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Sengkang GRC Victory: How The Workers’ Party Won And What Went Wrong For The PAP

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Following the General Election 2020’s results on Saturday morning (July 11), the People’s Action Party (PAP) has lost another Group Representation Constituency (GRC) in a “tough fight” against the Workers’ Party (WP).

Sengkang GRC fell to the WP with 52.13 per cent of the vote against 47.87 per cent by the PAP.

On top of that, The Workers’ Party has maintained its stronghold on Aljunied GRC since the 2011 General Election.

How did four relatively fresh faces from WP win against a PAP team consisting of three political office-holders?

Who Was In The PAP Team?

(From left to right) Raymond Lye, Amrin Amin, Ng Chee Meng and Lam Pin Min / Image Credit: Ng Chee Meng’s Facebook page

The PAP team was led by Ng Chee Meng, and consisted of Dr Lam Pin Min, Amrin Amin and new face Raymond Lye.

Ng Chee Meng

Ng Chee Meng is the Secretary-General of National Trades Union Congress (NTUC) and had contested in Pasir Ris–Punggol GRC in the 2015 general election. The PAP team won, clinching 72.89 per cent of the vote.

Following the 2015 general election, Ng was appointed acting Minister of Education (Schools). Subsequently, Ng was the Second Minister for Transport and Minister of Education (Schools) from 1 November 2016 – 30 April 2018.

He was also conferred an incumbent minister in the Prime Minister’s Office in 2018.

In light of losing to the WP team in the 2020 General Election, he has since lost his ministerial post.

For the record, this is the first time he has ever led a General Election and he has less than 5 years of office-holder appointments.

While he will remain secretary- general of the NTUC, people may have been unhappy with the job losses during the pandemic, though he has said that NTUC “will continue preserving and creating jobs”.

Lam Pin Min

Dr Lam was first elected to parliament at the 2006 general election as a member of the PAP team led by Prime Minister Lee Hsien Loong in the Ang Mo Kio GRC. The team defeated Workers’ Party with 66.1 per cent of the votes.

He then stood at the 2011 general election in the single-member Sengkang West SMC and won 58.1 per cent of the votes against Koh Choong Yong of the Workers’ Party.

At the 2015 general election, Lam defeated Koh again in Sengkang West SMC after scoring 62.1 per cent of the vote. Sengkang West SMC, in light of the 2020 General Election, would later on be dissolved and split between Ang Mo Kio GRC and the new Sengkang GRC.

Lam also served as the Chairman of the Government Parliamentary Committee for Health from 2009 to 2014 (having previously been the Deputy Chairman from 2006 to 2008).

In August 2014, Lam was appointed a Minister of State in the Ministry of Health.

Subsequently in May 2017, Lam was appointed Senior Minister of State in the Ministry of Health and the Ministry of Transport.

In November 2019, Dr Lam had announced the ban of e-scooters on footpaths. Food delivery riders then turned up in droves at various meet-the-people sessions in different constituencies, to voice out their frustrations against the ban.

Apparently, the meet-the-people session with Dr Lam was the most heated session as several participants suggested to reverse the ban and criticised the decision behind it. Many depended on food delivery as their livelihoods.

Many were also not receptive towards the S$7 million trade-in assistance programme, which allow riders to switch their devices to power-assisted bicycles or e-bikes without any added cost to themselves.

Amrin Amin

Amrin Amin was Senior Parliamentary Secretary for Home Affairs and Health and previously served at Sembawang GRC for Woodlands from September 2015 to June 2020.

Amrin had became a prominent grassroots activist in Sembawang GRC soon after the General Elections of 2011. Subsequently in 2015, Amrin was also elected as an MP for Sembawang GRC.

He was then fielded as a candidate of Sengkang GRC for GE 2020. With that, it is safe to say that he was a new, unfamiliar face in the Sengkang space.

Raymond Lye

Lye is a Managing Partner of Union Law LLP and previously served as a Magistrate and Deputy Registrar of the State Courts, before joining private practice, and founding his own law firm in 2014.

He has more than 20 years of town council experience and is the chairman of the Punggol East Citizens’ Consultative Committee.

He was also conferred the Public Service Star (BBM) and Public Service Medal (PBM) in 2008 and 1998 respectively.

Despite that, he may have been a relatively new face in the Sengkang GRC.

Who Was In The WP Team?

(Clockwise) He Ting Ru, Jamus Lim, Louis Chua and Raeesah Khan / Image Credit: WP

The WP team is led by lawyer He Ting Ru, and also consists of associate professor Jamus Lim, social activist Raeesah Khan and equity research analyst Louis Chua.

He Ting Ru

He Ting Ru had made her debut in the 2015 General Election, garnering 35.93 per cent of the vote in Marine Parade GRC against the PAP team led by then Emeritus Senior Minister Goh Chok Tong. 

Among the opposition candidates who made their debut at the 2015 General Election, she arguably rose to prominence the fastest.

The Cambridge-educated corporate lawyer was quickly heralded as the new Nicole Seah, after the former National Solidarity Party candidate who made such a splash in the 2011 General Election.

The similarities between He and Seah were uncanny — young, articulate, well-educated and easy on the eye.

Jamus Lim

There was nothing quite like the rousing speech WP’s Jamus Lim gave, which shook up the entire nation.

During a live debate broadcast on TV on 1 July, Associate Professor Lim who represented the WP, had become the party’s star candidate as he held his own against Foreign Minister Vivian Balakrishnan.

The WP is not trying to deny the ruling PAP a strong mandate, he had said.

“What we’re trying to deny them is a blank cheque,” added Lim, an economist at Essec Business School.

“I call on voters: If you believe in having all voices heard, if you believe that we succeed only when we have sound and rational debate about what matters, if you believe in the essence of a democratic, modern society for the 21st century, then we ask that you make your vote count, and that you will vote for the Workers’ Party.”

Prof Lim, in his closing statement, said it was clear from the debate, which he said he had enjoyed, that the PAP “does not have a monopoly on the best ideas on how we should bring society forward”.

Tackling the question on improving the lives of Singaporeans despite the economic outlook regionally and internationally, Lim pointed out that Singapore should not “hamper the economy” by “raising taxes” and that the idea of “raising taxes at this time is counterproductive and cyclical”.

Lim also addressed social issues, pointing out that it is “a crime” to have the elderly work “in order to make ends meet”.

With that, Lim had received a lot of praise from many Singaporeans for his ability to address all the issues that Singaporeans are facing.

Raeesah Khan

Just five days before Polling Day, two police reports were lodged against Khan regarding comments she made online in 2018 on race and religion. She immediately apologised publicly and confirmed that she would fully cooperate with police investigations.

A day later, the leader of the Workers’ Party, Pritam Singh, had stood forward and expressed his support for his member.

With that, Singaporeans had widely praised WP’s timely leadership, saying that this is how a leader should be like.

Facebook screengrab from NUS – No Use Singapore

In contrast, PAP’s response towards the earlier scandal of candidate Ivan Lim received a lot of flak and criticism. Lim was left to fend on his own, fielded questions from the media and eventually pulled out from the contesting team for Jurong GRC.

The police investigation did not stop Raeesah Khan from campaigning and running in the election. Young people look to these kinds of leaders.

Younger voters and minorities were quite upset at how she was treated. Hashtags such as #IStandWithRaeesah began trending on Twitter and a public group page called We Stand Behind Raeesah! was started on Facebook.

Louis Chua

A political newcomer, Chua is an equity research analyst with a global investment bank.

Though less well-known than the other members on his team, he has spoken persuasively about building a more resilient society with a greater diversity of voices in Parliament.

A Younger Demographic Favoured WP

Both PAP and WP teams had competent candidates but there was one main factor that made residents feel more connected to WP.

The WP’s Sengkang team consists of young parents with children under the age of four. As a result, they had positioned themselves as young parents who could identify with the aspirations and challenges of the residents they wanted to serve.

Image Credit: He Ting Ru/Facebook

According to data from the Singapore Department of Statistics, Sengkang’s residents are younger than the national average: More than 65 per cent of residents are aged below 45 and less than 10 per cent are aged above 65. 

Furthermore, the WP displayed a strong use of social media — through the Hammer Show and Instagram stories — to approach younger voters.

This was a smart move from the WP as they fielded a team of candidates who were able to relate to and win over the younger residents in Sengkang.

In comparison, the PAP fielded an older, all-male and high-powered slate, who could have appeared a bit remote to the residents.

Did WP’s Policies Appeal More To The Residents?

In the constituency political broadcast on 7 July, WP’s Jamus Lim had explained to Sengkang residents what their plans are for the newly-created GRC.

He said that the new Town Council in the Sengkang GRC would draw on the party’s experience in Punggol East and it would be “just as good, if not better, than those run by the PAP.”

Minister and labour chief Ng Chee Meng had said, “We want you and your children to have a good future, to have good opportunities to progress, and live a good life in Sengkang. We hear also your desire to build Sengkang into a better home for ourselves. If we are elected, the first thing we will do is to form the Sengkang Together movement, to co-develop our Sengkang town together. As part of this we will set up a new Sengkang Town Council to better serve your municipal needs.”

On his part, Lim said, “Let me remind you of what we offer. We don’t just want more of the same, more covered walkways, more lift upgrades. We also want to tackle issues that truly matter to the people in Sengkang—relieving bottlenecks in childcare centers, dedicated paths for bicycles and PMDs, and more neighborhood spaces.

Image Credit: He Ting Ru/Facebook

“We will do so with a new Town Council and the system will draw on the experience of our history in Punggol East and our management of other Worker Party wards, which are just as good, if not better, than those run by the PAP.”

He Ting Ru also brought up issues in Singapore’s educational system, reiterating the opposition party’s call for smaller classes, more inclusion, and better funding schemes for less popular schools.

Whereas for Raeesah Khan and Louis Chua, they had discussed the quality of life in Singapore.

Khan tackled the “deep-rooted inequality” in Singapore, saying, “Today, people trapped in misfortune and want to speak up are excluded.”

Image Credit: He Ting Ru/Facebook

She added that “Singapore needs to be a fair and just country. The election is an election for all — the people who work hard for the country.” 

Chua had expressed the lack of improvement of the quality of life in Singapore and said that the WP is endeavouring to decrease cost of living pressures and to make sure Singaporeans can adequately support themselves.

It was clear that the WP acknowledged the policies that PAP has put forward but also identified the gaps and aimed to fill up those gaps to improve residents’ livelihoods.

Should PAP Have Sent Out A More Experienced Team For Sengkang?

This is the first time Ng Chee Meng (previously from Pasir Ris- Punggol GRC) has led a General Election, and only the second term that Amrin Amin (previously from Sembawang GRC) and Lam Pin Min (Sengkang West SMC) have participated in a General Election.

Looking at how PAP had fielded seasoned Finance Minister Heng Swee Keat to East Coast GRC at the last minute, we wonder if they should have done the same for Sengkang GRC since they had anticipated a “tough fight” with WP.

Even then, Heng’s team had only won by a small margin of 3.41 per cent against the WP team of Nicole Seah, Terence Tan, Dylan Ng, Kenneth Foo and Abdul Shariff Bin Aboo Kassim.

This showed that fielding the future PM to “save” East Coast GRC may not have been as strong a move as we thought.

In fact, the WP’s Sengkang team clearly has less political experience than their PAP counterparts but that did not stop them from winning the votes.

This is because they were able to position themselves as fitting representatives of the Sengkang residents by identifying with the aspirations and challenges of the residents they wanted to serve.

Featured Image Credit: WP/PAP

The post Sengkang GRC Victory: How The Workers’ Party Won And What Went Wrong For The PAP appeared first on Vulcan Post.


S’pore Economy Shrunk By 41.2% In Second Quarter of 2020, According To Latest Data From MTI

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Singapore has entered a technical recession after its economy contracted 41.2 per cent in the second quarter from the previous three months, according to a press release by the Ministry of Trade and Industry.

A weak external demand amidst a global economic downturn, as well as the “circuit breaker” measures that were implemented from 7 April to 1
June to slow the spread of COVID-19, which included the suspension of nonessential services and closure of most workplace premises, contributed to the contraction.

Image Credit: MTI

How The Sectors Performed

Manufacturing

The manufacturing sector grew by 2.5 per cent on a year-on-year basis in the second quarter, primarily due to a surge in output in the biomedical manufacturing cluster.

For example, Covid-19 test kits were being mass manufactured by local biomedical companies to meet the demand for testing.

However, a weak external demand and workplace disruptions during the circuit breaker period in the chemicals, transport engineering and general manufacturing segments pulled down the figure.

Overall, the manufacturing sector shrank by 23.1 per cent, a sharp reversal from the 45.5 per cent expansion in the preceding quarter which reported a 8.2 per cent growth.

Construction

Also badly hit by circuit breaker measures is the construction sector which contracted by 54.7 per cent on a year-on-year basis in the second quarter. The previous quarter reported a 1.1 per cent decline.

A stoppage of most construction activities during the period, as well as manpower disruptions to curb the spread of COVID-19, including movement restrictions at foreign worker dormitories, had contributed to the decline.

As a result, the construction sector shrank by 95.6 per cent in the second quarter, far worse than the 12.2 per cent contraction in the previous quarter.

Services

The services producing industries contracted by 13.6 per cent on a year-on-year basis in the second quarter, steeper than the 2.4 per cent decline in the previous quarter.

Within services, tourism-related sectors like accommodation and the
air transport sector were severely affected by global and domestic travel
restrictions, which brought visitor arrivals and air travel to a standstill.

Meanwhile, domestically, services sectors such as food services, retail and business services were significantly affected by the measures.

sportslink singapore
Image Credit: Nestia

In particular, the F&B sector saw many shop closures and the retail sector has been seeing a slew of bankruptcies such as sportswear retailer Sportslink, minimalist lifestyle brand MUJI and supplement retailer GNC.

The services producing industries shrank by 37.7 per cent in the second quarter, extending the 13.4 per cent decline recorded in the preceding quarter.

Recovery Of Economy “Slow And Uneven”

According to Minister of Trade and Industry Chan Chun Sing, Singapore’s economic recovery in the months ahead will be “challenging”, with the journey “slow and uneven”.

“The numbers clearly reflect the extent of the challenges facing our economy amid the COVID-19 pandemic and the hard work ahead of us to restore the economy,” said Minister Chan in a Facebook post.

His comments came after the release of the GDP preliminary data, adding that the figures were expected.

“The road to recovery in the months ahead will be challenging. We expect recovery to be a slow and uneven journey, as external demand continues to be weak and countries battle the second and third waves of outbreaks by reinstating localised lockdowns or stricter safe distancing measures,” he added. 

In April, about 3,800 companies closed down, compared to the average of 3,700 recorded in the same month over the past five years.

In addition, since Phase 2’s reopening on June 19 and as more people return to the workplaces, workplace infections have risen from 22 per cent before Phase Two to 36 per cent now.

As a result, this may delay Phase 3 of reopening and subsequently, the recovery of Singapore’s economy.

Featured Image Credit: Gov.sg

The post S’pore Economy Shrunk By 41.2% In Second Quarter of 2020, According To Latest Data From MTI appeared first on Vulcan Post.

MUJI Files For Bankruptcy In The US – How Will That Affect Its S’pore Stores?

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Last weekend, brand at the forefront of minimalist aesthetic, MUJI, filed for a Chapter 11 bankruptcy protection in the United States (US), citing Covid-19 as the driver behind the move.

Its liabilities are listed between US$50m (S$208m) and US$100m (S$416m), and are owed to between 200 and 999 creditors.

Message from Muji USA bankruptcy
Image Credits: MUJI USA via Twitter

The household name’s US unit joins a slew of more than 100 companies that have declared bankruptcy in the US, and cited the Covid-19 pandemic as a key reason.

Chapter 11 Explained: Perhaps There Is Hope For MUJI

Bankruptcy often leaves the impression of complete failure, but businesses that have filed for Chapter 11 do not always go bust.

Instead, corporate bankruptcy is likened to a ‘reset’ button that can help a troubled business get back on its feet. During a Chapter 11 proceeding, the court will help a business restructure its debts and obligations.

Many companies may use the bankruptcy process to close unprofitable operations, clear debt, or realign business strategies.

Companies filing for Chapter 11 is also unable to make certain decisions without the permission of the courts. These include the sale of assets, other than inventory, starting or terminating a rental agreement, and stopping or expanding business operations.

Whilst Chapter 11 is focused on business reorganisation and paying off debt in the process, there are a variety of possible outcomes, should reorganisation fail.

For example, companies might end up selling off their brand name to a competitor. In 2016, when famous retail brand American Apparel filed for Chapter 11, it was acquired by another retailer and relaunched. Though its management was entirely different, it looked like exactly the same brand to outsiders.

MUJI’s Bankruptcy Filing Does Not Impact Singapore Yet

This law has also been picked up and adapted in some form in many other countries, including Singapore.

MUJI has managed to build a brand name and following around its focus on minimalism and quality. The values of the brand has increasingly become more relatable to its consumers.

Muji minimalist bankrupt in US Chapter 11
Image Credits: MUJI via Facebook

In 2019, there were 1,033 MUJI stores all around the world, from Poland to Kuwait, a testament to its popularity and brand equity — factors that could probably aid its revival post Covid-19.

MUJI Flagship Store in Singapore / Image Credits: Hype & Stuff

Though MUJI Singapore announced on Facebook that it ceased operations at its Marina Square outlet a month ago, it is still too early for Singaporeans to fret.

The MUJI management did not disclose the reason behind its closure, but it was unlikely linked to the situation in the US.

MUJI’s parent company Ryohin Keikaku has asserted that only its US stores require drastic cost cutting measures. CEO Okazaki has also said that MUJI’s US bankruptcy will not affect its outlets in Asia.

Professor of Marketing at Singapore Management University and director of SMU’s Retail Centre of Excellence, Dr Kapil Tuli, said Singaporeans should not be worried about the shop closures in US as its business operations differ across countries.

MUJI has 10 remaining outlets in Singapore, and has welcomed Singaporeans back to its stores since the country entered Phase 2 of its reopening. Its dine-in restaurant, Café&Meal, has also opened its doors to mask-donning diners.

So, there is no need to hoard your favourite MUJI notebooks, or minimalist kitchenware, for now.

Featured Image Credits: MUJI

The post MUJI Files For Bankruptcy In The US – How Will That Affect Its S’pore Stores? appeared first on Vulcan Post.

From Real Estate To Banking: How These 7 S’porean Families Built Up Billion-Dollar Bizs

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It is common knowledge that Singapore is the richest city in the world. Home to 44 billionaires at last count, the island plays hosts to a rising number of tycoons who literally own earth you walk on.

Banking on economic opportunities from as long ago as the post-independence period, these conglomerates operate nearly every aspect of industry; from banking to real estate and fashion.

Possessing near-limitless wealth, here are 7 Singaporean families who run almost everything behind-the-scenes .

1. Kwek/Quek Family: Hong Leong Group

The Kwek family owns the Hong Leong Group and has a net worth of over US$23.3 billion, ranking 7th on Forbes list of Asia’s Richest Families.

Kwek Leng Bend\g
Image Credits: The Peak Singapore

An immigrant from Fujian, Kwek Hong Png established the Hong Leong Group as a general trading company in 1941.

During the post-world war two period, Kwek capitalized on the demand for industrialization, and expanded Hong Leong into new verticals.

Today, the conglomerate owns over 300 companies and possesses gross assets amounting to over S$40 billion.

Its portfolio includes finance and property development, such as Sentosa Cove and the Millennium and Copthorne Hotels.

Currently, over 15 family members control the group. Kwek’s eldest son and heir, Leng Beng, runs operations in Singapore while his cousin Quek Leng Chan runs operations in Malaysia.

2. Ng Family: Far East Organization

The Ng Family owns Far East Organization (FEO) and its Hong Kong arm, the Sino Group, boasting a total net worth of US$9.7 billion.

Image Credits: Asiaone

An immigrant from Fujian, China, Ng Teng Fong launched FEO in 1960. The firm quickly diversified its portfolio in the property industry, expanding into housing and hotel development, departmental stores, finance and more.

Ng earned the moniker of “King of Orchard Road”, becoming the largest private landowner in Singapore by 1980.

Today, FEO develops prime real estate in Singapore and Hong Kong, such as the Fullerton Hotel and Orchard Central.

Ng’s heirs, Robert, and Philip, took over from their father in the 1990s and are staunch Christians who refer to FEO as a “Christian Enterprise.”

3. Wee Family: United Overseas Bank (UOB)

The Wee family holds a net worth of US$6.25 billion, derived from their stakes in United Overseas Bank (UOB) and its subsidiaries.

Wee Ee Cheong
Image Credits: Bloomberg

UOB was established by Wee Kheng Chiang, a businessman based in Sarawak in 1935. His son, Wee Cho Yaw took over the seat of managing director in 1960.

Under Cho Yaw, UOB expanded its verticals and aggressively acquired smaller banks, becoming the second largest banking group in Singapore and Malaysia by 1971.

In 2001, UOB outcompeted DBS and acquired the Overseas Union Bank to become the largest bank in Singapore.

Currently, UOB remains the third largest bank in Singapore, helmed by Ee Cheong, the third-generation successor to the Wee family.

UOB currently spans 500 offices in 19 countries across 3 continents, owning over US$388 billion in assets according to a 2018 report. The family also controls Haw Par, maker of Tiger Balm.

4. Kwee Family: Pontiac Land Group

The Kwee family controls Pontiac Land Group (PLG) and possesses a net worth of US$5.3 billion.

Image Credits: Forbes

Another immigrant from Fujian, Henry Kwee Hian Liong was a Chinese-Indonesian textile trader and real estate developer who founded PLG in 1961.

Hian Long’s four sons inherited his estates and continue to manage the family enterprise jointly.

Today, PLG develops luxury hotels and office towers, owning properties such as the Millenia and Centennial Towers, The Club Residences, The Ritz Carlton, and resorts in the Maldives.

The third generation of Kwees are being groomed to take over. Evan Kwee, the only son of Pontiac chairman Kwee Liong Tek, runs the Capella Hotel Group Asia as its executive director.

5. Choo Family: Hotel 81

The Choo family runs the Worldwide Hotels Group, possessing a net worth of US$3.2 billion.

Image Credits: Singapore Tatler

The Worldwide Hotels Group owns brands such as Hotel 81, Swiss-Garden Kuala Lumpur, and Ibis Hotel Brisbane.

In 1993, Singaporean-born Choo Chong Ngen launched Hotel 81, the largest and most famous budget hotel chain located in Singapore’s red-light district. Choo quickly expanded and developed hotels across the Asia Pacific.

The chain of hotels owned by Choo was eventually rebranded as the Worldwide Hotel Group, offering a variety of hotels for a different budget points.

Choo’s children are being groomed to take over the group, with Carolyn Choo, the second of his daughters, serving as CEO and managing director of the Worldwide Hotels Group.

6. Kumar Family: Royal Holdings & RB Capital

Raj Kumar and Kishin RK are a father and son duo who own Royal Holdings and RB Capital respectively, with a joint net worth of US$2.7 billion.

Image Credits: Knight Frank

Established in 1947, Royal Holdings was run by Kumar and his brother until the two split in 2012.

Originally a textile firm, the business expanded into commercial units in the 1980s and broke into the limelight with the acquisition of hospitality estates in the 1990s.

Following in Kumar’s footsteps, Kishin established RB Capital in 2006 using the proceeds from the sale of an apartment gifted to him by his parents.

The father and son now cooperate their property ventures as one of the few non-Chinese tycoons in Singapore.

Royal Holdings and RB Capital manage estates like Holiday Inn in Queenstown Australia, and the Intercontinental Hotel at Robertson Quay.

7. Ong Family: Hotel Properties Limited & COMO Group

Christina Ong and Ong Beng Seng are a married couple who own Hotel Properties Limited and the COMO group, amounting to a net worth of US$ 1.7 billion.

Image Credits: Vulcan Post

Founded by Ong in 1980, Hotel Properties Limited grew into a global enterprise managing luxury hotels and other properties.

This includes brands like Four Seasons and Hilton Hotels, Hard Rock Cafe and Paddington Square in London. In 2007, Ong also clinched a deal to bring the Formula One race to Singapore.

Christina heads the COMO Group, comprising of brands in the hospitality, fashion, and wellness industry. The group manages companies like Club 21 and COMO Hotels and Resorts.

Property development and management is a running theme among Singapore’s billion-dollar families. That’s not surprising, given the notoriously breakneck prices of real estate in a dense city-state.

With the next generation being groomed for takeover after an average of more than 40 years in the industry, succession remains a make or break moment for family dynasties.

A mixture of new and old money, the one thread connecting these families are keen business acumen that allowed their fortunes to weather the test of time.

Featured Image Credit: Vulcan Post

The post From Real Estate To Banking: How These 7 S’porean Families Built Up Billion-Dollar Bizs appeared first on Vulcan Post.

Gold Rush: This S’pore Firm Launched An App That Lets You Trade Gold With A Small Budget

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For centuries now, since the invention of money, gold has been an investors’ safe haven asset. 

Prized as a valuable commodity throughout human history, investors tend to move their funds into gold assets during periods of uncertainty, leading to price hikes. 

As a result, the price of gold is inversely proportional to volatile assets, such as the US dollar stocks and real estate. Low supply and high demand, market uncertainty and vitality, as well as falling US dollars have pushed gold prices up. 

Ever since the outbreak of COVID-19 earlier this year, the value of assets like stock and real estate have depreciated. But over the last five years, the price of gold has risen by £484.60 per ounce. 

With the recession looming, entering the burgeoning gold trade is an excellent way of capitalising on an asset that is gaining momentum as it possesses a reputation for stability. 

However, the gold market is notoriously difficult to enter for everyday investors. This is where Everest Gold’s digital innovations may change the game.

A Golden Opportunity

Earlier this year, Everest Gold created and launched a first-of-its-kind digital trading platform for gold. Using the app, you can trade gold on the go in real-time, instantaneously, and at affordable prices.

Traditionally, barriers to entry for gold trading are high, and are often reserved for governments, corporations and wealthy investors. Gold is also traded at banks for a premium, reducing return on investments. 

On top of that, the absence of gold trading facilities in Singapore prevents investors from leveraging on real-time gold prices. Security, storage and other inconveniences also deter new investors from entering the market.

To address these problems, Singapore-based fintech gold trading company Everest Gold created and launched a first-of-its-kind digital trading platform for gold earlier this year. 

everest gold singapore
Image Credit: Everest Gold

With this app, users can trade gold on the go in real-time, instantaneously and at affordable prices.

“We identified the need to fill the missing gap in the local trading market,” said a spokesperson for Everest Gold. “Our investment app is a faster, easier and a more cost-effective solution.” 

Trade Gold On The Go 

Built to be a “one-stop gold trading platform,” Everest Gold digitises gold trading and makes it accessible to everyone, not just a minority of the rich and wealthy. 

It is created for both beginner and expert investors — the app’s interface is streamlined for ease of use, and features guidance and knowledge on gold trading. It is also equipped with a team of customer service officers to provide online support.

“There will be new roll-outs of tutorial videos online, as well as all major media networks for wider dissemination on gold investment,” said the spokesperson. 

everest gold singapore
Image Credit: Everest Gold

Gold trading is portable; you can trade in gold coins or bullion (gold bars) from a smartphone or laptop without the hassle of visiting a bank. 

To ensure that even those with modest starting sums can trade, basic units available start from 0.01 grams in gold assets. Equivalent to 1 Everest Gold Unit (EGU), smaller units make gold trading affordable, accessible, and flexible.

Gold traded on Everest Gold is sold at fairer prices than gold traded in banks. 1 EGU is bought at a 0.2249 discount and sold at a 0.0040 premium relative to the gold sold in banks (/0.01g). 

The app doesn’t have closing times or long bureaucratic waits either, which means that investors can trade 24/7 instantaneously.

Unlike banks, the app does not contain any hidden costs, premiums or transaction fees. Real-time market fluctuations are reflected in-app and vary over 17,000 times a day. 

Capital exchange is easy — investors can liquidate immediately after trading gold assets. Alternatively, your physical gold assets can also be collected from Everest Gold’s depositories by submitting a request in-app.

Why Trust and Security Is A “Top Priority”

However, when it comes to online gold trading, Everest Gold spokesperson told Vulcan Post that scams and the negative connotation of being associated with laundering efforts often comes to mind, and remains a “key challenge.” 

This is why cultivating customer trust is a “top priority” for the firm. Rigorous security developments and compliance with legal requirements have always been the central focus for them. 

In fact, all assets tradable on Everest Gold are regulated under Singapore’s Precious Stones and Metals Act (2019). 

To defend data privacy, the app is also securely encrypted by industry-standard 256-bit SSL and has strict verification procedures, including biometric authentication.

Everest Gold also ensures that all its processes and assets are above-board and 100 per cent transparent. 

It even partnered industry leading companies to ensure that it delivers top-notch gold assets, storage, auditing and authorisation processes to its users.

Investment-grade gold bars are acquired in partnership with Metalor, a leading Swiss metal dealer. Every quarter, Everest Gold is also audited by Crowe, the world’s eight largest accounting firm. 

To protect Everest Gold’s assets, the company has employed luxury storage expert Malca-Amit to secure their gold in highly secure facilities. 

Everest Gold then transfers the ownership of the gold purchased digitally to customers, under the care of gold custodian Pacific Trustees Singapore.

Gold Investment Will Continue To Soar 

Gold is becoming increasingly valuable as the economy wanes during the pandemic. Everest Gold ascertains that “it is clear the value of gold does not depreciate and demand is still sought after.”

Despite launching a beta in March, Everest Gold has already gained almost 100,000 downloads from the United States, United Kingdom, Singapore, Philippines and Malaysia.

The app launch comes at the perfect time, as market swings and a looming recession drive gold prices up further.

During the beta testing, a week-long competition was held from 23 to 29 May. It recorded over 300 million EGU transacted, with a total transaction amount of over S$600 million.

According to Everest Gold, users attest to the app’s ease of use, secure authentication and speedy transactions. 

“The platform is well built and user-friendly … Authentication is astoundingly secure and transaction is speedy,” said Dickson Laude, a competitor from the Philippines.

As the group expands, Everest Gold will introduce diversified investments for everyday investors to grow their wealth.

“We also hope to launch other services in asset management; business loans and property investment in the near future,” said their spokesperson. 

Everest Gold is available for download on Android, iOS and desktop. Official trading features are already available, and the first issuance of gold takes place from 3 to 9 July.

For more information, check out Everest Gold’s website here

everest gold singapore

Enter referral code “WALWQ” when you register your Everest Gold account. Be rewarded with 300,000 reward points (worth US$30) for each successful registration.

This article was written in collaboration with Everest Gold.

Featured Image Credit: Everest Gold

The post Gold Rush: This S’pore Firm Launched An App That Lets You Trade Gold With A Small Budget appeared first on Vulcan Post.

AirAsia Ends Up Rehiring Its Laid-Off Employees To Work For Its Agriculture E-Commerce Site

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In June 2020, AirAsia laid off over 300 employees to cut costs during the pandemic.

That same month, it launched an agriculture e-commerce platform called Ourfarm, where F&B businesses can buy fresh produce in bulk straight from its network of farmers.

When we spoke to its CEO, Lalitha after its launch, we learnt that all 8 Ourfarm staff then were existing internal staff, with the exception of co-founders Nadhir of TheLorry and Radzi of Hi HOME.

Now Ourfarm has since expanded to a team of 12, and what surprised us was that the new staff were ex-AirAsia talents who had just been laid off.

Armed with lots of curious questions, we spoke to one of these new members as well as Lalitha to get the scoop on how this came to be.

An Unexpected Return

Hazree (Erry) had been with AirAsia X as a senior cabin crew member for almost 12 years, so he was shocked and sad when he received news of his retrenchment in June.

“I believe my record was good, but maybe there were areas where I didn’t meet KPIs and a few years back, I wasn’t working for a few months because I fell sick and was admitted,” Erry shared when we asked whether he knew why he had been retrenched.

On a brighter note, however, he is once again with AirAsia as a Business Development Executive for Ourfarm after getting rehired about 3 weeks ago.

Meet Erry, who’s happily back with AirAsia / Image Credit: Ourfarm

There he does sales, contacting buyers to understand their needs then submitting their requests to the pricing department to follow up.

Some of his biggest challenges so far include trying to convince potential clients to sign on with Ourfarm, and having to use the new tech involved in his job.

Despite knowing that he’d have a lot to learn in his new role, Erry agreed to take it on as he still had a lot of love for AirAsia.

“I’m very happy with what I’m doing now,” he shared. “Of course, I still miss flying, but for the time being, I’m just going with the flow and I think I can do it.”

Skills To Pay The Bills

Ourfarm hadn’t even launched when they first called to recruit Erry. He also had no idea why they had picked him and never asked, though he had his own hypothesis.

“Maybe people always say that as cabin crew, you have to work extra hours and be committed to the job. The other thing is how well you communicate with people, like in an aircraft during flights, we try to sell our products too,” he said.

In our interview with Lalitha later, she affirmed this. “The energy levels that [cabin crew] have is remarkable, and they’re trained to be very polite, they can create a calm yet fun environment in the aircraft.”

(From left to right) Lalitha, Nadhir, and Radzi / Image Credit: Ourfarm

“So, that’s the sort of characteristics that they display that our farmers as well as the businesses tend to resonate very well with.”

Lalitha also shared how the skillsets of ex-cabin crew matched with Ourfarm’s roles.

“Obviously the first key requirement of their past jobs in flights was to ensure the safety of passengers, but in addition to that, something that I also didn’t know of was that they had to go for food handling certifications, they have all the required jabs too.”

“So with all the certifications they’ve gone through, they actually understand the food industry very well, so when they’re in the F&B industry, they know what to do,” Lalitha said.

Growing The Family

For those wondering how AirAsia is now rehiring again when it was previously laying off staff to cut costs, here’s what Lalitha had to say.

I think what we need to understand is that AirAsia as an airline is reducing the staff because planes are being grounded, international borders are still closed so having [cabin crew] on the payroll not doing anything is not economically viable for the company.

Lalitha, CEO of Ourfarm

“But the other parts of the company that are actually working, growing and expanding—these are where we can reskill and upscale our talent, motivate them and give them a new opportunity to grow,” she added.

So affordability wasn’t really the question, but it was about how they could utilise their staff, be they ex or current ones.

“We’re hiring based on the scope we had originally decided upon and are still hiring from within,” she said, with ex-cabin crew still considered as internal staff.

“A pressing need to get more people in now is because the demand is fairly large and a bit overwhelming for the initial 8 of us to manage.”

Ourfarm is planning to grow into a team of 20 as they begin expanding operations to East Malaysia too, beginning with Sabah in August.

Besides their new hires, Ourfarm was also glad to share that they had served their first customer, a restaurant called Tres Pollos Charcoal Chicken in Nilai.

And to our surprise too, the restaurant’s 3 co-founders are current cabin crew. They are Irawan (14 years at AirAsia X), Carlo (9 years at AirAsia X) and Noel (7 years at AirAsia).

A Familiar First Customer

Tres Pollos was started in February 2020, just before the MCO began. They had hired and trained some staff to take over for them when they had flights, back when travel was still allowed.

Noel, Irawan, and Carlo, and the chicken they’re known for / Image Credit: Tres Pollos Charcoal Chicken

During the MCO, Tres Pollos cut their prices by 50% and focused on deliveries, which worked out in their favour when customers returned to dine-in during the RMCO.

Switching over to getting their chickens from Ourfarm after Erry contacted them was an easy choice for several reasons.

“When we heard Tony Fernandes was supporting local farmers through Ourfarm, because AirAsia has given us a long good career as cabin crew, we thought of giving back to the company,” Carlo said.

One of the farmers that Ourfarm is working with / Image Credit: Ourfarm

“Our current supplier is short of chickens too, and Ourfarm is making it possible to deliver for our needs on a weekly basis, and sometimes they are ahead of time,” Noel supplied.

While things are going smoothly now, Ourfarm definitely faced a few challenges with the very first delivery, as Lalitha shared.

“It was a big learning curve for us, because they needed specific chicken thighs, and the day before the order went out, we suddenly realised that the fridge they were using currently was given to them by the previous provider and they don’t actually have a fridge.”

“Thankfully, we had budgeted for such situations, but we weren’t expecting it to happen in such a rushed manner, so we had to run out the night before and buy a Harvey Norman fridge so we could get it to Tres Pollos before the chickens arrived,” she recalled amusedly.

However, Lalitha assured us that this did not mean that Ourfarm will be playing favourites and providing businesses run by other Allstars with special treatment and services.

Ourfarm already has almost 200 other customers on their waiting list to serve, which the team is gradually going through, and more are reaching out to them by the day.

Once they’ve gathered enough manpower, they’ll be able to operate in full force.

  • You can read more about what we’ve written on AirAsia here.

Featured Image Credit: Ourfarm

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Egg-scuse Me, What The Heck Is Astaxanthin & Why Are These M’sians Selling Eggs That Have It?

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Author’s Blurb: Whenever I’m at the grocery store buying eggs, I have to admit I usually go for the cheapest ones that don’t look too bad. I don’t buy them based on their grade, size, or nutritional content. After all, once they get cooked, they look and taste the same to my amateur eyes and unrefined palate.

I can’t help but think how disappointing my attitude towards eggs might be to the founders behind Fornix Foodstuffs.

Led by Paul Lim, they’re a group of investors with a vision of investing in nutritional, healthy food because they personally care about what they consume.

They established Fornix Foodstuffs for the research and distribution of food, supplements and cosmetic products enriched with a specific pigment from algae.

One of their products is OnZen Eggs, an idea that was sparked when they came across the nutritional benefits of the algae pigment that could be passed on from hens to their eggs.

That pigment is known as astaxanthin.

From Ocean To… Egg?

Astaxanthin is a reddish pigment that occurs naturally in certain algae and causes the pink or red colour in various seafood like salmon, trout, lobster, and shrimp.

This is astaxanthin / Image Credit: OnZen Eggs

One thing that astaxanthin is most known for is being an antioxidant, and it’s been said to help all kinds of ailments from high cholesterol to rheumatoid arthritis.

On OnZen Eggs’ website, they list out the properties of astaxanthin, with a few being:

  • 6000x stronger than Vitamin C,
  • 550x stronger than Vitamin E,
  • 550x stronger than Green Tea,
  • 17x more potent than Grape Seed Extract, etc.

“We were excited when we were exposed to astaxanthin as a very strong antioxidant as it is uncommon in Malaysia to directly consume algae,” Paul told Vulcan Post.

“So, we came up with the idea to introduce astaxanthin to the community through a common food: eggs.”

How they deliver its benefits to consumers is by giving their chickens feed enhanced with the pigment.

After a process of trial and error, they finally had eggs to test, and they were delighted to find that their eggs had a higher nutritional value than commercial ones on the market.

In total, they’ve invested at least RM2 million into producing OnZen Eggs.

“To be very honest, it is a revolutionary idea, and like new products, there are investments required,” Paul justified.

Papers To Back Their Word Up

On OnZen Eggs’ website, they have a copy of their certificate of analysis for the nutritional value of their eggs as proof that they’re not just using marketing buzzwords.

The content of their eggs is tested by Vet Food Agro Diagnostics (M) Sdn Bhd (VFAD) based on stringent standards provided by Japan.

Image Credit: OnZen Eggs

They also source their pigment specifically from Japan because of the consistent quality and the reliability of the astaxanthin content.

Thanks to the specific formula of their chicken feed to astaxanthin ratio, their eggs carry a nutritional value that outweighs the cost of the egg at approximately US$0.25 (about RM1.07), Paul shared.

At RM20 for a pack of 20 eggs (RM1/egg) and RM27 for a pack of 30 (RM0.90/egg), it’s definitely pricier than what I’m used to, as my egg purchases usually never go over RM5 for a pack of 10 (RM0.50/egg).

A richly coloured yolk / Image Credit: OnZen Eggs

Aside from having a reddish yolk, OnZen Eggs’ eggs are also supposed to have a creamier and smoother texture, and it’s recommended that you try their eggs soft boiled without soy sauce or pepper to truly taste them.

No Need To Be A Health Nut To Eat Better

I’ve personally become quite desensitised to products marketed as having X and Y health benefits as I’m not patient and consistent enough with them to see results, so I wondered how OnZen Eggs would acquire customers who might be like me.

“Nutritional effect is long-term, it is not something which shows immediate results,” Paul agreed, but added:

One good thing for us is we are marketing eggs. If you are taking eggs, why not take eggs that are produced from a healthy chicken?

Paul Lim, OnZen Eggs

I found it hard to argue with that simplified logic. While I still may not be swayed, there are certainly more concerned customers out there willing to pay a higher price to switch to healthier eggs.

For example, Paul shared that sales have been steady over the months, with OnZen Eggs producing an average of 200,000-300,000 eggs per month.

Their eggs can be found in physical stores like Jaya Grocer, BIG, Village Grocer, Oliver Gourmet, and more, as well as bought online here.

Apparently, 2 other brands have begun producing astaxanthin filled eggs too since OnZen Eggs began, but rather than seeing them as competition, Paul’s delighted that they’re sharing a vision.

Their efforts are focused in Klang Valley for now, but they’re aiming to expand to other states with the final goal in mind being recreating OnZen Eggs’ vision with overseas egg farmers.

Bottom Line: I supposed if I ate eggs more consistently, I would be willing to shell (no pun intended) out a little more cash to invest in quality ones. It’d be more worth it as I could maybe finally see some health benefits, but it’d still take quite a bit to truly convince me that it’s truly worth it, and that’s just my perspective on it. To each their own!

  • You can read more on other Malaysian startups we’ve written about here.

Featured Image Credit: OnZen Eggs

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Gojek Lets You Add Up To 3 Locations In A Single Trip, Charges Cancellation Fee From July 20

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Now that we are in Phase 2, we are bound to be going to more places and if you’re a Gojek user, here are some updates that you should know about.

On July 20, Gojek will be launching a multi-destination feature which lets commuters include up to three destinations — or up to two additional stops — in single trip at the point of booking.

This is the most extensive multi-destination offering provided by point-to-point transport operators in Singapore, as Gojek wants to provide the greatest flexibility to commuters in customising their trip route according to their needs.

In addition to bringing additional convenience and a more rewarding travel experience to commuters, the feature will improve earning opportunities for drivers as multi-destination trips come with higher fares.

Gojek Will Start Charging A $4 Cancellation Fee

As part of delivering a more reliable ride-hailing experience, Gojek is also rolling out a cancellation fee scheme on July 20.

Commuters will be charged $4 if they cancel a booking five minutes or more after a driver has been assigned to them, or as soon as the driver arrives at their pick-up location. This reimburses driver-partners for the time and effort they spend in getting to their customers’ locations.  

At the same time, this gives commuters the flexibility to cancel a ride request — only should they need to — within five minutes after they are matched with a driver. 

“The initiatives we announced today are targeted at enriching the user experience for both customers and driver-partners, and encouraging best behaviour on our platform,” said Lien Choong Luen, general manager of Gojek Singapore.

“The multi-destination feature allows commuters to make as many as three stops in a single trip while knowing upfront the fare before beginning their journey, providing them with a transparent, convenient commuting option. The cancellation fee scheme enables us to more fairly compensate driver-partners for their time and effort in the event of a cancelled booking. We will continue to fine-tune our offering to meet the evolving needs of our users.”

Featured Image Credit: Kompas Tekno

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How This S’porean Grew Her Coffee Subscription Startup Into A Regional E-Coffee Brand

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“Sustainability and profitability are complementary,” Faye Sit surmises of Hook Coffee, in her interview with Vulcan Post.

In the span of just four years, the co-founder of the e-coffee brand has evolved from a two-man startup into “Singapore’s largest and Southeast Asia’s leading online coffee company”, she said.

The secret? A socially and environmentally responsible business that does not compromise on its values.

Traveling For The Greater Good

A long-term coffee drinker, Faye’s love for speciality coffee was cemented when she watched the 2014 documentary “A Film About Coffee.”

Image Credits: Hook Coffee

Faye admiringly described “the love and care placed in the processes, preparations, traditions … that come together to create the best cups.”

However, Hook Coffee would not be what it is today without Faye’s passion for empowering the underprivileged.

Inspired by her travels abroad, the entrepreneur recounted a pivotal meeting with a 10-year-old girl in Shanghai.

(She said) the city would never have a place for her, regardless of how hard she studied … poverty meant destitution and inaccessible opportunities.

– Faye Sit, co-founder of Hook Coffee

Fuelled by a desire to make an impact on the world, Faye embarked on a series of travels researching sustainability and engaging in voluntary work.

On a research project in Latin America, Faye noticed how poor farmers were struggling to sustain their livelihoods and falling into a cycle of debt.

“We can’t save the environment without fighting poverty, and vice versa,” Faye explains. “I felt compelled to make a difference.”

Premium Coffee Delivered To Your Doorstep

Faye’s answer was Hook Coffee. In partnership with her co-founder, the brand was created to promote socially-conscious business practice and the art of home-brewed specialty coffee.

Hook Coffee offers the widest variety of freshly roasted specialty coffees from around the world. The diversity of choices include quirkily-named flavours like Rum Baby Rum and Kopi Sutra.

Their business model is a simple one: simply order coffee online and a package will be delivered to your doorstep.

There’s also an opt-in, no-commitment subscription service for coffee to be delivered at varying intervals.

Hook Coffee personalises the customer experience by introducing coffee match quizzes and brew guides so customers know best which coffee to go for.

Their coffee are sold in three varieties: whole or ground beans, drip bags, Dolce Gusto Compatible Capsules, and Nespresso Compatible Pods.

All speciality coffee sold on Hook Coffee are ethically sourced and sustainable, and coffee farmers get to earn up to 10 times the market price.

Good Business Pays

Surprisingly, the Covid-19 crisis saw a spike in the demand for Hook Coffee.

Image Credits: Hook Coffee

More people are consuming coffee at home now…We have also noticed that our subscribers have been increasing their subscription delivery frequency.

– Faye Sit, co-founder of Hook Coffee

Subscription services might be a particularly lucrative business model during the pandemic. Under lockdown orders, people choose delivery over stepping out of their homes to procure consumer goods.

However, online coffee subscription services are dime a dozen in Singapore and most use the same sustainable ethos to appeal to target demographics.

Companies like Nylon Coffee Roasters, Arrow Coffee and Perk Coffee offer similar subscription packages at the same price point.

Hook Coffee doesn’t possess a first-mover advantage either. Nylon Coffee started in 2012, two years before Hook Coffee came on to the scene.

Perhaps the key to Hook Coffee’s commercial success is its ability to make specialty coffees — a niche product — appealing to all.

The personalised customer experience journey on the website lowers the threshold for customer acquisition. Specialty coffee doesn’t seem quite so bourgeoisie when there’s a “coffee match” quiz gamely proffering choices to suit one’s tastes.

In addition, Hook Coffee split its marketing between commercial and corporate clientele, tailoring the subscription service to suit professional tastes.

Perhaps because of its successes, Hook Coffee is able to contemplate expanding into new markets despite the Covid-19 pandemic. “Our mission is to make great and responsible coffee accessible to all,” says Faye.

The brand currently ships internationally, with a “strong footing” in Singapore, Hong Kong, and Malaysia.

Ethical Coffee For Millennials

What makes Hook Coffee so successful may be its ability to tap into a key coffee drinking demographic: millennials.

Image Credits: Hook Coffee

According to a Vice Media report, one in two of their millennial-dominated audience would always choose a brand that supports a cause.

Hook Coffee’s niche product also means that it doesn’t have to compete with megaliths like Starbucks or Coffee Bean.

Specialty coffee comprises only three per cent of the global yield, Faye explains, while larger brands derive their coffee directly from the commodity market.

Today, coffee is one of the most highly traded commodities after oil. An average of 95,000 60kg bags of coffee in Singapore were consumed in 2018, according to a report on Statista.

This means that Hook Coffee situated itself strategically — in the right place, for the right people, at the right time.

Ultimately, Faye attributes Hook Coffee’s success to its core ethos.

A combination of staying true to our brand and mission, quality products and services, leveraging technology, and a little bit of luck has earned us thousands of loyal customers and gotten us to where we are today.

– Faye Sit, co-founder of Hook Coffee

“I have also been very fortunate to have a few mentors who are free-spirited entrepreneurs themselves.”

Her mentors include Wong Toon King, a Singaporean serial entrepreneur; Michel Lu, a F&B entrepreneur and veteran; and Hoe Yeen Teck, founder of Helpling.

What’s Next?

Currently, the entrepreneur divides her time between Hook Coffee and pursuing a doctorate degree at the Lee Kuan Yew School of Public Policy.

Image Credit: Support Startups

“I have a reliable and independent team at Hook Coffee, and this affords me time to work on my doctoral research,” Faye says simply.

The decision to pursue a PhD was inspired by the same drive to start Hook Coffee, revealing to Faye the “importance of strong governance and political will.”

Whether it’s teaching in developing countries or doing pro-bono entrepreneurship mentoring, Faye spends her free time giving back to the community.

She remains open about what will happen next. “I’m always on the look out for new opportunities to learn, to create, and to make an impact.”

Featured Image Credit: Singapore Management University Blog

The post How This S’porean Grew Her Coffee Subscription Startup Into A Regional E-Coffee Brand appeared first on Vulcan Post.

WP’s Pritam Singh Was Named “Leader Of The Opposition”: Why Now, And What Does It Entail?

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Following the 2020 General Election results, Prime Minister Lee Hsien Loong conferred Workers’ Party (WP) Secretary-General, Pritam Singh, the title of the first official Leader of the Opposition.

With its win in Sengkang GRC, the Workers’ Party has further secured its position as the main opposition party in Singapore, increasing the number of its elected opposition MPs from six to 10.

The two NCMP seats are offered — when the number of elected opposition members fell short of 12 — to the Progress Singapore Party, which won the highest percentage of votes (48.31 per cent in West Coast GRC) among the opposition parties.

PM Lee had said that the election results reflect a clear desire for a diversity of voices in the Parliament.

He said he had congratulated Singh and the WP for their strong performance in the election, and Singh will be given the appropriate staff support and resources to carry out this role — without elaborating exactly what they are.

With that, we take a look at what the “official” Leader of the Opposition means and why former WP Sec-Gen Low Thia Khiang was never conferred the role.

What Exactly Is A “Leader of the Opposition”?

The Leader of the Opposition is a title held by the leader of the largest party not in government in a Westminster System of parliamentary government.

workers party pritam singh
Pritam Singh / Image Credit: Asia Newsday

Singapore’s parliamentary system is modelled after the Westminster system in Britain. There, the Leader of the Opposition draws a salary on top of the MP allowance and picks a shadow Cabinet to follow the work of government departments.

In other countries, the Leader of the Opposition is supported with a secretariat and is additionally given office space in the Parliament buildings.

In addition, he will also be given access to Government data and information to be effective in scrutinising government policies.

Right now, the individual that leads the opposition party with the greatest number of elected opposition MPs is WP’s Secretary-General Pritam Singh, who was elected to the leadership of the WP on 8 April 2018.

low thia khiang
Low Thia Khiang / Image Credit: Screengrab from YouTube

With that, Singh is expected to continue sitting directly opposite PM Lee in Parliament, which has been the norm after he succeeded Low Thia Khiang.

What About A Shadow Cabinet?

A shadow Cabinet consists of a group of opposition spokespeople who, under the leadership of the Leader of the Opposition, form an alternative cabinet to that of the government.

Members will shadow or mirror the positions of each individual member of the Cabinet. In most countries, a member of the shadow cabinet is referred to as a shadow Minister.

For example, a shadow Minister for Education will be assigned to shadow the Minister for Education in the Cabinet.

It is the shadow Cabinet’s responsibility to scrutinise the policies and actions of the government, as well as to offer alternative policies.

Parliament singapore
Image Credit: PM’s Office Singapore

“A shadow Cabinet allows for robust debate to take place, because it is very specific to each ministry,” said political analyst Dr Mustafa Izzuddin, who is also a senior international affairs analyst with political consultancy Solaris Strategies Singapore.

“They are waiting until the Cabinet itself is formed and once that is formed, the Opposition will be responding in return,” he added.

Currently, there is a total of 16 ministries in Singapore. With only 10 WP elected MPs, the possibility of a Shadow Cabinet may be formed only further in the future.

However, there is a likelihood that Singh could assign shadow Ministers to key ministries only. Alternatively, he could allocate one opposition MP to shadow more than one ministerial post.

“When they had six opposition MPs [before 2020 General Election], they were shadowing the Cabinet, but not in the official sense. They may have already divided [the responsibility] among themselves. For example, one opposition MP may have held two [or more] shadow ministerial posts,” said Dr Izzuddin.

Relatively, the shadow Budget is prepared by shadow cabinets as an alternative to the real Budget presented by the government.

The shadow Budget will typically form a key part of the party’s manifesto in an election, and will be largely, if not wholly implemented, when the opposition party subsequently forms a government, especially if it wins an outright majority.

Other Prominent Leaders of the Opposition

In the United Kingdom, the current Leader of the Opposition is Keir Starmer, the leader of the Labour Party and the main opposition party in the country. He also leads a shadow Cabinet.

keir starmer
Keir Starmer / Image Credit: National Review

The Conservative Party is led by Boris Johnson, who is also UK’s prime minister.

In the UK, the Leader of the Opposition doesn’t just have his MP allowance — he is also entitled to a salary. In 2013 to 2014, ex-Leader of the Opposition Ed Miliband was paid an extra £62,440 for his role.

Since 1937, the holder also receives a chauffeur-driven car for official business of equivalent cost and specification to the vehicles used by most cabinet ministers.

However, it is worthy to note that his shadow ministers are not paid a salary as that is only accorded to the Opposition Leader.

In Australia, the Leader of the Opposition is Anthony Albanese, who is the leader of the opposition Labour Party. He sits opposite Australia’s prime minister Scott Morrison, who is the leader of the governing Liberal Party, in the chambers.

anthony albanese
Anthony Albanese / Image Credit: AFP

As a senior Labour frontbencher, Albanese would have been earning about AU$259,000 a year. As Opposition Leader, he is expected to earn around AU$390,000 (S$380,210) since last year, including an extra AU$131,000.

The entitlements and privileges accorded to the Leaders of the Opposition in these countries differ, with some receiving high salaries almost amounting to the same level as a Cabinet minister, such as the Leader of the Opposition in the UK.

If Singh were to be entitled to draw a salary of a Cabinet Minister, his salary may amount to S$55,000 a month, or S$660,000 a year.

Previous Opposition Leaders Were Never Officially Bestowed The Title

With all of this, it makes one wonder why former WP secretary-general Low Thia Khiang was essentially doing the same job without the official, elevated status.

Going back to history, the first inaugural Leader of the Opposition in Singapore is Lee Kuan Yew in the Legislative Assembly in 1955, when Singapore was still a Crown Colony of the British Empire. 

The term “unofficial leader of the opposition” was then coined in 1992 for Chiam See Tong, who was then with the Singapore Democratic Party (SDP).

At the time, three out of four opposition members in the House were from the SDP. Leader of the House Wong Kan Seng therefore used the title to give Chiam “due courtesy and precedence among opposition MPs”.

chiam see tong
Chiam See Tong on the left / Image Credit: Wake Up, Singapore

Chiam was seated directly opposite the Prime Minister — a seat that Low later occupied, followed by Singh when he succeeded Low as party chief in April 2018.

In 2011, Low rejected the “unofficial” leader position previously held by Chiam, saying: “Either you have a leader of the opposition, or you do not have it. There’s no need to have an unofficial leader of the opposition.”

Prior to GE 2020, the position was considered as an unofficial role, which was why the Leader of the Opposition then did not draw any additional allowance from holding the position.

Instead, they were entitled to the usual ordinary remuneration allowance granted to other regular MPs.

However, following the first formal appointment of the Leader of the Opposition, it is currently not yet known if any additional remuneration or even a salary, will be granted to the holder.

Why Is PM Lee Formalising The Role Now?

Adding to his response on conferring the role, PM Lee had said, “I told Mr Singh that with 10 MPs, I think it is right that he, the Workers’ Party leader, be formally designated as the Leader of the Opposition.”

To a large extent, the PM is responding to ground sentiments and public opinion during the Election and understanding the need for more robust debate in Parliament.

Monetary [matters] aside, the Leader of the Opposition will be elevated in status in Parliament, in terms of engagement in robust debate and also forming his own shadow Cabinet.

–  Dr Mustafa Izzuddin

Not just a paper leader, the Leader of the Opposition is expected to do more beyond just opposing.

Instead, the public will be looking towards them to provide alternative policies and solutions to the ones PAP propose.

For example, if the government is proposing to raise the GST rate from seven to nine per cent as it projects to increase spending on healthcare, infrastructure and security, the opposition needs to counter-propose a system that can meet the increased spending while still maintaining the GST rate at seven per cent.

Featured Image Credit: Reuters / The Online Citizen Asia

The post WP’s Pritam Singh Was Named “Leader Of The Opposition”: Why Now, And What Does It Entail? appeared first on Vulcan Post.

AirAsia’s On-Demand Delivery Arm Has ‘Teleported’ To S’pore And They’re Now Hiring

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Almost a quarter of AirAsia Group’s annual revenue for 2019 came from its ancillary and non-airline businesses.

Its cargo and logistics arm Teleport pivoted to drive last-mile delivery when the airline went into temporary hibernation during COVID-19.

Now, Teleport is breaking grounds amid the pandemic and has launched in Singapore.

Founded in 2018 and formerly known as RedCargo Logistics, Teleport is a wholly-owned subsidiary of RedBeat Ventures (RBV), which is AirAsia Group Berhad’s corporate venture arm.

Teleport aims to enable everyone — from single merchants to large companies — to move goods, and e-commerce anywhere in Southeast Asia and beyond.

By leveraging on AirAsia’s massive network of more than 100 cities and 10,000 weekly flights across Asia Pacific, Teleport aims to digitise logistics delivery and simplifies the process for all parties.

Following its move here to Singapore, Teleport is expanding its delivery fleet and now hiring delivery partners.

On its Facebook page, Teleport calls for Singapore citizens or Permanent Residents (PRs) to join their team to help deliver food, groceries and parcels.

According to Teleport, delivery partners will get to “earn up to $60 in just five hours” so it’s perfect for those who are looking for a quick income.

Job applicants must be above 18 years old, possess a driver’s license and their own vehicle.

To apply for the position and find out more about Teleport, check out their website here.

The post AirAsia’s On-Demand Delivery Arm Has ‘Teleported’ To S’pore And They’re Now Hiring appeared first on Vulcan Post.

This M’sian Company Wants To Make The Document You Signed Online Tamper-Proof, Here’s How

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In business, a legal document could make or break the company. Contracts, Non-Disclosure Agreements (NDA) and even rights to Intellectual Properties (IP) require signatures from key persons in the company.

With the looming concerns of COVID-19 and an emphasis on social distancing, meeting up with the relevant people and getting them to sign the documents might not be as convenient and safe.

And one way to go about it is to introduce electronic document signatures within the company. While this method of simply signing online is convenient, did you know that electronic signatures (e-signatures) can be tampered with after signing?

“E-signature cannot provide tamper-proof security, meaning if someone hijacks your email and changes the content in the signed document, you cannot detect it at all,” said Edward Law, the CEO, Co-Founder and Director of Securemetric.

Example Scenario #1: You just signed a contract via e-signature. But, the other party suddenly decides to go back on their word. They argue that the e-signature is not actually yours and draw up a new contract, as there is no evidence that you personally signed the contract.

Example Scenario #2: You have an e-signature app with your signature saved on your phone. Someone with malicious intent could open up the app and sign a vital document without your consent. By the time you find out, the damage has been done. How can you argue that the signature is not yours when ‘you’ signed it?

These scenarios are examples of why digital signatures exist. It is a convenient and safer way to sign important documents online without wasting time and materials compared to traditional signatures.

Securemetric, a Malaysian company with a laser focus on digital security, wants to introduce SigningCloud, a new platform for companies to digitally sign documents online.

Digital Signature VS Electronic Signature

While both of the terms are used interchangeably, they do have some differences between them in terms of security.

E-signature can be thought of as a simple image pasted over the original document. But as mentioned, it could be tampered with.

Note: In e-signatures, even a simple ‘x’ over the dotted line will do, but can it carry any legal value when disputes happen?

As for a digital signature, it is equipped with more security features that prevent it from being tampered with after signing.

Forging a digital signature is almost impossible as the entire cryptography operations are performed inside a secured environment. Forging a handwritten signature is easier compared to this.

Edward Law, CEO, Co-Founder and Director of Securemetric
Edward Law, the CEO, Co-Founder and Director of Securemetric / Image Credit: Securemetric

But What Exactly Makes Digital Signature Secure?

A digital signature is supported by four key pillars of security:

  1. Authentication

Before the person even signs, they have to be authenticated first, to show that they are the intended signer. This is usually done through two-factor authentication (2FA) or biometric scans, like codes sent through SMS, fingerprint or facial recognition on a mobile phone.

When signing a legal document, the person must complete an eKYC beforehand, which will perform MyKad and facial verification.

  1. Confidentiality

The documents and communication between the parties are all encrypted so only the owners and authorised signers can view it.

  1. Integrity

A digitally signed document will be cryptography fingerprinted which is tamper-proof. If someone does try to change the document after signing, it can be detected by any tools that can verify the PDF signature, such as Adobe Acrobat Reader and Foxit Reader.

  1. Non-Repudiation 

This means that after all parties have signed a legal document, they can’t deny that they’ve signed it.

When signing a document through SigningCloud, the document will be issued a digital ID by a trusted neutral party known as Certificate Authority (CA) who is licensed by MCMC under Malaysian Digital Signature Act 1997.

The CA also holds all the evidence of the signing and if the case is taken to court, the CA can be called upon as a witness.

To use SigningCloud, all you have to do is register your account and download the app (available on Google Play Store and Apple App Store) onto your mobile device or tablet.

This will allow you to sign anywhere and anytime without any worries. Aside from that, SigningCloud also offers a few additional features that make them stand out from the rest.

Why Use SigningCloud?

For one, Edward claims that SigningCloud is the first publicly available digital signing platform in Malaysia to support multiple licensed CA. They have integrated support to Raffcom and Trustgate, with the 3rd CA coming soon.

Raffcom is a local company providing tech and IT services and they’ve obtained their CA license back in 2018. As for Trustgate, they are a company providing products and services related to internet security and they’ve obtained their CA license back in 2000.

“Imagine before SigningCloud, one can only digitally sign using one chosen CA because the vendors lock their option only with one CA.”

As to why having multiple CA is important, Edward said that it allows the customers to choose the CA they prefer based on their services and pricing.

SigningCloud also runs on a pay-per-use basis for legal documents. But if you’re just signing internal company documents, they have a monthly subscription plan.

Depending on your company size and how much you value tamper-proof internal company documents, you can opt for plans with varying monthly subscription fees.

The pricing plans for SigningCloud / Image Credit: SigningCloud

Unlike the other online sites or apps that you’ve used in the past to sign documents, SigningCloud supports and complies with the Malaysian Digital Signature Act 1997 (DSA 1997). 

The DSA 1997 is overseen by the Malaysian Communications and Multimedia Commission (MCMC) and the act ensures that digital signatures in Malaysia are regulated. 

Last but not least, with digital signatures, your company will not have to waste resources to print, manage or store documents as everything is stored on a secure cloud server.

A Company With A Proven Track Record

Securemetric was incorporated back in 2007 and since then, they have expanded across SEA, with offices in Indonesia, Singapore, Vietnam and the Philippines.

The company is also one of the key players in digital security offering services such as Software Licensing Protection, Public Key Infrastructure (PKI System) and Cryptography.

They’ve implemented PKI systems nationally for over 4 countries in SEA.

And they’ve also handled some big clients such as Lazada and implemented authentication solutions for MyEG, PLCs, Banks and government agencies.

The Securemetric team at one of their previous launches / Image Credit: Securemetric

The company also won many awards in the past. One of their latest awards is the Best of Security award for their Authentication and Public Key Infrastructure products from Cybersecurity Malaysia and MSC APICTA.

As to why they’re focusing on digital signatures, Edward revealed that this has been in their roadmap and one of the key reasons they decided to go for IPO. The IPO then allowed them to raise funds and invest in R&D.

With the additional engineering capacity allowed to them via IPO, they managed to shorten the development timeframe in the creation of SigningCloud.

Featured Image Credit: Securemetric

The post This M’sian Company Wants To Make The Document You Signed Online Tamper-Proof, Here’s How appeared first on Vulcan Post.

These 2 SMU Grads Invested $15K To Sell Home Essentials Online, Broke Even In About A Year

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I’m someone who cannot stand any mess. In the office, I’m always cleaning up the pantry and rearranging things, making sure things are placed where they rightfully belong.

My colleagues often joke that I have an obsessive compulsive disorder (OCD). This ‘organising’ habit of mine extends in my own home, and I typically like to browse home organisation ideas on my phone — which could explain why I’m often served Style Degree’s ad on Instagram.

A quick look at their Instagram page revealed that they have a significant following of over 33,000 followers. This made me question the people behind this brand, and how they’ve managed to grow so fast in just a span of a few years.

Speaking to the co-founders of Style Degree, Phoe Chuan An (27) and Tan Sher Yun (25), I found out that they have been a couple since their university days.

They share a common interest in hearing from startup founders and learning about their journey, and first met each other at an entrepreneurship club in Singapore Management University (SMU) back when they were second-year students.

As it turns out, that same entrepreneurship club also served as a starting point for their e-commerce business.

From Travel Essentials To Home Organisation

When the couple were on a three-month internship in Atlanta, USA as part of SMU’s Entrepreneurship Programme, they discovered one pain point.

travel luggage organiser
Luggage organisers / Image Credit: Style Degree

“As we travelled to various cities, we realised how handy travel organisers were in ensuring that our luggage was neat and that things could be easily found,” said Sher Yun.

During that time, Chuan An was also learning about website development and exploring the world of e-commerce. Once they put these two together, the two SMU business undergrads naturally came up with the idea of setting up Style Degree in 2016.

Starting from the ground up, we launched a series of travel organisers, from toiletries pouches to foldable travel bags.

Interestingly, we entered the home and living sector through suggestions from our customers, who asked us if we could bring in home improvement products too. It was then (around 2018) when we realised that there was a market potential in this sector, seeing that our friends were applying for BTOs and some of our family members were getting new homes.

– Tan Sher Yun, co-founder of Style Degree

Beyond the feasibility of tapping into the home organisation market, both of them wanted to help homeowners achieve the positive feeling of an organised home through their products.

For instance, having an organised home can help to simplify their life, as well as save time and energy from searching for a T-shirt because of a messy closet, explained Sher Yun.

Bearing this in mind, the duo made it a point to curate innovative and smart solutions that are designed for the needs of Singaporean homeowners.

They Operated Out Of A Bedroom

style degree singapore
Phoe Chuan An and Tan Sher Yun, co-founders of Style Degree

Style Degree is their very first business venture.

Having founded it in their 20s, one of their initial challenges was overcoming the concerns about running a business at such a young age.

It’s not so much doubts about their capabilities, clarified Sher Yun. Instead, their families were worried if they would be able to earn their keep for future responsibilities. After all, the entrepreneurial life is risky and does not draw a fixed monthly income.

However, when they achieved “little milestones” like securing their first office space and growing sales volume, it serves as a reassurance that Style Degree was on the right track.

Moreover, an advantage of running an e-commerce business is that they had less overhead to bear such as rental and utilities cost.

We could afford to pay ourselves less as students. The company started with $15,000 and broke even in about 12 to 15 months.

We reinvested the profits back into the business to purchase inventory, increase our marketing budget and invest in our team.

– Tan Sher Yun, co-founder of Style Degree

Looking back at its early days, Sher Yun said that it was very “hectic”, albeit “exciting.”

In fact, Style Degree first started out as a home-based business in Chuan An’s bedroom.

Operating out of such a small space with their small team of part-time fulfilment workers was definitely a challenge. Cartons of goods spilling over to the living room during peak festive period was a common sight, and Chuan An had to be very hands-on in every aspect of the business.

Although it was physically taxing for him, it taught him what to expect from employees when they took over these key roles, such as packing orders, replying customers’ emails and liaising with suppliers and delivery partners.

Getting The Basics Right

Back then, e-commerce was relatively new to us and there was a lot of experimenting and getting the basics right — from knowing what customers wanted, to learning how to digitally market them online, and putting in place processes to make fulfilment more efficient. 

We also had to establish good relationships with key suppliers. We learnt that the hard way in the early days when we received goods with quality that we were unsatisfied with. This made us very conscious about our product curation and development process which still carries on till today.

– Tan Sher Yun, co-founder of Style Degree

Elaborating on the challenges with suppliers, Sher Yun said they often made trips to China to meet with suppliers and manufacturers to establish relationships with them.

These visits was important in ensuring quality control and enabled them to keep up with the latest trends in home organisation.

“Starting out, it wasn’t smooth-sailing as it involves a lot of communication and negotiation with various suppliers, and it may not even lead to a business deal,” said Sher Yun.

“There were undeniably hiccups along the way but we moved on from setbacks and rejections quickly, focusing on identifying potential suppliers who are aligned with us.”

Internally, another challenge for them was that they needed to ensure that their company continues to be productive and efficient using technology.

Having started the business when they were university students meant that they didn’t have much funding to capitalise on. Style Degree was their first full-time job — prior to this, their working experiences was limited to only internships.

They had to bootstrap and be particularly prudent in their expenditure.

In an attempt to cut down on costs, they used a cheap website hosting company in the early days. But as the saying goes, you get what you pay for: it was unreliable, and their website often lagged.

They also used to manually keep track of inventory using a spreadsheet, which was inefficient.

Now, they work with a reputable international host which helps make their website run smoothly, even during peak periods. They are also currently utilising an inventory management system which helps to streamline the fulfilment, purchasing and warehousing processes.

“While these new implementations are surely more expensive, we view them as investments which will fuel our future growth. In fact, by our conservative estimations, they have paid for themselves by helping us be more productive and saving us over 500 man hours annually,” said Sher Yun.

Getting the basics right as early as possible is important. (We had to) ensure that our product or service is of quality, differentiated, and of value to the target customer.

We kept on improving the customer experience while refining internal processes to support the company efficiently. Once we got the basics right, they act as a foundation for us to grow the business further.

– Tan Sher Yun, co-founder of Style Degree

COVID-19 Fuelled E-Commerce

While most businesses have been adversely affected by the COVID-19 pandemic, it’s been quite the opposite for Style Degree as the demand for e-commerce skyrocketed.

According to Sher Yun, they experienced high order volumes during the circuit breaker period as organising, cleaning and decluttering homes became one of the top stay-home activities.

desk organiser
Desk essentials / Image Credit: Style Degree

Many of their customers also bought desk essentials to create a conducive home office during the work-from-home phase.

We are rather fortunate that we are primarily an e-commerce company with an existing and growing digital presence without the overheads of a retail outlet.

This helped us make the most out of the current situation in which more people are shopping online during this period. Having said that, we believe in having a physical retail presence which allows customers to touch and feel our products.

– Tan Sher Yun, co-founder of Style Degree

As an online-driven business, Style Degree places a lot of emphasis on their social media presence.

style degree singapore
Screenshot of Style Degree’s Instagram page

They consistently create engaging yet useful content for their audience such as home organisation and cleaning tips, effective home hacks, as well as showcasing how their essentials can help solve home organisation woes.

With communication channels such as Instagram direct message, Facebook messenger, Instagram question polls, customers are able to easily reach them whenever they have any queries.

“Being accessible has allowed us to foster relationships with our customers and create long-term brand loyalty,” said Sher Yun, adding that a third of their customers are returning customers.

Establishing a core group of customers who are passionate about the brand is important as the customer acquisition costs are lower and they are more likely to return and make referrals.

“Building a customer base takes time but it’s much more valuable in the long run,” she added.

Be Patient When Growing A Business

Style Degree has been seeing a steady growth since its inception.

Its annual revenue has been growing by 50 percent to 100 per cent in the past four years, and the duo expects it to increase two-fold this financial year.

Despite the pandemic which has caused hiring freezes everywhere, Style Degree is looking to hire to expand its team.

In the long run, they also have plans to expand to other countries in the region.

They currently ship internationally from Singapore to countries such as Malaysia, Indonesia, Australia and the United States, but an international expansion would allow them to offer a faster shipping time and a better overall customer experience.

When asked to share a piece of business advice for other entrepreneurs, Sher Yun said that they must first possess the right mindset when starting out.

If you’re looking to build a lasting brand that has a purpose, know that it takes patience, dedication, and sacrifices to do it.

Many factors are involved when building a sustainable business – your people, customers, costs, processes et cetera. All these takes years and constant refinement to get it right, so be patient about growing your brand while keeping up with trends and innovating.

– Tan Sher Yun, co-founder of Style Degree

Citing a quote from the book Atomic Habits by James Clear, she added that we often want to see immediate results but “the only way to become excellent is to be endlessly fascinated by doing the same thing over and over. You have to fall in love with boredom.”

Featured Image Credit: Style Degree

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Why This S’pore Startup Is Cashing In On The Idea Of Turning Stores, Supermarkets Into ATMs

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Covid-19 is keeping everyone at home — and away from ATMs and banks — due to social distancing measures and fear of contracting the virus from common surfaces.

More are turning towards online cash withdrawal services to avoid large crowds.

“It’s only a matter of time that ATMs and bank branches disappear—with or without SOCASH,” said co-founder and CEO Hari Sivan of the online cash withdrawal service in an interview with Vulcan Post.

Pandemic or not, the online startup remains intent on disrupting the cash circulation industry.

Cash Withdrawal Made Easy With An App

Founded in 2015 by Hari and his wife, Rekha, they wanted to allow people to withdraw cash easily from a network of affiliated shops.

With SOCASH, users can simply download an app on the Apple App Store or Google Play Store and enter the amount of money they need.

After that, they can enter the nearest SOCASH-affiliated shop, scan a QR code and pick up their cash.

With every transaction, users earn points which can be used to redeem rewards, much like the loyalty programme for apps such as Grab.

While SOCASH’s service comes at an opportune time during the Covid-19 pandemic, they have not been immune to the effects of the crisis, which has led to an overall economic recession.

Transaction volumes were down by 35-37 per cent, Hari reported.

To cope with the pandemic, SOCASH “focused on fixed cost reductions, reduced marketing activities and are working on expanding [their] product capabilities to further diversify the revenue streams”.

With that, the startup announced a new partnership earlier this month with Sheng Siong and Prime supermarkets.

SOCASH will be rolling out a new cash machine across 62 branches to reduce large crowds at ATMs and banks and engage in contactless methods for everyone’s overall well-being and safety.

Image Credit: SOCASH

This is a significant departure from SOCASH’s original business model, which relied on person-to-person contact between store merchants and app users to withdraw cash from the counter.

Value-Adding To Banks And Stores

Previously, in a 2018 interview with Vulcan Post, Hari had revealed that banks spent up to US$80 million (S$111 million) in 2015 to maintain ATMs, which hold up to S$400 million worth of uncirculated cash. That’s a tremendous waste of resources.

They’re expensive to maintain, and while it’s hard for banks to operate without them, we see some banks in Asia that are aggressively closing branch operations and removing ATMs.

– Hari Sivan, co-founder and CEO of SOCASH

“The network is breaking down and unable to meet the demand of the next billion starting their consumption journey in Asia,” he added.

By relying on SOCASH merchants instead of expensive ATM cash dispensers, banks reduce costs and gain access to a network of shops that serve as virtual ATMs — a self-scaling last mile network.

SOCASH replicates the ATM/Branch transaction fee revenue model. Banks are SOCASH’s revenue-generating customers, and SOCASH generates revenue with every transaction made in-app that it splits with the stores on its network.

Hari Sivan, co-founder of SOCASH / Image Credit: SOCASH

“Our business is primarily driven by the number of transactions, which in turn is driven by the size of our network and the number of banks or financial institutions partnering us.”

SOCASH targets smartphone natives looking for a “small value cash-on-demand,” Hari explains. To date, SOCASH has recorded over 341,000+ downloads for the app.

The drivers impacting user preferences are proximity, privacy and the financially prudent who stays away from credit cards, are sensitive to annual fees and have careful spending habits.

– Hari Sivan, co-founder and CEO of SOCASH

Habit A Barrier To User Adoption

With that, SOCASH remains highly anticipated among banking and investment circles.

The app raised US$5.5 million (S$7.6 million) in a Series A funding round with Vertex Ventures in August 2018.

SOCASH is also the first recipient of the Monetary Authority of Singapore’s Financial Sector Technology and Innovation Grant under the Proof of Concept Scheme.

However, the startup is subject to the same teething issues all new businesses face.

Users continue to rely on ATMs for cash withdrawals, as opposed to making the switch over to SOCASH.

ATMs
Image Credit: CapitaLand

“The reasons range from awareness, proximity, habit & product preferences,” says Hari. “There is a long lead phase of each product co-existing with other payment options.”

Popular blogs reviewing SOCASH have complained about the lack of trained merchants.

Additionally, one of the main incentives to download SOCASH arose from the desire to cash in on the generous reward system—which has since been updated.

“Good things don’t last forever. They were, and probably still are, in what I call “start up phase”, muses The Bulging Wallet, a personal finance blog.

“As you become more mature, your incentives for consumers become less generous — that’s understandable,” it added.

SOCASH is also far from outdoing ATMs in terms of sheer geographical convenience and density.

Currently, SOCASH has over 1,500 withdrawal points across Singapore. By comparison, there are more than 2,050 off-site ATMs, according to a Parliamentary record in 2014.  

Statista also reported in a 2018 study that there are 66.45 ATMs per 100,000 people in Singapore.

Turning SOCASH Into The New Global ATM

The solution, then, is obvious: increase the number of withdrawal points, change consumer habits and make every transaction count.

Image Credits: SOCASH

While Covid-19 may have delayed SOCASH’s plans, Hari is bent on seeing the app transit from single-country to multi-country operation.

Currently, SOCASH spans over 16,500+ shops across Singapore, Indonesia and Malaysia. That includes mom-and-pop shops, cafes, retail giants like 7-11 and supermarket chains like Sheng Siong.

According to Hari, the ideal market has a “large digital middle-class population spread over a large geography, does not have high debt-based consumption, has supportive regulators to enable wider access to banking, (and) cost of cash as a significant issue for bank profitability.”

Fortunately, much of Southeast Asia and the greater Asia-Pacific region fit that profile.

Hari also explains that the density of withdrawal points per location will vary depending on the demands of respective communities.

Our goal is to keep cash float to match the daily average demand which is around SGD 15,000 – 25,000 per day for a typical medium-sized residential housing estate in Singapore.

– Hari Sivan, co-founder and CEO of SOCASH

New Features

Apart from increasing the number of stores on the SOCASH network, the app will also be increasing its ease of use and adapting to the Covid-19 pandemic.

Apart from installing cash machines with its merchants to reduce human interaction, SOCASH will also be rolling out QR payment acceptance once regulatory approvals for the ASEAN payment framework is granted.

The startup will then be piloting a sales platform, using shops as virtual branches.

To increase the value add for banks, SOCASH will contribute to the customer acquisition funnel by “setting up distribution of savings accounts, loans, credit cards, etc,” says Hari.

Shifting away from the reliance on reward programmes, SOCASH will be entering its next phase of life and relying on network partners who “have promoted it within their community as local ambassadors.”

Online Cash Withdrawal Services Will Be The Future

Hari sticks to his original caveat that ATMs will become obsolete in the years to come. But it looks like it will be a long time yet before cash becomes obselete.

An international study done by the Bank for International Settlements (BIS) agrees that the “unprecedented public concerns about viral transmission via cash” has led to drops in cash usage in some countries.

But trends differ across cultures, and the same risks exist for card-based payments, which require PIN and signatures. BIS has also expressed that there may be a need to strengthen cash-based transactions.

BIS said, “If cash is not generally accepted as a means of payment, this could open a ‘payments divide’ between those with access to digital payments and those without. This in turn could have an especially severe impact on unbanked and older consumers.”

One thing’s for sure–contactless digital transactions, which companies like SOCASH are moving towards, are becoming increasingly relevant.

For now, SOCASH will focus on refining its product, value-adding to banks, and expanding the network of SOCASH merchants, pandemic or not.

“Our vision is distributed banking,” Hari concludes simply.

The goal? To convert every shop and customer into a virtual cash distribution network starting in Asia.

Featured Image Credit: SOCASH

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This M’sian Drive-In Cinema Will Allow 50 Cars Per Movie, & 5 Other Facts Its Team Revealed

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Author’s Blurb: Drive-in cinemas are something I’ve only seen in movies. Cosy images of couples cuddling up on the roof of their cars, with takeout snacks and drinks. The only downside to going to an actual drive-in cinema is that I can’t help but be a little turned off thinking about the traffic jam when everyone wants to leave in the end.

The smell of popcorn, walking past the many “Coming Soon” posters on the walls, and the big screen flashing before your eyes.

Plenty of us have been missing the moviegoing experience in cinemas all throughout MCO.

That’s what sparked the idea for M-Junction Drive-In Cinema (M-Junction), which will be one of the first Malaysian drive-in cinemas we’re seeing in the modern age.

For this, we have Arvin Randahwa, CEO of TwoSpicy Entertainment and his friend to thank for.

The TwoSpicy team / Image Credit: TwoSpicy Entertainment

“A random catchup between me and my friend from MD Events Asia gave birth to this idea,” Arvin told Vulcan Post.

“He had the equipment and knowledge in audio-visual systems, and my team and I had the experience and knowledge to pull off this product. So, we decided to work together to make it happen.”

For some background on TwoSpicy Entertainment, they’re the ones behind some of Malaysia’s exciting and unique experiences like Dinner In The Sky Malaysia, Plane In The City, Le Petit Chef, The Largest Maze in Malaysia, and so on.

“The drive-in cinema therefore perfectly fit with our company’s vision and our existing database of followers,” Arvin added.

Plane In The City, 2018 and Dinner In The Sky, 2017 / Image Credit: TwoSpicy Entertainment

By now you’ve probably already heard of it and been on the lookout for more details on where, when, or how this event will take place.

Personally hungry for more information ourselves, here’s what we managed to extract from Arvin on what M-Junction’s drive-in cinema will look like when it launches.

1. It will be located at Malaysia Tourism Centre (MATIC).

Malaysia Tourism Centre (MATIC) / Image credit: TwoSpicy Entertainment

Malaysia Tourism Centre (MATIC) can be found along Jalan Ampang, Kuala Lumpur, and you may have passed it countless times on your way to KLCC.

“We chose MATIC due to its location being in the heart of the city and because their vision matched with us, which is to promote domestic tourism in the current business climate where international tourists are not allowed into the country,” Arvin explained.

Like other drive-in cinemas overseas, the movie “hall” will be in MATIC’s carpark.

2. There will be a maximum of 50 cars per session.

To ensure the quality of the experience is not compromised, M-Junction will only allow up to 50 cars per screening with the capacity of 2 pax maximum in a car.

Editor’s Note: We previously wrote that only 30 cars would be allowed, but have since updated it to 50 cars to reflect accuracy.

A couple in their car at a drive-in cinema in Korea / Image Credit: AFP

This is because those in the back seats will not be able to see the screen.

M-Junction is also strictly adhering to the drive-in cinema SOPs set by the government, which were revealed last Friday.

Hence, there will be a distance between cars, with ticketing, orders, and payments done through contactless and cashless methods.

The movement of people on the ground will also be controlled, and staff will be wearing masks at all times.

Daily temperature checks for both staff and guests will also be done regularly to avoid cluster infections from happening unexpectedly.

3. Reserved and first come first served “seating”.

Realistically, I think coming into this experience will imitate finding a good parking spot when you hit the mall for a movie screening.

M-Junction will be offering 2 ticket tiers which differ in terms of rows and package deals.

“The front row will be reserved for sponsors and higher ticket categories, while general admission seats will be first come first served,” Arvin shared.

As for snacks, they will be included in the ticket packages, but there will also be options to purchase food on site.

When asked about ticket prices and whether they’ll be charged per head or per car, Arvin declined to answer, wanting to keep that news a secret until the ticket launch day, which is tentatively set for July 20, 2020.

4. A large LED Screen & Bluetooth audio for your viewing pleasure.

One thing that will be interesting to note for me is how the audio-visual quality of a movie will work for an outdoor setting, since indoor cinemas have ways to calibrate their speakers so that each seat will basically get the same experience.

Arvin told us that M-Junction’s movies will be screened on a large LED screen with audio transmitted through a mix of Wi-Fi and Bluetooth technology.

Setting up the large LED screen / Image credit: M-Junction

The exact details of how this will all play out will also only be shared as they launch their ticket sales.

5. It’ll have a good mix of movie choices, just like a regular ol’ cinemas.

M-Junction is set to show a collection of classics and recent releases, as well as local and international movies.

While he wanted to keep his lips tightly sealed, he was willing to at least share this much with us: “There will be something big, and scary, and from a long long time ago.”

This variety is catered to their target market of urbanites, domestic interstate travellers, students, young adults, and small families, of whom they have a waiting list of more than 13,000 people.

Arvin also mentioned that in order to get the rights for screening these movies, they needed to apply for plenty of applications and licences from various departments.

“It was a very interesting learning experience for us, from getting the movie screening rights to speaking to the local police,” he mused.

6. Shows will be rescheduled for unpredictable weather.

Unpredictable weather is a bane for drive-in cinemas, but M-Junction is prepared to tackle it with a mixture of technology and traditional methods.

In the event of thunderstorms, screenings of the movie will be delayed up to a certain time or rescheduled.

To battle our typical Malaysian humidity, the team is finalising ways to cool the area down in an environmentally conscious way to reduce CO2 emissions for their attendees.

-//-

Overall, M-Junction has plans to expand its drive-in cinema to more locations and has already been approached to launch in other venues.

It’s no doubt going to be exciting for Malaysians experiencing this for the first time.

As the pandemic isn’t over yet, a gathering of people in one space for a few hours may sound like a bad idea.

However, if everyone stays in their socially distanced cars with masks on, it should be a lot safer than the one-seat gap in cinema halls.

Bottom Line: Seeing as M-Junction plans to make this a long-term thing (as opposed to a one-off event), I would personally want to experience this myself at least once. Although, I’d definitely wait until the hype dies down.

  • You can read more about other Malaysian startups here.

Featured Image Credit: AP

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Cinemas Have Reopened With Social Distancing Rules – How Will It Affect The Movie Experience?

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Cinemas in Singapore have been forced to close due to the COVID-19 pandemic since March 26, casting a dry spell for movie-goers and cinema operators alike.

However, film buffs can finally rejoice as cinemas have reopened this week. Operators like Cathay and Golden Village (GV) have reopened on July 13, while indie cinema operator The Projector reopened two days ago on July 15.

Film lovers will be excited to hear that there is an exciting lineup of movies, like the sequel to popular South Korean zombie thriller ‘Train to Busan: Peninsula’, and ‘A Quiet Place 2’.

However, it will not be business as usual and the movie experience will probably feel different for viewers too.

What To Expect When Heading To The Movies

Cinemas reopening singapore
Image Credits: MalayMail

The Infocomm Media Development Authority (IMDA) has stipulated that cinemas have to adhere to a set of mandatory safe management measures.

Some rules include a one-metre social distancing seat configuration. Couples or friends in groups of up to five individuals will be allowed to seat together but between groups, the social distancing seat configuration will apply. Each cinema hall will also be limited to 50 people.

The wearing of masks has also been made mandatory at all times, except when consuming food and drink.

Additionally,  high-touch point areas will be regularly sanitised and disinfected between movies.

What Do Singaporeans Think?

golden village cinema
Movie-goers outside Golden Village / Image Credits: Golden Village via Facebook

It seems that netizens and Singaporeans share mixed reviews towards the reopening of theatres.

Some Singaporeans feel that the situation in cinemas does not differ much from other public spaces, such as restaurants or public transport.

Priscilla Lee, who watched ‘Train to Busan: Peninsula’ said: “To me, it’s the same as the restaurant situation where groups of friends can sit and eat together, while maintaining a distance from other groups.”

There is a caveat though. The 23 year-old believes that movie-goers should have their masks on at all times, and food and drinks should not be allowed.

Whilst some shared neutral to positive sentiments and lauded the move, others were not as optimistic.

28 year-old David Goh said his preferred cinema hall is his home: “I don’t think it’s safe. If just one person in the hall is COVID-19 positive, we are all at risk too.”

The Movie Experience Around The Globe

Countries across the world are outlining plans to reopen cinemas as they slowly emerge from lockdowns.

Malaysia was recognised as among the top five countries in the world to have succeeded in controlling the spread of COVID-19. The country’s theatres have also reopened to the public, but with stricter measures.

All movie-goers are mandated to have an empty seat in between them, whether they are part of a couple or group of friends.

Malaysia cinemas reopening
Malaysia’s MBO Cinemas seating arrangements / Image Credits: MalayMail

Germany has also begun reopening its cinemas since late May, albeit with strict social distancing rules. Besides keeping a 1.5m distance away from the adjacent group, glass screens have also been implemented in some cinemas to minimise contact between movie-goers.

Germany cinemas reopening
Plexiglass between the seats of the Cineplex Alhambra in Berlin / Image Credits: thelocal.de

Critics and naysayers are skeptical about the reopening of cinemas, but it is sure to be an event highly anticipated by many movie fans.

That being said, the lower human traffic at cinemas might be a boon for Singaporeans who detest crowds, but a bane for cinema operators trying to drive up their sales after three months of downtime.

Featured Image Credit: The Projector

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How S’pore Fitness Studios Are ‘Working Out’ Their Game Plan As They Adapt To The New Normal

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With Covid-19 disrupting the sport and recreation landscape in Singapore, fitness studios have had to implement alternative business models to stay afloat.

Fitness and boxing studio Boom Singapore launched online workouts with free sessions on Instagram Live. Haus Athletics also capitalised on Instagram as a platform to post free 15-minute bodyweight workouts.

Both studios also offer paid virtual workouts on Zoom to turn things up a notch.

However, after being limited to home workouts and runs at the neighbourhood park during the circuit breaker period, fitness junkies were raring to break a sweat in their favourite studios instead.

Thankfully when Singapore entered its second phase of reopening, fitness studios were allowed to resume classes. Studios like the popular High Intensity Intermittent Training (HIIT) F45 reopened to much fanfare and excitement on social media.

That said, what is the new normal for fitness studios? Has the storm passed or do they face a whole new set of problems when adapting to the new changes?

Drawbacks Of The New Normal

The first and most straightforward adaptations that fitness studios have to make are adhering to the new rules and regulations put in place by Sport Singapore.

Rules that include keeping masks on at all times except when engaging in strenuous activities inevitably have some drawbacks on the activities of fitness studios.

The Sense Of Community

Fitness studios new normal singapore
The Garage Community pre-Circuit Breaker / Image Credits: The Garage via Facebook

Each fitness studio has managed to build a unique community around their brand, which is essential in keeping members coming back.

In conversations with fitness class goers, many agreed that the accountability that comes with part of a community is what keeps them motivated while working out.

According to Jon Seow, a member at Ritual Gym, exercising in a group is “a key aspect” that pushes him during workouts, and exercising at home would result in him “slacking off” instead.

Due to the social distancing rules, interaction is surely limited, which might reduce the appeal of attending classes at fitness studios.

Individuals are currently expected to keep a 2-metre distance from one another and in the case of HIIT or group classes, not more than five individuals are allowed in each session.

Fitness studios have also cordoned off areas where people might congregate. Participants are also advised to bring a fully-filled water bottle to prevent inter-mingling at water coolers.

Guidelines by F45 / Image Credits: F45 Holland Village via Facebook

These developments have rendered it tougher to regain the sense of team spirit and community that was traditionally present in fitness studios and group classes.

Lusi Gao, a member of F45, feels that the sense of community has waned slightly during classes.

“A lot of what we used to have was groups of two to three people working out at the same station and cheering each other on, but now everyone is confined to their own ‘box’ and doing different workouts.”

That being said, fitness instructors and trainers have put in the extra effort to ensure that their members are adequately attended to, be it during physical lessons or online.

During the Circuit Breaker, The Garage continued to engage its members online by constantly checking in with them. The team also provided services such as bulk ordering weights for home workouts, such that members could continue with their regimes and “not feel the disruption”.

Reduced Capacity And Business Outlook

As per the guidelines by SportSG, each facility is capped at a maximum of 50 people. Thus, even if the demand for physical classes persist, studios, especially smaller ones, are unlikely to accommodate the demand.

According to Ruchdi Hajjar, the founder of The Ring Boxing Community, the number of students attending classes on-site fell by 30 per cent, mainly due to safe-distancing measures.

His sentiment was echoed by co-founder of The Garage, Yen Wong: “Sales has definitely been affected due to the class size limit.  Unfortunately, our strategies are not able to push business back to where we used to be. It can only minimise the impact.”

Is Zoom The Future Of Fitness Studios?

The Garage’s online session / Image Credits: The Garage via Facebook

Most studios now provide members with videos, and members may choose to attend virtual classes as compared to physical ones.

Evolve MMA’s vice president Wesley de Souza said that even though physical classes have resumed, the gym’s online offerings “will remain a big part” of its programmes.

Despite the online developments, Yen feels that online classes are just “a knee-jerk reaction” to the Covid-19 pandemic.

The Garage conducted a survey with over a hundred individuals, and results showed that people still preferred going to the gym due to “the community and motivation”

“The future of fitness is about empowering people more effectively with the help of technology, but not within the constrains of the walls at home,” said Yen.

Featured Image Credits: The Garage via Facebook

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We Could See 25 More Accredited Social Enterprises In M’sia At The End Of This MaGIC Bootcamp

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MaGIC are passionate advocates of social entrepreneurship because we’ve seen the transformative powers of entrepreneurs that are guided by altruistic compasses.”

This was said by Malaysian Global Innovation & Creative Centre’s (MaGIC) CEO Dzuleira Abu Bakar at the kick-off ceremony for the Social Entrepreneurs – Transformation, Innovation & Acceleration (SEtia) bootcamp yesterday morning.

In line with MaGIC’s unwavering support of social enterprises (SEs), it is another initiative to bolster the growth of young startups looking to make social change in Malaysia.

After a MoU signing between MaGIC and Standard Chartered Bank Malaysia (Standard Chartered) in December 2019, SEtia was supposed to happen much earlier in 2020, but had to be postponed due to the pandemic.

Now it’s back in motion, and 50 Malaysian social entrepreneurs are set to tackle the bootcamp.

A 6-Month Bootcamp

To qualify, the 50 participants had to already have validated social impact businesses that had a working prototype of some sort.

These 50 entrepreneurs come from 25 SEs, with each SE contributing at least 2 co-founders to the programme full-time.


Day 1 of bootcamp / Image Credit: MaGIC

SETia’s customised syllabus is meant to strengthen the development of SEs through business coaching and mentoring support on business modelling, financial management, innovative marketing strategies, government policies, and more.

It’s structured on a build, validate and learn cycle that requires participants to refine and develop their ideas into practical and implementable businesses to further drive and maximise their impact.

So, for the next 4 weeks, the entrepreneurs will undergo training where they’ll be exposed to creative and innovative business strategies to maximise social impact and profit, complete entrepreneurship development modules, have active discussions and immersive visits to existing social enterprises.

Upon graduation of the 4-week training, the entrepreneurs will be monitored and have access to coaching and mentoring for the next 5 months.

By the end of that, they’ll be ready to apply for the Social Enterprise Accreditation.

The Hustle Never Stops

Having collaborated with MaGIC since 2017 in supporting and developing entrepreneurs, Standard Chartered is no stranger to empowering social enterprises either.

Lai Pei-Si of Standard Chartered giving her speech / Image Credit: MaGIC

It has an entrepreneurship pillar under Futuremakers, its global initiative to tackle inequality and promote greater economic inclusion for youths in our community.

Through it, programmes focused on education, employability and entrepreneurship are directed towards disadvantaged youths from low-income households, particularly girls and people with visual impairments.

Towards the end of the ceremony, Dzuleira had more to share on what MaGIC had up its sleeves for SEs.

“We will soon launch the Social Impact Matching (SIM) Grant, an initiative announced by our Prime Minister as part of the Short-Term Economic Recovery Plan (PENJANA).”

She looked at the audience pointedly and added with a smile, “I expect to see at least 24 applications when we launch.”

MaGIC is also working with partners to establish an online space for SEs to market their products, and it’s developing a campaign to encourage impact-driven consumption among Malaysians too.

On the backend, MaGIC is revamping its impact measurement framework for social innovation.

“This will improve our ability to recognise the immediate needs of the entrepreneurs we serve and connect them to the right partners and resources that are pivotal to their growth,” Dzuleira said.

  • You can read more on what we’ve written about MaGIC here.

Featured Image Credit: MaGIC

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This Startup Utilised Its Tech In Facial Recognition Fever Detection Solutions We See At Malls

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The facial recognition technology first saw roots in the 1960s.

Fascinated by it, Varun Chatterji has spent more than eight years learning and grasping various image recognition techniques and while he was at it, he attained a specialisation in Deep Learning-based Computer Vision.

He went on to conceptualise Seventh Sense, an AI tech company with a focus on creating power-efficient and low-cost computer vision systems.

In a response to the battle against the pandemic, they have implemented a derivative of their technology in AI-driven facial recognition fever detection solutions placed in Singapore’s shopping malls and healthcare facilities.

This facial recognition and thermal camera processing technology allows these public places to do away with the need for manual screenings.

Pioneering Mobile Security

The name Varun Chatterji may not ring a bell immediately, but this man has co-founded various startups — of which, at least one, would trigger your memory.

Back in 2003, he met one of the co-founders of his first startup Darius Cheung (he’s the founder of property portal 99.co) during the NUS Overseas Colleges Programme (NoC) in Silicon Valley.

Varun graduated with a degree in Computer Science in 2005 and set up tenCube with Darius and two other co-founders, Rishi and Indradeep, shortly after.

(From left to right) Varun Chatterji, Darius Cheung and other co-founders of tenCube, Indradeep Biswas and Rishi Israni / Image Credit: Knowledge Enterprise

The startup pioneered mobile security and personal information management (contacts, text, emails, phone calls etc) for the then-emerging smartphone market.

“We built “mobile software” before the term “app” became fashionable,” said Varun.

It had counted Singapore Police Force, Defence and Science Technology Agency (DSTA), Centre for Strategic Information Technology (CSIT) among its clients.

Image Credit: NUS

He put Singapore onto the world map when tenCube was acquired by McAfee in 2010. That was also when he joined the McAfee team, but left in 2012 when he became interested in Computer Vision instead.

Hailing from India, the 39-year-old was quick to tell us that he “almost didn’t come to Singapore”. He had initially enrolled in an undergraduate course for Physics at St. Stephen’s College in New Delhi but he “really wanted to study Computer Science”.

On seeing how five of his best friends gained admission into local universities here, he applied to the National University of Singapore and got in. He only joined the NoC programme in his third year.

“So, you could say that if I had not been a part of [NUS] and NoC, my life might be quite different,” he laughed.

The Startup Itch

After tenCube, Varun started exploring Computer Vision to make smart toys for kids and niche hardware such as smart mobile tripods.

These smart gadgets could record a variety of standard shots for videography (smooth pan, smooth zoom etc) to make the life of amateur film makers easier.

Those ideas unfortunately didn’t take off so he went on to start Sent.ly, which was focused on providing customer support over text messaging.

It was during the Sent.ly days when he met Sam, one of his co-founders of Seventh Sense.

Sam was introduced by Ashish (another co-founder at Seventh Sense), whom Varun knew from his childhood days in Kanpur. In later years, Sam became a board member of Sent.ly.

With the emergence of messaging platforms such as WhatsApp and WeChat, the relevance of SMS declined rapidly and so did Sent.ly.

Prior to winding it up in 2017, they tried to pivot to introducing chatbot and chatbot automation for customer support.

The pivot towards chatbots got me interested in Machine Learning and AI. After Sent.ly, I took an online course on Big Data and Social Analytics taught by Alex Pentland from MIT.

– Varun Chatterji, co-founder and Chief Software Architect of Seventh Sense

The course was an interesting mix of economics and machine learning, and inspired him to look up his other works — that’s how he came across Alex Pentland’s works on facial recognition.

“Facial recognition was quite exciting to me, especially given my earlier interest in Computer Vision, and, in the next year, I educated myself in various image recognition techniques and also completed a Deep Learning specialisation on Coursera taught by Andrew Ng,” said Varun.

Varun Chatterji, founder and Chief Software Architect of Seventh Sense

Along with Ashish and Sam, a veteran CFO and ex-board member in Sent.ly, they founded Seventh Sense in 2017.

Ashish had made his first attempt in AI back in college and spent months working on implementing fuzzy logic and artificial neural networks in hardware. He eventually gave up, attributing to “being couple of decades too early”.

I proceeded to develop a prototype system on a small, low power, compute constrained hardware.

This caught the interest of multiple units within Singapore’s Ministry of Defence (Mindef) eco-system, such as DSTA, FSTD, and subsequently, Cap Vista, the strategic investment arm and fully-owned subsidiary of the DSTA, a statutory board under Mindef.

– Varun Chatterji, co-founder and Chief Software Architect of Seventh Sense

Finding His Calling In His Third Startup

With his third company, Seventh Sense, Varun found an intersection of his interest in security, machine learning and Computer Vision.

“Over the next year, we continued to develop our technology. Along the way, we underwent thorough due diligence processes from the multiple parties within Mindef, ST Engineering, SingTel, etc. Subsequently, Cap Vista and 500 Startups came (onboard) as investors,” he said.

Image Credit: Seventh Sense

In the firm’s initial years before funding, Seventh Sense was “completely financially supported by Ashish and Sam,” said Varun. Both had day jobs and essentially provided him with sustenance to work on his ideas.

Fast forward three years later, they have partnered with the largest telecommunications operator in Singapore to provide live deployments for retail and workplace safety during the Covid-19 pandemic.

Their retail products help in measuring and controlling overcrowding, perform temperature screening and have features that help businesses comply with safe work practices.

Unlike conventional technology, the system can also provide a real-time aggregated people-count at entry and exit points. These analytics on building occupancy are helpful to prompt retailers to promote social distancing and/or limit the number of entrants.

Image Credit: Seventh Sense

Their products range from a retail analytics and temperature screening solution to an employee-and-visitor management solution with access control linked to gantries.

Clearly, this product comes at an opportune time given Singapore’s gradual reopening of schools and retail spaces. Moreover, public places like malls are doing away with manual screenings.

The technological solution can also be positioned at crowded locations like healthcare facilities and educational institutes and is linked to the SafeEntry system.

Explaining To The Layman

Varun revealed that the biggest challenge in setting up Seventh Sense was “communicating the hard technical details”.

With the implementation of face recognition in smartphones, they often get asked that if the technology is becoming commoditised.

Most people don’t realise that a 1:1 match in the case of a phone is very different from a 1:N match.

Furthermore, people often think of the technology as matching a frontal (mugshot) picture against another frontal (mugshot) picture. The reality is quite different for ‘in the wild matching’.

– Varun Chatterji, co-founder and Chief Software Architect of Seventh Sense

Apparently, it took them more than a year to educate investors and customers on the realities of facial recognition.

Dashboard / Image Credit: Seventh Sense

“We also get asked how we can compete with graphics processing units (GPUs) with lower-powered devices. The answer is not always as simple as “we do X”. We do a variety of things, that, over the years, have helped us get where we are,” continued Varun.

Another challenge they have been experiencing is finding talent in machine learning.

“Getting to a team size of 12 has been quite a challenge,” he said.

Raising Funding For Series A Round

To date, Seventh Sense has raised a seven-figure seed round with Cap Vista and 500 Startups, along with two local angel investments.

They are currently raising a Series A round and have “commitments from all their existing investors, with a handful of new investors underway”, which according to Varun, is “interesting and challenging” in a post-Covid-19 world.

Image Credit: Seventh Sense

At this stage, they have a pipeline of several large contracts and product deployment engagements and he sees the need to expand the team to deliver on them.

“Our next goal is to build a bigger research team and tackle some problems that require hard-core research,” said Varun.

“With the expansion of our team, we will be able to realise some of our harder goals such as developing and building products around our hard-earned IPs — US patent (US16/431,818) and a few more in the pipeline.”

So, How “Deep” Is Deep Tech?

With more enterprises adopting solutions that embody AI, machine learning or blockchain, deep tech is becoming increasingly common in corporations.

To further accelerate deep tech commercialisation, the Singapore government has committed S$19 billion to the development of deep tech startups.

But does that mean that deep tech is becoming commercialised?

Far from that, said Varun.

It can take as long as four to five years for deep tech companies to get off the ground. Afterall, it’s not called “deep tech” for nothing.

Very simply, deep technology may be defined as a scientific breakthrough  that can potentially change human life for the better.

Sectors wherein deep tech has made giant strides include Biotech, Life Sciences, Cleantech and Computer Science. The newest medicines and medical devices, as well as 3D printing are all examples of deep tech.

Only through extensive testing can the full impact of each deep tech development be determined.

This is how deep tech businesses distinguish themselves from companies such as Facebook or Airbnb.

For budding entrepreneurs who are looking to stick their hands into deep tech, Varun has some advice:

Don’t jump on a clever idea. Validate the idea before thinking of making it a business. Try to find backers for your idea. Then, and only then, should you startup.

Ideas are cheap. Execution is not.

– Varun Chatterji, co-founder and Chief Software Architect of Seventh Sense

Featured Image Credit: Seventh Sense

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Why Beauty Booking App Vaniday Relaunched In S’pore After A Sudden Global Closure

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When Vaniday announced its closure in Singapore in December last year, it came as a shock.

The beauty booking app had raised a “seven-figure” funding (in euros) just six months prior in June, led by parent firms Rocket Internet and Asia Pacific Internet Group.

Following this funding however, Vaniday gradually shut down its global operations in Australia, Italy, the UAE, Russia and Brazil.

It had closed down everywhere except Singapore. Former Vaniday CEO Saurabh Chauhan explained that the investor board had changed its direction to be “very laser-focused on Southeast Asia.”

In fact, the firm even had plans to launch in new markets — potentially Thailand and Indonesia — by end 2019 or early 2020.

These plans didn’t come to fruition in the end and Vaniday exited all markets instead.

There was no clear explanation on their end for this move. In an email to Singapore users, Vaniday simply attributed the local closure “due to various reasons”.

Media reports speculated that the firm was facing financial troubles despite the fresh injection of funds. Saurabh himself had admitted that Vaniday hadn’t been profitable as it solely runs on cash from its 2015 investment.

Despite an unfortunate exit, Vaniday has recently been resurrected with a brand new management and direction.

The Takeover Of Vaniday

Vaniday is officially back in business as it announced its relaunch in Singapore on July 2.

It is now helmed by CEO and co-owner Ruth Teo, who was formerly the Vice President of Business Development for a US gaming and cybersecurity firm.

Prior to Vaniday, she had spent more than 15 years holding different roles in technology and communication companies, and has helped various companies expand their business in Asia Pacific.

In an interview with Vulcan Post, Ruth said that she acquired Vaniday together with “one other passive investor” in January 2020, and subsequently assumed the role as CEO.

I was actually a Vaniday user myself and I really liked the platform and the services it provided. When I heard they were closing down in December last year through media reports, I was shocked but also intrigued.

It was then I decided to approach the owners and expressed my interest for the takeover.

– Ruth Teo, Vaniday CEO

When they took over from the previous management team, Vaniday had already accumulated 100,000 users in Singapore — this is “sizeable by the market’s standards,” noted Ruth.

She did not disclose how much she acquired the company for, and refused to comment on what triggered the global closure of Vaniday or if it faced any financial woes.

“This (the closure) was handled by the previous team. When we took over in end January 2020, we started afresh on a clean slate,” she said simply.

This also means that the new team does not have any relation to the previous funding, she asserted.

Why Is Vaniday Making A Comeback?

The inspiration behind the early-day Vaniday is to create a seamless and convenient way for consumers to access beauty salons and book appointments.

“In the past, people had to scour the Internet, search and compare reviews on Google, then visit the individual websites to find the specific rates and services, proceed to call and wait for booking confirmation,” lamented Ruth.

“Furthermore, there were no one-stop beauty and wellness portals for consumers to book services and buy products all at one place. If one wanted to book a facial and attend a gym session in the same week, she/he had to make appointments with the outlets individually.”

Since booking beauty services is often time-consuming and inconvenient, Vaniday was created to help users easily make price comparisons, see reviews and make appointments with a few taps.

Ruth took this original idea and turned things up a notch by pivoting the business to move beyond solely focusing on being a salon booking application.

We took a new direction and rebranded Vaniday as a one-stop beauty and wellness portal with multiple new features, hoping to stand out as this is something that the local market does not currently have.

I believe we can successfully carve out a niche in this area and there remains huge potential for the new Vaniday’s expansion to onboard more merchants in different categories which in turn, will attract an even bigger base of customers.

– Ruth Teo, Vaniday CEO
vaniday merchants
Notable merchants on board with Vaniday / Image Credit: Vaniday

Since Vaniday’s soft launch in February, it has onboarded 10 per cent more merchants on its platform, reaching a total of 1,000 merchants.

Describing this relaunch as a “turning point”, Ruth is confident that Vaniday will work out this time round.

acupuncture
Acupuncture therapy / Image Credit: Kung Fu Wellness

The first reason for this is diversification. As part of the relaunch, Vaniday has expanded its merchant pool to include gyms, chiropractic services, acupuncture therapy and Traditional Chinese Medicine.

Beyond expanding its merchant scope to include fitness and health services, Vaniday has also introduced new features to encompass the full beauty and wellness experience for their users.

Secondly, Singapore has a “very viable and huge market,” Ruth pointed out.

“Singapore has over 18,000 salons and holds a significant proportion of middle-class consumers that are digitally savvy (so) we want to capitalise on this.”

Last but not least, Vaniday has no direct competitors. While there are existing e-commerce platforms that could rival them, “they are primarily focused on products only, not services,” said Ruth.

This is the start of a new chapter for Vaniday. I see a huge potential in amplifying the original focus on just beauty and wellness to comprise other areas such as providing relevant wellness, F&B and health offerings for users.

– Ruth Teo, Vaniday CEO

Not The Best Time For A Relaunch Though

However, the timing of the relaunch leaves much to be desired.

The COVID-19 pandemic has hit many beauty and wellness businesses and their operations.

beauty salon
Image Credit: Guilherme Petri via Unsplash

When merchants get affected, Vaniday inevitably bears the brunt. Ruth admitted that they have taken a hit, especially with the implementation of circuit breaker measures.

“Many of our merchants had to halt their services as Singaporeans were advised to stay at home most of the time. This also means reservations on the platform came to a stop as well,” she added.

However, a silver lining to this circuit breaker is that it gave them time to focus on developing and enhancing its existing platform with various new features.

“For instance, Vaniday launched customisable digital gift cards that merchants can set according to their preferred value. These gift cards are meant to help merchants tide through this period and can also be utilised by consumers as gifts for others when the situation stabilises at a later date,” said Ruth.

Now that Singapore has entered Phase 2, Vaniday has seen a “significant surge in online bookings” she added.

It’s A Brand New Vaniday

Vaniday previously prides itself to be primarily a beauty booking services platform, but Ruth wants it to “be much more than just that” with this relaunch.

vaniday app
Image Credit: Vaniday

Building on the “one-stop online platform” concept, Vaniday has rolled out new features like an e-marketplace for beauty and wellness products, a digital beauty and lifestyle magazine called VaniZine, as well as an improved loyalty programme.

Sharing further about these new roll-outs, Ruth said their online marketplace allows both merchants and consumers to buy and sell a variety of beauty and wellness products such as health supplements, vitamins and superfoods.

By entering the e-commerce sphere, Vaniday helps merchants offer more value by providing an additional revenue stream.

“Many of our merchants already have their own products that they retail in their own store. With the e-commerce platform, it provides an additional channel for them to reach customers,” she added.

In addition, Vaniday’s enhanced booking platform taps on automation and artificial intelligence (AI) to help merchants improve the customer experience.

Merchants will receive their booking orders through automated WhatsApp notifications, allowing them to connect, confirm and reschedule appointments with customers, which in turn reduces customer no-shows.

The use of AI provides users with options to other similar salons should their favourite salon experience limited capacity to serve them.

Their loyalty programme has also since been revamped from the previous system where the amount of cashback earned from each transaction was fixed.

Now, we provide merchant-centric solutions that allow them to flexibly set the cashback amounts at their own preferred rates and launch their own loyalty program.

Customers who are loyal to their favourite salons and brands get to enjoy the increased perks and benefits as set by their salons. Other perks for consumers include more avenues to earn cashbacks such as through contests, giveaways and ambassador programs.

– Ruth Teo, Vaniday CEO

Through the predictive analytics built into its platform, Vaniday is also partnering with merchants so that they can offer targeted promotions for certain segments of consumers.

For instance, more freebies or cashbacks can be offered during off-peak periods or when a customer is willing to reschedule their appointments to another available time if their initial booking time slot is not available.

This is to better cater to the needs and requirements customers are looking for when making their desired booking, explained Ruth.

With regards to its online magazine, it aims to “build a strong beauty community” by sharing genuine reviews and allowing the discovery of new beauty trends, products or services.

To expand the content, Vaniday is exploring the idea of a series dedicated to entrepreneurs within the beauty and wellness industry where they share their entrepreneurial journey.

“All in all, (Vaniday) is a convenient platform for consumers to discover, shop and connect,” said Ruth.

“We really are looking to take the platform to the next level where it no longer is just an app to help you book your next appointment, but a one-stop beauty and wellness platform that can cater to the various needs and interests of our users.”

I believe that one can win customers with the power of convenience. We kept to this principle in the process of redesigning and revamping our platform so as to improve the user experience and interface on Vaniday for both our customers and merchants.

The important thing is to think from your target audience’s perspective — what works for them and what doesn’t. From there, you can build the platform or business you want to build.

– Ruth Teo, Vaniday CEO

Eyeing A Beauty Subscription Service Next

vaniday singapore
Image Credit: Vaniday

According to Ruth, one key business challenge that Vaniday faces is to increase the lifetime value of its customers.

What should they do to get customers returning to their platform?

One strategy they currently have in mind is a subscription service.

“Vaniday is looking into rolling out a beauty subscription model on its platform where users can pay a monthly fee to get access to a variety of beauty, wellness and fitness services,” said Ruth.

“In my previous works, I have helped to grow several subscription services successfully in APAC with good customer retention. I am still experimenting ways to replicate these successes in Vaniday which offers non-digital goods.” 

In terms of other future business plans, Vaniday is also looking at expanding into Malaysia and the Southeast Asian market in the near future.

“However, with the current pandemic, our plans have taken a temporary halt. Once the situation stabilises and we have solidified our operations in Singapore, we will certainly explore our expansion plans again.”

“For now, our biggest goal this year is on driving sales and tripling the merchant base to 3,000 in the next 12 months.”

Featured Image Credit: Vaniday

The post Why Beauty Booking App Vaniday Relaunched In S’pore After A Sudden Global Closure appeared first on Vulcan Post.

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