Eric Lew Re-Inventing a Traditional Business C

January–March 2017 IN FOCUS CREATING VALUE INNOVATING IN A PUBLICATION OF SINGAPORE BUSINESS FEDERATION TOUGH TIMES MAKING TRENDSPOTTING BREAD ROTIMATIC’S RECIPE BREAKING FOR SUCCESS DOWN BARRIERS WHAT’S NEXT IF THE TPP FAILS?

INSIGHT LET IT FLOW TIPS TO KEEP YOUR FINANCES HEALTHY

ONE ON ONE ERIC LEW RE-INVENTING A TRADITIONAL BUSINESS C

CMY

K Welcome January – March 2017

A new mindset for the future economy

The new year is likely to see the The tough times also call for the same levels of uncertainty that we local business community to come experienced in 2016. The sluggish together in a spirit of co-operation. economy and a fast-changing business To that end, we organised a seminar landscape are posing multiple in partnership with Temasek challenges for our local business International to share insights into community. New digital technologies how SMEs can successfully work with have disrupted a range of industries, larger companies. and are poised to disrupt many more Last September, SBF initiated in the coming years. a closed door dialogue between The business community is looking financial institutions, government forward to the recommendations agencies and representatives from from the Committee on the Future the troubled offshore and marine Economy (CFE), which was formed sector. We are heartened that the to chart a new course for Singapore’s Ministry of Trade and Industry economy. In November, as a follow announced in late November 2016 up to the Position Paper presented two schemes offering funds and to Minister for Finance Heng Swee bridging loans to the sector. Keat in January 2016, SBF organised Looking ahead, we must be a dialogue hosted by Minister S prepared to expect more uncertainty. Iswaran, co-chair of the CFE, for In particular, the election of the the leaders from trade associations new U.S. President in November has and chambers, and the business already unsettled markets as fears community to engage and provide of increasingly protectionist policies inputs into the CFE process. emerge. Already, the multilateral US- These efforts aside, there are led Trans-Pacific Partnership (TPP), many shining examples of companies which Singapore is member, appears that have innovated to improve to be in difficulties. productivity and efficiency. The Despite these challenges, our Singapore Productivity Conference and businesses must continue to Exhibition (SPCE) held last November engage global markets as a means showcased technological solutions to grow. In recent months, SBF to help companies ramp up their has led business delegations to efficiency. Separately, 10 organisations China, India, Iran, Egypt, Norway, across six sectors, many of them SMEs, Myanmar and other South East were honoured at the Singapore Asian countries. Productivity Awards 2016 for their We are hopeful that efforts excellence in productivity and staying to restructure our economy and resilient in the face of a tepid economy. businesses, coupled with efforts Meanwhile, the pervasiveness to grow new markets, will help of technology in business requires Singapore companies successfully companies to be aware of increasing navigate the turbulent times ahead. cybersecurity risks. Themed “Fight We will be relocating to our new the Dark Side”, this year’s National office at The SBF Center on Robinson Security Conference 2016 encouraged Road in late February 2017. With more SMEs to address cybersecurity- more facilities, we look forward to S.S. TEO related risks pertaining to people, offering an even better standard of Chairman processes and technology. service to our members. Singapore Business Federation Contents January – March 2017

FEATURES INSIGHT IN FOCUS ONE ON ONE 10 LET IT FLOW 18 INNOVATING TO 22 SPEEDING AHEAD How to keep your cashflow CREATE VALUE Eric Lew is putting Wong healthy Companies need to innovate Fong Industries on the to survive global stage

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Contents January – March 2017

Business Quotient (BiZQ) is the official publication of the Singapore Business Federation, reaching out to over 22,500 of Singapore’s business elite, chief executives and entrepreneurs. This is your eye on Asian and global business trends, bringing you up to date on industry developments, the economy, country profiles, stories about successful companies and the people who lead them.

PUBLISHER Singapore Business Federation 10 Hoe Chiang Road, #22-01 Keppel Towers, Singapore 089315 Tel: +65 6827 6828, Fax: +65 6827 6807 Email: [email protected] Website: sbf.org.sg

CHAIRMAN Teo Siong Seng CHIEF EXECUTIVE OFFICER Ho Meng Kit ASSISTANT EXECUTIVE DIRECTOR 30 (MEMBER RELATIONS) Cheryl Kong CORPORATE COMMUNICATIONS SENIOR DIRECTOR Jinny Claire Sim TRENDSPOTTING DIRECTOR (SPECIAL PROJECTS) Gerald De Cotta 06 Singapore’s alternatives if SENIOR MANAGER Randall Tan TPP fails ASSISTANT MANAGER Laura Cheng

BIZ TALK 14 Enterprise 50 winners and The Company of Good

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THE QUEST FOR FREE TRADE The likely failure to implement the Trans Pacific Partnership is a blow to Singapore, but there are alternative avenues

WORDS FRANCIS KAN

s an economy highly Even if TPP dies, A dependent on trade, Singapore has benefitted Singapore’s significantly from the removal of position isn’t entirely trade barriers around the world through bilateral and multilateral bad as it already free trade agreements (FTAs). has a bilateral trade As such, the Trans Pacific agreement with the Partnership (TPP), a proposed trade agreement between 12 Asia US. Companies in the Pacific nations, was viewed as a key region can explore to Singapore’s economic prospects. The member states have a collective opportunities in the US population of 800 million and account through Singapore” for 40 per cent of world trade. – SONG SENG WUN, ECONOMIST, CIMB However, with new American President Donald Trump announcing his intention to withdraw the United Shinzo Abe had said that the pact is States from the TPP, the prospects “meaningless without the U.S.”, while of the pact becoming a reality has Prime Minister Lee Hsien Loong had dimmed considerably. noted that renegotiating the TPP

Japan’s Prime Minister Mr would be difficult. SHUTTERSTOCK GETTY IMAGES; PHOTOS

6 Business Quotient TPP countries’ contribution 40% to world GDP

FALLING BACK ON BILATERAL DEALS Singapore’s raft of bilateral free trade agreements will soften the blow of TPP’s impending demise

Even if TPP fails, Singapore has existing Free Trade Agreements (FTAs) with almost all countries involved in the TPP negotiations, which the Republic can fall back on, experts say. “Singapore already has FTAs signed with most TPP members, except Canada and Mexico. Canada has been very positive about trade, and the new President has strong popularity at home, so it won’t be too difficult to formulate a deal with Singapore. Mexico would be more challenging, but Singapore has other trade talks going on,” said Shivaji Das, partner and global head for public sector and government practice at Frost & Sullivan Asia-Pacific. CIMB economist Song Seng Wun noted that if Canada and Mexico remain committed to TPP, there would be opportunities for Singapore firms to tap these markets. “Even if TPP dies, Singapore already has a bilateral trade agreement with the US, so our position isn’t entirely bad. Those companies in the region that want to explore opportunities in the US can do so through Singapore,” Song added.

JANUARY-MARCH 2017 7 Trendspotting

The trade deal, which took five years of negotiations and entered into a two-year ratification period last February, needs approval from at least six countries that account for 85 per cent of the combined gross domestic product (GDP) of the 12 member nations to be implemented. As such, both the US and Japan would need to ratify the deal given the size of their economies. “The TPP offered significant benefits to Singapore because of the high-quality nature of the agreement and the access it offered to 40 per cent of world GDP, so we won’t have those upsides,” said Manu Bhaskaran, chief executive of Centennial Asia Adviser. However, as the TPP is not yet in force, he noted that there is no real impact on trade or the economy. “It is more a case of lost opportunities.” So with the plug on the TPP to be potentially pulled, Singapore that emerged following the collapse November that a new free trade and other nations are looking at of the Doha Round of the World agreement between Southeast Asia alternative multilateral trade deals Trade Organisation talks in 2006. and Latin America could be set up to with greater interest. These include: Asia Pacific leaders have said both counterbalance the dominance of the the TPP and the RCEP are possible United States and China. 1. Regional Comprehensive pathways to realising the FTAAP. Indonesian Vice-President Jusuf Economic Partnership (RCEP) Kalla reportedly called on APEC The China-backed RCEP involves 3. ASEAN and Pacific Alliance free members to consider forming a free the 10 members of the Association of trade deal trade bloc between ASEAN and the Southeast Asian Nations (ASEAN) — Indonesia said during the Asia- Pacific Alliance countries (Chile, Brunei, Cambodia, Indonesia, Laos, Pacific Economic Cooperation Colombia, Mexico and Peru) if Mr Malaysia, Myanmar, the Philippines, (APEC) meetings held in Chile last Trump decides to invalidate the TPP. Singapore, Thailand and Vietnam — plus their regional trading partners China, Japan, South Korea, Australia, New Zealand and India. Notably, it excludes the United States. The What is the TPP? RCEP also aims to cut tariff and non- The Trans-Pacific Partnership (TPP) is a free trade agreement between 12 countries: tariff barriers, but calls for lower and Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, more limited regulatory standards Singapore, the United States and Vietnam. All 12 TPP countries are members compared to the TPP. Governments of the Asia-Pacific Economic Cooperation (APEC). The TPP was concluded on 5 missed a deadline to conclude October 2015 in Atlanta, Georgia, USA, and signed on 4 February 2016 in Auckland, negotiations last year. New Zealand. According to Singapore’s Ministry of Trade and Industry, the TPP is an important 2. Free Trade Area of the Asia- milestone toward achieving more open trade and regional integration in the Asia- Pacific (FTAAP) Pacific region. Apart from offering new market access for Singapore goods and The FTAAP is a long-term goal to services producers exporting to and investing in TPP markets, the agreement also link Pacific Rim economies from updates international rules that apply to cross-border trade and investment. The TPP China to Chile, including the United contains new elements to encourage the participation of SMEs in trade. For more GETTY IMAGES States. It aims to harmonise regional information, visit mti.gov.sg

and bilateral free trade agreements PHOTO

8 Business Quotient

Insight GETTY IMAGES PHOTO

10 Business Quotient SMART MONEY Managing your cash flow effectively during troubled times is key for business survival

WORDS FRANCIS KAN

t is no secret that a companies run the risk of not “For businesses, cash flow company’s cash flow is having sufficient capital to keep the management is important at any I regarded as the lifeblood of business going. point in time as it allows companies its business. This may result in damage to its to focus on long-term business plans As such, SMEs must manage their reputation, which could in turn lead while having the ability to ride on cash flow well and not allow payment to even shorter payment terms from short-term market opportunities and issues to affect their health. If funds suppliers and increased financing trends,” said Gregory Trotter, head of are not managed properly, firms cost from lenders. On the flipside, cash management, global transaction will not be able to transact or make having idle cash in accounts means banking, OCBC Bank. payments on time, both to suppliers a loss of opportunity to earn greater “An efficient cash flow and employees. If that happens, interest or returns on the money. management solution can greatly

JANUARY-MARCH 2017 11 Insight

Cameron Priest, CEO, TradeGecko

help businesses to improve and Banks have “Banks and financial institutions manage their liquidity, as well as have become more cautious when save costs and time. It also gives become more lending to SMEs, and this is reflected them the agility to adapt quickly to cautious when lending in a higher cost of funds,” said market changes.” Lincoln Teo, chief operating officer A company’s ability to manage to SMEs, and this is of DP Info. liquidity and optimise working capital reflected in a higher “With both financial institutions becomes more critical in uncertain and suppliers making access to credit times, as payment cycles can become cost of funds” harder, SME leaders need to have longer. Indeed, there has been a – LINCOLN TEO, COO, DP INFORMATION good management skills to avoid sharp jump in Singapore companies GROUP having cash flow problems. This delaying payment in the third quarter means being more vigilant in the of 2016 as the economy slows. conducted by the DP Information credit they offer and avoiding bad Slow payments accounted for 46.4 Group (DP Info) also showed that just loans and defaults from customers,” per cent of payment transactions in over one-third of SMEs are struggling he added. the July-September 2016 quarter, with tighter access to supplier credit. compared to 38.3 per cent over the Meanwhile, cash flow problems were Perceptions count same period in 2015, according to now the top business concern of In troubled times, it is not enough figures released by the Singapore seven per cent of SMEs in 2016, up just to have sufficient funds in the GETTY IMAGES; SHUTTERSTOCK GETTY IMAGES; Commercial Credit Bureau. from just three per cent in 2015, the bank to keep the business going.

The SME Development Survey survey also showed. Companies must also avoid the PHOTOS

12 Business Quotient Percentage of slow payments SMEs surveyed who put cash 46% in July-September 2016 7% flow as their top concern

A cashflow management solution can greatly help businesses to improve their liquidity, as well as save costs and time” – GREGORY TROTTER, HEAD OF CASH MANAGEMENT, GLOBAL TRANSACTION BANKING, OCBC BANK perception that they have trouble paying their bills. Rumours of cash flow problems – even unfounded ones – can spread quickly in Singapore’s relatively small business community, and in extreme cases can lead to otherwise healthy companies having to cease operations as banks withdraw credit lines and suppliers tighten terms. “Once people get a whiff that you might have cash flow issues, there could be trouble,” said Stanley Tan, Manage Your Finances who heads the Working Capital Prepare early Get better terms Advisory Team at DBS Bank. In the current volatile Where possible, work As entrepreneurs tend to be focused 1 business environment, it 4 towards reducing payment on growing their business, especially is advisable to put in place back-up tenors offered to buyers and in the early years, they may end up credit lines before your cash flow extending payment terms to sellers. spending a large portion of their time situation deteriorates. Also, as a rule on daily operational tasks rather than of thumb, build up six to 12 months Maintain relationships looking at ways to plan and manage of cash reserves as a buffer as Take the time to meet your cash flow efficiently in the longer term. quickly as you can. 5 key counterparties regularly For instance, a business owner may and re-assess the payment cycles believe the company is financially Choose the right financing that will mutually benefit both healthy based on the projects it There are many different parties. This will help further cement has secured for the rest of the year. 2 loans and financing options the relationship with your business However, he or she may not realise available to your business – from partners in difficult times. that payment for those projects may simple overdrafts and term loans take some time to come in, while bills to more specialised products like Have proper records still need to be paid until then. accounts receivables financing. Keeping good records of Said Mr Trotter: “Some may also Explore with your banker whcih 6 payments coming in and have the perception that cash flow products may best meet the needs going out is essential to have a clear management requires complex tools of your business. picture of a company’s finances. This and knowledge, and comes at a will allow a company to conduct a hefty cost.” Keep only what you need thorough review of its cash flow, and However, with a few simple Don’t stock up on more more importantly, take any actions steps, a business can avoid financial 3 inventory than required. that may be needed. missteps and ensure a healthy cash flow situation (see box on right).

JANUARY-MARCH 2017 13 Biz Talk

AWARDS HONOURING 50 OF THE BEST espite operating in Privately-owned firms based Meanwhile, six enterprises – rough seas, shipping in Singapore are eligible for the BLPL, Linnhoff Technologies, CAD- D firm BLPL Singapore annual awards, which recognises IT Consultants (Asia), Indoguna topped the Enterprise 50 (E50) 50 companies for demonstrating Singapore, Wiselink Technology Awards in November last year. The strength in their business. The and ITCAN – received the five-year homegrown firm owns and operates awards are co-organised by KPMG award, which goes to firms that 30,000 containers, including and The Business Times. have been on the E50 list for that temperature-controlled containers Internet company Garena took period of time. Indeed, half of last and special equipment for carrying second place while UEMS, which year’s winners have been honoured perishables and oversized cargo. provides services to hospitals and previously. “(BLPL) is a worthy winner government buildings, clinched “This demonstrates the resilience ready to take on the future. It the third spot. Last year’s event and agility of our local enterprises has a sound business plan that also saw an inaugural award as they successfully navigate the is outward-looking, and which recognising excellence in a firm’s challenges of a weakening global utilises technology to boost its internationalisation strategy economy to future-proof their efficiency and cut costs,” said KPMG presented to Linnhoff Technologies, businesses,” said Linus Goh, head Singapore’s head of enterprise Chiu a German manufacturer of asphalt of global commercial banking at Wu Hong, one of the judges. mixing plants. OCBC. GETTY IMAGES; SHUTTERSTOCK GETTY IMAGES; PHOTOS

14 Business Quotient GIVING BIG APPETITE FOR DOING GOOD ood distribution company Samsui Supplies & Services F has integrated corporate giving into the very fabric of their business. The firm is a Company of Good and a winner at the President Volunteerism and Philanthropy Awards (PVPA) 2016. The Company of Good is a programme that aims to enable businesses to enhance their ability to give back to society. The initiative is helmed by National Volunteer & Philanthropy Centre in partnership with SBF Foundation and supported by the Ministry of Culture, Community and Youth. “Most people thought we would be one-time do-gooders. But thankfully, we managed to sustain these projects Leveraging their core competency Salvation Army, Peacehaven Nursing by focusing on our core competencies of food procurement and production, Home, APSN Centre for Adults, in the food and beverage sector the company utilises existing Ren Ci Nursing Home and SWAMI and engaging the community to resources such as their central Home. Beneficiaries in these non- participate as well,” said Ang Kian kitchen during off peak hours to profit organisations are provided Peng, director of Samsui Supplies & prepare meals for homes such as with nutritious and tasty meals at a Services. the Singapore Christian Home, The fraction of the market cost.

AWARDS AN ADVOCATE FOR NATIONAL SERVICE ood distribution Physical Proficiency immediately, with minimal hassle,” F company Lim Test (IPPT), and said Lee Shang Wei, senior sales Siang Huat even allows them executive at Lim Siang Huat. has been conferred to drive the Launched in August 2016, NS the NS Advocate company Mark recognises organisations that Award - part of vehicle to the have put in place policies and human the NS Mark test venue. resource practices that support NS accreditation - for “I am very and Total Defence (TD). The NS its commitment motivated Mark comprises the NS Mark and the to supporting to go for my NS Mark (Gold). Both accreditations National Service ICT (in-camp are conferred for a period of three (NS) within its training) due years. Recipients of the NS Mark organisation. to the strong (Gold) that have demonstrated The firm gives support from my exemplary support for NS and TD NSmen employees time- company. They allow will be considered for the prestigious off to go for their Individual us to go for reservist NS Advocate Award.

JANUARY-MARCH 2017 15 Biz Talk

PERFORMANCE

DEMONSTRATING outstanding management practices, commended the bank for EXCELLENCE IN with visionary leadership committed encouraging employees to develop BUSINESS to innovation, people development their entrepreneurial ideas through and excellence in customer service, hackathons. BS Bank, Hwa Chong organiser SPRING Singapore said. The BE framework provides D Institution (HCI) and four DBS, one of two winners of organisations with a roadmap public sector agencies the Singapore Quality Award, to achieve outstanding results. clinched top honours at the Business was recognised for the way it has Participants are measured against Excellence (BE) Awards for their incorporated digital technology at international benchmarks to superior performance under SPRING all stages of the customer journey to obtain external perspectives of the Singapore’s BE framework. make banking easier. organisation’s strengths and areas for All six winners demonstrated SPRING Singapore also improvement.

THE NEXT GROWTH demand in the short to medium term and be a growth driver in the long term. ENGINE? However, it is important to avoid white Infrastructure development can be the elephants in the current low interest rate next sustained growth engine in the environment, he added. region and globally, but governments The McKinsey Global Institute found have to make sure the payoffs justify that the world needs to invest an average the costs, according to Deputy Prime US$3.3 trillion annually to support Minister Mr Tharman Shanmugaratnam. expected growth rates, with emerging Mr Tharman said during his opening economies accounting for about 60 per remarks at the 7th World Bank-Singapore cent of that need. Infrastructure Finance Summit last However, only US$2.5 trillion is invested GETTY IMAGES; SHUTTERSTOCK GETTY IMAGES; October that infrastructure can support every year. PHOTO PHOTO

16 Business Quotient AUTOMATION HIGH-TECH LOGISTICS HUB xpress services giant DHL fully automated express parcel president and managing director of Express has launched a new sorting and processing system in DHL Express Singapore. E S$140 million round-the- South Asia. It will boost DHL’s The facility can process up to clock automated facility in Singapore operational capacity while offering 24,000 shipments and documents – the DHL South Asia Hub. This is speedier deliveries for customers, the per hour and can handle over 628 the company’s largest investment in company said in a statement. tonnes of cargo during the peak Singapore to date. “The hub allows us to meet processing window – tripling the Launched last October, the 23,600 customer needs more effectively in company’s cargo handling capacity sqm facility at the Changi Airfreight this age of an on-demand economy,” and processing shipments six times Centre features the industry’s first said Frank-Uwe Ungerer, senior vice- faster than previously.

JANUARY-MARCH 2017 17 In Focus INNOVATING TO CREATE VALUE With slower global growth and technology disruption, how can companies innovate to survive? WORDS AMY TAN

HN Group’s executive Consequently, its gross floor space at the CBD fringe,” said Lim. chairman and group area increased to 163,000 sq ft from This strategy of securing master L managing director, Kelvin 159,000 sq ft and its net lettable area leases for unused and underutilised Lim, believes that the company’s (NLA) expanded by 13 per cent to properties and transforming them headquarters at 10 Raeburn Park 130,000 sq ft. The group retained to increase NLA and potential rental exemplifies how the real estate some 13,000 sq ft for its offices and yields forms the core of LHN’s management company creates value. leased the remaining space to various business. The company currently The property was previously used companies, including global supply manages over four million sq ft of as Gan Eng Seng Secondary School’s chain management company Li & NLA across more than 30 commercial premises. In 2007, LHN secured the Fung, which is one of its anchor and industrial properties in master lease for the property and tenants. Other tenants include offices, Singapore, Indonesia and Myanmar. proceeded to renovate and refurbish commercial schools and F&B outlets. While Lim has built LHN’s the space. “We refurbished the premises business on creating value, the and ensured that the units provided National Business Survey conducted cater to the businesses that use them. by the Singapore Business Federation In doing so, we provided affordable (SBF) in 2015 found that most businesses tend to focus on near- term solutions as part of their key business strategies. More than 60 per cent of survey respondents said their key strategy was to increase GETTY IMAGES PHOTO

18 Business Quotient JANUARY-MARCH 2017 19 In Focus

cost efficiency and productivity. long-term sustainability of their and understanding the difference Meanwhile, innovating to create respective businesses. However, when between innovation and invention. value took a backseat. these business owners were asked if A company’s leaders need to be “Companies need to innovate they had embarked on innovation the ones advocating the importance as part of their core strategies to programmes to enhance their of innovation in creating value. “To survive. And, an innovation-led products and services, one in every successfully sell the importance of economy will help in creating instead two said that they had not. innovation down the organisation, of adding value,” said Ho Meng Kit, According to Chew, some common its leaders must first believe in it,” SBF CEO. misconceptions among business he said. “The Singapore economy and owners is that innovation is too risky our businesses are currently at an and time consuming. He states: “The inflection point. The operating reality is that innovation is not as environment is now more bad as it is made out to be. It belies Companies need challenging. Not only do companies the issue of changing mindsets, even to innovate as part have to cope with economic though changing people’s mindsets restructuring, they also have to is not always easy, especially if they of their core strategies contend with slower global growth perceive the process to be disruptive to survive. And an and technology disruption.” He was and uncomfortable.” innovation-led economy speaking at an SBF Position Paper Speaking at the seminar, Chew, follow-up seminar on “Moving from who recently launched his book, will help in creating value-adding to value-creation” last Differentiation – How to Win in instead of adding value. October. a Disruptive Market, outlined five ways fast-growing mid-sized The Singapore economy Shifting mindset enterprises can innovate successfully and our businesses are Dr Wilson Chew, PwC in order to create value. These currently at an inflection Singapore’s Partner (Strategy) for include making a mindset change; Entrepreneurial and Private Clients, searching for internal strengths; point” observes that most business owners exploring the external ecosystem; – HO MENG KIT, CHIEF EXECUTIVE OFFICER, see innovation as important to the identifying new areas of innovation; SINGAPORE BUSINESS FEDERATION

20 Business Quotient National Business Survey respondents 60% who say productivity is their key focus

A renewed leadership conversation must be about how a company’s business model can evolve with technology. The idea is to ride the wave, not create new and radical ones” – DR WILSON CHEW, PARTNER (STRATEGY) FOR ENTREPRENEURIAL AND PRIVATE CLIENTS, PWC SINGAPORE

the CFE before it finalised its recommendations. “The CFE plays an important role in assisting our procurement division to better understand our needs and to innovate to improve productivity, which ultimately reduces the process time,” says Thomas Fernandez, CEO of Pestbusters. The pest control company has been leveraging innovation to improve its services. To tackle manpower shortage, it implemented the use of body-worn cameras, which enable one supervisor to direct several pest control officers through live footages instead of assigning supervisors at every site. According to Chew, digital Pushing boundaries provide one-stop integrated services disruption has irrevocably changed Meanwhile, LHN has been to business owners and individuals the way companies view how new embodying Chew’s recommendations seeking such dual-purpose work value is created, and the challenges of searching for internal strengths space arrangements. and risks that come with it. Against and exploring the external ecosystem. To help more companies in this backdrop, enterprise leaders must “Our entire business is about value their quest for innovation, SBF embrace the reality that traditional creation and we do this by analysing held a seminar titled “Pushing the operating models are going to be how we can best serve the needs of Innovation Frontier, Developing disrupted, if they are not already. our tenants and landlords,” he said. Global Solutions from Singapore” in He says: “A renewed leadership One solution that was borne out of collaboration with the Committee on conversation must involve a deeper this is LHN’s Work+Store Concept. the Future Economy (CFE) – a high- discussion of strategy. The outcome The company saw an increase in the powered group of government and of such a conversation must be about number of e-commerce business private sector leaders who have been how a company’s business model is to owners and aspiring start-ups who tasked with charting a new course for evolve with technology fused within needed affordable and convenient Singapore’s economy. it. The idea is to try and ride the storage spaces. As such, the The event gave business leaders wave as opposed to creating new and Work+Store concept was conceived to a chance to give their inputs to radical ones.”

JANUARY-MARCH 2017 21 One on One

22 Business Quotient Wong Fong Industries’ Eric Lew is reinventing the 52-year-old engineering company through innovation SPEEDING AHEAD

WORDS AMY TAN PHOTOGRAPHY WILSON PANG

n March 2017, Singapore’s first supercar, the Dendrobium, I will be unveiled at the Geneva Motor Show. The supercar has a top speed of 300km/hour and will hit 0-100km/ hour in under three seconds while running on electricity. Industry observers say the car rivals the Bugatti Chiron supercar for horsepower and is set to be a milestone in the electric car industry. Named after an orchid, the vehicle will not only be a first for Singapore but also showcase the capabilities of Wong Fong Industries – the company behind the Dendrobium. The company, which is listed on the Catalist board of the Singapore Exchange, was founded by brothers Jimmy Lew and James Liew in 1964. Its initial business was a truck equipment servicing workshop. Today, it is the sole supplier of the Austrian- made Palfinger cranes here and around the region, and generates a turnover of more than S$70 million a year. Wong Fong also operates four complementary businesses in equipment sales ranging from load handling systems to truck- mounted cranes, projects in customised vehicles for military and civil defence, repairs and servicing, as well as training courses. The Dendrobium will herald a new phase of growth for the engineering company. The idea was borne out of Wong Fong Research and Innovation Centre (WFRIC), led by Jimmy’s son, Eric.

Scaling globally In 2013, Wong Fong launched WFRIC as an ideas incubator to help the company rethink existing designs and spearhead innovation. Eric Lew, Wong Fong Industries’ executive director, tells BizQ that the establishment of WFRIC is all about helping the 52-year-old engineering company look to the future. “We are researching the future and innovating now,” he says.

JANUARY-MARCH 2017 23 One on One

The group has a presence in industry – including electric mobility, Singapore, Malaysia, China and You can innovate telematics and robotics. Myanmar, with customers that and research as Among these, Wong Fong has include government agencies and much as you want but started to develop batteries, bikes companies across industries such as and trucks for electric mobility. infrastructure development, logistics, at the end of the day, The company has already received waste management and defence. stakeholders will want pre-orders for a few thousand units “We may be a leader in our of its Motochimp bike. The electric industry but we are still Singapore- to see it translate into bike has been projected by industry centric,” says Lew. He believes that revenue” observers to become a staple for city innovation and developing Wong dwellers. Fong’s own products and brands Amid current economic and will be the company’s ticket to scale develop this and that means we have geopolitical uncertainty, Lew globally. a certain standard. There will also states that innovation will enable Developing the Dendrobium, be spill-over effects for our other companies to bolster against for instance, is part of his plan to business units as well.” upcoming challenges. He also showcase Wong Fong’s capabilities on Leveraging what it has learnt from emphasises the need to create the international stage. The company the Dendrobium project, WFRIC is Singapore brands. is working with Williams F1, one of now exploring how the technologies “For Singapore to be successful, the world’s leading Formula 1 teams can be transferred and applied to we need Singapore brands and to build it. Wong Fong’s other business units, services that we can export He explains: “The supercar is such as military and special vehicles. internationally in order to expand really for visibility creation. With the The innovation centre has also the pie for the country,” he says. Dendrobium, people will see that identified trends that will affect Wong He does not rule out the possibility our company has the capability to Fong and the transport engineering of collaborating with other local

24 Business Quotient Wong Fong Industries’ S$70m+ annual turnover companies for future projects in order to put the Republic on the map.

Raising industry standards To be sure, when WFRIC first started out, Lew says he was under pressure to generate revenue. “You can innovate and research as much as you want but at the end of the day, stakeholders will want to see it translate into revenue.” We quickly To this end, WFRIC took on some consultancy projects from its partners realised that in China. “We quickly realised that consultancy was not consultancy was not a sustainable form of income because in the end, a sustainable form of we are helping to equip other people income because in the and not really researching and end, we are helping to innovating for ourselves,” he adds. Another challenge was recruiting equip other people and the right people for the job. Prior to not really researching WFRIC’s launch, Wong Fong mainly recruited engineers. “We have a lot of and innovating for engineers and they are very good at ourselves” what they do. In order to create new things, you need a diverse group of talent. So we brought in designers, inventors and communicators. If you don’t have the right people, you will struggle to innovate,” he advises. He likens WFRIC to a hardware start-up. “Innovation does not happen overnight. The time taken to launch a hardware start-up is much longer because you need to prototype and test your product. However, if you have a good product, it is easy to bring it to market,” he observes. According to him, it was not easy to convince the company’s first generation to invest in a research and innovation centre. “They gave me the support regardless but it also involved a lot of persistence to convince the board and employees that this is the way we need to go,” he says. “People are always curious about how a 52-year-old company like us re- invents itself and this is what WFRIC is here for. We are one of the few family-run SMEs that has an R&D centre. It is not just about innovating for Wong Fong but raising the whole industry standard as well.”

JANUARY-MARCH 2017 25 Innovate

HOMEMADE ROTI AT YOUR FINGERTIPS Husband-and-wife inventors, Rishi Israni and Pranoti Nagarkar Israni, want to make their Rotimatic machine part of every household

WORDS JO-ANN HUANG

oti, a traditional Indian the toil of several hours,” said Pranoti. flatbread, is a staple dish in Besides growing tired of making R most Indian households. A rotis for herself and her husband simple concoction of whole wheat Rishi, she also missed the food that flour, oil and water, the versatile brought back memories of home in roti can be served in different ways, Pune, in the Maharashtra region in such as with curries or as a tortilla- West India. For homesick Pranoti, style wrap. Its recipe, however, is who missed her mother’s roti, that not as easy to execute, said Pranoti meant finding a solution. Nagarkar Israni, co-founder of Following some research, she Zimplistic, the start-up that oversees realised that there are a billion the production of roti-maker, flatbread-eaters in the world Rotimatic. facing the same dilemma, and As it turns out, kneading and they included the Indian diaspora pressing the ingredients as well as living in countries like the United cooking the flatbread on a griddle can States, the United Kingdom, as be hard work, especially after a long well as Singapore. Armed with her day at the office. While the Isranis mechanical engineering background prefer homecooked meals, making and a passion for building things roti every day took too much effort. from scratch, Pranoti set out to solve “Rotis, when made right, are works of this problem, and roti-making was at art, but behind every masterpiece lies the top of her invention list.

26 Business Quotient JANUARY-MARCH 2017 27 Innovate

Making the machine Besides being able Overcoming challenges Pranoti knew that the world’s first To make the machine a reality, the roti-making machine had to be to make up to 20 couple, both graduates of the National completely automated, making it rotis in 30 minutes, the University of Singapore, founded quick to use so busy executives could Zimplistic in 2008. Rishi, who easily have their roti fix after a hard Rotimatic had to be completed a Bachelor’s in Computing day’s work. At the same time, the completely automated, in 2003, wrote the firmware that Isranis, who are Singapore citizens, making it quick to use powers Rotimatic’s functions. didn’t want the freshness and taste of Perfecting the Rotimatic was the roti to be compromised. “Roti- so busy executives could no easy feat, but the Isranis never making is a complex process – getting have their roti fix after a lost faith. “Rotimatic is a first of the dough to the right consistency, its kind. There is no benchmark in rolling it well to make a proper circle hard day’s work” the industry, so all the learning was - PRANOTI NAGARKAR ISRANI, and roasting it so it is evenly cooked ZIMPLISTIC CO-FOUNDER through trial and error,” said Pranoti. and puffed,” she explained. “The “Each of its 300 parts has been machine had to have a one-touch custom-made. We were also very operation to do this.” clear that Rotimatic had to be fully- To ensure a nutritious roti, the automated, involving just the pouring machine uses only fresh ingredients. and can make up to 20 rotis in 30 in of the dry flour as the starting Fresh flour, oil and water are slotted minutes. To complement the user- ingredient – there is no capsule or into the Rotimatic in clear plastic friendly interface, the machine also anything partially-ready to start with. cannisters, and the user gets to adjust had to be easy to clean, said Pranoti. On top of that, the machine had to be the number of rotis, among other Rotimatic eliminates the tedious task easy to operate. This made the design variables, by working a few buttons. of cleaning up flour and oil spills that process even more complex,” she It takes six-minutes to warm up, come with making roti by hand. added.

28 Business Quotient Value of orders in the first US$5m week of Rotimatic’s launch

We are Winning formula Group. “We have been encouraged When Rotimatic debuted in 2014, it by the overwhelmingly positive encouraged by racked up US$5 million in orders in response to Rotimatic – it has the overwhelming the first week of its launch. The hefty clearly carved out a new category response to Rotimatic price tag of US$999 did not deter roti in a huge market that’s been largely fans from getting their hands on the underserved so far,” said Pranoti. – it has carved out a machine. Zimplistic currently has Zimplistic plans to take new category in a huge US$115 million worth of pre-orders Rotimatic beyond the first to fill. Response has been tremendous application in the one-billion- market that’s been and the company is working hard strong, roti-eating South Asian largely underserved to keep up with the large order market to making other types of so far” backlog. It only started delivering the flatbreads such as the Mexican - PRANOTI NAGARKAR ISRANI, Rotimatic to its Singapore customers tortilla, the Greek pita, as well as ZIMPLISTIC CO-FOUNDER in the last few months. gluten-free flatbread options. “That In 2015, Zimplistic received would make Rotimatic the go-to the Series B funding of US$11.5 machine for making all kinds of million, led by Singapore-based NSI flatbread from around the world,” Ventures and Robert Bosch Venture said Pranoti.

JANUARY-MARCH 2017 29 Happenings

POWERING UP PRODUCTIVITY s Singapore’s economy productivity and the strategies for Singapore Productivity A becomes more diversified, transforming their companies into Awards 2016 the search for productivity lean enterprises. Ten organisations from a variety of has become a key strategy for future The conference, held from 1-2 industries were recognised for their growth. The SBF was involved November, focused on People efforts in becoming more productive in organising events aimed at Development and Skills Upgrading; at the Singapore Productivity encouraging local firms to ramp up Technology and Automation; Awards 2016 organised by SBF on 11 their productivity. Partnership and Collaboration; and November 2016. The award ceremony Innovation Management: Culture, was graced by Minister for Trade and Singapore Productivity Business Models, Processes, Products Industry (Industry) Mr S Iswaran. Conference and Exhibition 2016 and Services. The awards recognise enterprises More than 900 participants The line-up included more than that have demonstrated excellence attended the Singapore Productivity 20 speakers comprising business in productivity and their winning Conference and Exhibition 2016, and thought leaders, as well as strategies in staying resilient and which addressed the challenges 25 exhibitors showcasing their viable amid the persistently tepid companies face in increasing innovative productivity solutions. global and domestic economy.

30 Business Quotient Ten organisations were recognised for their leadership and initiatives exemplifying productivity excellence at the Singapore Productivity Awards 2016

Sector Winners

Excellence in F&B Koufu Pte Ltd Sushi Express Group Pte Ltd

Excellence in Hotel Amara Singapore Village Hotel Bugis

Excellence in Times Software Pte Ltd Infocomm

Excellence in Logistics Aerolog Express Pte Ltd Amos International (S) Pte Ltd

Excellence in Aalst Chocolate Pte Ltd Manufacturing Onn Wah Tech Pte Ltd

Excellence in Retail Eu Yan Sang (Singapore) Pte Ltd

JANUARY-MARCH 2017 31 Happenings

MENTORSHIP MENTORSHIP FOR ACCELERATING PRODUCTIVITY PRODUCTIVITY o assist companies in their productivity journey, SBF’s Mentorship for LAUNCH OF T Accelerating Productivity (MAP) programme supports the building HOLISTIC of manpower-lean enterprises across all industries, with a stronger Singaporean core. INDUSTRY Under the scheme, which is supported by Workforce Singapore, each PRODUCTIVITY participating company implements a productivity improvement project aided by a SCORECARD 2.0 mentor within three months of completing a one-day diagnosis and two-day in-class productivity training. he Holistic Industry For more information, email [email protected] Productivity T Scorecard (HIPS) is a free self-diagnostic online tool developed for companies SEMINAR The key companies that participated in to gauge how well they this event include SMEC Holdings (part of are performing in terms of COLLABORATION Surbana Jurong), Ascendas-Singbridge, productivity against their BETWEEN SMES AND the Rigel Group, Keppel Land, and peers in the same industry. LARGE COMPANIES SembCorp Development. The calculator module The event was the first instalment within HIPS is a simple SBF together with Temasek in a series of seminars as three-step process with International organised a a follow up to the “SBF nine financial figures such seminar titled “Collaborating Position Paper for a as labour cost, operating with Large Companies Vibrant Singapore” report profit and fixed assets. in the Construction, released early last year. Companies can use the Infrastructure, Urban The paper offered a calculator to obtain their Solutions & Other Sectors” set of recommendations productivity scorecard of in September 2016. that address key 10 key indicators. HIPS was “Through this seminar, we immediate concerns as developed by SBF with DP hope to share some insights well as longer-term issues, Information Group as a into how SMEs can successfully and was presented to the knowledge partner. work with larger companies, and some Government for consideration. One of Start calculating your potential opportunities that may be the top recommendations of the Position company’s productivity score available for collaboration,” said SBF Paper is to encourage companies to now at www.hips.org.sg Chairman Mr S. S. Teo. collaborate with one another.

32 Business Quotient Participants attended the National 500 Security Conference 2016

CONFERENCE FIGHT THE DARK SIDE he National Security T Conference (NSC) 2016, organised by SBF and supported by the National Security Coordination Secretariat and Cyber Security Agency of Singapore, brought together some 500 participants from the local business community and public sector to discuss cybersecurity risks and how companies can better mitigate them. The conference, held on 7 November 2016, was themed “Fight the Dark Side” to encourage more SMEs to focus on cybersecurity- related risks. Some of SBF’s initiatives in the area of cybersecurity are as follows: Enterprise Resilience Standards and Business Continuity Plan: SBF was appointed by SPRING Singapore to facilitate local companies’ adoption of business continuity plans, information security management, designed for management and staff File-centric security tool: SBF and supply chain security with no IT background. secured a special package with management through SPRING’s Beazley’s Survey on Cybersecurity Seclore to offer file-centric solutions Capability Development Grant. Risks: SBF partnered with Beazley – for its members at the NSC 2016 Cybersecurity Capabilities Series: a global specialist insurer – to gauge exhibition. Capabilities workshops with Athena Singapore companies’ perception For more information, visit SBF’s Dynamics, NUS’s Strategic Technology of cybersecurity and risk mitigation BCM Portal (bcm.org.sg) or Management Institute and Red Sentry, preparedness. email [email protected]

INNOVATION MANAGEMENT EXECUTIVE MASTERCLASS In September 2016, SBF organised a two- “It’s a well-designed and executed day Innovation Management Executive masterclass for SMEs. There is excellent Masterclass, co-developed with The balance of thought leadership content, Innovators Institute, to help SME leaders practical hands-on exercises, simulation acquire the necessary skills to innovate in games and valuable group interactions. today’s fast-changing environment. Most importantly, it stimulates With its experiential and hands- participants to think collaboratively and on approach, facilitated through explore potential partnership models,” discussions, peer learning and scenario said participant Goh Chin Teck, founder of play, this programme aims to empower VISIONEDGElabs. local enterprises to innovate in the future For more information, email economy. [email protected]

JANUARY-MARCH 2017 33 Happenings

MISSIONS

ON A MISSION TO EXLPORE NEW MARKETS he Singapore Business Federation (SBF) continued to lead delegations of local companies to markets in China, India, Myanmar, Norway and Egypt in Q3 and Q4 2016, to help these enterprises T grow internationally.

CHONGQING, CHINA MYANMAR Date: 3-4 Sep 2016 Date: 12-17 Sep 2016 SBF led a second business An SBF mission comprising 45 delegation to Chongqing in delegates from a wide range conjunction with the official of sectors headed to Myanmar visit of Prime Minister Lee Hsien in September 2016, the first Loong to the Chinese city. This since President Htin Kyaw took was the first business mission office in March 2016. During the to Chongqing since the launch six-day mission, the Singapore NORWAY of the Chongqing Connectivity delegation visited Yangon, Nay Date: 9-15 Oct 2016 Initiative (CCI) in November 2015. 13TH CHINA-ASEAN Pyi Taw and Mandalay. The SBF led its first Business The CCI focuses on developing EXPO mission, led by SBF Chairman Mission to Norway comprising financial services, aviation, Date: 11-14 Sep 2016 Mr S.S. Teo, resulted in an 13 local companies from the transport and logistics, and A Singapore delegation headed estimated S$7 million worth of energy and maritime, food information and communication to the 13th China-ASEAN Expo sales and gathered 221 relevant sourcing and urban solutions technology in Chongqing. Among (CAEXPO) in Nanning, Guangxi business contacts for the sectors. The visit was in those in the delegation were to seek business opportunities mission participants. conjunction with President Tony nine senior representatives of in China and the region. A total Tan’s state visit to Norway. Singapore’s large enterprises of 36 companies, and trade As part of the business from the CCI-related sectors. associations and chambers mission, the SBF, together with (TACs) showcased Singapore’s the Norwegian Shipowners’ strengths in hospitality and Association, organised a tourism, info-communication Norway-Singapore Business technology, infrastructure, Forum where SBF formalised professional services and its partnership with Innovation transportation, as well as Norway and the Singapore- the three China-Singapore Norway Chamber of Commerce government-to-government through a Memorandum of projects. Understanding.

34 Business Quotient Number of Singapore companies 36 and TACs that attended CAEXPO

SEMINAR FROM ADDING TO CREATING VALUE BF organised an event in partnership with PwC that S focused on the need for local companies to move from adding value to creating value to survive. “Value-creation goes beyond the mere streamlining of operations or processes. It potentially involves a company evaluating its line of products and services, and delivering which recommended that Singapore adopt incremental changes through new or improved products and develop into a strong home base for progressive innovation, rather than services that customers value more thought leadership, innovation and go for disruptive innovation. and are hence willing to pay more growth activities. “It’s about taking baby steps for,” said SBF chief executive Ho Ng Siew Quan, the Asia-Pacific and creating something relevant Meng Kit in his opening remarks. leader for Entrepreneurial & using your core competencies, The seminar follows an SBF Private Clients in PwC, said in his not deviating from what you are Position Paper released in early 2016, presentation that businesses should good at.” (See In Focus, p18)

EVENTS Here are some upcoming SBF workshops*. Register at, and receive event updates on sbf.org.sg

IDENTIFYING AND MITIGATING CYBERSECURITY LAPSES AND EFFECTIVE WAREHOUSE RISKS IN TRADE FINANCING INFORMATION SECURITY MANAGEMENT Date: 7 Mar 2017 Date: 17 Mar 2017 Date: 31 Mar 2017 Venue: TBC Venue: TBC Venue: TBC This one-day seminar will help To help Singapore companies handle The aim of this module is to identify participants to identify and address cyber threats more effectively, SBF the major areas of concern in effectively the risks, problems and legal issues is partnering Red Sentry to raise managing storage and distribution encountered in trade finance companies’ cybersecurity capabilities throughout the supply chain. This management. This includes applying the quickly. This course caters to all programme will provide both large rules, local law and regulations to the employees with no technical background, corporates and SMEs with the knowledge legal and risk aspects of trade finance holding non-IT job functions, or from to improve their warehouse and management. non-IT sectors. distribution operations. PHOTOS GETTY IMAGES PHOTOS *All information correct at time of printing. JANUARY-MARCH 2017 35 Beyond the Red Dot

A MISSION TO BUILD SMART CITIES Singapore companies are eyeing business opportunities in India’s ambitious plan to modernise its urban centres

WORDS FRANCIS KAN

ith India looking to “India invites the world to help These proposals contain important W modernise its cities, this vast answer the needs of its Smart Cities information such as the city’s profile, market with a population Mission, and Singapore companies project list and financing budget. of 1.2 billion presents a range of are well placed to participate in the Mr Sun advised Singapore promising opportunities to Singapore country’s smart cities development companies to consider offering companies. In June 2015, Prime story,” said International Enterprise proof-of-concept to the municipal Minister Narendra Modi launched (IE) Singapore’s centre director in corporations to do a pilot test and the India Smart Cities Mission, a Chennai, Timothy Sun. prove the suitability of their proposed vision to modernise and improve In particular, Singapore firms can solutions before scaling up to a viable quality of life in India’s cities and consider cities such as Jaipur, Pune project. For instance, a company can satellite towns. and Chennai to expand into the conduct a trial with energy-saving The planned upgrade of the country. According to Mr Sun, these LED streetlight networks in a small country’s urban infrastructure comes metropolises have fairly responsive vicinity before rolling them out at a time when India’s cities are and capable state or municipal across the city. increasing their contribution to the corporations, urban and industrial Finding the right local partner is economy as more people move from bases to support growth, and a also key for Singapore firms looking rural to urban centres. No less than healthy base of Singapore companies to enter the Indian market. 98 Indian cities will be included in operating within the cities. “Engaging in India, or in any this ambitious plan. Of these, S$16 He recommended that interested emerging market for that matter, billion worth of projects planned in companies start exploring business usually involves working with a 33 Indian cities have been identified opportunities by studying the Smart strong local partner in the market. In so far. Cities proposals from each city. my experience, the most successful

36 Business Quotient Number of cities in the 98 India Smart Cities Mission

It is encouraging the Singapore Indian Chamber of Commerce and Industries, to see a surge IE Singapore and Building and in participation and Construction Authority Singapore. Said Ajay Kanwal, regional CEO, interest to engage ASEAN and South Asia, Standard the Indian market, Chartered Bank, and deputy mission leader: “Given India’s mammoth especially from SMEs market size and rapid economic in the infrastructure, growth, it is opportune for businesses manufacturing and to consider entry or expansion into this promising market. Singapore is professional services also the ideal launch pad for Indian sectors” companies looking to tap on the – MR S.S. TEO, SBF CHAIRMAN ASEAN economy.” SBF also worked with the CII to organise two India – Singapore associations from sectors including Business Forums in Delhi and infrastructure, petrochemicals, Mumbai, which served as platforms oil and gas, financial services, for the delegates to network with agriculture, ICT, professional their counterparts. services and general trade. Singapore Three Memorandums of SMEs made up 80 per cent of the Understanding (MOU) were inked companies in the delegation, with at the forum in Delhi, including one large Singapore corporations and between SBF and CII on information foreign MNCs making up the rest. exchange, trade and investment Led by Mr S.S. Teo, chairman of facilitation, and bilateral cooperation. SBF, the mission aimed to obtain The other two MOUs were of first-hand understanding of the a commercial nature, between business environment and sector- Singamas Management Services and related opportunities, as well as Apollo Logisolutions, and Pacific updates on the progress of reforms International Lines and Apollo Singapore companies in India have introduced by the government Logisolutions. devoted the time and resources to since Prime Minister Modi took Interest from Singapore cultivate the right counterparties office in 2014. The delegation also companies in the Smart Cities to work with on the ground,” he met with prominent businesses in Mission is growing. According to IE says. Project-based consortiums of India through networking sessions Singapore, more than 40 companies Singapore companies are one way organised by Confederation of Indian have engaged with the agency for businesses to increase their value industry (CII), Federation of India through overseas business missions proposition when pursuing projects. Chamber Of Commerce & Industry and sharing sessions. and Standard Chartered Bank. Exploring Opportunities “This is SBF’s largest business Singapore Business Federation (SBF) delegation to South Asia, and it organised a business mission to India is encouraging to see a surge in Resources from 3-7 October 2016 in conjunction participation and interest to engage the with the working visit of Prime Indian market, especially from SMEs IE SINGAPORE Minister Lee Hsien Loong to India’s in the infrastructure, manufacturing Find out more about how IE Singapore capital, Delhi. The mission then and professional services sectors. We can help you open the right doors in continued separately to Mumbai, hope to better understand key reforms India www.iesingapore.gov.sg India’s economic centre. such as the GST introduction, progress The delegation comprised in the smart cities, infrastructure INDIA SMART CITIES MISSION 60 senior representatives from development and potential for our See what each smart city envisions for 43 companies, government manufacturers,” said Mr Teo. The itself smartcities.gov.in organisations and business mission was jointly organised with

JANUARY-MARCH 2017 37 Resources

SOLUTIONS F&B Starter Package BS has unveiled a package of financing and technology solutions for new food and beverage (F&B) businesses looking to get off the ground. These include D corporate account openings, working capital support and alternative financing solutions. Those who sign up can also gain access to four technology companies that offer solutions tailored to the needs of SMEs in the F&B sector. These are:

iCHEF: Oddle: An iPAD-based point-of- A smart online ordering sale(POS) system designed solution that empowers to allow staff to be an F&B brands to start their expert in just 15 minutes online sales channel in a and provides F&B owners fast and secure manner, with critical business while allowing them to reports to more effectively manage their takeaway and manage their outlet. delivery orders easily.

Food Razor: For more information, visit dbs.com.sg An online management system that allows procurement managers to make orders and discover new ingredients with a few simple clicks, saving them hours every week.

Stacck: This solution functions as an automatic manager that looks after a variety of restaurant operational and communication processes.

38 Business Quotient SUPPLIES SME SUPERMARKET

OB will launch an online U marketplace in the first quarter of 2017 for its SME customers to purchase a wide range of products and services that are essential to businesses. These include travel, stationery, general insurance as well as courier and logistics services. SMEs will be able to enjoy cost savings from bulk-purchase deals negotiated by the bank with suppliers. According to the bank, 40 per cent of UOB corporate credit card customers are now making their business purchases online. “As the B2B marketplace will showcase products and services from different suppliers, SMEs can also make purchases online conveniently managing director and head of provider of cloud-based e-commerce without having to request for business banking Singapore. and B2B solutions, to create the numerous and separate price UOB will be working in online marketplace. quotations,” said Mervyn Koh, UOB’s partnership with cloudBuy, a global For more information, visit uob.com.sg

TECHNOLOGY SMART CLOUD SERVICE uji Xerox task items from any of their Singapore has Internet-enabled devices F launched a suite anywhere,” said Adeline Goh, of cloud-based solutions head of product marketing that offers companies a at Fuji Xerox Singapore. convenient way to store, Smart Suite allows an share, manage and print office’s multifunction documents from any device to access cloud location. Known as Smart services, and provides Suite, the service will SMEs a hassle-free way help businesses improve to migrate to cloud. The efficiency while keeping a solutions offered in the lid on costs. service include Smart “With Fuji Xerox’s Share, Smart Print, Smart Smart Suite range of cloud Connect and Smart Report. solutions, businesses can For more information, visit

PHOTOS GETTY IMAGES PHOTOS access corporate-oriented fujixerox.com

JANUARY-MARCH 2017 39 Biz Flair Energise your work day With these exciting fitness classes, you will have no excuse not to hit the gym after office hours

WORDS TAN KENG YAO

MMA MMA, or Mixed Martial Arts, is a full- contact combat sport with techniques drawn from martial arts disciplines such as Brazilian jiu-jitsu, muay thai, boxing and wrestling. This extremely fast-paced and powerful workout features moves like throwing punches, kicks, joint locks and chokes. Besides packing a blast physically, it is also great for relieving stress – punching and kicking can be therapeutic and leave you ready to face another day in the office.

Take classes at: Impact MMA (impactmma.com.sg) Evolve MMA (evolve-mma.com) Juggernaut (juggernautfightclub.com)

Trampolining A study by American space agency deeper into poses and even perform agility, balance, coordination and NASA has shown that 10 minutes of inversions like headstands. accuracy. All CrossFit workouts are trampolining is a better cardiovascular Founded by late Indian yoga based on aspects of gymnastics, workout than 33 minutes of running. master B.K.S Iyengar in the early 20th weightlifting, running, rowing and But don’t just go bouncing on your century, wall rope yoga has a strong other sports. own; take a trampoline exercise class focus on alignment and practitioners Classes at CrossFit gyms (or instead, which will teach you moves report feeling decreased tension in “boxes”) typically include a high- like jumping jacks, split jumps, sit-ups their spine. It also increases flexibility, intensity workout of the day (“WOD”), and push-ups. strength and balance. where you could find yourself doing This high-intensity but low-impact anything from throwing medicine workout also tones your body and Take classes at: balls and squatting with weights to improves balance – all while you’re Pure Yoga (pure-yoga.com/singapore) handstands and box jumps. having fun. Masters’ Yoga Sadhan CrossFitters form a tight-knit (mastersyogasadhan.com) community at each gym, in which Take classes at: Samasthah (samasthah.com) members rally around one another. Bounce Inc (bounceinc.com.sg/bounce-fit) And despite sounding challenging, BBounce Studio (bbouncestudio.com) CrossFit CrossFit is suitable for everyone Boogie Bounce Extreme (facebook.com/ CrossFit is a strength and because the intensity of workouts is boogiebouncesingapore) conditioning programme designed adjusted to suit each individual. by US-based physical trainer Greg Wall rope yoga Glassman to get you competent Take classes at: In this form of yoga, moves are in 10 areas of physical fitness: CrossFit Fire City (crossfitfirecity.com) executed with support from ropes Cardiovascular endurance, stamina, Reebok Enduro (crossfitenduro.com)

fixed to a wall, which allow you to go strength, flexibility, power, speed, CrossFit Mobilus (crossfitmobilus.com) GETTY IMAGES PHOTO

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40 Biz Flair + IBC.indd 1 21/12/16 3:02 PM 3-103 SMC0079Keyhole_FA.ai 1 Mar/8/2016 7:43 PM