CNA938 Rewind - Can self-employed persons in the arts thrive in Singapore? Artists say Yes, with the right support
In 'Culture Club', Melanie Oliveiro finds out more about the 'Arts Acceleration Programme for Arts Self-Employed Persons', which started in April, and jointly organised by UOB FinLab and the National Arts Council. A couple of experienced self-employed persons: music director Evan Low, and visual artist and illustrator Toby Tan will share their expertise in diversifying opportunities, harnessing digital tools for entrepreneurship, and leveraging personal branding, among other things.
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Business Times
an hour ago
- Business Times
Heavier anti-money laundering penalties could help Singapore maintain high standards as wealth hub
[SINGAPORE] Authorities in Singapore appear to be kicking it up a notch, as they round up more individuals and entities for their involvement in a S$3 billion money laundering scandal unveiled in August 2023. To be clear, action against the 10 foreigners at the heart of the scandal that sent shockwaves across the Republic has long been concluded. By around this time last year, all 10 had finished serving their time in jail; they have since been deported and barred from re-entering Singapore. But the anti-money laundering (AML) war is far from over. On Jul 1, the Council for Estate Agents fined two property agents for their failure to conduct customer due diligence measures on clients who were connected to the case. Then, on Jul 14, the Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority proposed amendments to help strengthen Singapore's corporate framework, including the barring of those who have been convicted of money laundering offences from serving as a company director. Just a day later, the Ministry of Law said that it was investigating 24 law firms for their involvement in the conveyancing of real estate properties seized in the 2023 bust. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Also in July, the Monetary Authority of Singapore (MAS) issued penalties totalling S$27.5 million to nine financial institutions (FIs) for AML-related breaches. The penalties took into account various factors, including the extent of the FIs' exposure to the persons of interest, the number of breaches of AML requirements, and the degree of weakness in the FIs' AML controls. By Singapore's standards, this is no small sum. This is likely the largest penalty that MAS has meted out since the 1MDB scandal in 2017. Then, MAS shut down two banks, and imposed total financial penalties of S$29.1 million on eight banks for various breaches of AML requirements. But some observers noted that the financial penalties may appear small when compared to the total quantum of the case. With S$3 billion worth of assets involved, the money laundering case is the largest that Singapore has ever seen. It came as a shock to many, given the country's image of having a reliable, transparent and stable financial system. Breaking down the penalties, Credit Suisse received the highest penalty at S$5.8 million, followed by UOB – the only local bank on the list – at S$5.6 million. LGT Bank received the lowest penalties among the nine, at S$1 million. For most banks, whose profits are in the billions, the penalties are unlikely to hurt their bottom lines – and could even be seen as little more than a slap on the wrist. For instance, UOB clocked a net profit of S$6 billion in 2024, while UBS – which took over Credit Suisse in 2023 – saw a net profit of S$5.1 billion in the same year. Granted, MAS does not oversee the offence of money laundering itself; that is a job for the criminal courts. What it does look after is the degree of AML control that FIs have, and how compliant they are with MAS' AML requirements. In response to queries on whether the penalties are adequate, an MAS spokesperson said that the penalties are 'appropriate to the extent and severity of the breaches'. The spokesperson added: 'In determining whether enforcement action is warranted, MAS takes into account whether the deficiencies amount to significant breaches, and the degree of weakness in the FI's AML controls.' MAS pointed out that most of the FIs had established AML policies and controls, with the breaches arising out of 'poor or inconsistent implementation'. Yet regulators elsewhere have issued larger penalties on FIs for AML breaches as well. For example, in 2024, TD Bank was fined over US$3 billion in the US for failing to comply with AML requirements. In 2022, Danske Bank was fined US$2 billion by the US Department of Justice, or suspected money laundering at its former branch in Estonia, in what was one of the largest money laundering scandals in Europe. Meanwhile, Standard Chartered Bank in 2019 was fined US$1.1 billion by US and UK authorities for poor AML controls. Some observers also pointed out that the penalties imposed by MAS were mostly imposed on international FIs, despite the involvement of other local banks – including DBS and OCBC – in earlier investigations. For example, during DBS' 2023 third-quarter results briefing, then-CEO Piyush Gupta said that the lender had around S$100 million in exposure to the money laundering case. In response to that, MAS deputy chairman Chee Hong Tat said that MAS will assess 'fairly and objectively' the severity of the different offences when it comes to regulatory cases. He added: 'It's not whether it is a local or international financial institution, but it is about the nature, extent and severity of the lapses and offences that have been committed.' Clearly, Singapore is sending a message that it does not take AML breaches lightly. But, perhaps, as the Republic tightens AML controls across the financial ecosystem, it will need to strike that balance between remaining business-friendly yet tough on transgressions.
CNA
an hour ago
- CNA
How the shoe brand worn by Blackpink's Jennie, Bella Hadid and Selena Gomez chose Singapore for its first store
When it comes to fashion, everything Blackpink's Jennie touches turns to gold – and her outing in ruby-hued Mary-Janes from sustainable footwear brand Vivaia was no exception. After performing at Coachella this year, the K-pop star posted a casual snap of herself in the coveted shoes on Instagram. Demand for the Margot Mary-Jane surged overnight, with the style racking up over 150,000 sales globally. But viral fame, while exhilarating, is not the cornerstone of the brand's success. What's powering the US-based label's meteoric rise in just five years – from a digital-first startup to a global name with a physical flagship in Singapore – are shoes that marry sleek design, sustainability and real-world wearability. Vivaia (pronounced vi-vai-yah) was founded in 2020 by Jeff Chan and Marina Chen, who are in their '40s'. Their origin story, as Chan tells it, began with a band-aid. 'My wife has over 200 pairs of shoes, but every time she wore heels, she had to carry a band-aid,' he said. 'When I asked why, she said, 'It's not the shoes. It's my feet that don't fit in them.'' That insight became the seed of something bigger for the serial entrepreneur, who previously co-founded travel gear brand Nordace. Chan brought the idea to Chen, a footwear industry professional well-versed in sourcing and product development. She immediately saw the potential. 'The question I kept hearing from women was: Why can't heels or dress shoes feel like sneakers?' she said. 'I wanted to design shoes that didn't force women to choose between feeling good and looking good.' Viviaia was launched in the United States in 2020, initially operating as a direct-to-consumer online label. Today, its brand marketing and public relations teams operate out of New York, while Chan is based in Hong Kong. Chen splits her time between Asia, the United States and Europe to stay connected with their global teams and markets. The founders declined to share their nationalities, and information regarding their backgrounds is not publicly available. A PHYSICAL HOME IN SINGAPORE While Vivaia's shoes are spotted on everyone from Katie Holmes to Bella Hadid, the brand's first-ever physical store didn't open in New York or Seoul – but right here in Singapore. In 2023, Vivaia opened its first retail outlet at Bugis Junction, a move Chan describes as a 'truly meaningful milestone'. 'What made it so special was the opportunity to let customers experience our shoes firsthand – to feel the comfort, try them on and share their feedback directly with us. That plays a big role in helping us continuously improve our designs.' Since then, five more stores have opened in Singapore, cementing it as the brand's regional stronghold. 'From early on, we saw strong interest from our Singaporean community on social media, especially around having a retail presence. The city's blend of style and sustainability aligned perfectly with Vivaia's values. What surprised us most was how deeply customers connected with our story – not just the shoes,' he added. MEET THE IT SHOES View this post on Instagram A post shared by VIVAIA INDONESIA (@ Ask any Vivaia fan in Singapore and chances are they'll mention the Margot Mary-Jane – the viral square-toe flat worn by Jennie. With an adjustable strap and all-day wearability, the machine-washable style has become one of the brand's top global bestsellers. 'From the start, we had a strong sense it would resonate,' said Chen. 'It's based on our original bestseller, the Margot, but with design tweaks like adding an adjustable strap that adapts to different arch shapes, and a square toe for wider feet. Since launching it in late 2023, we've sold over 150,000 pairs.' Then there's the Sneakerina – recently spotted on Bella Hadid. 'The material was a big challenge. We had to figure out how to use recycled materials to make the satin feel and capture the elegance of a ballet flat while delivering sneaker-level comfort,' she shared. "We developed a unique triple-layer sole for better support. Since satin is hard to maintain, we worked through multiple rounds of testing to make the Sneakerina machine-washable without losing its shape.' Local customers have also made the shoes their own. 'Customers here often pair the Margot Mary-Jane with breezy, minimalist looks,' said Chen. 'In New York, it's styled with jeans, a blazer and bold accessories. With the Sneakerina, we see Singaporeans styling it from work to brunch, while New Yorkers go for a more fashion-forward and playful look with different shoe laces.' PURPOSE MEETS POLISH In the early days, one of the brand's biggest design challenges was striking the balance between function and form. 'For instance, the width of a shoe can pull us in two directions,' explained Chan. 'On one hand, comfort typically calls for a wider fit to provide ample space, while a sleek look often demands a narrower design to achieve that chic, sexy silhouette.' To navigate these trade-offs, Chen – who has over 20 years of experience in the footwear industry, including senior roles at Nike and Nine West – leads product development and innovation. She works closely with their teams to fine-tune structure, fit and material performance. Chan oversees branding, customer insights and operations, ensuring the business stays nimble and responsive to real-world feedback. For Chen, Vivaia's evolution has also been deeply personal. 'I've experienced the same frustrations our customers have. I've worn heels that look beautiful but leave you in pain by the end of the day,' she said. 'I've always believed women shouldn't have to choose between feeling good and looking good.' That is why, she says, every Vivaia design is shaped by her own experience. "From the chic look to the comfortable fit and timeless silhouettes, every pair is a reflection of what I've needed at different occasions, and what I've heard from women around me.' And then there's the woman who unknowingly inspired it all: Chan's wife. 'She's proud – and still a little amused – to be our muse,' he said, cheekily noting that her favourite shoes seem to change as quickly as the brand evolves. SUSTAINABILITY AT ITS CORE View this post on Instagram A post shared by VIVAIA | Eco-Friendly Footwear (@vivaia_official) Every pair of Vivaia shoes is crafted using 3D knitting technology to significantly reduce production waste. The uppers are made from recycled PET bottles – each pair repurposes about six plastic bottles, transforming them into breathable, durable yarns knit directly to shape. 'Any small amounts of leftover material are recycled back into the production cycle,' said Chan. The soles are made from sugarcane-based EVA, a non-toxic, fully recyclable material, while packaging uses recycled cardboard. It's all part of a larger goal: Zero-waste manufacturing. 'We have always been committed to 'doing the hard but right things',' Chan added. "This principle is not just a challenge, it reflects our corporate culture. We are willing to make decisions and take actions that may not gain immediate rewards, but are aimed at long-term sustainability.' WHEN HOLLYWOOD COMES CALLING View this post on Instagram A post shared by VIVAIA INDONESIA (@ The brand's first big brush with fame came when actress Katie Holmes was seen in Vivaia sneakers in 2023, followed by Selena Gomez sharing the Julie Pro heels on Instagram. 'That moment went viral, it really put us on the map,' said Chen. 'People started recognising us as 'the brand worn by Katie and Selena'.' Even now, the thrill of recognition hasn't worn off for the founders. 'It's both surreal and incredibly exciting for our team. It continues to inspire us every day,' she shared. WHAT'S NEXT Now in its fifth year, Vivaia shows no signs of slowing down. The company has grown into a global team of over 200 people across design, R&D, marketing, logistics and customer care – and since its launch, has reached more than a million customers in 61 countries. Its top markets include the United States, United Kingdom and Japan. 'Over the next five years, our focus is to keep listening closely to our customers, investing in great people, and continuously improving our products,' said Chan. 'We want to reach more people and make it easier for people everywhere to experience what we stand for.'
CNA
5 hours ago
- CNA
CNA938 Rewind - A Letter to Myself: Threading purpose with vision, Meiko Tailor's Adele Chung takes family business forward
CNA938 Rewind - A Letter to Myself: Threading purpose with vision, Meiko Tailor's Adele Chung takes family business forward Adele Chung stepped away from a successful corporate career to join her father's business — Meiko Tailor, which he founded in 1977. Mr Chung Chi Kwong's uncompromising eye for detail and quality led it to become a respected name for bespoke clothing, with local and foreign dignitaries among its clientele. Although the prospect of continuing her father's legacy was initially daunting, Adele shares how her sense of purpose overcame the early doubts and continues to fuel her vision for the family business — which includes the opening of a second shop at Boat Quay and launch of a new sustainability-focussed sub-brand, Uncommon Hem.
