Latest news with #CyberSafe
Straits Times
11-05-2025
- Business
- Straits Times
Brunei's economic diversification draws Singapore investments
Cyber-security firm CyberSafe opened its first augmented-reality security operations control room in Brunei in March 2025. ST PHOTO: KELVIN CHNG SINGAPORE – After cyber-security firm CyberSafe chose to set up its security operations control room in Brunei in October 2024, it was up and running in five months in stead of an anticipated eight-month timeline. Costs came in at 60 per cent of a similar set-up in Singapore, thanks to lower rent and wage costs. The firm is one of a rising number of Singapore companies looking to invest in Brunei, since the country in 2021 started to diversify its economic reliance on its traditional oil and energy resources. Close to 10 Singapore investors are currently in planning stages, and interest is growing, the Brunei Economic Development Board (BEDB) told The Straits Times in response to queries. About half of them are in primary food production, with the remaining exploring data centres, ecotourism and next-generation special economic zones, t he organisation added. Singapore firms – which have had a long presence in Brunei – invested B$68.8 million (S$68.8 million) in the country in 2022, making them among the top foreign sources of investment that year. Although the amount turned negative with an outflow of B$27.6 million in 2024, it was likely due to company-level movements such as loan repayments or capital restructuring, said BEDB. Singapore's bilateral trade with Brunei is in fact growing, and reached $4.9 billion in 2024, 36.9 per cent more from 2023. Ms Lim Jing Jun, director for South-east Asia at Enterprise Singapore, listed opportunities in renewable energy, the digital economy and food supply chain resilience for Singapore businesses. Firms are drawn to Brunei for its geographical proximity, cultural similarities and abundant natural resources that are scarce in Singapore, she said. Brunei, 1½ hours by plane from Singapore, records a 99 per cent literacy rate and high English fluency among its 480,000 population. More than 70 per cent of its land is covered by rainforests. Ms Lim said: 'Many companies also view Brunei as a complementary secondary market, leveraging the country's extensive network of free trade agreements within Asean to expand their regional footprint.' A participant in 10 free trade agreements, Brunei provides market access to more than three billion consumers, according to BEDB. Singapore's longstanding agreement with Brunei to recognise each country's currency cuts out foreign exchange risk, there is also no restriction on profit repatriation, and full foreign ownership is permitted in most sectors, it added. In 2021, the Brunei government launched the Brunei economic blueprint, and identified five priority sectors for development: downstream oil and gas, food, services, tourism, and information and communications technology. On offer to entice investors are: joint investments from the Brunei government; no personal income tax; no capital gains tax; and a corporate tax rate of 18.5 per cent, slightly above Singapore's 17 per cent prevailing tax for most businesses. Diversification efforts have begun to yield results, said BEDB. Non-oil and gas exports shot up from just 3 per cent in 2017 to 61 per cent in 2023. In 2024, the country's economy grew 4.2 per cent, with the non-oil and gas sector accounting for more than half of the output. That was the highest growth rate in 25 years. Enterprise Singapore has supported several Singapore firms in entering Brunei, such as Rotary Engineering and halal food company Pondok Abang. In November 2024, Pondok Abang tied up with Bruneian government-linked company PDS Abattoir to distribute and market PDS Abattoir's products in Singapore. PDS reciprocates for Pondok Abang's products in Brunei, Indonesia and Malaysia – known as the Borneo region. Pondok Abang's managing director, Mr Hasan Abdul Rahman, said PDS has been handling its regulatory approvals to enter the market. The cross-sell strategy makes sense for the firm, he said. He added: 'For Singapore, we are reliant on food imports. Therefore, our intent is to secure the supply of raw and processed meat products. 'Brunei is a viable market for us as there has been strong demand for our products since 2016, and we see Brunei as a platform for us to penetrate the greater Borneo region through PDS' network.' Should there be demand from Borneo, he added, Brunei would be a viable 'secondary base' as it would reduce costs, especially in logistics. Since March, CyberSafe's teams have been working in sync with augmented reality glasses across its offices in Singapore, Brunei and the Philippines. Mr Dave Gurbani, chief executive of CyberSafe, expects the rates to slide as the state continues to digitalise. ST PHOTO: KELVIN CHNG Its chief executive Dave Gurbani said: 'Our Singaporean and Bruneian teams have integrated extremely well, not just linguistically, but also because our education systems and social norms are quite aligned. 'Skills-wise, Bruneian talent has proven highly competent, adaptable and reliable. We've had no major operational challenges so far.' The 48-member firm plans to hire another 20 employees in its 10-member Brunei office in 2025, in anticipation of more business as Singapore's healthcare sector moves towards integrated data sharing in 2025. High fixed internet charges in Brunei, reported by global rankings to be among the highest in the region at more than US$120 (S$155) a month, is not deterring Mr Gurbani, who expects the rates to slide as the state continues to digitalise. For data security, he advises companies thinking of putting their back offices in Brunei to assess their regulatory obligations, customer agreements and sensitivity of their projects. Brunei recently introduced its own data privacy framework, the Personal Data Protection Order, signalling its intent to meet international data governance standards, Mr Gurbani said. Except for sectors operating with strict data rules, he said, in most cases, operating out of Brunei is viable. Join ST's Telegram channel and get the latest breaking news delivered to you.
Muscat Daily
24-02-2025
- Business
- Muscat Daily
Vodafone Oman achieves 14% market share as it marks third anniversary
Muscat – Vodafone Oman is celebrating its third anniversary with strong market expansion, record growth in customer base and revenue, and bold strides in digital transformation, solidifying its position as a key driver of change in Oman's telecommunications sector. Just three years since its launch, the company has achieved an approximate 14% market share, increased its customer base by 18% year-on-year, and expanded its 5G NEXT LEVEL network to cover over 98% of the population, making it the fastest nationwide 5G rollout in Oman's history. Vodafone Oman said that its rapid growth is a testament to its strategic vision, digital-first approach, and focus on customer experience. Unlike traditional operators, the company entered the market as a fully cloud-based, digital-native operator, prioritising agility, efficiency, and seamless service delivery. In 2024 alone, the company's revenue grew by 58%, reflecting its ability to scale rapidly while maintaining strong operational efficiencies. 'When we launched Vodafone Oman, we set out to challenge the status quo and redefine connectivity. Today, we are more than a telecoms provider; we are an enabler of digital lifestyles, a driver of innovation, and a trusted partner in Oman's evolving economy. Our growth is not just measured in numbers, but in the trust we have built, the experiences we have shaped, and the lasting impact we are creating,' Eng Bader al Zidi, CEO of Vodafone Oman, said at a press conference on Monday. According to Zidi, a key pillar of Vodafone Oman's success has been its ability to anticipate and meet evolving customer needs. In 2024, the company expanded its BLACK and RED offerings, ensuring greater flexibility and value for both individuals and businesses. Beyond new products, Vodafone Oman strengthened its market position through strategic partnerships, including securing a long-term agreement with Friendi Mobile to transition its more than 700,000 customers to Vodafone's 5G NEXT LEVEL network. According to company officials, Vodafone Oman's expansion has not only strengthened the telecoms landscape but also generated tangible economic impact. In 2024, the company's In-Country Value (ICV) contribution exceeded RO63mn, prioritising Omani SMEs, local businesses, and national talent development. 'Over the past three years, Vodafone's total ICV investment has now reached RO180mn, demonstrating its long-term commitment to Oman's economic growth and digital transformation,' Zidi said. As the digital ecosystem evolves, Vodafone Oman has positioned itself as a leader in cybersecurity, ensuring that both individuals and businesses remain protected against emerging threats. In 2024, the company launched CyberSafe, a comprehensive security solution designed to enhance digital protection and resilience. Looking to the future, with a fully independent 5G network covering over 98% of the population, Vodafone Oman has laid the foundation for its next chapter – one focused on enhancing customer experiences, scaling enterprise solutions, and leading Oman's digital economy into the future. 'Three years in, and this is just the beginning,' added Zidi. 'We are fast-tracking into the future, delivering more innovation, more value, and setting new benchmarks for customer experience. The way we see it, Vodafone is not just a network; it's an experience, a partner, and a driver of Oman's digital progress.'
