Ambitious finance professionals in Asia Pacific eye entrepreneurship as career shift looms
ASIA-PACIFIC: Singapore's accounting and finance sectors are experiencing a monumental change, fueled by intensifying entrepreneurial impetus, pressing sustainability requirements, and mounting apprehension over AI abilities.
According to ACCA's 2025 Global Talent Trends Survey—the world's prime yearly study of accounting experts—finance occupations are rapidly fluctuating, with consequences for companies, business owners, legislators, and the workforce itself.
Entrepreneurship is no longer just an idea that needs embodiment; it has become a vital craving. More than 52% of finance professionals all over Asia Pacific, and 37% in Singapore, said they want to have and run their own businesses. Jamie Lyon FCCA, ACCA's Global Head of Skills, Sectors, and Technology, sees this as a favourable indicator.
'Accountancy training is proving to be an excellent early-career platform for entrepreneurial growth,' Lyon noted. 'Career ambitions are evolving, and with that comes the opportunity to leverage commerciality and innovation in finance roles.'
This trend reflects a larger drift – managers and company owners are gradually appreciating business risk-taking ideas not just in small ventures, but also within conventional finance roles. Sustainability careers take centre stage amid AI skills gap
Another remarkable finding: Sustainability has become an aggressive focus. In Singapore, 61% of finance pros express solid interest in sustainability-associated functions, positioning with a regional leaning of 71% all over Asia Pacific. Worldwide, virtually half of finance management roles now include sustainability tasks.
Simultaneously, apprehensions about being left behind in the AI movement are growing. In Singapore, 65% fear their inadequate AI aptitudes for the future, while only 27% say their organisations are offering AI training.
Daniel Leung, ACCA Singapore Country Manager, stressed the immediacy and relevance of this trend.
'We are redefining the Singapore accountancy profession—building not just technical skills, but strategic value. Employers must challenge the status quo and invest in their people to remain resilient.' Retention risks, hybrid work tensions, and a rise in side hustles
Employee turnover is high, with 65% of Singaporean professionals and 57% all over the region are either planning or preparing to change roles within two years. More than half anticipate moving beyond their present organisation, leading to grave retention challenges for business owners and HRD managers.
Workplace flexibility remains critical—79% of Singaporeans favour hybrid models; thus far, 41% are still compelled to work round-the-clock and on-site. This misalignment threatens detachment and delayed skills advancement.
In the interim, mental health issues continue. Over half (53%) of Singaporean respondents say work affects their psychological well-being. Financial strain is also rising, with one in three workers accepting side hustles and 32% expecting salary growth of more than 11% to keep pace with the cost of living.
Notwithstanding the turmoil, the accountancy profession remains a gateway to international careers. More than 56% of workers in Singapore wish to explore overseas prospects, highlighting the continuing value of financial know-how in a borderless economic environment.
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Business Times
3 hours ago
- Business Times
The future of the Singaporean chef
[SINGAPORE] Nicolas Tam's journey as a Singaporean chef is an all-too-familiar tale, but with a storybook ending. Young, ambitious and full of creative energy, he wanted to open his own restaurant but could find no investor willing to put money on a local talent. Eventually, one took a gamble and helped him open his restaurant, Willow, in 2022. It paid off. By 2023, Willow had a Michelin star. Nicolas Tam of one-Michelin-starred Willow. PHOTO: WILLOW While he joins other Michelin star compatriots such as Han Li Guang, Malcolm Lee and Jason Tan, Tam is a rare success in a dining scene where Singapore-born chefs have barely made a dent despite the city's international status as a culinary destination. Unlike, say, Bangkok, Tokyo and Seoul – thriving gourmet hubs boasting legions of home-grown chefs lauded for their work with local ingredients and heritage – Singapore is largely dominated by foreign-born chefs, who have been credited with raising the bar and adding vibrancy to the local dining scene. Whether this puts local talent at a disadvantage is a topic for debate. Among other things, Singaporean chefs struggle with identity issues, and winning over diners or investors who are more enamoured of their 'imported' counterparts. As one pundit quips: 'When a Japanese man touches a slice of fish with his bare hands, it becomes gold. But when the hawker doesn't wear a mask, the diners complain to SFA (Singapore Food Agency).' At the same time, a beleaguered food and beverage (F&B) industry – marked by restaurant closures, chefs dropping out to work in other fields or move into private dining, and the high costs of running a restaurant – further reduces the talent pool, making it even harder for existing and new chefs to thrive. ' Local chefs sometimes have to work harder to prove their ideas are worth backing, especially if they're trying to do something that doesn't fit neatly into existing categories. ' — Wee Teng Wen, founder of The Lo & Behold Group However, rewards await those who persevere, as in the case of Tam, who prides himself on being 'one of the few true-blue Singaporean chefs who worked from the bottom to where I am, in my own home country and in spite of all challenges'. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up Investing in local talent That investors are skittish about putting money on local talent goes without saying. Tam notes how he had approached two F&B groups with his idea for Willow, but did not hear from one and was rejected by the other for being too young. His luck changed when he met Lim Kian Chun, then in the early days of Ebb & Flow Group, but even he 'had doubts about me, being local and unproven'. After much convincing, Lim invested a modest amount, and the rest is history. Wee Teng Wen, the founder of The Lo & Behold Group who is known for his support of local talent, observes that 'it's not always a level playing field' when it comes to restaurant investment. 'For a long time, chefs with international experience or big-name mentors tend to get more attention, as larger hospitality players tend to rally around something familiar or already validated. Local chefs sometimes have to work harder to prove their ideas are worth backing, especially if they're trying to do something that doesn't fit neatly into existing categories.' Law Jia-Jun, chef-owner of Province. PHOTO: PROVINCE 'There is pressure to prove that my food can be seen as comparable or equal to that of non-Singaporeans, especially those who are known at home and abroad,' says Law Jia-Jun, who opened his restaurant, Province, in 2023. 'Like it or not, platforms like the Michelin guide shape public and investor perception, and most of the Michelin restaurants here are helmed by foreign chefs.' So far, no Singaporean chef-fronted restaurant holds more than one star, and this feeds 'a certain perception about who is 'worthy' of recognition'. Province serves progressive Singaporean cuisine. PHOTO: PROVINCE He recalls a recent conversation with another chef who had plans to open an izakaya. 'Their investors felt that it would be easier to market the concept if it were fronted by a Japanese chef. That struck a chord with me, because it seems like there's something about Singaporean culture that is unsure how to value things if there isn't some foreign pedigree burnishing its credibility or desirability.' Defining a Singaporean chef For veteran chef Han Li Guang of the one-Michelin-starred Labyrinth, it has been a long journey of 11 years to evolve as a Singaporean chef. Even today, there is still a stigma about paying a premium for what locals see as 'mod-Sin', or elevated hawker food. 'While Singaporeans are becoming more receptive to modern ways of interpreting heritage food, it's not to the extent of Seoul or Bangkok, where the population is much bigger,' says Han. Also, Thai and Korean cuisines have longer histories as well as more defined characteristics and flavours, unlike Singapore cuisine which is 'all over the place'. It is 'very hard to nail down, but at the same time, there's a lot of content out there, and that's what helps to keep Labyrinth unique'. He notes that skills-wise, Singaporean chefs score highly, thanks to the many Michelin-starred restaurants that give them the exposure and the training. What they lack is Asian cooking skills, which Han gripes is missing from culinary schools – which still emphasise Western techniques. ' It seems like there's something about Singaporean culture that is unsure how to value things if there isn't some foreign pedigree burnishing its credibility or desirability. ' — Law Jia-Jun, chef-owner of Province 'I had two young chefs who quit after three months because they were trained in French cooking and couldn't get used to using a wok. So they wanted to return to their comfort zone,' he says. Which begs the question: Who is more Singaporean? One who is inspired by their roots, or one who rises to the top ranks of highly acclaimed Michelin-starred restaurants? The two are not necessarily mutually exclusive, says Law, who feels he would consider himself a Singaporean chef even if he had chosen to stay in a Western kitchen instead of striking out on his own with Province. He acknowledges he has chosen a more 'difficult' path because 'there is no clear blueprint for what we're trying to do. But that's also our mission – to discover what Singaporean cuisine is and develop an approach to cooking at a fine-dining level that is more local and regional'. Ng Guo Lun, head chef of Jaan by Kirk Westaway. PHOTO: JAAN For Ng Guo Lun, his achievement comes from making his way up from kitchen assistant at Willin Low's Wild Rocket after national service, to head chef at the two-Michelin-starred Jaan by Kirk Westaway, working next to its eponymous chef-owner. While other chefs have helped to shift mindsets about local food, 'I've chosen a different path, but not because I don't believe in Singaporean cuisine'. 'This is what I want at this point in my career, which is to excel in the kitchen while expressing my own style in other ways,' he adds. Winning the hearts of Singaporean diners While progress is still slow, 'there's a growing appreciation for chefs who are rooted here and have something original to say about Singaporean food', says Lo & Behold's Wee. A case in point would be the group's newest restaurant, Belimbing, helmed by 'new-gen' chef Marcus Leow. Marcus Leow of Belimbing. PHOTO: BELIMBING 'The response has been a lot better than expected,' says Leow, whose cuisine explores local recipes and South-east Asian ingredients. While he agrees that there is pressure on Singaporean chefs to reinterpret local cuisine, 'it gives me stronger motivation to get better at what I do'. Grilled firefly squid at Belimbing. PHOTO: BELIMBING Perhaps one of the biggest success stories would be Mustard Seed, the counter-only, perennially booked-out restaurant run by Gan Ming Kiat. The chef, who has won hearts with his unique version of Singaporean food with a Japanese accent, was recently joined by fellow local chef Desmond Shen – well-known for his innovative cooking style. Gan Ming Kiat of Mustard Seed. PHOTO: KERRY CHEAH 'Running a business with honesty and sincerity goes a long way,' says Gan of his success from Day One. 'When we started, there weren't many modern Singaporean tasting menu-style restaurants around, so we were able to start strong and build on that momentum.' Candied orange kuih bingka at Mustard Seed. PHOTO: KERRY CHEAH Schooled in kaiseki and Peranakan cuisine, he credits his training in Asian rather than Western kitchens for creating a cuisine that 'hits the sweet spot of being tasty and creative enough without being too intellectual'. 'Singaporeans relate to this better.' Market realities and carving out a niche While Gan had a first-mover advantage, 'to come out and do something of your own now is definitely much harder than when I first started out', he says. 'You're dealing with higher costs, increased diner expectations, a highly competitive dining scene, and also a dismal post-Covid climate. Dining out is now a lower priority.' MJ Teoh of the heritage-inspired Native got a full reality check when the restaurant closed down after three years, even though the original cocktail bar remains. One of the few female chefs in Singapore, Teoh laments that 'one of the mistakes we made was not to differentiate ourselves from the bar, because people thought we just did bar snacks and didn't bother to give us a try'. MJ Teoh, former head chef of Native. PHOTO: MJ TEOH She adds: 'We weren't making enough money and the rent was way too high. Amoy Street is very competitive and in the last few years, we noticed people are just not spending as much. A lot of us in the industry felt the shift – sales were down even in bars that were thriving.' MJ Teoh's cooking is inspired by her heritage. PHOTO: MJ TEOH Teoh is part of a cohort of young chefs who are trying to find their way in this uncertain climate, even going through a period of soul-searching. She was so burnt out, she says, that she stopped working for a few months. Recently, she started giving pasta-making lessons and does private dining in client's homes. The plan is to start a dining space in her own home and while she is not ruling out running a restaurant again with a new investor, she questions if it is a practical move in the current climate. Growing the talent pool While market uncertainty has led to attrition as chefs leave the industry completely to embark on totally different careers, the numbers enrolling in culinary schools have grown, says Ian Goh, a culinary arts lecturer at the Institute of Technical Education (ITE). Ian Goh, culinary arts lecturer at ITE. PHOTO: IAN GOH 'Cohort-wise, we've been seeing a consistent rise in the number of students enrolling in our culinary programmes,' he says. 'Over the past few years, there's been a noticeable shift where more (young people) are interested in building long-term careers in F&B.' The change was apparent after Covid-19, when home-based businesses sprouted up. That taste of entrepreneurship, Goh says, spurred their interest in making a career of it. The challenge, he adds, is matching chefs' passion with the realities of the industry – namely 'long hours, high pressure, and sometimes, toxic work environments'. Despite more work-life balance in some progressive kitchens, 'the industry still has a long way to go'. But he is also seeing how the younger generation is 'redefining what it means to be a culinary professional', going beyond conventional cooking to explore 'food styling, research and development, sustainable food systems, entrepreneurship and even food history'. Plus, there are platforms for local chefs to shine, says Nicola Lee, the South-east Asia academy chair for the World's 50 Best Restaurants guide as well as its Asian equivalent. While her role pertains to the voting for the guides, she is a staunch supporter of local talent. ' Investors today are increasingly interested in strong, distinctive chef-driven narratives, regardless of nationality. What matters is the authenticity of the story and the quality of execution. ' — Veteran chef Ace Tan Besides Han Li Guang and Jason Tan, pastry chefs such as Cheryl Koh of Tarte and Louisa Lim of Odette have been recognised among the 50 Best recipients, along with Janice Wong. ITE's Ian Goh was also the 2022 winner of the San Pellegrino Young Chef Academy for Asia. Not to mention the Singaporean chefs making waves overseas include Kenneth Foong of Noma (Denmark), Mathew Leong of Re-Naa (Norway), and Jimmy Lim of JL Studio (Taiwan). The way ahead 'We need to show that cooking local food, especially at a higher level, is a viable and rewarding career path,' says Wee of Lo & Behold. 'Young chefs often gravitate towards other cuisines... because of what they're exposed to or (because) certain cuisines are more globally recognised, and that makes hiring for local restaurants an even bigger challenge.' He adds: 'To shift that mindset, we need to spotlight chefs doing meaningful work with local food and show that there's creativity, depth, and a future in it. Visibility helps, but it needs to be matched by structural change. That includes reforming culinary school curriculums so local cuisine is taught with the same rigour as European cooking. 'We also need to shift the conversation from preservation to innovation, and cultivate an audience that's curious, open, and willing to value new expressions of Singaporean food.' For veteran chef Ace Tan, who launched his Chinese-inspired restaurant Asu last year, the key is not to pigeonhole the definition of a 'Singaporean restaurant'. 'It's more accurate to consider it as a Singaporean chef presenting their interpretation of Asian, cross-cultural cuisine. The landscape has evolved significantly since I started this path in 2015 (with the short-lived Restaurant Ards) – there's now a growing appetite and appreciation for contemporary Asian concepts across East Asia,' he says. 'Investors today are increasingly interested in strong, distinctive chef-driven narratives, regardless of nationality. What matters is the authenticity of the story and the quality of execution.'
Independent Singapore
4 hours ago
- Independent Singapore
$1.5K a month and drowning': 27-year-old creative worker shares fears about the future
SINGAPORE: A 27-year-old woman has opened up about her growing fears for the future, sharing that despite working for five years, she still feels like she hasn't made any meaningful progress in life. Posting on r/askSingapore on Wednesday (June 11), she said she spent three years in a sales role before switching to the creative industry to pursue her passion. 'I took on the first stable income job so that I could stop relying on my partner and parents, but the take-home pay is super low… around S$1,500,' she wrote. While things initially looked promising, she shared that her situation began to worsen over time. She became increasingly self-conscious about how others might perceive her career choices. 'I feel pressured by the judgment of others. [I know] it's all in my head, but at the same time, it is so real,' she wrote. 'I even broke down from all the stress about two months ago. And now I feel so lost and depressed every single day.' She also revealed that she has accumulated a significant amount of debt, although she didn't go into detail about the cause. 'I'm so so so scared, and so lost. I know I have so much to be grateful for, and I do try to practise gratitude every single day, but all I can think about are worst-case scenarios of my life,' she continued. 'I'm scared of wasting it away, and I don't want to be like one of those aunties or uncles who still have to work in their 60s because they have no choice.' Ending her post, she said, 'If you have any advice or kind words, please share them with me.' 'Try to be kinder to yourself.' In the thread, a user noted that her take-home pay of S$1,500 is rather low and recommended that she explore other job options. 'Not sure what exactly it is you do, but maybe you can also try freelancing on the side? Try tapping into old contacts as well since you were previously in sales. It might seem all doom and gloom right now, but have faith that this is the lowest point in your life and you'll only go up from here!' they wrote. Another cheered her up, saying, 'Yes it sucks to be in a position where you're starting at the bottom, but work your way up. Gain more useful skills and find better jobs. Perhaps leverage your creative side more and find freelancing gigs – build up your portfolio and then get higher-paying gigs. Sometimes takes time. Being in debt sucks so work on it. And try to be kinder to yourself. It'll help with your mental stress. You've got this.' Meanwhile, a third user encouraged her to channel her emotions through writing. 'Since you write quite well, put your thoughts, concerns and aspirations in a personal journal. Learn to live one day at a time, and tackle issues one at a time. Focus on self-care and rediscover the little joys in your life. Slow and steady, things will get better each day. Take care.' Clearly touched by the support, the original poster replied, 'Thank you for all the kind words and advice, everyone. I have always thought that Singaporeans were mostly cold-hearted, but this comment thread made me tear up and realise how beautiful people can be. Thank you all from the bottom of my heart.' In other news, a man recently expressed his frustration on Reddit about the limited housing options available to singles under the age of 35, questioning whether current policies are inadvertently pressuring individuals into relationships to qualify for public housing. Posting on the r/askSingapore forum, he described the situation as 'pathetic and sad,' noting that unless someone has the financial means to rent or purchase private property, continuing to live with family is often the only option. This, he argued, can be particularly distressing for those in toxic or unstable home environments. Read more: Man describes the lack of housing options for singles under 35 in Singapore as 'pathetic and sad' Featured image by Depositphotos (for illustration purposes only)
Independent Singapore
4 hours ago
- Independent Singapore
APAC financial sector top target for volumetric DDoS attacks in 2024, report finds
SINGAPORE: Asia Pacific's financial sector has been the top target for volumetric Distributed Denial-of-Service (DDoS) attacks, which overwhelm servers or networks with sheer traffic to slow or make them fail, accounting for 38% of all volumetric DDoS attacks in 2024, up from just 11% the year before, according to a joint report by FS-ISAC and Akamai Technologies. The report, From Nuisance to Strategic Threat: DDoS Attacks Against the Financial Sector , also found that more than 20 financial institutions in six countries in the region were hit in 2024, likely by the same threat actor or hacker group. Notably, the financial sector is being hit harder than other sectors. DDoS attacks on financial firms spiked in October 2024, and the sector has remained the leading target for volumetric DDoS attacks year-over-year. The report also noted the increasing frequency of attacks, as cybercriminals exploit higher bandwidths and stronger computing power to launch adaptable, more powerful, and cheaper DDoS attacks. In addition, the rise of 'DDoS-for-Hire services' targeting the financial sector has made it difficult to identify cybercriminals. Attacks on financial firms' application layer, including Application Programming Interfaces (APIs) and customer-facing websites, rose 23% between 2023 and 2024. Meanwhile, ongoing geopolitical tensions have fueled a surge in 'hacktivism'. Teresa Walsh, chief intelligence officer and managing director for EMEA at FS-ISAC, said, 'DDoS attacks are becoming increasingly sophisticated, evolving from simple network flooding to targeted, multi-dimensional assaults that exploit intricate vulnerabilities across the entire supply chain.' Steve Winterfeld, Advisory CISO of Akamai, said, 'Threat actors will continue to leverage DDoS attacks to exploit the security of our institutions,' explaining that the attacks are meant to exhaust an institution's network infrastructure and, in turn, drain its resources used to defend against attackers. Mr Winterfeld added, 'Implementation of mitigation strategies, robust cyber hygiene fundamentals, and industry best practices can help the sector defend against the evolving risk.' /TISG Read also: Fraud and scams driven by generative AI are now among the biggest cyber threats in the financial sector Featured image by Depositphotos (for illustration purposes only)
