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MAS orders unlicensed crypto exchanges to weigh exit

MAS orders unlicensed crypto exchanges to weigh exit

[SINGAPORE] A final warning from the Monetary Authority of Singapore (MAS) has prompted major crypto exchanges operating in the country without a permit to plan for a hasty exit.
Bitget and Bybit – top-10 exchange operators by volume with a presence in Singapore but no local licence – plan to reorganise their teams, according to people familiar with the matter. Bitget will shift staff to jurisdictions including Dubai and Hong Kong, while Bybit is weighing similar moves, said the people, who refused to be identified as the plans are confidential.
Singapore is among Asia's foremost crypto hubs and a regional base for major global players such as Coinbase and Crypto.com. But it still bears the scars of a string of local blow-ups from the last industry downturn in 2022. Even as it doles out licences, authorities in the Republic have warned consumers against trading cryptocurrencies and restricted related advertisements.
Other digital-asset firms in the country warn that hundreds of jobs could be at stake. The companies hit hardest by the MAS deadline are offshore exchanges. Collectively, such firms have a 'significant number' – in the hundreds – of staff based in Singapore, according to Arthur Cheong, founder and CIO of DeFiance Capital.
In its May 30 announcement, the MAS set a deadline of Jun 30 for crypto firms based in Singapore and offering services offshore to cease activities, refusing to allow transition time and warning that further licences would be granted under 'extremely limited' circumstances. Firms with front-office functions including sales and business development based in Singapore or with customers located overseas both fall within the scope of the regulation, MAS said.
'It's quite severe,' said Patrick Tan, general counsel at ChainArgos, a blockchain intelligence firm that isn't affected by the notice. 'This is almost is as good as an evacuation procedure.'
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Representatives of Bitget and Bybit declined to comment on their plans.
'This move should also not come as a surprise to the industry as we have consistently communicated our position on such service providers on various occasions,' said an MAS spokesperson in response to questions from Bloomberg News. They added that licenced entities are not impacted by the new regulations.
The recent notice from the MAS follows on from the Financial Services and Markets Act, passed in 2022, in which the watchdog had warned of a crackdown on unlicenced crypto companies. In a Jun 6 clarification, the MAS sought to quell industry concerns stemming from its May 30 announcement by specifying that only a 'very small' number of providers would be affected.
But questions remain as to which firms must pay heed to the Jun 30 deadline.
'Calls are at all hours given the impact on businesses headquartered outside Singapore,' said Chris Holland, partner at Singaporean consulting firm HM. 'Queries range from regulated firms wanting to confirm there is no unexpected operational impact to offshore businesses needing to derisk their Singapore activities.'
Grey area
Crypto firms have a long history of leaving their base of operations ambiguous, posing challenges for would-be regulators. Binance Holdings, the world's largest digital-asset exchange, has never named a global headquarters. Its chief executive officer Richard Teng said in 2024 that it had held talks with a number of jurisdictions on the matter, but more recently he described Binance employees as 'remote-first'.
Binance has been on Singapore's investor alert list since 2021. A company spokesperson said the firm is committed to respecting local policies and regulations worldwide, without elaborating on its presence in the city-state.
Crypto entities that make use of Singapore-based teams 'to support offshore operations without clear service delineation' is another grey area, said Grace Chong, head of financial regulatory practice in Singapore at Drew & Napier. The MAS may assess such arrangements on a case-by-case basis, she added. BLOOMBERG

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Cooked in Singapore: the tough road to success for home-grown chefs
Cooked in Singapore: the tough road to success for home-grown chefs

Business Times

time7 hours ago

  • Business Times

Cooked in Singapore: the tough road to success for home-grown chefs

[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). On its part, the Singapore Tourism Board also 'supports our local talents in prestigious international competitions to elevate Singapore's global culinary standing,' says Cherie Lee, director, lifestyle and attractions. Most recently, it supported Leong's participation in this year's Bocuse d'Or Grand Final, and worked with him 'beyond the competition to drive awareness of Singapore's food scene through our social platforms. STB also 'collaborates with homegrown events and global partners, including 2024's Singapore Food Festival and 2025's Kita Food Festival to showcase Singapore's culinary excellence internationally,' adds Lee. 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.'

Forum: Make our maritime moments more visible to the public
Forum: Make our maritime moments more visible to the public

Straits Times

time13 hours ago

  • Straits Times

Forum: Make our maritime moments more visible to the public

Forum: Make our maritime moments more visible to the public A few days ago, home-grown shipping company Pacific International Lines (PIL) held a naming ceremony for its latest container ship, the Kota Ocean. It showcased a new ocean-going ship that can be powered by liquefied natural gas. I am a ship captain by profession. A naming ceremony is the most symbolic ceremony for a newly delivered ship. This should be a proud moment not just for the company, but also the bigger population of Singapore. There are many Singaporean seafarers who used to sail on PIL ships. These ships have carried more than cargo – they have carried a piece of Singapore across the oceans. These floating chapters of our nation's story deserve to form a part of our collective memory for SG60. In Japan or some European countries, the public would take ferries or yachts out to sea to witness ship-launching ceremonies or the sailing out of famous ships. Perhaps Singapore could explore similar initiatives. Such events could give everyday Singaporeans a front-row seat to maritime moments that are otherwise out of view, and potentially inspire young talent to join the maritime industry. In the spirit of SG60 and the upcoming Day of the Seafarer on June 25, let's share our sea stories with more Singaporeans. Tan Teng Han More on this Topic Forum: What readers are saying Join ST's Telegram channel and get the latest breaking news delivered to you.

Cooked in Singapore: the tough road to success for homegrown chefs
Cooked in Singapore: the tough road to success for homegrown chefs

Business Times

time16 hours ago

  • Business Times

Cooked in Singapore: the tough road to success for homegrown chefs

[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). On its part, the Singapore Tourism Board also 'supports our local talents in prestigious international competitions to elevate Singapore's global culinary standing,' says Cherie Lee, director, lifestyle and attractions. Most recently, it supported Leong's participation in this year's Bocuse d'Or Grand Final, and worked with him 'beyond the competition to drive awareness of Singapore's food scene through our social platforms. STB also 'collaborates with homegrown events and global partners, including 2024's Singapore Food Festival and 2025's Kita Food Festival to showcase Singapore's culinary excellence internationally,' adds Lee. 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.'

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