Latest news with #Teo
Business Times
3 hours ago
- Business
- Business Times
Singapore companies must go global despite ongoing trade turbulence: SBF returning chairman SS Teo
[SINGAPORE] In his second tenure as Singapore Business Federation (SBF) chairman, Teo Siong Seng is prioritising efforts to push businesses to venture into new markets. In the face of global uncertainties and trade tensions, he stressed that companies can no longer rely exclusively on a few established major markets, such as the United States, for growth. 'While the environment is so complicated and fast changing, we have to be confident that Singapore companies do have a good reputation in terms of their quality of services and goods,' he said. He urged businesses to 'break out of their comfort zone' and actively pursue new opportunities in emerging markets, particularly in South-east Asia, Africa and the Middle East. This was one of the key priorities Teo shared in his first media interview since he was reappointed as chairman on May 20. He succeeded Lim Ming Yan, who stepped down early from his third consecutive two-year term to focus on his new role as chairman of Changi Airport Group. 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 The appointment marks Teo's second stint as SBF chairman, having previously held the position from 2014 to 2020. The 70-year-old shipping veteran, known among industry peers as SS Teo, is the first person in SBF's history to return to the role. Predecessor to successor Though Teo stepped down from his post five years ago, he told The Business Times that he has remained active in the organisation. Past council members are often consulted and engaged on matters, even after they step down from their posts, he noted. In 2024, Teo was appointed chair of SBF's Internationalisation Action Committee, which supports local companies to scale up their business overseas. He was chosen due to his experience as executive chairman of Pacific International Lines, a home-grown shipping company with operations in South-east Asia, the Middle East, Africa, and Latin America. Teo's experience in internationalisation is also a key reason SBF saw him as a strong fit to return as chairman, as it aligns with the chamber's 2030 plan to promote overseas expansion. Asked if he will serve as an interim chairman until another successor is found, Teo replied: 'We will always be looking out for a successor, and you will know in due course.' He noted, however, that while previous SBF chairmen typically completed three two-year terms, the rapidly changing external environment means this may no longer be the case. Going global Though only five years have passed since he was last chairman, Teo noted that outside factors have transformed significantly. 'I would say that in my first six years of SBF chairmanship, the majority of the time, (Singapore's) economy was growing and there was free trade,' he said. At the time, the chamber's main priorities were growing its membership and leading business delegations. However, since the Covid-19 pandemic, global crises have become shorter yet more frequent. Teo, who stepped down during the pandemic, is back at the helm amid a wave of trade tensions, triggered by US President Donald Trump's 'Liberation Day' tariffs. In light of these challenges, businesses in the Republic must seek out like-minded partners and pursue overseas opportunities. 'If they do nothing, they will be marginalised,' he warned. To support this push, SBF will intensify its efforts to organise more trade missions, helping local companies explore promising international markets. These missions typically bring together Singapore firms that have successfully expanded abroad to share their experience, as well as provide networking opportunities with local businesses in the target markets. This year, SBF plans to lead trade missions to Dubai, Saudi Arabia, Africa, and Latin America. According to Teo, interest in these missions has grown in recent years, thanks to the advocacy efforts of business chambers such as SBF in making companies more open to overseas expansion. SBF also plans to launch two new Singapore Enterprise Centres (SECs) this year – one in Bengaluru, India, set to open in the third quarter; and another in Dubai, scheduled for the fourth quarter. These international centres support businesses to expand overseas through providing advice on the market, business matching, and networking opportunities, under the chamber's GlobalConnect programme. The SECs in Vietnam, Indonesia and Thailand have successfully helped companies in the city-state to expand to these markets, said Teo. When it comes to sectors that can seize opportunities in these emerging markets, Teo highlighted education, lifestyle, food manufacturing, and accommodation. The new Johor-Singapore Special Economic Zone is another opportunity for firms. For instance, food-manufacturing companies can consider opening facilities in Johor to scale up production, he said. Trump's tariffs Another priority for Teo is to help Singapore firms navigate the uncertainties caused by the US tariffs. According to a survey by SBF in May, over a third of local businesses are already feeling the impact of the global tariff war, with nearly 90 per cent expecting to experience its effects within the next six months. Many companies have also communicated to the chamber their need for larger and longer-term financing to weather these trade challenges, as they are uncertain if they can sell their inventory during this period of uncertainty. Teo, who is now a member of the Singapore Economic Resilience Taskforce chaired by Deputy Prime Minister Gan Kim Yong, plans to raise these concerns with the taskforce. In addition, SBF intends to enhance educational efforts to improve businesses' understanding of how tariffs are applied and the role of free trade agreements – areas Teo noted many companies remain unfamiliar with. In May, the chamber's Centre for the Future of Trade and Investment launched a digital playbook aimed at helping businesses understand, respond to, and plan for the impact of the US tariffs. In addition, SBF offers tailored advice to companies facing specific challenges and is working on launching a mentorship programme. This initiative will connect experienced business leaders with younger companies, including startups, to provide hands-on guidance. In particular, it has been actively supporting the trading sector, which has been particularly affected by the ongoing tariff situation. Beyond these immediate-term priorities, Teo will continue with efforts to help businesses transform, in areas of sustainability and digitalisation. For instance, the chamber has a committee which advises small and medium-sized enterprises on how to adopt sustainability measures more meaningfully. As for digitalisation, SBF is looking at how to help companies adopt artificial intelligence without breaking the bank.
Business Times
a day ago
- Business
- Business Times
More seeking accountancy qualification in Singapore, even as global talent shortage continues
[SINGAPORE] Even as accounting bodies worldwide continue to struggle with attracting fresh talent, Singapore has managed to buck the trend – and the industry here is now in growth mode. With more new faces entering the profession, accounting firms in the city-state could soon get relief from the manpower shortages that have plagued the sector for years. Teo Ser Luck, president of the Institute of Singapore Chartered Accountants (Isca), pointed to a sharp rise in the number of candidates entering the training pipeline as an example. As at Dec 31, 2024, the total number of candidates enrolled in the Singapore Chartered Accountant Qualification (SCAQ) programme crossed 4,200 – a 47 per cent increase from the overall enrolment figure a year earlier. Isca has now set an internal target of exceeding 7,000 total SCAQ candidates in 2025, which would mark a 75 per cent year-on-year jump. The SCAQ, administered by Isca since January 2024, is the sole pathway to obtaining the Chartered Accountant (Singapore) qualification. Universities in Singapore are also seeing stronger interest in accountancy, observed Teo. 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 Anecdotally, some universities noted that, in their most recent admissions, 100 per cent of successful applicants had picked accountancy as their first-choice degree – a development that contrasts with the situation in recent years. Teo did not name the institutions. Out of the six autonomous universities in Singapore, five offer accountancy courses. Among them is the Singapore Institute of Technology. The university has recorded a more than 30 per cent rise in applications for its accountancy course over the past three years, and a 74.5 per cent increase in its programme intake in the last decade, said Associate Professor Koh Sze Kee, cluster director for business, communication and design. 'Alongside this growing demand, we continue to attract and admit a strong pool of students with high academic standing and a clear aptitude and passion for accountancy,' noted Prof Koh. Just last year, a report by the Accountancy Workforce Review Committee (AWRC) found that fewer students had been choosing accountancy as their top choice, although specific numbers were not disclosed. The AWRC was formed in 2022 to tackle manpower issues in the sector. Since then, recommendations such as boosting entry-level wages and creating more diverse qualification pathways have been adopted. Teo said that these moves – along with the combined efforts of Isca, the Accounting and Corporate Regulatory Authority (Acra), educational institutions, and industry players – have helped reverse the talent decline. Interest is also rising at the pre-university level. A representative from Temasek Polytechnic (TP), speaking at an Acra event last Tuesday (May 27), shared that its diploma in accountancy and finance programme has been attracting more first-choice applications. 'In terms of the last aggregate score, it has also improved across the years from five to 11, to four to 11, to three to 11 (in 2025),' the TP representative said. These aggregate scores refer to the O-level results of successful applicants, where lower scores indicate better performance. International plaudits Singapore's success in replenishing its accounting pipeline has not gone unnoticed internationally. 'I certainly have encouraged other parts of the globe to learn (from) what Singapore has been doing here,' said Lee White, chief executive officer of the International Federation of Accountants, in a recent interview with The Business Times. For instance, recent initiatives by Isca to engage pre-tertiary students in secondary schools, junior colleges and polytechnics are a 'simple, contemporary way' to tackle the sector's manpower challenges, noted White. He added: 'The way this is all marketed by Isca is very, very strong.' But Teo cautioned that this progress cannot be taken for granted. 'We have reversed the trend, but it's still a very long journey,' he warned. 'The trend, (at) anytime, can be reversed.' Some gaps remain. While perceptions that accountancy is a 'boring' career have improved 'slightly', more can be done to feature the profession's diversity. 'We need to do more; seeding that knowledge and the information needs a lot more work,' Teo said. He also wants to further expand the pool by encouraging more non-accounting graduates to qualify, and for closer rapport with businesses, to demonstrate the value of hiring accounting-trained staff. He also advised accountants not to look at their role and say they are 'just another finance person in the company'. 'You should also be (positioned as) a strategic person,... a right-hand person.'
The Sun
3 days ago
- Business
- The Sun
Concert organisers encouraged to apply for CEMI
KULAI: The Communications Ministry encourages concert and large-scale, high-impact event organisers to register with the new Concert and Event in Malaysia Incentives (CEMI) initiative to enjoy financial rebates. Its deputy minister, Teo Nie Ching said this initiative not only applies to the organisation of international concerts and events but also involves local artists in large-scale programmes within the country. According to her, RM10 million is allocated annually and applications have been open from May 15 and ends July 10. 'This programme is managed by MyCreative Ventures (MyCV), with the support of the Communications Ministry, focusing on organising concerts and high-impact events, particularly involving capacities exceeding 15,000 spectators with the participation of local and international artists. This is a new initiative introduced by the government to further invigorate the local arts industry,' she said at a press conference after officiating the Kulai parliamentary level SPM 2024 Excellent Student Contribution Programme at the Kulai Parliamentary District Education Office (PPD) here today. She said that there are several main conditions that organisers must comply with to qualify for the incentive, including having experience in organising large-scale events, with a capacity of 15,000 people within three years from the date of application. 'For financing of international artists, organisers need a minimum of 20 per cent of the total Qualifying Malaysian Concert and Event Spend (QMCES) with at least 30 per cent involvement of Malaysians to qualify for 30 per cent of the actual QMCES expenditure or a maximum of RM1.5 million (whichever is lower). The rebate will be fully disbursed after the project is completed and the final report is approved. 'For financing of local artists, on the other hand, the rebate distribution is the same, but the organisers must spend 70 per cent of the total QMCES in Malaysia to qualify for 30 per cent of the actual QMCES expenditure or a maximum of RM1 million (whichever is lower),' she said. In other developments, Teo, who is also the Kulai Member of Parliament, said a total of 107, 687 fraudulent contents or scams were removed by platform providers at the request of the Malaysian Communications and Multimedia Commission (MCMC) from January to April 15. She said that among the most frequently removed content were online gambling and scams. 'As of April 15, the takedowns carried out by the platform provider at the request of MCMC amounted to 107,687, with the majority being 57,669 related to gambling and 30,427 related to scams,' she also said. Therefore, she added, the public is advised to be more cautious and not easily be deceived by content or advertisements that promise high returns in a short period to avoid becoming victims of fraud.
Barnama
3 days ago
- Business
- Barnama
Concert Organisers Encouraged To Apply For CEMI
KULAI, May 31 (Bernama) -- The Communications Ministry encourages concert and large-scale, high-impact event organisers to register with the new Concert and Event in Malaysia Incentives (CEMI) initiative to enjoy financial rebates. Its deputy minister, Teo Nie Ching said this initiative not only applies to the organisation of international concerts and events but also involves local artists in large-scale programmes within the country. According to her, RM10 million is allocated annually and applications have been open from May 15 and ends July 10. "This programme is managed by MyCreative Ventures (MyCV), with the support of the Communications Ministry, focusing on organising concerts and high-impact events, particularly involving capacities exceeding 15,000 spectators with the participation of local and international artists. This is a new initiative introduced by the government to further invigorate the local arts industry," she said at a press conference after officiating the Kulai parliamentary level SPM 2024 Excellent Student Contribution Programme at the Kulai Parliamentary District Education Office (PPD) here today. She said that there are several main conditions that organisers must comply with to qualify for the incentive, including having experience in organising large-scale events, with a capacity of 15,000 people within three years from the date of application. "For financing of international artists, organisers need a minimum of 20 per cent of the total Qualifying Malaysian Concert and Event Spend (QMCES) with at least 30 per cent involvement of Malaysians to qualify for 30 per cent of the actual QMCES expenditure or a maximum of RM1.5 million (whichever is lower). The rebate will be fully disbursed after the project is completed and the final report is approved. "For financing of local artists, on the other hand, the rebate distribution is the same, but the organisers must spend 70 per cent of the total QMCES in Malaysia to qualify for 30 per cent of the actual QMCES expenditure or a maximum of RM1 million (whichever is lower)," she said. In other developments, Teo, who is also the Kulai Member of Parliament, said a total of 107, 687 fraudulent contents or scams were removed by platform providers at the request of the Malaysian Communications and Multimedia Commission (MCMC) from January to April 15. She said that among the most frequently removed content were online gambling and scams.
The Star
3 days ago
- Business
- The Star
More than 100,000 social media posts removed by MCMC, majority linked to gambling, scams, says Teo
KULAI: The Malaysian Communications and Multimedia Commission (MCMC) has taken down more than 100,000 social media posts that have been deemed harmful, says Teo Nie Ching. The Deputy Communications Minister said a total of 107,687 pieces of content have been removed by platform providers on the request of MCMC as of April 14 this year. 'From the amount, 57,669 were related to gambling while 30,427 were linked to scams. 'I take this opportunity to remind social media users not to fall for content that promotes 'too good to be true' or 'get rich quick' schemes,' she said after presenting incentives to Sijil Pelajaran Malaysia high achievers here on Saturday (May 31). Separately, Teo also urged concert organisers to apply for a new initiative by her ministry called the Concert and Event in Malaysia (CEMI), which has an annual allocation of RM10mil. She said concerts with international artists could enjoy a 30% rebate on its actual Qualifying Malaysian Concert and Event Spend (QMCES) expenditure or a maximum of RM1.5mil. 'To qualify for this, the organiser must meet conditions such as having a minimum capacity of 15,000 attendees and hire 30% Malaysian manpower for the event. 'For events with local artists, organisers could enjoy 30% rebate of its actual QMCES or RM1mil if they meet the conditions for the incentive,' she said, adding that the conditions and application could be done online. Teo added that CEMI, managed by MyCreative Ventures with the support of the ministry, was to support the organisation of large-scale concerts and events in Malaysia. She said the incentive is open for application starting May 15 until July 10 for events taking place this year or next year.
