally seeks to regulate what a party to the agreement can or cannot do after the agreement comes to an end. PTRCs are therefore not limited to employment agreements and may be found in other types of contracts. In the context of an employment agreement, PTRCs generally arise in the following forms (although the precise wording may differ):
a. The “non-competition” PTRC, which seeks to restrain a former employee from commencing work with or for a competitor of the (former) employer;
b. The “non-solicitation” PTRC, which seeks to restrain a former employee from soliciting business from the former employer’s clients or business contacts; and/or
c. The “non-poaching” PTRC, seeks to restrain a former employee from poaching or soliciting other employees of the former employer to leave their employment.
Closely related to PTRCs are provisions in the employment agreement, which seek to restrain an employee from unlawfully disclosing, retaining and/or otherwise using any of the confidential information obtained by the employee during his or her employment with the former employer.
A review of the competing interests and public policy considerations is perhaps apposite before considering if and when PTRCs may be enforceable. One perspective is that a party – in this case, a former employee – should be contractually bound to observe the PTRC since the employee freely accepted the same
as part of his or her terms of employment. However, holding an employee to a PTRC may also directly affect or restrict that employee’s personal freedoms, specifically the freedom to trade and find gainful employment, particularly in sectors where job opportunities are scarce. For this reason, the United States Federal Trade Commission (“FTC”) has – as recently as January 2023 – proposed banning employers from imposing non-competition PTRCs on their employees.1
In this author’s view, it is unlikely that Singapore would legislate a blanket ban on non-competition PTRCs (or PTRCs generally). Instead, the issue of whether a PTRC will be recognised and enforced is likely to be left to the Singapore courts to determine on a case-by-case basis.2
The employment law jurisprudence in Singapore has significantly developed over the past two decades, with the courts aiming to strike a balance between the competing interests of employers and employees.
In this connection, and as a matter of law, the starting position is that PTRCs are generally considered void and unenforceable unless an employer successfully proves – as a matter of law – that the particular PTRC is enforceable.3
Whilst a detailed analysis of how the Singapore Courts have interpreted or construed PTRCs is outside the scope of this article, a former employer intending to enforce a PTRC would have to commence an action in court and establish the following:
a. First, the former employer must identify a particular legitimate proprietary interest that the PTRC seeks to protect;
b. Second, the legitimate proprietary interest that the former employer seeks to protect must not already be protected by another term in the employment agreement;
c. Third, the former employer must prove that the PTRC in question goes no further than is necessary to protect the identified legitimate proprietary interest; and
d. Finally, the PTRC itself must satisfy the
twin tests of reasonableness, i.e., the PTRC must be reasonable:
i. In the context of the relationship between the former employer and employee; and
ii. In the public interest.
Insofar as [14(a)] above is concerned, the limited categories of legitimate proprietary interests recognised to date are the employer’s interest in:
a. Protecting its trade or business connections;
b. Maintaining a stable and trained workforce; and
c. Protecting its trade secrets or confidential information akin to trade secrets.
Given the strict approach in Singapore Courts, employers should not consider PTRCs as “vanilla”, boilerplate clauses to be included in all employment agreements without careful consideration.
Instead, employers should only include PTRCs when necessary and, even then, should ensure that they are carefully and purposefully drafted to increase the likelihood that the relevant clause will be enforceable if challenged. Employees should equally be cognisant of the existence and potential effect of PTRC provisions, and those closely related, to their employment agreements. Where practicable, employees should consider negotiating the inclusion or scope of a PTRC when considering an employment offer.4
1 See the report at https://www.ftc.gov/news-events/news/press-releases/2023/01/ftc-proposes-rule-ban-noncompete-clauses-which-hurt-workers-harm-competition. The FTC is presently seeking public comment on its proposal and, as of the date of publication of this article, no ban has yet been implemented or announced.
2 The author notes that a similar view has been expressed in an opinion piece by Mr Clarence Ding published on Channel News Asia and available at https://www.channelnewsasia.com/ commentary/employment-contract-office-workers-non-compete-clause-tech-layoffs-3362301.
3 See [44] to [45] of the Singapore Court of Appeal’s judgment reported as CLAAS Medical Centre Pte Ltd v Ng Boon Ching [2010] 2 SLR 386 at [44] to [45] and available online at https://www. elitigation.sg/gd/s/2010_SGCA_3.
4 The contents of this update are owned by Tan Peng Chin LLC and subject to copyright protection under the laws of the Republic of Singapore (as may from time to time be amended). No part of this publication may be reproduced, licensed, sold, published, transmitted, modified, adapted, publicly displayed, broadcast (including storage in any medium by electronic means whether or not transiently for any purpose save as permitted herein) without the prior written permission of Tan Peng Chin LLC. Please note that whilst the information in this publication is correct to the best of our knowledge and belief at the time of writing, it is only intended to prove a general guide to the subject matter and should not be treated as a substitute for specific professional advice for any particular course of action as such information may not suit your specific business, operational and/or commercial requirements. You are therefore urged to seek legal advice for your specific situation.
highlighting the need for sustainable, socially responsible and ethical practices.
On the other hand, DBA students can expect in-depth training in selected management areas that enable them to solve complex management problems whilst formulating evidence-based strategies. Designed for anyone from entrepreneurs and senior management executives to mid-career industrial practitioners, SUSS’ DBA programme seeks to develop students’ analytical thinking abilities and managerial skills through the acquisition of advanced and up-to-date knowledge as well as systematic research thinking and methodologies.
Intoday’s age of rapidly changing data and information, businesses are becoming more complex, whilst employees work on more diversified disciplines across geographical boundaries. The world is now experiencing uncertainties when it comes to technological advancement, innovation, changes in political landscapes, and national demography, amongst others.
Companies are now looking for individuals who are not only able to develop and implement business strategies, but also possess in-depth skills in specific domains for better business decision-making. Managers and leaders of organisations need to be quick on their feet and develop a strategic mindset to navigate this volatile situation.
This growing demand for people with special training indicates that knowledge has indeed become the most valuable asset of any business. As such, holders of higher education in business management are becoming increasingly sought-after in the modern workplace.
As an institution that produces workready graduates who progress to in-demand professionals, the Singapore University of Social Sciences (SUSS) seeks to further hone the managerial skills of business executives through its Master of Management (MMGT) and Doctor of Business Administration (DBA) programmes.
Why should you enrol in post-grad management studies at SUSS?
The MMGT programme seeks to train business executives in the effective administration of their respective organisations whilst building on the core foundations of management. It allows students to gain a deeper understanding of a specialisation of their choice, gives them the skills needed in today’s world and equips them to become successful leaders, whilst
Offered at SUSS’ School of Business, the MMGT and DBA programmes expose students to emerging technologies and ideas across the global workplace. They are suitable for busy working individuals because of their flexible course structures (face-to-face or online) that allow learners to study at their own pace. MMGT students will be exposed to a variety of specialisations, including artificial intelligence for business, analytics and visualisation, and experience design, amongst others. These courses aim to supplement students’ undergraduate area of expertise with further knowledge and skills, thereby increasing their employment prospects in their chosen field as well as enabling them to face ambiguous and uncertain business environments.
The credentials for this programme are also stackable–starting with a 15-unit graduate certificate and progressively moving on to complete the full 60-unit master’s degree–thus enabling continued learning to become a reality.
Meanwhile, pursuing the DBA allows students to explore another perspective through research training where they eventually become “entrepreneur scholars”. The DBA curriculum also incorporates the latest trends and developments in business, equipping them to think more deeply about issues at an organisational level instead of focusing on daily operational matters.
DBA students are expected to produce research that is relevant to the current
business landscape with guidance from experienced faculty members, a cutting-edge curriculum and partnerships with businesses or faculty-led research initiatives. They will have opportunities to expand their network with business leaders and professionals, allowing them to stay up-to-date with the latest developments in the field.
The DBA is also a bilingual programme taught in Chinese and English, which enables both Mandarin-speaking and Englishspeaking business leaders from around the world to network and learn together.
The MMGT is offered in two pathways: regular and accelerated. The regular track allows working adults to take classes once to twice a week and complete the programme between 18 months and four years, whilst the accelerated path works well for full-time learners who can work on the programme about four days a week and can finish in about a year.
The duration of candidature for the DBA lasts from three years to a maximum of seven years. Students will attend intensive classes held over three to seven consecutive days, from 9 am to 6 pm, alongside overseas immersion courses conducted over a few days in various Asia-Pacific cities.
Those who wish to apply to the MMGT programme must possess an undergraduate degree or an equivalent qualification from a recognised institution. However, individuals with relevant work experience and other qualifications may also be considered. Meanwhile, those who wish to enrol in the DBA programme must submit a research proposal indicating their research question and direction and pass an interview.
The Aalto Executive MBA in Sustainability programme emphasises building sustainable business networks, whilst improving personal skills and leadership competencies.
In today’s world, incorporating sustainability into an organisation’s business strategy must always be considered especially since it fosters longevity. Companies must now look for individuals who not only have deep knowledge of various business areas but also have the competencies to look from a sustainable angle.
There is a wide range of environmental, social, and economic factors to be considered when making decisions in sustainable businesses.
Aside from curbing global challenges, sustainability also drives businesses to a path to success. Given this, highly-trained professionals with this goal in mind are sought-after in the modern workplace.
Education becomes a key factor from the very beginning of any company’s recruitment process. The harsh reality is if employers do not consider as reputable the institution from which a candidate got their degree, that candidate may end up at the bottom of the pile. For this reason, getting a degree from a school that meets the rigorous standards of the industry is such a good investment.
Aalto Executive MBA (EMBA) is one of Europe’s leading Executive MBA programmes and is ranked by the Financial Times as part of the top 100 amongst the 4,000 EMBA programmes worldwide.
The programme also holds the “Triple Crown” or the three most respected international accreditations – the AACSB, AMBA, and EQUIS – granted only to around 1% of business schools globally. Meanwhile, participants’ overall satisfaction is fifth in Europe, amongst the highest in the Nordic countries, and 21st globally.
The Aalto EMBA is geared towards professionals looking to strengthen their business skills and strategic thinking, which are essential for any leader. Participants are expected to improve their personal skills whilst taking an individual learning path under the EMBA. They will also get to boost their leadership competencies that help in
building sustainable business networks.
Executive director Anu Vänskä explained that the Aalto EMBA holistically integrates the sustainability perspective across its curriculum, which focuses on four core business areas: strategy, leadership, finance, and marketing. Amongst these business areas, the programme emphasises strategy and leadership in a global context.
“The modules also strengthen the participant’s strategic thinking thus increasing their understanding of why businesses need to transform and how they themselves can become drivers of organisational transformation,” said Vänskä.
The approach of Aalto EMBA is focused on producing graduates with extensive knowledge in various management disciplines, as well as hands-on practice in the field.
Given this, the programme is designed to maximise interaction and participation, whilst taking into account each participant’s learning styles and preferences.
There are a variety of teaching methods employed, including lectures, presentations, group debates, quizzes, simulations, real-life case studies, and encounters with business leaders. All of these are designed to help participants and faculty gauge whether they have indeed achieved their learning objectives for each course.
“Activities draw upon the wide experience of participants, who represent different industries, functions, and educational backgrounds,” added Vänskä.
Aside from the guarantee that graduates will develop strategic thinking through new knowledge and tools, they will also gain insights into becoming world-class leaders in the field. This will surely not only be a short-term benefit but something that can be valuable in one’s future path.
Data from the Financial Times’ 2022 ranking also shows that graduates from the Aalto EMBA are given a 38% salary increase three years after completing the programme.
Additionally, they automatically become members of the Aalto EE and Aalto University alumni community, which continuously arrange events, company visits, and meetings as well as provide valuable connections to more than 18,000 alumni across the globe.
In conclusion, Aalto EMBA offers access to the latest knowledge and an extensive global business network. It also builds lifelong partnerships by providing development opportunities, quality services, and benefits.
Those who are interested to enter the programme can start their application by completing a short preliminary application form. A member of the programme team will then contact them to give further information on the EMBA and guide them in the application process.
Email: info@aaltoee.sg
Website: https://www.aaltoee.sg/programs/ aalto-executive-mba-in-sustainability
The Aalto EMBA is geared towards professionals looking to strengthen their business skills and strategic thinking
KCTS provides a comprehensive and realistic training environment to prepare cybersecurity professionals for real-world scenarios.
As the world grows progressively digital, cybersecurity has become a top priority for organisations of all sizes. With cybercrime becoming more prevalent and organisations facing increased vulnerability to security breaches, there is a sharp rise in demand for cybersecurity professionals. In fact, cybersecurity jobs are growing at an unprecedented rate, with a predicted 3.5 million job openings in 2025, and students who are well-prepared will be the first to be considered for the Industry’s top jobs. To this end, Keysight Technologies, a leading technology company, has introduced Keysight Cyber Training Simulator (KCTS), a comprehensive, turnkey cyber range that simulates real-world traffic using the company’s industry-leading software.
According to Yip Wee Chong, the Education Business Director at Keysight Technologies, “At Keysight, we aim to provide innovative solutions that meet the needs of our customers. We understand that cybersecurity expertise is one of the most sought-after talent demands, and we are proud to offer the Keysight Cyber Training Simulator to support the educators’ goal to develop students’ skills aligning with industry challenges and practice. Our solution is constantly updating the Cybersecurity Scenarios database, making it an ideal tool for educational institutions looking to train the next generation of cybersecurity professionals.”
Redefining cyber range experience
KCTS breaks from the common, scriptbased cyber range approach to provide a realistic and rounded experience, with unique benefits to both faculty and students. One of the top advantages of KCTS is that students can hone their skills in real-world scenarios as they practice and learn in the same environment they will use on the job, post-graduation.
Students learn from actual scenarios, not scripts, as KCTS simulates real attacks using legitimate traffic, distributed denial-of-service (DDoS), and malware. The programme also offers a full range of Red Team and Blue Team lab exercises, based on one or more of the simplified Cyber Kill
Chain stages. These scenarios are regularly updated by Keysight’s professional teams, ensuring students are continually trained based on the latest threats and preparing them for the unexpected and ever-changing environment in the cyber world. Another unique benefit of KCTS is the easy integration into the school’s Learning Management System (LMS), addressing a common frustration for faculty where third-party teaching tools have limited or no integration with the university’s LMS. KCTS features full Learning Tools Interoperability (LTI) that allows instructors to take full advantage of their university’s LMS investment and to easily incorporate KCTS into their curriculum. Instructors retain full ownership and control to create and customise their syllabi. This enables faculty to tailor KCTS to their specific course requirements. This not only enhances the overall learning experience but also ensures that students acquire relevant information that will help them in their future careers.
Bridging the cybersecurity workforce gap KCTS has also been selected as the official platform for the WorldSkills 2022 Cybersecurity module competition. This global competition brings together talented individuals from around the world to showcase their diverse skills in various industries, including cybersecurity. Keysight is honoured to be appointed by the Global WorldSkills 2022 as an Industry Consultant in the Cybersecurity sector and to witness the next generation of talent demonstrate their abilities and skillsets.
The demand for advanced cybersecurity skills is outstripping the supply of skilled professionals in the overall talent market today. Given its comprehensive and realistic training environment, Keysight’s KCTS is the ideal solution for academic institutions looking to develop industry-ready graduates and reduce the cyber industry workforce gap. The programme, with its easy integration into the school’s LMS and effortless customisation, will not only equip students with market-leading tools currently used by professionals in enterprises and governments worldwide but will enable them to develop their skills in a practical manner. As a result, graduates are wellprepared to fill roles in cybersecurity across various industries, effectively addressing the increasing demand for cybersecurity professionals.
Company Name: Keysight Technologies
Malaysia Sdn Bhd
Address: Keysight Technologies, Bayan Lepas
Free Industrial Zone Phase 3, 11900 Bayan Lepas, Pulau Pinang
Contact Number: 60174992697
Email: chee-chun.cheong@keysight.com
Website: www.keysight.com
We are proud to offer the Keysight Cyber Training Simulator to support the educators’ goal to develop students’ skills aligning with industry challenges and practice
The $30,000 salary threshold of the visa presents difficulties for businesses in recruiting top talent.
holders would come useful to companies that are looking for professional expertise to drive transformation or restructuring initiatives, particularly in high-growth sectors such as fintech, healthcare, and renewable energy,” said Dass.
Employers in Singapore will also welcome ONE visa holders because it will allow them to engage with “hard-tofind talent,” particularly those working in fields related to Web3 and environment, social, and governance.
“These holders would also be able to elevate the calibre of talent in Singapore as they set a new bar for both foreign and local workers,” said Dass. McNeilis pointed out that some of the top talent in Singapore comes from the financial services industry, life sciences, technology, and logistics supply chain industries.
On the first day of January 2023, Singapore made available the overseas network and enterprises (ONE) pass, a new employment visa with a five-year validity. Amongst the qualifications required for the visa is a $30,000 monthly salary. Although the visa is designed to help Singapore attract top global talent, some businesses may face challenges in meeting the salary threshold.
Whilst businesses are willing to pay competitive salaries to attract top talent, they are unlikely to “overpay” their employees to meet the salary threshold for the ONE Pass for over five years, according to Andrew McNeilis, Managing Director of recruitment services firm, Phaidon International in the Asia Pacific. He added that firms in other markets may choose to retain top talent through long-term incentives and bonuses.
ONE Pass is often compared to Singapore’s employment pass (EP). Whilst the EP salary cap is $5,000—or $5,500 if the employee is in the financial services sector—the ONE Pass salary threshold is much higher, comparable to only 5% of the EP holders. Two-thirds of Singapore’s EP holders come from China, India, Japan, Malaysia, the Philippines, and Britain. The launch of the ONE Pass has raised questions about how it will impact the job market in Singapore and other countries and whether it will successfully attract the best global talent.
Data from the 2023 Michael Page salary trends report reveals that one of the highest paying jobs in China for the banking industry is an investment director, earning an annual income of RMB2m ($390,000). Meanwhile, the toppaying jobs in India and Japan are financial controllers or group financial officers.
Despite approving the ONE Pass, the Singapore government still wants to grow its local talent. But for some industries in Singapore, foreign talent may be needed, according to Jaya Dass, Managing Director of permanent recruitment in APAC, Randstad. “The work experience of ONE pass
“Logistics supply chain, production and distribution, some of those skills have been incredibly well-honed with local companies but also in countries such as America where companies in Singapore want to get hold of that talent,” McNeilis explained. “Singapore has got a strong reputation, a lot of people describe it as the Switzerland of Asia. It is seen as a safe, family-friendly, and wonderfully well-regulated transparent community to conduct business,” said McNeilis, adding that this reputation may tempt foreigners to work in Singapore.
The government has implemented safeguards to prevent false salary declarations by ONE Pass holders. For example, Dass said applicants should submit a detailed curriculum vitae that includes academic qualifications, professional experience, accomplishments, and letters of endorsement by a local host research institution.
The Ministry of Manpower will vet all ONE Pass applications, requiring applicants to provide documents to verify that the declared salary will be paid.
“The one thing I’ve learned about Singapore is that in matters like visas, whether it’s an EP or ONE visa, the authorities will not simply take your word for it,” said Phaidon International’s McNeilis.
Despite the presence of other employment passes, the new top talent pass is designed for a specific purpose whilst the employment pass and other passes are in the general audience. Jeffrey Ng, Regional Director of Michael Page, said such a visa will not overlap as its aim is to attract global talent.
“It’s good news. It is what companies look for or when they want to move their hubs or the base to Singapore,” said Ng. The pass’s five-year validity allows top professionals to live in Singapore and relocate their families. Their spouse will also receive a letter of consent to work in Singapore, simplifying the relocation process.
“With the ONE Pass, top talent from around the world know that it’s a lot easier to move to Singapore. They can just bring their family here. That’s very attractive,” Ng added.
[Businesses] are unlikely to ‘overpay’ employees to meet the salary threshold for the ONE PassThe launch of the ONE Pass has raised questions about how it will impact the job market in SG Andrew McNeilis Jaya Dass Jeffrey Ng
Savills partners with global occupiers to plan for a postpandemic workplace with an Integrated approach.
Since the start of the pandemic, companies were prompted to rethink the office space and how they work in a post-pandemic world.
As the preference for remotework lifestyle grows, Savills Singapore has helped numerous occupiers analyse their business and people’s needs by providing best-in-class solutions for a hybridready workforce and workplace.
To help occupiers develop a flexible workplace strategy that
best meets the needs of the firm, Savills has adopted a holistic approach which offers a full gamut of services, ranging from Workplace Strategy, Project Management, Green Fit-out and Gap analysis to Tenant Representation, amongst others. With this integrated approach, Savills ensures that all aspects of the future workplace are robustly thought through with the help of ESG expertise to secure the right office space that supports a new work place environment. This will also facilitate getting employees back into offices.
Savills has launched two new business lines as part of their strategy to expand their spectrum of real estate services: Energy and Sustainability Management (ESM) and Integrated Real Estate Advisory Services (IREAS). The ESM department is led by Samuel Han and will advise and assist clients in end-to-end retrofitting services, Green Mark consultancy, design and deployment of energy monitoring systems, detailed Gap analysis for efficiency opportunities, and energy audits. Headed by Regional Director, Dr Annie Woo, IREAS is currently in advanced discussions for a few landmark economic corridors and development projects.
IREAS will provide a variety of advisory services across the whole real estate portfolio including Property Economics, Portfolio Planning & Strategy, Project Delivery Strategy and Implementation, Placemaking, and Feasibility Studies, amongst others.
Marcus Loo, Chief Executive Officer of Savills Singapore says “With ESM and IREAS onboard, Savills is empowered with more capabilities to provide a full suite of services to our clients both local and overseas.”
“This fits into Savills’ strategy to expand service offerings to meet the increasingly complex and varied demands of our clients.” he adds.
“Savills’ integrated approach puts us at the forefront of the future workplace that taps on a wide range of our inhouse expertise, enabling occupiers to make informed decisions. The diametrically opposed theme of organisations wanting to offer flexibility in work arrangements without losing employee engagement is here to stay.
Savills Property Management (PM) Pte Ltd has named Winnie Wong as its Managing Director to be responsible for managing the overall Property Management business and Tang Chee Charn as Deputy Managing Director to drive the firm’s expansion into commercial strata and industrial properties. They will work together with Robin Leow who is also promoted to Managing Director of Facilities Management (FM), covering public and government buildings, non-strata corporate offices and buildings etc.With over 75 years of senior management expertise combined, the three of them will helm the full suite of property and facilities management services across all property types in Singapore.
Savills’s recent acquisition of Absolute Maintenance Services, a firm which focuses on providing innovative cleaning and sanitising solutions via IOT sensors and robotics technology, allows Savills to offer a broader range of end-to-
Bespoke access to real assets
For enquiries on any of the offerings in savills’ spectrum of real estate and property services, scan here
Marcus Loo, CEO, Savills Singapore
Legal experts said this change will speed up cases, but warn of negative implications.
Starting September, Singapore will heavily reduce the use of public resources in private debt recovery. This is because under the amended Insolvency, Restructuring and Dissolution Act (IRDA), all bankruptcy proceedings will now be handled by private trustees, except for cases deemed as public interest.
This marks a significant departure from the previous bankruptcy regime in Singapore, where the Official Assignee (OA)–a statutory office under the Ministry of Law–acted as the default trustee of creditors and debtors in bankruptcy cases. Institutional creditors, such as banks and financial institutions, were the only ones required to appoint Private Trustees in Bankruptcy (PTIBs).
“[The OA] will be able to focus more on its regulatory role and functions, including ensuring the PTIBs’ competencies and legislative compliance in bankruptcy administration, as well as in the exercise of their statutory powers of investigation and prosecution,” Shaun Lee, Partner of the Dispute Resolution team in Bird & Bird ATMD LLP, said.
According to Lee, the OA administers about 60% of bankruptcy cases in Singapore.
Under the amended bill, a PTIB must be a licensed insolvency practitioner (IP) which includes solicitors, public accountants, and chartered accountants.
In 2022, t958 bankruptcy orders were made in Singapore. If PTIBs were handling cases back then, each trustee would have approximately six cases, given that there are almost 190 licensed insolvency practitioners in Singapore.
Lam Zhen Yu, Senior Associate in the Restructuring and Insolvency team at Withers KhattarWong, underscored that IPs are “free to hire managers and staff to assist them in their duties, especially in respect of operational and/ or administrative tasks, therefore the human resources available to administer bankruptcy cases is not limited to these licensees.”
Felicia Tan May Lian, Partner, Litigation & Dispute Resolution at TSMP Law Corporation, said it is only “fair of private creditors seeking recovery against an individual, to bear the time and cost implications of appointing a private trustee.”
“In my experience, the bulk of individual bankruptcies arise from private debt recovery, comprising debt such as unsecured debt owed to financial institutions, breach of contract, debt arising from or after private disputes between individuals, or trade debt,” said Lian.
“They [private creditors] are the ones, not the State, nor the wider public at large, who will stand to receive distributions from the bankrupt’s estate in repayment of the debt,” she added.
With the OA being relieved of the bulk of bankruptcy cases, there will be “higher likelihood of the undischarged bankrupt having the administration of their bankruptcy completed at a faster rate as it removes the bottleneck that currently exists with OA-administered bankruptcies due to the volume of cases being handled by the OA alone,” said Adly Rizal, Associate, Dispute Resolution team in Bird & Bird ATMD LLP.
“The change should also result in the undischarged bankrupt getting faster responses to any queries they may have regarding their bankruptcy administration given the lower PTIB to undischarged bankruptcy ratio,” Rizal added.
Whilst the amendment bill might seem to be most beneficial to the OA, legal experts believe that the amended act is also a win for IPs acting as PTIBs.
Previously, the PTIB’s remuneration could only be determined through an involved multi-stage approval process, which resulted in additional costs for the bankruptcy administration. These costs, in turn, reduced the surplus of assets to distribute to the creditors, according to Lee.
According to Lam, the amendment bill introduces “provisions to simplify the process for determining PTIBs’ remuneration, which is ultimately determined by the creditors, or by the Court if the creditors object,” said Lam.
The amendments now mean that a creditor is deemed to have agreed to the remuneration proposed by the PTIBs if the creditor does not object within a prescribed time and in a prescribed manner, Prakash Pillai, partner at Clyde & Co, said.
Although the amendment bill presents multiple benefits to parties involved in bankruptcy cases, legal experts warned that the new rules may have negative implications in the future. For instance, Singapore’s shift to a fully PTIBs-led bankruptcy regime will likely result in “more applications brought by disgruntled debtors or creditors in Court to review the omission or decisions of the PTIBs. “Under the bill, decisions of the PTIBs are subject to the scrutiny of the court. That said, the risk of interference from the Court should not be overstated, given that the court undertakes the perversity standard of review,” Junxiang Koh, Legal Director at Clasis LLC, Singapore, said.
A budgeteer is someone who is not willing to spend more than necessary.
With inflationary pressures as a top concern, retailers are faced with a new challenge to adjust price strategies for customers who insist on value for money without sacrificing sustainability and quality. These consumers are called budgeteers, according to marketing firm Euromonitor International.
This type of customer is adopting a new spending behaviour called “sustainability by proxy,” which means choosing sustainable products that have minimal impact on the environment and opting for subscription-based models or repairing old items instead of buying new ones.
This trend is rapidly gaining popularity. Euromonitor identified in its study a gap between the majority of consumers (75%) not planning to increase spending and more than half of retailers (55%) looking to raise product price points to help their businesses survive.
Retailers, therefore, must meet budgeteers halfway. One way to do this is by giving a second life to a product that will help customers buy affordable items and be sustainable, according to Euromonitor International Research Consultant Sahiba Puri.
First way is to develop rewards programmes. One example is IKEA Thailand’s buyback and reselling service, which developed in response to budgeteers’ behaviour. With millions of pre-owned furniture thrown in landfills, the furniture store is buying back used chairs, shelves, or chests of drawers from customers. In exchange for the used IKEA furniture, customers receive a gift card that allows them to buy new items in-store.
“In doing so, you’re offering your brand’s product at a more affordable price point so you’re already catering to a bigger audience. Second, you’re helping to extend the life of the product,” said Puri.
Ben Chien, AnyMind Managing Director in Greater China, said that sustainable supporters could advise people on how to keep preloved items last longer.
“There are affordable furniture stores that are very easy to build and use. But maybe their durability might not last as long. For example, some tables’ shelf life can last 20 years,’’ Chien, who oversees AnyMind’s Hong Kong, Taiwan, and Mainland China operations, told Singapore Business Review.
Chien also suggested that brands can create a pre-owned programme that promotes second-hand products. One example is IKEA Singapore’s partnership with Carousell in April 2022, which extends the shelf life of its products through secondhand transactions or free-cycling on the Carousell marketplace. Customers then receive Carousell Protection vouchers or IKEA Family points.
As of 31 December 2022, an IKEA Singapore spokesperson told Singapore Business Review that over 6,754 IKEA family members and Carousell users participated in the rewards programme. IKEA furniture transactions grew by 30.5% since the programme began.
IKEA also said that buyers who might receive fake items or those unqualified for the listing can get a refund. The company aims to have 100% of all material sourced to be
renewable or recycled by 2030.
Carousell, widely known as a secondhand marketplace, has been doing the preloved business since 2012. In 2021, it posted $49.5m in revenue and is focusing on being more profitable in the next three to four years.
Another way retailers can serve budgeteers is by offering renting options or subscriptions. Consumers are also opting to repair their electronics instead of buying new ones, said Puri.
“This way, you’re providing a level of flexibility to your consumer segment where they do not have to make a big ticket purchase or commit to a big ticket item,” said Puri.
“At the same time, they can use it regularly by paying a monthly subscription. They can still own this product for whatever amount of time they need,” added Puri.
One example is Bundlee, a baby clothes rental service in the UK. It offers subscription services to help parents rent baby clothes at a low price. Parents can save over US$319 (EUR300) whilst paying only US$41.60 (EUR39) for the Bundlee subscription services.
Bundlee’s business model reduces 86% of carbon emissions and 96% of water usage compared to getting a new one at the store.
Finally, businesses can tap preloved items to keep their businesses afloat whilst retaining their core products. Puri said even though budgeteers are on a tight budget, businesses do not necessarily need to trade off profitability in exchange for offering sustainable or second-hand products.
“It’s about the portfolio of products that you offer and how you best decide on which portfolios need to be brand new versus where you can include second-hand products,” said Puri.
She also suggested tapping Buy Now, Pay Later, a growing payment scheme used for the underserved audience.
Chien said second-hand trade has existed for a long time but it has evolved due to the ease of selling a preloved item with just a snap of a photo and finding a community making the product more hip.
To read the full story, go to https://sbr.com.sg/
island. Under the leadership of Tony, Stellar Lifestyle has reinvented the retail experience for our passengers in stations like Woodlands, Orchard and Dhoby Ghaut. Majority of these retail units are occupied by Small Medium Enterprises (SME), and Stellar Lifestyle is committed to enhancing SME capabilities by providing them with opportunities to succeed in the competitive retail landscape.
By leveraging digital innovation and driving placemaking developments in and around transit networks, the combination of technology, assets and ideas offer cost-effective digital solutions to build the ecosystem that uplifts SMEs with the resources and solutions needed to grow their businesses, especially post-pandemic.
Hisvision of reinventing the retail experience by improving the L.I.F.E. omnichannel touchpoints to serve the two-million passengers on their daily transport. The L.I.F.E omnichannel strategy which stands for Logistics, Immersive, Futuristic and E-Commerce initiatives, aims to establish a digital platform that incorporates advanced technologies such as Artificial Intelligence, Big Data, and Internet of Things applications, among others.
Over his 12-year tenure, Tony Heng has seen and led many transformative changes for the retail industry. These continuous innovations, in line with the Singapore’s Smart Nation goals, are made possible with strong partners like Land Transport Authorities (LTA), Infocomm Media Development Authority (IMDA), Enterprise Singapore (ESG) and The Place Holdings.
“Stellar Lifestyle is focused on the expansion of our retail and media synergies, to build an ecosystem with capabilities driven by digital innovation. Locally, as we continue our support of SMEs and placemaking developments in and around our transit network to strengthen the experience of the communities we serve, we are also pursuing an exciting pipeline of business opportunities with like-minded partners from the region and beyond.” – Tony
HengStellar Lifestyle is the leading manager of over 800 units in the transit retail across the
Hive by Stellar Lifestyle, at Esplanade MRT Station, provides practical and market-ready solutions for SMEs that involve new consumer technologies and training studios, along with unique pop-up concepts. Hive’s objective is to create a robust and digital ecosystem for SMEs and further uplift skills of tenants with the latest trends. The space partners with key brands such as Singpost and TikTok, and regularly refreshes to welcome other partners and a robust calendar of events and workshops that support SMEs.
Hive will support SMEs by introducing and validating innovations that can help them become more operationally resilient while creating new in-store experiences to entice more customers.
Stellar Ace is the advertising arm of Stellar Lifestyle, managing Singapore’s largest and most connected Out-of-Home (OOH) media network with island-wide reach and coverage. Using a complete, integrated, and data-informed 360° solutioning approach, the team weaves online and offline platforms into a powerful omnichannel ecosystem of Home-Travel-Eat-Shop-Play, further strengthened by collaboration with partners such as Lendlease, HDB and TransitLink. Stellar Ace is committed to connecting brands with consumers at different touchpoints over the course of their day, creating brand affinity and memorable engagement opportunities.
In continuous transformation efforts to innovate with technology and creativity, Stellar Ace’s award-winning rewards game app, WINK+, harnesses extensive consumer data to bring delight to users and meaning to each commute with tailored consumer experience.
Stellar Lifestyle recognises that the future of transit is an exciting one, and are committed to being part of it with partners like Singapore Tourism Board, National Library Board and National Heritage Board. The future of transit is a fast-paced and constantly changing. It takes an organisation with a keen eye for innovation, willingness to adapt to market changes, and investment in the people and infrastructure that make it all happen.
Stellar Lifestyle is focused on the expansion of our retail and media synergies, to build an ecosystem with capabilities driven by digital innovationTony Heng, President of Stellar Lifestyle (Left) Hive by Stellar Lifestyle at Esplanade MRT, (Right) Fashion Walkway at Orchard
Workthere said smaller brands will likely be acquired by large operators as competition in the market intensifies.
High demand is considered positive news for most players in any market; however, for small operators of flexible office spaces, that is not the case.
When demand rises, so do rents, and according to real estate service provider, Workthere, small operators cannot cope well with such a situation.
“Smaller operators have been reducing their real estate footprint in response to rising rents,” Ashley Swan, Executive Director of Commercial Leasing at Savills, told Singapore Business Review
Swan added that, unlike larger operators, small brands are unable to sacrifice some probability to offer incentives such as rent-free months to spur sales.
With competition in the market expected to further tighten in 2023, Swan said smaller operators will likely be acquired, and the market will be dominated by larger brands.
“As competition intensifies, we will see greater consolidation,” he said.
As competition intensifies, we will see greater consolidation
“Flexible working spaces have lost their novelty compared to when WeWork first made inroads into Singapore. There are now many large coworking operators in Singapore, and we foresee stronger competition between them,” he added.
For operators to keep their spaces attractive, Swan said they can study what their users and clients prefer.
Observing Workthere’s clientele, Swan said there is a general preference amongst users for window units, but not necessarily on the specific numbers of tables available since they generally can customise table arrangements in their units.
Swan said a lot of freelancers who are financial consultants or insurance agents who travel frequently use flexible spaces.
“Seniority-wise, they run the full gamut, from freelancers and entry-level employees to managers and directors,” he said. In terms of age, those using coworking spaces are
mainly in their 20s to 40s.
Meanwhile, large companies and small and medium-sized enterprises (SMEs) renting out flexible spaces also look for bonus inclusions with their units, such as built-in manager cabins and soundproof meeting rooms.
Based on Workthere’s Flexmark 3.0 research report, there are five most-demand features of flexible spaces: phone booths (26%), internal meeting rooms (18%), extra passes for office space (17%), collaboration space (13%), and standing desks (10%).
Swan, however, underscored that the perfect flexible workspace still boils down to the “specific needs of the clients.” He added: “Some prefer ‘no frills’ units to keep costs low while others favour ‘best bang for the buck’ deals while looking to aximise the number of rental inclusion.”
“Successful operators will also be the ones that can differentiate themselves by offering more creative rental inclusions and developing a unique style that is tied to their brand, whether in terms of the fittings and vibe of the space, customer service or backend support, etcetera,” he added.
Hoya Electronics Singapore Pte Ltd has been a recognised innovator in semiconductor technology for many years. With our positive financial results and exciting new EUV blank technologies, Hoya has continued to be a leader in the semiconductor industry. We have also been awarded the Executive of the Year - Electronic Manufacturing trophy at the SBR Management Excellence Awards 2022, a testament to the strong workplace culture that everyone in our organisation has worked to achieve and that we continue to cultivate. It is also an affirmation that our leaders are on the right track in engaging and building teamwork and trust among our employees.
As the focal centre for Hoya Electronics Operations, Engineering, Development, and Production, we provide a wider range of opportunities and greater career development than ever before. Within a dedicated, innovativethinking environment, your valued contributions will accelerate Hoya Electronics’ rapid progression in the world technology market.
We are currently seeking the below-inspired individuals who love challenges and have the passion to solve problems:
Engineering Positions:
• Engineer, Clean- Monitor machine daily check and process parameters
• Staff/Senior Engineer, AutomationProvide engineering, production, and application support
• Technician, Deposition (2 Years Contract)Set up equipment, troubleshooting and maintenance
• Technician, Inspection (2 Years Contract)Troubleshoot and perform equipment breakdown recovery
Development & Office Positions:
• Senior NPI Engineer, Development- Pilot line in new product set-up and launching
• Application Engineer, DevelopmentProvide customer support with details analysis of issue
• Associate Executive, EHS- Conduct EHS inspection and notify any nonconformances
• Senior/Finance Analyst, Finance- Perform actual vs budget/forecast variance analysis
Production Positions:
• Supervisor, Production - Oversee production process and manage schedule
• Technician, Production (2 Years Contract)Operate machines and carry out production measurements
Connect with us now at hoes-recruitment@hoya. com; Jobstreet: https://www.jobstreet.com.sg/en/job-search/ hoya-electronics-jobs/,
LinkedIn: https://www.linkedin.com/company/ hoya-electronics-singapore-pte-ltd/mycompany/
Footnotes:
** Hybrid Working Model available
** High-end Competitive Remuneration & Fringe Benefits
** Production (Supervisor & Technician) with Rotating 4242 Shift Work pattern
Hoya Electronics Singapore Pte Ltd has been a recognized innovator in the semiconductor technology for many years. With our positive financial results and exciting new EUV blank technologies, Hoya has continued to be a leader in the semiconductor industry. We have als o awarded a Business Management Excellence Awards in 2022. It is a testament to the strong workplace culture that everyone in our organisation has worked to achieve and that we continue to cultivate. It is also an affirmation that our leaders are on the right tr ack in engaging and building teamwork and trust among our employees.
As the focal centre for Hoya Electronics Operations, Engineering, Development, and Production, we provide a wider range of op portunities and greater career development than ever before. Within a dedicated, innovative -thinking environment, your valued contributions will accelerate Hoya Electronics rapid progression in the world technology market.
We are currently seeking the below inspired individuals who love challenges and have the passion to solve problems.
Engineering Positions: Development & Office Positions:
Engineer, Clean
Monitor machine daily check and process parameters
Staff/Senior Engineer, Automation
Provide engineering, production, and application support
Technician, Deposition (2 Years Contract)
Set up equipment, troubleshooting and maintenance
Technician, Inspection (2 Years Contract)
Troubleshoot and perform equipment breakdown recovery
Senior NPI Engineer, Development
Pilot line in new product set-up and launching
Application Engineer, Development
Provide customer support with details analysis of issue
Associate Executive, EHS
Conduct EHS inspection and notify any non -conformances
Senior/Finance Analyst, Finance
Perform actual vs budget/forecast variance analysis
Production Positions:
Supervisor, Production
Oversee production process and manage schedule
Technician, Production (2 Years Contract)
Operate machines and carry out production measurements
Connect with us now at hoes-recruitment@hoya.com; Jobstreet: https://www.jobstreet.com.sg/en/job-search/hoya-electronics-jobs/ LinkedIn: https://www.linkedin.com/company/hoya-electronics-singapore-pte-ltd/mycompany/
** Hybrid Working Model available
** High-end Competitive Remuneration & Fringe Benefits
** Production (Supervisor & Technician) with Rotating 4242 Shift Work pattern
Under the Code of Conduct, BNPL providers must show a ‘Trustmark’.
Financial industry veterans raised concerns over Buy Now, Pay Later (BNPL) platforms that opt-out of the code of conduct set by the Singapore Fintech Association (SFA). The Code of Conduct requires BNPL providers to go through a thorough audit and accreditation process to display a Trustmark, which assures customers that they comply with the code. BNPL platforms that chose not to adhere to this code, which is meant to help customers manage their expenses, may risk losing both merchants and consumers.
“Those BNPL players who have not signed up, you would hope that consumers decide to avoid those platforms, and reward the ones who have built trust, ethics, and social good into the way that they work,” said Anton Ruddenklau, Partner and Head of Financial Services, KPMG, an advisory firm, in Singapore, told Singapore Business Review
Currently, the participants of the code of conduct are Atome, Grab, ShopBack, Ablr, Latitude Pay, Pace, Split, and SeaMoney.
Aloysius Fua, Financial Services Assurance Partner at EY said customers will go to BNPL platforms where they feel they are most
protected from over-indebtedness.
“Non-compliant BNPL players will not be getting access to the data that will be shared within the players in terms of creditworthiness. They potentially are not doing any appropriate credit assessment,” Fua told Singapore Business Review
“This will hurt them from a business point of view and also the ability to enter into the BNPL ecosystem because merchants might be less inclined to work with non[compliant] BNPL players,” added Fua.
Amongst the provisions of the code, a cap of $2,000 in outstanding payments was imposed. It could be higher unless the customer will complete an additional assessment, which includes income and credit information shared across all codecompliant BNPL firms.
A customer’s BNPL access may also be halted if they failed to meet payment obligations. Since the code of conduct is meant to help consumers to spend wisely, not following such measures will decrease customer traction.
Shadab Taiyabi, President of the SFA, said consumers must still be responsible in using BNPL services despite the code of conduct in place. Consumers can do this by conducting a proper assessment of
whether they can accomplish the payment terms. “We, therefore, encourage consumers to consume the service responsibly and enjoy the benefits it can provide, such as attending to urgent purchases even when there is insufficient cash flow,” said Taiyabi, in an interview with Singapore Business Review “Ultimately, we hope that the Code provides more certainty for consumers and raises awareness of the guidelines that are in place for both BNPL providers and consumers,” he added.
As regulations mount, Fua said BNPL players are challenged to improve customer experience through technology. One example of this is to innovate where customers can link their income and where the BNPL platform can conduct checks.
“One of the scenarios is whereby consumers go to the shops with the intention to utilise the BNPL services but are informed that they are not able to proceed due to the $2,000 cap. BNPL players can innovate to the extent that the required credit checks are processed on the spot, and provide approval instantaneously. For example, linking the platform with the use of Myinfo with SingPass for access to required credit related information and approve the increase of the BNPL limit,” Fua said.
This technological innovation will differentiate BNPL platforms’ operations from other players, Alyosius said. In turn, it will also elevate the merchants’ interest to work with this kind of BNPL player.
When BNPL players have the data on their consumer profile, this would allow them to experiment more with products and services that they can provide to customers.
“BNPL gathers the data after you’ve made the purchase, the use of that data, and how that can then be built into different products or services. Ultimately, the data scientists and BNPL should be thinking about more products and services they can provide and they build out their wallets with customers,” Ruddenklau explained.
To read the full story, go to https:// sbr.com.sg/
Non-compliant BNPLs will not get access to the data that will be shared within the players in terms of creditworthinessAloysius Fua Anton Ruddenklau
Singapore’s leading wooden pallet manufacturer transforms waste into Technical Wood.
LHT Holdings Limited is a public listed company in the ECO environmental business that has been in the timber industry for more than 40 years. Established in 1977, LHT is one of the largest manufacturing companies of high-quality wooden pallets, boxes, and crates in Singapore. LHT has a staff strength of 180 involves in the areas of administration, manufacturing and warehousing.
LHT has been relentless in our efforts to provide products of cutting-edge technology, constantly investing and upgrading to ensure we are always able to meet changing market demands and provide the best value-added products and services of our customers. Our accolade is proven by our innovative spirit and dedication to excellence in products and services.
Overcoming limited space and scarce natural resources, Singapore has become internationally recognised for its environmental sustainability strategy, with recycling as one of its key pillars. Homegrown company LHT is playing a vital role in advancing the government’s recycling initiative with its pioneering efforts to transform waste wood and horticultural waste into eco-friendly packaging materials and other wood-based products.
LHT opened the country’s first wood waste recycling plant in 1999 as part of its commitment towards a greener and more sustainable future. Equipped with state-ofthe-art German technology, the company’s recycling plant produces “new wood”, dubbed as Technical Wood, out of unwanted wooden cases, pallets, furniture, construction wood and other wood wastes. Residual sawdust and wood chips at the plant are even mixed as biofuel for in-house cogeneration use. LHT also supplies 100,000 tonnes of wood chips a year to feed a local renewable energy plant.
Technical Wood can be classified as a truly green product because the entire life cycle of the product, from cradle to grave is sustainable. The timber preparation process (from its raw form to a useable condition) of natural softwood and Technical Wood. Technical wood helps to recycle wood waste and convert them into useful products.
Biomass wood waste is also used as the energy source to generate power for the wood waste recycling product line. Although the figure shows that the carbon dioxide emission for natural softwood preparation is higher than that of Technical Wood, the impact of deforestation is not taken into consideration. The CO2 emission assessment of the two products from Cradle to Gate. The figure shows that pallets manufactured out of Technical Wood can generate 11.52% better CO2 emission savings. In addition to Technical Wood pallets, there will also be CO2 emission savings from manufacturing doors and floors out of Technical Wood instead of natural hardwood.
To encourage customers to recycle their wood waste, LHT works with them to collect wood waste generated from their operations at a lower cost. The wood waste is then turned into recycled wood products (LHT’s Technical Wood®) that are made into pallets that are offered at competitive prices. This contributes to waste reduction efforts in the long run.
The Innovative Process Product Conversion (IPPC) Pallet series is the fast gaining a strong foothold in the arena of green products that are designed and produced to reduce carbon footprints. The pallets provide innovative packing solutions that helps customers reduce waste, thereby contributing to the reduction of carbon emissions.
LHT innovative processed product conversion (IPPC) used 50% to 100% technical woods / block as components, which are made from its wood waste recycling plant
that produce the “World First Pest Free” pallet. The Pest-Free pallets have lower carbon footprint and exempted for heat treatment process, hassle free entry to all countries’ quarantine that enforcing ISPM 15 implementation.
These extensively accepted environmentally-friendly packaging solutions enable customers to comply with international eco-friendly standards and regulations. Wastage is also reduced by reengineering the packaging materials in various aspects such as shape, size, functionality and capacity etc. The Innovative Processed Product Conversion (IPPC) line of pallets, crates and boxes do not require fumigation or heat treatment when exported, saving both costs and delivery time compared to those made from natural wood.
At LHT, we are always conscious efforts of our role in the conservation of natural reserves. We are in constant pursuit of new ways to help protect the environment. LHT’s innovative processing of timber through recycling is one of the many efforts that reflect our commitment towards the betterment of the world we live in.
We are always conscious of our role in the conservation of natural resources. Recycling is one of many efforts that reflect our commitment towards mitigating climate change and deforestation.
LHT’s innovative processing of timber through recycling is one of the many efforts that reflect our commitment towards the betterment of the world we live in.May Yap, Chairwoman, CEO, and MD of LHT Holdings Ltd
During the last few months of 2022, venture capital funding fell to levels not seen since 2017. Whilst macroeconomic headwinds played a role in this drop, experts point to the “standoff” between the investors and the investees as the main reason for the decline. As unicorns struggle to justify billion-dollar valuations on a fundamental basis, investors are pushing for lower valuations, whilst startups continue to hold out for higher ones. The mismatch in expectations has led to an impasse, resulting in a decline in transaction volumes and creating uncertainty in the venture capital market, Andrew Thompson, Partner, Head of Private Equity at KPMG Asia Pacific, told Singapore Business Review
“Buyers don’t believe the valuations or they prefer lower valuations. The buyers believe that the valuations have fallen, [but sellers] are still pushing for higher valuations,” Thompson added.
Bennett Lee, Investment Director of Velocity Ventures, said both sides of the camp—investors and startups— have not adjusted their expectations, thus the occurrence of the stand-off.
“We, VCs, see the implication very quickly from the public markets, number one, but also, from our limited partners (LPs) and our extended investor network, who are managing monies. We see the implication coming very fast, and we are planning for the after-effects of it,” Lee said. “That’s why we are advising startups to be more reasonable and more realistic with valuations. We’re also sharing that the funding conditions going forward will be tougher. I think startups have not felt it yet directly… Eventually, there’ll be an equilibrium,” Lee added.
In the fourth quarter of 2022, VC investment funding dropped to $22.6b across 2,157 deals.
Thompson said the venture capital and private markets are
generally undergoing a quieter period compared to 2021 also due to price changes in the market.
Thompson noted that there had been price falls in the private market due to macroeconomic factors, whilst less transparent than the price changes in the public market.
“This whole series of macroeconomic impacts started to affect the global capital markets. The public markets were down very significantly during 2022,” he said.
“Now, that uncertainty just spills into the private capital markets. I think the VC market was particularly vulnerable because you’ve come off this period of really quite exuberant growth,” he added.
Ben Balzer, Partner at Bain & Company, had a similar sentiment, saying that “correction in public markets has important implications on portfolio company valuations and new deals.” Balzer told Singapore Business Review: “We saw a strong public market correction from the end of 2021 onwards with the S&P 500 down ~25% at times during 2022. This correction has been more pronounced in the Nasdaq 100 Tech index with a drop of close to 50% at its peak draw-down. VC investments have been heavily skewed towards the tech sector in recent years.”
“There was a significant number
of VC investments that were made at high valuations, underwriting very aggressive plans during 2020 and 2021. Similar to high-profile public market companies that have seen valuations drop by, in some cases, well above 75%, VC portfolios will also have to take a hit. The extent of this is still unclear but as this plays out, this will have important implications for how aggressive future investments will be,” Balzer added. Thompson explained that as prices readjust to the geopolitical and economic and inflationary risk environment, traditional metrics such as revenue and profitability become “much more relevant” to VC firms.
Meanwhile, businesses, especially those who got funded quite easily two years ago, would simply not get funded at dramatically lower valuations, or what the industry calls a “down round,” a situation where a company raises new funds at a lower valuation than its previous round of funding, resulting in a decrease in the value of existing shares.
The mismatch in valuations has led to an impasse between “buyers” or the VCs and the “sellers” or the enterprises which in turn affected the transaction volumes in 2022.
Thompson, however, underscored that the funding decline is not necessarily a bad thing.
“It’s just that prices are readjusting to reality, which in public markets tends to happen very quickly, but in private markets a bit slower,” he said.
Read more about the latest in VC investments on page 36.
We are advising startups to be more reasonable and more realistic with valuationsBennett Lee Ben Balzer Andrew Thompson
We are honoured to win the Employee Engagement Award of the Year for the Banking category at the Singapore Business Review Management Excellence Award 2022
Firms are breaking down barriers to entry by fractionalising costs of assets.
The current state of wealth management services has one fatal operating flaw: they are managing rich people instead of managing wealth.
“We have conflated this issue of wealth management to managing the wealthy as opposed to actually providing wealth management services to individuals,” Leon Ong, partner, financial services advisory at KPMG Singapore, told Singapore Business Review. “Most people now see there’s a gap in the wealth management market, which is to serve the most underserved segment of the market: people like you and me, who earn more money than we spend.”
Although not flush with cash, the mass affluent market has the capacity to save money, Ong noted, but does not meet all the criteria to qualify for traditional wealth management services. Traditional wealth managers often have their eyes locked on servicing high net worth (HNW) and ultra-high net worth (UHNW) clientele. This is a massive missed opportunity that wealth technology or WealthTech firms have readily filled in.
WealthTech firms have notedly enabled lower cost, easier and simpler access to wealth management services and products that were traditionally available only to HNW individuals at a higher cost, noted Theron Lam, head of product development Southeast Asia, Schroders; and Sin Ting So, chief client officer, Endowus.
Lam and So, representing Singapore Fintech Association’s (SFA)WealthTech subcommittee, particularly highlighted how WealthTechs have helped democratise access to private assets by allowing individuals to access them via lower minimum investment amounts.
“With high rates of adoption of digital financial services, this new generation of investors has more access to information and demands more sophisticated products and more control over their wealth journey,” Lam and So said.
“These clients, with relatively smaller amounts to invest, were subject to high fees, poor access to investment products, and lack of aligned advice. [They] now collectively form a key market, which
encourages traditional financial institutions to re-think their models and service offerings,” they added.
WealthTech firms have particularly found a haven in Singapore, taking advantage of its location, regulatory environment, and reputation to attract investors across the region.
“Asia, in general, is the second largest wealth hub in the world after Europe; [and] Singapore has long been a regional hub of wealth,” Ong said. Demographics are another key factor. “The city has an increasing population of middle-class and high net-worth individuals,” Ong noted. The financial regulator, the Monetary Authority of Singapore (MAS), and organisations such as the Singapore Economic Development Board also encourage innovation. “They provide grants and funding to kind of get startups off the ground to sort of accelerate their growth.”
All these, along with Singapore’s stable economy, and its position as a financial services hub make the city attract venture capital funding, and therefore startups, to set up shops in Singapore. In a report, the SFA and PwC identified WealthTechs as one entity that will increasingly shape the asset and wealth management sector in Singapore and across Asia-Pacific.
“With several MAS-licensed WealthTech platforms reporting Assets Under Management (AUM) reaching into billions of Singaporean dollars, this interest is likely to grow and present opportunities for Singapore’s fintech(s) to partner and participate in the asset and wealth management sectors,” SFA and PwC said in its FinTech State of Play report.
Two entities, in particular, trump other WealthTechs in the city: Endowus and StashAway. Both have succeeded in tapping into the large gap of mass affluent, not-yet high-net-worth individuals looking for a platform to accommodate their wealth management needs.
This was exactly what Endowus CEO Gregory Van told Singapore Business Review as one of the three things that allowed WealthTechs in Singapore, and particularly Endowus, to successfully grow their AUMs.
“Number one is our business
split. Therefore the value is very high, in terms of the minimum investment that you need to be able to buy into it. That’s similar to a lot of other hedge funds, a lot of other funds and some of the other stocks that are out there. The entry-level investor may not have the money or even the appetite to spend that much money on a single investment
What Wealthtech players are doing is fractionalising the minimum investment and spreading it out over a lot of their investors.
“So rather than having to invest $1,000, to start with, WealthTech firm can find 100 people who want to buy the same stock, and offer the investment to each person for a minimum of $10,” said Ong.
“So fractionalisation is another way that they’re making investments that were otherwise reserved for the ultra-rich, and they’re bringing it now and making it available to those of us who might think a bit harder about putting down that kind of money on my first investment,” he added.
programmes are nearly 100% composed of international students, who are primarily from India. She explained that classes continued as scheduled but international students could not go to the Singapore campus. “As a global school, that became our strength because Dubai was still very much open. We were able to funnel many of our students to our Dubai Campus,” added Rashmi.
Now, as the economy revives and Singapore is at the forefront of opening early, S P Jain’s MBA global programmes have revived especially multi-campus learning. This is being offered in Dubai, Singapore, and Sydney. Recently, S P Jain established a campus in London, UK.
Through the multicampus model, Udaykumar said it would help students become heavily equipped with different industry practices, society, political systems, and nuances in every country.
As the modern workforce evolves, MBA education is changing to keep pace with the new demands. However, inflation pressures are driving up the cost of traditional MBA programmes, prompting providers to explore cost-effective solutions. From launching online MBA programmes to expanding experiential learning initiatives, schools are adapting to meet the needs of a diverse range of students. These efforts are reflected in the latest Singapore Business Review rankings, which show that top MBA providers are still able to accommodate large enrollments.
The rankings showed that 11 MBA providers enrolled 3,501 students in 2022, which represents a 2.4% growth from 3,418 enrolled in 2021. But despite the higher number of students, the number of providers who participated in the rankings edged down to 11 from 12. The count of programmes also declined to 23 this year from 25 in 2021.
INSEAD was still offering the largest MBA programme, with 843 enrolled students in 2022 from 915 in the previous rankings. The business school is also the top MBA provider.
Ranking the programmes, James Cook University MBA, with 345 enrolled students in 2022 from 252 in 2021, placed second. S P Jain Master of Global Business ranked third with 300 students in 2022 from 239 in 2021. Meanwhile, amongst the MBA providers, the runnerup was S P Jain School of Global Management, Singapore with a total of 460 enrolled students in 2022 for its three MBA programmes. Next is the National University of Singapore Business School, which has a total of 430 students for its four MBA programmes.
When borders became barriers to travel in 2020, it prevented the S P Jain School of Global Management from getting international students on their campus.
“[MBA programmes] did get affected during the COVID-19 pandemic except for our Executive MBA Programme, which was a part-time programme meant for the locals who are residing in Singapore,” Rashmi Udaykumar, S P Jain School of Global Management’s director of administration and admissions, told Singapore Business Review. Udaykumar said their MBA
“They will benefit from seeing how there is an impact of culture and politics or environment on business decisions. That makes them more industry ready and more resilient and a lot of exposure to the global practices and global collaborations,” said Udaykumar when asked what sets their MBA programmes apart.
The out-of-class learning course helps raise the employability of an MBA graduate because courses will develop students’ global intelligence, global collaborations, and multicultural competencies, explained Udaykumar.
Another example of an MBA global programme is PSB Academy’s MBA for Global Business programme. Calvin Tan, PSB Academy’s head of the school of postgraduate studies, said it prepares students with leadership skills in different cultures and borders.
“The programme features a blend of theoretical and practical learning, which helps students to apply their knowledge and skills in real-world business scenarios,” said Tan in an interview with Singapore Business Review. Kaplan Singapore President Susie Khoo said their school has been collaborating with Murdoch University to provide a double master’s degree choice for students,
which develops MBA and a master’s degree. “These Double Master’s Degrees equip our graduates with a more extensive set of skills, enabling them to take on more responsibilities and unlock more opportunities, as they progress in their careers,” Khoo told Singapore Business Review.
For example, graduates of combined MBA and master of information technology degree programmes will be equipped with business skills and a specialist data science degree. This will set MBA graduates apart from the rest of the workforce in the digital economy, explained Khoo.
Professor Leon Choong, Amity Global Institute ASEAN CEO, said their partnerships with the University of London, University of Northampton, and Teesside University, helped them to receive international recognition, experienced faculty, and offer a practical learning approach.
“In a challenging and complex economic climate, there is an everincreasing demand for reflective, entrepreneurial, and responsible business leaders with the necessary skills, understanding, and acumen to tackle the difficult challenges facing organisations of all sizes,” Choong told Singapore Business Review.
MBA providers included a stateof-the-art innovation in their curriculum as employer demand for advanced digital skills rises.
Professor Jochen Wirtz, National University of Singapore (NUS) vice dean of MBA programmes, said they are looking into launching its app
“At INSEAD we have always focused on educating our students to consider the impact business has on society; whilst that principle remains—the challenge of AI likely exceeds anything we have a blueprint for. Thus, an MBA education and the learning journey students and faculty go through together will be even more important in the future,” Peyer said. Choong said they also incorporated more specialised and technicallyfocused master’s programmes in areas such as data science, machine learning, and AI.
called, programme builder.
The app allows the student to choose which industry they want to be in and then the app will send an email to the student a PDF of their recommended MBA journey.
“All of the courses, the electives, whatever experience, everything is in that [app] and then you get the link where you can find the modules,” Wirtz told Singapore Business Review Wirtz revealed that amongst the common programmes students go into are finance, entrepreneurship, or business startups. He also revealed most students are also into the energy business. For S P Jain, Udaykumar said one of their patented innovations, Engage Learning Online (ELO), helped the school to have a “futuristic business education system.” It uses a robot tracking camera that features a synchronous replica of a live classroom. ELO allows students to collaborate on assignments, discuss and debate, and participate in polls, quizzes, and breakout sessions.
Urs Peyer, dean of degree programmes and associate professor of finance at INSEAD, said business schools are being disrupted by AI.
Prateek Nayak, vice president of South East Asia at Amity Global Institute, Singapore, cited rising operational costs, an increase in demand for business education, and inflation as some of the reasons behind raising tuition.
“It is also important to note that business schools are often private institutions, which means they don’t receive direct government funding, making tuition a primary source of revenue,” Nayak told Singapore Business Review
Nayak also said they offer “flexible and affordable education” through flexible payment plans that allow students to pay fees in installments. Kaplan Singapore also offers alternative payment options, instalment plans, and interest-free credit card instalment options.
Tan said they invested in a STEM Wing facility, located in PSB Academy’s city campus in Marina Square mall, to house some of their cutting-edge technologies such as 3D printers, renewable energy machine trainers, and hydraulic benches.
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Experts believe new startups will build their business models on AI generator apps.
“These technical industries will constitute the backbone of the next frontier of innovation in Southeast Asia, but there are still significant existing gaps in each industry to be bridged,” Tan said.
Apart from deep tech startups, Moh said that over the past year, there has been a ballooning number of “green” startups attempting to plug gaps in the environmental, social, and corporate governance (ESG) domain.
“[Startups] are capitalising on the regulatory ambitions of developed countries and countries with large carbon footprints,” said Moh.
One of the companies featured in this year’s list that focuses on ESG is Handprint Tech.
Back in 2014, businesses focused on logistics tech and e-commerce were not as big, but when Ninja Van entered the picture, the startup scene saw a rise of entrepreneurs gravitating towards the sector. The same phenomenon will likely happen again in the current startup economy, but this time with deep tech—technologies requiring substantial investment in research and development.
In an interview with Singapore Business Review, Bennett Lee, Investment Director of Velocity Ventures, said there will be a “lot of new startups building upon the technologies of artificial intelligence (AI) and ChatGPT.”
Jeffrey Chi, Vice Chairman for Asia at Vickers Venture Partners, also believes that deep tech is set to flourish, especially since the sector already saw growth in 2022.
Raymond Moh, Senior Adviser to Cambridge Advisers Pte Ltd and serving as a mentor at Singapore University of Technology and Design, had a similar observation, saying that many of the emerging startups are “developing disruptive applications in the Web 3.0 space.”
“This includes deep learning applications to enhance the productivity of traditional processes and generate insights from untapped data that are conventionally stored in archives; blockchain applications to provide decentralised solutions to the traditional finance processes, and others create a whole new digital ecosystem and user experience in gaming and metaverse platforms; Internet of Things (IoT) applications in both household and commercial uses to provide convenience and enhance the longevity of high-value assets, respectively,” Moh said.
In this year’s Hottest Startups list, there are four enterprises categorised as deep tech, namely, NoviHealth, OncoShot, VFlowTech, and Olea.
Vickers Venture Partners is particularly looking for startups with innovative technologies in expanding fields such as biotech or healthcare, AI, advanced materials, robotics, photonics, and quantum computing.
Whilst deep tech has become somewhat popular amongst entrepreneurs and investors, Tan Shuo Yan, Deloitte Southeast Asia’s Innovation Senior Manager, said the industry is currently underinvested in.
In 2023, Tan believes that climatetech and sustainability-related startups will “likely gain some traction as companies and governments all over the world double down on their sustainability efforts.”
Chi said startups with technologies associated with renewable energy are becoming increasingly interesting and attractive. Vickers Venture Partners is interested in grid-level energy storage and geothermal innovations.
“One of the key issues with renewable energy sources such as solar and wind is its reliance on weather conditions. Efficient energy storage and geothermal solve those problems and provide for stable and dependent energy supply. These are game changers in the renewable energy world,” Chi said.
“As countries in the region continue to develop, there is increasing demand for electricity and a need to reduce carbon emissions. Geothermal energy can play a significant role in meeting these goals, and venture capitalists see the potential for strong returns on their investments. In addition, governments in Asia are also making efforts to increase their geothermal power generation capacity by providing incentives and subsidies to companies and investors who develop geothermal power projects,”
Chi added. Lee said startups must also focus on the “governance” side of ESG since there is a lot to be done in this aspect, considering the downfall of several big startups like FTX, Theranos, and Zilingo.
This year’s Hottest Startups list also features a couple of healthcare startup companies like Safe Space, Intellect, and Ordinary Folk.
According to Moh, many of the innovations from healthcare startups are targeting front-end applications, such as AI for medicine, and relatively less on the supporting infrastructures such as regulatory compliance support.
“The area of regulatory support across…[the] medical sector is still lacking in terms of innovation and sophistication… Medical innovations such as biotechnology and cell gene therapies are also not keeping pace with the evolving needs of an ageing population. These require deep expertise that crosses multiple disciplines, heavy but patient capital, and longer gestation periods. Black swan events like the COVID-19 pandemic have raised the importance of new discoveries in defensive medicine,” Moh said.
“Deep tech startups who are committed to plunging in for the long term can leverage on their advanced technologies and partner with medical professionals to shorten the development lifecycle, with the aim to create profound impacts to treatment and medicine discovery,” he added.
Tan, for his part, said entrepreneurs should tap into innovations such as non-intrusive sensors, wearables, and diagnostics. Whilst healthcare remained popular in 2022, Lee believes the sector will see a slowdown in the coming years, particularly on the telemedicine front.
He added that telemedicine’s pace of growth during the pandemic is “not going to be sustainable.” During the pandemic, telemedicine startups grew 400% to 500% year-on-year. Lee expects this growth to come down to a 150% to 200% range.
In Singapore, however, this will not be the case. Moh believes that health tech will be the next hot sector in the country and it will continue “to receive good traction from investors as they deal with essential needs
of the population.” Moh, however, underscored that health tech is “confronted by the need to adapt to local medical regulations. “In that sense, [healthtech is] slower to scale regionally,” he added.
Fintech, still a frontrunner Fintech also remains at the forefront of the startup economy, particularly in Singapore. In 2023, experts believe the sector will continue to grow.
“Fintech, in particular, WealthTech startups, that capitalise on the incoming wealth of the ultra-rich such as the burgeoning family offices in Singapore will also flourish,” Moh added.
“Another group of strong investment interest is ESG startups that aim to enhance the financial service offerings and the green loan decision-making of banks, in line with the country’s ambition to be net-zero,” he added. Tan said adjacent fintech verticals, like credit scoring, buy-now-pay-later (BNPL), and earned wage access (EWA) will continue to grow as well.
The crypto-blockchain space, however, will likely hit a slump, according to Lee, adding that there’s a lot of risk at the moment with regard to crypto. With the FTX collapse and regulations becoming stricter, Lee said startups will have a harder time entering the space.
On the brighter side, Lee believes there will be new innovative companies coming out of crypto which can use the technology more soundly, Fintech also has a lot of scope for investment and innovation, particularly in areas such as digital banking, said Chi.
But since traditional financial institutions like large banks are also “adopting their solutions very quickly,” Chi said fintech startups will find the “space challenging and highly competitive, and in all likelihood, find it difficult to sustain their business on their own.”
As funding levels decrease in the current economic climate, entrepreneurs should stress-test their value proposition and refine their go-to-market plans, sharpen their go-to-market plans, and brutally cut excessive expenditures, according to Lee. “This year, it’s all about execution,
talking about profitability and talking about what makes your business model viable. If you could do that, that would obviously attract investors’ attention,” Lee said.
For Chi, the key to attracting inventors is to focus on “profitability and demonstrating a clear path to revenue growth.”
“In times of economic uncertainty, investors are often more cautious about investing in high-risk startups,” he said.
“Be transparent with your potential investors about the risks and challenges your business may face. Investors appreciate honesty and want to know that you have a clear understanding of the obstacles your business may encounter,” added Chi.
Tan, for his part, advised enterprises to create “painkiller products that solve core pain points, as opposed to vitamin solutions that are good to have.”
“[Venture Capitalists (VCs)] are looking for capital-efficient profitable startups that offer indispensable products and/or services. During tough times, people tend to cut back on discretionary products and focus on necessities. Startups that provide a tool, platform, or service that people and businesses need have better chances to raise capital.” Tan said.
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Over the past years, many startups struggled to get funded as venture capital firms became more careful about deals they enter into due to macroeconomic headwinds. Read page 26 for more details about VC funding slowdown. Singapore Business Review’s list of 20 hottest startups of 2023 showcases ventures that have successfully secured funding in the past 12 to 24 months despite the challenging private capital market. This year’s startups are recommended and backed by top venture capital firms such as Monk’s Hill Ventures, Quest Ventures, Milltrust International, East Ventures, SC Ventures, Singtel Innov8, and Gobi Partners. All startups featured on the list are five years and under, as of the publication date. They are arranged by founding year, starting from oldest to newest.
Founder/s: Antoinette Patterson & Lynette Seow
Funding: $700,000
Founding Year: 2017
Safe Space™ is a B2B2C digital platform that connects clients to clinical therapists in real-time. The startup offers mental health services remotely whilst keeping prices affordable due to lower overheads. Safe Space™ also helps reduce absences and increase retention and productivity of employees in companies, hospitals, and schools through its employee assistance programme (EAP). In a span of a year, the startup was able to grow its therapist base by 583%. It was also able to post a 416% client growth within 10 months. Milltrust Ventures said the startup deserves to be part of this year’s list given its impressive retainment statistics amongst others. Currently, the startup is raising a Pre-Series A.
Founder/s: Justin Chou (CEO), Caleb Wu (Deputy CEO) and Wayne Goh (COO)
Funding: $18M
Founding Year: 2018
Glife Technologies is a technology startup dedicated to uplifting farmers, suppliers and merchants in the food and agriculture industry as it aspires to feed Southeast Asia sustainably. As a vertically integrated food service solution provider, Glife expanded its services in 2021 by providing the full stack of restaurant digital technologies for merchants in the HORECA industry. From seed-to-table supply chain distribution to driving the adoption of digital solutions for restaurants, Glife aims to connect stakeholders across the food value chain on a single platform to strengthen the ecosystem.
Founder/s: Alan Jiang & Deb Gangopadhyay
Funding: US$135M
Founding Year: 2018
Within five years, Singapore-headquartered RideBeam has become one of Asia-Pacific’s largest shared micromobility enterprises, with operations in Malaysia, Thailand, Indonesia, New Zealand, South Korea, Japan, and Turkey. It also plans to expand in Vietnam and the Philippines. The startup offers e-scooter rentals in a bid to bring a “safe, affordable, and sustainable new mode of transport to citizens around the globe. Since the start of 2022, the startup’s revenue has grown by 15 times. One of RideBeam’s investors, Gobi Partners, recommended it to be part of this year’s list. Gobi Partners backed the startup in 2018 during its seed funding round. In February 2022, RideBeam secured US$93M in Series B funding.
Founder/s: Sue-Anne Toh, Kyle Tan, Joanne Tay
Funding: US$5M
Founding Year: 2018
NOVI Health is a Singapore-based provider of technologyenabled chronic disease and preventive healthcare. The startup incorporates the latest scientific and clinical evidence-based approaches in a holistic personalised manner, to bring about better health at scale. NOVI’s digital-first approach allows for increased accessibility and affordability, with the opportunity to deliver greater value and impact more lives. Founders Sue-Ann Toh, Kyle Tan, and Joanne Tay said they formed NOVI Health to “help individuals better manage, prevent or even reverse chronic conditions.” The US$5M it raised during a Series A round will be used to accelerate hiring.
Founder/s: Nellie Wartoft
Funding: US$10.8M
Founding Year: 2018
Tigerhall is a social learning platform leveraged by Fortune 500 firms to learn best practices from senior executives across industries and to make internal knowledge more accessible. It’s a modern user experience drawing on best practices from the world’s top consumer apps, leading to high engagement and employee love. The platform also allows sophisticated curation and audience segmentation, so enterprises can drive targeted development initiatives with specific employee groups. So far, the platform has over 1,000 “thinkfluencers” sharing their expertise and insights with the Tigerhall community across 32 countries. In 2021, the startup raised US$7M in a funding round led by Monk’s Hill Ventures. Tigerhall used the capital it raised to increase its presence in the United States and the Asia-Pacific region.
Founder/s: Richard Xia (CEO), Chris Xue (COO)
Funding: US$22M
Founding Year: 2018
Sneakerheads in Asia go to Novelship to buy or sell limited-edition or in-demand sneakers and apparel given the brands of sneakers available in the marketplace like Nike, Air Jordan, adidas Yeezy, Fear of God, Supreme, BAPE, Bearbrick and more. To ensure product authenticity, Novelship verifies shoes and streetwear sold and bought on the platform. More than four years after its inception, Novelship was able to expand operations in Malaysia, Indonesia, Australia, New Zealand, and Taiwan. From April 2022 to January 2023, the marketplace raised close to US$20M. East Ventures, one of the startup’s investors, believes Novelship is leading the way to exert a real effect on the streetwear market. “As Asia’s fastestgrowing marketplace for limited-edition streetwear, Novelship has been able to serve customers across APAC.
Founder/s: David Z Wang, Quentin Vanoekel, Jeremy Tan
Funding: US$10M
Founding Year: 2018
Helicap is a Singapore-based market network that offers exclusive private co-investments to a broad network of accredited investors. The Helicap Group, together with two subsidiaries regulated by the Monetary Authority of Singapore, aims to fill a US$500b financing gap for the underbanked by deploying capital through 1,000 originator partners in the region, with a strong financial inclusion mandate. Helicap leverages industry-leading credit analytics technology, which analyses millions of loan data points from origination platforms to extract credit rating insights for its risk management framework. This technology is paired with their fully online investor deal platform, which provides co-investment opportunities to their exclusive investor base.
Founder/s: Dr. Huren Sivaraj and Ruslan Enikeev
Funding: US$8.04M
Founding Year: 2018
The health insights exchange platform helps patients, caregivers, and oncologists find trials anywhere in the world. The startup also helps regional healthcare institutions, contract research organisations, global biotechnology, and pharmaceutical companies to facilitate data-driven cancer clinical trials whilst accelerating enrollment into actively recruiting ones. By cutting time spent in the enrollment stages, clinical trial stakeholders get to save tens of thousands of dollars per day. tens of thousands of dollars per day. Milltrust Ventures, one of Oncoshot’s early backers alongside Mass Mutual Ventures, said it was blown away by the platform’s ability to interpolate big data, expedite clinical trials and help clinicians enrol their patients for studies quickly.
Founder/s: Dr. Avishek Kumar and Dr. Arjun Bhattarai
Funding: US$13.5M
Founding Year: 2018
With a belief that energy storage solutions are critical to unlocking the further potential of renewables, Dr. Avishek Kumar and Dr. Arjun Bhattarai created VFlowTech. The startup’s main product, vanadium redox flow batteries, can operate at a much wider temperature, making them less prone to degradation of electrolytes due to over-temperature operation. Compared to Lithium-Ion batteries, Bhattarai said vanadium redox flow batteries have a longer lifespan, have a lower chance of catching fire, and are ideal for utility-scale storage, equally for off-grid systems relying on renewables and grid applications. Real Tech Holdings, VFlowTech’s lead investor during its Series A funding believes the startup “has the potential to become a changemaker in this space, particularly with their expertise and unique IP.”
Founder/s: Mathias Boissonot, Dr. Ryan Merrill, Dr. Simon Schillebeeckx
Funding: US$3M
Founding Year: 2019
Handprint, Asia’s leading Regeneration platform, allows corporations to embed regenerative practices into their businesses and become a force for good. Companies use Handprint to restore ecosystems that are critical for planetary health (e.g. coral reefs, habitat preservation, mangrove restoration, etc.). Handprint curates, verifies, and quantifies this positive impact and provides tools for companies to report and communicate this impact with digital means. Singtel Innov8, one of Handprint Tech’s backers, said it invested in the startup to “better help businesses integrate sustainability into their operations to achieve their Environmental, Social, and Governance (ESG) goals.”
Founder/s: Theodoric Chew
Funding: US$23M
Founding Year: 2019
Intellect covers the full continuum of mental healthcare in one solution – from healthy to clinical. The mental health platform is clinically researched and developed by a team of psychologists, researchers and partnered experts. Its services are available in 13 languages and 20 countries in Asia. Singtel, Dell, foodpanda, Shopee, Shopback, and TechinAsia are part of Intellect’s roster of clients. The platform also has a strong partner network which includes Mercer, Aon, Cigna, MSIG, Manulife, and IHH. Singtel Innov8 recommended Intellect to be part of this year’s list. In 2022, the mental health startup raised US$10M. The capital it raised during its Series A funding round was used to scale Intellect’s commercial expansion plans and teams across Asia.
Founder/s: Standard Chartered Bank
Funding: Undisclosed
Founding Year: 2018
The startup formed by SC Ventures allows digital ecosystems such as e-commerce players, traditional retailers and fintechs to embed financial services, by leveraging Standard Chartered’s banking licences and solutions. Its launch also made Standard Chartered the first international bank in Singapore to provide a Banking-as-a-Service (BaaS) solution. In 2022, the startup enabled its all-commerce partner Bukalapak in Indonesia to offer digital banking. With fully digital onboarding, users can open their accounts on Bukalapak’s platform in as fast as 1.5 minutes. In 2023, it will go live with its second partner, Sociolla in Indonesia. The third partner in the second market is concurrently being deployed and a public announcement is expected sometime in H1 2023.
Founder/s: Kingshuk Ghoshal & Sujay S K
Funding: US$6M
Founding Year: 2022
The bank-agnostic trade and supply chain finance platform was incubated through SC Ventures, Standard Chartered Bank’s innovation, fintech investment and ventures arm. It began commercial operations in the second quarter of 2022. TASConnect offers enterprises and financial institutions scalable, customisable, and multi-funder solutions for Accounts Payable and Accounts Receivable by enabling the availability of working capital to last-mile suppliers and buyers in efficient and cost-effective ways. In 2022, the platform achieved revenue-generating status, recording a gross transaction value of more than US$10b by handling over 225,000 invoices. Amongst the platform’s pioneer clients is Lenovo.
Founder/s: Roy Ang Ming Wei & Teoh Ming Hao
Funding: US$4M
Founding Year: 2020
Evo is a direct-to-consumer brand builder which focuses on products that help individuals better take care of themselves. The products which Evo offers include high-quality supplements & hair products. The startup’s pioneer brand was BounceBack, a hangover pill. Other brands which Evo carries are Stryv and Mantou which focuses on hair care solutions. Since its founding in 2020, Evo has expanded into 10 markets, serving more than 20,000 customers. Within two years, the startup has also recorded a 12-fold increase in topline revenue. One of the startup’s investors, East Ventures, believes Evo Commerce is “leading the way in revolutionising consumer access to the best quality products in the region.” Evo recently raised US$2M in its Pre-Series A funding round joined by East Ventures.
Founder/s: Turochas Fuad
Funding: US$46M
Founding Year: 2020
Pace Enterprise was founded by Turochas Fuad, the man behind co-working space site SpaceMob and rental site Travelmob which were both acquired by large enterprises WeWork and Nasdaqlisted HomeAway, respectively. Fuad’s impressive skills in business have attracted Genesis Alternative Ventures into supporting Pace Enterprise. “We are backing Turochas who started Pace as a fintech company that wants to democratise finance in a way where Pace can empower traditional financial institutions all the way to neobanking,” said the venture. True to its tagline, “the freedom to pace yourself,” the startup allows its users to spread their purchases into three interest-free payments. In 2021, the buy now, pay later platform bagged US$40M in funding. Genesis Alternative Ventures was amongst the investors who joined the Series A round.
Founder/s: Sean Low
Funding: US$5M
Founding Year: 2020
Ordinary Folk was born on a mission to “radically transform Asia’s approach to healthcare.” The startup has three main services called “Noah,” “Zoey,” and “Cyrus.” Noah, which was launched in 2020, is targeted at men wanting to receive remote diagnosis and treatment. Zoey, which was launched less than a year later, is aimed to support women’s sexual wellness and fertility journeys. Cyrus, which is Ordinary Folk’s logistics fleet, works to ensure medications are delivered to the startup’s clients fast with the use of artificial intelligence (AI). In April 2022, the startup bagged $5m in a pre-seed funding round led by Monk’s Hill Ventures. The digital technology startup used the capital it raised from the funding round to expand in new markets such as Hong Kong and to scale operations in Singapore.
Founder/s: Shrey Jain, Constantin Robertz, Jannis Dargel
Funding: US$16.3M
Founding Year: 2020
Within two years of operations, logistics startup Locad’s clientele has expanded to over 200 brands ranking from well-known international brands to strong D2C brands. Its warehouses all over Singapore are also equipped with a predictive inventory allocation algorithm which allows Locad to place the right inventory close to the customers, resulting in significant delivery costs and time-saving outcomes for merchants. Locad’s logistics engine also syncs inventory across multiple sales channels and manages storage and delivery through its network of warehouses and shipping carriers. One of Locad’s investors, Reefknot Investments, believes the startup’s asset-light distributed warehousing network model is transforming the e-commerce last mile landscape.
Founder/s: Amelia Ng and Letitia Chau
Funding: US$50M
Founding Year: 2021
Olea is a blockchain-based digital trade finance origination and distribution platform which aims to disrupt the current trade finance model by matching suppliers’ financing needs with alternative liquidity from investors seeking a compelling asset class linked to the real economy. The fully-digitised trade finance origination and distribution platform combines Standard Chartered Bank’s trade finance and risk management skills and Linklogis’ blockchain supply chain technology. SC Ventures said Olea brings together financial services and emerging technologies to develop a solution that addresses what the Asian Development Bank has estimated to be a US$1.5T global trade finance gap in 2019. Amelia Ng, CEO, and Letitia Chau, Deputy CEO, are the two founders of the venture.
Founder/s: Sowmiya Venkatesan & Raavee Shanker
Funding: $200,000
Founding Year: 2021
The food-tech company focuses on delivering nutritious and delicious plant-based food onto the plates of the growing silver generation. In order to create healthy products, the startup works with nutritionists and healthcare professionals. Vitality Foods has created instant, plant-based solutions that it is looking to commercialise by partnering with food manufacturers, hotels, restaurants and food services. There are also plans to introduce a consumer end-product in the second half of 2023. “By 2050, an estimated 20% of the global population will be aged 60 or older. Two-thirds of this population will be living in Asia-Pacific. Yet agespecific, non-prescription food products that specifically cater to the needs of these consumers, whether in terms of nutrition, texture or taste preference, are limited and underserved.
Founder/s: Standard Chartered Bank, FairPrice Group and NTUC Enterprise
Funding: $455M
Founding Year: 2022
Trust Bank entered the banking scene in 2022 with not just one, but a range of products, including a credit card, savings account and family personal accident insurance. The Standard Chartered Bank and FairPrice Group-backed digital bank already had 450,000 sign-ups five months into its operations. Trust Bank was able to scale rapidly due to its “ground-breaking customer referral programme which used the digital bank’s modern, cloud-native technology to create a real-time user experience.” As the first of Singapore’s new wave of digital banks, Trust Bank aims to bring a new standard of banking to Singapore and enable significant savings on everyday expenses through the FairPrice Group and NTUC Income ecosystems.
As companies emerge from the effects of the pandemic and recent supply chain disruption that caused chaos within many industries, leaders have had to make tough decisions on the direction their company would take, as the challenging market conditions require more work and effort in order to thrive and survive.
The 8th SBR Management Excellence Awards commended the outstanding performances of executives, teams, and companies and initiatives that have brought tangible achievements for businesses. Innovators and their revolutionary ideas that have brought the future of doing business into the present were also celebrated, as over 40 executives and teams were awarded in their respective industries.
Apart from just initiatives that aimed to bring businesses success, companies and their employee engagements and COVID
Executive of the Year
Advertising - Pieter-Jan de Kroon, Entravision Mediadonuts
Beauty & Cosmetics - Isabelle Lim, L’Oréal Group
Biotechnology - Johnson Wang, GenScript Biotech
Building Services & Facilities - Helen Ng, General Storage Company Pte. Ltd.
Computer Software - Darryl Long, Ubisoft Singapore
Conglomerates - Dato’ Colin Tan, Hatten Land Limited
Education - Tan Aik Na, Nanyang Technological University, Singapore
Electronic Manufacturing - Geoffrey Maroun Akiki, Hoya Electronics
Singapore Pte Ltd
Energy - Mansi Madan Tripathy, Shell Eastern Petroleum (Pte) Ltd
FMCG - Umesh Shah, Unilever
Food & Beverage - Benjamin Boh, Hanbaobao Pte Ltd (McDonald’s Singapore)
General Insurance - Hicham Raissi, Allianz Insurance Singapore Pte. Ltd.
Health Insurance - Moses Hee, MiCare HealthTech Holdings Pte Ltd
Healthcare Technology - Kenneth Daniel Tan, Varian
Hospitality & Leisure - Arthur Kiong, Far East Hospitality
Insurtech - Rob Schimek, bolttech
IT Services - Gary Steele, TES - Sustainable Technology Lifecycle Solutions
Life Insurance - Melita Teo, AIA Singapore
Manufacturing - Jacky Chan, Watson-Marlow Pte Ltd
Marine Services - Gabriel Hong, RMS Marine & Offshore Service (Singapore)
Pte Ltd
Pharmaceuticals - Maurizio Luongo, Menarini Asia-Pacific
Power Technology - Jimmy Yam, Eaton
Real Estate - Chris Marriott, Savills (Singapore) Pte. Ltd
Real Estate Agency - Marcus Chu, ERA Realty Network Pte Ltd
Retail - Tony Heng, Stellar Lifestyle Pte Ltd
management initiatives that have left a lasting positive impact on their workforce were also honoured for their exceptional strides.
Industries such as banking and finance, real estate, insurance, retail, and healthcare were well-represented by the winning companies, which were awarded last November 17 at the Shangri-la Singapore with over 300 attendees.
Nominations were screened under the meticulous eyes of this year’s distinguished judges, made up of Wai Keat Cheang, Partner, Consulting at Ernst & Young Advisory Pte. Ltd; Seah Gek Choo, Boardroom Program Leader and Talent Leader at Deloitte Southeast Asia; Roger Loo, Executive Director of Management Consulting at BDO LLP; and Irving Low, Co-Head of Advisory at KPMG Singapore.
Congratulations to the winners!
Innovator of the Year
Beauty & Cosmetics - Project Chinampas Team, L’Oréal Singapore & Ground-up
Innovation Labs For Development (GUILD)
Brand Marketing - Christian Ozzati, Brown Forman
Electronics - Mac Zhang, AEM Holdings Ltd
Environmental Services - Alan Yap, Sally Lai, Ashvin Salva, Rentokil Initial
Financial Technology - Xero
Team of the Year
Advertising - Yahoo SEA, Yahoo
Asset Management - HR Department, Sun Venture Pte Ltd
Data Center - PDG SG1 Team, Princeton Digital Group
Education - NTU, Nanyang Technological University, Singapore
Electronics - AEM CMOS Image Sensor (CIS) Team, AEM Holdings Ltd
Healthcare Technology - Guardant Health AMEA
Hospitality & Leisure - Sales & Marketing Team, Pan Pacific Hotels Group
Manufacturing - HP Indigo Singapore, HP Singapore (Private) Limited
Pharmaceuticals - Deal Team, Menarini Asia-Pacific
Real Estate Investment - Savills Investment Sales & Capital Markets Team, Savills (Singapore) Pte. Ltd
Transportation - EVCo
COVID Management Initiative of the Year
Banking - Crédit Agricole Corporate and Investment Bank (CIB)
Financial Services - IPC Systems, Inc.
Food & Beverage - Hanbaobao Pte Ltd (McDonald’s Singapore)
Employee Engagement of the Year
Banking - CIMB Bank Berhad, Singapore Branch
Manufacturing - Watson-Marlow Pte Ltd
Media & Entertainment - Ubisoft Singapore
TES - Sustainable Technology
Lifecycle Solutions
Varian
Unilever
HP Singapore (Private) Limited
IPC Systems, Inc.
L’Oréal Group
With his leadership, TES achieves unprecedented growth despite the rapidly changing circumstances.
and a deep understanding of transboundary shipping globally.
believe is worthy of recognition.
Simultaneously, TES is deepening its original commitment to ensure that owners of IT assets who work with TES achieve the best second-life or end-of-life outcome for their computers, tablets, smartphones, servers, and other IT equipment.
Singapore Business Review (SBR) Management Excellence Awards
winner Gary Steele is the CEO of TES – Sustainable Technology Lifecycle Solutions. Our company mission is to securely, safely, and sustainably transform and repurpose 1 billion kg of end-of-life electronic assets by 2030. By sustaining tomorrow, we believe our future is linked to the success of people and our planet.
Gary has been recognised by the Singapore Business Review for his ability to move TES toward that goal even during the turbulent years of 2020 and 2021, when TES and its entire client base had to contend with the disruptions caused by the COVID-19 pandemic.
The rapidly changing circumstances caused by the virus and the concomitant restrictions did not deter Gary and TES from taking part in the strongest two years in company history, as exemplified by its financials and geographic expansion.
Over the past seven years, TES has expanded from 16 locations in APAC to 43 owned locations globally, adding key geographies in the USA and Europe.
Currently, TES has 43 facilities in more than 20 countries that offer unmatched service-level consistency, lower logistics costs, local in-region compliance experts, support in local time zones and languages,
The widespread adoption of Electric Vehicles (EVs) and mobility devices has prompted a burgeoning in the production of lithium-ion batteries. TES is becoming a key global player in this space and has developed solutions to ensure that this revolution includes the responsible end-of-life handling of batteries and other assets. This entails better refining of the raw materials within them, such as lithium and cobalt, that are predominantly sourced from countries where ethical issues affect trade, creating risk and cost for producers. We undertake these endeavours in facilities we operate in Singapore, China, France, and the Netherlands. By adding end-to-end capabilities and geographies, we demonstrate innovation and integration with customer needs, which we
The journey TES has taken has allowed us to work in partnership with some of the largest companies in the world to provide sustainable outcomes for the equipment, batteries, and materials that continue to drive a global technology revolution.
In the words of TES Group Sustainability Director Alvin Piadasa, these partners work with TES because they understand that “a narrow-minded focus on maximising the residual value of an asset, alongside secondary regard for compliance with environmental regulations and data protection, would be a recipe for reputational disaster.”
True sustainability involves closing loops, protecting the environment, and providing information security, all whilst keeping a close eye on how to do so cost-effectively.
TES is now part of the SKecoplant family of companies, which will further broaden the opportunities available to TES – Sustainable Technology Lifecycle Solutions.
TES-Sustainable Technology Lifecycle
Address: 9 Benoi Sector, Singapore 629844
Contact Number: +656408 8600
Email: info@tes-amm.com
Website: https://www.tes-amm.com/
The journey TES has taken has allowed us to provide sustainable outcomes for the equipment, batteries, and materials that continue to drive a global technology revolution
From data center decommissioning to desktop IT removal, TES offers a range of Information Technology Asset Disposition (ITAD) services for technology environments.
And with over 40 owned and operated facilities in 20 countries, TES has the largest footprint in the ITAD industry according to Gartner. www.tes-amm.com
The university offers various programmes to equip workers with cutting-edge knowledge and skills.
Beyondexpertise and know-how, organisations today are looking for employees who can think and act critically to identify new opportunities. Workers must also be able to communicate effectively and adapt to change and complexity.
As a lifelong learning partner, Nanyang Technological University, Singapore (NTU Singapore) provides alumni and adult learners multiple pathways to improve their skills and knowledge, as well as meet the demands of an increasingly competitive global landscape.
At the heart of this is the NTU Centre for Professional and Continuing Education (PACE), which plays a crucial role coordinating with SkillsFuture Singapore, the Ministry of Education and various NTU entities to promote continuing education and groom smart learners.
Drawing on NTU’s world-renowned faculty and strong industry connections, PACE has developed a wide range of programmes curated from various disciplines and conducted across different learning platforms.
Tie-ups with companies such as DBS, Global Compact Network Singapore, PwC Singapore, WTW, as well as course providers such as Marshall Cavendish Education, have helped to design specialised courses that are in tune with industry demands. NTU also develops curricula with professional associations such as the Institute of Valuers and Appraisers, Singapore and Institute for Human Resource Professionals, and government bodies such as the Ministry of Defence.
Ranging from digital transformation and sustainability to agile leadership for business professionals, these courses aim to equip professionals, managers, executives and technicians (PMETs) with cutting-edge knowledge and skills to keep pace with today’s rapid technological changes and shorter business cycles.
Adult learners can look forward to alternate and flexible learning pathways such as taking credit-bearing courses and “stacking” them towards Specialist
or Graduate, or FlexiMasters certificates, attending seminars and short courses, as well as going for corporate training and networking programmes.
Nanyang Executive Education, a division of Nanyang Business School (NBS), for instance, offers a range of dedicated executive programmes and executive training programmes to help business professionals develop their competitive edge. Whether they want to advance their careers, or switch jobs and embrace a new industry, professionals can acquire futureready skills to achieve their goals.
Knowing which skills are in demand has never been more important. In 2020, the World Economic Forum reported that adopting new technologies is giving rise to a greater demand for jobs in the green economy and careers at the forefront of the data and AI economy. From smart logistics and master planning, to a rising demand for food security and diverse food sources, the market for sustainability and climate action in Singapore has been expanding significantly in the recent years. Providing avenues for upskilling professionals to take advantage of jobs in the emerging green economy, NTU and sustainability consultancy Global Green Connect are co-developing sustainable technology programmes that have industry relevance to upskill and train them in this growing job sector. For example, NTU’s Executive Certificate in Corporate and Environment Sustainability programme is
designed and delivered with domain experts from the University’s Earth Observatory of Singapore, PwC Singapore and WTW. It provides a comprehensive understanding of the critical issues, strategies, innovations, technologies, reporting requirements and practical frameworks to lead sustainability initiatives in organisations. NTU’s leadership and sustainability programmes prepare business professionals to take on more strategic management and stewardship roles to steer change effectively too.
Professor Tjin Swee Chuan, NTU Associate Provost (Continuing Education) and PACE Chief Executive, said: “The market for sustainability and climate action in Singapore has expanded significantly in recent years. The various sustainability-centric programmes developed through our meaningful partnerships will equip professionals with future-ready skills for emerging green jobs and to take advantage of career opportunities in the green sector, particularly in smart buildings, smart transport, smart healthcare, and smart cities.”
With the rapid pace of change the world is moving at, there is mounting concern that workers will get left behind. So, more than ever, lifelong learning will play an increasingly essential role to counter this by helping employees to develop professionally, as well as expand and update their knowledge and skills. For in the face of a competition for jobs in a world that is becoming increasingly uncertain, relevance is key.
The various sustainability-centric programmes developed through our meaningful partnerships will equip professionals with future-ready skills for emerging green jobs and to take advantage of career opportunities in the green sectorNTU Singapore offers lifelong learning for future-ready professionals
Being at the intersection of business and technology, we are perfectly placed to deal with the key challenges faced by companies around the world, from digital transformation to sustainability and agile leadership.
Through our range of short executive courses and FlexiMasters programmes for business professionals, we will equip you with relevant knowledge and in-demand skills to succeed in today’s challenging – and ever evolving – business landscape. Whether it is advancing in your career, or switching to a new career, you can acquire future-ready, green, and digital skills from the range of specially curated executive programmes offered by Nanyang Business School, Nanyang Technological University, Singapore.
The organisation was honoured for its initiatives and for thriving amidst the pandemic.
Between the COVID outbreaks, borders closures, and ensuing lockdowns, the Singapore Ink Operations (SIO) Indigo team lost more than 50% of its production team (largely Malaysia-based employees), who did not manage in time to make adjustments in their personal lives to come to work and stay here. Fortunately, the rest of its employees showed solidarity by stepping up and performing with high levels of professionalism during an extraordinary time to keep the plant running 24/7 so that it can continue to ship good quality inks to the customers.
SIO Indigo continues to succeed and lead in driving operational excellence and resilience. The team remained agile and resilient in the face of change and continued to delight its customers through best-inclass execution despite all the constraints brought by COVID, including supply chain disruptions, geopolitical conflicts, climate change, and inflation. It delivered a 25% surge in productivity gains compared to where they were before COVID-19.
HP Indigo developed White Ink to enable a better print experience for our customers, especially when it comes to labels and packaging. The need to produce White Ink for more customers led HP to embark on expanding manufacturing capabilities by building a White Ink production facility at the Singapore site. By overcoming global COVID-19 constraints with zero travel from Singapore and by harnessing innovative technology, SIO Indigo successfully
delivered the White Ink plant within a year. When approval for the new facility at the Singapore site happened, it was at the height of COVID-19 restrictions, and both the Singapore and Israel teams were faced with an array of challenges from the start. Beyond the pressure of working during a pandemic, the teams were faced with tight schedules, travel restrictions, and budget constraints. However, every challenge presents an opportunity for innovation.
The first challenge was how to bring employees from Singapore to Israel to work together when pandemic-related travel restrictions separated them by 7,940 km and a six-hour time difference. Knowledge transfer is typically done face-to-face, but given the degree of restrictions, the team had to find new ways to get the job done. By creatively leveraging technology like smart glasses, employees were able to utilise this tool for training, troubleshooting, and remote support. The team showed how to lead with ambition and agility as they learned how to use new technology to be more effective at work.
The second challenge was global supply chain disruptions that impacted the availability of logistics, materials, and manpower. The risk of suppliers and contractors missing their delivery commitments was high, and the project had no buffer time factored into the compressed schedule. The team again showed its resourcefulness by reducing high-risk elements outside of their control and concentrating on elements that could be controlled. They investigated functioning but redundant equipment
from existing HP manufacturing assets and found ways to repurpose and put it to use in this project. Doing so resulted in financial savings, an increased sustainable impact, and a clever workaround for materials, and logistics constraints.
The third challenge was adhering to the budget. In a short period, the cost percentage for services and materials had risen by double digits. To minimise the impact of rising expenses and remain innovative the team designed a factory plan with provisions for a potential 10-year capacity expansion whilst catering to the 3- to 5-year capacity requirements. This approach helped defray the rising costs and mitigate time delays for setup and construction.
Overcoming these hurdles was a massive feat made possible by HP employees who showed resourcefulness, the ability to take calculated risks, and a growth mindset.
HP Indigo celebrated the successful setup of Indigo White Ink in Singapore in August 2022. This is a remarkable milestone for the Industrial Print business as HP Indigo expands and grows the print market for label and packaging customers globally. This new factory will support the growth in demand, provide worldwide capacity and flexibility, and add resilience across HP Indigo Ink operations.
SIO Indigo is proud of the strong trust its employees have in the organisation. The employees’ deep faith was seen in the company’s Voice, Insight, Actions (VIA) employee survey. For four straight years since 2019, the team has achieved a high score of 98% on its Employee Engagement Index.
SIO Indigo received TWO SICC Award nominations in October 2022. The recognition capped off another strong year after winning the Employee Engagement of the YearManufacturing at the SBR Management Excellence Awards 2021.
Overcoming hurdles was a massive feat made possible by HP employees who showed resourcefulness, the ability to take calculated risks, and a growth mindset
given enough resources and skills to deliver. Our partners have reciprocated, and many have been working with us for a long time.”
Coupled with strategic business investments in industries like data centres, buildings, manufacturing, and healthcare, Jimmy’s people-centric approach has paid off. The organisation saw significant incremental revenue growth and expended by 33% in team size over the past five years - an achievement that Jimmy attributes to the shared vision, skills and tenacity of the East Asia electrical team.
Jimmy Yam may have started his career analysing cash flow and assessing corporate assets, but he’s a firm believer that trust and comradeship are two of the most valuable currencies in business.
“Everything comes down to people. When it comes to building a successful partnership that lasts – be it with employees, customers, or partners, it’s all about rallying people around a shared purpose and establishing trust to make it a reality,” he commented.
An accountant by training, Jimmy joined Eaton in August 2016 to helm the company’s electrical business in East Asia. Since then, building a winning team has been at the top of his agenda.
“Getting the right people for the right job and working out how to motivate and enable them to do work that they believe in is essential,” he says. “This is especially so when navigating uncertain and challenging marketing conditions like the 2018 financial crisis and the COVID pandemic.”
“Whilst our expertise lies in power management technologies and services, we are ultimately in the business of ensuring that the things that really matter to our quality of life and the environment works. Our ability to do so ultimately boils down to having people who share this same passion for making a difference in the world.”
This people-first, the purpose-centred
approach is evident in the organisation’s inclusion and diversity (I&D) and talent development initiatives, such as the Early Career Roundtable and APAC Digital Accelerator Programme.
“The best advice I’ve ever received was: ‘treat your people well and they will treat you even better’. As a manager and a mentor, it’s important to see and enable the potential of each employee. This requires us to see every employee as a partner, helping them to succeed not just at work but in life.”
The emphasis on rallying people around its vision and creating value for its people extends into how Eaton selects and builds its partner network in the region.
Recognising that the challenges it tackles often require a combination of skills and expertise, Jimmy’s focus has been on identifying partners who are passionate and serious about making power make power safe, reliable, and efficient.
“If a partner does a bad job, it’s me doing a bad job. That’s why we spend a lot of effort in sharing our vision and culture with the partners we work with. We also invest in massive training to ensure that they are
Looking ahead, Jimmy hopes to build upon Eaton’s past success and transform how energy is used across the region.
Recognising that power demand will continue to grow even as wide-ranging risks of climate change loom ahead, Eaton has doubled down on research and development in emerging technologies that will enable a smooth and reliable transition towards a low-carbon future. Last October, the company rolled out its latest electric vehicle charging infrastructure (EVCI) and battery energy storage system (BESS) solutions in APAC.
“The pandemic and global energy crisis have amplified the need for safe, reliable, and sustainable power across the world. In our region, we are seeing more organisations ramp up efforts to prepare for the growing impacts of climate change,” Jimmy observes.
“In such circumstances, we have both a responsibility and an opportunity to work together with our employees, partners, and customers to deliver real solutions that enable organisations to stay resilient and grow in the new energy paradigm.”
“Trust and partnership have enabled us to come out ahead amidst difficulties in the past, and I’m betting on it to drive our next stage of growth.”
As a manager and a mentor, it’s important to see and enable the potential of each employee. This requires us to see every employee as a partner, helping them to succeed not just at work but in lifeJimmy Yam, Vice President, Electrical Sector, East Asia, Eaton EXECUTIVE OF THE YEAR - POWER TECHNOLOGY
As a leading industry expert, Rentokil Initial is committed to taking care of pest control needs across commercial and residential units, whilst striving to do so in ways that are both innovative and sustainable.
In developing and maintaining its industryleading capabilities, Rentokil Initial launched its new global research and development centre in 2017 known as The Power Centre, to house its scientific and technical hub and training academy in a single location. It was a £2m investment which expanded their facilities significantly to become their new home for science, innovation, and training.
Their success as an innovative global pest control company is only made possible through their team of scientists, technologists, and technicians, and this centre of excellence provided them with the facilities and resources needed to drive industryleading innovations for pest control.
The Power Centre allows Rentokil Initial to be at the forefront of pest control innovation and technology by creating, prototyping, and testing cutting-edge pest control solutions with one of the largest collections of pest insects in Europe. It includes facilities like culture rooms, fly rooms and rodent pens that allow the research and development team to understand and monitor the pests, test the application and efficacy of pest control solutions, and simulate real-world environments during testing as part of the regulatory approval process.
The Award-Winning Fly Control Solution
Lumnia, a modern fly control solution, is an exemplary outcome of Rentokil Initial’s dedication to deriving products that are innovative, gentle to the environment, and most importantly, effective at pest control. It is an award-winning innovation that most recently won the Innovator of the Year Award, under the Environmental Science category at the Singapore Business Review Management Excellence Awards 2022.
In 2020, Lumnia was also awarded the Queen’s Award for Enterprise for Innovation – the most prestigious award in the United Kingdom, for organisations that excel at international trade, innovation, sustainable development, and promoting opportunity through social mobility.
For years, the global pest control industry has been trying to control flying insects with
insect light traps (ILTS) that used traditional fluorescent tubes to attract them into the control units. Not only is this a highly energyinefficient method, but its outer façade is also not aesthetically pleasing.
Furthermore, the mercury contained in the tubes used means that careful waste disposal is required when replacing such fly control units—not to mention the damage this waste has on the environment.
Rentokil Initial started to look into ILTS alternatives that are more environmentally friendly and also more effective as increasingly, customers such as food processing and pharmaceutical companies required zero tolerance to flying insects which could contaminate production.
The two key areas of research in investigating how to trap and kill flies most efficiently were: understanding the physics of how light impacts the biological attraction of flies to a trap, and fly killer testing based on a standard Half-Life measure. This research has helped to develop Rentokil Initial’s range of Lumnia fly killers where LED lamps were used in favour of fluorescent tubes, which have been proven to be just as good as catching flies and using only up to a third of the energy as compared to using fluorescent tubes, in addition to a host of other benefits.
Lumnia LED ILTS when compared to
traditional fluorescent flytraps, are more sustainable with greater energy savings, have a longer life, are safer with no hazardous chemicals and glass encasement, have greater reach and attraction of flies, as well as better hygiene with its encapsulation module that prevents insect fragments from blowing out.
Lumnia LED ILTS are not just equally or more effective in trapping and killing flies, they are also more cost-effective, sustainable and hygienic. Compared to other LED ILTS, Lumnia also boasts a greater reach and catches flies faster. Coupled with their modern design, they’re aesthetically pleasing enough to go into front-of-house locations, too.
“As the experts in pest control, our team focuses on developing advances in technology through extensive product research and development, product testing and innovation,” says Sally Lai, Regional Director of Marketing, at Rentokil Initial Asia.
“The winning of Lumnia as the Innovator of the Year award under the Environmental Science category is a testament to the efforts of Rentokil Initial in developing effective solutions that help to improve public health and safety and enhance lives, and also encourage environmental responsibility and sustainability.”
This win is a testament to the efforts of Rentokil Initial in developing solutions that help improve public health and safety and encourage environmental responsibility and sustainability
Small and medium-sized businesses (SMEs) often struggle to employ data analytics within their organisations. Data analysis can improve decision-making in all areas of business, including strategy, production, operations, and marketing. For SMEs, one easy starting point is to leverage what they already have in place (with a little help from the right technology).
In many cases, SMEs want to unlock the value and insight their data offers but lack the knowledge and resources to do so. A study commissioned by the Singapore Institute of Technology, RSM Singapore, and the Institute of Singapore Chartered Accountants revealed that 70% of Singaporean SMEs have not yet adopted data analytics, with many of them only familiar with spreadsheets and databases. Small businesses run on limited budgets and lean teams, and often don’t know where to begin when it comes to implementing new systems. However, it’s the companies that are slow to adopt technology that can stand to benefit from it the most.
Leveraging data for informed decisions Cloud accounting platforms like Xero are
great for those looking to improve productivity and efficiency. Better yet, by providing SME owners with accurate, up-to-date data stored securely on a single platform, they gain what they need to make informed business decisions. This, in turn, can help businesses increase their profits and overall performance.
For example, the popular eatery Panamericana was hit hard during the pandemic. As a result, they found allocating and managing costs more effectively became increasingly vital to their survival. By adopting Xero, they were given access to real-time financial information and were able to do away with laborious manual processes. All of which meant they could make quick decisions in a rapidly changing environment. The Panamericana team not only successfully pivoted their business model with online ordering and delivery; they were also able to open multiple new ventures.
In today’s business world, speed and agility are vital. During times of economic uncertainty or recession, the ability to pivot quickly can mean the difference between survival or going under. By gaining access
to data-derived insights through the right digital solutions, SMEs can build resilience and thrive.
Find out how you can work smarter and faster at www.xero.com/sg.
energy initiatives to power our Batam data centre. Furthermore, we are exploring tropical data centre solutions as part of our strategic ESG roadmap towards achieving our net-zero emission goals,” said Asher Ling, Managing Director, Singapore. “This is a very exciting time for data centre developers as we develop new standards and create benchmarks in sustainability.”
Sustainability is a core business focus for PDG. The company’s sustainability strategy is driven by the procurement of renewable energy, energy and resource efficiency, green design and construction and technology and innovation. In the second quarter of 2023, the company will release the second edition of its Sustainability Report.
Princeton Digital Group (PDG), Asia’s leading data centre provider, today unveiled its SG+ strategy with the announcement of a 96MW data centre campus in Batam. PDG’s SG+ strategy will enable customers to seamlessly expand their infrastructure from Singapore to highly scalable data centre campuses in Singapore, Batam, and Johor.
The announcement of PDG’s data centre campus in Batam is the first part of this concerted strategy, where PDG is developing data centre sites in Batam and Johor in extension to the company’s operations in Singapore. With an initial investment plan of close to US$1b, the campus will be built on 15 acres of land in Batam and will comprise four buildings of up to 24MW capacity each. Power is fully secured for the entire 96MW capacity.
“As a Singapore-headquartered Pan-Asia data centre operator, PDG is at the forefront of enabling customers to continue leveraging the unique set of characteristics that have made Singapore such a successful hub for the region. Our SG+ strategy is aimed at providing a seamless infrastructure growth roadmap for our customers,” said Rangu Salgame, Chairman and Chief Executive Officer of Princeton Digital Group. “The new campus in Batam reinforces our
growth strategy and solidifies our already strong presence across the region in China, Singapore, India, Indonesia, and Japan.”
Redefining data centre operations
Batam is an island in Indonesia’s Riau Islands Province, just 20km south of Singapore. PDG’s campus is located within Nongsa Digital Park (NDP), an integrated digital park in Nongsa on the North-Eastern tip of Batam. In June 2021, the Indonesian Government designated Nongsa as a Special Economic Zone for digital economy and tourism. Nongsa and Batam have been described by Indonesian
“PDG’s investment into Nongsa underscores the growth opportunities that Southeast Asia offers to companies. Resilient, reliable, and stable infrastructure are key enablers in the digital economy, and PDG’s latest expansion in Nongsa will enhance its capability to meet the growing needs of digital companies seeking to expand in the region,” said Herman Loh, Vice-President & Head, Regional Partnerships, Singapore Economic Development Board.
President Joko Widodo as a “digital bridge” between Singapore and Indonesia, as the demand for technology talent, sustainable power, land to develop data centres, and capacity continues to grow.
“The climate impact of digital transformation has redefined the way we develop and operate our data centres. PDG aims to build next-generation, best-in-class green data centres, and we will be working closely with local partners and regulators to incorporate sustainable and renewable
“We are happy to work with PDG as they build their 96MW hyperscale project to provide seamless and stable data centre capacity to their customers. PDG’s investment in Nongsa Digital Park further strengthens the SEZ’s position as a data centre hub in the region. We look forward to working closely with PDG as the company continues to scale as a Pan-Asia leader in digital infrastructure,” said Muhammad Rudi, Chairman, of Badan Pengusahaan Batam (BP Batam), Batam Indonesia Free Zone Authority.
Headquartered in Singapore, PDG is a leader in the Asian hyper-scaler market. The company launched its 48MW data centre in Mumbai in December 2022 and is expanding rapidly in Asia with a total capacity of 600MW across a portfolio of 20 data centres in five key markets. Its 100MW data centre in Saitama, Tokyo, is scheduled for completion in 2024.
PDG aims to build next-generation, best-in-class
centres, and we will be working closely with local partners and regulators to incorporate sustainable and renewable energy initiatives to power our Batam dataPrinceton Digital Group’s data centre campus ~ Ray Kroc, founder of McDonald’s
There’s no greater mantra that leads us to do better. As one of Singapore’s Best Employers*, we lead together, we serve together, we win together. Simply, we’re better together creating delightful customer experiences across Singapore every day.
Covid Management Initiative of the Year F&B Category
2022 SBR Management Excellence Awards Executive of the Year
None of us is as good as all of us
2022 was a year of growth for AEM, and it could not have been achieved without our people - curious, creative, and collaborative - embracing agility in the way we work and think, approaching challenges from all perspectives to fuel innovation.
In 2021, AEM delivered a fully integrated CMOS Image Sensor (CIS) Test Cell to UTAC, a Singapore-based semiconductor assembly and test services provider, complete with a tester, illuminator, and handler. The project was no easy feat as AEM had to challenge its
proof-of-concept level, has shown tremendous results. The AEM CIS Team exemplified teamwork and cross-territory collaboration that tapped into AEM’s technical capabilities and built on a unique portfolio of global talents, winning the “Team of the Year” award at the Management Excellence Awards 2022.
His spirited efforts has been recognized with the award “Innovator of the Year 2022”. Mac has established characterized processes and proactively ensures that the team follows the processes in place, making software repeatable and reliable.
technology capabilities and coordinate between multiple crossdiscipline teams across the globe, and amidst a global pandemic. The different needs of the CIS Test Cell brought together the best of AEM’s capabilities, from hardware to software, and it tested the limits of how the Teams can work together, across time zones and the changing global situation. With the strong support from leadership as well as close collaboration with UTAC, the Team came together as one CIS Team to deliver a solution, which at
The Software Engineering team plays a very important role in all of AEM’s customer engagements as they are the main provider of handler software in the solutions that AEM offers.
Mac Zhang, Senior Director, Software Engineering, plays a very critical role in the operations of AEM’s global software group, architecture and design, product development, technology research, and software product marketing. With his leadership, AEM’s Software Engineering team has made leaps and bounds to bring innovation and engineering excellence to the company and its customers. Mac is a passionate engineering leader who inspires his team to continuously improve and innovate to provide customers with best-in-class testing capabilities.
Homegrown in Singapore with an international footprint, bolttech connects insurers, distribution partners, and customers to make it easier and more efficient to buy and sell insurance.
Our insurance experts can connect you with the right insurance solutions for your needs with a wide range of individual and corporate products from trusted insurers. Find out how bolttech’s world-leading, technology-enabled ecosystem for protection and insurance can help you by visiting bolttech.io or get in touch via phone +65 6535 1828 or email enquiries@bolttech.sg
Mac is committed and motivated to inspire, nurture, and empower his team members to innovate, improve and build products that lead the semiconductor test market. With his leadership, AEM’s software engineering team will continue to play a major role in working towards AEM’s mission of providing the latest and most comprehensive test solutions for its customers’ dynamic testing needs.
The power of conne ction is at the hear t of ever y thing we do
As the economies slowly recover from recent shocks in the global market, companies and executives are faced with the challenge of identifying and solving problems that personnel and stakeholders face in order to improve their performance and sustain their recovery or growth.
Singapore Business Review celebrates these leaps of progress and outstanding companies as they award leading figures and revolutionary innovators at this year’s Malaysia Management Excellence Awards. The event recognised individuals, teams, and companies whose efforts brought in gains for their operations. Winners were awarded during the awards dinner at the InterContinental Kuala
Executive of the Year
• Energy - Shir Nie Pang, SINOWAJA (MALAYSIA) SDN BHD
• Field Marketing Services - Patrick Goh, Always Marketing (M) Sdn Bhd
• Life Insurance - Ben Ng, AIA Bhd.
• Media & Entertainment - Kundan Kumar, MBO CINEMA SDN BHD
• Technology - Dato’ Gooi Soon Chai, Keysight Technologies
• Transportation - Datuk Azman Ismail, PLUS Malaysia Berhad
Innovator of the Year
• Business Services - Jebsen & Jessen Group Services
• Manufacturing - Schaeffler Malaysia
Team of the Year
• Automotive & Transport Equipment - myTukar Sdn. Bhd
• Healthcare - Pantai Hospital Kuala Lumpur
• Media & Entertainment - 33.3™
• Utilities - Tenaga Nasional Berhad
COVID Management Initiative of the Year
• Life Insurance - AIA Bhd.
• Utilities - Tenaga Nasional Berhad
Employee Engagement of the Year
• Automotive & Transport Equipment - myTukar Sdn. Bhd
• Financial Services - Prudential BSN Takaful Berhad (PruBSN)
• Healthcare - Pantai Hospital Kuala Lumpur
Lumpur on December 8, 2022.
The winning entries all passed under the distinguished panel of judges this year made up of Vivien Mah, Partner, Business Consulting, ASEAN at Ernst & Young Malaysia; Justin Ong, Risk Advisory Leader, Financial Services Industry Leader, Malaysia at Deloitte Asia Pacific; Ngu Heng Sing, Executive Director, Transaction Services at KPMG in Malaysia; and Lou Hoe Yin, Partner, Audit & Assurance and Transactions Advisory at RSM Malaysia.
Congratulations to this year’s winners!
Leading the company to thrive and build resilience amidst tremendous uncertertain�es.
This award is also a valida�on for the team that has delivered and achieved what we had done in Malaysia. Winning this honor wouldn’t have been possible without the con�nuous support of everyone in Keysight. I’m truly proud of the team.
ato' Gooi Soon Chai, Senior Vice President and President of Order Fulfillment and Digital So�ware Solu�ons at Keysight Technologies, was named Execu�ve of the Year - Technology at the recently held Malaysia Management Excellence Awards for his pivotal role in steering the company through strategic inflec�on points such as supply chain disrup�on, pivo�ng to new technology, and nurturing future talent.
ato' Gooi Soon Chai, Senior Vice President and President of Order
Fulfillment and Digital So�ware Solu�ons at Keysight Technologies, was named Execu�ve of the Year - Technology at the recently held Malaysia Management Excellence Awards for his pivotal role in steering the company through strategic inflec�on points such as supply chain disrup�on, pivo�ng to new technology, and nurturing future talent.
Dato’ Gooi has been with Keysight and its predecessor companies, Hewle�-Packard (HP) and Agilent, for 35 years and has held mul�ple leadership posi�ons in different businesses such as manufacturing, procurement, informa�on technology, and business management. His extensive interna�onal experience and business knowledge are highly valued for strategic decisions and direc�ons, including strategic planning, business acquisi�ons, and organisa�onal redesigns.
Dato’ Gooi is a visionary and driven leader, highly valued for his excellent leadership, integrity, and insights. He has a well-established record of leading the organisa�on’s strategies and efforts to maximise strengths in the supply chain, technology centres, and engineering opera�ons, as well as advancing digital transforma�on through Keysight’s intelligent so�ware test solu�ons, digital pla�orms, and applica�on services. He is also an inspiring leader, passionate about nurturing talent, building the E&E ecosystem, and enabling the company’s growth.
Under his leadership, Keysight saw a successful digitalisa�on of its supply chain opera�ons for scalability, fast, and increased efficiency. This includes the implementa�on of Industry 4.0, smart procurement for real-�me part visibility and supplier integra�on, and network op�misa�on to help navigate global logis�cs conges�on. It has enabled Keysight to con�nue serving its customers and helping them achieve breakthroughs that change lives, secure the world, and connect people across the globe.
Dato’ Gooi has been with Keysight and its predecessor companies, Hewle�-Packard (HP) and Agilent, for 35 years and has held mul�ple leadership posi�ons in different businesses such as manufacturing, procurement, informa�on technology, and business management. His extensive interna�onal experience and business knowledge are highly valued for strategic decisions and direc�ons, including strategic planning, business acquisi�ons, and organisa�onal redesigns.
Dato’ Gooi is a visionary and driven leader, highly valued for his excellent leadership, integrity, and insights. He has a well-established record of leading the organisa�on’s strategies and efforts to maximise strengths in the supply chain, technology centres, and engineering opera�ons, as well as advancing digital transforma�on through Keysight’s intelligent so�ware test solu�ons, digital pla�orms, and applica�on services. He is also an inspiring leader, passionate about nurturing talent, building the E&E ecosystem, and enabling the company’s growth.
The COVID-19 pandemic and geopoli�cal tensions caused disrup�ons in the global supply chain. And Keysight, a leading technology company that delivers advanced design and valida�on solu�ons to help accelerate innova�on to connect and secure the world, is not immune to the global supply chain crisis. Under Dato’ Gooi’s strong leadership, Keysight navigated through these global macroeconomic challenges. Dato’ Gooi and his team’s quick ac�ons to increase resilience and agility have ensured business con�nuity during these unprecedented pressures on the global supply chain. This includes re-engineering and redesigning thousands of parts for supply assurance.
Under his leadership, Keysight saw a successful digitalisa�on of its supply chain opera�ons for scalability, fast, and increased efficiency. This includes the implementa�on of Industry 4.0, smart procurement for real-�me part visibility and supplier integra�on, and network op�misa�on to help navigate global logis�cs conges�on. It has enabled Keysight to con�nue serving its customers and helping them achieve breakthroughs that change lives, secure the world, and connect people across the globe.
The COVID-19 pandemic and geopoli�cal tensions caused disrup�ons in the global supply chain. And Keysight, a leading technology company that delivers advanced design and valida�on solu�ons to help accelerate innova�on to connect and secure the world, is not immune to the global supply chain crisis. Under Dato’ Gooi’s strong leadership, Keysight navigated through these global macroeconomic challenges. Dato’ Gooi and his team’s quick ac�ons to increase resilience and agility have ensured business con�nuity during these unprecedented pressures on the global supply chain. This includes re-engineering and redesigning thousands of parts for supply assurance.
During the pandemic, Dato’ Gooi also stepped up to safeguard the livelihoods of local communi�es, including the establishment of a vaccina�on centre on Keysight’s premises, enabling employees, along with 53 other companies across Penang’s industry ecosystem, to receive full vaccina�ons.
Meanwhile, he also believes in nurturing talent by engaging and igni�ng a spark of interest in them even at an early age. He spearheads the prolifera�on of science and technology in the community and shaped the idea of the Penang Science Cafe and Penang Digital Library which con�nuously reach out and spark interest in Science, Technology, Engineering, and Mathema�cs (STEM) amongst students of different age groups.
Meanwhile, he also believes in nurturing talent by engaging and igni�ng a spark of interest in them even at an early age. He spearheads the prolifera�on of science and technology in the community and shaped the idea of the Penang Science Cafe and Penang Digital Library which con�nuously reach out and spark interest in Science, Technology, Engineering, and Mathema�cs (STEM) amongst students of different age groups.
Dato’ Gooi’s leadership and exper�se were manifested through his ini�a�ves including digitalisa�on of supply chain opera�ons, delivering advanced designs and innova�ons even during the pandemic and geopoli�cal tensions, and his engagement towards nurturing future talents.
It is undoubtly that the company became a benchmark of excellence in this region, with a commitment to doing business in an ethical, environmentally sustainable, and socially responsible manner.
It is undoubtly that the company became a benchmark of excellence in this region, with a commitment to doing business in an ethical, environmentally sustainable, and socially responsible manner.
During the pandemic, Dato’ Gooi also stepped up to safeguard the livelihoods of local communi�es, including the establishment of a vaccina�on centre on Keysight’s premises, enabling employees, along with 53 other companies across Penang’s industry ecosystem, to receive full vaccina�ons.
We’re dedicated to providing tomorrow’s test technologies today, enabling our customers to connect and secure the world with their innovations.
Push products to new heights of excellence with highperformance, high-integrity design, test, and optimization solutions backed by deep expertise in next-generation communications and electronics standards.
Reinvent your innovation processes with seamless workflows, deeper insights, expert consulting, and comprehensive services that help you save time and money, so you can focus on what you do best.
Get a competitive edge by partnering with the global leader who will work side-by-side with you and your team to help you innovate to win in your market and make a difference in the world.
Whether you seek to overcome barriers to innovation, transform your development processes, or simply be first and best in your market, Keysight’s solutions optimize networks, integrate workflows, and validate tomorrow’s technologies with unprecedented performance backed by decades of research and expertise.
For more information about Keysight Technologies (NYSE: KEYS), visit us at www.keysight.com
Jebsen & 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 across eight countries, including nine manufacturing facilities in Indonesia, Malaysia, Myanmar, Singapore, 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.
As the recovery of Asia Pacific’s manufacturing sector continues to be on an upward trajectory, recent challenges have left long-lasting effects that cannot be set aside. The impacts of the pandemic, trade wars, and inflation, amongst others, have changed the way companies do business.
Moreover, companies need to re-evaluate their methods and strategies to adapt to the uncertainty of the market in spite of the opportunities presented to them. They have to place greater importance and consideration on the calls of their workforce and embrace the rapidly changing technologies for process efficiency. This ensures a smoother recovery and a more sustainable supply chain.
Companies that have made significant strides towards recovery and have pioneered solutions and services aimed towards this goal have been recognised for their invaluable efforts and remarkable
capabilities. Manufacturing Asia and Singapore Business Review Awards have honoured these companies in the 2022 Made in Singapore and Designed in Singapore Awards. The Made in Singapore Awards and Designed in Singapore Awards recognises exceptional products that are proudly manufactured and designed in Singapore. This year’s entries were reviewed by an elite panel of judges consisting of Richard Loi, Deloitte Private Leader for Southeast Asia; Wu Hong Chiu, KPMG Partner, Head of Enterprise, Tax and Head of IGH & Manufacturing, Tax, and; Joshua Ong, Baker Tilly Managing Partner & Practice Leader, Capital Markets & IPO FCA (Singapore). The winners for both awards programmes were acknowledged at the awards dinner on 21 November 2022 at the Shangri-La Hotel Singapore.
Congratulations to all the winners!
NTUC FairPrice Co-operative Limited
Olam Food Ingredients (ofi)
Sustainability should be a priority for everyone. The Chemical Additives industry has a crucial role to play, delivering the affordable lower carbon products and services that society needs. Infineum has responded by making sustainability an integral part of our business. Sustainability now shapes our strategic direction, including how we invest in technology and production facilities. But to drive industry transformation, we are also partnering with key stakeholders including customers, suppliers and industry bodies to develop more sustainable solutions and practices.
Find out what we’ve been doing by visiting Infineum.com/sustainability
The CMOS Image Sensor (CIS) Test Cell Solution, developed jointly by AEM and UTAC has won the Designed in Singapore Award 2022!
The illuminator is modular and selfcalibrating, which makes it easier to adapt to image sensor requirements.
In particular, the illuminator, developed in collaboration with UTAC, brings together three different light sources for different image spectrums and together with AEM’s own automatic test equipment (ATE) solution, it enables AEM to optimize the complete test cell for application-specific requirements. This is a key differentiator for AEM, as most providers only provide part of the solution and use third party original equipment manufacturer providers. For AEM, going the step further and providing application-specific solutions for customers is priority.
The total test cell solution brings together the best of AEM’s technological capabilities, from its handling solutions,
to the ATE test system, enabling a first-of-its-kind flipping mechanism for testing contact image sensor (CIS) devices coupled with application-specific instrumentation to be tightly integrated into the device test environment. The hardware components were brought together with software, built by teams in France and Singapore.
The CIS test solution fully integrated with AEM’s CMOS Image Sensor Test Cell is expected to provide semiconductor companies with costeffective solutions that are scalable and adaptable for future product lines. It consists of a custom illuminator with three different light sources for different image spectrums: Halogen, LED, and IR.
The innovation was made possible with the close collaboration between the teams in AEM, across geographies and disciplines, and the trust with the UTAC team. Both companies remained focused, and the strong alignment between the leadership was instrumental in overcoming these challenges. Ultimately, AEM was able to deliver a total test cell solution that enables customers to test CIS devices at competitive test times and reduced cost of test when compared to existing competitive solutions.
From the collapse of biotech firm Theranos to the recent bankruptcy of crypto exchange FTX, the prevailing need for proper governance in privately-owned companies is gaining more attention. These high-profile start-ups, which can be sizeable in terms of valuation, do not fall into the purview of regulators or are not publicly listed. Therefore, such regulatory arbitrage or the lack of public scrutiny may result in the firm being susceptible to governance failures if sufficient checks and balances are not in place.
These issues create an opportunity for all start-ups, big or small, to reflect upon their current practices and lessons that can be drawn to strengthen their governance, given the limited resources.
Let us first appreciate the principles of corporate governance, which is widely defined as the system that directs and controls companies. According to OECD, it covers a set of relationships between the company’s management, its shareholders, its board, and other stakeholders. Corporate governance manifests itself through the four core principles including accountability when the corporate actions and conduct are justified; transparency, when truthful and timely information about the company’s position is disclosed to stakeholders; fairness, when all shareholders and stakeholders are treated equally; and responsibility, when the board of directors acts ethically and maintains the best interests of the company. Reflecting these principles in practice can involve several modalities and they serve to prevent firm decay over the long term.
A fast-growing start-up requires quick access to external funds at a manageable cost. A company that is seen as stable and capable of mitigating possible hazards will be able to borrow money at a lower interest rate than one with less sound corporate governance. In some industries, companies may discover that their investors are willing to pay a premium if they have a solid governance structure in place.
Furthermore, according to research by the London Business School, strong corporate governance is one of the most critical variables leading to increased organisational performance. Implementing specific steps, such as separating the CEO and chairman of the board positions, hiring the right balance of non-executive directors, and bolstering internal controls, all contributed to faster development.
In a similar vein, the Diligent Institute reported in 2019 that the best-performing companies in corporate governance within the S&P 500 index had a two-year return on investment 15% higher than the poorest-performing companies. It also revealed that “businesses with corporate crises caused by governance inadequacies underperformed their industries by 35%.” These businesses lost nearly $490 billion in shareholder value in the following year. Although these statistics are derived from larger corporates, they are still relevant references for start-ups especially those that experience explosive growth but are not time-tested.
The conventional expectation is that corporate governance is the responsibility of the board and executive management of the firm. However, the highly complex business environment warrants collaboration or influence from stakeholders such as investors and employees. Start-ups and their investors have a symbiotic relationship. If investors do not exert influence on their portfolio companies to adopt or strengthen their governance, cracks that surface later due to the accumulation of bad practices can have irreversible damage and come back to haunt the incumbent investors.
During the heydays when venture capital is chasing a limited pool of worthy start-ups, expectations of the latter having a sound governance structure are low for fear of missing out on opportunities. Investors should ask robust scenario questions to assess the corporate governance quotient (CQ) and follow up with resources to address such gaps post-investment.
In tandem, investors should not perceive a company as having a higher CQ just because there are reputable names on the board. For example, in the case of FinTech, window-dressing the board with former financial regulators and professors from renowned universities is not uncommon. In some circumstances, institutional investors may not have a board seat. Nevertheless, they can and should still exert influence on corporate governance matters by incorporating relevant clauses in the shareholder agreements, thereby building discipline and engagement opportunities with their portfolio company.
Most start-ups with ambitions to become unicorns dabbled into disruptive technology or business models. Many corporate decisions were made by directly going through the process of voting through familiar faces. Thus, constructive debate and hard conversation are missing. Such companies are chartering into unknown waters. It is precisely this blue ocean market that they need to solicit diverse viewpoints to identify plausible risks whilst chasing opportunities that propel their firm’s valuation.
Founders and investors can work together to form a board of directors and independent directors with diverse backgrounds. Independent directors are seasoned professionals and should not have any conflict of interest so that they can be effective devil’s advocates, and introduce outside viewpoints which bring about crosspollination of ideas and pre-empting risks unknown to the founding team. For example, providing perspectives on hard deep-tech topics and asking probing questions on downside scenarios can jolt the executive management to re-evaluate their business decisions.
Whilst it is initially challenging, start-ups can learn to properly manage their resources to implement the relevant mechanism. Start-ups that require external expertise but do not have the financial resources could invite advisors who have a similar vision but do not expect much monetary remuneration. For instance, such advisors might yearn to publish a paper together with the company or just want to be recognised in the field.
Your mission is our inspiration. Every investment we make—in advanced technology, precision manufacturing and worldwide customer support—is an investment in you.
