Commentary

Singapore tops Asian countries in Global Talent Ranking report which assesses the extent to which countries develop, attract and retain talent to sustain the pool that enterprises employ to create long-term value.

These days, it is hard to avoid the topic of digitalisation when you read any expert commentary, business book, or newspaper headline. The benefits from technologies such as Internet of Things, Big Data Analytics, Robotic Process Automation, and AI-enabled chatbots are clear: Firms can save costs from automating manual processes, gain deeper, real-time insight into their customers, and rapidly scale their reach to new markets. Yet, many enterprises are still concerned about how they can participate fully in a digital economy.

The upcoming introduction of the Singapore Variable Capital Company (S-VACC or VCC) is a significant event in Singapore’s asset management landscape. After a consultation process run by the Monetary Authority of Singapore (MAS), the VCC Bill was passed in Parliament on 1 October 2018. It is expected to come into effect in 2019 following the legislative process.

Corporate budgets for travel and expenses (T&E) have grown exponentially over the past decade, thanks to the globalisation of trade. This growth shows no sign of abating despite sophisticated technologies from video conference and collaboration tools, as face-to-face interaction remains the preferred form of business meetings. Singapore business travellers are amongst the region’s busiest – in fact, three of the top five business travel routes in APAC originate from Singapore according to our traveller data.

This generation is living longer than ever before. In Singapore, life expectancy at birth for men is 80 and women is 85 (as of 2015). This is compared to a life expectancy of 59 for men in 1960 and 63 for women. Medical innovations, as well as more awareness of how to live healthily and the importance of having an active mind are often attributed to our longer lives.

On the whole, Singapore has a high (84%) penetration of internet users (4.83M), with 83% (4.8M users) who are on social media, and 95% of these social media users accessing social media sites daily. That’s really high.

Singapore is now a prime target for cyber criminals. Most recently, the country witnessed its largest personal data breach in history when a cyber attack on Singapore’s largest healthcare group SingHealth’s database put the information of 1.5 million people, including Prime Minister Lee Hsien Loong, at risk. Singapore also battled nearly five times more cyber attacks than the US or Canada during the Trump-Kim Summit in June.

Being in the epicentre of exchange and commerce means that Singapore must rely on and keep up with technology. However, this dependence can make our Little Red Dot more vulnerable to cyberthreats and attacks than ever before.

Singapore is facing an inherent 30% talent shortage, particularly in the industries of Fintech, where the government set the goal of adding 1,000 jobs per year and pledged to invest S$225 million over five years, and manufacturing, as the development of smart technologies demands an evolving skill set from engineers.

It’s been almost a year since Singapore’s Ministry for Manpower launched the Tripartite Standard on Flexible Working Arrangements. Arguably enough time to take a step back and assess the impacts of this initiative and more broadly, how flexible working is taking root in Singapore.

One of the great economic challenges of the 21st century is defining the role and scope of intellectual property (IP) in the economy. This may sound like a nonsensical proposition – after all everyone agrees that IP is a driver of economic growth and prosperity.

In a world plagued with a deficit of dependency, Singapore reaffirmed the relevance and usefulness of its nation-brand by proving how it can be counted upon as a friend to all.

When does Singapore feel proud of their sports stars and realise the amazing economic potential of them? There now seems to be two answers:

Social media has developed into a mainstream communications channel, which has given rise to today’s empowered consumer. The business to consumer paradigm has forever shifted and it has massive implications across the enterprise.

Globalisation has undoubtedly bolstered positive economic growth, but the world’s increasing interconnectivity is coming at a high price. Amidst heightened efficiency requirements and stringent quality standards, many companies are struggling to adequately finance their supply chain operations to meet the growing global demand. As one of the world’s most innovative and technology-forward countries, Singapore is leading the charge in exploring how blockchain, the same technology underpinning cryptocurrencies like bitcoin, can streamline burdensome supply chain processes and breathe new life into the commercial ecosystem.

Unlike its journey from third world to first where model economies abound, Singapore must today boldly chart its own course into an era dubbed by World Economic Forum’s (WEF) chief Dr Klaus Schwab as the Fourth Industrial Revolution.