Faced with layoffs, hiring freezes, and a significant decline in funding within the Southeast Asian tech
ecosystem, there has been a notable shift in compensation trends in Singapore’s tech industry.

In contrast to the preceding two years, during which technology salaries experienced substantial
growth, there is now an overall decrease in salaries for various tech positions, according to Nodeflair’s annual tech salary report. This includes software engineers, who are traditionally among the top earners in the industry.

Despite the overarching salary reductions, one sector stands out: artificial intelligence (AI). As the industry increasingly pivots towards AI technologies, compensation for roles in this domain has witnessed a notable upswing.

In particular, data science roles, including positions such as AI engineers, machine-learning specialists, and deep-learning experts, have seen a noteworthy increase of over 10 per cent in average salaries, marking a growing interest and investment in AI technologies.

The median starting pay for junior data scientists in S$7,500

Based on the salary data derived from NodeFlair’s proprietary database, which includes verified user-submitted pay slips and offer letters, the median pay for a junior data scientist hovers around S$7,500.

Meanwhile, data scientist leads earn up to S$17,000 per month, marking a 27 per cent increase as compared to the previous year.

Other tech roles that have seen an uptick in salaries besides data scientists include quality assurance, systems analysts, mobile engineers, and product managers.

With a 22 per cent year-on-year increase in cyber attacks across Asia Pacific, cybersecurity engineers also see an average salary increase of 8.24 per cent. The median salary of junior cybersecurity engineers is S$4,750, while the 90th percentile of lead cybersecurity engineers makes S$16,000 per month.

Software engineers still remain the highest-paid tech role

Based on the report, the role that has seen the highest pay cut is game engineers, with their pay dipping by 6.66 per cent in 2023.

This is followed by solutions engineers, blockchain engineers, DevOps, data engineers, data analysts, and software engineers.

Software engineer salaries decreased by an average of 0.99 per cent in 2023, compared to an increase of 7.61 per cent in 2022. Despite this dip, they remain the highest-paid tech role, with the 90th percentile of software engineer managers earning S$20,500 per month.

Despite the decrease in salaries this year, they still surpass those observed two years ago. This indicates that the current adjustments reflect a move towards a more balanced and realistic compensation structure.

However, the report also highlights a notable disparity between the industry’s highest and lowest earners, with the former making up to three times more than the latter.

More companies are paying tech talents 20% above market median

Amid the upheavals in the tech industry, job seekers are now prioritising companies that provide stability—workers are now drawn to firms that not only offer competitive salaries but are also financially stable and committed to avoiding layoffs. 

Salary has also won over priorities of previous years, including work-life balance and employee benefits.

At the same time, an increasing number of companies are paying salaries 20 percent higher than the market median. Among the top 14 most searched tech companies, 10 offer salaries at least 20 percent above the market median, while most others offer salaries 10 percent higher than the median.

This represents a significant departure from the previous year, where only six out of 16 companies paid salaries 20 percent above the market median.

Remote hiring will become more prominent

Looking forward to 2024, the tech hiring landscape is poised for further evolution and innovation, particularly with the ascent of generative AI.

To address talent shortages, Ethan Ang, the CEO of NodeFlair, anticipates a notable surge in cross-border and remote hiring practices within the tech industry.

“As we step into 2024, the tech industry grapples with talent challenges amidst the rise of generative AI and financial prudence,” says Ethan. With flexible hiring strategies, organisations will be empowered to build resilient, globally diverse tech teams, driving unprecedented innovation and success in today’s dynamic landscape.

Next year will also see a notable increase in the use of AI tools in hiring. These tools streamline recruitment workflows for efficiency and unbiased candidate evaluation. Advanced AI systems, particularly in coding assessments, are set to transform interview and assessment procedures, introducing safeguards for the integrity of the hiring process.

Featured Image Credit: Unscrambled

Japan’s trading and investment company Mitsui & Co announced yesterday (April 4) that they have joined hands with Rohto Pharmaceutical Co to buy Eu Yan Sang International in a deal valuing the brand at S$800 million (US$594 million).

According to a press release, Mitsui & Co stated that a special purpose company jointly owned by Mitsui and Rohto would acquire around 86 per cent of Eu Yan Sang from investment firm Righteous Crane Holding.

The Japanese investment firm also added that a takeover bid for the remaining 14 per cent of the homegrown Traditional Chinese Medicine (TCM) brand will be made.

In a separate statement issued yesterday, Righteous Crane Holding is owned by a fund managed by Tower Capital Asia, a unit of Temasek Holdings and founding family members of Eu Yan Sang, who will also reinvest partially into the Misui-Rohto special purpose company following the deal.

In their statement, Mitsui & Co shared that the acquisition is expected to be completed by 30 June 2024. Deutsche Bank and UBS will also be acting as financial advisers to Eu Yan Sang, with WongPartnership as the legal counsel.

The acquisition aims to spur greater growth for Eu Yan Sang

Eu Yan Sang first opened as a medicinal hall in 1879. Since then, it has grown to be a mainstay TCM brand, operating over 170 retail outlets and 30 clinics in Singapore, Hong Kong, and Malaysia.

Prior to the announcement, Mitsui & Co. indirectly invested in Eu Yan Sang in November 2022, which helped to increase the brand’s value and spur overseas expansion.

Through these activities, Mitsui reconfirmed EYS’s strong business potential and how Mitsui could contribute to its business expansion, which led to Mitsui’s decision to re-invest in EYS with ROHTO and the founding family through the SPC.

Leveraging the competitiveness of EYS’ brand and products in Asia and ROHTO’s R&D and marketing capabilities, Mitsui will work to create an innovative new business.

Mitsui & Co in a press release dated 4 April 2024

Righteous Crane Holding took the company private after the brand was delisted from the Singapore Stock Exchange in 2016. The deal valued the brand at about US$196 million at the time.

In January, Reuters reported that Mitsui and Hillhouse had emerged as the final bidders for Eu Yan Sang for a deal valued at US$700 million, according to sources.

Featured Image Credit: Eu Yan Sang

The Forbes 2024 list of the world’s richest people, which was released on Tuesday (April 2), revealed that there are now more billionaires than ever: 2,781 in all, 141 more than last year and 26 more than the record set in 2021.

They are richer than ever, worth US$14.2 trillion in aggregate, up by US$2 trillion from 2023 and US$1.1 trillion above the previous record, also set in 2021.

French luxury goods titan Bernard Arnault topped the ranking for the second consecutive year after his net worth grew by 10 per cent to US$233 billion, while Elon Musk remained in the second spot, with a fortune of US$195 billion, up 8 per cent from 2023.

There were also 265 newcomers to the list, including fashion designer Christian Louboutin, with a net worth of US$1.2 billion, and pop star Taylor Swift, whose wealth stood at US$1.1 billion.

Among the world’s wealthiest, 39 Singaporeans have made this year’s Forbes list, with one-third of them amassing their wealth from real estate.

Out of the 39, we have compiled a list of the 10 wealthiest Singaporeans, with a breakdown of the businesses they helm:

1. Li Xiting

Ranking No. 126 globally, Li Xiting, founder of medical equipment firm Mindray, remains the wealthiest Singaporean on the list. He was born in Anhui, China, but relocated to Singapore and obtained citizenship here in 2018.

The 73-year-old co-founded Mindray in 1991 and achieved his wealth by selling ventilators and medical devices. Due to high demand, Li witnessed a significant increase in his net worth during the Covid-19 pandemic, however, since its peak in 2021, his net worth has seen a steady decline.

According to Forbes, his total net worth of US$15.1 billion this year is down from US$16.3 billion reported in 2023, and his global ranking has also slipped from No. 103 last year.

2. Goh Cheng Liang

Following closely behind Li is paint manufacturing tycoon Goh Cheng Liang at No. 154, with a total net worth of US$12.7 billion. He earns most of his wealth from a majority stake in Japan’s Nippon Paint Holdings.

Goh wasn’t always on top of the world. Born to a jobless father and a mother who did laundry for work, he grew up in poverty and sold fishnets and rubber tappers for income. After stumbling into the paint business after World War II, he started making paints in a small factory in Singapore before he partnered with Nippon Paint in 1962. From then onwards, he dominated the field in Singapore and beyond.

Today, his companies, Wuthelam Holdings and Yenom Industries, include a wide array of businesses, from retail and distribution to golf courses, logistics, a Chinese mining company, marinas, hotels, and housing developments worldwide.

3. & 4. Philip Ng and Robert Ng

The third and fourth richest Singaporeans to make the 2024 Forbes billionaire list is Phillip Ng at No. 373 and his brother Robert Ng, at No. 385, with net worths of US$7.2 billion and US$7.1 billion respectively.

Philip Ng and his brother control Far East Organization, Singapore’s largest private landlord and property developer—the company produces one in every six houses sold to the public. Philip oversees the Group’s Singapore interests, while Robert runs their Hong Kong arm, Sino Group.

Far East Organisation was founded by the siblings’ father Ng Teng Fong, who moved from China to Singapore in 1934 and came to be known as “The King of Orchard Road.”

5. Jason Chang

Jason Chang, the 79-year-old chairman of Taiwan-based Advanced Semiconductor Engineering (ASE), a provider of independent semiconductor assembling and test manufacturing services, comes in fifth. Jason ranks No. 417 globally, with a net worth of US$6.6 billion.

ASE was founded back in 1984, opening its first factory in Kaohsiung, Taiwan–where it is now based. Its other plants are located in China, South Korea, Japan, Malaysia and Singapore, with offices and service centres in China, South Korea, Japan, Singapore, Belgium and the United States

Along with his brother Richard, Jason is also a major investor in Sino Horizon, a commercial real estate developer.

6. Zhang Yong

The sixth richest Singaporean and No. 624 on the list is Zhang Yong, the Chinese-born Singaporean business magnate behind the Haidilao restaurant group.

Despite dropping out of high school and lacking a culinary background, the entrepreneur has grown the chain to nearly 1,500 restaurants today. The restaurants are mostly located in China but also in the United States, Japan, South Korea, and Singapore.

Haidilao’s HK$7.6 billion initial public offering in 2018 made Zhang a billionaire, and his net worth is valued at US$4.9 billion today.

7. Jason Jiang

Coming in at No. 871 is Jason Jiang, the founder, chairman and CEO of Alibaba-backed Chinese outdoor advertising firm Focus Media Information Technology, with a net worth of US$3.7 billion.

The firm boasts elevator screens and movie theatre media networks in 300 cities across China, and 70 overseas.

The 51-year-old’s company went public on the Nasdaq Stock Exchange in 2005. However, following negative publicity from a short seller, it was taken private in 2013. In 2016, it went public in Shenzhen through a backdoor listing.

8. Forrest Li

The ninth richest Singaporean on this year’s Forbes list is Forrest Li, founder of online gaming and e-commerce firm Sea. With a net worth of US$3.6 billion, Li ranks No. 896 globally.

Li first entered the ranks of Singapore’s richest after listing Sea on the New York Stock Exchange in October 2017. Since its IPO, the firm reported its first-ever quarterly profit of US$423 million in the fourth quarter of 2022.

However, Li’s net worth has steadily declined since its peak of US$12.4 billion in 2021. In 2022, it more than halved to US$5.3 billion, and further declined to US$4.6 billion last year.

9. Kwek Leng Beng

Hotel and property tycoon Kwek Leng Beng is the ninth richest Singaporean to be featured on this year’s Forbes list, ranking No. 949 with a net worth of US$3.4 billion.

He heads the Hong Leong Group, which his father founded, and is the executive chairman of the property and hotel group City Developments Limited. In 2018, the 83-year-old’s son, Sherman Kwek, took charge as City Developments’ group CEO.

Kwek came into prominence in the 1990s after acquiring a string of hotels to found the Millennium & Copthorne chain. In 1995, he and Saudi Prince Alwaleed Bin Talal acquired the Plaza Hotel in New York, which was a high-profile acquisition.

10. Choo Chong Ngen and Kuok Khoon Hong

Tying at No. 1143 with net worths of US$2.9 billion each are Choo Chong Ngen, the founder and chairman of Worldwide Hotels, and Kuok Khoon Hong, the co-founder, chairman, and CEO of Wilmar International.

Choo made his fortune in textiles before launching his Hotel 81 budget hotel chain in Geylang in 1993. Since then, it has grown into Singapore’s largest budget hotel chain. Hotel 81 is one of six hotel brands in his portfolio, the others being Value Hotel, Venue Hotel, V Hotel, Hotel Boss, and Hotel Mi.

Currently, Worldwide Hotels operates 38 hotels in Singapore, with over 6,500 rooms contributing nearly 10 per cent of the country’s total hotel inventory.

Meanwhile, Kuok cofounded Wilmar in 1991 and built it into one of the world’s largest palm oil producers. The enterprise launched an initial public offering on the Singapore Stock Exchange in 2006 with a capitalisation of S$2.38 billion.

Kuok has long dabbled in the industry prior to starting up Wilmar International. In fact, the 74-year-old had been involved in the grains, edible oils and oilseeds businesses since 1973, playing an integral role in many projects involving the establishment of oil palm plantations across Asia and Africa.

Four Singaporeans made their debut in this year’s list

This year’s list also sees four new Singaporean entrants, including the three sons of the late banking tycoon Wee Cho Yaw.

Wee Ee Cheong, 71, ranked No. 1945 with a net worth of US$1.6 billion, while his brothers, Wee Ee Chao and Wee Ee Lim, have a net worth of US$1.3 billion each, tying for No. 2287 on the list.

The fourth newcomer was 67-year-old John Lim, the co-founder and deputy chairman of ARA Asset Management, coming in at No. 2692.

Featured Image Credit: Sea/ Forbes/ Tatler/ Getty/ Zhang Yong via Facebook

Australian alternative protein company Vow launched its cultivated quail meat, Quailia, yesterday (April 3) in Singapore after receiving regulatory approval from the Singapore Food Agency (SFA).

Under the brand Forged, Quailia is described as an “entirely new cultivated meat” made from the cells of a Japanese quail.

According to an article by The Straits Times, co-founder and CEO George Peppou shared that the company wanted to create a product that was “distinctively different” from meat that consumers are already accustomed to, such as chicken, pork, or beef. 

“People have a general vibe of what quail tastes like, but they don’t have a very distinct impression of its taste as they would with other conventional types of meat,” explained Peppou.

He also shared that it took 15 months for the company to receive approval from the SFA for the sale of its cultivated quail as a food ingredient. The license will allow Vow to develop all kinds of quail-derived food products, including whole meat cuts, without further approval from the authorities.

The Forged Parfait will be available to the public for tasting at Mori restaurant from April 12 to 27, as part of a S$289 seven-course omakase menu with alcoholic drink pairings.

According to Forged’s website, the brand will be announcing its first restaurant collaboration in May this year and has plans to launch new flavours down the road.

Doesn’t want to compete in taste with “real meat”

Quailia is currently produced in Sydney, where scientists start by taking a small sample of cells from a Japanese quail species and isolating the cells that contribute to the parfait’s taste and texture.

These cells are then cultured in a bioreactor – a stainless steel tank similar to the ones found in a brewery. To bring out the “gaminess of quail”, ingredients including butter, seasoning and cognac are added to make the parfait.

Unlike many cultivated meat companies, Vow does not intend to replace agricultural-grown meats with their products. In a self-written article, Peppou pointed out the challenges that many of Vow’s predecessors experienced in changing consumer behaviours with their alternative proteins.

You’re not going to change consumer behaviour by offering them something which is a similar enough version of what they already consume.

Externalities like sustainability or animal ethics are not enough for us to change our behaviours for very long, despite what we’d like to believe. This is why plant-based alternatives have plateaued in sales in the past three years; the ethical or moral motivations aren’t reason enough to get meat-eaters to forgo a thing they love, and any alternative is fighting against a lifetime of experience on what chicken is and isn’t.

George Peppou, co-founder and CEO of Vow in a written article on Medium

Over the past few years, the cultivated meat industry has started out with much fanfare. However, many alternative protein companies have plateaued and been unable to achieve commercial success.

A notable case in Singapore would be Shiok Meats, who garnered media attention for their cell-based siew mai and cultivated crustacean products. The food-tech startup has shared that they were unable to scale their production process and experienced high turnover rates as a result.

In March this year, the company merged with another Singapore-based startup, Umani Bioworks (previously known as Umami Meats), to spur regulatory approvals and launch its products into the market.

Despite the industry’s scrutiny, Peppou shared that he has remained confident in the firm’s commercial viability through its “one-of-a-kind” products.

The firm previously raised US$49.2 million in Series A funding in 2022, where the funds will be used to build their second factory facility and bring their products to the market.

Vow was also the mastermind behind the “mammoth meatball,” which went viral last year because it was created using the DNA of the extinct mammoth. While the meatball was not made for consumption, the firm also boldly stated the “potential of cultured meat from many different perspectives.”

Whether it is blind optimism or a new breakthrough in the cultivated meats industry, only time can tell the success of Vow and Forged.

Featured Image Credit: Square Peg Capital, Vow

Carousell Group has expanded its luxury segment by acquiring LuxLexicon, a Singapore-based luxury bags reseller and authenticated luxury consignment platform, today (April 2).

The secondhand marketplace is looking to extend its gains in the luxury resale market with the acquisition as it seeks to tap a market projected to reach US$7.5 billion by 2026. Over the last two years, the company said it has seen a surge in its high-end bag listings, with an increase of 71 per cent per month.

While Carousell did not disclose how much LuxLexicon was acquired for, filings with the Accounting and Corporate Regulatory Authority of Singapore show that Carousell paid for the deal in a mixture of cash and shares amounting up to S$2 million worth, the Business Times reports.

The acquisition will also allow LuxLexicon to leverage Carousell Group’s expertise in online recommerce and overseas expansion for future growth. LuxLexicon will continue to be led by its founder, Florence Low, and operate as its own brand, retaining its name, retail space, and team.

Carousell Group has also made acquisitions for fashion, mobiles and autos

Over the past couple of years, Carousell Group has been strengthening its recommerce foundations to drive the company’s multi-category approach on its top growth categories, including Luxury.

In 2023, it launched two initiatives to make buying and selling luxury bags more reliable and user-friendly, including the Carousell Certified Luxury program, which verifies the authenticity of high-end bags and the Sell to Carousell Luxury service, which allows users to sell or consign their bags to Carousell.

Marcus Tan, the co-founder of Carousell Group, says that he initially met Florence Low, the founder of LuxLexicon, to partner with the business for Carousell’s Certified Luxury programme.

“After conversations, we realised that we had a similar vision, and by joining forces with LuxLexicon’s expertise, we could help each other supercharge our luxury bag business in Southeast Asia, Hong Kong and Taiwan over the next few years,” he shares.

Apart from Luxury, the secondhand platform also had made acquisitions for fashion, mobiles and autos over the years. The acquisition of LuxLexicon follows the group’s 2022 acquisition of Indonesian electronics recommerce platform Laku6 and Singaporean omnichannel fashion recommerce retailer REFASH.

Although the company views organic growth as a top priority, Carousell Group will continue to seek acquisition opportunities with the “right partners across its focus categories and markets to accelerate the future of secondhand in Greater Southeast Asia”.

Featured Image Credit: Carousell Group

Also Read: “This space marks a coming-of-age”: Carousell unveils new regional HQ at one-north in S’pore

Grab will be discontinuing their GrabPay digital and physical cards from June 1, 2024 onwards.

In an announcement on its website, the mobility and tech giant stated that users will no longer be able to make online and offline transactions with their digital or physical GrabPay cards from June this year. The company will also not be accepting new card applications starting in April.

Grab stated that the decision came after evaluating its existing financial services, where they saw higher adoption of other Grab offerings, including PayLater by Grab and GrabPay e-wallets. They have also expressed their ambition to refine their fintech offerings to provide better user experiences.

We thank our customers for their support of GrabPay Card over the last few years, and remain committed to serving our customers and partners through other financial offerings on the platform.

Grab via their announcement on their website

As the discontinuation will only be effective from June this year, Grab has stated that users can continue to use their GrabPay Card to earn GrabRewards points on all eligible online and in-store transactions in Singapore and overseas until May 31. The number of points earned from transactions after the discontinuation will not change.

Card replacement requests can still be made until the end of April, and users who have yet to activate their physical cards may continue to do so until May 31.

Grab will also continue with ongoing transaction disputes until September 30.

The news of the GrabPay card discontinuation comes after the company’s largest round of layoffs in June last year and the winding-down of its investment arm, GrabInvest.

A look back to “Asia’s first numberless card”

GrabPay cards were launched in Singapore in 2019, with Grab touting it to be “Asia’s first numberless card”.

This came following their partnership with Mastercard, which allows users, including those without bank accounts, to pay at 53 million merchants that accept Mastercard cards.

GrabPay cards were an extension of the GrabPay e-wallets, which it was designed to “address major security concerns users associate with transacting both online and offline”.

Many Singaporean fintech players have since launched their own digital cards, notably Trust Bank with their Trust Supplementary card and GXS Bank with their line of debit cards.

It is worth noting that these two digital banks have been refining and expanding their digital finance products and services in recent months, which has increased the competition for Grab and their GrabPay cards.

Featured Image Credit: Grab

Homegrown maritime electrification technology start-up Pyxis launched Singapore’s first fully electric workboat, the X Tron, on March 27.

With the launch, the start-up aims to provide port and ship workers who shuttle between mainland Singapore and ships anchored in the Republic’s waters with quieter, cleaner and greener rides over the sea.

The X Tron measures 14.8m in length and can ferry up to 12 passengers and a crew of two—similar to conventional diesel equivalents. Its range is up to 50 nautical miles, which is enough for two round trips from its operational base, Marina South Pier, and its surrounding anchorages.

The vessel utilises the same charging port electric vehicles. With a high-speed 150 kW charger, it takes about two and a half hours for it to get to full charge. One such charger will be located at Marina South Pier as part of a trial to be conducted by Pyxis and SP Mobility in April.

Pyxis took 11 months to manufacture X Tron and hopes to eventually get this down to six months in the future.

Pyxis aims to launch more than 100 electric vessels by 2030

X Tron is the first in a series of electric port passenger vessels made by Pyxis called Pyxis One. The start-up has two other product lines in the works, including the Pyxis R, an electric river boat that can accommodate 50 passengers designed to be used for sightseeing tours on the Singapore River, and the Pyxis L, a more luxurious variant of Pyxis R.

Vessels in the Pyxis One product line, including the X Tron, are expected to save up to 120kg of carbon emissions per hour compared to equivalent diesel vessels.

Including the X Tron, Pyxis now has a total of 13 vessels on its order book. The company aims to deliver all of them by 2026. The start-up’s larger goal is to launch more than 100 electric vessels across the Asia-Pacific region by 2030, it added.

“As frontrunners in the coastal maritime sector, we aim to propel the beginning of a new era in Singapore’s maritime industry by making electrification accessible to all,” said Tommy Phun, Pyxis’ Founder and CEO.

“Pyxis is founded for the industry, by the industry”

Founded by seasoned industry experts in 2022, Pyxis aims to spearhead the transition to a sustainable, greener and more efficient maritime future in both local and regional ports. In Singapore waters alone, an estimated 1,600 harbour crafts are ready to be electrified.

Earlier in February, the company secured S$4.5 million in a seed funding round co-led by Motion Ventures and Shift4Good. Other participants of the fundraise include Seeds Capital, MarImpact, ShipsFocus, Tian San Shipping, Kim Ann Investments, and LCC Resources.

Alongside Pyxis’ electric port passenger vessels, the company also aims to usher automation and digital transformation in the maritime industry through its digital platform, Electra—an all-in-one platform for fleet management, electric charging, route optimisation, predictive maintenance, and emissions reduction tracking.

Pyxis is founded for the industry, by the industry. It is our strong network, industry expertise, and proprietary technology that allows Pyxis to focus on data-driven designs and optimisations in expanding beyond Singapore to sister ports in the APAC region.

Our team of industry experts is immersed in the intricate workings of the coastal maritime landscape and is united by a shared vision to overcome the sector’s demands and challenges.

– Tommy Phun, Founder and CEO, Pyxis

Featured Image Credit: Pyxis

According to a recent report from investment and wealth management firm Philips Capital, regional healthcare company Thomson Medical Group (TMG) may be an opportunity for investors and industry watchers.

The report noted that TMG had only registered a value of S$91 million on its books for its plot of freehold land in Iskandar, which is 1 million square feet.

At current real estate prices, Philips Capital estimates that it could yield a gross development value of S$3.6 billion and a development gain of about S$1.1 billion when fully developed. The approved development plot ratio is 11x, and upon full development of the freehold land, its book value will be revised upwards to reflect its market value.

TMG may be undervalued, given its current valuation of S$1.4 billion (as of 26 March).

The value of the real estate could also rise with the completion of the railway link between Singapore and Johor Bahru in 2026 and the establishment of a free trade zone in the area.

In addition, the freehold land is strategically located near the Johor waterfront and a five-minute drive from the Johor CIQ customs complex. The proximity to key transportation hubs and scenic waterfront views make it highly desirable for commercial development.

Thomson Medical Group’s key growth engine

Founded in 1979, TMG is a leading healthcare provider in Southeast Asia. It operates three tertiary hospitals with 757 licensed beds across Singapore, Malaysia, and, most recently, Vietnam, with the S$517.1 million acquisition of FV Hospital in December.

The Group also runs a chain of specialist medical centres and diagnostic centres in Singapore, fertility centres in Malaysia, and chiropractic clinics in Vietnam.

According to Philips Capital, TMG’s operations in Malaysia serve as the primary driver of the Group’s growth.

The number of inpatients in Malaysia has risen by more than 20 per cent each in the last two years, while the average bill size grew by 6 per cent. As TMG continues to improve service quality and offerings, Philips Capital believes that the Group can continue to attract more foreign patients, especially in Malaysia.

Featured Image Credit: Thomson Medical Group

Alibaba’s Ant Group has made an additional S$200 million investment into ANEXT Bank, its wholly-owned subsidiary and SME digital bank, according to news reports made yesterday (March 25).

According to DealStreetAsia, the digital finance and tech giant previously pumped S$250 million into the digital bank, with the total investment amounting to approximately US$502.61 million.

This investment aims to spur Ant Group’s efforts in digital finances in Singapore and the Southeast Asian region following its receipt of a digital wholesale banking license from the Monetary Authority of Singapore (MAS) in late 2020.

ANEXT Bank has been making losses since its launch

However, the bank has reported an almost fivefold increase in financial losses, from about S$6,000 to S$33,000 in 2021 and 2022, respectively, despite earning S$3,195 in revenue in the latter year.

This investment is a critical move to ensure that the bank can continue empowering micro, small, and medium-sized enterprises (MSMEs) and championing financial inclusion. As of 2023, 78 per cent of ANEXT Bank’s Business Account customers are micro-businesses, and 51 per cent of ANEXT Bank’s business loan customers are MSMEs.

Ant Group launched its Singapore office in September 2023 as part of its global strategy. Speaking at the Singapore Fintech Festival that same year, Eric Jing, CEO of Ant Group, aims to capitalise on the increase in digital technology adoption in the ASEAN region.

Featured Image Credit: ANEXT Bank

Ministry of Manpower has just released its annual summary of the trends in job vacancies in Singapore, together with a list of the professions seeking the most positions that companies seek to fill.

The survey is very comprehensive, having covered private sector companies which employ at least 25 people and the public sector comprising government ministries and statutory boards.

A total of 16,800 establishments employing 2,168,900 employees responded to the survey, with a response rate of 89.0%, between 15 September 2023 and 19 December 2023.

Here’s the breakdown of the findings:

New job creation picks up

2023 was the best year for new job vacancies since 2018 when the figure was first reported. Nearly half, 47.3 per cent, were new positions.

The slight dip in 2022 is somewhat understandable, given the post-pandemic hiring spree, which was all about filling the jobs that were lost in the pandemic, but the bump vs. pre-pandemic levels shows high levels of optimism even as Singapore economy is now employing more people than ever.

Where are those new jobs created?

Unsurprisingly, the industry with the highest proportion of new openings remains the ICT sector, which is forever hungry for more IT talent. Nearly three out of four openings were created over the past year. It’s no surprise then that even fresh graduates can expect starting salaries of $5000 to over $6000 per month.

In second place comes the still booming construction sector, although, with cooling measures taking greater effect, this may taper off in the coming year or two.

Interestingly, food and beverage services and retail trade are also hiring more than they are simply replacing, followed closely by transportation and finance, the bedrock of the Singapore economy.

On the opposite end, real estate is showing signs of saturation, as is accommodation and arts & recreation, still seeking to fill the post-pandemic gaps, as travel to Singapore is back to 2019 levels and set to grow in the coming years.

PMETs in demand

It’s quite remarkable that as recently as 2017 non-PMET vacancies still outnumbered the PMET jobs on offer. Within a decade since 2014, the proportions have reversed, showing a progressing professionalisation and uplift of Singapore’s labour force, as more and more jobs require more advanced expertise (driven mostly by the tech sector).

Obstacles to employment

We often hear that many seemingly good, decent jobs for professionals are picked up by foreigners, but there are certain reasons why local residents (citizens and permanent residents) either refuse or simply can’t fill them.

And, as it is often cited by employers, the main reasons are the lack of skills or experience, with insufficient pay being the cause in just 1/3rd of all cases of vacancies remaining on the market for more than six months.

Degrees matter less and less

Reflecting global trends, another revolution in Singapore’s labour market is the rapid decline in the importance of academic qualifications.

Of course, this was never a major factor for most non-PMET jobs, but since 2017 it has very rapidly become a non-issue for PMET positions as well.

From just nearly 60 per cent seven years ago to just 33 per cent today — this is how rapidly the importance of your formal education has declined.

For two-thirds of all vacancies, even among professionals, employers will consider candidates who do not command the necessary basic education for the role, provided that they can offer other valuable traits. Businesses place greater emphasis on experience and real-life skills rather than paper qualifications, and that seems to be both fairer candidates and better for the economy.

Top vacancies with expected salaries

According to MOM, educational background is not the main consideration chiefly among software and media developers, management executives, business development managers, sales executives, and even some teaching and training professionals.

Incidentally, all of them are on the list below:

Top 10 PMET Vacancies

Rank	Occupation	Range of wages offered
1	Software, Web & Multimedia Developer	$5,000 to $8,505
2	Teaching & Training Professional	$3,080 to $8,580
3	Commercial & Marketing Sales Executive	3,000 to $4,200
4	Management Executive	$2,400 to $6,250
5	Budgeting & Financial Accounting Manager	$7,000 to $10,000
6	Industrial & Production Engineer	$4,000 to $6,500
7	Management & Business Consultant	$5,000 to $8,000
8	Systems Analyst	$5,500 to $9,663
9	Registered Nurse & Other Nursing Professional	$2,730 to $5,000
10	Business Development Manager	$6,000 to $10,000

This proves that not only does the labour market reward skills and experience more than paper qualifications, but that education in Singapore should place greater emphasis on developing practical competences from a young age to future-proof the new generations for growing international competition.

After all, if you don’t evolve, you’re not only standing still—you’re falling behind.