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Business Times
a day ago
- Business
- Business Times
Economic Strategy Review's tech and innovation committee to boost AI adoption among firms, workers
[SINGAPORE] The recently formed committee on tech and innovation under the government's new Economic Strategy Review will look at how to help more companies adopt artificial intelligence (AI) and enable more people to gain fluency in the technology. Speaking to reporters after touring PwC Singapore's AI hub on Monday (Aug 11), Minister for Digital Development and Information Josephine Teo said sustained economic growth is not a given, 'so we will have to find ways to strengthen our economic strategies to be relevant to the current times'. This led to the creation of the government's economic strategy review , with one of its key pillars being the committee on tech and innovation, she added. A key area the committee will examine is how AI adoption can be broadened and deepened. This means looking at the number of companies that will adopt the technology meaningfully, and the number of people that will become meaningful AI practitioners in their business domains, said Teo. The committee is co-chaired by Minister of State for Digital Development and Information and Education Jasmin Lau and Senior Parliamentary Secretary for Culture, Community and Youth and Sustainability and the Environment Goh Hanyan. Goh, also present at the tour of PwC's AI hub, said in response to media queries on small and medium-sized enterprises' (SME) adoption of AI that 'we are currently at the process of meeting with new companies' to understand what they are facing on the ground and what they want to be supported by. 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 'It's incumbent for us to listen to the voices of businesses and even workers from companies big and small, to ensure that the whole economy benefits and is uplifted by this technology,' she added. The committee aims to address different companies' pain points and figure out how to support them in AI adoption. Companies with more resources can develop in-house solutions, but the question for smaller businesses is the way of improving access to pre-approved solutions, Goh noted. Acquiring AI skills to stay relevant Responding to The Business Times' question on how the committee intends to help SMEs overcome tight budgets and other practical challenges in adopting AI, she said that it is 'too early to tell' since the committee just started on formal consultations. 'Sometimes the best solutions may not come from the government. It's about learning from each other, learning from experts, and drawing the links,' she noted. In response to a question on AI replacing jobs, Goh said the committee will prepare workers to not get replaced and move into sectors that will benefit from the technology. 'We want to see how most employees can be equipped with AI relevant skills so that they can continue to play a part in the workforce of the future', said Teo, adding that this will be a very important part of the economic strategy review's work. She noted that workers who are acquiring AI skills will have a better chance of succeeding, compared to those who are not so ready. Wide-scale adoption of AI also ties in with her ministry's work related to Smart Nation 2.0 and National AI Strategy 2.0, she said. PwC launches new AI hub As part of the committee's work in engaging with companies on their AI Centres of Excellence, Teo and Goh toured PwC's AI hub, where they saw live demonstrations of the technology improving various business functions. The hub was launched on May 21 , with the PwC network aiming to commit US$4 million over a three-year period. In a written response to BT queries, PWC Singapore's AI hub leader Anthony Dias said that the hub aims to develop and scale AI capabilities, foster strategic alliances and help organisations build practical applications. 'Over the past year, PwC has worked with organisations worldwide to scale AI use cases across industries such as finance, healthcare, logistics, legal and the public sector,' he said. The hub's number of employees grew from four at inception to 15 at its launch in May. 'We are now looking to expand the team to 20 employees by the end of the fiscal year,' said Dias. While the hub's employees currently comprise AI researchers and data scientists, he said that PwC is exploring opportunities to include product managers, solution architects, business analysts and domain experts in areas such as tax, legal and sustainability. The hub is also supported by the Economic Development Board.
Business Times
a day ago
- Business
- Business Times
Tech and innovation committee to boost AI adoption among firms and workers
[SINGAPORE] The recently formed committee on tech and innovation under the government's new Economic Strategy Review will look at how to help more companies adopt artificial intelligence (AI) and enable more people to gain fluency in the technology. Speaking to reporters after touring PwC Singapore's AI hub on Monday (Aug 11), Minister for Digital Development and Information (MDDI) Josephine Teo said sustained economic growth is not a given, 'so we will have to find ways to strengthen our economic strategies to be relevant to the current times'. This led to the creation of the economic strategy review , with one of its key pillars being the committee on tech and innovation, she added. A key area the committee will examine is how AI adoption can be broadened and deepened. This means looking at the number of companies that will adopt the technology meaningfully, and the number of people that will become meaningful AI practitioners in their business domains, said Teo. The committee is co-chaired by Minister of State for Digital Development and Information and Education Jasmin Lau and Senior Parliamentary Secretary for Culture, Community and Youth and Sustainability and the Environment Goh Hanyan. Goh, also present at the tour of PwC's AI hub, said in response to media queries on small and medium-sized enterprises' (SME) adoption of AI that 'we are currently at the process of meeting with new companies' to understand what they are facing on the ground and what they want to be supported by. 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 'It's incumbent for us to listen to the voices of businesses and even workers from companies big and small, to ensure that the whole economy benefits and is uplifted by this technology,' she added. The committee aims to address different companies' pain points and figure out how to support them in AI adoption. Companies with more resources can develop in-house solutions, but the question for smaller businesses is the way of improving access to pre-approved solutions, Goh noted. Acquiring AI skills to stay relevant Responding to The Business Times' question on how the committee intends to help SMEs overcome tight budgets and other practical challenges in adopting AI, she said that it is 'too early to tell' since the committee just started on formal consultations. 'Sometimes the best solutions may not come from the government. It's about learning from each other, learning from experts, and drawing the links,' she noted. In response to a question on AI replacing jobs, Goh said the committee will prepare workers to not get replaced and move into sectors that will benefit from the technology. 'We want to see how most employees can be equipped with AI relevant skills so that they can continue to play a part in the workforce of the future', said Teo, adding that this will be a very important part of the economic strategy review's work. She noted that workers who are acquiring AI skills will have a better chance of succeeding, compared to those who are not so ready. Wide-scale adoption of AI also ties in with MDDI's work related to Smart Nation 2.0 and National AI Strategy 2.0, she said. PwC launches new AI hub As part of the committee's work in engaging with companies on their AI Centres of Excellence, Teo and Goh toured PwC's AI hub, where they saw live demonstrations of the technology improving various business functions. The hub was launched on May 21 , with the PwC network aiming to commit US$4 million over a three-year period. In a written response to BT queries, AI hub leader of PwC Singapore Anthony Dias said that the hub aims to develop and scale AI capabilities, foster strategic alliances and help organisations build practical applications. 'Over the past year, PwC has worked with organisations worldwide to scale AI use cases across industries such as finance, healthcare, logistics, legal and the public sector,' he said. The hub's number of employees grew from four at inception to 15 at its official launch in May. 'We are now looking to expand the team to 20 employees by the end of the fiscal year,' noted Dias. While the hub's employees currently comprise AI researchers and data scientists, he said that PwC is exploring opportunities to include product managers, solution architects, business analysts and domain experts in areas such as tax, legal and sustainability. The hub is also supported by the Economic Development Board.
Business Times
01-07-2025
- Business
- Business Times
PwC Singapore appoints 11 new partners across different practices
[SINGAPORE] PwC Singapore has named 11 new partners as it responds to increasing demand for industry-focused advice and cross-border capabilities. The appointments spanned a wide range of sectors, including financial services, technology, healthcare, logistics and real estate. PwC Singapore's executive chairman Marcus Lam said: 'Each of our new partners embodies the best of our firm to lead our teams forward in helping businesses transform and build trust, especially at a time when companies and investors recognise that they cannot conduct business as usual.' He also noted that they have 'deep technical capabilities, forward-looking strategies and the ability to harness technology', which allow them to help their clients 'generate and accelerate the momentum needed to thrive in a fast-changing world with clarity and confidence'. Assurance Loh Hui Ling has been appointed in general assurance, with experience in the healthcare sector, as well as clients in construction, shipping, retail and technology. She has worked with both listed companies and multinational firms with operations across the Asia-Pacific, Europe and North America. Jeffrey Chew, in financial services assurance, leads PwC's Venture Capital Assurance Practice. He specialises in the asset and wealth management sector, advising early-stage and growth companies, particularly in the technology space. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Melissa Tan, in general assurance, works primarily with transport and logistics firms, alongside experience in technology and retail. She has led audits for both listed and privately held companies, and is familiar with PCAOB and SOX frameworks for US-listed entities. Roy Ng, also in general assurance, works with clients in the technology, media and telecommunications sectors. His experience includes IPOs and integrated audits for US and Singapore-listed companies, as well as private equity-backed firms and startups. Shaun Ng also joins general assurance, with experience across real estate, hospitality, engineering, and industrial products. He focuses on financial reporting, internal controls and cross-border audits, working with SGX-listed groups and multinational clients. Tax Jeremy Gray Stobie, appointed in financial services tax, focuses on US international tax issues. He advises multinational corporations, family offices and asset managers on cross-border compliance, as well as regulatory matters, with sector experience in energy, hospitality and technology. Kok Kian Giap, also in financial services tax, brings expertise in asset and wealth management, real estate and hospitality. His client base includes real estate investment trusts, fund managers and developers. He also advises on fund formation, investment acquisitions and divestments, as well as tax compliance. Lin Weijie is appointed in tax, specialising in GST. He advises clients across industries on compliance and advisory issues, helping them navigate the evolving tax landscape. Deals Teo Chee Kiong joined the deals practice, where he focuses on financial due diligence for private equity and corporate clients. His experience includes mergers and acquisition transactions across South-east Asia, with a portfolio covering privatisations, leveraged buyouts and minority investments. Lee Wan Ming, also in the deals practice, specialises in transactions in the financial services sector. She advises on due diligence, synergy assessments, business plan reviews and post-deal integration – particularly for private equity firms. Consulting Puneet Kathuria joined the consulting practice, where he advises clients on enterprise transformation projects, with a focus on Oracle-enabled solutions. He also supports cross-sector clients in redesigning operating models and driving business performance through digital tools.
Yahoo
23-03-2025
- Business
- Yahoo
Confidence among small businesses in Singapore rises
Business sentiment among small businesses in Singapore reached a five-year high in 2024, with a positive outlook expected to continue into 2025. Cybersecurity health improved. Sharp decline in businesses planning to innovate in 2025. SINGAPORE, March 24, 2025 /PRNewswire/ -- Business sentiment among small businesses in Singapore last year surged to its highest level since 2019, and this positive trend is expected to continue into 2025, according to the latest survey by global professional accounting body CPA Australia. The annual Asia-Pacific Small Business Survey found that 62 per cent of small businesses in Singapore expect growth this year, marking the highest level of confidence recorded since 2018. Additionally, 63 per cent of respondents expressed confidence in the country's economic growth, up from 60 per cent in 2024. These figures underscore the strengthening business environment in Singapore. CPA Australia Singapore Divisional President, and Digital Business and Risk Services Leader at PwC Singapore, Greg Unsworth, said: "The strong confidence among small businesses in Singapore reflects a growing sense of optimism, not only in business prospects but in the overall economic environment. The key to continued success is for businesses to stay agile and forward-thinking and seize new opportunities." The survey highlighted continued strong uptake of technology, with a notable increase in online and digital payment adoption. In 2024, 63 per cent of Singapore's small businesses reported generating more than 10 per cent of their revenue from online sales, up from 36 per cent in 2019. Furthermore, 76 per cent of small businesses generated more than 10 per cent of their sales from digital and online payment technologies such as PayPal, Apple Pay and GrabPay. This result is well above the 51 per cent reported in 2019. On the cybersecurity front, Singapore's small businesses saw fewer cybersecurity incidents. The percentage of businesses reporting losses or disruptions due to cyberattacks dropped sharply from 54 per cent in 2023 to 39 per cent in 2024. Small businesses expect this downward trend will continue, with only 33 per cent of businesses anticipating a cyberattack this year, down from 45 per cent last year. "This improvement suggests that small businesses are enhancing their cybersecurity measures and are becoming more resilient and better equipped to safeguard their operations from cyber threats." Unsworth added. The survey also found a continued positive trend towards the adoption of Environmental, Social, and Governance (ESG) initiatives. While 29 per cent of businesses did not allocate time or resources for ESG-related activities in 2024, many are still focusing on key ESG areas such as staff health and safety policies, supply chain sustainability, and diversity and inclusion efforts. These initiatives reflect the ongoing commitment of Singapore's small businesses to sustainable and responsible practices. CPA Australia Singapore Divisional Deputy President, and Managing Partner at Baker Tilly, Joshua Ong, said it is encouraging to see small businesses in Singapore are increasingly recognising the importance of ESG. "Embracing these practices serves as a strategic approach to future-proofing the business. By adopting responsible environmental practices, strengthening governance and fostering social impact, small businesses can gain a competitive edge over their peers and strengthen their brand reputation with customers and investors," Ong said. Despite the optimistic outlook, the survey findings observed a declining trend in innovation. Only 23 per cent of small businesses plan to introduce a new product, process or service that is unique to Singapore or the world this year, a sharp decrease from 37 per cent in 2024. While this figure remains slightly above historical averages, it signals a potential slowdown in business innovation. The demographics in the survey indicate that the age profile of Singapore's small business owners is ageing. While this trend is less pronounced than in Australia and New Zealand, the survey indicates a strong correlation between business owners under 40 and higher levels of business growth, digital adoption, innovation and job creation. As the proportion of older business owners rises, it could pose long-term challenges for the dynamism and sustainability of some small businesses. Small businesses in Singapore have also lowered their expectations for strong revenue growth from exports. The percentage of businesses anticipating strong revenue growth from exports has dropped from 27 per cent in 2024 to 18 per cent in 2025. "Geopolitical tensions and the possibility of trade tariffs are most likely the cause of concerns about export growth," Ong said. Despite the challenges, the overall outlook for small businesses in Singapore remains positive. Growing business sentiment, technology adoption, and cybersecurity resilience are expected to maintain their momentum into the year ahead. CPA Australia's Asia-Pacific Small Business Survey, including a detailed summary of the results for Singapore and an infographic About the survey CPA Australia's 16th annual Asia-Pacific Small Business Survey was conducted among small business owners/senior managers during November and December 2024 to identify the characteristics of successful small businesses across the region. The findings for the survey come from 4,236 small businesses in 11 markets. From the commencement of the survey in 2009, we have surveyed over 46,000 small businesses across the region. These include Australia, Mainland China, Hong Kong, India, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Vietnam. About CPA Australia CPA Australia is one of the largest professional accounting bodies in the world, with more than 173,000 members in over 100 countries and regions, including more than 8,600 members in Singapore. CPA Australia has been operating in Singapore since 1954 and opened our Singapore office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at View original content to download multimedia: SOURCE CPA Australia Sign in to access your portfolio
