Singapore’s FY2021 Budget Statement will be delivered by Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance, Mr Heng Swee Keat, on Tuesday, 16 February 2021 at 3pm in Parliament.
Government use online and offline channels to encourage citizen engagement
The government have ensured the budget is available on as many platforms as possible to reach as many of its citizens as possible. The government have also made it clear that they would like to hear from their citizens and have provided online and offline feedback options so that everyone can share their views post budget speech.
A live webcast of the Budget Speech will be available on the Singapore Budget website www.singaporebudget.gov.sg and MOF Facebook page www.facebook.com/MOFsg.
The Ministry of Finance (MOF) is also partnering the Singapore Association for the Deaf to provide simultaneous sign language interpretation of the Budget Speech on the Singapore Budget website and Channel 5.
There will be real-time updates of key announcements from the Budget Speech on the MOF Facebook page www.facebook.com/MOFsg and on the MOF Twitter account www.twitter.com/MOFsg.
The Budget Speech will be broadcast ‘live’ on Channel 5, CNA, CNA938, Capital 958, CNA website, CNA Youtube, CNA FB, 8 World News, 8 World News Youtube, 8 World News FB and on MediaCorp’s meWATCH.
The public may visit the MOF website and subscribe to receive the full Budget Statement via email after it has been delivered. This service will be available for sign-ups until 2.00pm on Monday, 15 February 2021. Alternatively, members of the public may also wish to keep themselves updated on the Budget announcements by subscribing to MOF’s Telegram channel.
Feedback on FY2021 Budget Statement
Following the delivery of the FY2021 Budget Statement on 16 February 2021, the public can submit their views on Budget 2021 through various feedback channels. These channels include: Singapore Budget Website -www.singaporebudget.gov.sg, REACH Budget 2021 Microsite -www.reach.gov.sg/budget2021, REACH Singapore Facebook -www.facebook.com/REACHSingapore, REACH Singapore Instagram – www.instagram/reachsg and Budget 2021 Form – go.gov.sg/budget2021views
REACH will hold two virtual Budget conversations, in English and Mandarin, on 19 and 20 February 2021 respectively, as part of the ongoing SG Together Emerging Stronger Conversations. The English session will be chaired by Mr Lawrence Wong, Minister for Education and Second Minister for Finance, while the Mandarin session will be chaired by Mr Chan Chun Sing, Minister for Trade and Industry. They will be joined by REACH Chairman, Mr Tan Kiat How, Minister of State in the Prime Minister’s Office and the Ministry of National Development, for both sessions.
In addition, REACH will have physical Listening Points set up at various high traffic nodes across Singapore to gather views on Budget 2021.
The People’s Association (PA) and its grassroots organisations will be organising post-Budget dialogues and chit chat sessions to engage residents on Budget 2021 measures. Residents who are interested to attend can register their interest at go.gov.sg/postbudget2021. The sign-ups will be available until 2.00pm on Friday, 26 February 2021.
In view of the evolving COVID-19 situation, post-Budget outreach and engagement plans may be adjusted to ensure public health. Updates will be posted by MOF, REACH and PA on their websites or social media channels.
The Department of Architecture under the National University of Singapore College of Design and Engineering (NUS CDE) opened the Architectural Conservation Laboratory (ArClab), a unique living laboratory housed in a conserved building which will serve as a site for researchers, graduate students and built heritage professionals to conduct a wide range of teaching and research activities on sustainable development of the built environment.
ArClab was established in January 2022 to achieve four key goals:
- augment the training capabilities of Singapore’s building industry in built heritage conservation;
- develop innovative use of technologies to enhance conservation;
- conduct high-impact research into broader conservation issues; and
- promote climate resilience and net-zero retrofit in historic buildings.
Over the next four to five years, ArClab will undertake the restoration of 141 Neil Road, a historic townhouse in the Blair Plain Conservation Area. The Portabella family, who owned the house, had recently donated it to the University, along with a gift of S$2 million, to support its repair and conservation works.
The Head of the NUS Department of Architecture and UNESCO Chair on Architectural Heritage Conservation and Management in Asia noted that as the first of its kind in Southeast Asia, the ArClab aims to be an exemplar and pedagogical demonstration of sensitive repair and conservation, adaptive reuse of heritage, and sustainable management of the historic environment.
The building’s conservation process will provide opportunities for both teaching and research. Using the conserved townhouse as a living lab, ArClab will showcase a new model for learning about the historic environment, building professional capacity to manage historical resources, and promoting historical and environmental studies.
The Deputy Dean (Research), the NUS College of Design and Engineering noted that ArClab is a timely endeavour that gathers expertise in engineering, design and architecture from the NUS College of Design and Engineering to preserve our history and build skills to address Singapore’s unique urban sustainability concerns.
Speaking at the opening of ArClab, the Minister for National Development and Minister-in-charge of Social Services Integration noted that he is excited to see ArClab become an engine to develop the knowledge of conservation practices and skills locally; develop heritage capacity building in Singapore and the region; support building owners in the maintenance and restoration of heritage buildings; grow Singapore’s overseas presence in built heritage and break new ground internationally and see how sustainability and liveability can be imbued inbuilt heritage.
Bring cultural heritage to life
One of the oldest buildings in the entire stretch of Neil Road, the historic house was built as part of the Everton Estate in the 1880s. The historic building contains a collection of decorative tiles depicting English Art Noveau and Chinese motifs. It is adorned with several auspicious Chinese character plaques in clerical and cursive font styles.
Housed within the historic building, ArClab will be a dynamic “classroom in the city” for students taking graduate programmes and doctoral studies in built heritage management. They will play a significant role in the repair and conservation works.
Students will learn and conduct research on areas such as traditional building materials and craftsmanship; the use of innovative technologies for repair works, energy efficiency and comfort; and net-zero retrofit in historic buildings. ArClab will also design and deliver advanced courses for professionals working in the field of built heritage.
The research will be conducted alongside teaching activities in the conserved building. NUS researchers will carry out various projects, including conducting research, documentation and restoration of Singapore’s heritage using innovative technologies such as 3D modelling; developing an integrated approach for energy efficiency and net-zero retrofit of Singapore’s historic buildings; testing and developing traditional building materials and techniques as well as using innovative technologies for conservation and repair works in the Singapore context; and estimating the impact of the high-density urban surroundings on the microclimate of historic districts.
A broad range of advanced equipment will be available for researchers and students to conduct holistic research and training.
The Malaysia Digital Economy Corporation (MDEC), Malaysia’s lead digital economy agency, has kicked off the eRezeki programme for 2022. It is a training and job placement programme which focuses on generating high-value income opportunities for gig workers.
The programme runs from 1 October to 31 December 2022 and aims to upskill over 8,000 gig workers with a focus on participation from B40 and M40 households. The programme is one that falls under the banner of the MDEC Saya Digital campaign which includes four focus pillars:
- SayaDigital For Daily Work
- SayaDigital Empowers Careers
- SayaDigital Generates Income
- SayaDigital Expands Business
eRezeki emphasises the third focus pillar of the Saya Digital campaign which is to generate income opportunities in high-value sectors that include the creative sector; repairs, installation and maintenance including domestic services; tour and travel services; healthcare and lifestyle; professional digital services, advertising, promotion, and marketing; education and training; as well as distribution services.
The CEO of MDEC stated that the agency has consistently introduced campaigns and programmes which aim to create high-value employment opportunities for the Rakyat while at the same time, encouraging the development and growth of the sharing economy in Malaysia.
He noted that as announced during the launch of the national strategic initiative, Malaysia Digital (MD), MDEC’s inclusive approach towards fostering a conducive ecosystem for local entrepreneurs and global champions will help increase the contribution from the digital economy to the nation’s Gross Domestic Product (GDP).
Effective collaboration with MDEC partners, especially in encouraging sharing economy activities including the gig economy, is expected to further democratise and facilitate access towards increased participation in the high-growth digital economy.
MDEC will work closely with 10 strategic partners from relevant high-value sectors that have been appointed based on set criteria and their capacity in providing high-income jobs. Throughout the duration of the eRezeki programme, MDEC’s strategic partner will conduct training and provide placement for gig workers through online platforms and physical sessions.
The 10 strategic partners for eRezeki have been appointed based on their involvement in high-value sectors as identified by MDEC. Furthermore, these companies were selected from a pool of 137 MDEC strategic partners approved by the Crowdsourcing Committee.
In 2014, the Crowdsourcing Committee led by the Ministry of Communication and Multimedia (K-KOMM) was mandated by the Digital Malaysia Steering Committee to focus on validating sharing economy platforms in Malaysia.
The eRezeki programme was introduced in 2015 to provide an avenue for the urban B40 and M40 communities to earn additional income from the digital platform. The programme was also identified as a key programme under the Twelfth Malaysia Plan (RMK12).
Since its introduction, eRezeki has successfully trained a total of 312,735 participants to take advantage of the digital platform and earn an income online, generating a total collective income worth RM2.51 billion as of December 2021.
Seven intelligent robots have been installed in the wards of Yishun Community Hospital (YCH) to welcome patients and bring supplies to the bedside. These brand-new Temi Robots, known as Angel, were introduced to support nursing care so that nurses could focus their time and energy on clinical tasks while still giving patients a personal and meaningful touch.
These robots are loaded with patient education materials that patients and their caregivers can easily access, in addition to providing announcements and reminders throughout the day in all four major languages.
They also have a variety of features like games and entertainment, teleconference tools, and translation capabilities. YCH hopes to further improve patient engagement and satisfaction in its wards with the new addition.
A pilot project using Nao Robots was also used by YCH in previous years to assist dementia patients in their rehabilitation. Robot Therapy, which was started by the staff at YCH in 2018, is now a part of the therapy-related services offered there.
YCH, which is conceived of as a healing space for patients, offers intermediate care for recovering patients who do not require the intensive care services of an acute-care hospital. With rehabilitation and therapy at the heart of the hospital’s mission, the team was eager to investigate the potential of the innovation, Robot Therapy.
Because they can perform a wide range of tasks with little to no value added, hospital robots offer a reliable solution, freeing up doctors, nurses, and surgeons to focus on more high-value work. Robots have become an integral part of the healthcare industry, with many hospitals now using them to perform both surgical and administrative tasks.
In addition, prior to the arrival of Nao Robots in Singapore, a few local nursing homes used Paro, a robot that mimics the appearance, movement, and sounds of a baby seal. The therapeutic robot seal’s use is like animal therapy in that the robot helps to calm elderly people who have dementia or a loss of cognitive function.
The Nao robot, on the other hand, came with higher expectations: it can express emotions like laughter or sadness during interactions; it can interact and communicate with patients in different languages; and it has optic, audio, and impact sensors and motors to detect surroundings, interpret detection, and activate programmed responses.
Various interaction and language modes can be programmed into the Nao robot. The YCH Robot Therapy team took advantage of this by incorporating the robot into specific therapy sessions. This increased efficiency freed up nursing time, which could then be used for other care activities. Nao robot therapy sessions were trialled with 48 patients from the Dementia ward in October 2018.
Patients with Behavioural and Psychological Symptoms of Dementia (BPSD) require more care and attention, so this was chosen as the pilot ward. By introducing the Nao robot, YCH has increased patient engagement, motivate them to engage in social activities, and shorten the time required for social activities so that caregivers could concentrate on other care-related tasks.
The implementation process was divided into three stages: training staff, selecting suitable patients and assessing seniors who participated in the Robot Therapy programme using the Observed Emotion Rating Scale.
Singhealth asserts that the COVID-19 pandemic, which hastened the adoption of these solutions and accelerated the digital transformation of healthcare systems globally, has sparked a tremendous interest in digital technology and virtual health solutions.
A group of clinician innovators from SingHealth sought to ascertain whether digital interventions are more affordable and provide patients with greater value and benefits in anticipation of this continuing upward trend, and they discovered that this may not always be the case for some eye conditions.
At the recently held 3rd Joint Implementation Committee (JIC) meeting, the Ministry of Communications and Information (MCI) and Infocomm Media Development Authority (IMDA) announced the signing of eight (8) Memoranda of Understanding (MoU) and unveiled fourteen (14) new joint projects underneath the Singapore-China (Shenzhen) Smart City Initiative (SCI).
The Singapore-China (Shenzhen) Smart City Initiative, inaugurated in 2019, has strengthened the digital and commercial ties between Singapore and Shenzhen, according to Joseph Leong, co-chair of the JIC and Permanent Secretary for Communications and Information. Both parties have worked hard to improve SCI as a powerful platform for digital innovation, smart city collaboration, and business and people exchanges during the past three years, despite the challenges of the epidemic.
Singapore and Shenzhen will actively create a suitable business environment for enterprises to innovate and undertake cross-border transactions safely and smoothly as they build economic recovery and resilience. As the SCI enters its third year of implementation, the meeting reported doubling the number of new cooperative initiatives compared to the prior year.
These new initiatives will strengthen the existing Singapore-Shenzhen partnership in fostering digital transformation and policy innovation and open new commercial and employment prospects in the fields of research and innovation, trade, sustainability, and talent development. In the past year, one of the most important areas of collaboration has been the ease of digital trade using electronic Bills of Lading (eBLs).
After evaluating the outcomes of successful technical trade trials over the previous year, IMDA and Shenzhen’s Bureau of Commerce are prepared to extend IMDA’s TradeTrust pilot with actual business transactions involving banks, shippers, and other partners. This would open the door for the complete digitalization of the trade supply chain and benefit the ecosystem by enabling quicker and more secure digital trade transactions.
IMDA has also expanded its relationship with TusStar, a major Chinese technological incubator with a network of over 10,000 enterprises. TusStar will develop its network in the fields of Artificial Intelligence (AI), Augmented Reality/Virtual Reality, and sensor technologies in the next phase, as well as strengthen its regional presence in Southeast Asia by instituting hub operations in Singapore. This collaboration will introduce technology start-ups from Singapore, Shenzhen, and other Chinese cities to new markets in the region.
The 14 new cooperative projects demonstrate digital technologies’ revolutionary significance throughout the SCI’s key areas of digital connection, talent exchange and development, innovation, and entrepreneurship.
Notable initiatives include the application of sophisticated technology and artificial intelligence (AI) for the green economy and sustainability, such as lowering carbon dioxide emissions and improving battery management for electric vehicles.
SCI has so far begun 29 projects and signed 21 memorandums of understanding. This strong momentum in the SCI partnership demonstrates Singapore and Shenzhen’s leadership in digital economy development, as well as the possibility for SCI’s innovative projects to be scaled to more cities in the Greater Bay Area and Southeast Asia.
By creating a thriving digital economy and an inclusive digital society, IMDA guides Singapore’s digital transformation. As the “Architects of Singapore’s Digital Future,” the agency works to make Singapore a digital metropolis by promoting growth in the Infocomm technology and media industries alongside progressive policies, utilising cutting-edge technologies, and building local talent and digital infrastructure ecosystems.
The Deputy Premier and Minister for Regional NSW recently unveiled Our Vision for Regional Communities – a new strategy to ensure regional NSW remains an ideal best place to live, work, play and raise a family.
He noted that the release is a vision for the regional NSW we are building with local communities, backed by real action that will make a real difference in people’s everyday lives. Over the past decade, billions have been invested in the infrastructure NSW needs and in growing regional economies.
The vision shows how the Government plans to build on that foundation and ensure regional communities have access to the education and health services they deserve and attract the workforce needed to deliver these services. It will ensure families can find a home by tackling housing pressures and delivering the infrastructure and services they need in their local community, he added.
The strategy’s launch was also used to announce:
- A new welcome experience to be piloted across eight regional locations to support key workers to relocate to the regions and put down roots;
- An AU$5 million investment in scholarships to upskill existing health workers and attract new staff to regional communities;
- A trial of contactless payments on regional bus services in Dubbo and Bathurst to make services easier to use
Our Vision for Regional Communities is backed by a detailed three-year action plan that outlines key initiatives that will bring the vision to life. Initiatives already underway under the plan include:
- An AU$2.4 billion investment in strengthening the regional health workforce including innovative approaches to training and incentives;
- An AU$174 million investment in key worker housing that will deliver hundreds of new homes for teachers, police, and health workers over the next four years;
- An AU$98 million investment in a new AU$250 travel card for regional apprentices and university students to ease the cost of travel for training and classes;
- An AU$160 million investment in social and sporting infrastructure, and community programs like bike paths, playgrounds, and community centres through the Stronger Country Communities Fund;
- An AU$59 million investment in the next generation including $40 million for local initiatives shaped by youth for youth.
Our vision recognises that regional communities are diverse and need local solutions that work for them. Our Vision for Regional Communities and Action Plan 2023-2025 is a future-focused strategy with key priorities across healthcare, education, communities and places and regional homes.
Connectivity is the main pillar of the vision. Through the Vision, the Government will support high-quality physical and digital connectivity to enable access to quality services, delivered more efficiently, and with greater equity.
The global smart infrastructure market size was US$77.66 billion in 2020; it is projected to grow from US$97.20 billion in 2021 to US$434.16 billion in 2028 at a CAGR of 23.8% during the 2021-2028 period. As a result of the COVID-19 pandemic, the smart infrastructure market witnessed a negative demand shock across all regions.
Smart infrastructure projects require funding from public and private resources. These advanced infrastructure models use ICTs services to communicate or optimise resources. Due to constant interaction, big data plays a vital role in developing and building a smart infrastructure.
With the introduction of its Kooha Version 2.0 during the recently held 2022 National Science and Technology Week celebration, the Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) showered photo enthusiasts with helpful tips on interactive smartphone photography.
Kooha is a photo-sharing app derived from the Filipino word “kuha,” which means “to take.” It capitalises on the Philippines’ status as “the selfie capital of the world,” with thousands of photographs shared on various social media platforms every day.
With the help of the camera app Kooha, users may take pictures that go beyond simple snapshots. Multiple sensors are embedded into mobile devices; Kooha uses these sensor data while users snap pictures and embeds them in the image.
Users will be able to quickly learn the location where the photo was shot, the background noise when they shoot a selfie, the network provider’s signal strength, the device battery level, camera settings, environment sensor data, motion sensor, and more. All the photographs captured by the app are shared on Kooha Community. Users’ photos become more than just images when they post them to the community; they become contributions.
When the sensor data from the images is combined with the large pool of sensor data from other users, the data becomes societally important. The data can assist data scientists in generating insights and fresh knowledge that can be used by decision-makers across the country. Kooha is a free app that can be downloaded from Google Play.
According to the DOST-ASTI, Kooha uses the built-in sensors of a mobile device to gather real-time data like sound level, temperature, and humidity and embeds it into a snapshot, making it particularly valuable in research operations across industries thanks to the fresh knowledge it produces.
It added that even more useful Kooha features include the ability to contribute images to the community section, rate shared photos based on “awards” from other users, map the locations of pinned photos, and unlock “badges” by completing specific “achievements.”
As a useful tool application, Kooha reflects the reality that science and the arts may collaborate effectively to produce meaningful results. In addition, the DOST- ASTI’s Quality Management System (QMS) was recertified in accordance with the ISO 9001:2015 standard.
Director of DOST-ASTI Franz A. de Leon stated that the ISO recertification demonstrates the DOST-ASTI’s dedication to continuously enhance its operations and assure successful service delivery – bringing science and technology closer to the people.
He added that their partners and stakeholders can be confident that the institute will constantly offer high-quality products and services because they adhere to the quality policy of developing relevant, timely, and impactful ICT- and electronics-based innovations.
The ISO certificate was the result of the DOST-ASTI management and staff’s collaborative efforts to expand its technologies and ensure the smooth execution of its mandate and functions. Reviewing and improving processes is critical to achieving the agency’s purpose of contributing to the achievement of national development priorities and the growth of Philippine firms through the provision of creative solutions centred on ICT and electronics technology.
This is DOST-ASTI’s second recertification since transitioning to the ISO 9001:2015 standard in 2018. Subject to regular surveillance assessments, the certificate is valid until November 2025.
Public-Private Partnerships (PPPs) in education have the potential to enhance how education is provided, financed, and managed as well as offer easier access to the community.
A PPP system operates under the construct that market mechanisms, in conjunction with government inputs, are better for providing education. One of the rationales behind PPPs, which are supported by international organisations, development agencies and academics, is that competition between public and private education providers is a good way to improve the quality and efficiency of education.
PPP policy frameworks should therefore create real market dynamics in which education service providers continue to innovate and improve the quality of their services to attract learners, young and old, who are seen as benefit maximisers and well-informed consumers.
New Era of Partnerships, Building Talent Pipeline
“The structure and framework for any university to launch degree programmes can be fairly onerous, given the emphasis on quality assurance and relevance,” says Annie who is also a Professor Emeritus of Finance (Practice), Lee Kong Chian School of Business and Senior Advisor at the Business Families Institute in Singapore Management University (SMU).
However, academic-industry partnerships play a crucial role in building the future of students and facilitating the transition of young people from school to work. Students need to be exposed to a variety of jobs and workplaces to develop interest and discover where their studies and passion may lead.
Industry partnerships with different sectors offer a variety of experiences, such as simulated job interviews, career development activities, challenge-based learning projects, curriculum-aligned activities, and work-study programmes. In addition, internships have become a vital opportunity for candidates to distinguish themselves prior to full-time employment.
A PPP is mutually beneficial, allowing industry access to fresh talent and looking at the industry’s challenges from the perspective of future consumers or employees acknowledges Annie. In fact, the private sector has indicated to all institutions that they need future talent in the area of data analytics, so SMU has recently launched a track in data analytics hosted in both their business school and computer and info systems school so universities also benefit from the insights from the industry to stay relevant in our curricula.
With the help of data analytics tools, a company may take unstructured raw data and use this information to discover patterns, draw conclusions and turned into useful insights. Therefore, data analysis aids businesses in so many ways, including making educated judgments, developing a more successful marketing plan, enhancing the customer experience and streamlining processes.
Education is not only under the charge of the Ministry of Education but also needs the support of other ministries since future jobs and capacity building are expected of the Ministries of Trade and Industry, Finance, Maritime, Health and others. Partnering with the whole of government allows for students’ skillsets to be increased and all students become more relevant, valuable and workplace ready.
Prof Annie knows that no one has a monopoly on knowledge, and no one knows the exact skills which will be needed in the future. Thus, PPPs have the most value when it forms a part of “lifelong learning.”
The exciting thing about lifelong learning, Annie believes “…is that when you get your degree, you think you’re done, but you’re just getting started. Even as you gain experience and learn on the job, you’ll need to keep reinventing yourself and the skills needed to extend your runway will keep changing.”
Passion extends beyond degrees and ongoing learning is a crucial element to keep employees engaged That’s why higher education now permits a variety of pathways to marry passion with career aspirations and is no longer a paper chase, she explains.
Two good cases to illustrate the value of PPP in the context of SMU’s innovative programmes that Prof Annie is very proud of are the partnership approach in launching the International Trading track and the Maritime Business Operations track under the Finance and Operations majors in SMU’s business school.
In accordance with the creation of a strong Singaporean core, wholesale trade and maritime businesses have been focusing on both skillset development and attracting new talent supply to ensure a pipeline of sustainable human capital. So, the trading and maritime sectors do need to build a case for making the jobs in their sectors more appealing – particularly with the assistance of government grants and scholarships.
Companies can play a crucial role by showing how an organisation can provide a feeling of purpose with support and development opportunities available to make building a career in their organisations appealing and attractive to the candidate
A part of Annie’s challenge in the early days was to set up an International Trading Institute (ITI) where students could take for-credit classes under the business school and get a certificate of completion for the non-credit practice-oriented sessions, learning from practitioners in the evenings.
“My goal at SMU is to link external relevance to internal degree requirements while upholding the quality assurance requirements of the education system. Different industry partners help us with this mission to co-create and deliver the applied learning content with us.”
SMU is therefore a strategic asset for the country and both the tracks had, over the last decade, created a pool of more than 300 alumni who are knowledgeable about wholesale trading, largely in the commodities trading space and maritime operations. Now, there is available talent who are able to speak and work with more confidence up and down the trade value chain and contribute to Singapore’s relevance as a trade and maritime hub.
Another great example of PPP was manifested during the last three years of the COVID-19 crisis which saw a spate of job cuts and many experienced PMETs were laid off. Annie worked with her teams at ITI and BFI to design a nine-month Business and Digital Transformation programme which combined in-class training modules with a capstone project for candidates who are matched to SMEs to also deliver a project for these sponsoring companies. Candidates have a chance to learn and apply the knowledge and sponsoring companies also benefit from the capstone projects delivered. In addition, 70% to 90% of the programme fees are supported by SSG grants, while WSG grants provide funding support towards the candidates’ commensurate salaries.
All these partnerships were possible because a pool of companies is available and can be accessed to match the candidates as a result of SMU’s external network of trusted companies, which was strengthened by the BFI that Annie had set up 10 years ago with the support of SMU’s senior leadership. Many of Asia’s SMEs are family owned with different sets of challenges and aspirations other than the usual business issues. In addition, many of these business families have longer horizons and they are the ones that countries depend on to build businesses sustainably as they think beyond current generations.
Therefore, business families with an entrepreneurial spirit, not only make money but also contribute to changing the world through their businesses and other new ventures, including building social enterprises and philanthropic activities.
By addressing business family-specific issues such as succession, family governance, entrepreneurship and wealth management, BFI aims to strengthen the ecosystem of entrepreneurial business families and stakeholders in their creation of sustainable impact by leveraging SMU’s core competence as a thought leader. In turn, BFI has been a strong partner to the LKYGBPC. Many of LKYGBPC’s sponsors are family-owned businesses, such as Wilmar International and Frasers.
In addition, many of these family enterprises have footprints beyond Singapore and are always on the lookout for quality start-ups to invest in or be part of their accelerator programmes. Innovation is essential for a company to improve its operations, introduce new and enhanced products and services to the market, raise its efficiency, and most crucially, boost its profitability.
Annie feels that her journey in academia is more about building entrepreneurship and Technology, Talent and Trust (3Ts) are important drivers in helping companies in their transformation journeys. As such, public-private-people partnerships are even more relevant in today’s challenging and uncertain times to build back better and broader for everyone.
According to Annie, the road to digital and business transformation success is paved with courageous actions by caring and forward-looking leaders. The right leaders will build a firm sustainably and attract the right people, the right leaders will inspire and motivate the right people to learn, improve and grow.
“Developing people is my calling but learning to develop people is everyone’s responsibility. And because the world is bigger than yourself, you need to be big-hearted, purpose-oriented, and have an open mind to be successful on any path you choose,” Annie concludes.