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Tag: Singapore

  • UOB Partners to Help Singapore Firms Expand

    UOB Partners to Help Singapore Firms Expand

    The bank has signed a strategic partnership agreement with Singapore Business Federation to connect Singapore businesses to opportunities across Asean, especially in Indonesia, Thailand and Vietnam.

    UOB will help more Singapore companies seize cross-border business opportunities as the financial partner of GlobalConnect@SBF strategic partnerships initiative, the bank announced in a statement on Friday.

    Under the agreement, both organizations will share information and resources with Singapore companies, including SBF’s 27,000 members, and provide on-ground assistance. UOB will also provide financial support and help the businesses in their digitalization journey.

    The bank noted that its extensive network and strong presence in Asean will complement the initiative to facilitate Singapore businesses making in-roads into the region, and emphasized the region’s $3 trillion economy and growth prospects.

    Having weathered the worst of the COVID-19 pandemic, companies are now looking for growth and expansion opportunities. One of the most compelling opportunities is where UOB has strongest presence – ASEAN, with its fast-growing economy and vast potential, Wee Ee Cheong, UOB deputy chairman and CEO, said.

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  • HSBC Singapore CEO to Depart for New Role

    HSBC Singapore CEO to Depart for New Role

    He will be taking on a new role at the Saudi British Bank (SABB) – 31-percent owned by HSBC – from April 4.

    HSBC Singapore will be naming a new chief executive to succeed Tony Cripps, who will be managing director-designate and board member of SABB, the bank said in an internal memo signed by deputy chairman and chief executive Peter Wong.

    Cripps was appointed HSBC Singapore CEO in 2017. He was previously chief executive of HSBC Australia, chief executive of HSBC in the Philippines, and held leadership positions in HSBC’s Global Banking and Markets business in London and Hong Kong.

    Wong said that under Cripps’ leadership, HSBC made key people hires, strategic technology upgrades and proposition enhancement, which resulted in strong underlying revenue growth for the franchise and its wider Asean business.

    He added that HSBC will build on the «clear and focused strategy» Cripps developed, as the bank aims to increase its capability and presence across the region.a

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  • IntSights grows APAC footprint with Pacific Tech partnership

    IntSights grows APAC footprint with Pacific Tech partnership

    IntSights, the threat intelligence company focused on democratizing threat intelligence, announced the appointment of Pacific Tech as its regional distributor in Singapore, Malaysia, and Thailand. The collaboration further strengthens IntSights’ network in the region to meet the fast-growing demand for threat intelligence as enterprises look to gain greater visibility and control over threats outside the wire.

    IntSights offers unique cyber reconnaissance capabilities and patented data-mining algorithms that give customers the deepest and most actionable intelligence on the market. The IntSights platform has the ability to discover, analyze, and mitigate external threats across PaaS, SaaS, and IaaS, which is critical in the remote work scenario. The new partnership with Pacific Tech aligns with IntSights global growth initiatives and affirms the company’s commitment to the region.

    Pacific Tech is an award-winning value-added distributor with more than a decade of experience in providing cybersecurity, data protection, managed security services, and IOT security solutions to customers in APAC. Pacific Tech will be distributing the full range of IntSights products, services, and solutions to the system integrator and value-added reseller channel communities; as well as end clients from target verticals including e-commerce, energy, financial services, government, healthcare, and retail.

    “We are delighted to work with IntSights as we continue to deliver value-added solutions to our partners and customers,” said Andy Woo, Regional Director, Pacific Tech. “With our regional business-coverage, especially in ASEAN, we are well-positioned to bring IntSights best-in-class solutions to enterprises in the region. IntSights has taken the complexity out of threat intelligence, and the broad accessibility to IntSights solutions will address today’s organizations’ need for effective cyber intelligence solutions.”

    “Amidst the challenging environment, IntSights continued to grow at more than 60 percent YoY in 2020 with a record fourth quarter. Asia Pacific has been one of the focus regions for growth, and we are increasing our investments in engineering, product management, sales, and marketing in the region,” said Michael Tan, Regional Director of APJ, IntSights.

    IntSights has adopted a channel-driven GTM and is being distributed by some of the biggest, most influential partners in the world. We see synergy and opportunities through our partnership with Pacific Tech as we continue our growth momentum. It is an opportune time to extend the alliance ecosystem to scale our capabilities to aid enterprises of any size to counter cyber threats today.”

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  • HSBC Singapore CEO to Depart for New Role

    HSBC Singapore CEO to Depart for New Role

    He will be taking on a new role at the Saudi British Bank (SABB) – 31-percent owned by HSBC – from April 4.

    HSBC Singapore will be naming a new chief executive to succeed Tony Cripps, who will be managing director-designate and board member of SABB, the bank said in an internal memo signed by deputy chairman and chief executive Peter Wong.

    Cripps was appointed HSBC Singapore CEO in 2017. He was previously chief executive of HSBC Australia, chief executive of HSBC in the Philippines, and held leadership positions in HSBC’s Global Banking and Markets business in London and Hong Kong.

    Wong said that under Cripps’ leadership, HSBC made key people hires, strategic technology upgrades and proposition enhancement, which resulted in strong underlying revenue growth for the franchise and its wider Asean business.

    He added that HSBC will build on the «clear and focused strategy» Cripps developed, as the bank aims to increase its capability and presence across the region.

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  • Singapore Fintech Partners MoneyGram

    Singapore Fintech Partners MoneyGram

    The integration and implementation of Lightnet’s technology with MoneyGram’s money transfer services will provide customers with a wide selection of payout services across Southeast Asia.

    The Singapore-headquartered fintech company will provide its Bridgenet solution to enable money transfer operators to connect with MoneyGram’s money transfer service, broadening the range of payout services, the company said in an announcement.

    The success of this collaboration reflects Lightnet’s commitment towards improving the efficiency, convenience, affordability and accessibility of cross-border remittances. Lightnet is working tirelessly to make these kinds of services available to everyone, Tridbodi Arunanondchai, group CEO and vice chairman of Lightnet, said.

    Lightnet was co-founded in 2018 by Chatchaval Jiaravanon – a family member of the Charoen Pokphand group in Thailand – and Arunanondchai, a tech entrepreneur and former investment banker.

    The startup raised $31.2 million in 2020, in a Series A funding round led by UOB Venture Management. It also partnered Swiss crypto bank Seba to offer remittance services for migrant workers in Asia, and partnered Velo Labs and Visa to serve the micro, small and medium enterprise (MSME) lending market.

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  • Singapore Banks Throw Weight Behind Green Vehicles

    Singapore Banks Throw Weight Behind Green Vehicles

    Ahead of Tesla’s launch in Singapore, DBS is has announced financing for new and used electric and hybrid cars, while a partnership with OCBC will boost the availability of electric vehicle charging points.

    As part of DBS’ efforts to incentivize the adoption of green practices and carbon footprint reduction, the bank is rolling out Singapore’s first green car loan, which is priced at 1.68 percent per annum, it announced on Monday.

    The bank said there is much room for growth, citing Norway’s 54 percent electric car market share, compared to Singapore, where there are 43,000 electric and hybrid cars – only 6.8% of the car population.

    It also said that lending to the electric vehicle instead of the combustion engine vehicle sector has lower environmental and social costs of approximately 40 percent and 16 percent respectively.

    To accelerate the greening of Singapore’s land transport sector, OCBC Bank announced a strategic partnership with Charge+, an operator and provider of electric vehicle (EV) charging solutions that plans to install 10,000 EV charging points islandwide by 2030.

    Under the memorandum of understanding signed by the two parties, OCBC Bank will encourage its property developer and property owner customers to install charging points at their premises, implement digital payment solutions for the charging service, and look into the financing for the infrastructure, an announcement on Monday said.

    Just having the infrastructure is not good enough. There must be public adoption to enable a clean energy transportation system too. OCBC can therefore play the role as a meaningful financial services enabler in the electric vehicle ecosystem, Elaine Lam, OCBC head of global corporate banking, said in the announcement.

    Last week, electric carmaker Tesla began taking orders for its Model 3 Standard Range and the Model 3 Performance in Singapore, which are priced from S$116,334 ($88,000), excluding COE.

    The cars have a Vehicular Emissions Scheme (VES) banding, which entitles potential buyers to a S$25,000 rebate. Under the Electric Vehicle Early Adoption rebate scheme announced in 2020, customers who buy a new electric car also qualify for a 45 percent rebate on its Additional Registration Fee, capped at S$20,000.

    The Singapore government in 2020 said it aims to phase out fossil fuel vehicles by 2040.

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  • SGX Joint Venture to Launch Asian Bond Trading Platform

    SGX Joint Venture to Launch Asian Bond Trading Platform

    The XinTru joint venture with corporate bond trading platform provider Trumid and private equity firm Hillhouse Capital, will launch a new electronic bond trading platform later this year.

    This partnership combines Trumid’s cutting-edge technology and fixed income expertise, SGX’s deep experience in Asian financial market infrastructure and electronic trading, and Hillhouse’s expertise and network in Asia and the financial services sector», SGX said in a statement on Monday.

    The Trumid XT platform will connect liquidity from SGX’s Bond Pro and Trumid’s Market Center in the U.S. to provide a network for Asian fixed-income trading. This will enhance international access to Asian bond markets and facilitate Asian investor participation in U.S. and global emerging market credit, SGX said.

    XinTru’s independent management team includes chief revenue officer Ben Falloon who brings 20 years of Asia fixed income experience and relationships, and chief operating officer Mark Leahy, who has significant experience building and operating capital markets businesses in the region.

    SGX led a $53 million growth equity financing round in the New York-based startup in 2018, and subsequently joined Hillhouse Capital in another round of investment in 2019 when the firm took a minority stake in Trumid.

    Our early investment in Trumid paved the way for this deeper collaboration to advance the overall bond market infrastructure in Asia,” said SGX chief Loh Boon Chye.

    Trumid experienced exceptional growth in 2020, with trade volumes growing 374 percent year-on-year.

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  • Singapore retail sales slide overall while E-commerce goes up

    Singapore retail sales slide overall while E-commerce goes up

    Singapore retail sales – excluding motor vehicles – fell 4.5 percent y-o-y last Dec, a slightly higher decline than Nov’s 2.8 percent. M-o-m sales were down 0.7 percent. DOS estimates total retail sales value at SGD3.5 billion (US$2.62 billion) and that online retail sales accounted for 12.6 percent of that. The strongest categories online were computer and telecommunications equipment, accounting for 35.2 percent of the category’s overall turnover, furniture and homewares (23.4 percent) and supermarkets (11.8 percent).

    Most retail industry categories posted declines in sales in Dec on a y-o-y basis. However, supermarkets and hypermarkets, computer and telecommunications equipment, and furniture and homewares recorded growth rates of between 20.8 percent and 25.3 percent, due mainly to higher sales of groceries, mobile phones and household appliances respectively.

    Sales of recreational goods rose 10.3 percent, largely driven by strong demand for sporting goods. Sales of F&B services fell 16.5 percent in Dec, y-o-y, which was a lesser rate than Nov’s 22.4 percent decline. Online orders made up 19.9 percent of the estimated total spend of $800 million.

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  • Amazon, Enterprise Singapore to help small businesses venture offshore

    Amazon, Enterprise Singapore to help small businesses venture offshore

    Amazon announced today at the inaugural Amazon Southeast Asia Online Seller Summit 2021 additional resources and support for small and medium-sized businesses (SMBs) in Singapore to start selling online and expand globally through its stores. Amazon announced that it is extending the waiver of professional selling account subscription fees for new and existing sellers, until 30 June 2021. This support builds on Amazon’s current initiatives such as the online seller education series, Seller University, and over 225 free tools and services to help sellers grow their sales in Amazon’s stores in Singapore and worldwide.

    In addition, Amazon is teaming up with Enterprise Singapore (ESG) to help local retailers scale globally. Enterprise Singapore will support these efforts through the Market Readiness Assistance (MRA) scheme. Support will be capped at S$100,000 per new country, includes support for up to 70% of eligible costs for overseas promotion, overseas business development, and overseas country set-up, and gives SMBs the flexibility to expand across new countries at their preferred pace. This is one of several measures that local enterprises can tap on through ESG to grow and diversify their businesses.  More details can be found in ANNEX.

    “We will double-down on efforts to support our local businesses in gaining e-commerce capabilities and maximizing their growth opportunities from the digital economy. To help companies access customers in new countries, ESG has also been working with Amazon to onboard Singapore sellers to Amazon as a channel for international sales, such as in the US, Canada, and India. Support is available for Singapore companies that are looking to expand to these countries,” said Minister for Trade and Industry, Mr Chan Chun Sing.

    “Small businesses are an essential part of Amazon’s DNA. Through the Amazon Southeast Asia Online Seller Summit 2021, we aim to enable more local sellers to reach a global audience through our 20 stores worldwide. Whether they are just getting started or are an experienced seller, Amazon’s comprehensive programs and network will help SMBs overcome operational challenges to maximize growth opportunities globally,” said Henry Low, Country Manager, Amazon Singapore.

    The Southeast Asia Online Seller Summit, being held today and tomorrow, has drawn over 3,000 participants who are interested to understand how they can sell with Amazon, scale their businesses, and seize cross-border opportunities. Guest-of-Honour, Minister for Trade and Industry, Mr Chan Chun Sing, leaders of Amazon Singapore, industry experts, and local business owners selling on Amazon.sg came together on Day 1 to discuss local and regional retail trends and offer insights on how SMBs can ‘Start Local, Go Global’ with Amazon.

    Connecting sellers to exchange best practices.

    As part of the Summit, Amazon hosted a panel of SMB founders to share experiences of growing their business online and their journey with Amazon. Through the support of Amazon’s global network and its logistics and inventory solutions such as Fulfilment by Amazon (FBA), each of them has expanded to serve customers globally – all from the comfort and safety of their homes.

    “When I started Rui Smiths in 2014, selecting Amazon as the e-commerce store for my business was a no brainer. Amazon has been offering an unparalleled service that perfectly fits my needs, since my initial days as a new business owner, allowing me to expand internationally from the get-go. In just 4 years, with Amazon, we had hit S$200,000 in sales and were already selling in the US, UK, and Australia,” said Debbie Cai, founder, Rui Smiths. “I hope the insights and resources shared at the Summit will help many local sellers like myself grow their business not only in Singapore but also beyond shores for customers everywhere.”

    Local resources for sellers in Singapore to unleash and maximize global growth opportunities

    To date, Amazon has provided support to thousands of SMBs keen to sell online with Amazon.sg and its stores globally and continues to help many of them go digital and build thriving businesses. To shine the spotlight on more local retailers, Amazon continues to promote a dedicated “Shop Local” storefront on Amazon.sg, featuring local brands’ founding stories and a plethora of products in categories such as home and home improvement, electronics, kitchen and dining, health and personal care, toys and games, groceries and more.

    Other resources introduced include the Amazon Seller App for local sellers with accounts on Amazon.sg to track sales and manage their business via mobile, the Marketplace Appstore, a one-stop shop to discover third-party applications and services for automating tedious business aspects, and the Seller Forum, a resource for first-hand advice from fellow business owners on selling with Amazon. Sellers can also join the Sell on Amazon Singapore Facebook page to connect with the community of sellers on Amazon.sg.

    These initiatives are furthered by Amazon.sg’s ongoing collaboration with Infocomm Media Development Authority (IMDA) for the Digital Resilience Bonus, offering eligible SMBs a bonus of up to S$2,500 for selling on e-commerce channels like Amazon. The bonus is available to eligible local retailers until 30 June 2021.

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  • HSBC Appoints Singapore Commercial Banking Head

    HSBC Appoints Singapore Commercial Banking Head

    HSBC has promoted a Hong Kong corporate banker previously covering the tech sector to become its head of the commercial banking unit in Singapore.

    Regina Lee has been named as HSBC’s Singapore head of commercial banking, according to a statement, effective March 1 this year.

    Lee will replace Alan Turner who will relocate to the commercial banking unit in Canada after three years in Singapore.

    She will report to CEO of HSBC Singapore Tony Cripps and APAC head of commercial banking Stuart Tait.

    Lee has over 20 years experiencing across corporate and commercial banking. She was most recently a managing director of corporate banking in HSBC’s Hong Kong unit where she led the coverage team for TMT (technology, media, and telecommunications), consumer, retail and commodities.

    In addition, Lee has extensive operational and risk management experience as HSBC’s former chief operating officer for the commercial bank in Hong Kong and she also separately oversaw operational risk and control division for commercial banking in the broader APAC region. Previously, she also led business development for HSBC Hong Kong’s global trade and receivables finance business and the commercial banking business in Macau.

    Singapore continues to be a strategic growth market for the group, offering significant opportunities from its increasing status as an international investment hub and springboard to Southeast Asia, Cripps said.

  • Bank of Singapore Sees Strong IAM Growth

    Bank of Singapore Sees Strong IAM Growth

    OCBC’s private banking arm, Bank of Singapore, saw a major boost in new clients and revenue from independent asset managers in the midst of a pandemic, according to senior market head Teresa Lee said.

    Independent asset managers (IAM) have been one of the major strategic focus for growing our business, said Bank of Singapore’s Greater China and North Asia senior market head Teresa Lee in an interview.

    According to the Singaporean private bank, the number of onboarded IAMs grew almost 50 percent year-on-year, as of November last year, with overall IAM revenue from the same period nearly doubling. This was owed in no small part to the Hong Kong IAMs business which has seen accelerated growth following the launch of a hub dedicated to the segment several years ago.

    We have successfully set up our Hong Kong-based ‘IAM Excellence Center’ in May 2018 to act as a hub to provide dedicated support such as onboarding, trade execution, services, marketing and more, Lee added. We have managed to see good progress in new relationships and client acquisition, especially for Greater China.

    Not unlike its competitors, the coronavirus pandemic has disrupted operations and driven digital transformation at Bank of Singapore.

    In a separate conversation with its global chief operating officer Sonjoy Phukan in mid-2020, he noted that over 70 percent of client accounts have already signed up for digital services.

    Similarly for the IAM segment, Lee noted growing adoption – close to 500 participants logged on to a market outlook for an online IAM Forum in April last year.

    Despite the digital gains, Lee echoed private banks’ industrywide belief that the «human touch» was unlikely to go extinct anytime soon.

    Digital capabilities can only accelerate and maintain some processes while others cannot be replaced, she said. I believe that the human touch continues to be key to maintaining relationships.

    Examples of the relevance of high-touch services remain in areas such as wealth or legacy planning, where the bank hired seasoned veteran and ex-APAC head of the practice for HSBC Private Banking Joanna Ho last year.

    In 2020, China was a rare case of growth amongst major economies at 2.3 percent, according to its national data, and mainland equity markets have been buoyed by tech, healthcare and other rallies.

    Similarly, Bank of Singapore has seen strong growth in assets under management across all Greater China client segments which posted a 17 percent increase as of the third quarter last year, outpacing the private bank’s overall growth of 5 percent to $116 billion.

    Lee also expressed confidence that Hong Kong will maintain its hub status and that it will always be an important financial center, especially for Greater China clients, adding that she observed no significant wealth shift to Singapore.

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  • Singapore Airlines hopes to be world’s first airline fully vaccinated against COVID-19

    Singapore Airlines hopes to be world’s first airline fully vaccinated against COVID-19

    Singapore’s national carrier is hoping to become the world’s first airline to get all of its crew members vaccinated against COVID-19.

    Singapore Airlines confirmed to CNN Travel that all of their crew members — including pilots, gate agents, flight attendants and anyone whose job requires contact with the public – have been offered free coronavirus vaccines by the Singaporean government.

    The country has purchased the Pfizer vaccine, which requires two shots.

    “We are grateful to the Singapore government for making the aviation sector a priority in the country’s vaccination exercise,” the airline’s CEO, Goh Choon Phong, said in a statement that was emailed out to the whole company on January 18.

    “This reflects the sector’s importance and the crucial role we play in both Singapore’s economic recovery and the fight against the pandemic.”

    According to the airline, 5,200 SIA employees have already signed up to get their shots. Inoculations will begin in a few days.

    Phong, alongside Singapore’s transport minister Ong Ye Kung, was among the city-state’s first citizens to get vaccinated. He has received the first of his two shots, and reports that “the procedure was painless and fuss-free.”

    Once vaccinated, crew members will be subject to less scrutiny and fewer coronavirus-related security measures. For example, flight crew who are currently tested on the seventh day after their return to Singapore will be exempt from this test going forward.

    Singapore’s response to the pandemic has been largely successful due to border closures and a national contract-tracing app. The country has had 59,113 confirmed cases of the virus and only 29 deaths, according to data from Johns Hopkins University.

    Still, citizens of the city-state have expressed an interest in being able to travel again. A much-hyped “travel bubble” with Hong Kong was indefinitely postponed in December when Hong Kong had a spike in virus cases.

    The annual Henley Passport Index placed Singapore second in the world — just one point behind nearby Japan — for passport power. Singaporeans can enter 190 countries or territories around the world without needing a visa.

  • Uniqlo Singapore set to open ‘Hub of the East’ store

    Uniqlo Singapore set to open ‘Hub of the East’ store

    UNIQLO today announces that it will open UNIQLO Orchard Central, its first Global Flagship Store for Southeast Asia and Singapore, on Friday, 2 September 2016. Under the concept of “U+S and The World”, the new store will showcase the brand’s full assortment of LifeWear – innovative, high-quality clothing that is universal in design and comfort, and made for anyone, anywhere – and will offer Singaporeans an exciting space to share their culture with the world. UNIQLO Orchard Central will be located in Orchard Central mall, along Orchard Road.

    “UNIQLO Orchard Central will be a unique store for the region, providing a new shopping experience for customers. With its vibrant creative scene, Singapore is the ideal location for us to showcase our LifeWear concept through the eyes of the local community. We hope that through our work with highly dedicated Singaporean individuals and groups, we will be able to turn this space into a platform where creative ideas can be expressed and shared with others,“ said Taku Morikawa, UNIQLO Southeast Asia CEO.

    UNIQLO Orchard Central spans three levels and covers 2,700 square meters in sales floor space. Fans of the brand can expect a new shopping experience, thanks to the combination of the in-store design, full product line-up and visually stunning displays. Even the elegant dark wood floors that evoke the mood of Singapore and Southeast Asia are intended to help create the proper setting for the largest product line-up anywhere in the region.

    Iconic rotating mannequins will be an integral part of UNIQLO Orchard Central, as well as close to 300 digital displays, the largest number anywhere in the UNIQLO world, and a total of 350 in-store mannequins, the latter matching the UNIQLO Ginza Global Flagship Store in Tokyo.

    “Singapore’s strategic location in Southeast Asia makes it the choice destination for UNIQLO’s first Global Flagship Store in the region. The opening of this new store marks a milestone in our highly successful eight-year joint venture collaboration.

    The Global Flagship Store will have exciting outreach programmes to engage the community. We look forward to serving our customers in this landmark store, and to inspire many creative talents to express themselves in this distinctive space with artistic works and concepts that are authentically Singaporean,” said Mrs Helen Khoo, Executive Director, Wing Tai Retail.

    A dedicated UT (UNIQLO T-shirt) corner on Level 1 will showcase exclusive UT designs drawn from the most popular collaborations such as Olympia Le-Tan and Bruno Munari. “i am OTHER”, the collection designed together with musician and style icon Pharrell Williams will also find a home on the shelves of UNIQLO Orchard Central. The new Disney Collection City Logo UTs includes a unique Singapore design featuring Mickey Mouse with the iconic Merlion, will be launched on the opening day of UNIQLO Orchard Central.

    The new store concept for UNIQLO Orchard Central, “U+S and The World” is taken from the words UNIQLO + Singapore and the company’s intention to serve as a bridge between Singapore and the World. The store is envisioned as the definitive place where UNIQLO will share the creativity, style and culture of a new Singapore with the rest of the world.

    Later this month, UNIQLO will launch “Your Stage Now Live”, the opening campaign of UNIQLO Orchard Central, by turning the hoarding around the store’s construction site into an urban canvas designed collectively by the local community. In addition, the campaign will also invite everyone to express themselves and showcase their culture to the world through a special “Your Stage Now Live” site.

    The opening of the store on 2 September will serve to kick-off a long-term collaboration with members of the local community through a broad array of programs centred on the store’s specially designed creative space, a launch pad for creativity and self-expression. Elements such as original in-store music, video content on the digital displays and curated spaces within the shop floor, as well as exclusive canvas tote bags and shopping bags, will all be co-created with the local community.

    “We warmly welcome UNIQLO’s global flagship store to Orchard Central, with its new shopping experience, innovative visual merchandising and special collections. UNIQLO will anchor Orchard Central’s appeal as a vibrant lifestyle and social hub for design conscious shoppers looking for quality affordable merchandise and a unique experience. Our mall enhancement works are also nearing completion and along with the opening of UNIQLO Orchard Central, our shoppers can look forward to a new retail experience as well as improved visibility and accessibility,’ said Ms Mavis Seow, Chief Operating Officer, Retail Business Group, Far East Organization.

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  • Paris Baguette opens its largest Singapore store

    Paris Baguette opens its largest Singapore store

    Best known for its Paris Baguette bakery franchise, SPC Group has opened four food brand stores in Singapore. The group is planning to make Singapore as its third axis of global growth after China and the United States.

    The group opened the new stores at Jewel Changi, a commercial complex connected to Changi Airport in Singapore, on April 17. The four food brands include Maison de PB, the first high-end brand of Paris Baguette; Coffee@Works, a special tea and coffee brand; and Shake Shack, a burger brand.

    Jewel Changi is a seven-story lifestyle complex built as part of the Singaporean government’s Chingi Airport development projects.

    Maison de PB serves not only bakery products but also various meals that go well with bread such as “Beef On The Stone” and “Signature Seafood Pasta.”

    Coffee@Works has opened its first overseas store at Jewel Changi. Currently, it operates a total of 12 stores in South Korea. Shake Shack has also opened the first store at the complex after it obtained a license for business operation in Singapore in October last year. Singapore is the third-largest market in SPC Group’s global operations.

    Paris Baguette has 12 stores in Singapore, including the one at Jewel Changi. Although the number of stores in Singapore is less than the 14 in Vietnam, sales in Singapore, which came to 14.90 billion won (US$13.13 million) last year, are nearly three times higher than those in Vietnam.SPC Group is seeking to establish a holding firm in Singapore. It is planning to build a base in Singapore, which is considered a hub of logistics, finance, and business in Asia, and expand its business to neighboring Southeast Asian countries.

    The group is also seeking to build a Halal certified production facility to target Muslims and the global Halal food market. It will establish the facility in the Southeast Asian region in order to target Muslim countries, including Indonesia and Malaysia, and will set the exact time and place in the future.

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  • Ikea opens stand-alone planning studio in Singapore

    Ikea opens stand-alone planning studio in Singapore

    IKEA has launched the first-of-its-kind planning studio powered by Singapore-based interior design and renovation platform, Livspace. IKEA and Livspace have provided consultation to hundreds of homeowners in Singapore since the partnership started at the end of 2019. The new studio at Jurong Point shopping mall will offer customers a brand-new shopping experience with end-to-end personalized home interior design, planning, and renovation services.

    At around 100 square meters, the Planning studio will feature a specialist showroom modeled after a 3-room HDB flat and virtual inspirations through SmartPhotos by the Livspace Platform. Designed like an IKEA showroom, the studio has been specially optimized and curated to address the challenges of living in a small space. These range from space-saving kitchens to living room smart storage solutions and fitted wardrobes. Décor and furnishings will be refreshed periodically throughout the year so customers can receive new inspirations to start transforming their own homes.

    The Livspace SmartPhotos is a great visualization and planning tool to help homeowners envision and budget for their new home designs. It is also the first time the SmartPhoto experience is being introduced to Singapore. Customers will be able to scan any room in the store using QR codes and virtually change the products and room style to suit their preferences and budget. As the products are being updated in SmartPhotos, the room price will also be updated in real-time. This new tool will be integrated into the planning and renovation journey offered to customers, and they can get to experience it in the coming weeks.

    “We would like to help more Singaporeans realize their dream homes,” said Jaap Doornbos, IKEA Retail Director, Singapore & Philippines. “The new IKEA Planning Studio isn’t just another IKEA store – it’s the future of home planning that caters to every homeowner and wallet size. Together with Livspace, we hope to provide a more accessible and personalized experience with technology, which will allow customers to achieve their dream home. With the current economic situation, this is especially important, and we see this as a big step in improving the traditional interior design planning process in Singapore”.

    “We are delighted to partner with a world-class brand in IKEA and power its first Planning Studio in Singapore with the Livspace platform. As a technology-first company, we are looking to revolutionize the way interior design and renovations are done in Singapore and this launch is a crucial first step. Now, personalized and trusted interior design services across price points will be available at consumers’ fingertips,” said Ravindran Shanmugam, Country Head, Livspace (Singapore). The IKEA Planning Studio will offer move-in ready packages, starting from just $9,900, that provide renovation and construction services as well as IKEA furniture and furnishings. Customers can make a complimentary one-to-one virtual or in-person appointments with expert designers.

    Any furniture purchases made at the Planning Studio as part of the Interior Design and Renovation package will also be delivered to homes for added convenience.

    From 13 to 26 January, customers can also take advantage of opening specials*:

    • First 500 walk-in customers will get a complimentary IKEA Jurong Point Planning Studio goodie bag

    • Spin the sure-win spin-the-wheel for prizes, when they spend above $10,000 on the renovation with Livspace On top of which, IKEA Family members gets 5% off their total bill when renovating their home with Livspace. This offer lasts till 31 December 2021 and can be redeemed at the outlet by presenting a physical or digital IKEA Family card.

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