Fridolin Blumer

Macro Insights Weekly: Resilient #Singapore Singapore’s growth prospects are bright despite a plethora of internal constraints and external uncertainties. What explains the economic resiliency of the city state? First, despite high costs, Singapore attracts FDI due to world class hard and soft infrastructure. Second, investment-related policy foresight and stability signal commitment to investors. Third, a proactive agenda on health, housing, and education for the population enhance welfare. Fourth, incentives for the next generation of tech and idea help maintain competitiveness. Finally, large financial savings allow for successful and expeditious crisis prevention and mitigation. DBS Bank Wei Liang Chang Full report: https://lnkd.in/g9aNpx3F

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EMPOWERING ASEAN As the world faces increasingly concerted, localised challenges independent of geo-political developments, I strongly believe that ASEAN needs to increase its focus on enriching trading activities between member countries, and work to conspicuously increase the value of intra-ASEAN trade. Intra-Asean trade today stands at only 20% of the total trade (by value) of all member countries. The real potential of ASEAN, of course, lies in its population of more than 670 million people, with an economic size of more than USD3 trillion. The fact is, the basic infrastructure required to increase intra-Asean trade already exists: mechanisms such as the CEPT, AFTA and AEC frameworks are up and running, and are fully capable of providing for a unified market and facilitate the required increase in intra-ASEAN trade. What must to be done to realise this potential is to collectively strengthen the infrastructure towards intra-ASEAN trade. This means drawing up long-term plans for ASEAN’s economic development that must, crucially, include parallel industrial development. This is to ensure that ASEAN builds the capacity needed to meet the needs of its population and economy as a whole. Of course, as a trading region ASEAN will always need external trading partners; the ultimate goal here is to reduce ASEAN's external trade composition to more sustainable, balanced levels, and achieve self-sufficiency where it needs to be. Its existing network of roads, ports and railways - while extensive - can still be improved, especially in terms of connectivity between ASEAN's main industrial and cosmopolitan centers, serving as catalyst for more holistic economic development. If this can be achieved then ASEAN’s reliance on external currencies and its related volatilities can be managed more realistically, with the possibility of a currency union in the horizon. The potential benefits of an ASEAN currency union – or at least a basket of regional currencies to start – as a means to facilitate intra-ASEAN trade is clear, particularly in terms of macroeconomic structure and market development, as well as the overall well-being of the ASEAN populace.

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Sunday Morning Readings! The Straits Times reported a new licencing framework - for our furry friends 🐈. 🧐 I wondered out loud if exams would be needed and our son Maximilian Friedrich Beinert joked that our cat would need to take her PawSLE 😹. ⏳Joke aside, it is 1st September today and licenced representatives in the finance sector in Singapore have 4 months to clock their #CPD hours to maintain their appointment or licence with the Monetary Authority of Singapore (MAS). 🚨In my experience there are 2 main categories of bankers: 1️⃣ Those who diligently clock their training hours throughout the year and, 2️⃣ those who wait for mid December 🙀 and multiple reminders from #Compliance and #HR to realise they need to undergo 15 hours of compulsory training in the next 15 days (a great way to spend year end celebrations)! ‼️ If you are still short of training hours, and want to avoid penalties or losing your licence, there are excellent institutes to fullfill the regulatory requirements: check out the subsidised programs of Wealth Management Institute (WMI) or look for e-learning solutions. #Training #licencing

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An enjoyable combo of sustainability and volunteer activity “over 3.5 billion pairs of jeans are produced worldwide every year against a world population of almost 8 billion” - 🤔 Kids are very smart 💡 - I learnt a lot from a 9-year old Fong Fong, especially about having a positive mindset and a healthy diet. I bought her an iced chocolate which was a bit bitter. She said that’s great so that she would not have tooth decay from drinking chocolate. She asked me what’s my favourite food and advised me to eat more eggs as protein is good for me versus the Doritos I like. She lent me her favourite Doraemon pencil. 😬 Play like a kid - My biggest achievement of the day was to bring home my DIY utensil wrap. When was the last time we used a pair of scissors ✂️ , cloths, nails and paper? And more importantly, allowing ourselves to be creative, explore and improvise (let our guard down) Experiment and QC - Here is my masterpiece. Looks great! Except that I got the measurements wrong 🙃. Need a smart spoon to fit in. #hangseng #wpb #sustainability #learnandgrow #neverstopexploring

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𝐒𝐭𝐫𝐨𝐧𝐠 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐙𝐃𝐑 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 𝐒𝐆 𝐕𝐂𝐂 𝐅𝐮𝐧𝐝 Over the past 8 months (concluding on April 30th), our ZDR Investments SG VCC Fund has demonstrated a strong performance, delivering a return of 5.69%. Furthermore, the annualized return stands at an impressive 8.70% p.a. As a 𝐅𝐞𝐞𝐝𝐞𝐫 𝐅𝐮𝐧𝐝, ZDR Investments SG VCC is designed to finance an EU-based 𝐌𝐚𝐬𝐭𝐞𝐫 𝐅𝐮𝐧𝐝. This unique structure allows Southeast Asian investors to easily diversify their portfolio with EU 🇪🇺 real estate from their local investment environment, providing an opportunity for growth and stability. #investments #realestate #investmentfund #convenienceretail #zdrinvestmentssgvcc #singapore #europe

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🚨 Switzerland gonna lose its wealth crown to HK? 🚨 According to the latest from the Financial Times, Switzerland could lose its wealth crown to Hong Kong, as warned by the #UBS chief. 🏦💼 🌏This shift could have significant implications for the private banking sector in Hong Kong and Singapore. 🌏As a headhunter specializing in private banking recruitment across these regions, I have seen a lot of regional roles have shifted to Singapore in these 2 year. 🌏Do you think Hong Kong is poised to take the lead? What impact do you foresee on the job market and investment landscape? 🤔💬 Let me know your thoughts! 👇 #PrivateBanking #HongKong #Singapore #WealthManagement #FinanceNews #Recruitment

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Looking to retain top talents in Singapore’s competitive market? Deferred compensation is a strategic tool for long-term employee retention. By offering employees the option to delay a portion of their compensation package, companies can foster loyalty while assisting them to plan for their future. Help employees reduce immediate taxable income and create a financial incentive for key players to stay and thrive with your business. Invest in your workforce, invest in your future. 💼 #DeferredCompensation #EmployeeRetention #SummitPlannersCluster

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Songs are powerful. The same words spoken vs the same words sung have completely different power. Its like saying vs singing "I love you" to your spouse. You know what I mean. In Singapore, we have a tradition of having a brand new "National Day" song every year. There is frequently a theme of resilience, unity and going the distance. I think these songs make a great start to any week, not just National day. For my foreign friends not tuned in to this yearly tradition, have a listen via the link below. Have a great start to the week 💪 "𝑰𝒇 𝒘𝒆 𝒋𝒖𝒔𝒕 𝒍𝒐𝒐𝒌 𝒕𝒐 𝒆𝒂𝒄𝒉 𝒐𝒕𝒉𝒆𝒓, 𝑻𝒉𝒆𝒏 𝒕𝒉𝒊𝒔 𝒉𝒐𝒖𝒔𝒆 𝒘𝒊𝒍𝒍 𝒇𝒆𝒆𝒍 𝒍𝒊𝒌𝒆 𝒉𝒐𝒎𝒆. 𝑨𝒏𝒅 𝒕𝒉𝒆 𝒎𝒐𝒓𝒆 𝒘𝒆’𝒓𝒆 𝒕𝒐𝒈𝒆𝒕𝒉𝒆𝒓, 𝑻𝒉𝒆 𝒇𝒖𝒓𝒕𝒉𝒆𝒓 𝒘𝒆’𝒍𝒍 𝒈𝒐. 𝒀𝒐𝒖 𝒂𝒏𝒅 𝑰, 𝒘𝒆’𝒓𝒆 𝒏𝒐𝒕 𝒂𝒍𝒐𝒏𝒆. 𝑵𝒐𝒕 𝒂𝒍𝒐𝒏𝒆." Watch it here:

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"Young couples... should ensure that they are marrying for the right reasons – for love and not for the sake of being eligible for a BTO flat," wrote the authors of a new book discussing the study 💔 Researchers studied data on Singaporeans aged 20 to 35 years old to see if there was a correlation between marriage and divorce rates, and applications for BTO flats. Not surprising.. Housing in SG has a very heavy price tag. It’s social engineering to sustain birth rate - get married to get access to subsidized housing and govt grants. With more singaporeans choosing to stay single - Would the G allow singles to buy BTO? So that those who do get married are doing so for the right reasons (love?) #marriage #living #housing #singapore #rogerng #lbfalumni

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The CLOB saga of 1988 taught Singaporeans the important distinction between speculating and investing. For the 172,000 CLOB investors, most were trading based on recommendations heard through coffeeshop talk, with no real understanding of fundamentals or strategies. When trading was abruptly shut down on CLOB, it resulted in a painful and drawn-out fight for Singaporeans to get their money back. But the episode also marked the rise of Securities Investors​ Association (Singapore), which made upholding and protecting the rights of small investors its business. How did a lawyer who had never stepped foot in the world of finance become the voice of minority investors? Find out in Boardroom Knockout 🥊 Get your copy here: https://lnkd.in/gxtgXFkR #brko #boardroom #knockout #investors #shareholder #minority #watchdog

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I look forward to seeing the conclusion to BoJ’s Broad Perspective Review, but if Gov Ueda’s opening remarks are anything to go by, I am not optimistic that the review will dramatically change BoJ operating targets. Perhaps we could celebrate the point highlighted on need to move early & large, a frequent criticism back in the early days of QE, but there is no guarantee that would have changed much. Ueda’s opening remarks couch the assessment within narrow confines of independent & limited monetary policy tools, which is typical of G7 Central Bankers trained to not prescribe policy outside their domain (https://lnkd.in/dwEfd7gJ). The problem is that causes of what Ueda called ’zero inflation trap’, and the solutions required, were multi-disciple policies, that required not only an early & large monetary policy response, but a coordinated one with fiscal, taxation, industrial, & corporate cultural policies. If the Broad Review focuses only on monetary policy decisions - all other things equal - then it will not bring Japan any closer to a macro solution for its subpar growth & productivity story. Integration of Japan (the first emerging market) into the G7, followed by global integration of previously bifurcated Communist countries, a global push for maximalist interdependence, and the subsequent rise of Asian Tigers, followed by China, presented an economic environment that was destined to produce disinflation, regardless of domestic conditions, which were unfortunately . . . bank failures & asset deflation. Without a counterfactual, it is difficult to critique the BoJ’s response throughout this period. If the Broad Review is to successfully reorganise the BoJ’s MO for the next three decades, I hope analysis of the environmental factors receives greater weight. It is not for the BoJ to dictate to policy makers at the MoF, METI or Cabinet Office, but sharing broad analysis of the environmental factors with implied policy offsets can benefit all. What Japan needed throughout the 90s was an aggressive opening of its economy to FDI and import substitutes. The corporate culture, acting in a paternalistic way, argued that Japanese consumers had either stubborn or delicate tastes that would be offended by aggressive import substitution. Japan’s Zaibatsu corporate culture resisted foreign integration via cross-share holdings and any other means necessary. The Government refused to purge the banks and write-off bubble-economy debts for far too long, for fear that high unemployment in Japan would destroy societal harmony. Japan’s economy doesn’t look like any other G7 country for a reason. The BoJ needs realistic operating targets and a sound money approach, which I’m sure the Broad Review will produce, but that will fall short of solving Japan’s fundamental problem: a low potential growth rate. #boj #monetarypolicy #yen https://lnkd.in/dc3gqeik

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A great summary Adeline Kim and thank you to you, Tancy Tan and the MindForward Alliance for hosting an excellent opportunity to learn and share with ENRICO 'IRONMAN EV' VARELLA , Weng Hong Yong and Emily Ortega. Yesterdays session got me thinking about The “Manufactured Manager Paradox”: Prescribed Behaviors vs. Authentic Leadership The term “manufactured manager” conjures up an image of a leader who operates within a strict framework of prescribed behaviors, often dictated by organizational norms and societal expectations. A veteran leadership coach described it as the “Korporate Kowtow”. While I don’t agree with the vernacular, it captures the vigorous debate about the authenticity of leaders who conform to these molds at the expense of their genuine selves. A manufactured manager is typically seen as someone who has been shaped extensively by corporate training programs, leadership manuals, and a pervasive corporate culture that promotes a one-size-fits-all approach to leadership. Harvard Business Review suggests that these programs, while useful, tend to produce leaders who are adept at following protocols but may lack the spontaneity or personal touch that true leadership demands. It's crucial for organizations to recognize the value of authenticity in their leaders. Authentic leadership is associated with higher levels of trust, engagement, and loyalty among employees. This doesn’t mean throwing out all leadership training but rather tailoring it to enhance the natural styles of leaders rather than reshaping them entirely. Empathy, Vulnerability, psychological safety and authenticity go together. The paradox dictates however that these cannot be manufactured.

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Asian markets have been rocked by a global sell-off as fears of a looming US recession led investors to abandon risky assets. 📉 Singapore’s Straits Times Index (STI) fell by 4.1%, its most significant drop since the early days of the COVID-19 pandemic. Local banks, including DBS Bank, UOB, and OCBC were among the hardest hit, which could have ripple effects on the broader economy and job market. 🔗Read the full article: https://lnkd.in/dR8A_ut5 #Stocks #StockMarket #STI #Recruitment #ASEAN #Singapore

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Julius Baer: Succession Planning is the Leading Family Topic: Succession planning is the leading topic being spotlighted amongst the wealthy, according to a report by Julius Baer, with the trend of forming family offices in Asia to address the issue. #JuliusBaer #PwC

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Wow! You didn't have to call me out on that one Norsiah Juriani Johari 😅 Here are 3 reasons why Malaysian SME who needs financing should act immediately to apply from MIDF: 1) Financing rate as low as 3% p.a. 2) 2 documents to start application (NRIC & Audited Financial Statement) 3) Online application via https://lnkd.in/gEKAQepc Now that you learnt the above, do keep us in mind when you need SME Financing 😊

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Looking for new Non-Executive Directors 🤔? Often, I am asked to recommend directors for boards. One solution to think about is to use Singapore Institute of Directors’ Board Appointment Service! SID can help with two areas: ✅ Board Listing Service - A listing service for organisations to advertise board positions to SID members. The fee for this service is nominal especially for non-profits that are not corporate members of SID (currently S$109 for non-profits and start ups)! ✅ Board Match Service - Where SID will help to advertise and shortlist potential candidates who are SID members! SID has well over 4,000 directors, including 1,000 accredited directors already! Read more here about the new accreditation framework => https://lnkd.in/gm9KfMJ9 💡And over 25% of SID’s members are women and growing, thanks to the support of forward-looking partners on initiatives to increase the number of board-ready women in Singapore such as Singapore Computer Society, and through supporting our members with our newly formed SID Women Directors’ Chapter. More can be found below. #corpgov #boards #boarddiversity #singapore #womendirectors Terence Quek Lee Edwin Huey Tyng Ooi (IDP-C) #diversity #womenonboards #nominatingcommittees #nomcom #corporategovernance https://lnkd.in/gEu-kfvr.

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