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  • Singapore Clinches Second Place as World’s Richest Nation in 2025, Drops in Work-Life Balance Rankings

    Singapore Clinches Second Place as World’s Richest Nation in 2025, Drops in Work-Life Balance Rankings

    In 2025, Singapore achieved the status of the second-wealthiest nation globally according to per capita gross domestic product (GDP), with a figure standing at US$90,700. This impressive economic performance placed the Asian island state just behind Switzerland, the front-runner with a GDP per capita of $100,000. The third position was held by Norway, with a per capita GDP of $86,800.

    Work Hours Influence Wealth Rankings

    However, the economic landscape changed significantly when factoring in working hours. By considering the average hours worked, Norway ascended to the top of the national wealth rankings. Singapore fell to the eighth place behind countries like Qatar, Denmark, and the Netherlands.

    According to data released by Singapore’s Ministry of Manpower, the average employee in the city-state worked 43.3 hours per week in 2024. This figure starkly contrasts with the average workweek in Norway, where employees logged an average of 33.2 hours per week in the same year, as per statistics from the International Labour Organisation.

    Singapore’s Position in Global Work-Life Balance

    Further highlighting the impact of work hours on quality of life, Singapore was ranked 25th out of 60 nations in a 2025 Global Life-Work Balance Index. Singapore’s score in this index was 57.85 out of a total 100 points. Despite the middling position, it’s worth noting that Singapore was the highest-scoring Asian nation in terms of balancing work and personal life.

    The Index was topped by New Zealand, Ireland, and Belgium, with respective scores of 86.87, 81.17, and 75.91. These figures reiterated the importance of a healthy balance between work and personal life in assessing a nation’s overall prosperity and well-being.

    Questions & Answers

    What was Singapore’s ranking in terms of GDP per capita in 2025?
    Singapore was ranked as the second-richest country in the world in 2025 based on GDP per capita.

    How did the ranking change when work hours were taken into account?
    When average work hours were factored in, Singapore dropped to the eighth place in the global wealth ranking.

    Where did Singapore stand in the 2025 Global Life-Work Balance Index?
    In the 2025 Global Life-Work Balance Index, Singapore secured the 25th place out of 60 countries, making it the highest-ranked Asian country in terms of work-life balance.

  • South Korean Cafe Giant ‘A Twosome Place’ Readies for Sweet US Debut

    South Korean Cafe Giant ‘A Twosome Place’ Readies for Sweet US Debut

    Renowned South Korean café chain, A Twosome Place, is gearing up to launch its first company-owned branch in the United States in the coming year. This move signifies a re-energized push for international expansion, following the café’s exit from the Chinese market three years prior.

    Global Expansion Strategy

    While the exact location and timeline for the U.S. launch have not yet been disclosed, it is clear that this move is part of A Twosome Place’s comprehensive strategy to disseminate Korean-style café culture worldwide.

    A Twosome Place, established in 2002, currently operates over 1700 outlets across South Korea, and is recognized for its exceptional dessert offerings. The chain embarked on franchising in 2008 and was later purchased by The Carlyle Group in 2021.

    Domestic Developments

    On the domestic front, A Twosome Place is introducing the ‘Twosome 2.0’ concept: a high-end store design that is being implemented in key districts of Seoul. There are plans already underway to propagate this concept nationally, while infusing new elements into pre-existing stores.

    The café chain retreated from the Chinese market after shuttering over 40 outlets in 2022, which came as a result of a sustained period of lackluster sales in the region.

    Questions & Answers

    What is the significance of A Twosome Place’s expansion into the U.S.?
    The planned move to open a branch in the U.S. is part of A Twosome Place’s wider strategy to introduce Korean-style café culture to international markets.

    What is ‘Twosome 2.0’, the concept A Twosome Place is implementing domestically?
    ‘Twosome 2.0’ is a new store design concept that provides a premium aesthetic. The company plans to implement this design across their stores in South Korea.

    Why did A Twosome Place withdraw from the Chinese market?
    A Twosome Place withdrew from China after experiencing several years of slow sales, leading to the closure of more than 40 stores in 2022.

  • Car Marketplace Eyes Digital Bank License

    Car Marketplace Eyes Digital Bank License

    Used car marketplace Carro is eyeing a wholesale digital banking license in Singapore to expand its business.

    A car marketplace operator may not seem like a natural fit to apply for a digital banking license but it certainly does for Carro’s profitable subsidiary, Genie Financial Services. The license can beef up its underwriting capabilities for automotive-related loans, said Carro’s chief executive, Aaron Tan.

    A lot of times, when we finance end-car dealers, the risk is in not understanding their cash flow. But if we own a digital bank, we believe we can extract quite a bit of information from the car dealers. If they do deposits, their floor financing and hire purchases from us, we will have a very good view, internally, of whether the account conduct is fine and lower our risk of default, said Tan.

    The startup is already in talks with potential partners to apply for the license, which could open the door to SME lending, Tan added. He cites Silicon Valley Bank, which provides banking services to startups in the US, as a model Genie could emulate.

    A license will allow us to do a lot more; for one, we will be able to unlock unsecured loans. Two, it legitimizes our ambition to move beyond just the car vertical… The part that I’m very excited about is banking new-age businesses like startups. This is where we think the future of a company like this should lie, Tan said. The startup operates its used car marketplace in Singapore, Indonesia, and Thailand, and recently invested $30 million in a Malaysian peer.

    Currently, Genie provides loans and insurance services to car dealers and car buyers, along with technology platforms for dealers to manage their stock financing and loan origination. It has a small headcount of 13 and is headed by Helen Neo, a former senior executive vice-president at Maybank and head of personal financial services at HL Bank.

    Genie more than tripled its net profit from the previous year to over S$3 million, on the back of over S$7 million in revenue for the financial year ended March 2019, Neo revealed. She attributes the unit’s substantial margins to a sticky customer base, as well as banks’ support in providing capital.

    Initially, we struggled a bit, as we had to rely on VC funds (for lending). But after we were more engaged in the business, we managed to convince the banks to lend to us… Now, we’ve got at least two banks giving us full support. Today, our (credit) lines with the banks are more than S$80 million,» she said.  Carro is backed by Insignia, Softbank Ventures Asia and EDBI, the investment arm of the Singapore Economic Development Board, among other investors. It has raised some US$108 million in venture funding thus far.

    Carro’s move comes amid a few expressions of interest from other local startups. Peer-to-peer-lender Validus Capital is in talks with OCBC, Keppel Corporation, and Vertex Ventures to form a digital bank consortium. However, fintech Nium (formerly Instarem), one of the first startups to raise its hand to signal interest in a digital banking license, this week said it would no longer proceed to apply for one

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