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Tag: Singapore

  • StarHub launches SD-WAN solution through ngena

    StarHub launches SD-WAN solution through ngena

    Singapore’s StarHub has announced an innovative SD-WAN solution through its partnership with the Next Generation Enterprise Network Alliance (ngena).

    The new solution is designed to meet the needs of multinational companies choosing to set up a global or regional base in Singapore, as well as local companies looking to expand into overseas markets.

    The fully managed SD-WAN service offers robust network connectivity, the ability to scale and a global reach.

    As one of the current 24 partners of ngena, StarHub is connected to a single global network through a common platform that integrates all alliance partners’ networks. This allows the telco to offer end-to-end managed SD-WAN services to promptly serve enterprises with geographically distributed operations.

    “Networking capabilities are crucial to the success of enterprises in the digital era, keeping business operations running and enabling employees to be productive. We are very pleased that with our partnership with ngena, our customers can benefit from StarHub SD-WAN, a global network connectivity service that is secure, stable, scalable and easy to use while they depend on StarHub for local support,” StarHub chief of enterprise business Dr Chong Yoke Sin said.

    As a result, they can realize real gains in increased productivity and lower IT costs as well as enjoy the ease of dealing with one service provider. We are also excited to enable our alliance partners to offer reliable, high-speed, and secure data connectivity services for their customers with Singapore-based operations.”

  • HSBC Gets New Trade Finance Head from OCBC

    HSBC Gets New Trade Finance Head from OCBC

    The move comes as HSBC Singapore looks to strengthen its regional coverage and increase its headcount across its entire business by more than 10 percent over a three-year period from 2018.

    HSBC Singapore on Monday announced the appointment of Tze Tze Lee as the bank’s head of product and propositions, a new position created within the bank’s global trade and receivables finance (GTRF) team.

    Lee began her new role on April 29 and reports to GTRF country head Iain Morrison and Sanjay Tandon, the Asia-Pacific head of product and propositions.

    According to her LinkedIn profile, Lee was previously head of Trade Finance Product Management at OCBC Bank, where she worked for two and a half years. Prior to that, she spent five years at Swedish commercial group Skandinaviska Enskilda Banken, where she was responsible for its product management of Cash Management and Trade Finance business. She was also employed by DBS Bank for 11 years, including as head of supply chain financing.

    HSBC Singapore recently completed a live and fully digitised trade finance transaction on a scalable blockchain platform and a fully digitised end-to-end trade finance transaction.

  • Singapore’s IMDA consulting on 5G policy framework

    Singapore’s IMDA consulting on 5G policy framework

    Singapore’s Infocomm Media Development Authority (IMDA) has launched a public consultation on the appropriate regulatory framework for 5G, with the goal of enabling commercial deployments by 2020.

    The regulator is seeking feedback from the telecommunications industry and the public on the best approach to 5G spectrum allocation, the baseline requirements for spectrum winners and driving the development of the broader 5G ecosystem.

    IMDA plans to allocate the 3.5-GHz and the 26-GHz to 28-GHz frequency bands as the initial 5G bands during the first wave of spectrum allocations, the regulator said. The regulator says this will be sufficient for at least two nationwide 5G networks.

    The initial allocation is expected to involve a call for proposal process, whereby mobile operators submit detailed proposals on nationwide 5G deployment plans.

    The proposals will be assessed based on factors including ability to meet baseline requirements such as rollout and performance targets, and the applicant’s financial capacity to roll out the proposed 5G networks.

    Finally, the IMDA has proposed to work with the industry to support the development of innovative 5G use cases, as well as 5G engineering manpower.

    “This public consultation is an important step in IMDA’s plans to launch 5G mobile networks and develop a vibrant 5G ecosystem in Singapore,” IMDA chief executive Tan Kiat How said.

    “I encourage interested parties to share your views with us. These insights will guide our regulatory approach and industry development efforts in ensuring Singapore’s connectivity infrastructure remains globally competitive in support of our Digital Economy ambitions.”

  • HyalRoute to invest up to $2b in Philippines fiber project

    HyalRoute to invest up to $2b in Philippines fiber project

    Singapore-based shared fiber network provider HyalRoute has signed an agreement with the Philippines’ Department of ICT to invest up to $2 billion expanding to the market.

    The company’s subsidiary Philippine Fiber Optic Cable Network (PFCON) signed a memorandum of understanding with the department committing to deploy the network in various phases between 2019 and 2028.

    The DICT has in turn agreed to provide assistance in providing the required permits and licenses, and to closely coordinate with PFCON on the implementation of the project.

    HyalRoute was established with the goal of creating the first region-wide, independent shared fiber network platform in emerging Asia. The company currently provides domestic fiber solutions in Myanmar and Cambodia.

    DICT acting secretary Eliseo M. Rio Jr said the planned deployment will support the government’s own telecommunications ambitions.

    “There is a need for more fiber optic cables in this country, thus this partnership will greatly improve our telecommunication services. We can now have cable networks that anybody can use and this jives with our National Broadband Plan,” he said.

    The deployment will also support the DICT’s Free Public Wi-Fi initiative by allowing its expansion to unserved and underserved areas of the country, Rio added.

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  • DFS launches fourth Whisky Festival

    DFS launches fourth Whisky Festival

    DFS Group has launched the fourth Whisky Festival at Changi Airport, this one with a pop-up bar. Aiming to “demystify the whiskey-making process”, the festival offers a selection of more than 400 whiskeys and many exclusive offers.

    Highlights include Bruichladdich Port Charlotte 10, Compass Box No Name, No 2, Glenmorangie Rare Cask 1399, Johnnie Walker Black Triple Cask Edition and Royal Salute 21 Year Old Lost Blend.

    “The Whisky Festival is one of our favorite celebrations at DFS, providing a great opportunity to showcase this wonderful spirit in a fun and engaging way to whiskey connoisseurs and enthusiasts alike,” said Brooke Supernaw, senior VP spirits, wines, tobacco, food and gifts at DFS Group.

    “We are delighted to work with some of the best whiskey makers in the world to bring this event to life again this year in partnership with Changi Airport Group.”

    The pop-up bar, reminiscent of the speakeasy bars of the 1920s Jazz Era, will remain open until June 10. At the bar, travelers can enjoy interactive experiences with whiskey tastings, and vaporizers producing scents from floral all the way to smoky and intense.

    Live performances by jazz singers including Carol Gomez, Ywenna Carolin, and Richard Jackson will feature.

    “We are thrilled to partner with DFS Changi once again and bring the annual Whisky Festival to the next level with a pop-up bar for the first time ever. This 1920s-themed bar with its unique interior and collection of never-before-seen whiskeys will offer travelers a multi-sensorial travel retail experience, in celebration of all things whiskey,” said Teo Chew Hoon, group senior VP, airside concessions, at Changi Airport Group.

    After Singapore, the festival will relocate to seven DFS locations across Asia, the Middle East, North America, and Hawaii.

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  • Carousell Strengthens Executive Leadership Team With Appointment of CCO

    Carousell Strengthens Executive Leadership Team With Appointment of CCO

     Carousell, one of the world’s largest and fastest growing classifieds, today announced the appointment of Lewis Ng as Chief Commercial Officer. Lewis will be responsible for all commercial relationships, including high-value verticals, advertising sales and go-to-market partnerships. Lewis will also oversee the transformation of Carousell into a premium publisher by bolstering value-added services and premium products for clients.

    “We are at a stage with strong potential to scale. Currently, 1 in 4 Singaporeans use Carousell monthly, and with rapid growth regionally, it is imperative that we continue to attract top talents that would elevate our positioning and growth. With his extensive understanding of the classified space and business verticals, Lewis has displayed a solid record of growing robust revenue streams and executing high-impact business solutions,” said Siu Rui Quek, Carousell Co-founder and CEO. “There is a significant and growing market for high-value verticals such as Cars and Property, and we look forward to leveraging Lewis’ experience in these areas that pave way to achieve greater success across Southeast Asia.”

    Lewis’ role has been added in response to the increasing demand for business solutions and growth within the company and follows further high profile hires, including the addition of Su Lin Tan as Vice President of Operations.

    Previously Chief Business Officer at PropertyGuru and Commercial Director, APAC at TripAdvisor, Lewis brings over eighteen years of commercial and leadership experience in driving revenue growth across regional markets. Lewis was said to be instrumental in the leading property site’s continued double-digit revenue growth for three consecutive years, spanning roles in Marketing and Client Retention. At TripAdvisor, he was the Commercial Director for the APAC region and one of the first employees in Singapore, where he drove the brand’s revenue growth by triple digits in a period of three and a half years.

    Lewis has led key regional and in-market functions to deliver value to customers and partners and will be leading the overall commercial strategy at Carousell as Chief Commercial Officer. Lewis will be overseeing the Sales and Business Development functions in Carousell and he reports to Co-founder and CEO, Siu Rui Quek.

    “I am excited to join one of the biggest and fastest growing start-ups in Singapore. I really admire how fast and steadily the visionary founding team has grown the business in such a short amount of time, and I’m delighted to be able to contribute to the ongoing success of Carousell. With my experience and expertise, I am looking forward to creating efficient operations and models to help Carousell reach its fullest potential,” said Lewis.

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  • Singapore May Allow Virtual Banks

    Singapore May Allow Virtual Banks

    Singapore may permit virtual banks to operate in the city-state, following in the footsteps of Hong Kong, said DBS chief executive.

    If virtual banking licenses were handed out in Singapore, it would step up the competitive pressures faced by incumbent lenders. However, those who have upgraded their digital capabilities should not fear this new form of competition, said DBS chief executive Piyush Gupta.

    To my mind, that’s just basically giving a few more banking licenses, said Gupta, who was speaking in an interview with Bloomberg. Virtual banks could typically generate $100 income at 25 to 30 percent of operating costs, according to experts. In comparison, DBS’s cost-to-income ratio stood at 44 percent last year.

    In the interview, Gupta does not see a problem with having virtual banking licenses in Singapore unless these virtual banks are allowed to operate on more lenient terms than incumbents, such as lower capital requirements held.

    The real challenge is if the regulators create an unlevel playing field, and let the new bank licensees come in and do banking on different terms, he said. However, he felt that most regulators don’t seem to be inclined to do that.

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  • Procter & Gamble Starts S$12m Innovation Hub in Singapore

    Procter & Gamble Starts S$12m Innovation Hub in Singapore

    Procter & Gamble Singapore has announced a S$12 million innovation investment to create the next billion-dollar corporate concept for Singapore. GrowthWorks was announced on the 5th anniversary of P&G’s Singapore Innovation Center (SgIC). The intrapreneurship hub will focus on new brands, new technologies and new business models. Working in cooperation with P&G Singapore’s $250 million R&D division, P&G hopes that the next big idea in international business will crop up in Singapore.

    Procter & Gamble is a consumer goods company. Their famous brands like Max Factor, Old Spice and Gillette make them sought after by investors, as these brands have reach well outside the US market. Investing in Procter & Gamble takes investors into multi-national economies: the P&G stock was trading at US$108 on the eToro site on May 17, and their expansion into international markets like Singapore has much to do with this. Do we anticipate this news to precipitate further P&G stock price growth?

    Why Singapore?

    So why is American company Procter & Gamble putting so much emphasis on geographically tiny Singapore? For more than a decade, Singapore has topped the World Bank’s list of easiest countries in which to do business. Whether it is starting a business, paying taxes, receiving construction permits, or enforcing contracts, Singapore is generally faster, cheaper, and more efficient than anywhere else.

    According to the World Bank, it takes only 150 days, on average, to resolve a commercial dispute in Singapore. In the United States (7th place on the World Bank’s list), this would take 420 days. In Myanmar (167th place), a similar conflict would drag on for at least three years.

    P&G correctly identifies Singapore as the most fertile ground for new businesses to flourish. If P&G can convince their “intrapreneurs” to innovate on the scale they desire, GrowthWorks really could bring the next international billion-dollar business idea into fruition via Singapore.

    What Will the New GrowthWorks Innovation Center Bring to the Table?

    GrowthWorks won’t be concerned with the full product pipeline like the SgIC. Instead, GrowthWorks is focusing on “home run” ideas, concepts that can be developed elsewhere into innovative products or businesses, without burdening the GrowthWorks team with the difficulties of taking the concepts all the way through the multi-year development cycle.

    GrowthWorks puts an emphasis on “intrapreneurship” – a word referring to employees who act with all the inspiration and drive of entrepreneurs, but for Procter & Gamble, not their own private interests. S$8 million of the initial S$12 million P&G investment will go directly to the intrapreneurs, who will use their funding to conduct lean experiments for early concept development. They will work with relevant Singaporean companies and agencies to establish feasibility and other early conceptual design, with the aim of creating business ideas that are tailor made for the Singaporean marketplace. P&G hopes to see a minimum of S$3 billion-dollar ideas grow out of GrowthWorks.

    GrowthWorks represents one of the first dedicated corporate attempts to incubate new major businesses specifically for the Singaporean market, and it’s P&G’s most significant R&D investment outside of the United States.

    In the big scheme of things, S$12 million isn’t very much money for a multinational to invest in innovation. From our perspective, P&G is simply testing the waters in Singapore, seeing if the small nation can serve as a meaningful strategic outpost for expansion in the wider region.

    If the investment brings returns, P&G will have greater expansion opportunities in Asia than in the US, where it faces relative market saturation. Asia numbers its consumers in the billions, while America numbers them in the tens of millions. America may be the larger and more stable economy, but we can see the value of this strategic play in Singapore.

     

  • First Asian Samsonite Premium store Coming to The Jewel

    First Asian Samsonite Premium store Coming to The Jewel

    The first Samsonite ultra-premium store in Asia is to open at Jewel Changi.

    The luggage brand is also planning one more outlet at Changi, raising its store network at the airport to five.

    “Every time we come up with something new, something big, we launch it first in Singapore,” Subrata Dutta, president and CEO of Samsonite Asia-Pacific told.

    “This is a new retail concept that further elevates the look and feel of the brand to something more luxurious. At Jewel, we get travel traffic from around the world. When you do something in Singapore, you get noticed by the right people.”

    Samsonite has also opened an American Tourister outlet at Jewel Changi, and will open a store at the revamped Funan mall, scheduled to open in the second half of this year.

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  • Muji Singapore opens Large store at The Jewel

    Muji Singapore opens Large store at The Jewel

    Muji Singapore has opened a two-storey store at Jewel Changi. The 12th outlet of the popular Japanese minimalist brand houses more than 4000 products and an 88-seat Cafe&Meal dining area.

    The product range includes apparel, furniture, kitchenware, toiletries, stationery and food items.

    Designed by Tokyo-based design company Super Potato, the store also offers the largest range of Muji’s fitness line, the Walker series.

    The store also features an interior-advisory service, available to recommend customisable solutions to customers.

    Muji Singapore chose Jewel Changi as its newest location to showcase the ‘world of Muji’ to Southeast Asian customers.

    Naoki Kadoike, MD at Muji Singapore and Malaysia, expects about 40 per cent of customers will be tourists, the remainder locals.

    “When I was posted here in January, I realised how similar Singaporeans are to the Japanese. People are very conscious of having a good lifestyle and there is a common understanding of Muji’s philosophy,” Kadoike said.

    Meanwhile, Muji Singapore plans to introduce the Muji Passport app, providing local customers with information about the brand and promotions, along with weekly newsletters.

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  • Under Armour Singapore showcases Rush

    Under Armour Singapore showcases Rush

    Under Armour Singapore has partnered with Celliant to create performance apparel line UA Rush and Recovery.

    Designed to enhance performance, the collection includes men’s and women’s fitted tees, long-sleeved shirts, leggings and tights and more.

    All pieces will range from S$69-$199, and are now available for purchase on Under Armour Singapore’s online store, retail stores in Orchard Central, Bugis Junction, VivoCity, and through authorised Under Armour resellers.

    In conjunction with the launch, Under Armour is hosting an admission-free “Rush & Recovery Experience” at Orchard Central Discovery Walk until May 2.

    The interactive exhibits bring to life the inner workings of Rush technology. Distinct experiential zones will showcase how the technology generates performance improvements for the wearer, and helps power recovery.

    Another zone, “Test of Will”, features Under Armour’s annual advanced urban fitness challenge where visitors can see a preview of this year’s unique challenges and put their grit, strength and determination to the test.

    Under Armour’s Rush-and-Recovery-engineered fabric promotes improved performance and energy return. It is intended to provide the same benefits to the body as an infrared sauna.

    “The introduction of UA Rush is our commitment to giving athletes 360-degrees of training support both in the gym and beyond,” said Dan Leraris, GM of men’s training at Under Armour.

    “With the launch of UA Rush, we now complete the training cycle – there is now UA gear designed to optimise human performance at every training occasion.”

    Under Armour athletes from around the globe have been training in UA Rush including Singapore Athletic Association athletes such as swimmer Amanda Lim, marathon runner Jasmine Goh, master coach at Ritual Gym, Shrek Ismail, and SuperheroRunners founder Nelson Wong.

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  • Durasport Singapore opens Doors at Jewel Changi

    Durasport Singapore opens Doors at Jewel Changi

    Ultra-performance brand Durasport has opened a store at Jewel Changi.

    Designed by architecture and interiors firm Ministry of Design (MOD), the store resembles a futuristic research and development lab environment.

    The store is tailored to sports enthusiasts who want to try out sportswear and equipment in simulated environments before buying them.

    Designed to attract ultra-performance athletes and sporting enthusiasts, the store features four hands-on experiential zones. These zones allow cyclists, skiers, climbers and triathletes to sample and test the high performance sportswear and equipment before they purchase them, and is facilitated by five simulators.

    These include a ski simulator, an indoor climbing-wall with a rotating surface, a Magic Mirror that allows customers to virtually try on ski clothing, a swim bench for testing the flexibility of wetsuits, and cycling trainer rollers, which can simulate various slope gradients and cycling experiences.

    A customised flexible display-system made up of shelves, racks or holders that clip in and out of notched display walls and incorporate an integrated LED lighting system, allows the brand to showcase its varied merchandise.

    The facade is made up of a steel frame with a chevron pattern that is designed to point towards the central entrance, conveying a sense of motion, whilst the logo is based on an X.

    “We adopted an X symbol for the logo, to represent the catalyst at the beginning of any experiment, reminiscent of the two arrows coming together like an X at the store entrance,” MOD told.

    The range of products sold in the store was co-curated by Ministry Of Design and the client. It includes the world’s first graphene bicycle by UK company Dassi, the world’s lightest folding bicycle by fellow UK company Hummingbird, and heat-mouldable custom-made cycling shoes by Italian brand DL Killer.

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  • Stefano Ricci opens Doors at The Shoppes

    Stefano Ricci opens Doors at The Shoppes

    Italian menswear Stefano Ricci has opened a boutique at The Shoppes at Marina Bay Sands. The 150sqm store presents the brand’s menswear range, SR Home collection, and leather goods such as belts, bags, wallets and shoes.

    The maison’s made-to-measure service is available upon appointment.

    “We are proud to unveil our new boutique location in Singapore, still within the distinguished Shoppes at Marina Bay Sands,” said Niccolo Ricci, Stefano Ricci CEO.

    “This is an expression of our brand’s presence on an international level, and from here the highest forms of Italian craftsmanship are available to our esteemed and refined clients in the city.”

    Founded in 1972, Stefano Ricci now has more than 65 mono-brand boutiques worldwide, selling menswear-suits, dress shirts, jeans, casual wear, and leather goods.

    The brand’s offer has expanded with the SR Home collection, featuring porcelain and crystal dinner services, silverware, furnishing accessories, linens and leather home accessories.

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  • Pazzion footwear launches cafe concept

    Pazzion footwear launches cafe concept

    Footwear retailer Pazzion has unveiled a cafe concept at Jewel Changi.

    Located next to the Pazzion boutique, the 45-seat Pazzion Cafe is designed in monochromatic tones of black and white, peppered with grey and gold, and vintage-style pendant lights.

    A feature wall with an inset shelving unit displays vintage-looking props, including a typewriter, telephone and metal globe, making the cafe an Instagram-worthy spot.

    More seating is arranged outside, overlooking the Rain Vortex.

    “Pazzion cafe provides our customers with a much-needed cosy spot to rest their feet while enjoying our specially curated menu and a cup of coffee,” said Tom Ng, Pazzion’s founder.

    Established in 2002, Pazzion has stores in Brunei, Cambodia, China, Indonesia, Japan, Malaysia, Thailand and Vietnam.

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  • ICBC Singapore Issues Bank’s First Green Bond

    ICBC Singapore Issues Bank’s First Green Bond

    State-owned bank offers green Silk Road bond in three currencies one week after a similar exercise by rival Bank of China. Acting through its Singapore branch, the Industrial and Commercial Bank of China (ICBC), the world’s biggest bank by assets, has issued its first green bond offering in three currencies totalling $2.2 billion equivalent, Reuters reported on Wednesday.

    The U.S. dollar-denominated tranche includes $900 million three-year floating rate notes priced at three-month Libor plus 72 basis points and $600 million five-year floating rate notes priced at three-month Libor plus 83 basis points. They received over $2.4 billion and $1.5 billion in orders respectively, with Asia buying 92 percent of the deal and the rest coming from EMEA in both cases, according to Reuters.

    The 1 billion yuan ($149 million) three-year tranche was priced at 3.3 percent. The 500 million euro tranche received over 1.8 billion euros in orders.

    DBS Bank was the only Singapore bank among the issue’s joint global coordinators, which also include ICBC, Credit Agricole, HSBC and Standard Chartered Bank. DBS was also the joint book runner and joint lead manager of the issue. There were 22 underwriters for the bond issue, which intends to support green projects under China’s Belt and Road Initiative.

    According to Clifford Lee, DBS Bank head of fixed income, said that ICBC Singapore’s successful issuance of its first green bond is underpinned by its commitment to financing sustainable development along the Belt and Road, «The Business Times» reported.

    A week before, Bank of China raised $3.8 billion equivalent across five currencies and eight tranches from its fifth Silk Road bond offering.