Sam Tsui

The Economist's commentary on Singapore's political leadership succession on Thursday, 18 May 2024 is not only condescending but also laughable. They should heed the wise biblical counsel to consider the 'beam that is in thine own eye', rather than 'the mote that is in thy brother's eye'. Step down from their sanctimonious high horse and realize, after so many years, that the sun has set on the British Empire. The United Kingdom may have had a rich history and global influence at one point, but today it faces a multitude of challenges of its own making. These challenges have cast a long and darkening shadow on the UK's reputation, and it is time for the UK to take responsibility for its own failures and make necessary changes. One of the most pressing concerns in the UK today is its economic volatility and viability as a major economic power in the new world order. The UK's decision to leave the European Union, commonly known as Brexit, was marred by a lack of transparency, deception, and half-truths. The entire process was worthy of a Shakespearean-style play, filled with high-stakes scandals, humor, and mockery. The promised economic sovereignty and potential growth have yet to materialize into tangible benefits for the average citizen. Trade barriers have increased, investment has faltered, and the pound has seen significant fluctuations. This economic instability has exacerbated income inequality, making the rich richer while the working class struggles with stagnant wages and rising living costs. The Brexit referendum not only highlighted deep divisions within British society but also within its major political parties. The UK has become increasingly polarized, with strong divisions between the Conservative and Labour parties, as well as between different regions and communities. The subsequent years have seen a revolving door of Prime Ministers and a Parliament often paralyzed by indecision. There is a lingering perception that the UK still has entrenched social classes, with opportunities dependent on your class background. Far-right groups are active in widening the cracks and tampering with potential social minefields. England dominates the UK politically and economically compared to Scotland, Wales, and Northern Ireland. There is a growing sentiment for independence referendums, which threatens the very unity of the United Kingdom. The National Health Service (NHS) is also facing significant challenges, including chronic underfunding, lack of access to certain treatments, and staffing shortages, exacerbated by the COVID-19 pandemic. Patients face long waiting times, and the quality of care has been compromised, raising concerns about the sustainability of free healthcare in the UK. Other social services, including education and housing, are also struggling due to budget cuts and reduced services. Case in point, the housing market is rife with… https://lnkd.in/gX7zibdj

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We are thrilled to announce that we successfully raised ¥2.8 billion ($20M) in our Series B funding round. This time, we are pleased to welcome Vertex Growth, a growth fund under Singapore’s sovereign wealth fund Temasek, as a new shareholder. Additionally, all our existing shareholders, including Japan’s government-backed financial institution DBJ, have participated in the funding round. We aim to build digital infrastructure for real estate industry across Japan and Asia, supporting the sustainable development and economic growth of gateway cities and regions. In the 2024 JLL Real Estate Transparency Index, Japan ranked first in Asia but only 11th globally. While Tokyo leads globally in metro-area GDP, population, and real estate market size, it is said to lag behind the US and some European countries as a long-term investment destination for institutional investors. The commonly pointed-out challenges are always 1) access to fundamental data and 2) the transaction process. estie aims to solve these issues with the power of data and software, creating a better investment environment for the healthy development of cities and regions in Japan and across Asia. With deep gratitude to our dedicated team working tirelessly for our customers, the VCs (UTEC, GCP, and GB) who have supported us since the early days, the ecosystem pioneers who prepared the ground for our challenges, and most importantly, our customers who believe in our product, we will continue to push forward! https://lnkd.in/gxVktein

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Today, I am thrilled to announce that our start-up Growwth Partners has been awarded the Best Fractional CFO Services award by The Golden Globe Tigers Awards for Excellence recently held in Malaysia. This recognition is more than just another award for me and our team. It is a testament to the relentless dedication, unwavering commitment, and exceptional expertise of our entire team. Starting this journey, I envisioned a start-up that would go beyond traditional finance, accounting and CFO services — a start-up that would become a trusted partner, helping businesses navigate the complexities of strategic and operational finance with confidence and clarity. This award affirms that we are on the right path, and it strengthens our resolve to continue delivering unparalleled service to our clients and users. I'd also like to take a moment to recognise the valuable contribution of our 2nd start-up, https://ryzup.ai/ in supporting this achievement. Ryzup.ai uses advanced AI capabilities to deliver value adding solutions to our users to manage their finance and business need better and ahead of time. The synergy between our companies has played a crucial role in our success. 🤝 To Our Clients and Users: Thank you for your trust and partnership. Your success is our success, and it’s an honour to be part of your growth story. We are committed to supporting you with the same passion and precision that earned us this accolade. 🦸To My Incredible Team: This award belongs to you. Your hard work, innovation, and dedication are the heart and soul of Growwth Partners and Ryzup.ai. Together, we’ve built something truly remarkable, and I’m excited about what the future holds for us. 🧑‍🎤 To Fellow Entrepreneurs, Founders, SMEs, Investors: Never underestimate the power of a dream combined with determination. This journey has had its challenges, but every setback was a setup for a greater comeback. Stay focused, stay resilient, and surround yourself with people who believe in your vision. Winning this award is not the end—it’s a new beginning. We are more motivated than ever to push boundaries, set new standards, and help our clients achieve their financial goals. Here’s to continued success, shared victories, and a future filled with possibilities! 🎊🎖️🏆 Thank you all for being a part of this incredible journey. 🙏

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Joyce Koh, COO of a tech company in Hong Kong, was one of the first few clients to sign up for my newly launched CEO Mastery Program. This exclusive offering is designed to help C-Suite executives, executives, and entrepreneurs. My CEO Mastery Program is a transformative experience that combines practical strategies with a deep dive into self-discovery. By working one-on-one with me, you'll uncover your unique strengths, challenge your assumptions, break away from the limiting beliefs and go through a transformation process that helps you elevate to greater heights. I witnessed Joyce's transformation throughout the program, and it was such a blessing to work with her. I am truly grateful for the testimonial she shared and even more thankful that she permitted me to post it openly, as she said many could benefit from my program. Truly having a trait of a great leader. 𝙅𝙤𝙮𝙘𝙚'𝙨 𝙩𝙚𝙨𝙩𝙞𝙢𝙤𝙣𝙞𝙖𝙡 "I had the pleasure of meeting Catherina at a woman workshop last year. Her workshop was fun-filled & left a lasting memory thus when she recently launched her CEO Mastery Program I jumped at it. As a COO of a face-paced technology company, I was struggling to maintain a healthy work-life balance and feeling overwhelmed by the demands of my role. Catherina guided me through a transformative process that has had profound impact on my mindset and overall well-being. Catherina brings a unique blend of expertise, empathy and practical strategies to her coaching. Her deep understanding of the challenges faced by leaders allowed her to tailor the program perfectly to my needs. Through a combination of one-on-one sessions, virtual and hands-on exercises, she helped me develop sustainable habits and mindful practices that have increased my resilience productivity and joy. I now approach challenges with a renewed perspective a stronger sense of purpose. One of the most valuable aspects of Catherina's approach was her emphasis on cultivating self-awareness and emotional intelligence. She helped me recognize and reframe negative thought patterns and limiting beliefs that were holding me backs, and replace them with a more positive, purpose-driven mindset. This has not only improved my personal well-being but has also had a tangible impact on my leadership and decision-making abilities. Participating in Catherina #CEOMasteryProgram was one of my best investment. If you're a CEO or high-achiever looking to elevate your performance, overcome burnout, or simply desire a more fulfilling life, I highly recommend investing onto this program. Thank you, Catherina for an unforgettable experience. I look forward to continuing our work together and witnessing the positive impact you will influence on countless executives. You are not just a coach but a true partner in growth. Follow me https://lnkd.in/fFwPVut to 10x your mindset and career growth. #Csuite #careers #transformationalLeadership #executivecoaching #leadershipdevelopmemt #tech

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Doesn't happen every day that one of our clients gets a massive shout-out from government...specifically the prime minister of Japan himself. Shinobi Therapeutics is a Japanese company, straight from Kyoto, and proud to be seeing them getting their well-deserved recognition. Japan's been a big player in biopharma, with giants like Takeda taking center stage. Our journey with Shinobi Therapeutics began with a vision to create a brand and site that mirrors their innovative spirit and scientific excellence. Seeing them recognized on this global stage reaffirms our commitment to supporting groundbreaking ventures through compelling design and storytelling. Stories are stories: across borders, across the globe, and historically, across science itself. https://lnkd.in/g_2yRqfR

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Thank You, Prime Minister Lee Hsien Loong During his tenure as Prime Minister and Finance Minister from 2001 to 2007, Mr Lee Hsien Loong steered Singapore's economy to new heights, cementing the city-state's status as a thriving global hub of innovation and commerce. Under his astute leadership, Singapore navigated multiple economic crises, including the Global Financial Crisis of 2008-2009 and the COVID-19 pandemic, emerging stronger each time. PM Lee's strategic economic policies and foresight have been instrumental in driving Singapore's remarkable growth and development. Singapore's GDP more than doubled to over $673.3 billion by 2023, compared with $194.4 billion in 2004. The GDP per capita surged to around $113,779, compared with $46,664 in 2004. Based on studies done by the International Monetary Fund, Singapore is among the top 10 worldwide in terms of living standards. This stellar economic performance was underpinned by PM Lee's focus on transforming Singapore into a global financial hub and stimulating innovations that have kept the economy globally competitive. When the Global Financial Crisis struck in 2008, PM Lee's prudent stewardship guided Singapore to a swift V-shaped recovery, with GDP expanding by an impressive 14.5% in 2010. Similarly, despite the significant challenges posed by the COVID-19 pandemic, Singapore's healthcare system demonstrated remarkable resilience and preparedness. Singapore generally avoided the overwhelming strain experienced in many other countries. Furthermore, Singapore's robust financial reserves, accumulated under PM Lee's tenure. It enabled the government to implement substantive support measures that helped the economy weather the pandemic's economic impacts and mitigated the severity of the downturn. PM Lee's visionary launch of the Smart Nation initiative in 2014 set Singapore on a strategic course towards comprehensive digital transformation. This initiative has positioned the country at the forefront of leveraging technology and data to enhance living standards, create greater economic opportunities, and strengthen social cohesion within communities. The foresight proved invaluable during the COVID-19 recession, as strategic investments in higher value-added sectors helped power the recovery. In addition to driving economic progress, PM Lee has also made significant strides in improving social welfare. The median income for full-time employees nearly doubled under his tenure, with lower-income Singaporeans benefiting even more, as their wages more than doubled. Social spending tripled to $53 billion by 2023, expanding healthcare for an aging population and addressing inequality through government interventions and transfers. Under PM Lee's leadership, educational pathways have been expanded, with increased emphasis and investment in Institutes of Technical Education (ITEs) and… https://lnkd.in/darjZvcr

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I resonate with B. Paul Santos' insightful commentary on Singapore's position in the equity markets. He speaks with the authority and understanding necessary to align the SGX with the aspirations of the startup and VC ecosystem in Southeast Asia. TL;DR: Success begins with a shift in mindset before taking action. But here’s the next challenge: Who will step up to lead this mindset shift and commit to transforming IPO opportunities for startups, even if it means risking their career? Over the past 16 years, I’ve witnessed a few courageous individuals in Singapore drive change in the startup landscape. From pioneering the iconic Block 71 and the launch of JFDI, Singapore’s first accelerator, to initiatives like IPPL-led accelerators and government-backed programs like iJAM.Reload, TiS, and SGTech commercialization grants. Change was made by bold initiatives and courage of men who stepped in to transform the startup ecosystem to what it is today. The question now is who are the next people who will see through the new change. Whether we’ll see a new wave of innovation that propels Singapore into another golden era for startups—or risk being overtaken by a rising Bursa Malaysia as the preferred destination for IPOs. https://lnkd.in/erAiiWv2

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Some version of this type proposal makes sense to me. “The proposals call for rules requiring board members to meet individually if requested by shareholders with 3% or more voting rights, at least annually for external directors and quarterly for other directors.” Putting aside the exact numbers and frequency, that is. I’d be happy to meet annually with large shareholders, if paid a bit more for my time. Directors have a lot to do these days. https://lnkd.in/d_p8fC5B #corpgov #japan Makiko Yamazaki

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Mental illnesses are on the rise. Not only in Singapore, but everywhere else around the world. However, it is important to remember that is is one of the more indeterministic medical conditions because psychosomatic mental pathways are not well understood. It is important therefore to engage with living breathing human beings constantly in order to receive constant true reflections of your own mental wellness back into yourself so that you are informed and current about your own presentation to others. Isolation has always been the culprit to a host of mental ailments and it is with good reason. Most times, people just prefer to keep their conditions bottled up, and when feedback loops find not real outlet, it gradually grows in pressure. Until one day…. As you would expect, we become uninsurable because of a psychologist’s diagnosis… Until we are fully and unconditionally discharged from our mental conditions (which could take decades of our lives), we won’t be able to insure ourselves against pure risks. Some have asked: “Why the lengthy diagnosis”. In response, I will always shake my head and say that “because psychologists themselves don’t even know the root causes to such afflictions.” Agree?

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#GlobalBusiness #FDI #Singapore What actionable international insights do you need to grow your revenues globally? Hello, I'm Lucie Newcomb, CEO of The NewComm Global Group, Inc., "Global Business Success From the Inside Out" (sm). If you're ready to #GrowGlobal, please DM here or complete our go-to-market assessment today (link in Comments) for a free consultation. Let's get started!

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OCBC's Responses to SIAS. I was not convinced and now I am confused! 😶 😥 Some parts sounded like a broken recorder or someone was preparing for dictation. It seems that OCBC might only delist GEH if they can achieve that via a "not fair but reasonable" offer, or perhaps through other means. I wonder if it would be reasonable to expect OCBC to disclose such intentions earlier, allowing GEH minority shareholders to make informed decisions in the spirit of transparency. It would really be fascinating if GEH ultimately gets to remain listed by increasing the float. How about the interest of OCBC shareholders? I also wonder how does building a financial conglomerate benefits OCBC shareholders. Aren't the BOD of OCBC aware about 2 things #1. Conglomerate discount. #2. Too big to manage, especially when insurance and banking are two very different businesses. As mentioned by a banking and a insurance industry veterans respectively. In my opinion, distributing GEH to OCBC shareholders will benefits OCBC shareholders directly, and immensely. I am not sure how OCBC shareholders think. Maybe the OCBC BOD should put the distribution idea up for shareholders to vote. In the past, we have seen many cases of management building empires, conglomerates at the expense of shareholders' value. I wonder will this time be different. I think OCBC history loving Chairman Mr Andrew really need to do some revisions on history. Probably first by looking at OCBC's own past of being fair and reasonable.

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Tencent, a long-standing portfolio company in Red Gate, stands out under the leadership of Pony Ma, a highly respected founder and CEO. Here are some of my personal observations over the years: 1) Pony is humble and focused on results. He avoids the spotlight during result announcements, refraining from interviews and TV appearances. 2) Leading by example, Pony actively engages in product testing within the company, emphasizing continuous improvement in product experience. 3) Unlike many entrepreneurs, Pony prioritizes company integrity over personal financial gain, refraining from spinning off subsidiaries for profit maximization. 4) Tencent's 20-year balance sheets reflect a strong sense of discipline, showcasing Pony's management style and vision. Pony's leadership at Tencent exemplifies a blend of humility, dedication to quality and a long-term vision for sustainable growth. Congratulations on another quality results.

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Singapore’s Leadership Succession System Leadership succession plans and processes are part of Singapore's sociopolitical culture. They have been made public and are generally accepted by Mr. Wong's colleagues and other key stakeholders. This would be the third time that a smooth transition has been put in place, allowing the next generation of leaders to build on the progress made and take the country to a higher level. This is in line with research that shows that leadership succession plans and processes are crucial for ensuring the stability and effectiveness of governments and organizations. They also contribute to better outcomes, outputs, and impacts. Singapore's national leaders, from the first generation to the fourth generation, understand that effective organizations depend on strong leadership and teamwork. Therefore, they have implemented a rigorous system and continuously improved it to identify, select, test, groom, mold, and shape leaders not only for the public sector but also for other sectors and at every level of society. They have established an unprecedented succession system in the sociopolitical arena to ensure that Singapore will always have capable leaders to serve both the present and the future. Just as importantly, they are aware that many effective leaders do not volunteer themselves or aspire to be national leaders. They recognize the biblical insight that leaders are often those who may not seek leadership roles. This line of thought has been supported by thought leaders throughout history. Socrates posited that the best people have to be forced to rule. Plato suggested, in an unintuitive manner, that the most important qualification for a leader is to not desire leadership. Lao Tzu, in 'Dao De Jing,' proposed that good leaders may not seek prominence. Leadership guru Warren Bennis was quoted as saying that most people who become good leaders do not set out with the intention of becoming leaders. The national leaders of Singapore make significant efforts to cast a wide net and seek out the best talents. They inspire, influence, persuade, and encourage these talents to step out of their comfort zones and make sacrifices to contribute to society by assuming national leadership positions, thereby building a brighter future for the current and future generations. When there are honest and effective leaders, it becomes easier to earn the trust of the people. According to the 2023 Edelman Trust Barometer, the Singapore government remains one of the most trusted institutions in the world. When these competent leaders work effectively as a team, they create a synergistic effect that can have a positive and growing impact on the economy and society. This is why Singapore is ranked number one in the world for government effectiveness, according to the Chandler Good Government Index. Singapore's… https://lnkd.in/gxtqzgVG

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As a venture capitalist, TRIVE's focus is on exits for my SouthEast Asian based portfolios, and IPOs are one of the main avenues to achieve an exit and a return on my investments. 5 of our startups are considering their IPO plans in the coming 3 years. After advisory from the M&A advisors and internal consideration, the NASDAQ is the choice for 4 of 5 of them. Only one decided on the local SGX as it is on a more traditional path. Nevermind if these startups are primarily operating in SEA and naturally should find familiarity with SGX to list. Unfortunately, they see better valuations, liquidity and brand recognition by listing on the NASDAQ. It has been a long-time complex issue to energize the SGX and to ask our SEA startups to call it home. It is a pity because Singapore is the prime location for private equity and venture capital fundraise for startups in the region. But SGX barely sees any of our SEA unicorns listed on it. I for one, am a believer of a regional bourse to support the aspirations of the startups. And I hope more deeper conversations with the Singapore government and our relevant associations will one day see the SGX building that vision. Thanks to See Kit Tang for a very insightful long-form article and allowing me to be a part of it to bring my thoughts to it. #venturecapital #sgx #ipo https://lnkd.in/g_kzvyGa

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Can Singapore have it both ways with family offices? Since 2020, the number of single family offices in Singapore has jumped from 400 to 1,650 - Mainland China being the largest contributor in asset value (USD 400 billion) as more wealthy Chinese wanted to put some distance between their cash and the Mainland. But by trying to position itself as a family office haven, Singapore has also let in dirty money. Realizing this, it has started applying much more stringent conditions and scrutiny: last year, Singapore government seized over SGD 3 billion worth of assets from FO's related to criminal activities. As a result, Chinese investors are getting nervous and it seems the tide is flowing back to Hong Kong. Can Singapore remain an international wealth magnet while applying strict KYC? https://lnkd.in/gmbzSZMu

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News Article: https://lnkd.in/gkk7xy9H Youtube Interview: https://lnkd.in/gQyGgtVq 싱가포르 CNA 국영방송사와 인터뷰한게 오늘 올라와서 공유드립니다 - 제가 오랜기간 사업과 투자를 해온 중국 경제와 시장 관련 입니다. “TOO BIG TO IGNORE” Other Asian companies shared similar sentiments. Mr Hyuk-Tae Kwon, co-founder and CEO of Singapore-based venture capital firm Pine Venture Partners, said China remains the nearest market, and one of South Korea’s largest import and export partners. “It’s too big to ignore,” he added, even as geopolitical concerns drive some companies to redistribute their assets to the region. Mr Kwon said China’s emphasis on AI and innovation sends a promising signal to investors. “There are a lot of opportunities I also see in China regarding ageing population, healthcare, food tech,” he noted. “And so if you have the right technology and business models that have worked in smaller markets, like South Korea and Singapore, there's a lot of relevance that can be ported over to China.” Nevertheless, he acknowledged that operating in China is a whole different ball game, as each region could have different regulations. “I think the level of complexity in terms of operating in China has gone up significantly. I would recommend many of my clients to find a capable and trustworthy partner as a new strategy, instead of trying to do everything on your own in China, because the changes are too fast, too drastic,” he said. “With the right distribution partners, you may have a higher chance of success in today's business environment.” As for those who got through Beijing’s strict curbs during the COVID-19 period and remained in China, Mr Kwon said they will reap the benefits of China’s eventual economic recovery.

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A timely reminder when we get frustrated at the problems we face at work. Be kinder and gentler to those who made a mistake. We all need a break sometimes. I am in fund management because in this industry, the mistakes that we may make, hardly anyone died from them. Specifically I chose to be in PE, where there are no daily marked to market volatility and typically no leverage to trigger forced selling at the absolute worst time to sell. Having help manage a PE portfolio diversified over vintage years, geography, industry, sub-asset classes over the last 20 years, I know that as long as we persevere, we can always recover from our occassional losses, and still outperform public markets in the long run. It is stressful at times, but done correctly, no one gets hurt, and everyone can retire well. Here's my heartfelt salute to all those who really deal with life and death issues in their daily work. The closest I do that is related to life and death issue is to invest in life settlement funds. #PE

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The recent settlement between the Lim family and Hin Leong’s liquidators is yet another chapter in one of Singapore’s biggest corporate collapses. The family agreeing to pay US$3.5 billion, but filing for bankruptcy shows how quickly things can unravel when governance and transparency are neglected. For investors and business leaders, this case highlights some key lessons: The Importance of Corporate Governance: No matter how successful a business may seem, poor governance and unimagined and unchecked risks can lead to catastrophic results. The alleged fraudulent activities and concealment of losses over a decade are a stark warning to maintain rigorous oversight and accountability. Due Diligence Is Non-Negotiable: Rigorous due diligence is essential to invest in a business or manage a large-scale enterprise. As we’ve seen, the fallout from poor decisions can lead to massive financial and reputational damage. The Role of Ethics in Business: This case raises important questions about ethical leadership. As advisers, we must guide clients toward profitable investments that uphold ethical standards. If you’re looking for guidance on financial governance, the CFO Centre team is here to help: https://lnkd.in/gmeN2JhN 

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