Singapore Business Federation

Today, SBF Council Members Mark Lee and Kee Joo Wong, alongside SBF CEO Kok Ping Soon and members of the SBF China & North Asia Business Group (Sam Cheong and Teo Ser Luck), met with Mr Algernon Yau, Secretary for Commerce and Economic Development, Hong Kong SAR Government, and his delegation.

During the meeting, Mr Yau and his delegation emphasised the importance of fostering deeper partnerships between Hong Kong and Singapore businesses. Discussions centred on promoting joint ventures, enhancing knowledge exchange, and driving shared innovation efforts. Strategies to boost trade between the two economies were also explored, with a focus on identifying opportunities in emerging markets and key sectors.

With Singapore’s strategic position in Southeast Asia and Hong Kong serving as a gateway to Mainland China, both sides highlighted the potential for co-investment opportunities in areas such as finance, technology, and international trading.

In line with this, SBF is organising a business delegation to attend the Asian Financial Forum on 13 January 2025, with plans to visit the Greater Bay Area. The delegation will be led by Mr S. S. Teo, Executive Chairman of Pacific International Lines and Chairman of the SBF Internationalisation Action Committee.

Please reach out to the SBF Northeast Asia team at [email protected] for more information on this trip.

Have you secured your pass for the 9th Singapore Apex Corporate Sustainability Awards Gala Dinner & Awards Ceremony on 4 October 2024?

Don't miss this chance to:
🤝 Network, form meaningful connections and build mutually beneficial business opportunities with Singapore business leaders
🌱 Get inspired by exemplary companies that have taken decisive action to advance the SDGs with their sustainable operations and innovative solutions
🔥 Gain insights from our Guest of Honour: Dr. Koh Poh Koon, Senior Minister of State, Ministry of Sustainability and the Environment & Ministry of Manpower in an interactive fireside chat
🎟️ Limited tickets are available. Secure your spot for this memorable event here: https://bit.ly/3MIvUPj

UN Global Contact Network Singapore

The 5th meeting on the Alliance for Action (AfA) on Business Competitiveness took place yesterday at Greenphyto Pte Ltd , hosted by one of the AfA workgroup leaders Ms Susan Chong . The co-chairs, Senior Minister of State Low Yen Ling and Mr Mark Lee had fruitful discussions with AfA members on insights provided by businesses and government agencies on ways to enhance business competitiveness.

Launched early this year, the AfA aims to jointly explore ways to strengthen Singapore’s long-term business competitiveness, amidst a challenging macroeconomic environment.

19 engagement sessions have since been conducted, focusing on three key pillars – manpower, land, and regulatory competitiveness. About 100 representatives from the public and private sectors have participated, comprising MNCs and SMEs.

Sharing his thoughts on how the AfA can help businesses, Mr Lee said, “The AFA is not a panacea to solve all business challenges, but it allows us to recognise that for businesses to be competitive, they need to continue to do three things, invest in upgrading and reskilling their manpower and talent within their organisation, innovate and continue to transform, and build identify what are the mega trends of today and shape their business accordingly to seize new challenges .”

To be launched by the end of the year, the report will cover recommendations by the AfA committee and success stories of companies that have navigated the challenges in the present business environment.

Navigating the complexities of China’s tax system is crucial for any business operating in the region.

With evolving regulations and advanced data analytics enhancing government oversight, ensuring compliance has never been more critical.

Join our in-depth workshop to gain strategic insights into China’s tax regulations, including VAT, Corporate Income Tax, and the latest updates on China’s Golden Tax System Phase 4.

Click here to learn more: https://members.sbf.org.sg/Navigating-Tax-Compliance-in-China-for-Finance-Professionals-4th-Run_2

ICYMI 📢 Your voice matters! Have your say by participating in our SBF National Business Survey 2024 – Scaled Internationally Edition and share the needs, challenges, and support required by your company for internationalisation.

Your feedback will help strengthen SBF’s advocacy efforts and contribute to the review and development of support for the business community.

Join now: https://survey3.acornasia.com/s3/Scaled-Internationally-Edition-SBF

Please reach out to [email protected] if you require any assistance regarding the survey.

All responses will be treated with the strictest confidentiality. Only aggregated information will be released in any published form.

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Experts and analysts warn that businesses in Singapore are mostly underprepared amid tech’s rapid advancement. Many global happenings show deepfakes are getting so good that even experts clash on what is real. After generative AI went mainstream in 2022, deepfakes became better, more accessible and scalable.

In a recent interview with The Straits Times, SBF’s Smart Technologies Action Committee (STAC) Chairman Wong Wai Meng said, “Because they [deepfakes] are relatively new and unfamiliar, firms are less likely to be vigilant and less prepared. Businesses have had little exposure to the potential shape and form such attacks may present themselves.”

Through surveying over 530 SMEs in our National Business Survey (NBS) 2024 – Smart-Enabled Businesses Edition, it showed confidence in meeting cyber-attacks declined from 78% in 2023 to 75% in 2024. This reflects growing concerns about new attack forms, including deepfake tech.

Stay tuned for more insights and digitalisation trends on AI and cybersecurity in our upcoming unveiling of the NBS Smart-Enabled Businesses Edition survey on 26 September 2024.

Read more about the news article on deepfakes threat here: https://www.straitstimes.com/business/s-pore-firms-must-step-up-for-deepfake-threats-warn-experts

Deepfake threats are here to stay. Are S’pore firms prepared? Deepfakes could hit the board room big time as early as 2025, says experts. Read more at straitstimes.com.

🎉 Highlights from Our Latest Members’ Orientation 🎉 On Wednesday, we held our second Members’ Orientation of the year, welcoming 155 attendees!

Our CEO Kok Ping Soon kickstarted the event by sharing how SBF helps businesses tackle today’s challenges, from economic uncertainty, manpower shortages, and the transition to a net-zero economy. He highlighted SBF’s efforts in shaping solutions through policy, building partnerships, and fostering capabilities that empower members to grow internationally, adopt smart technologies, and drive social impact.

The SBF team also showcased key initiatives to help members:
🌍 Expand globally
🤖 Leverage smart technologies
💼 Maximise human capital
♻️ Integrate sustainability into operations
🌱 Embed social impact into strategies

Energy was buzzing through the event space as we wrapped up with a networking session, where members connected with SBF teams and explored opportunities tailored to their business needs.

Not a member yet? Discover how SBF can empower your business by reaching out to us at [email protected] or visiting https://www.sbf.org.sg/membership-tacs/membership -us

We’d love to connect and mobilise your businesses together!

We were honoured to have hosted Prime Minister Lawrence Wong at a welcome lunch and fireside chat with the business community yesterday. The Prime Minister and Minister of Finance has been a strong supporter of the business community over the years through introducing bold and comprehensive Budget measures to drive economic growth.

The discussion, moderated by SBF Chairman Lim Ming Yan, covered topics such as:

📌 Sustaining the next phase of Singapore’s economic growth.
📌 Navigating geopolitical dynamics and rising protectionism while maintaining our business competitiveness.
📌 Fostering a dynamic business environment for both local and foreign businesses to thrive.

The dialogue was attended by over 100 participants, including business leaders from SBF and other TACs. The exchanges were frank and insightful, providing a stronger platform for further engagements between the business community and the Government.

We hope the event facilitated a candid conversation on how businesses can partner the government to navigate the complexities of today and co-create a conducive environment for economic resilience, innovation, and sustainability.

Back in August, SBF’s Overseas Market Workshop (OMW) led 16 companies to explore business opportunities in the land of the eternal blue sky – Mongolia.

The OMW participants learnt about important information about investing and operating businesses in Mongolia, as well as insights into the nation’s sustainability efforts and developments through companies such as CleanBotanEco and URECA. They also explored potential partnerships through various business matching opportunities and visits to Mongolia conglomerates like Teso Group and Khurd Group.

We are proud to continually support Singapore businesses in their efforts to internationalise and expand their company overseas.

Please reach out to [email protected] and [email protected] if you would like more information on overseas business opportunities.

The Mid-Career Pathways Programme (MCPP) is a full-time attachment programme which supports mature mid-career individuals aged 40 and above.

Through SBF, approved companies can look forward to 70% support of the approved monthly training allowances during the 4 to 6 months of attachment.

Come and sign up as a Host Organisation.

Hire them as permanent employees upon completion of the attachment.

To apply, please sign up here: https://www.sbf.org.sg/what-we-do/jobs-and-skills/mid-career-pathways-programme

In today’s world, managing emissions is not just a requirement—it's an opportunity.

With rising global demands to tackle climate change and new regulations from the Singapore Exchange, companies must shift their focus from challenges to possibilities.

Join our half-day workshop and dive into the practical fundamentals of carbon emissions management.

Learn the key terms, understand international and local regulations, and discover how reducing emissions can lower costs and even create new business opportunities.

Click here to learn more: https://members.sbf.org.sg/Masterclass-Carbon-Emissions-Management-New_2

In response to Singapore companies’ efforts to expand and diversify their international trade and investment exposure beyond ASEAN and China, SBF and HSBC are in partnership to support local businesses’ expansion overseas in key trade corridors, especially in under-tapped markets including India and the Middle East.

In a joint media interview with HSBC, SBF CEO Kok Ping Soon shared that India and the Middle East represent a near-contiguous expanse of some of the world’s fastest-growing economies. Representing about a quarter of the world’s population, India and the Middle East are in the midst of an unprecedented drive to boost investment in urban development, transport, utilities, renewable energy, tourism, real estate, manufacturing and logistics.

While some Singapore large enterprises have already made the move, SBF and HSBC are committed to help smaller companies to venture into these regions, especially given the fact that Saudi Arabia market is more challenging for most businesses.

SBF has been building initiatives on a MoU signed with the Ministry of Investment Saudi Arabia and the Federation of Saudi Chambers in October 2023, with the aim to deepen the bilateral relationship between the two countries and promote economic cooperation, trade and investment. We are also planning to lead a delegation of Singapore companies to India this September, with a focus on the semiconductor sector.

We look forward to harnessing our collaboration with partners like HSBC to continually support and facilitate investment for Singapore companies.

Read more about the interview here: https://www.straitstimes.com/business/singapore-firms-eye-under-tapped-india-and-middle-east-markets-for-overseas-expansion #:~:text=Mr%20Kok%20led%20a%20delegation,Minister%20Lee%20Hsien%20Loong's%20official

SBF had the honour of hosting a high-level roundtable with Indian Prime Minister Narendra Modi, bringing together top Singapore business leaders. The event held earlier today provided the delegates opportunities to strengthen business ties between both countries.

SBF has been instrumental in facilitating Singapore businesses' entry into India across various sectors, including semiconductors, biomedical, aviation, and finance. Through events, delegations and seminars, SBF has provided valuable insights and support to Singapore companies looking to expand into the Indian market.

As Singapore's largest trade partner in ASEAN, India continues to offer significant growth potential for Singapore businesses. SBF remains committed to championing Singapore companies' international expansion into India and helping them succeed in the years to come.

🚀 Unlock Your Workforce Potential with Workforce Transformation Advisory 🚀

Are you ready to elevate your business with a skilled and adaptable workforce?

We're thrilled to invite you to our exclusive Workforce Transformation Advisory session, specially designed for the Wholesale Trade Sector!

🌟 What to Expect:
Introduction to JSIT-WST: Discover innovative tools, solutions, and grant support to help your company thrive in today’s competitive landscape.

Personalised Advisory: Get expert advice from SBF’s Job Skill Advisors on workforce transformation, job redesign, and employee up/reskilling.

Whether you’re looking to boost productivity, enhance your team’s skills, or navigate the future of work, this session is for you! 💼✨

🗓️ Date: 13 September 2024
⏰ Time: 2:00 PM - 4:00 PM (Networking & tea break to follow)
📍 Venue: SBF Center, 160 Robinson Rd #06-01, Singapore 068914
🔗 Register Now and secure your spot! Seats are limited.
https://members.sbf.org.sg/Workforce-Transformation-Advisory

Senior Management plays a crucial role in embedding sustainability into corporate strategies, transforming challenges into profitable opportunities.

By fostering a sustainability mindset, companies can strengthen their resilience and align with stakeholder demands for robust ESG practices.

Join our upcoming course to:
- Explore how sustainability creates shareholder value.
- Understand the role of Boards in sustainability governance.
- Learn to construct and evaluate ESG ratings, and debunk common misconceptions.

Click here to learn more: https://members.sbf.org.sg/Masterclass-on-Sustainability-for-Senior-Management_4

And that’s a wrap for the 8th ASEAN Conference 2024! Organised by SBF, in collaboration with UOB Rajah & Tann, and RSM Singapore, it was a landmark event graced by Deputy Prime Minister Gan Kim Yong and Johor’s Chief Minister, YAB Dato Onn Hafiz bin Ghazi. Over 500 ASEAN industry leaders gathered to discuss the region’s future beyond 2025, focusing on sustainability.

SBF unveiled a pivotal MoU with our partners to boost Singapore companies' international expansion, especially within ASEAN. The event also saw the signing of two significant MoUs: one between UOB and Lingang Group for ASEAN market expansion, and another between UOB and Invest Johor.

As the ASEAN Economic Community approaches in 2025, SBF remains committed to driving business growth and sustainability. The conference showcased our region's determination to build a more sustainable and integrated business landscape.

Here's to a thriving and united ASEAN!

Struggling to gain access to sustainable finance?

Transitioning to a sustainable future is crucial, yet accessing capital for sustainable initiatives remains a significant challenge for SMEs—the backbone of our economies.

Join the third and final session of the three-part GCNS SME Series 2024 on 5th September organised by UN Global Compact Network Singapore to explore how SMEs can overcome these barriers and seize opportunities in the sustainable finance space.

Sign up now to:
📊 Hear Insights from Experts: Learn from leading sustainable finance and corporate reporting professionals about the latest trends and developments in the sustainable finance space
🏦 Financial Institution Support: Discover the resources and support available from financial institutions
🚀 Turn Challenges into Opportunities: Discover strategies for SMEs to navigate and overcome challenges to access capital for sustainable projects
🌱 Enhance Your ESG Strategies: Gain practical advice on improving your ESG strategies, actions, and disclosures to attract sustainable finance.

As a supporting partner for the GCNS SME Series 2024 alongside ACRA and Enterprise Singapore, and in support of , Singapore Business Federation would like to invite our partners, members and representatives of the broader business community to register for the last session in this year's SME Series via the link below:
https://summit.unglobalcompact.sg/sme-series-3/

To enjoy a SBF members-only rate for the series, do look out for a unique registration link in our newsletter that was sent to you via your email address that has been registered with us.

Alternatively, you may also drop us an email at "[email protected]" with your membership number.

We hope to see you there!

– Foodtalks Caterer is a leading Halal buffet and bento catering company in Singapore.

At FoodTalks, an employee’s salary is paid based on their role and not based on their previous salary.

This is just one of the many progressive employment practices set in place meant to uplift lower-wage workers by Foodtalks and serves to highlight of the value each worker has to the company.

This forward-thinking approach is particularly noteworthy in the food services sector, one of the seven sectors under the PW Model where pay equity and transparency are increasingly important.

Swipe to learn more about their journey as a progressive employer and how the PW Mark has benefited their business.

Apply for the PW Mark today via Go Business: https://www.gobusiness.gov.sg/accreditation/pwmark/ -to-apply-for-pw-mark

The Mid-Career Pathways Programme (MCPP) is a full-time attachment programme which supports mature mid-career individuals aged 40 and above.

Through SBF, approved companies can look forward to 70% support of the approved monthly training allowances during the 4 to 6 months of attachment.

Come and sign up as a Host Organisation. Hire them as permanent employees upon completion of the attachment.

To apply, please sign up here: https://www.sbf.org.sg/what-we-do/jobs-and-skills/mid-career-pathways-programme

Unlock the power of data with our 1-day Power BI Mastery Workshop.

Learn how to transform raw data into insightful, interactive visuals that drive better decision-making.

This hands-on session will guide you through the essentials of Microsoft Power BI, from connecting to data sources to creating dynamic visualisations.

🎯 What You’ll Learn:
- Introduction to Microsoft Power BI and its key elements
- Connecting, combining, and transforming data for analysis
- Building data models and interactive visualisations
- Enhancing data analysis with DAX for deeper insights

📅 Don’t miss this opportunity! Elevate your data analytics game with Power BI.

Click here to learn more: https://members.sbf.org.sg/Master-Microsoft-Power-BI-For-Data-Analytics

In today’s rapidly evolving landscape, workplace safety and health is crucial for business continuity and success. The WSH Conference 2024 offers an invaluable platform for professionals to explore how environmental, social and governance (ESG)-oriented WSH policies are becoming essential for long-term business sustainability and competitiveness.

Organised by Workplace Safety and Health Council don’t miss this opportunity to shape the future of WSH and discover cutting-edge strategies to leverage emerging technologies for the future of work.

Register now at https://www.singaporewshconference.sg/

Your voice matters 📢 Have your say by participating in our SBF National Business Survey 2024 – Scaled Internationally Edition and share the needs, challenges, and support required by your company for internationalisation.

Your feedback will help strengthen SBF’s advocacy efforts and contribute to the review and development of support for the business community.

Join now: https://survey3.acornasia.com/s3/Scaled-Internationally-Edition-SBF

Please reach out to [email protected] if you require any assistance regarding the survey.

All responses will be treated with the strictest confidentiality. Only aggregated information will be released in any published form.

SID Directors Conference 2024 - Directorship in Transition: Redefining Roles, Risks and Results explores the evolving landscape of corporate governance.

Whether you're a seasoned director or a newcomer to the boardroom, this one-day conference offers valuable opportunities to learn from peers, align with industry best practices and lead with confidence into the future of governance.

As a Community Partner, SBF members enjoy up to S$150 off the public rates.

For more details, please visit www.sid.org.sg/communitypartner.