LOOK INSIDE FOR MORE THOUGHT LEADERSHIP & ADVICE FROM OUR MEMBERS WITH WORK PASS ADVICE, TRENDS, RISK MAPPING, & MORE
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IN FOCUS INTERVIEW / RAYMOND NG, CEO, REVOLUT
TALENT / HIRING IN SINGAPORE: GUIDE AND TRENDS IN 2024 - CONTRIBUTED BY ROBERT WALTERS SINGAPORE
TALENT / NAVIGATING THE CHANGING IMMIGRATION LANDSCAPE IN SINGAPORE WITH COMPASS - CONTRIBUTED BY MAGRATH SHELDRICK LLP
TRAVEL / 2024 - A YEAR OF TRAVELCONTRIBUTED BY LIGHTFOOT TRAVEL
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TRAVEL / TRENDS SHAPING LUXURY HOSPITALITY IN 2024 - CONTRIBUTED BY FAIRMONT SINGAPORE & SWISSOTEL THE STAMFORD
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EDUCATION / PROFESSIONAL DEVELOPMENT: EMPOWERING EDUCATORS FOR SUCCESS - CONTRIBUTED BY MARLBOROUGH COLLEGE MALAYSIA
TRADE / UNCERTAINTY IS INEVITABLE IN 2024. DO NOT LET IT BECOME THE ENEMY OF OPPORTUNITYCONTRIBUTED BY CONTROL RISKS
TRADE / FINDING SAFE HARBOUR IN 2024’S POLITICAL STORM - CONTRIBUTED BY H/ADVISORS KLARECO
BUSINESS SUPPORT / HOW CASH FLOW FORECASTS AND REPORTING CAN HELP YOUR BUSINESS THROUGH TURBULENT TIMESCONTRIBUTED BY BOARDROOM GROUP
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PRESIDENT’S MESSAGE
Hear from our President, Damian Adams, on our key priorities and support for members
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NEWS & HIGHLIGHTS
What’s been happening at the Chamber, at our member companies, in Singapore, in the UK and around the region
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WELCOME TO OUR NEW MEMBERS
Find out who has joined our network
EDITOR / Lucy Haydon
orient-magazine.com
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THE BRITISH CHAMBER OF COMMERCE EXECUTIVE TEAM
EXECUTIVE DIRECTOR / David Kelly
DEPUTY EXECUTIVE DIRECTOR / Lucy Haydon
HEAD OF EVENTS / Ashni Degamia
HEAD OF MEMBERSHIP / Natassia Johnson
HEAD OF TRADE SERVICES / Louise Beazor
EVENTS EXECUTIVE / Caitrin Moh
MARKETING & COMMUNICATIONS EXECUTIVE / K Praveena
FINANCE MANAGER / Radhika Chauhan
OFFICE MANAGER / Anna C Garciso
THE BRITISH CHAMBER OF COMMERCE BOARD
PRESIDENT / Damian Adams, Watson Farley & Williams LLP
VICE PRESIDENT / Simon Middlebrough, SAESL
VICE PRESIDENT / Haslam Preeston
SECRETARY / Nick Magnus, Dulwich College (Singapore)
TREASURER / Christina Mason, PwC
Andrew Clark, AsiaWorks
Andy Marr, 8build
Angel Cheung-Horenfeldt, Standard Chartered Bank
David Haigh, EY
Dr. Lissy Vadakel, British Council
Lorena Paglia, Microsoft
Michael Buchanan, Temasek International
Michael Yap, Coventry University
Penny Murphy, ERM
Prakash Pinto, Standard Chartered Bank
Simon Bennett, Swire Shipping
Suzy Goulding, MSL Group
Steve Firstbrook, Department for Business & Trade
Xi Fa Cai! I hope that everyone has had a restful break during the festive holidays and returned revitalised and ready to take on the rest of 2024, the Year of the Wood Dragon.
2024 marks an exciting milestone in the Chamber’s history as we celebrate our 70th Anniversary in Singapore. A wonderful lineup of anniversary events is scheduled to take place throughout the year, starting with our International Women’s Day Lunch on 4 March with an empowering theme around future-proofing for Inclusion and Equity.
Since my last message at the end of 2023, the Chamber has had a strong start to the year, having already hosted a roundtable with the Department for Business & Trade, following the launch of the United Kingdom’s first Critical Imports and Supply Chain Strategy. With the objective of fortifying resilience in critical supply chains, this strategy seeks to mitigate the risks associated with disruptions, ensuring business continuity and enhancing cost efficiency. Allowing UK businesses to maintain a competitive edge, comply with regulations and forge strategic partnerships with key suppliers, it gives rise to unique opportunities for businesses to collaborate and forge stronger ties.
This year has also already seen Singapore formally ratify the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), becoming the second existing member to do so after Japan late last year. This landmark agreement signifies a commitment to open and inclusive trade amongst its member nations, which contribute to approximately 15% of global GDP. By facilitating tariff reductions, streamlining customs procedures, and promoting greater regulatory coherence, it paves the way for enhanced market access and reduced trade barriers for businesses operating within its framework, providing UK businesses with expanded market opportunities and greater access to a diverse range of goods and services across the Asia-Pacific region.
The Chamber will continue to ensure that member companies are kept updated on the developments of this exciting trade bloc.
Supporting our members’ businesses and trade from the UK is a key part of the Chamber mission. I am pleased to update you therefore that our Executive Director David Kelly has been appointed a Non-Executive Director on the Board of the British Chambers of Commerce in the UK, one of only two overseas appointees. During his three-year term, David will have a unique opportunity to support and promote opportunities within Asia Pacific, and we forward to building a closer working relationship with the wider network of British Chambers in other CPTPP countries outside of Singapore.
I am also pleased to announce that Louise Beazor has started as the Head of Trade Services for the Chamber and is heavily involved in a Trade Digitalisation Pilot programme that we are working on with the UK Government and Chamber member LogChain, as well as Natassia Johnson, who recently joined as the Chamber’s new Head of Membership. Please join me and the team in welcoming both Louise and Natassia.
Thank you all for your continued support and engagement with the British Chamber of Commerce Singapore and all our initiatives. I hope you enjoy this edition of The Orient and I look forward to another productive year of fostering new connections and strengthening our existing ones, as we celebrate 70 years of supporting the British Business Community in Singapore.
My best,
Damian Adams President British Chamber of Commerce Singapore
As the only school in Singapore to offer the choice of A Levels or the IB Diploma in Sixth Form, Tanglin Trust School students can thrive and flourish by studying the programme that most suits them; either the specialist study of three to four subjects or a broad and balanced programme of six subjects.
Our students’ examination results are outstanding, consistently surpassing Singapore and global averages, with 95% of graduates typically receiving their first or second choice university, which are among the best in the world. But that’s not the full story.
Going to school is also about developing a community of lifelong learners, whether it be through sports, the arts, outdoor education or the multitude of other opportunities students embrace. With the support of our dedicated and experienced staff, everyone gets a chance to find their passion, to be part of our dynamic community, and to achieve their personal best.
Find out more at www.tts.edu.sg and discover why Tanglin was named International School of the Year 2023.
The student leadership programme at Dulwich College (Singapore) Junior School empowers our students to thrive both academically and personally. Our student leaders drive positive change by inspiring others, fostering collaboration and role modelling the values we aspire towards. We structure student leadership roles in order to nurture student’s inherent leadership qualities, develop new skillsets, and facilitate learning experiences that extend beyond traditional academic boundaries. Today, 258 Junior students are in leadership roles, preparing them for a future where they will Live Worldwise.
To learn more visit Singapore.dulwich.org or call admissions at 6890 1003
A new restaurant in London sounds like a dream for any homesick Singaporean. On the menu are dishes such as laksa and bak chor mee. For dessert, there is colourful kueh lapis and kueh salat. Even the drinks are Singaporean. Diners can order kopi-C, made with Robusta coffee beans. And the cocktails are made with spirits from two home-grown companies.
Singapulah, a 100-seat restaurant that opened on February 15th on Shaftesbury Avenue in Soho, is a celebration of all things Singapore. The restaurant has the support of a slew of government agencies – Enterprise Singapore (EnterpriseSG), Singapore Brand Office, Singapore Tourism Board and Singapore Global Network.
Ms Jeannie Lim, EnterpriseSG’s assistant chief executive officer (lifestyle & consumer), says Britain is a key market of interest for Singapore food manufacturers because it is receptive to global cuisines and there is a growing demand for Singapore food products.
More than 60 per cent of sales generated by Singapore food manufacturers come from overseas, she adds. Britain is an attractive market also because its food and beverage industry generates a turnover of about US$310 billion (S$418 billion).
EXCEPTIONAL STUDENT FROM MARLBOROUGH COLLEGE MALAYSIA GAINS HARVARD UNIVERSITY PLACE
Elisa Yicen See has being accepted into Harvard University, one of the world’s most prestigious academic institutions.
Master of Marlborough College Malaysia, Mr Simon Burbury said, “[Elisa] is an exceptional student who achieved a perfect score of 1600 out of 1600 in her recent Scholastic Assessment Test (SAT). Last year out of the 1.7 million students to take the test only 300 achieved full marks - that’s 0.0002%. Her result was outstanding.”
Elisa said, “Concentrating in Government at Harvard will allow me to explore not just the theories I have been introduced to in my IB classes but current social movements, especially social media’s role in political activism, allowing me to develop the techniques I currently employ in NGO initiatives.”
GONETZERO™ SURVEY SHOWS ASIA-BASED BUSINESSES HAVE STRONG INTENTIONS BUT FACE CHALLENGES TO DECARBONISE
The surveyed businesses show strong intentions to decarbonise but face external and internal challenges contributing to the gap between their net-zero aspirations and actions. 67% has set net-zero targets while the remaining are still working on their strategies with no concrete actions in the next 12 to 18 months.
The challenges include:
• Insufficient knowledge on how to decarbonise (53%);
• Difficulty in attaining budget approvals for decarbonisation initiatives (42%);
• Inadequate clear measurement and reporting frameworks of carbon emissions (36%); and
• Limited affordable renewable energy options to offset carbon emissions (23%).
Singapore has formally ratified the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), becoming the second existing member to do so after Japan late last year.
The UK signed up to the vast Indo-Pacific trade group in July 2023, with our accession bolstering the trade bloc’s combined worth to £12 trillion, or 15 percent of global GDP. Under the deal, over 99% of UK goods exports to CPTPP countries will face zero tariffs, including British whisky and cars.
Accession will also upgrade the UK-Singapore bilateral relationship, providing opportunities to deepen participation in each other’s supply chains, diversify trade, grow investment into our economies, and collaborate on shared priorities, all while supporting greater access and opportunities for business.
British High Commissioner to Singapore, Kara Owen, said: It is great to see Singapore ratify the UK’s accession to CPTPP, taking us a step closer to UK business accessing the benefits of the agreement. Accession will connect the UK to a group of economies that are the most dynamic and ambitious on free trade. It provides opportunities for our business to build on the strong £21 billion bilateral trade relationship with Singapore.
We look forward to growing our trading partnerships with all members through the ambitious liberalisation commitments, enabling new rules of origin arrangements and opportunities for investment and collaboration.
Martin Kent, His Majesty’s Trade Commissioner for Asia Pacific, said: I’m delighted that Singapore has ratified the UK’s accession to CPTPP. UK accession to CPTPP highlights our commitment to deepening our £124bn trade relationship across the Asia Pacific, one of the most dynamic and fast-growing trading areas in the world. I look forward to working with partners across the region to help businesses make the most of the CPTPP.
To bring the deal into force for the UK, the government has introduced the Trade (CPTPP) Bill in parliament. Entry into force is expected in the second half of 2024 once the UK and CPTPP Parties have finished their legislative processes.
It's our birthday! We'll be celebrating 70 years of supporting the British business community in Singapore throughout 2024. Stay tuned on our social media, news and events pages to get involved!
welcome to our 70th Anniversary Partners
Catch up with the latest digital content and highlights. Photo galleries from our major events can be found on our Flickr channel, with upcoming events here
In Episode 171, Mike Rourke, Head of Product at GSG and Chair of our Financial and Fintech Committee, speaks with Nawaz Imam, Group Head of Corporate Development at MoneyHero Group, discussing the growth of FinTech in Asia.
Sharing insights into Money Hero Group’s journey to make personal finance decisions rewarding and timesaving for the five markets they operate in across greater Southeast Asia – Singapore, Malaysia, Philippines, Hong Kong and Taiwan, the conversation explores the strategic planning behind Money Hero’s growth – highlighting some of the key challenges of adapting to varying levels of financial literacy within the markets they operate in, achieving standardisation across these diverse markets and the importance of operational efficiency. The conversation also spotlights his personal journey from the institutional finance world to becoming a FinTech entrepreneur – delving into the challenges and successes faced in building a FinTech startup in Asia. Emphasising the understanding market dynamics and having a clear commercial strategy, he shares key lessons from his experiences and touches on resilience in entrepreneurship – encouraging individuals to embrace the learnings that come with the journey.
In Episode 172, Kate Wheble of the British Chamber of Commerce’s Sustainability and Resilience Committee, speaks with Yuki Yasui, Managing Director of GFANZ Asia Pacific Network. The discussion presents a thought-provoking exploration of how sustainable finance can be a powerful force for positive change in addressing pressing environmental and social challenges on a global scale.
Yuki shares her personal journey into sustainable finance, tracing back to her early involvement with the United Nations Environment Programme Finance Initiative (UNEP FI) and highlights pivotal moments such as the launch of the Equator Principles and the Principles for Responsible Investment.
The dialogue extends to recent global developments, with a particular focus on the outcomes of COP26 and COP28. Yuki underscores the critical importance of sustainable finance in driving forward the global climate agenda, emphasising the need for concerted efforts from governments, multinationals, and financial institutions alike. Furthermore, Yuki articulates the imperative for clear definitions and robust transition planning in sustainable finance. She advocates for common understanding and alignment on financing strategies, particularly in the transition from “brown” to “green” economies, to mitigate risks such as greenwashing and ensure genuine impact. Throughout the conversation, Yuki’s insights underscore the pivotal role of finance in catalysing sustainability efforts, shaping policies, and fostering collaboration across sectors.
Access all episodes on our website or from your favourite podcast player, including Apple Podcasts, Spotify, YouTube, Amazon Music, Audible, and many more.
― We had an incredible night on 2nd December with over 900 guests at the Ritz-Carlton Millenia Hotel. Below are just a few of the highlights, visit the Flickr gallery to download your pictures in high resolution. Thank you to all those who supported this event and joined us to celebrate.
The Great British Ball, December 2023. See opposite page for more
Professor Adnan Khan, Chief Economist and Director for Economics and Evaluation Directorate at the UK’s FCDO, December 2023
Stephen Copestake and Manisha Tank share expert advice on confident communications and public speaking, January 2024
Experts from Acuutech, Lenovo and HP update members on cloud optimisation for businesses, February 2024
Control Risks share their RiskMap Asia for 2024 with additional insights from Jaguar LandRover and Standard Chartered Bank, February 2024
The Chamber continues to welcome exciting new member companies to our network. To contact them visit the Membership Directory on our website or reach out to our team.
CRI Group since 1990, is a global provider of Investigative Research, Forensic Accounting, Counter Fraud and Counter Corruption, Integrity Due Diligence Investigations, Background Investigations and Specializing in Third-Party Risk Management and Screening being additional support to Corporate Governance and Compliance Solutions. Visit www. crigroup.com for more information.
LA Comedy LIVE has been responsible for bringing the biggest stars and the loudest laughs in Singapore and Hong Kong. With a stellar record of presenting comedy heavyweights to the Singaporean audience, we have enjoyed tremendous success in all arenas. Visit www.la-comedylive.com for more information.
Professional body in Exporting and International Trade. Empowering organisations and equip individuals with the expertise to trade effectively, sustainably and competitively. Visit www. export.org.uk for more information.
Coventry University Enterprises Limited (CUE Ltd), a subsidiary of Coventry University Higher Education Corporation, is the organisation through which the University runs much of its commercial, income-generating and business-partnership work. Operating in a regional, national, European and international context, CUE supports the corporate aims and seeks to maximise the commercial potential of the University’s skills, expertise and resources. Visit www. coventry.ac.uk for more information.
Graham Kean (MA, Psych; MMC, IAC), the founder of Life Mastery Coaching Singapore LLP, has had more than 25 years of experience as a coach, psychotherapist and trainer. He works with expats looking to live a happier life and achieve lasting fulfillment in career and relationships. He helps clients develop a clear path forward by addressing their powerful limiting beliefs, and by examining how their past holds them back in the present. Graham also provides corporate trainings and motivational workshops that support teamwork and facilitate enhanced staff performance for corporate organisations Visit www.grahamkean. co.uk for more information.
John Menzies Ltd. is an aviation services business providing aircraft ground handling services, through its subsidiary Menzies Aviation Ltd. Visit www. menziesaviation.com for more information.
E-nomics is a boutique economic consultancy helping organisations to compete, innovate and internationalise in an inclusive and sustainable manner. We work with companies, startups, investors and government agencies. E-nomics provides research, analysis, advice and training in the areas of competition, regulation and policy. We work across different industries with a focus on the digital economy. We also provide a diversity lens to our research and recommendations. Visit https://e-nomics.com/ for more information.
Established in 2010, Blex Training offers a wide range of training and development solutions, including customer service, sales performance, interpersonal skills, communication and influencing, conflict resolution, cultural diversity, and management and leadership. Contact Alex Peacock for more information.
Fresh Accounting is a dynamic management accounting practice and consultancy with offices in Hong Kong, Singapore, and Nepal. We believe accountants should do more than just report on how your business is doing. We identify opportunities and strategies to improve your business and support you in enhancing performance and profitability. Visit www.freshaccounting.biz for more information.
Metasequoia invests in and advises startups and SMEs for G2M strategy, cross-border market expansion, investment, and exit for APAC, US, and Europe markets. Contact Taek Kim for more information.
Since 1997 we have provided best advice across a wide range of lending scenarios. From buying a first home through to multi-million-pound purchases, we have helped turn thousands of clients’ property dreams into reality. Our advisers have access to the whole of the market – as well as exclusive and bespoke products – and know which lenders to approach in order to find the right mortgage for you.
We are recognised in both the mortgage industry and the Press as one of the UK’s leading whole-of-market mortgage brokers and have won several awards over the past 26 years. If you are looking for a mortgage, we make it happen. Visit www. spf.co.uk for more information.
At Pavelka, we are dedicated to cultivating a workplace culture of wellbeing. Our global team collaborates with HR, People & Culture, and Learning & Development to implement holistic wellbeing programs, including webinars and gamified challenges. These initiatives seamlessly integrate into daily life, bridging the gap between work, home, and the world. Beyond event planning, we offer assessment tools to measure the impact of these programs, emphasizing the importance of daily behaviors for better health. Pavelka’s unique approach, The Four Elements (Eat, Sweat, Think, and Connect), promotes sustainable habits for optimal health. Start a conversation to explore how Pavelka can support your mental health initiatives. Visit https:// pavelka.global/ for more information.
Through seven decades of boundary-pushing heritage, Lotus has inspired and united generations of passionate drivers. As we look to the future, Lotus continues to set new standards in automotive excellence. Our journey is just beginning.
Lotus was founded by Colin Chapman in 1948 in Hethel, UK. A maverick engineer and era-defining mind, Chapman believed in the power of simplicity, subtracting the redundant and investing in the essential. Over the years, Lotus has remained true to its founder’s spirit, with countless racetrack victories and engineering breakthroughs to its name. Visit www. lotuscars.com for more information.
Our expert advice to property occupiers, owners and investors leads the industry into the future. We invest in relationships to create enduring value. Visit www. colliers.com/en-sg for more information.
Your background, prior to Revolut, is in the technology sector and more recently payment services. What advice would you give to young professionals or graduates looking to make their mark in these industries?
In my career I’ve always been involved in fintech, firstly in large enterprises and latterly in the startup space, both early and late-stage companies. The industry is innovative by nature, identifying gaps in the user experience in traditional finance and making improvements. I’ve been based in Hong Kong, China and Singapore, holding both national and regional roles, providing a background which has helped me to grow and learn quickly – what works in one market may not work in another. For example, Europe is a predominantly debit card market, whereas in Singapore the norm is to use credit cards and being credit worthy is a status symbol.
For young professionals, I would recommend three things for this industry. Firstly, you need to be curious and hungry to create change and value for customers, otherwise you will not be creating something new or improving their existing experience through small iterations. Secondly, start young where you can learn new skills rapidly. Through apps like Revolut, you can learn how to manage finances through budgeting and analytics and even the basics of investing through our Learn features and even through investing with as little as US$1.
. Lastly, read! Change happens constantly and you must constantly be building on your existing knowledge and be aware of the latest trends around the world to make better decisions and create innovative products. Think global, act local.
You’ve recently launched Revolut’s Instant Card Transfer service, striving towards making money simple for your customers. What’s coming up next in the company’s plans for Singapore and/or the region in the short and medium term?
“Competition will always be there. To stand out you must move faster, innovate better, listen to your customers, remain relevant and create value.”
Revolut is highly customer-centric and focuses on value, developing products and services to provide a platform customers can use throughout the day to help manage their money. We listen to our customers on product development in each market, for instance teaching children the basics of financial literacy through the Revolut <18 account, or continually looking to add to our existing 33 foreign currency wallets to meet the demands of our frequently travelling customers or remittances for those working outside of their home country.
By staying true to this approach, we have seen a very encouraging response from customers. Since our launch in 2019, we have seen our sign-ups increase by approximately 2X year-on-year. We are also seeing an increase in the usage of our app. The number of transactions on Revolut Singapore has doubled in October 2023 compared to a year ago. The payments that Revolut Singapore facilitates on a monthly basis has also grown by over 50% in October 2023 compared to a year ago.
We are data-driven, and ceaselessly looking to innovate and enhance the user experience. With the release of many recent products, we now look in depth at how they are used and can make incremental changes to optimise the experience for our customer’s needs and preferences. For example, in Singapore, we are integrated with Singpass so that we can provide a quick and seamless account opening experience for our customers. Today, a new customer can complete the sign-up process in less than two minutes. Across our markets, it takes just 24 clicks or less to create a Revolut account.
In the medium to long-term we are reviewing business products to support SMEs, listening to our customers who need support in multiple markets. This is our way of helping organisations be successful in this part of the world.
What are some key challenges you anticipate as you strive to make Revolut a superapp in Singapore?
In the UK and Europe, we are already considered a superapp, but not yet in Singapore. In order to reach this status we need to develop a focused suite of more products and services, working with the financial regulators to obtain the relevant licenses and working with partners to develop the services. We have established partners in the UK and hope to extend the reach of these relationships here in Singapore, supporting the British community in Singapore.
What are your views on the competition you face here, and how does Revolut stand out?
This is a competitive market for fintech, with Singapore being a priority for APAC expansion. Our competitors include not only those in the fintech sector but also the digital banks in Singapore. Interestingly, these banks are not only competitors but also collaborators, who we can both work with, and learn from.
Not many players in this market have the same aspiration to be a financial super app, choosing to focus on one or two key services which they deliver well. This is how we are differentiating ourselves. We are building the world’s first global financial superapp - an easy-to-use and safe one-stop shop for all things money that will help our customers save time and get more from their money every day. We have the necessary licenses to offer a wider variety of services and will double-down on this in the coming years.
Competition will always be there. To stand out you must move faster, innovate better, listen to your customers, remain relevant and create value.
Additionally, it is important to create a personalised product. Thishelps to humanise technology products such as ours and enables us to differentiate from our competitors. Through our recently launched version, Revolut 10, users can change their app’s theme, customise their homepage with widgets for the features they use the most, and choose custom backgrounds and wallpapers - they can switch up their account’s style to fit their mood and personality.
We also release unique products such as our recent Diversity card in recognition of diversity and inclusion and are continuously stepping up our local community efforts as an organisation.
As a leader, what keeps you up at night in the current business climate?
Firstly, how to stay relevant to the market. There is no one-size-fits-all approach when you are servicing multiple markets. Secondly, how to create value for our customers.
Finally, how to protect our customers’ money. Especially amidst the landscape of increased fraud and scams, which is particularly prevalent in Singapore but is also a global problem. We have implemented robust security controls and have been delivering a lot of education to our customers on being vigilant to scammers and fraudsters. For example, educating them on using our single-use disposable virtual cards . Revolut’s single-use virtual disposable cards can be used at physical stores as well as to shop online - once paid, the card details are deleted so that they can’t be skimmed or re-used by criminals. This allows users to use their card for one-off transactions as well as protects them from online sites they aren’t quite sure of. Users can generate up to 5 cards a day.
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Robert Walters Singapore Country Manager, Monty Sujanani, shares his inputs on the hiring market in 2023, as well as the hiring trends he’s predicting for 2024. Find out which skillsets are in highest demand, the best strategies to recruit and retain top talent, and an expert look at 2024 salary forecasts.
Workplaces in Singapore got more diverse in 2023, with companies embracing individuals from a wide range of backgrounds as part of a growing emphasis on diversity and inclusion. According to Monty Sujanani, Country Manager at Robert Walters Singapore, this inclusivity extended beyond culture, encompassing geographical diversity as well.
“Employers were more open about hiring talent without any constraints on their physical location. Increasingly, they also provided flexible work arrangements like remote or hybrid work options,” he states. “This allowed companies to access a bigger talent pool, while giving employees more autonomy over choosing their preferred place of residence.”
As part of Singapore’s ongoing digital transformation efforts, the demand for professionals in technology, cybersecurity, data analytics and software
development has remained strong and consistent, with increasing demands in the fields of generative AI, Monty points out.
One of the areas where healthy demand for Sales & Marketing professionals could be found has been among senior leadership roles within the Consumer sectors, as more European retailers expand into Singapore to establish their Asia headquarters.
“Many industries are also shining the spotlight on matters around sustainability and environmental, social and governance (ESG),” he observes.
Read on to find out more about Monty’s expectations for Singapore’s labour market in 2024.
More companies are devoting more time and effort to their sustainability and corporate social responsibility (CSR) endeavours, which Monty says will have a profound impact on the way companies approach hiring, even for roles outside of these functions.
“Skillsets and qualifications may no longer be the sole focal point in the hiring process,” he explains. “Companies may give more weight to candidates who resonate with their values, mission and dedication to CSR. This often intersects with diversity and inclusion, with organisations seek to foster a workforce that reflects a wide spectrum of perspectives and backgrounds, as well as ensuring equal growth and development opportunities for all.”
Looking ahead, Monty predicts that flexible work arrangements will prevail across most industries in the year ahead.
A general mood of caution and frugality has also taken hold across many industries due to uncertain market conditions. As a result, Monty foresees that companies are more likely to ramp up hiring through contract positions. On the candidate side of the market, there may be a rise in ‘boomerang employees’ who seek out stability and familiarity by returning to their previous firms.
Lastly, with digital and ESG being some of the prime focus areas, there will be a rising demand for roles related to generative AI, technology and transformation, sustainability energy, environmental management and green tech.
Candidate expectations have changed in recent years, with more talent looking out for flexible work arrangements and work-life balance. Competition for talent in sectors like tech remains fierce as there is a shortage of qualified and experienced candidates. “Managers seeking to attract and retain top talent should thus be proactive and adaptable about addressing the evolving dynamics of the job market.” Monty notes.
Some of the areas that companies can focus on include employee benefits and well-being, strengthening their company culture through equity, diversity and inclusion (ED&I) initiatives, and reviewing compensation benefits to stay relative. In addition, employers should also consistently engage and gather feedback from their teams and lay out career pathways and development opportunities clearly.
“Salaries are expected to increase based on a number of factors – economic growth, inflation rates, industry trends and labour market conditions,” concludes Monty.
Since 1985, businesses across the globe have relied on us to find the very best specialist professionals and we are trusted to help build the careers of the world’s leading executives, job move after job move. It’s a success story we’re proud of and one that’s built on the strength and passion of our people. As the business continues to expand, we operate with the same commitment to service and quality. Every candidate is treated as an individual with a focus on advising and consulting. It means we continually have the best candidates on the market to offer our clients. Visit www.robertwalters.com. sg for more information.
Request access to the 2024 Salary Survey to benchmark salaries and to find out more about key hiring trends in Singapore
Sustainability, CSR and diversity gaining more mindshare― Singapore’s new COMPASS framework for Employment Pass applications and renewals is raising the bar for businesses hiring foreign nationals.
By Rachel Ang, Immigration Manager, Magrath Sheldrick LLPSingapore has long been an attractive destination for businesses and expatriates alike due to its robust economy, political stability, and business-friendly environment. Over the years, the city-state has continually adapted its immigration policies to meet the evolving needs of its workforce and economy. One of the latest developments in this regard is the introduction of the Complementarity Assessment Framework (COMPASS) for new Employment Pass applications from 1 September 2023 and Renewals, scheduled to take effect from 1 September 2024 onwards. This significant change in Singapore’s immigration landscape has raised questions and concerns for companies with existing pools of expatriates and those planning to hire foreign nationals for their Singapore entities. In this article, we will delve into the key aspects of COMPASS and explore what it means for businesses operating in Singapore.
The Complementarity Assessment Framework (COMPASS) is a novel framework devised by the Singaporean government to ensure a more calibrated and data-driven approach to managing foreign employment in the country. With a specific focus on Employment Pass applications and renewals, COMPASS aims to strike a balance between the interests of foreign workers and the local workforce, while also aligning with Singapore’s long-term economic and labour market needs.
COMPASS aims to attract and retain top global talent, while also increasing the incentives for businesses to develop and promote Singaporean employees.
COMPASS is based on four foundational criteria:
1. Salary: The applicant’s salary must meet or
exceed a minimum salary threshold, which will be set for each job role and sector.
2. Qualifications: The applicant must have the necessary qualifications and experience for the job role.
3. Diversity: The applicant’s nationality must not exceed a certain percentage of the employer’s total professional, managerial, and executive (PMET) workforce.
4. Support for Local Employment: The employer must have a good track record of hiring and developing Singaporean employees.
In addition to the four foundational criteria, there are two bonus criteria:
1. Skills in Demand (Shortage Occupation List): The applicant has skills that are in high demand in Singapore and are not readily available in the local workforce.
2. Support for Strategic Economic Priorities:
The applicant’s work will contribute to achieving Singapore’s strategic economic priorities. Employers can use the MOM provided self-assessment tool to assess whether their preferred candidate is likely to qualify for an EP under COMPASS. Implications for Companies with Existing Expatriate Workforces
For companies that already have a substantial expatriate workforce in Singapore, the introduction of COMPASS may require adjustments to their existing employment strategies. Here are some key considerations:
Renewal Challenges:
Renewing Employment Passes for existing expatriate employees may become more competitive and challenging. Companies should be prepared to demonstrate the unique contributions of their foreign employees to the local economy to meet the new qualification criteria.
Individual Profile Assessment:
Assessing the profile of each expatriate worker will become crucial to determine their eligibility under the new framework. Companies should evaluate whether the roles occupied by their foreign employees align with the COMPASS categories and qualification frameworks.
Talent Retention:
Retaining skilled expatriate employees may require more effort as they navigate the evolving immigration landscape. Companies should consider improving their employee value proposition to ensure retention.
Compliance and Documentation:
It is essential for companies to maintain rigorous documentation and records to comply with the new requirements. This includes evidence of fair employment practices, job postings for locals, and skillset evaluations.
For companies planning to expand their operations in Singapore or hire foreign nationals in the near future, COMPASS introduces additional considerations:
1. Strategic Workforce Planning: Companies must carefully assess their expansion plans and the specific roles they intend to fill with foreign workers. Understanding the COMPASS framework and qualification frameworks will be critical for making informed hiring decisions.
2. Local Talent Development: Given the priority accorded to local hiring, companies should invest in local talent development programs, training, and upskilling initiatives to meet their
staffing needs while staying compliant with COMPASS.
3. Compliance from the Start: Compliance with COMPASS should be a top priority from the outset. Companies should establish fair employment practices, create transparent hiring processes, and maintain detailed records for future Employment Pass applications.
4. Professional Partnerships: Engaging with partners in Singapore who are well-versed in the immigration landscape and COMPASS can simplify the hiring process and ensure compliance.
The changing immigration landscape in Singapore with the introduction of COMPASS marks a significant shift in the way foreign employment is managed in the city-state. It emphasizes a more data-driven, calibrated approach to balance the needs of foreign workers, local talent, and the broader economy. Companies with existing expatriate workforces and those planning to expand in Singapore must adapt to this new reality.
Navigating COMPASS will require a strategic and proactive approach, including skillset assessments, talent retention strategies, and a strong commitment to fair employment practices. Furthermore, businesses should maintain compliance from the outset and invest in local talent development to meet the evolving needs of the Singaporean labour market.
Singapore’s willingness to adapt its immigration policies to suit its economic objectives demonstrates its commitment to remaining a competitive and attractive destination for businesses and talent. As companies adapt to the changing landscape, they can continue to thrive and contribute to growth and prosperity.
Magrath Sheldrick LLP is a major force in immigration and employment law. The firm provides innovative, high-touch advice and assistance to a diverse range of businesses and private clients from around the World. With headquarters in central London, Magrath Sheldrick LLP is one of the UK’s most successful business immigration practices, providing UK, US, and Global immigration solutions. The Singapore office provides focused and tailored immigration advice to corporates and individuals including assistance with cross border projects in APAC. Praised as a market-leading firm by the main legal directories, the firm specialises in all aspects of global mobility and investor migration. Visit www.magrath.co.uk for more information.
Enjoy an odyssey through 2024’s travel tapestry. From the ethereal landscapes of Vietnam in January to the mesmerizing allure of Victoria Falls in June, delve into a year of travel with insights on when to go, where and why. The perfect armchair escapade to get a new year of travel planning started. Let the 2024 adventures begin!
By Lucy Jackson Walsh, Founder and COO of Lightfoot TravelJANUARY: Northern Vietnam (Halong Bay, Hanoi and Sapa)
WHY: Less crowds and beautiful weather. The grass in the Masai Mara is long and ethereal making the landscape breathtakingly beautiful, there is greater movement of elephants and whilst the longer grass can make some game spotting a little more challenging – the reward is 10-fold.
HIGHLIGHTS: The enormous skylines made even bigger by the clear weather.
TOP TIP: Combine beach with bush as it is also one of the best times for the Kenyan coast with tides pulling any seaweed away from the shoreline making way for tropical white sand.
MARCH: India
WHY: This marks the winter season in northern Vietnam so the temperatures are cooler with little rain making it ideal for hiking and exploring.
HIGHLIGHTS: The morning mist rising off the water as you sail around the stalactites of Halong Bay.
TOP TIP: Do the Bill Bensley trail, and stay in Capella Hanoi, Hotel de la Coupole Sapa, and Intercontinental Da Nang.
FEBRUARY: Kenya
WHY: The National Parks are starting to become more arid, making for great sightings of the Benghal tiger.
HIGHLIGHTS: Staying in a luxury tented camp.
TOP TIP: Combine the tigers in Ranthambore National Park with the leopards in the Jawai district for the ultimate Rajasthani desert safari experience.
APRIL: Sri Lanka
WHY: Beat the summer crowds and explore Turkey before it gets too hot.
HIGHLIGHTS: Hot air ballooning over Cappadocia at sunrise.
TOP TIP: Combine culture in Istanbul, coastal beauty in Izmir, and surreal landscapes in Cappadocia for a uniquely enriching Turkish adventure.
WHY: It is approaching the end of dry season with great wildlife and hiking opportunities in the south.
HIGHLIGHTS: Climb the Knuckles Mountain Range to get the best views over the valleys. The mountain range is achievable for most fit hikers and is five equal mountains shaped like a clenched fist.
TOP TIP: Take the train ride from Hatton to Ella passing through tea plantations, spice fields and local villages along the way.
MAY: Turkey
JUNE: Zimbabwe
WHY: Mongolia has an incredibly short travel season due to its harsh northern climate and July is one of the best months to visit. Days are long and temperatures are warm.
HIGHLIGHTS: Hiking up the Khongoren Els sand dunes in the Gobi Desert for sunset; spending time with our nomadic friends learning to cook, herding the animals, and integrating yourself in their daily life; witnessing smaller, local Naadams (Mongolia’s national festival that takes place every July).
TOP TIP: Stay in a Nomadic Mandala ger, a bespoke luxury yurt located next to a nomadic family in the middle of the wilderness.
WHY: The start of the dry season with lush landscapes, great game viewing and less people.
HIGHLIGHTS: The boom and drama of Victoria Falls with water levels at their highest.
TOP TIP: Pack lots of layers as the change in season brings lovely cold evenings.
JULY: Mongolia
AUGUST: Malaysian Borneo
WHY: A lot more for your money accommodation-wise compared to somewhere like Europe at this time of the year.
HIGHLIGHTS: Keen divers can experience Baa Atoll UNESCO Biosphere Reserve with the best chance of seeing Manta Rays in this area between May and November.
TOP TIP: This is lower season in the Maldives due to the rain, so can be a good time to get better rates particularly for those that plan to spend most of the time under water.
WHY: It is peak season for a reason – weather is warm and dry with occasional showers, making it ideal for jungle trekking, wildlife safaris, and relaxing at the beach.
HIGHLIGHTS: Witness the majestic orangutans in Sepilok, enjoy a wildlife cruise down the Kinabatangan River to spot pygmy elephants, summit Mount Kinabalu.
TOP TIP: Book early as a lot of the wildlife lodges are small and can book up a year in advance.
OCTOBER: Oman
SEPTEMBER: Maldives
WHY: The weather is perfect at this time of year –beach weather on the coast and pleasantly cool in the mountains.
HIGHLIGHTS: Desert camping in the Wahiba Sands; witnessing turtle releases in Ras Al Jinz; exploring the hauntingly beautiful Jabal Akhdar Mountains.
TOP TIP: If you can, add some beach time at Six Senses Zighy Bay in the far northern Musandam Peninsula.
NOVEMBER: Chilean Patagonia
WHY: It brings warmer, spring-like weather perfect to hike the trails of Patagonia’s Torres del Paine, explore the dunes and salt flats of the Atacama as it warms up and see the unique moai of Easter Island before the busier peak summer months.
HIGHLIGHTS: Take advantage of the vibrant landscapes as the country blooms with spring moving into summer.
TOP TIP: Take the time to visit the Atacama’s beautiful high Altiplanic lagoons, Miscanti & Menique, some 4000m high in the Andes, surrounded by a volcanic-desert landscape and home to flamingoes and other bird species.
WHY: Beautiful weather just at the start of summer.
HIGHLIGHTS: The ultimate South Island road trip starts in Nelson, continues along the coastal route to the marine sanctuary of Kaikoura, heads inland from Christchurch to the mighty mountains and glaciers around Mount Cook, and ends in the adventure capital of Queenstown.
TOP TIP: Visit in early December when the weather is ideal, but before the festive crowds (and prices!) arrive.
DECEMBER: New Zealand
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― As the luxury hospitality sector continues to evolve, the year 2024 will understandably witness more innovative trends that will shape the way highend travellers experience luxury. These trends reflect not only the changing expectations of discerning guests but also the industry’s response to broader societal shifts.
By William J. Haandrikman, Managing Director of Fairmont Singapore and Swissôtel The StamfordQuiet luxury indicates a preference for understated elegance and personalised experiences. Discerning travellers seek authenticity and exclusivity, quiet luxury speaks of a refined and subtle approach to hospitality. This trend is characterised by discreet, unobtrusive service that anticipates the needs of guests without drawing attention. From classy luxurious accommodations to personalised, bespoke experiences, it is about creating a sanctuary of sophistication and tranquillity for our guests who appreciate a more intimate, authentic, and thoughtfully curated approach to high-end hospitality.
Sustainability is no more a ‘nice-to-have’ but an increasingly important consideration. A recent Sustainable Travel Report by Booking.com noted that 81% of global travellers said that travelling sustainably was important to them – and also an integral demand shaping the MICE sector. With ESG goals at the fore for most companies, demand for greener events has increased so much that 83% of travel and meetings professionals say sustainability is a consideration in planning meetings and events, according to AMEX Global Business Travel’s consulting.
I’m proud to say sustainability has always been at the forefront of operations for Fairmont Singapore and Swissôtel The Stamford. Most notably, in 2019, the hotels launched the industry’s first urban Aquaponics farm in efforts to meet the rising demand among guests for fresh quality produce and to support Singapore’s goal of producing 30% of its nu-
tritional needs locally by 2030. But we mustn’t stop here. There is more work to be done and this will be a key focus for us - and many across the hospitality sector - in 2024 and beyond.
Wellness has evolved to become a fundamental aspect of luxury hospitality. High-end travellers are increasingly seeking retreats that offer holistic experiences. Wellness is no longer just spa and massage; but about experiences that truly integrate body and mind. Luxury hospitality brands in 2024 are likely to feature more ahead-of-the-curve wellness programs, state-of-the-art spa facilities, and especially curated experiences that promote physical, mental, and emotional health. We’re excited to share that plans are in the pipeline for a comprehensive refurbishment of our spa next year. It is an investment and our commitment to elevate it to the best wellness centre in Singapore when completed.
Travellers tend to appreciate a connection with local art and culture when in a foreign country. Cultural immersion will be a key differentiator for luxury hotel brands. Here at Fairmont Singapore and Swissôtel The Stamford, we want to show our guests an authentic side to Singapore; championing local, cultural craftsmanship and experiences within our hotel spaces such as our recent exhibition, “I Paint my Singapore” with celebrated Singaporean artist Yip Yew Chong; as well as creatively through our accommodation and dining offerings.
Culinary experiences have long been a hallmark of luxury travel, and this trend continues to evolve. Guests are looking for Michelin-starred dining experiences, exclusive dining events, and immersive gastronomic experiences. The emphasis will be on offering a journey through local and international cuisines, complemented by rare and fine dining options. With a diverse selection of cuisines and in our 12 distinct restaurants and bars, Fairmont Singapore and Swissôtel The Stamford have a definite advantage here.
Bleisure
The rise of “bleisure”, a portmanteau of business and leisure, signifies a significant transformation in the way professionals approach travel.
Today, business trips are no longer confined to boardrooms and meetings; they have seamlessly blended with leisure, allowing individuals to extend their stays and explore destinations with families beyond work commitments. This trend reflects a shift in the corporate culture, acknowledging the importance of work-life balance. Professionals increasingly view business travel as an opportunity to mix business obligations with personal relaxation and exploration. Many in the hospitality sector have adapted to this trend by offering amenities and experiences that cater to both work and leisure, such as sophisticated co-working spaces, and curated local experiences.
All in all, luxury hospitality in 2024 will be characterised by a harmonious blend of sustainability, exclusivity, and a commitment to offering unparalleled personalised experiences.
― RiskMap is the leading annual forecast of business risks, compiled by Control Risks experts worldwide. With risk ratings and in-depth analysis, RiskMap is your essential guide to mitigating risk and seizing opportunity in the year ahead.
By Nick Allan, Chief Executive Officer, Control RisksOne of the themes in our Top Risks for 2024 is The Great Realignment, a dynamic that is laden with risk and opportunity. It is a comment both on the state of the world and on the obligations facing companies that want to thrive in the coming year. Casting back, the post Covid bounce threw up a whole new set of economic challenges layered with geopolitical turmoil. The result is that many of the most pressing issues of the age, from climate change, war, unrest, and debt have been denied the required level of international co-operation. The widening conflict in the Middle East is just manifestation of this neglect.
Words like unprecedented are over-used and the complexities of the current era certainly have historic parallels, but not in recent times. The world order is in flux, and it will be some time before it becomes clear what new rules and norms apply. As with most times of change, there are winners and losers. For business it will be essential to ensure that risk can be evaluated objectively and with a variety of lenses. An excess of uncertainty drives a pessimistic view of the future and a reluctance for firms to take calculated risks in search of opportunity. For many of our clients, political risk seems omnipresent, whether in home markets where the outcomes of elections look hard to call or in international locations where conflict, political violence or regulatory overload threaten investments. Companies that can localise their operations will be more successful on a global scale. This is a trend that has been building over time; sweeping global narratives are often less use than granular, local under-
standing. Localisation is the currency of the great realignment.
The era of globalisation is not over, but its character is changing, and companies are spending more time and resources to uncover their critical dependencies and build resilience. The coming year will see more geopolitical competition and, in some areas, conflict. At the country level, internal political disfunction and contest will distract and prevent effective engagement with some of the issues that require global collaboration. With economic uncertainty and the long hangover from the pandemic, many governments have a short-term outlook based on domestic political expediency that pays lip service to more strategic planning. For business this presents a real challenge where corporate planning cycles and investment decisions require greater certainty.
At the global level, the damaging effects of the excess debt and recent inflation are still working their way through political and economic systems. Growth is hard to find, and emerging economies, in particular, find themselves wrestling with the need to create jobs and invest at a time where debt costs are surging. Many nations borrowed to support themselves during the pandemic, but this was emergency spending rather than investment and is now a significant drag on financial resources. Economic stresses all too quickly feed into political ones and the populism and nationalism of recent years is set to continue.
In 2024 the nationality of a business will remain of primary concern in many places. This is a continuation of a trend where global businesses are drawn into geopolitical tensions by dint of their location of origin. The politicisation of regulations, the complexity of sanctions regimes and the numerous foreign investment restrictions make this an elevated risk trend in the year ahead. Indeed, regulatory risk in all its facets will continue to weigh heavily on international firms. Primary among this will be the restrictions on data sharing and mandates around storage. For years businesses have relied on the easy sharing of data across borders but new laws in most key markets are forcing often radical change, with stiff penalties for those that do not comply.
In addition to data controls, governments will also be grappling with the implications of artificial intelligence - from an economic perspective but also with a view to the political and security impact. Mainstream news organisations are already working hard to step up verification services to keep on top of AI-generated content that appears as a torrent around any major geopolitical event. As AI improves and is used to generate content that is indistinguishable from reality to most people, the potential effects on domestic and geopolitics will be significant. For business the obvious challenge is the need to protect brand and reputation if targeted, but also how to manage accurate information at times of crisis. Cyber threat actors will continue to expand the use of AI in their operations, increasing the pace and scale of attacks. The velocity of the AI revolution may not match the most hyperbolic predictions, but the rapid advances to date suggest that the world is at the dawn of a new age, with all the opportunity and potential upheaval that such revolutionary moments entail.
With all the challenges and potential crises that businesses face, it will be important not to miss the bright spots and trends. With national elections in
India, the most likely outcome sees Prime Minister Narendra Modi returned to office with a mandate to drive further economic reform. With a population of 1.4 billion, a rising middle class and no shortage of human talent, the next decade looks set to be the one where India delivers on the promise that has long been there. India’s economic strength will be matched by increased robustness on the global stage. While the country will continue to be a challenging market to invest in, the numbers mean that it will be one that few companies can ignore. 2024 is likely to see an early rush of investment in India turn into a steady flow, particularly when other sources of opportunity could be hard to find.
Companies investing in new markets will need to understand the power dynamics at play at multiple levels; old assumptions will need to be challenged. The forces of populism and nationalism are still in the ascendancy and into this heady brew can added great power and middle power competition. As if that were not enough, the past year has demonstrated with stark clarity the consequences of a changing climate. At the most basic level, countries have had to deal with flood, drought, wind, and fire in ways that a few years back would have been seen as generational events. Climate disruption will drive migration, undermine economic prosperity, and test societal resilience.
International companies will at times feel overwhelmed by the breadth of issues that they need to consider, from their own operations to taking greater responsibility for and dealing with increased scrutiny of their supply chains. The temptation may be to try and build unrealistic levels of certainty. The winners are likely to be those firms that can be adept, agile, and clear about their risk tolerance. Most corporate leaders would surely ask for a little less risk to manage in 2024 than they have had to deal with these past few years. Such wishful thinking looks set to remain just that.
Control Risks is a global specialist risk consultancy that helps to create secure, compliant, and resilient organisations. Combining unrivalled expertise, experience and reach with the power of data and technology, we provide the insight and intelligence needed to stay on track, realise opportunities and grow. Visit www.controlrisks.com for more information.
― This year will see monumental change and a record number of elections worldwide. 40 countries will have their political agendas reshaped by old and new regimes looking to sure-up their leadership. This shift will have ripple effects for trade policies, bringing a wave of uncertainty to internationally minded businesses.
By Mark Worthington, Managing Director and Co-Founder, H/Advisors KlarecoIncumbent Governments have had a tough term as they’ve been forced to navigate a pandemic, recessions, and volatile geopolitics. As a result, 2024’s elections could see dissatisfied voters instigate an overhaul of international relations and trade policies. It’s a year where businesses will need to brace themselves for stormy seas and seek an even keel for growth.
Amidst the turmoil, Singapore’s transfer of leadership has been long planned with economic stability and political continuity at its core. Sitting in the centre of the developing ASEAN economy and as a result of strategic planning, Singapore is increasingly attractive to businesses and now the de facto gateway for eastward expansion.
With the changing dynamic in Hong Kong, the dismantling of the UK’s global trade network post-Brexit, and elections slowing down individual trade negotiations, Singapore has been a linchpin in the UK’s renewed international trade strategy. Through a series of agreements and treaties, such as the Trade Agreement , Digital Economy Agreement , and new Strategic Partnership, the UK and Singapore have steadily cultivated a strategic economic partnership.
The new post-colonial, post-Brexit partnership is one of equals. Over 5,000 British businesses and 45,000 British nationals call the island-state home. The trade value between the two nations has increased, with exports from the UK to Singapore seeing 22% year-on-year growth exceeding $24-bil-
lion (SGD). At the same time, imports from Singapore to the UK have seen a rise of 10.2%, totalling over $12-billion (SGD). The result? Singapore offers a stable harbour for UK businesses seeking safety in rough economic seas.
British businesses aren’t the only ones seeking economic refuge. As Singapore’s global appeal for Asian expansion strategies grows, so too does the competition for survival, market share, and talent. Unlike Europe and the US, however, the Asian economy is much more diversified in terms of culture, media, skills, average income, and GDP.
The region is bursting with opportunity, but to understand and navigate the waters requires a regional headquarters and a team that can provide deep understanding and expertise of consumer and market dynamics. From January to November last year, for every 10 companies that formed, more than 7 closed their doors in Singapore. Tactics that are deemed good in a western headquarters are usually insufficient to stay afloat in the Asian market.
Treaties and agreements are good for buoyancy, but a company’s operations, market positioning, regulatory understanding, and approach to Government need a local navigator for smooth sailing. Businesses need to differentiate themselves and explain what they can offer in a regional context to cut through the noise of the competition, build the customer base, and attract the talent needed to expand across the region.
Success in this region is determined by local expertise and a deep understanding of the new regional landscape. The most successful will develop their regional story, outlining their values, their offering, and what makes them relevant. The narrative needs to be tailored to resonate with the diverse audiences across different countries, like Singapore’s concentrated and competitive media ecosystem and Indonesia’s expansive and varied media landscape. A one-size-fits-all Asia strategy is not enough. A nuanced strategy that tailors the message to each country and segment is essential to capture market share and attract top talent.
With more and more British businesses landing on Singapore’s shores, businesses will need local leaders who can help build the brand’s authentic credibility and quickly adapt to regional dynamics. While more established organisations with a global footprint may find this easier, new entrants seeking to make the most of the economic relationship will need to focus on building the right in-house expertise, or find the right external partner to offer insight-led strategic counsel. Partnering with experts who understand the differences and opportunity is key to not only surviving, but thriving in this growing and dynamic economy.
Plain sailing though is far from guaranteed, and businesses still need to keep watch for the ripples of international instability crashing against Singapore’s shores. The new norm is that the unexpected quite literally needs to be expected, and with elections that have the power to change dynamics as close as Indonesia and Thailand, businesses need to be prepared. Any business plan should also include crisis procedures and scenario planning for escalating geopolitics that could undo any positive progress in an instant, however safe the harbour.
H/Advisors Klareco is a leading consultancy in Southeast Asia and part of a global strategic advisory network extending to 23 countries with 1,500 experts. H/Advisors Klareco is known for its award-winning work in enhancing corporate reputation, advising on significant financial transactions, and tackling complex communication challenges like cyber-attacks. It serves as a trusted advisor to both world-leading multinationals and Asia-based companies. For more information visit www.klarecocomms.com
― Recession concerns have been growing due to rising interest rates and economic uncertainty. This article explores cash flow reporting and forecasting strategies that leaders use to bolster operational sustainability in volatile times.
By Yang Shuzhen, Director of Regional Accounting, BoardRoom GroupWhy cash flow reporting is vital for business success
The preparation of cash flow reports promotes good financial management in several ways.
Importantly, they gauge your business’s ability to generate cash and use available cash to meet its obligations – both of which are necessary for surviving and thriving amid an economic downturn. Put simply, if you don’t have enough money available, you cannot pay for expenses.
The proper tracking of cash inflows and outflows is critical, as it enables businesses to:
• gain real-time insights into their financial position;
• create data-driven cash flow forecasts for nimble, informed decision-making and forward planning;
• identify potential cash shortfalls and take proactive measures to address them;capture opportunities for investment, expansion or increased remuneration where excess cash reserves are identified; and
• have transparent, trust-building discussions with lenders, investors and suppliers.
The requirements for cash flow forecasts and reporting in Singapore
According to the Singapore Financial Reporting Standards, understanding an entity’s cash flows helps users of financial statements evaluate its cash generation capability, needs, and timing. The objective of this Standard is to require the provision of information about the historical changes in cash through a categorised cash flow statement encompassing operating, investing, and financing activities.
Businesses can assess their cash flow situation via the direct method of reporting, which records actual cash receipts and payments, or the indirect method, which adjusts the net profit or loss for noncash items. They can also monitor cash inflows and outflows in their day-to-day operations to understand their net cash flow and forecast future cash availability.
Companies must report their cash flows under three main categories: operating activities, financing activities and investing activities. This allows your finance team and stakeholders to understand cash inflows and outflows for each category and make decisions from there. For example, investors can decide whether they want to continue investing, depending on their risk appetite.
The difference between unlevered free cash flow and levered cash flow
Free cash flow refers to the amount of cash your business has after accounting for its capital expenditures. It can appear on your balance sheet as either:
• Unlevered free cash flow (UFCF) – This is the amount of money your business has available before meeting its financial obligations (eg. debts, expenses, taxes and interest payments). UFCF shows your gross free cash flow and is an important figure for investment bankers, potential buyers and executive staff.
• Levered free cash flow (LFCF) – This is the amount of money your business retains after meeting recurring short- and long-term financial obligations. LFCF shows what cash can be put towards investments and building equity and is of interest to bankers, buyers, internal staff and board members.
Using these two metrics in your cash flow reporting can help you manage your finances effectively and tailor your cash flow statements for particular stakeholders. However, many Singaporean businesses prefer to assess their cash flow based on the liquidity of their assets.
To support financial stability and growth in times of economic downturn, consider implementing the following cash flow management practices within your organisation.
• Reduce expenses and optimise credit terms. Assessing your credit terms can be useful for addressing predicted cash shortfalls. Many businesses stretch payment timelines with vendors while softening credit terms with customers. Other potential strategies for increasing available cash include securing additional funding sources, diversifying revenue streams and exploring alternative vendors.
• Optimise excess funds. Explore various market instruments to make the most of your liquid cash. These may be investment opportunities that offer lower interest rates, shorter maturity periods and easy cash access while also generating additional incidental revenue.
• Employ robust accounting practices. Employing comprehensive accounting practices that encompass meticulous cash flow tracking, transparent reporting, and forward-looking projectional forecasting is indispensable for navigating financial complexities and enables data-driven decision making.
• Use proper accounting software. In contrast to non-specialised software like Excel, advanced accounting programs like BoardRoom’s partner platform, Xero, leverage automation and AI technology to streamline financial processes (e.g. manual checking), reduce human error and provide precise, real-time visibility of cash flow.
• Regularly analyse cash flow data and projections. Historical cash flow statements and cash flow forecasts can provide valuable insights into your financial performance. They can
empower you to develop realistic budgets, set achievable financial goals, pinpoint areas for improvement, and make informed decisions about new investments, risk mitigation and resource allocation – resulting in greater control over your financial outcomes.
Engaging outsourced accounting services can help you improve your cash flow management while ensuring compliance with Singapore’s financial reporting standards. For example, many businesses perform their bank reconciliation monthly. This can create difficulties for your finance team, who may need to manually check thousands of transactions and investigate missing or incorrect deposits at the end of the month (particularly if your business receives daily deposits).
BoardRoom’s Accounting Services team often recommends that clients do their bank reconciliation weekly instead. For businesses whom we’re helping to manage vendor payments and track funds coming in from customers, doing bank reconciliation weekly, or even daily, gives them a more regular picture of cash inflow and outflow. This is especially the case if they use a POS system, which often results in a timing difference between transactions recorded in the POS system and the bank statements.
Enhancing your cash flow tracking with strategies like this is just one way that external accounting support can help make your cash flow management easier, faster and more accurate. If your organisation operates across borders, an international accounting and tax firm can also assist with complex processes such as foreign currency cash flow management.
During turbulent times, businesses that prioritise robust cash flow management gain a competitive advantage, enabling them to weather economic storms and emerge stronger in the face of adversity.
BoardRoom Group is Asia Pacific’s leader in Corporate and Advisory Services with more than 50 years of track record. Headquartered in Singapore, BoardRoom Group is ranked amongst Forbes Asia’s Top 200 Companies under a Billion. With a strong presence in the region and a direct office presence in Singapore, Malaysia, Hong Kong, China and Australia, we offer a full suite of corporate business solutions including company incorporation, corporate secretarial, share registry, employee stock ownership plans (ESOPs), accounting, tax and payroll. Visit www.boardroomlimited.com.
Good teachers are also good learners. Even the most experienced practitioners in the classroom are continually looking for ways to improve and refine their teaching techniques, so providing effective and valuable professional development is essential. But how can schools give their staff the training they both need and desire?
By Marlborough College MalaysiaThe answer lies in schools prioritising professional development for staff and dedicating time where teachers are able to reflect upon their strengths and weaknesses, something that Marlborough College Malaysia embraces whole-heartedly.
Central to the success of the College’s approach to professional development is adopting a positive and proactive approach to learning for both pupils and staff. As well as whole school training days and hosting external conferences, the College has also set up a dedicated Learning and Teaching Committee made up of teachers from within the organisation. This means that professional development is always in focus and is tailored towards the needs of the teachers who work there.
But how does this work on a practical basis?
The Learning and Teaching Committee is open to any staff member who wants to bring their expertise and knowledge to the table. The aim is to share good practice amongst themselves and the rest of the staff body with members of the committee being encouraged to share their ideas regularly. For example, recently the group organised a carousel-style training session in which staff could pick and choose a selection of short workshops based on a range of topics most relevant to them. All of these were delivered by the committee members alongside experienced practitioners. As well as being cost effective, this approach utilises the expertise within the organisation giving staff the opportunity to learn from each other.
In today’s fast-paced environment, the College recognises that educators need ample time for reflection in order to develop in ways best suited to their unique needs and aspirations. Teachers are
encouraged to observe other staff members, visit different departments, or dedicate time to reading educational literature. At the heart of this approach lies the support of experienced members of staff who provide coaching and a nurturing environment, empowering all staff members to continually improve and refine their craft.
Of course, in the ever-changing landscape of education, it is important that staff also receive training in new technology. The impact of AI has introduced both opportunities and challenges in the teaching world and schools must be forward thinking in their approach to this. At Marlborough College Malaysia, there is a focus on embracing the benefits of AI while maintaining digital wellbeing for all members of the community. The College has already delivered whole school training in the use of AI and has developed a clear Digital Learning Strategy to make sure that staff feel confident about how to harness the benefits that AI can bring to the classroom. Mr Duncan Ogilive, Director of Digital Learning at the College said,
“To promote individualised and independent learning for our pupils, the upskilling of staff is very important. We have a dedicated AI Committee which is really broad and has influence from a whole host of people. We are making sure that week on week our staff are getting updates, little tips or tricks to create an AI Toolbox which means they have the confidence to go and use these in their teaching.”
As well as refining their technique in the classroom, the majority of teachers also have responsibilities beyond their subject. There are trips to organise, performances to arrange and after-school clubs to run. These ‘extras’ are often what make working
in education rewarding but delivering quality experiences for pupils requires good training for staff. As a busy boarding school, Marlborough College Malaysia provides opportunities for teachers to use their interests and hobbies to become highly skilled educators in their specialist areas. The vast array of co-curricular activities on offer at the College means that it invests a great deal of training in its staff to be able to deliver effective outdoor learning, with plans to expand on this in the near future.
The College already offers regular training for its outdoor activities including Forest School, lakes safety training, climbing wall and archery training, as well as First Aid for those who need it. And there are also plans to expand the outdoor learning areas within the grounds to increase its outdoor learning provision. Already, some key members of staff have begun learning bushcraft skills in preparation for the expansion of the Forest School.
Mr Lynden Astil, Director of Co-Curriculum at the College said, “We provide regular training so that we have staff who can run really good quality
experiences for our pupils. We recently became members of the ‘The Institute for Outdoor Learning’ in the UK and we have just begun the process of getting key members of our Outdoor Education Team trained up specifically to deliver good quality outdoor learning. That could be anything from taking a chemistry lesson outside instead of in the classroom, or doing something more skills based like delivering a Forest School session. We believe that good quality training for staff leads to good quality learning for our pupils”.
It’s clear that schools who prioritise the professional development of their staff are investing in the future success of the organisation. Along with the training offered by outside organisations, it is also essential to utilise the wealth of experience already present among the staff body. By sharing good practice, every member in the organisation is able to benefit. As well as leading to a highly motivated and competent staff body, this approach also improves the quality of education for pupils allowing the entire school community to thrive and succeed.
Described by Singapore’s Tatler as ‘Asia’s only authentic British boarding school’ Marlborough College Malaysia (MCM) offers a co-educational British education in an international setting with over 40 countries represented among the school community. The College has been ranked as one of the top 125 private schools in the world for three consecutive years and delivers a comprehensive and well-rounded education for pupils aged 3-18, conveniently located a short distance from the Singapore border. Visit www.marlboroughcollege.my for more information.
