Commentary

Worldwide spending on digital transformation will amount to nearly US$2t in 2022 as organisations spend on technologies and services to effectively compete in the new economy. In Singapore, digital transformation (DX) is expected to contribute US$10b to the nation’s GDP by 2021, with a 40% increase in benefits such as productivity, revenue and cost reduction.

Globalisation of the economy has resulted in a shift in the way Singapore corporations operate – from local country-specific business models, to global integrated supply chains which centralise functions at a regional or global level.

The results of a global survey published by PricewaterhouseCoopers (PwC) confirm that Asia remains the leading growth region for mobile payments. In line with other countries in the region, Singapore continues to see an increase in mobile payment usage, with the proportion of consumers making such payments growing from 34% in 2018 to 46% in 2019.

In recent years, we have seen an influx of Asian money into countries like Singapore and Hong Kong. According to the recent World’s Billionaire’s list published by Forbes, Asia is home to 719 billionaires, approximately 32.65% of the world’s billionaires. The ultra-rich are starting to take a more hands on approach in the investment of their wealth and Family Offices are on the rise. At the end of 2018, Asia has nearly 500 Family Offices in Asia and this number is set to rise in 2019. Family Offices not only provide investment strategies, they also assist with diversification of the family’s business portfolio, dispute resolution, and succession planning.

We are living in Industrial Revolution 4.0 where data have emerged as the new ‘growth fuel’, powering everything from productivity and profits to politics and dominance.

In Singapore, barriers to financing have resulted in an unmet funding gap for SMEs worth as much as $20b.

Singapore is one of the world’s top logistics hubs, with the World Bank’s Logistics Hub Index ranking Singapore 2nd in Asia and 7th globally. In recent years, we have also seen the birth and rise of local last mile delivery startups fighting to seize the opportunities that come with intra-Asia trade and e-commerce growth.

Companies are increasingly understanding the potential for data to provide information and insights that will improve performance and competitive posture. In fact, the top jobs in Singapore for 2019 will be analytical and data-driven in nature according to a survey by recruitment firm Robert Walters.

C-suite executives in Singapore, like their counterparts in the rest of the world, base crucial decisions about the future growth and direction of the organisation on financial data. From the front office to the back office, decisions are made and reported on regularly based on this valuable information. The C-suite needs to be able to depend on reliable numbers; however, they may not be getting it.

The retail landscape in Singapore has faced a slump during the festive season in 2018, and analysts are predicting a challenging year ahead. Retailers in Singapore are faced with two distinct challenges.

For Singaporeans, there’s never been a better time to own a smartphone. Over the last three years, the cost of mobile data has plummeted, whilst the speed of Singapore’s mobile networks has continued to be the envy of operators across Asia. But despite the success, change hasn’t been easy for telcos and consumers alike.

The SMU-TA Centre for Excellence in Taxation (SMU-TA CET) was set up by Singapore Management University and the Tax Academy of Singapore, to undertake tax research with a focus on international taxation. More importantly, they host regular technical talks both to disseminate research and stimulate further discussion on important tax matters.

If there is one name that luxury brands in Singapore (and Asia) need to pay attention to this year, it’s the name “HENRY”. No, HENRY isn’t the name of an insanely wealthy and big-spending individual, nor are we referring to Henry Golding, the lead actor from the movie Crazy Rich Asians. Rather, it describes a demographic which stands to be the most important consumer group for luxury product, lifestyle and services brands. In Singapore, HENRYs are defined as households or families that are “High Earners, Not Rich Yet”, earning between $150,000 and $300,000 per year – the segment of consumers that have significant discretionary income and a strong chance of being “ultra-affluent” in the near future.

Small to medium sized enterprises (SMEs) are the lifeblood of all economies across Asia Pacific, however, technological disruption of industries and the need to innovate and change business models are key challenges that need to be addressed. According to an IDC report, escalating costs of operations, the emergence of new business models, competition and changing customer demands are pressuring small businesses in the region. There is an urgency for them to review their business model and to ensure sustainability - ultimately to figure out how to do more with less resources.

Following recent cyber security breaches, Singapore’s Government has added Digital Defence to the country’s Total Defence framework. In announcing the move, Ministers stressed the need to strengthen cybersecurity as part of the national agenda.

In 2018, Singapore emerged as the best place for expatriates to live and work in for the fourth year in a row - no mean feat considering it is also one of the most expensive cities in the world to reside in. Last month, a survey conducted by ECA International also found the city-state to be the most liveable city for Asian expats in 2018 for the 14th year in a row.