World Class Financial Hub

The Business Times | Monday, July 20, 2015

CEO CONVERSATIONSCEO CONONO VERERE2015 golden jubilee edition

I N JUST over four decades, Singapore has established an internationally renowned financial centre, catering to both its domestic economy and the wider Asia-Pacific region. With a total asset size of nearly US$2 trillion as

of December 2013, the banking sector has been critical to Singapore’s role in financing local and regional growth. These include areas such as trade facilitation, corporate finance and infrastructure development. Notably, the 2014 Global Financial Centres Index ranked the Republic as the fourth most competitive financial centre in the world, behind New York, London and Hong Kong. Singapore’s rapid rise as the region’s largest centre for both commodity and foreign exchange trading, as well as its growing reputation as a wealth management hub, has contributed to this

new competitive dynamic in Asia. It all started back in the 1960s when the government at that time chose a very different path from other countries in South-east Asia by adopting an outward-looking financial

development strategy. Over the course of the

next three

decades, the government implemented various financial sector reforms, opened new financial markets and enacted regulatory and fiscal incentives to attract foreign financial institutions to invest in Singapore. Many of the world’s top financial institutions are thriving in Singapore’s triple-A rated pro-business economy that comes with growth opportunities and a socio-politically stable location for business expansion and investments. DBS Private Bank was recently named as one of the top 50 private banking brands in the world by The Banker, a prestigious financial magazine owned by the Financial Times. The bank was placed in 27th spot, and is the only Singapore and Asean bank on the list. Singapore is a prominent wholesale funding centre in both the debt and equity markets across Asia. It is also one of the world’s largest foreign exchange centres − the third-largest forex centre in the world, behind London and New York, according to the Bank for International Settlements in 2013 − and has very deep US-dollar funding capabilities. The Asian dollar market is one major aspect of Singapore’s financial sector, and has played a vital role in financing Asia’s economic development. Singapore is currently home to more than 200 banks, with a growing number opting to base their operational headquarters here to better service their

regional group activities. Collectively, they offer Singapore and the region

a comprehensive range of financial services including banking, insurance, investment banking and treasury services, all part of the overall support given to a wide range of industries here. In this fifth and final part of BT’s CEO Conversations Golden Jubilee supplement, we speak to business leaders who give their take on how they have benefited from Singapore’s progress towards a first-world nation. Some of the most well-known financial institutions have grown in tandem with the country’s development as a global financial hub. In the eyes of Michael Zink, head of Asean and Citi country officer Singapore, Singapore has created all the required elements for a successful financial centre. “It has a welcoming attitude towards business, a rule of law that enforces the sanctity of contracts, and dispute resolution processes. It is also hard to find a city where both English and Mandarin are broadly spoken,” he says. UOB Group deputy chairman and CEO Wee Ee Cheong, meanwhile, feels it is the responsibility of banks to uphold the robust reputation of Singapore’s financial industry. “The banking world is changing fast. We know it took Singapore 50 years to make it to where we are today, a vibrant global financial centre. But it

may not even take the next five years for the industry to be radically transformed as it

adjusts to the forces we are witnessing,” he says.

– BY LEE U-WEN

World-classfinance hubSingapore’s banking infrastructure provides strong support for a wide range of industries

Busy Bees buzzing as preschool sector blooms 2

Building a winning team 3

A pioneering investor in Singapore 4

Creating unique lifestyle environments 5

Smart technology for a smart nation 6

King of the show 7

Quality products built with pride and care 8

Inspiring well-being through innovation 9

On the path of growth 10

The world’s port of call 11

Transforming for growth 12

Growing with Singapore 13

Supplement editor: Lilian Ang Sub-editor: Lee Kim Siang Cover design: Gareth Chung Photographer: Joseph Nair

Advertising sales: Lam Wy-ning 9368 5685; Jaclyn Sim 8333 5665

Inside

IF JUNE Rusdon had her way, preschool teach-

erswould geta lotmore respect. Says the chief

executive of Busy Bees Asia: “Not until recent-

ly,manysocietiesstill lookedatpreschooledu-

catorsasnanniesorcaregivers,orsimplyput–

diaperchangers.Preschooleducatorsarecred-

ited much less than they rightfully deserve.”

“We needed to show people early childhood

can be as rewarding a career because getting good people

means higher quality preschools,” she adds.

Campaigning and working with ministries, organising

conferences, offering subsidised workshops and promot-

ing the profession to tertiary students only did so much.

These days, a common industry practice – of which

Ms Rusdon and her team pioneered back in 2000 – is to

sponsor fresh graduates or mid-career switchers on early

education diploma courses, while paying them a full sala-

ry. As parents, particularly in Asia, wake up to the impor-

tance of preschool education, the demand for preschool

teachers is only going to go up.

“Over the last two years, the government has placed

moreemphasisonthequality ofpreschooleducation,and

we are heartened by this commendable commitment,”

says Ms Rusdon. “A great foundation needs to begin way

before the age of six to prime our children for their learn-

ing journey ahead. We have come a long way knowing it’s

not so much about learning itself, but equipping children

with the inquisitive spirit and a love for knowledge and

life.”

Things have certainly changed since Ms Rusdon, then

a new mother, founded her company Learning Vision (for-

merlyknownasSmallWonder) in1989, toestablishanear-

ly childhood centre she would want to send her own kids

to. “I understood and experienced frustrations of a work-

ing mother in my attempt to manage the delicate balance

between work and family in my younger days,” she says.

“If businesses made family building part of their

modus operandi, they would not only have more dedicat-

ed employees and raised productivity levels, but also re-

ducedattritionrates.More importantly, theywouldhavea

distinct advantage in attract-

ing highly qualified female

candidates.”

Learning Vision became

partofKnowledge Universe, a

privateproviderofearlychild-

hood and teacher education,

in the 2000s. Last year, Busy

Bees – Britain’s largest chain

of private nurseries – ac-

quired Knowledge Universe’s

education brands in Singa-

pore and Malaysia, and

Ms Rusdon was named the

chiefexecutiveofficerofBusy

Bees Asia.

Brands that come under her purview include Learning

Vision, Odyssey The Global Preschool, Small Wonder,

Learning Horizon and Asian International College – all

founded by Ms Rusdon – as well as Brighton Montessori,

Pat’s Schoolhouse and The children’s house who joined

the family believing in the same ideology.

While Learning Vision took in about $300,000 in annu-

al revenuewhen it first started, today, thegroup’s revenue

is close to 18 per cent of the market, estimates its CEO.

Busy Bees Asia currently has more than 1,400 staff mem-

bers inSingapore.BusyBeesalreadyownssome250child-

care centres in the UK, and now has 52 centres in Singa-

pore, 12 in Malaysia and a joint-centre in India.

“In the next five to 10 years, we will strengthen our

base in Singapore as the Asia headquarters, contribute to

the overall quality index of early childhood education,

and put Singapore on the world map for our ideas,” says

Ms Rusdon of the company’s plans.

Reachingout to regionalmarkets isalso in thepipeline,

“using Singapore as our launchpad” for innovation and re-

search into preschool methods, she reveals. “When I meet

guests from around the world, I am always proud to share

I am from Singapore,” says Ms Rusdon, adding that Singa-

pore has earned a reputation as a business hub, across in-

dustries such as trade, finance and education, and “has

come a long way since independence”.

Locally, the management is seeking to play a bigger

role too. “We eagerly await the results of the Early Child-

hood Development Agency (ECDA) Partner Operator

Scheme due later this year,” she adds, referring to the Sin-

gapore government’s grant scheme that helps centres re-

duce their charges. “We look forward to opportunities to

collaborate with other operators to refine best practices,

and, ideally, offer cross-training platforms as well.”

Furthermore, the group recently rejuvenated the Small

Wonder brand of childcare centres to cater to the masses.

Located in newer housing board estates, such as Punggol,

Sengkang and Yishun, they aim to meet increasing de-

mand from young families. In addition, Busy Bees Asia al-

so opened two “mega centres” this year – Small Wonder at

Serangoon North, and Pat’s Schoolhouse at Kovan – each

with capacity of more than 300 students.

Ninety-five per cent of the group’s centres here are

backed by the maximum

24-month operating licences

awarded by ECDA. And 50 per

cent have attained the Singa-

pore Pre-school Accreditation

Framework (SPARK), a rigor-

ousMinistryofEducation initi-

ative for quality measures in

preschools.

“It is a delicate balance be-

tween entrepreneurship and

what we term as a ‘calling’, be-

cause operating and working

in a preschool requires both a

sharp business mind and a

nurturing soul at the same

time,” says Ms Rusdon.

For example, she makes it a point to only hire educa-

tors that “we are willing to entrust our own children with”.

It also invests in employees by sending them on profes-

sional development programmes, study trips and over-

seas conferences, as well as having a mentoring depart-

ment in which experienced educators support newer

teachers in the first two years of their jobs.

“Many of our staff have been with us and grown

through the ranks since our founding years and I’m grate-

ful they share a similar belief. It is no doubt a tough job

and takes a toll to nurture a young mind, but some re-

wards are invisible to the eyes but matter most to the

heart,” says Ms Rusdon.

On the country’s 50th anniversary, she says: “My wish

for Singapore is simple – to never forget how we got to

where we are today, on an island without natural resourc-

es. We must continue to develop the finest in our human

capital with regards to skills and competencies, and to al-

ways look after our people, young and old. They will al-

ways be our biggest asset and perhaps our singular com-

petitive advantage if we hope to compete in the global

landscape.”

Busy Bees buzzingas preschoolsector bloomsOperator of brands such as Learning Vision and Pat’s Schoolhouselooks towards regional expansion

‘In the next five to 10 years,we will strengthen our basein Singapore as the Asiaheadquarters, contribute tothe overall quality index ofearly childhood education,and put Singapore on theworld map for our ideas.’

– June Rusdon, chief executive of Busy Bees Asia

CEO CONVERSATIONS2015 golden jubilee edition

PHOTO: JOSEPH NAIR

2 | The Business Times | Monday, July 20, 2015

ASK Michael Zink, Citi’s

top officer in Singapore,

howthebanking jugger-

naut can survive as an

institution, and the an-

swer is straightforward.

“Our employees must

be engaged, and our cli-

ents have to trust us,” says Mr Zink, head of

Asean and Citi country officer, Singapore.

When employees are inspired and clients

trust the bank, everything else – technology,

capital and liquidity – will fall into place, he

says. “We have to engage our employee base

and keep the learning curve steep. We have to

give them internal mobility opportunities

across functions and for some, around the

worldso that they want to stay,” Mr Zink says.

“We take 200 fresh graduates a year from

Singapore regardless of the economic cycle.

We also favour internal promotion over exter-

nal recruitment,” Mr Zink adds. Citi makes a

deliberate commitment to attract and devel-

op talent to their full potential, while encour-

aging them to collaborate with one another,

he says.

The bank conducts frequent reviews forall

employees. Employee engagement is about

“perpetual conversation”, he says. “We have a

mid-year conversation, and an end-of-year

conversation – not just about how you’re do-

ing, but about your ambition, what do you

want to do next, what skill set you need, and

what behaviours you need to improve,” he

says.

Citi takes the development of its employ-

ees seriously. Other than offering over 2,000

learning and development programmes for

its employees in Singapore to choose from

every year, it has a full spectrum of pro-

grammes that cater to employees at different

job levels and functions.

Acase inpoint isCiti’sLeadershipEnhance-

ment and Accelerated Development Pro-

gramme (LEAD), which is targeted at high per-

forming assistant managers to senior

vice-presidents. LEAD moulds them into lead-

ers by providing cross-franchise exposure,

and developmental and networking opportu-

nities.

With its enlightened approach to people

management,Citi is today the largest banking

employer in Singapore, with 10,000 people

working for it, 80 per cent of whom are Singa-

poreans and permanent residents.

“We want a leadership team that reflects

the employee base we’re trying to lead. It is al-

so important for our employee base to reflect

thecustomersthatweserve.WeneedSingapo-

reans and some global talent at the table,”

Mr Zink says.

The bank, founded in 1812 as City Bank of

New York, was the first American bank to set

up a branch in Singapore in 1902. Citi was

thenknownas InternationalBankingCorpora-

tion and financed trade in Malayan rubber

and tin.

Over itsnext 113years inSingapore,Citi fi-

nanced the expansion of multinationals into

Singapore and the region, and aligned itself

with Singapore’s ambitions to be a banking,

trade finance, dealing and wealth manage-

ment powerhouse.

A key year was 2002, when Citi celebrated

its 100th year in Asia. Citi was then mostly

servingcorporatesandhad built itsSingapore

office up as a regional hub for rates, curren-

cies and commodities. It had four branches, a

single ATM, and around 2,000 employees

compared to 10,000 today.

Then came the 2004 US-Singapore free

tradeagreementwhich enabledCiti toexpand

its consumer banking business here. “We

grabbed that opportunity with both hands,”

Mr Zink says.

In 2004, Citi incorporated a wholly owned

subsidiary of Citigroup in Singapore, Citibank

Singapore Limited. Citibank rapidly estab-

lished a dominant consumer banking posi-

tion inSingapore. InApril thisyear, itwas des-

ignated as one of seven domestic systemical-

ly important banksby theMonetary Authority

of Singapore.

Today, Citibank has over 1,400 consumer

touch points in Singapore, including bank

branches, instant banking centres, ATMs and

AXS stations. It also holds the largest consum-

er credit card portfolio in Singapore. Mean-

while, its corporate banking entity, Citi, grew

by building on its clients’ trust in the bank’s

cutting-edge technology, reliability and trust-

worthiness.

After New York, Citi's second-biggest deal-

ing room in the world is in Singapore – bigger

than London or Hong Kong, Mr Zink points

out. In there, Citi provides clients with unpar-

alleled access to over 650 currency crosses

and expertise to over 80 local market trading

desks.

Singapore is also Citi’s biggest treasury

and trade centre in Asia, out of which Citi ser-

vices the liquidity management needs of mul-

tinationals picking Singapore to be their re-

gional headquarters. In its derivatives busi-

ness, a critical mass of traders and hedgers of

energy products, like natural gas, are congre-

gating in Singapore. Citi sees the opportunity

to be the clearing house for trades here.

Citi sees the potential for Singapore to stay

relevant to the world. “Asia is becoming afflu-

ent, and global economic activity has rebal-

anceditselfaroundit.We’regoingtohavemar-

kets of greater depth here,” Mr Zink says.

Singapore is also a significant hub for Citi’s

global operations. The bank has set up

state-of-the-art processing hubs and data cen-

tres which serve various businesses in 60

countries across the world.

Back-end operations are located in the

Changi Business Park hub, where 4,500 peo-

ple work in a 400,000-square-foot space. Two

innovation centres, one for consumer bank-

ing and another for treasury and trade, are al-

so housed here.

The Changi hub is an important tech cen-

tre for Citi. In there, Citi in 2009 started devel-

oping a global operating platform for its con-

sumerbanking business. The platform, which

for example allows new credit cards to be in-

troduced simultaneously across different

countries, was pioneered in Singapore. This

was followed by Asean, China, and now, the

US.

“What comes together in Singapore is the

ecosystemof bigdomesticbusinesses, our re-

gional teams for Asia including the consumer

bank, private bank, our markets business,

and our tech and operations team. We’re all in

the same city,” Mr Zink says.

Singapore has created all the required ele-

ments for a successful financial centre, he

adds. “It has a welcoming attitude towards

business,a ruleof lawthatenforces thesancti-

ty of contracts, and dispute resolution pro-

cesses. It is also hard to find a city where both

English and Mandarin are broadly spoken,”

Mr Zink says.

Ultimately,peoplewillworkforCiti as long

asthebankremains innovativeandoffersmo-

bility and opportunity, Mr Zink says. “People

want to play for a winning team. When they

are asked, where do you work, they don’t say

‘I work for a bank’. They say, ‘Citi, I work for

Citi’.”

Building a winningteam

PHOTO: JOSEPH NAIR

Citi, the largest banking employer in Singapore, grew bydeveloping people to their full potential and fostering client trust


‘We want a leadership team that reflects theemployee base we’re trying to lead. It is alsoimportant for our employee base to reflect thecustomers that we serve. We need Singaporeansand some global talent at the table.’

– Michael Zink, head of Asean and Citi country officer, Singapore

The Business Times | Monday, July 20, 2015 | 3

FROM its first days as a small tradingcompany selling kerosene and lubri-cants in 1893, ExxonMobil has grownits presence in Singapore significantlyin tandem with the nation. But evenwith an already-large footprint in theform of the world’s largest integratedrefinery and petrochemical complex

and its regionalheadquarters forAsia-Pacific in thechemi-cals and downstream businesses here, the oil and gas ma-jor continues to invest more money in Singapore – a testa-ment to its confidence in the city-state.

The group in 2013 started up its expanded multi-bil-lion-dollar petrochemical complex on Jurong Island, itslargest investment here and also Singapore’s biggest man-ufacturing investment ever.

Sincethen, ithasalsorevealedplans toaddmoredown-stream facilities to the complex: a halobutyl rubber plantand hydrocarbon resins plant that will both be the largestof their kind in the world. It is building a third cogenera-tion plant in Singapore as well, to further enhance energyefficiency in its operations.

These investmentsmake ExxonMobil one of the largestinvestors into Singapore, with over US$15 billion in as-sets. The group also hires more than 3,300 employeesacross its corporate offices and its integrated manufactur-ing complex, up from less than 100 staff when Singaporebecame independent.

Business operations aside, the oil and gas major has al-so contributed to the Singapore community in manyways.Forexample, ithasbeenorganisingmobileblooddo-nation drives since 1999 to encourage both employeesandthepublic togiveblood,andhas,since2003,beenrec-ognised as the top corporate donor by the Singapore RedCross and Health Sciences Authority.

ExxonMobil is also one of the sponsors of the new LeeKong Chian Natural History Museum, a partnership thatevolved from its tie-up with what was previously knownas Raffles Museum of Biodiversity Research.

For ExxonMobil Asia Pacific’s chairman and managingdirectorGanSeowKee,being inSingaporehasbrought thegroup tremendous benefits. “Just being in Singapore is anadvantage because Singapore is in the middle of theAsia-Pacific region, and this is the region that has got thehighest growth rate in terms of energy and petrochemicaldemand,” says Mr Gan.

“There’s a rapidly expanding middle class in theAsia-Pacific region which translates to demand for appli-ances, cars and all the things that go with a higher stand-ard of living. Being right here has allowed us to grow withthe region.”

When ExxonMobil first invested in refineries in Singa-pore (as Esso and Mobil separately) in the few years afterSingapore’s independence in1965, thecountry’s founderswere then promoting foreign investments and free trade –not a politically fashionable concept at that time, Mr Gannotes. “That set the stage for companies like ExxonMobilto come here to invest and grow with the country.”

Fast forward 50 years, and Singapore continues to be“verywell-placed”.The city-state’s rigorous education sys-tem is critical for ExxonMobil’s knowledge-intensive busi-ness; the strong protection of intellectual property herehas also enabled ExxonMobil to invest in proprietary tech-nology in its plants.

“Just setting the stage for the environment to be posi-tive for businesses to operate and to grow here is some-thing that we can’t take for granted because that doesn’texist everywhere in the world,” says Mr Gan. “Thelong-term orientation of the Singapore government hasbeen very helpful for us. We, too, take a long-term ap-proach when we make our investment decisions.”

Butwhilebeing in themidstofa thrivingAsia-Pacific re-gion would certainly provide many opportunities for thegroup, the cost of doing business in Singapore – includingenergycosts –continues tobeachallengethatExxonMobilis constantly working on.

Already, the new petrochemical complex is the most

energy-efficient plant that ExxonMobil has in the world.“Given the kinds of standards and technology that Exxon-Mobil deploys all over the world, it really says somethingabout what we’re doing here,” says Mr Gan.

Energy efficiency initiatives that the group has intro-ducedover thepast12yearshasreduced itsconsumptionof energy, equivalent to taking 290,000 cars off the roadin Singapore.

After its third cogeneration plant starts operations, the

group will be self-sufficient in its electricity needs. “Otherthanbeingenergy-efficient, cogenerationgeneratessteamat the sametime, which isanother bigenergyconsumer inthe refinery complex.”

Some of the petrochemicals that ExxonMobil produces

alsohelp to reduce global energyconsumption, as they gointo making products that are more durable, recyclableand lighter, says Mr Gan.

ExxonMobil hires mainly Singaporeans and permanentresidents, who make up 90 per cent of its total workforce

here. When asked about the manpower shortage that hasaffected many other businesses here, Mr Gan’s responsewasthat ithassome impactonthecompany,mainlyon itsconstruction and maintenance projects. However, he

notes, more importantly, ExxonMobil supports thegovernment’spushtowardshigherproductivity in thesec-tor.

The energy and chemicals industry in Singapore hasbeen involved in discussions relating to productivity in

the process, construction and maintenance sector whichsupports the industry.Acommitteemadeupof represent-atives from major plant owners, contractors and govern-ment agencies was started in 2013 to discuss ways to im-prove productivity in the sector.

ExxonMobil has management representatives in the

committee, and has also been leading some of the discus-sions. It has also implemented new initiatives to supportproductivity. “We’ve worked with various governmentagenciesontrainingand certification programmes for for-

eign workers, so that they become more skilled.”“Wedoitonan industrybasisso thatwhenthecontract

work for ExxonMobil finishes, because they are trainedand certified, they can then go on to other projects withother companies in Singapore,” Mr Gan says. “With higher

productivity, you need fewer numbers and you can affordtopay higherwages.” Theshortageof foreign labour isbutone of many challenges ExxonMobil will faceas it expandsits business. But “we do what we can within our control tomanage that”.

Looking back at Singapore’s journey, Mr Gan who, atnine years old, watched the proclamation of Singapore’sseparation from Malaysia on television, recalls “gettingthe sense that something momentous has changed”. “I’moptimistic about the outlook for Singapore, because we

are going to be building from a much stronger base thanwe had 50 years ago.”

There will be challenges, of course. A key one will befor Singapore, in Mr Gan’s view, to balance between grow-

ing the economy and maintaining its competitive edge –which will lead to a higher standard of living – while meet-ing the different aspirations of society and allowing everySingaporean to develop to his or her full potential.

ExxonMobil remainsoptimisticon itsoutlookfordoing

business in the city-state. Says Mr Gan: “With low oil pric-es, some may think it’s doom and gloom, but we’re in themidst of many exciting projects in Singapore. We see thatthere will be growth in the region and we are here for thelong run.”

A pioneeringinvestor inSingapore

PHOTO: JOSEPH NAIR

Oil and gas major is herefor the long run, as itsees growth in the region


‘Just being in Singapore is anadvantage because Singaporeis in the middle of theAsia-Pacific region, and this isthe region that has got thehighest growth rate in termsof energy and petrochemicaldemand.’

– ExxonMobil Asia Pacific’s chairmanand managing director Gan Seow Kee


GAMUDA Land is thelatest Malaysian de-velopertoheadtoSin-gapore after it was in-vitedbyalocal reales-tate company to addvalue to a joint-ven-ture set up to developland in Toa Payoh. A

consortium comprising Gamuda Land andtwo other developers put in the highest ten-der price of S$345.86 million among 14 bid-ders for a 12,000-square-metre leasehold sitethat can be developed into an estimated 535homes.

“The acquisition and proposed Toa Payohdevelopment represent an excellent opportu-nity for the group to make its maiden pres-ence felt in Singapore and to participate in adevelopment which is strategically located ina matured residential area,” Gamuda said in arecent statement, noting its proximity to MRTlines and stations. “The proposed Toa Payohdevelopment is expected to contribute posi-tively to the future earnings and thereby im-proveshareholders’ valueover themediumtolong term,” the statement added.

Apart from its foray into Singapore, Gamu-da Land – one of the top property developersin Malaysia – has also ventured to Australiaand Vietnam. It acquired a 1,435 sq m plot ofland in Melbourne – located four kilometresaway from the central business district – thatwill bedeveloped into residential apartments.In Vietnam, the company transformed a com-bined plot of over 1,000 acres into integratedtownship developments with residentialparks and lakes.

“Apart from that, Gamuda is constantlyscouting for potential land bank overseas toexpand our businesses,” says Gamuda Land’smanaging director Chow Chee Wah.

Set up in 1995, the company is the proper-

ty arm of Gamuda Berhad, the engineeringand construction leader with operations inAsia and the Middle East regions.

Gamuda Berhad’s major projects includehighways in Malaysia, the Kaohsiung Metro-politanMassRapidTransit inTaiwan, the NewDoha International Airport in Qatar and ex-pressways in India. GamudaLand contributedone-third of the group’s total revenue ofRM4.636 billion (S$1.6 billion) for the finan-cial year 2014.

Horizon HillsWithin Malaysia, Gamuda Land has made aname for itself for delivering innovative andquality homes that offer sustainable value forthe community. Gamuda Land’s strength liesin masterplanning, which includes setting thestandard in preserving natural topographylayout, creative irrigation, forward-thinkingresidential parkland and modern architecturethat cleverly assimilates sustainable materi-als. Meanwhile, its extensive and elaboratelandscaping reflects the company’s commit-menttocreateafinebalancebetweendevelop-ments and the natural environment.

Finally, all its townships are built with fea-tures that promote community living. Thepockets of neighbourhood parks, dedicatedopen spaces, community clubs and manymore not only encourage community activi-ties and interaction, but also provide resi-dents with a sense of belonging.

This approach to development has won itmany accolades. Since 2012, the companyhas been ranked as one of Malaysia’s top 10property developers in The Edge Property Ex-cellence Awards.

One of its signature projects is the 1,200-acre Horizon Hills in the Iskandar Malaysia re-gion in Johor that will be completed in 2024.Horizon Hills is a low-density developmentspread over 11 residential precincts – includ-

ing landed properties such as link houses,cluster homes, semi-detached, bungalowsand high-rise apartments – and an 18-hole de-signergolfcourse.Thedevelopment is just15minutes away by car from Singapore.

“Horizon Hills is a paradise of luxury golfresidences. A beautiful home with views todream of that gives you an opportunity towalk straight out on to the fairways,” saysMr Chow. On Gamuda’s competitive advan-tage,headds: “Weintegrateengineeringexper-tise in our development focusing on four keyelements, namely master-planning, hydrolo-gy, terrain and greenscapes.”

He citesHorizon Hills asone of the best ex-amples of how it creates a unique lifestyle en-vironment and elevates the standard of livingin the heart of Nusajaya, a township inIskandar. “We began sculpting the homesaround the land’s natural contour with collab-orationwithworld-renownedarchitectdesign-er, Ross Watson, to a design a golf course bytransforming conventionally unproductiveterrain into an award-winning 18-hole par-72golf course,” explains Mr Chow.

The development also uses hydrology notonly to beautify views with water features,but to also manage water features thatact asacooling agent for the golf course. In addition,aquaticplants inthe lakeandcascadingwater-ways serve as nature’s filter to maintainhealthy water quality.

Going forward, Gamuda Land has a sizea-ble land bank that can hold many more inno-vative developments. This is made up ofaround 2,700 acres in Kota Kinabalu in Sabah,Rawang in Northern Klang Valley, TanjungDua Belas in Southern Klang Valley and a257-acre plot at Shah Alam.

With its commitment to quality, innova-tion and sustainability, Gamuda Land can beexpected to continue developing exciting liv-ing environments for many years to come.

Creating uniquelifestyle environments

Leading Malaysia developer Gamuda Land is starting to make a markin Singapore and the rest of the region


‘We integrate engineering expertise in ourdevelopment focusing on four key elements,namely master-planning, hydrology, terrain andgreenscapes.’

– Gamuda Land’s managing director Chow Chee Wah


HUAWEI may not be a

household name

here, but the Chi-

nesetelecommunica-

tions giant’s net-

works serve many of

the world’s mobile

phone service pro-

viders. In Singapore, it works closely with all

three of the major telcos – M1, Singtel and

StarHub – to drive the technological transfor-

mation of the country’s mobile network. In

fact, more than 60 per cent of users here –

numbering in the millions – are using a Hua-

wei-powered network in their daily lives.

“Singapore has always been at the fore-

frontof informationandcommunicationtech-

nology (ICT)development inAsia,andHuawei

ishonoured tohave beenapartof Singapore’s

strategic ICT sector and contributing to the

industry’s advancement for the past 14

years,” says Zhou Bin, chief executive officer

of Huawei International.

He notes that Huawei supported StarHub

in its efforts to set up cloud computing capa-

bilities in 2011. Two years later, the company

workedwithM1to deploy Singapore’s first4G

LTE Network. And recently, in late 2014, Hua-

wei jointly established the 5G Joint Innova-

tion Program with Singtel.

Huawei is also a key technology provider

in Singapore’s Next Generation Nationwide

Broadband Network, the ultra-high speed

broadband network that is part of the

city-state’s Smart Nation master plan to har-

ness the latest technology to improve connec-

tivity across the island. “This has allowed Sin-

gaporeans toenjoyaricherbroadbandexperi-

ence with more choices and at more afforda-

ble prices," says Mr Zhou.

Huawei, which also sells smartphones, is a

global giant in the field of telecommunica-

tions infrastructure, with one-third of the

world’s population hooked up to networks

that uses its equipment.

It has risen rapidly from its humble begin-

nings selling telephone equipment to rural

Chinese villagers. The company was founded

in Shenzhen by a Chinese engineer who was

formerly from the military, with a mere

start-up capital of US$5,000 in 1987.

Today, founder and chief executive officer

Ren Zhengfei is worth more than US$1 billion,

according to Forbes, and his company’s annu-

al revenue reached US$46.5 billion last year –

a 20.6 per cent increase from the previous

year.

Interestingly, most of Huawei’s total reve-

nue – around 62 per cent – come from over-

seas markets outside of China. Europe, the

Middle East and Africa are its largest foreign

markets, responsible for generating 35 per

cent of its total revenue, followed by Asia-Pa-

cific (excluding China) at 14.7 per cent, and

the Americas contributing the remaining 10.7

per cent.

Working with Singapore

Within the Asia-Pacific region, Singapore re-

mains a strategic market, says Mr Zhou, add-

ing that the company is committed to helping

thecountryachieve itsSmartNation plan. “We

believe in driving open collaborations and are

currently working closely with the govern-

ment and industry partners in Singapore on

several joint initiatives,” he says.

One such partnership is the Green Data

Centre Innovation Programme with the Info-

comm Development Authority of Singapore

(IDA),whereHuawei isamemberof thetechni-

cal advisory team, involved in the planning

and discussions on building Singapore’s first

green data centre.

Huawei and the Singapore government al-

so signed a Memorandum of Understanding

for joint innovation in December 2014. This

initiative seeks to explore the commercial via-

bility of Heterogeneous Network (HetNet) and

LTE-M technologies which will build a strong

foundationforSingapore’sSmartNation initia-

tive. “This will also fast track Singapore’s next

phase of industrial evolution in the digital

age,” says Mr Zhou.

“In the next five to 10 years, Huawei will

continue to focus on our pipe strategy and to

be a key player in the establishment of 5G

technology. We hope to see 5G networks that

will bring together 100 billion connections

and revolutionise the way we work, play and

live.”

The company, which has more than

17,000 employees in over 170 countries, has

around 720 staff in Singapore. “We also recog-

nise the need of a vibrant ecosystem of devel-

opers, innovators and thought leaders to

make the SmartNationvision possible.This is

why we work closely with the government

andeducational institutions to introducevari-

ous programmes in order to inspire interest

inthe ICTindustryandgroomthenextgenera-

tion of talents,” says Mr Zhou.

Such programmes include Labs-on-Wheel,

Infocomm Experience Center and its global

flagship program ICT Architects of Tomor-

row.

For itsachievements inSingapore, thecom-

pany has picked up numerous industry acco-

lades. It won the Frost & Sullivan 2014 Best

Practices Award for best broadband vendor,

best carrier vendor and best vendor of the

year; Singapore Top 1000 Enterprises Award

2014: best supplier, best wireless equipment

supplier of the year; and Top 100 IDEAL Em-

ployer Award 2013: best supplier, best wire-

less equipment supplier, best broadband

equipment supplier of the year.

Sharing his thoughts on Singapore’s

growthinthepast50years,Mr Zhousays that

the country looks set to continue to achieve

even greater progress and advancements. In

particular, the Smart Nation 2025 initiative

will be a key driver to the nation’s sustainable

development. “Singapore’s accomplishments

overthe past50yearshavemade it amodelof

best practice emulated by many countries

around the world, and its vision to become

the world’s first truly smart nation will no

doubt be closely followed globally,” he says.

“Our wish is for Singapore to continue to

harness technology and intelligent networks

torealise the fullpotentialof thecountry’shu-

mancapital, drive businessopportunitiesand

enable meaningful, convenient and sustaina-

ble living for all.”

Smart technology for a smart nationHuawei International’s initiatives in Singapore are helping drive the nation’s digital evolution


‘In the next five to 10 years, Huawei will continueto focus on our pipe strategy and to be a keyplayer in the establishment of 5G technology. Wehope to see 5G networks that will bring together100 billion connections and revolutionise the waywe work, play and live.’

– Zhou Bin, chief executive officer of Huawei International


ALMOST 40 years ago, two young col-leagues at the same display designfirm decided to strike out on theirown with just S$12,000 and onebusiness idea. Both founders, Bene-dict Soh and Simon Ong, had to jug-gle multiple tasks from sales to de-signandprojectmanagement–slog-

ging an average of 6.5 days weekly.“From day one, we were very strategic in what we set

out to do. We were professionals, consultants to our cli-ents, offering them a better return on their marketing dol-lar than just traditional advertising inTV, radio and print,”saysMr Soh,66,nowexecutivechairmanofKingsmenCre-atives.

Kingsmen's focus was clear: offering quality design,quality production and quality after-sales service, Mr Sohsays. “We were very idealistic that way. We didn’t workjust because there’s money. We wanted to focus on whatwe liked to do, and we want to do it well,” he says.

From its first gig as a seven-man start-up setting up ashowroom for camera maker Canon in Raffles Place in1976 and making less than S$1 million that year,Kingsmen’s combined group revenue is now over S$400million.

It employs 1,700 employees in 18 offices acrossAsia-Pacific and the Middle East, including an army of 300designers as well as teams of project managers and sales-people. Through the years, Kingsmen grew with Singa-poreas thecountrygainedprominenceasameetings,con-ventions and exhibitions destination.

Says Mr Ong, 62, Kingsmen group managing director:“We started out at a time when Singapore first startedopening up its economy, and the Singapore TourismBoard was promoting the country as a shopping paradiseandtouristdestination.Thisbrought inconventions,exhi-bitions, and shopping malls.”

Kingsmen, which Mr Ong says was named because “wewant to serve our clients, the kings”, began designingmore and more interiors for retailers. In 1978, just twoyears after starting out, the company secured contractswith high-end boutiques like Pierre Balmain and LouisVuitton. Orchard Road projects followed, with brands likeGivenchy and Charles Jourdan. “But we always wanted togo for bigger jobs, like department stores,” Mr Ong says.

Kingsmen soon got its chance with Hong Kong chainShui Hing department store in 1982, followed by Frenchchain Printemps in 1983, which it got to design and buildin its entirety. Then came the year 1984, when Kingsmen

secured a contract to fit out the new Robinsons depart-

ment store at Centrepoint shopping mall. The store re-

mains a faithful client of Kingsmen to this day.

Other loyal customers since the 1980s include fashion

retailer FJ Benjamin and specialist watch retailers The

Hour Glass and Dickson Group. “Clients want our ideas,

theywantourapproach.Or the ideascomefromthemand

we realise it through design and engineering,” Mr Ong

says.

Kingsmen’s strength lies in providing quality af-

ter-sales service, beyond just a contract job, he says. Adds

Mr Soh: “We consciously said we will approach the way we

serve our clients like advertising agencies. We serve theiraccounts, and provide long-term quality services, ensur-ing that whatever we do for them will last a long time andare well maintained.”

Theyear1984wasalsoamemorableyear forother rea-sons. A recession was approaching. Elections were to beheld in December. And Kingsmen masterminded the firstOrchard Road light-up in Singapore, finished by mid-No-vember.

The company had been doing some overseas exhibi-tions and was asked by the tourism board to bid for theproject, Mr Ong recalls. Today, Kingsmen is well-reputedin the region for design and quality works.

“As interior designers, an opportunity like this comesvery rarely. So we took it on, and had to compete with onecompany from Paris and one company from Hong Kong,”Mr Ong says. “And we won.” Mr Soh recalls: “It was magi-cal, it was really magical.” At the opening ceremony, uponthe flick of a switch, light spread out from lamp post tolamp post, until the whole of Orchard Road was trans-formedintoa fairylandof lights. “I still remember it rainedjust before, and because of rain, the wet look made thewhole place very Christmas-like,” he says.

“The guys who did the Orchard Road lighting”, as theywere known, went on to design the outdoor decorationsfor Chinatown, Geylang Serai, and Little India during fes-tive occasions.

The company was soon regularly doing projects over-seas. In 1987, Kingsmen was appointed main contractorfor the first Thai Defense Show in Bangkok. The followingyear, it became the main contractor and chalet builder forAsian Aerospace in Singapore, the largest airshow in Asia.By 1993, it had offices in Kuala Lumpur, Bangkok, Jakartaand Ho Chi Minh City.

When it launched its initial public offering in 2003,Kingsmen was already making profits of S$3.3 million in2002 on S$60.8 million of sales, half of which came fromrepeat customers. That year, it won the “Best Retail Con-cept Award for DFS Galleria” at Scotts Walk, by the Singa-poreRetailersAssociation.ThecompanymovedtotheSin-gaporeExchange mainboard in2008. By 2009, it had com-pleted over S$80 million worth of contracts at UniversalStudios Singapore, including the Far Far Away Castlewhere the Shrek shows are.

Today, Kingsmen has built and multiplied its trackrecord to include iconic lifestyle attractions such as TrickEye Museum, Madame Tussauds and National Museum ofSingapore; fitting out numerous retail boutiques likeChanel, Gucci and Dior; supporting world-class eventslike F1, WTA Finals, the 28th SEA Games and Youth Olym-pic Games, and contributing to Singapore’s Unesco bid forthe Botanic Gardens by sponsoring a number of heritagesigns for various trees and plants there.

Looking ahead, there will always be opportunities forKingsmentogrowas longas it innovatesandserves itscli-ents well, Mr Ong says. “We are still in the same kind ofbusiness after almost 40 years. We told ourselves, wedon’t have to be the biggest, but we had to be the best inour chosen field. And as the world evolved, as marketsevolved, we were able to keep up.”

King of the showPHOTO: JOSEPH NAIR

Kingsmen has made Singapore sparkle, from designing and buildingluxury boutiques, to supporting milestone events,

and even the Universal Studios castle


‘We consciously said we willapproach the way we serve ourclients like advertisingagencies. We serve theiraccounts, and providelong-term quality services,ensuring that whatever we dofor them will last a long timeand are well maintained.’

– Benedict Soh, (left) executive chairmanof Kingsmen Creatives


WHILE most Singapore-ans probably know ofMitsubishi Electric be-cause of their popularenergy-saving air-con-ditioners, many maynotrealisethattheJapa-nese firm has also been

involvedinmany large-scale infrastructureprojects inSin-gapore since the 1980s.

For instance, the company’s industrial automationequipment is used to run the environmental control sys-tems and tunnel ventilation systems in the MRT network.Its low voltage switchgears have also been widely used inHDB power distribution panels. At one time, MitsubishiElectric supplied about 90 per cent of such systems forHDB projects.

Indeed, Singapore-based Mitsubishi Electric Asia – asubsidiary of Japan’s Mitsubishi Electric Corporation– hasbeen providing reliable, high-quality products to homes,businesses and industries in the Asia-Pacific since its es-tablishment in 1977. The company acts as the marketingand engineering hub for the group’s operations in the re-gion, overseeing 28 Mitsubishi Electric Group companiesand bases in nine countries.

Mitsubishi Electric’s work can even be witnessed inspace, where a communications satellite it built for a jointventure between Singapore Telecommunications andTaiwan’s Chunghwa Telecom Company currently resides.This satellite was launched into orbit in 2011.

Tying together all these seemingly disparate business-es is a dedication to quality products and service ex-pressedinaphilosophythecompanycallsMitsubishiElec-tric Quality (MEQ). “We strongly believe that MEQ experi-ence is all serving with pride and care. We will do our ut-most to live up to Singapore society expectations,” saysMitsubishi Electric Asia managing director Minoru Hagi-wara. He also holds the title of corporate executive andchief representative, Asia-Pacific region for MitsubishiElectric Corporation.

MEQ deals not only with quality products but also af-ter-sales service. “We deliver the project completely, frominstallation to maintenance. Service excellence is impor-tant because we know that our products and prices can beeasily duplicated. But a strong service culture can neverbe copied,” explains Mr Hagiwara.

For instance, the company has a traffic log system thattracks where every member of its air-conditioner mainte-nance team is at any point in time. When a customer re-quires maintenance, the closest personnel is identifiedand dispatched to the customer’s home.

Recognising the importance of service, the companyembarkedon an initiative to boost its service excellence inMay last year. “In our quest towards promoting a custom-er-centric culture to achieve service excellence, we havedeveloped our service vision, values and internal servicecharteraswell as trainingroadmapforall levelsofemploy-ees to ensure all our employees are equipped with theright skills and knowledge towards achieving service ex-cellence,” says Mr Hagiwara.

A green harmony

Fosteringagreenculture throughouttheorganisation isal-

so another key objective for Mitsubishi Electric Asia. As

such, the company puts in considerable efforts to educate

its employees on environmental conservation. This in-

volves organising beach cleaning activities, supporting

globalactivities likeEarthHour,andalsoputting recycling

bins on every level of its building.

The Mitsubishi Electric building itself has been award-

edwith theBCAGreenMarkPlatinumaward in2014 for its

continual effort in compliance to GREEN initiatives for

buildings in Singapore. One of its employees was even

taskedtocomposeasongtopromoteagreenculturewith-

in the organisation. The song, called “Green Harmony

fromAsia”,wasplayedat thecompany’sAsiaenvironmen-

tal meeting in Singapore in 2014.

Going forward, Mitsubishi Electric Asia continues to

venture into new businesses. It recently set up an engi-

neering centre in Singapore for power distribution sys-

tems inApril this year tohelp boost its sales in Asean mar-

kets. “Power supply is one of the most important infra-

structure. We believe that high-quality products can con-

tribute to the stable supply of power and it will be one of

the keys to the growth of Singapore,” explains Mr Hagi-

wara.

Meanwhile, it continues to reinforce its dominance in

the air-conditioning market here. In July, the company

will launch the most energy saving “five ticks” split type

air conditioners in Singapore.

“We are the only manufacturer that has five ticks mul-

ti-split air conditioners registered at this moment, and

again we pride ourselves that we can supply these energy

saving models to consumers and contribute to environ-

mental preservation. Besides this, our semiconductor canalso be found in air-conditioning systems, trains, car navi-

gation, hybrid and electric vehicles and satellite broadcasting receivers. With our cutting edge technologies, we

contribute toa lowcarbonsocietyand sustainable future,”says Mr Hagiwara.

Mitsubishi Electric Group is confident of its prospectsin the coming years. This leads to the group revision of itsgrowthtargets for fiscal 2021– which isalso the yearof its

100th anniversary – to consolidated net sales of morethan five trillion yen (S$55.2 billion) and an operating in-

come ratio of over 8 per cent. Undoubtedly, MitsubishiElectric Asia in Singapore will play a big part with regional

group companies in helping its parent achieve that ambi-tious goal with demand for infrastructure still strong inAsia.

Quality productsbuilt with prideand care PHOTO: JOSEPH NAIRMitsubishi Electric Asia has played

a role in developing infrastructurein Singapore and the rest of theregion for almost 40 years

‘We deliver the projectcompletely, from installationto maintenance. Serviceexcellence is importantbecause we know that ourproducts and prices can beeasily duplicated. But a strongservice culture can never becopied.’

– Minoru Hagiwara, Mitsubishi Electric Asiamanaging director



IN JUST three-and-a-half decades, Ron Sim has succeeded in build-

ing one of Singapore’s most recognisable household names. As

founder, chairman, and chief executiveofficer of OSIM Internation-

al Ltd – the home-grown group renowned for making innovative

and high-quality massage chairs – he has steered the company

through numerous challenges, emerging each time with a brand

more resilient than before. OSIM’s path hasn’t always been easy. It

weathered three key milestones of crisis – the recession in 1985,

the Asian financial crisis in 1997 and the global financial crisis in 2008. “These

re-defined and strengthened our ability to overcome and establish ourselves,

to become who we are today,” he says.

While the Singapore Exchange-listed company has in many ways grown in

tandemwithSingapore, it has alsocontributed to the country’s success. “I sup-

pose we have played a small part in Singapore’s success story by establishing

our brand in the Asia market.”

The group expanded its reach to Hong Kong early on, in 1986. Roll-outs to

other regional locales followed suit shortly after, with expansions to Taiwan,

Malaysia, and China. “We have helped to fly the Singapore flag alongside the

other Singapore success stories,” adds Mr Sim.

Promoting healthy lifestyle and and well-being

While OSIM is probably best-known for its suite of massage chairs, the group’s

products also include health, fitness, hygiene and diagnostic equipment, vita-

mins and supplements, and luxury tea. Indeed, alongside its OSIM line of

goods, thecompanyhasfranchise rights forGNC,andownsacontrollingstake

in the TWG Tea business as well.

To anyone puzzling over what massage chairs, supplements, and luxury

tea might have in common, Mr Sim has this to say: “We are in the healthy life-

style and well-being business. Everything we do is focused on enhancing our

customers’ well-being, and we seek to promote a healthy lifestyle for all.”

In fact, under the OSIM brand, the group creates, designs, develops, and

markets more than just massagers. For customers looking to improve the air

quality in their homes, the company sells humidifiers and air purifiers; those

looking to tone and shape their bodies will also find innovative fitness equip-

ment and slim belts.

Noting the uptrend in consumer demand for wellness-related products,

Mr Sim says: “We believe there is a chance for us to be a global well-being

group.” If that sounds ambitious, it’s worth remembering thatOSIM hasalways

aimed high, and then climbed higher. Under his leadership, OSIM was publicly

listed on the mainboard of the Singapore Exchange in July 2000, and trans-

formed itself into a global brand in healthy lifestyle and well-being products.

Today, OSIM has over 830 outlets in more than 111 cities over 24 countries

in Asia, Oceania, Africa, the Middle East, Europe and North America. Its geo-

graphical footprint aside, it’s also clear that consumers continue to support

OSIM’sendeavours. Inan independentsurveyconductedby internationalmar-

ket research company, Synovate, and supported by International Enterprise

Singapore (IE Singapore), OSIM was ranked the No 1Healthy Lifestyle products

brand in consumers’ minds across Asia.

There’s no denying how that’s a long way from OSIM’s humble beginnings

in 1979, when Mr Sim started a trading company selling general household

items. Even so, the group is showing no signs of stopping. Says Mr Sim: “We

continue to innovate to improve and expand our product designs and offer-

ings. Today, we are far more established than we were 10 years ago and we

have a strong combination of capabilities, capital, and connections which

makes our next 10 years more exciting.”

Constant innovation

A key part of OSIM’s success to date has to do with its innovation-driven ap-

proach. With each new product more high-tech than the last, OSIM is a prolific

IP (intellectual property) developer, admired for its ability to create innovative

products that are often the first of its kind.

A goodexample is the OSIMuInfinity, launched in2013. It’s the world’s first

massage chair that lets customers download new massage programmes. Be-

fore that, in 2011, it launched the OSIM uPapa Music Sync – also the world’s

first music-synchronised massage for neck and shoulders. By transforming

one’s favourite music into a simultaneous massage for the body, the massager

succeeds in relaxing not just aching muscles, but also the mind.

In design terms, OSIM – which has a current staff strength of 3,800 – has al-

sowonmultipleRedDotDesignAwards, forproductssuchas itsambientpuri-

fier, uVenus; the well-being massage chair, uSpace; its high-tech weighing

scale, uScale BF; and the air purifier, iLife.

Says Mr Sim: “The ability to create demand and excitement over our differ-

ent healthy lifestyle brands – in massage and well-being, nutritionsupplemen-

tation, and premium teas – results in a positive outcome for our consumers.”

That certainly also results in a positive outcome for the group, and OSIM has

the numbers to show for it. In 2014, for example, revenue rose 6.7 per cent to

S$691.1 million from S$647.6 million, while net profit rose 0.6 per cent to

S$102.2 million from S$101.6 million.

The company consistently earned for itself prestigious Singapore awards

such as “The Most Valuable Singapore Brands”, “The Strongest Singapore

Brands” and “The Brand with Exceptional Performance”. In addition, in 2002

and2005,OSIMwasalsoselectedbyForbesasoneof the “200BestUnder-A-Bil-

lion” companies outside the US.

Contributing to Singapore

Beyond his corporate role, however, Mr Sim participates actively in public ser-

vice, having served on various boards such as those of IE Singapore, the Lee

Kong Chian School of Business at the Singapore Management University, and

the Tan Tock Seng Hospital Community Charity Fund.

Stressing his gratitude for the opportunities that Singapore has given him,

Mr Sim says: “We have come a long way since independence, thanks to the late

Mr LeeKuanYew and hisvision ofan independentand thrivingSingapore. Sin-

gapore has proved that she can make it despite the challenges that faced the

nation. Going forward, the new generation of leaders must have a vision the

people can rally around and I certainly believe that, with a great platform, we

should continue to flourish as a creative, effective and graceful society.”

Inspiring well-beingthrough innovationOSIM International founder Ron Sim has steered the company through numerous challenges,emerging each time with a brand more resilient than before


‘We are in thehealthy lifestyleand well-beingbusiness.Everything we dois focused onenhancing ourcustomers’well-being, andwe seek to promotea healthy lifestylefor all.’

– Ron Sim, founder, chairman, andCEO of OSIM International Ltd


POH Tiong Choon Logistics Limited

(PTC Logistics) was founded in 1950 as

an owner/operator transport compa-

ny. Over the years, the company grew

together with Singapore and its clients

to become one of Singapore’s largest

homegrown logistics companies. PTC

Logistics has been an ISO 9000 certi-

fied logistics service provider since 1996 and is listed on

the mainboard of the Stock Exchange of Singapore since

April 1999. The main business activities of PTC Logistics

are:

u Bulk cargo handling and stevedoring

u Transportation

u Third-party logistics provider

u Supply chain management

u Warehousing and related services

u Chemical drumming

u Terminal management

Poh Choon Ann (group chairman and CEO) joined PTC

Logistics in 1964 when he was 28 years old, one year be-

fore Singapore gained her independence. Mr Poh joined

the then-fledgling family business founded by his two

elderbrothers,after receivinghighereducationwithfinan-

cial help from his brothers.

At that time,Singaporewasonthecuspofnation-build-

ing.Thegroupwasable toride thewaveandseizedtheop-

portunity when the Singapore government was building

up its infrastructure and sought to plug the gap in the

transportation of bulk cargoes.

With only a few industry players back then, PTC Logis-

ticswasable tocapitaliseontherapidgrowthof the indus-

try by focusing on transportation, warehousing, bulk car-

go handling and stevedoring services. PTC Logistics soon

entered into the containerisation business witha strategic

relocation of its premises from Jurong Port Road to Pan-

dan Road amid Singapore’s drive to become the interna-

tional transshipment port that it is now.

The nature of the group’s business changes with the

transformation in the economic focus of the country. PTC

Logistics will continue to look for synergistic opportuni-

ties to increase its competitiveness as it seeks out new

strategic alliances both onshore and abroad. Having rid-

den the industrialisation wave of early Singapore and the

rapid growth of its logistics sector, the company now ex-

pects to achieve steady growth amid the now-mature sec-

tor, says Mr Poh.

It is exploring ways to grow its core businesses. “We

were very lucky that we could ride the country’s develop-

mental phase,” Mr Poh says. “While PTC Logistics can be

said to have contributed to Singapore’s growth, the other

side of the coin is true – we have had the good fortune of

growing in tandem with Singapore’s economy.”

Tough decisions that pay off

Arguably, PTC Logistics arrived at where it is througha se-

ries of tough decisions. Mr Poh recalls how PTC Logistics

was determined not to retrench any staff during the 1997

financial crisis. With fewer orders at hand, the company’s

drivers were grouped into rotating shifts – those drivers

who were not working during the shift attended training

courses.The group also set minimum wages for drivers to

tide them through the period.

“We refused to retrench our staff or get rid of our vehi-

cle fleet because our industry is labour-intensive; if we

were to let go of our staff, we will not have enough man-

power when the economy bounces back again. Hence, we

had to bite the bullet,” Mr Poh says. “In our line of busi-

ness, service is very important, so we need to take good

care of our staff first. Only with a good team can we ser-

vice our clients better.”

As a testament to that service philosophy, many of the

group’s clients, which are mainly MNCs in the oil, gas and

chemical industries, have engaged the company’s ser-

vices for as long as 30 to 40 years.

PTC Logistics found itself at a crossroads in the 1980s

when it had to choose between carving out a niche in the

chemicals or the electronics sector. Choosing the former,

itembarkedonbuilding thePTCChemicalsLogisticsCom-

plex on Jurong Island.

That move turned out to be “a major turning point” for

the group after the PTC Chemicals Logistics Complex be-

came operational in 2002 while the economy was recover-

ing from a recession, Mr Poh recalls. The chemicals indus-

try has become a key pillar for Singapore’s economic suc-

cess. More than 60 per cent of PTC Logistics’ businesses

are from the chemicals sector.

Another pivotal moment in the company’s history was

in 1999 when the formerly named Poh Tiong Choon Con-

tractors (Pte) Ltd undertook a critical business review in

preparationfor its initialpublicoffering (IPO).Therestruc-

tured and renamed Poh Tiong Choon Logistics Limited

launched an IPO; its public tranche was 163 times

over-subscribed and the company was successfully listed

on the mainboard of the Singapore Stock exchange in the

same year. With the public listing, PTC Logistics emerged

stronger, better equipped and garnered greater confi-

dence from customers, shareholders and business associ-

ates.

From strength to strengthIts expansion plans remain on track. The group is rebuild-ingitsexistingbuildingsandstructuresatPandanRoadin-to a modern ramp-up warehouse with an adjacent office

block. To be completed by 2018, the redevelopment costsapproximately S$130 million and will raise the total ware-housing space from over 300,000 square fee currently to

1.1 million sq ft. The expanded warehousing capacity willallow the group to consolidate its business activities in asingle location, better utilise its resources and reap the

benefits of cost efficiency.PTC Logistics still keeps an eye on China where the

group entered in the 1990s with the establishment of itswholly owned subsidiary based in Shanghai. Mr Poh saysChinastill accounts for less than20percentof thegroup’s

business as “chaotic competition” in China among localplayershas suppressed service quality and prices. Still, hebelieves the logistics industry in China is maturing.

Ties that bindOvertheyearsofhelmingthegroup,oneofMr Poh’sgreat-est satisfactions comes from enjoying family harmony.

“I’m the youngest in the family with seven older siblings.Mutual trust and kinship are personal values that haveguided my life journey and are fundamental to our

company’s success.”With passion and interest in the arts and Chinese cul-

ture, Mr Poh has participated and contributed in manyways to the local arts and cultural organisations.

In conjunction with PTC Logistics’ 60th anniversary in

2010, Mr Poh announced the set up of the Poh TiongChoon Arts Fund with an initial commitment of S$1 mil-lion to promote the appreciation of arts and Chinese cul-

turalactivities inSingapore. “This isamilestone inourcon-tinuous efforts to promote a more gracious and harmoni-ous society through the participation of cultural and arts

activities,” Mr Poh explains. The Poh Tiong Choon ArtsFund also helps to promote and groom artistic talents in

Singapore through sponsorships.The success of PTC Logistics is evident by its pervasive

culture of “Humanity as the roots of harmony in the enter-

prise, kinship as the origins of harmony in the family”.Thesecore values are the group’s greatest spiritual wealththat have underpinned its success.

By staying committed to its corporate heritage of har-mony, kinship and family, PTC Logistics has successfullybuilt a business set to sustain for generations to come.

On the path ofgrowth

‘In our line of business,service is very important, sowe need to take good care ofour staff first. Only with agood team can we service ourclients better.’

– Poh Choon Ann, Poh Tiong Choon CEO

Poh Tiong Choon Logisticsexpects steady growth amida strong outlook for thenow-mature logistics sector


PHOTO: JOSEPH NAIR


IT’S HARD to think of a company more en-

twinedwithSingapore’shistory thanportoper-

ator PSA International. Even before the arrival

of Stamford Raffles in 1819 – which marked

the founding of modern Singapore as a free

port – the city was known for its thriving har-

bour from as early as the late 13th century.

Some 700 years on, PSA is continuing that rich

tradition by branding itself as the world’s port of call – a

fitting tagline for the group as it aims to become the port

operator of choice in the world’s gateway and hub ports.

These efforts go beyond mere nostalgia, says Tan

ChongMeng, groupchief executiveofficer of PSA. Instead,

thequest tobe thebest is firmly rooted in the desire tosee

a vibrant future for Singapore’s maritime industry.

Says Mr Tan: “From PSA’s perspective, Singapore con-

tinuing as a global hub port city is not merely a nostalgic

association with the past, but a vital imperative for grow-

ing our nation’s trade and wealth. For the future, we envi-

sion a smarter and more productive port which will sur-

pass all the rigorous tests thrown at it, and in time, will

move the next 500 millionth TEU (20-foot equivalent unit)

with ease and with panache. It will be a port which Singa-

pore, the nation and city, will be proud to be associated

with.”

Intertwining histories, parallel growth

At a recent visit to PSA, Prime Minister Lee Hsien Loong

said that “being a free port was Singapore’s raison d’ étre

right fromtheverystart”. Indeed, theSingaporestoryis in-

extricably tied to that of its port – and by extension, with

PSA.

In the early years, the Singapore port was operated and

regulated by the then-Port of Singapore Authority, which

was founded in 1964. Following its corporatisation in

1997, PSA has focused both on growing the container port

business in Singapore, and on global expansion.

As for what that means in concrete terms: PSA has

grown from a single location business entity into a global

port operator, with around 40 terminals in 16 countries

across Asia, Europe, and the Americas – a breathtaking ex-

pansion in the last two decades. “To a great extent, our

growth as PSA ran parallel to many facets of the Singapore

story,” observes Mr Tan, noting both the city-state and its

port’s explosive growth.

Geographical footprint aside, however, PSA is also con-

sistently recognised as an industry leader. For example,

basedonrankings intheGlobalContainerTerminalOpera-

tors reportbyDrewry– an independentresearchandadvi-

sory organisation for the maritime sector – PSA is ranked

No 1 in container handling market share, based on equi-

ty-weighted throughput.

The company isalso highly decorated withmultiple in-

dustry accolades. Of particular note is the Asian Freight &

Supply Chain Awards (AFSCA), now known as the Asian

Freight, Logistics & Supply Chain (AFLAS) Awards. All told,

PSA Singapore Terminals has been named the Best Con-

tainer Terminal – Asia (over four million TEUs) for 26

years, including in 2015. For this, it was last year inducted

intotheAFSCAHallofFame–making it thefirst-ever termi-

nal operator to do so.

“We are deeply humbled by this prestigious recogni-

tion and we will continue to explore innovative ways to

build on the close cooperation we have with all our port

stakeholders,” says Mr Tan.

Even if industry rankings and awards were to be set

aside, the data would speak for itself. In 2014, PSA Singa-

pore Terminals became the first port in the world to have

cumulatively handled 500 million TEUs.

Says Mr Tan: “This is a significant milestone for PSA,

and we are delighted to celebrate this achievement along-

side Singapore’s 50 years of nation building. This break-

through was made possible by the strong partnership be-

tween management, unions and staff, along with contin-

ued support from our customers and stakeholders.”

Naturally, PSA’s success has shown up in its financials,

too. For 2014, PSA’s group revenue was S$3.83 billion, 2.9

per cent higher than the previous year. It now employs

30,000 staff globally; of these, about one-third are based

in Singapore.

Reaching higher

Still, the port operator is showingno signsof resting on its

laurels. As Mr Tan puts it: “We are always tweaking our

port in Singapore to keep up with demand and the chang-

es in the liner industry.”

At present, PSA is expanding its Singapore terminals

with the additionof another 15million TEUsof capacity in

Pasir Panjang, which will cost the group about S$3.5 bil-

lion over the next three years. It is also upgrading its over-

seas facilities, in locations such as Panama, Genoa (Italy),

Sines (Portugal), Mersin (Turkey), and Antwerp (Belgium).

Mr Tan adds: “At the same time, we continue to extend

our presence into key growth regions around the world.

This includes our recent foray into the Guangxi-BeibuGulf

region, as well as our greenfield projects being construct-

ed in Jakarta, Mumbai and Buenaventura (Colombia). “All

of these expansions and extensions will keep PSA at the

top table of international port groups, and allow us to

serve our customers better.”

What sets PSA apart from its competitors is its depth

and breadth of experience and expertise, from 40 years of

developing, managing, and operating container hub and

gateway ports – not just in Singapore, but around the

world as well.

It has also led the way in introducing technological

game-changers to the industry, including Portnet®, which

was the world’s first business-to-business portal, allowing

the shipping community in Singapore to virtually apply

for berthing spaces and marine services.

It is precisely this sort of innovative spirit that makes

PSA so well-poised to bring its extensive experience and

expertise in port development, management, and opera-

tions to ports across the globe.

SaysMr Tan: “Togovernmentswhowanttodevelopad-vanced ports and related logistics, we are happy to collab-orate as joint developers and sometimes advisers. And toour customers and partners, our vision is one of growingalongside them in the locations that matter to them.”

Wishes for the futureWith PSA’s status as one of Singapore’s most recognisablebrands, it is especially pertinent to hear Mr Tan’s wish forSingapore. “Singapore's rapid rise to first world status inthe last 50 years is nothing short of remarkable. I believethat this country’s continued success will not be a matterof happenstance as our nation faces increasingly tougherodds.

“It will take bold visionary leadership, sustained pas-sion for excellence and strong governance, underpinnedby a progressive social fabric as our demography chang-es. My wish is for Singaporeans to remain forward-look-ing, dauntless, and adroit in facing the realities of the fu-ture – and, through this, retain its edge in the global are-na.” It’s an apt wish from the homegrown firm, given thatit rode its ascent to the top with those exact qualities.

The world’s portof call

PHOTO: JOSEPH NAIR

PSA has undergone a breathtakingexpansion in the last two decades, witharound 40 terminals in 16 countriesacross Asia, Europe, and the Americas


‘To governments who want to develop advanced ports andrelated logistics, we are happy to collaborate as jointdevelopers and sometimes advisers. And to our customers andpartners, our vision is one of growing alongside them in thelocations that matter to them.’

– Tan Chong Meng, PSA group chief executive officer


SEMBCORPMarine isundergo-

ing a process of change that

will allow it to better service

its partners and customers

and reinforce its position as

a leader in the global marine

and offshore sector. The

company embarked on its

“Transformation for Growth”

journey in 2013, a process that reorganised

the group into one single brand focused on

four key capabilities: rigs & floaters, repairs &

upgrades, offshore platforms and specialised

shipbuilding.

As an integrated organisation, Sembcorp

Marine can further optimise its capabilities

and capacities, as well as increase its efficien-

cy and productivity, says Wong Weng Sun,

president & CEO of Sembcorp Marine.

“Our transformation is an ongoing process

thatallows us toconstantly adaptand excel in

the dynamic business environment. With the

ability to embrace change, Sembcorp Marine

will continue to stay ahead of the curve and

partner with our customers and vendors for

long-termsuccess,” explainsMr Wong,whoal-

so sits on the boards of the Maritime and Port

AuthorityofSingaporeandtheSingaporeMar-

itime Foundation.

Sembcorp Marine is no stranger to change,

andhas longleveragedoninnovation tostand

out in a competitive market. Its continual in-

vestments in research and development

(R&D) have resulted in proprietary designs

and critical components for rigs and ships.

Most notably, these include product develop-

ments such as the well-received Pacific Class

400 & 375 jack-up rig design series as well as

the Jurong Espadon drillship design.

“To stay competitive, Sembcorp Marine

constantly explores ways to innovate engi-

neering, construction and operational pro-

cesses to further enhance work efficiency, re-

source utilisation, cost-competitiveness and

workplace safety and health standards,” says

Mr Wong.

Supporting this innovation drive is the

company’snewintegratedfacility inTuas.De-

signed for one-stop construction, repair and

upgradeofuptothe largestshiptypesandoff-

shore structures, Sembcorp Marine’s Tuas

Boulevard Yard will occupy 206 hectares

when fully completed.

Phase I of the yard, spanning 73 hectares,

commencedoperations inAugust 2013witha

close to four-kilometre-long berthage, plus

four VLCC (very large crude carrier) dry

docks, totalling1.5kmin length.Construction

is in progress for the 34.5-hectare Phase II

new yard with marine works scheduled for

completion in the first quarter of 2017.

Another of the company’s strengths is its

ability to offer customers a diverse range of

products and solutions customised to their

specific requirements, he adds. This is done

by diversifying its product offerings and ex-

panding into new market segments.

Inrecentyears, ithasexpandeditsproduct

mix to offer accommodation semi-submersi-

bles, well intervention semi-submersibles,

next-generationcircularhull floatersandgrav-

ity-basednearshoregas terminals,amongoth-

ers. A suite of offshore floating solutions was

added to the company’s portfolio of products

with the acquisition last year of SSP Offshore,

a Houston-based company specialising in the

design, engineering and delivery of floating

production and drilling solutions for the oil

and gas industry.

SembcorpMarinealsoenhancedits techno-

logical capabilities in liquefied natural gas

(LNG) and liquid petroleum gas (LPG) termi-

nals construction by acquiring a 12 per cent

stake in Norway-based GraviFloat AS in June

2014.

In the increasingly important area of green

solutions, thecompanyhastiedupwithSinga-

pore-basedenvironmental technologycompa-

nyEcospecGlobalTechnologyto jointlydevel-

opsolutionstomeet futuremaritimeregulato-

ryenvironmental requirementsbythe Interna-

tional Maritime Organisation.

Building a global business

Established in 1963, Sembcorp Marine started

life as Jurong Shipyard, Singapore’s first com-

mercial shipyard that was formed in a

joint-venture between the government of Sin-

gapore and Ishikawajima-Harima Heavy In-

dustriesCoLtd (IHI)of Japan.This marked thestart of its progress and contribution toSingapore’s industrialisation and economicgrowth. The group then expanded into FPSO(floating production storage and offloading)conversion, offshore engineering and rigbuilding in the mid-1990s, helping buildSingapore’s reputation in these segments.

Today, Sembcorp Marine is an industryleader that provides innovative engineeringsolutionsto theglobalmarineandoffshore in-dustry for rigs and floaters, repairs and up-grades, offshore platforms and specialisedshipbuilding. The company is also playing akey role in helping Singapore’s progress as aninternational maritime centre. “As a player inthemarineandoffshore industry,we lookfor-ward toaneven stronger focus on Singapore’sdevelopment as a maritime hub, especially intheareasof innovationaswell as talentattrac-tion and development,” says Mr Wong.

The group’s customers include major oilcompanies, drilling contractors, shippingcompanies, as well as owners and operatorsof floating production units. To service them,it operates shipyards around the world, in-cluding Singapore, India, Indonesia, the Unit-ed Kingdom and Brazil. “We strengthen ourcompetitiveness by leveraging the synergiesof our global facilities and capabilities, har-nessing R&D and innovation to expand ourportfolio of solutions, and constantly raisingquality, productivity and safety standards toachieve long-term sustainable growth and de-liver value-added solutions to our custom-ers,” says Mr Wong.

Sembcorp Marine’s net order book as atend-April 2015 stands at S$10.6 billion. Forthe year ended 2014, group turnover wasS$5.8 billion, while its revenue for the firstthree months ended March 31, 2015 wasS$1.3 billion. Meanwhile, the group’s globalheadcount totalledmore than13,300employ-ees as at end-2014.

Reflecting on Singapore’s prospects on its50th anniversary, Mr Wong says: “As we takestock of our country’s achievements, we alsoreflectonSembcorpMarine’s long-termdevel-opment in the increasinglycompetitiveglobalmarketplace.

“We must all continue working hard andstriving for excellence to maintain our lead,and never take our success as a given.”

Transforming for growthSembcorp Marine is reorganising itself to face fresh challenges and capitalise on new opportunities


‘Our transformation isan ongoing processthat allows us toconstantly adapt andexcel in the dynamicbusinessenvironment. With theability to embracechange, SembcorpMarine will continueto stay ahead of thecurve and partnerwith our customersand vendors forlong-term success.’

– Wong Weng Sun, president & CEOof Sembcorp Marine


IN 1971, United Overseas Bank (UOB) was still arelatively small player in Singapore. That year,it acquired a stake in Chung Khiaw Bank andwassoononapathofregionalexpansiontobe-come the Singapore icon it is today. “Backthen, just as it was forSingapore,weknew thatour success hinged on our ability to be rele-vant in the region,” says Wee Ee Cheong, depu-

ty chairman and CEO of UOB Group. “We decided that forUOB to grow and to compete more effectively in the longrun, we needed to expand beyond our home base.”

UOB began as United Chinese Bank in 1935. Mr Wee’sgrandfather Wee Kheng Chiang, who was born inKuching,set up the bank with six other Chinese businessmen inSarawak, focusing mainly on financing trade betweenSarawak and Singapore.

In 1965, United Chinese Bank was renamed UOB. Overthe years, UOB has been expanding across Asia organical-ly and through acquisitions. This included Chung KhiawBank in1971 and Lee Wah Bank in 1973 fromthe family ofphilanthropist Eu Tong Sen. Then came Far Eastern Bankin 1984, the Industrial & Commercial Bank in 1987,Thailand’s Radanasin Bank in 1999, Bank of Asia in 2004and Indonesia’s Bank Buana in 2005.

However, it was the industry-changing S$10-billiontakeover of Overseas Union Bank in 2001 that is the mostwidely remembered in Singapore. From lending out S$30billion in 2000, UOB’s total loans have grown to almostS$200 billion in 2014.

As it supports a broad range of businesses and house-holds across geographies, UOB ensures the quality of itsloans by focusing on selected industries, stringent creditassessment,conductingstress testsandcarryingoutregu-lar credit reviews. “We planted the seeds and now have530 offices globally. But building a regional branch net-work such as UOB’s has not been an easy task,” saysMr Wee. “Ithas takenstrengthofpurpose to integrateacol-lection of banks into one seamless operation. It is a pains-taking process that takes time to get right.”

UOB’s regional network stretches from China across tothe Asean countries. In July 2015, UOB officially openedits Yangon branch in Myanmar. Mr Wee says the bank’sbroad and deep South-east Asian presence places it in

good stead to tap on rising incomes and increasing trade

within the region.

“Our focus is to provide a consistent and distinct UOB

service. This involves optimising our talent, our systems

and our in-depth knowledge to ensure that our globally

connected customers are able to bank with us wherever

they do business, live and work,” he says.

Throughout its growth, UOB has remained true to its

Asianvaluesandheritage,evenas itautomatesanddigitis-

es its500branchesacrossSouth-eastAsia– the largestnet-

work among Singapore’s three local banks – to serve cus-

tomers better.

Its customer service has distinguished itself, with the

bank receiving Singapore’s top industry award for three

yearsrunning. In2014,UOBemployees tookhome947Ex-

cellent Service Awards, or almost a quarter of the 4,000

awards given out across 12 participating financial institu-

tions by the Association of Banks in Singapore. The bank

was also awarded the Singapore Quality Award for its out-standing performance in enhancing customer experienceat its branches.

Ultimately, UOB understands that every banking en-gagement is still apersonalone, Mr Weesays. “Wehave fo-cused on building and maintaining trust in each market,taking the time to understand the local customs and regu-lations and ensuring we have the right local talent on theground.

“The Asian values of prudence and hard work havebeen instrumental to establishing a network in South-eastAsia that is unrivalled in respect of its reach and depth,”Mr Wee says.

UOB’s network, capabilities and expertise have posi-tioned it best to help Singapore companies expand intothe region and to help more individuals, enterprises andeconomies benefit from the opportunities created byAsia’s economic growth, he says.

An example was how UOB was the first bank to set up a

Foreign Direct Investment Advisory Unit to help business-es identify the right regional expansion opportunities.UOB has established nine such units since 2011 that havehelped more than 600 companies expand their business-es across the region. This in turn helps regional econo-mies grow. Through its newly opened Myanmar branch,for instance, UOB is supporting its corporate clients inUS$300millionof investments tohelp thecountry’s indus-trialisation and urbanisation needs over the next 12months.

Safeguarding the long-term interests of the retail con-sumer is another area of focus. To help consumers dealwith the pressures of declining returns on their savingsand the rising cost of living, UOB introduced a back-to-ba-sics investment solution called the UOB Income Builder.The solution relies on time-tested investment principlestohelpcustomersachievearegular incomestreamtohelpmeet their financial goals.

Mr Weealsosees that it is theresponsibilityof banks touphold the robust reputation of Singapore’s financial in-dustry. “The banking world is changing fast. We know ittook Singapore 50 years to make it to where we are today,a vibrant global financial centre. But it may not even takethe next five years for the industry to be radically trans-formed as it adjusts to the forces we are witnessing,” saysMr Wee, who is also the current chairman of the Associa-tion of Banks in Singapore.

Meanwhile, other trends are the increasing connectivi-ty among countries both physically and digitally, the riseof China, India’s economic transformation, and the AseanEconomic Community trade bloc taking shape at the endof 2015.

Looking ahead, Singapore needs to uphold the funda-mental principles that contributed to its success, Mr Weesays. He believes that first, it has to be far-sighted to buildits capabilities to ride on major technology and consumertrends, while remaining open to attract the best ideas, tal-ent and capital from the world.

Second, regulations need to allow room for experimen-tation and risk-taking, even as they ensure the systemstays robust and accountable. But he believes that goodgovernance should not hamper enterprise and innova-tion, which are at the heart of vibrant, sustainable busi-nesses.

Finally,banks have to dowhat is right for the long termand uphold Singapore’s reputation as an international fi-nance centre, he says. “At the end of the day, I would liketo see UOB continue to make Singapore proud and do wellin the region,” Mr Wee says. “Our brand has been built onthatspirit of the handshake; it is apromise that customerscan rely on us to do what is right, now and in the future.”

Growing withSingapore UOB has built its business

on the spirit of a handshakeand will continue to do whatis right for customers


‘The Asian values of prudenceand hard work have beeninstrumental to establishing anetwork in South-east Asia thatis unrivalled in respect of itsreach and depth.’

– Wee Ee Cheong, deputy chairmanand CEO of UOB Group


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