Tag: Singapore

Singapore – Almost 60% of consumers in the Asia-Pacific have expressed interest in AI-driven decision-making facilitation for their investments amid economic uncertainty and perceived financial crises, a report from dentsu revealed. 

The report by dentsu explored the evolving consumer financial behaviour across APAC markets against the backdrop of an economic crisis.

The key findings of dentsu’s report showed that 55% of APAC consumers now sense a looming risk of financial hardship over the next five years due to economic uncertainty and rising costs of living. The perceived financial crisis is also driving consumers to actively seek financial service providers that are capable of delivering swift, personalised, and empathetic solutions to address their financial needs.

The report highlighted that almost 45% of millennials are now looking to save up as concerns over government debt and pension support are escalating, a significant shift in numbers as compared to the 31% results from 2020.

And with consumers looking to prepare for challenging economic times, many are still leaning towards human-led financial services despite the growth of digital banking.

The report revealed that 77% of people ages 25–34 currently use the internet for banking purposes on a weekly basis, and most are open to purchasing more banking services through digital channels.

However, 6 out of 10 APAC consumers still prefer human interaction when making complaints about a product or service. This shows that there is an enduring value to human-led financial services despite the rise of digital banking, as empathetic support remains important in ensuring customers receive assistance during financial difficulties.

It is worth noting, however, that dentsu’s report also revealed a growing interest in AI-powered financial services. Almost 60% of APAC consumers have expressed interest in AI-driven decision-making facilitation for their investments.

This part of the results shows that balancing technological advancement with human empathy can be the key to a business’ success. By harnessing the evolving capabilities of AI, it can improve the capabilities of insurance and finance brands to provide automated, personalised, and speedy services that can help consumers be more resilient to financial and climate-related risks.

Prerna Mehrotra, chief client officer and CEO of media at dentsu APAC, said, “Across the APAC region, consumers are focused on securing their financial futures, and they’re turning to brands that not only provide convenience through cutting-edge technology but also prioritise emotional responsiveness and empathy. In this era of uncertainty, financial wellness is seen as part and parcel of overall wellness. People are in search of providers that go beyond merely offering financial solutions; banks, insurers, and fintech are responding by building guidance on investments and good financial habits into their offerings.”

Singapore – Maybank Singapore has announced its appointment of advertising agency Arena Media Singapore as its media agency of record. The appointment takes effect immediately.

Following the appointment, Arena Media Singapore will be spearheading Maybank Singapore’s integrated and digital media planning and buying strategies, aiming to enhance brand presence and facilitate meaningful consumer engagement. 

Leroy Lim, general manager of Arena Media Singapore, expressed his team’s excitement on the collaboration with Maybank Singapore. 

“Our team is eager to leverage our digital expertise to support Maybank’s efforts in forging greater consumer connections, and broadening their reach in the local market,” he added.
 
Maybank Singapore’s appointment serves as another addition to Arena Media’s list of clients, as the agency also currently serves as the media agency of record in Singapore for AIA, Dolce and Gabbana, Inchcape, Kaplan, Moomoo, and Far East Organization.

Singapore – Advertising agency Meetsocial announced the expansion of its digital marketing solutions expertise in Southeast Asia with the opening of its first international full-service office in Singapore.

Meetsocial’s expansion and new office come as part of the agency’s move to increase investment and personnel to support its current clients who market in Southeast Asia and offer its services to new clients based in the region.

The new Singapore office’s focus will be delivering core competencies such as advanced data analytics, comprehensive social media marketing, efficient search engine optimisation (SEO), and result-oriented content marketing.

Meetsocial will also employ regional talent, adapt products and services to international markets, build strategic partnerships with regional businesses, and tailor pricing and payment options to suit regional conditions.This approach will address the challenges of localization and cultural sensitivities while also enhancing Meetsocial’s competitiveness in the Southeast Asian market and driving its growth.

Additionally, the ad agency will harness its expertise in personalisation, artificial intelligence integration, and multichannel marketing strategies to ensure adaptability and seize new opportunities in the ever-changing digital landscape.

Earlier this year, Meetsocial started assembling its regional team and has established a partnership with Singapore-based digital design company Verz Design to enhance their full-funnel service. The collaboration will enable Meetsocial to engage with clients across the entire spectrum of business needs, particularly when entering new markets.

Commenting on the expansion, Charles Shen, CEO and founder at Meetsocial, said, “Unveiling our international office in Singapore is a significant milestone for Meetsocial. Having achieved considerable success in developing effective digital marketing strategies worldwide, we are excited to bring our expertise to the dynamic Asian market. Singapore’s exceptional infrastructure and business environment will enhance our ability to deliver impactful, trend-responsive campaigns for our clients.”

Singapore – Eight start-up companies in fintech or fintech-related businesses occupied the spot in the latest ‘2023 LinkedIn Top 10 Singapore Startups List’, showing the rising trend of fintech firms in the country.

The list is based on the data analysed by Linkedin, covering the areas of employee growth, jobseeker interest, member agreement, and start-ups’ ability to attract talent from top company lists.

In this year’s list, a total of 8 fintech or fintech-related company start-ups, 4 of which provide business-to-business (B2B) fintech services, dominated the spot. This is a record number for fintechs on the list since their debut in 2020.

Among the list, financial services firm Aspire has retained its top spot since last year. Following behind it is the debut of fintech startup YouTrip, which offers a financial mobile platform for overseas payments.

Also on the list are telehealth provider Doctor Anywhere, which is focused on improving healthcare accessibility; car-sharing service GetGo Carsharing; AI tech start-up Advance Intelligence Group; digital corporate service provider Sleek; fintech company Endowus; digital securities trading platform ADDX; digital wealth manager Syfe; and cross-border payments platform Thunes.

The list reflects Singapore’s thriving ecosystem of innovative businesses. It highlights fintech’s enduring appeal as an engine of opportunity in Singapore that provides growth opportunities for professionals.

Furthermore, the presence of B2B start-ups suggests the growing relevance of B2B solutions in the country, especially in the small city-state where the business-to-consumer (B2C) market remains relatively small compared to other countries.

LinkedIn also revealed that the top companies on the list were those who were able to recognise and leverage the power of AI to grow in a fast-evolving environment.

For Pooja Chhabria, career expert and head of editorial in Asia Pacific at LinkedIn, the list is a great basis for career growth opportunities for professionals. And to be able to enter these top start-up companies, one must know what skills are needed to snag the job.

According to Pooja, one must think like a founder, as top start-ups are now looking for candidates with entrepreneurial spirit to seize opportunities for the business. It is also important to be a diverse team player and possess a growth mindset that is eager to learn, face challenges, and bounce back from setbacks.

Pooja said, “Fintech has a strong showing in Singapore’s Top Startups 2023 list, with 8 out of 10 startups in fintech or fintech-related businesses.This may be attributed to Singapore’s vibrant start-up ecosystem that nurtures and develops technology-based startups. The city-state is known as one of the world’s leading innovative and smart cities and is also looked upon as a model by other nations.”

“This year’s list of Singapore’s most thriving startups serves as a unique and actionable resource for professionals who are eager to work in companies that are revolutionising the industry they are in and driving exciting new innovations. Professionals can acquire hard and soft skills such as market research, agility, and entrepreneurial acumen,” she added.

Speaking on the list, Lim Wai Mun, founder and CEO at Doctor Anywhere, said, “We have been using AI in the form of machine learning and data analytics, reducing patient consultation time through smart form filling of common prescriptions, as well as understanding and matching users with various health and wellness products after they recover. With the advent of generative AI, this will enable us to deliver more personalised, efficient, and patient-centric care and also alleviate some of the most pressing challenges. This includes the talent shortage that the healthcare industry is facing globally.”

Meanwhile, Adrien Barthel, co-founder and chief growth officer at Sleek, also added: “The integration of AI is non-negotiable for businesses today. We started our AI journey a few years ago, and we continue to actively work on incorporating artificial intelligence to deliver more data automation that results in increased accuracy and better predictive outcomes.”

Singapore – Storyteller platform Viddsee has announced today that Derek Tan, co-founder, has stepped down from his operational role as Viddsee’s chief business development officer, and will be transitioning to a non-executive director role on the board.

Despite stepping down from his executive role, Tan will continue leading Viddsee’s future with his tenure and experience from his previous role, guiding the company strategically as a non-executive director.

Throughout his career, Tan has immensely contributed to the company’s growth and success. By focusing on strategic partnerships and business development initiatives, he played a substantial role in expanding Viddsee’s commercial offering, user base and strengthening its position in the industry. To date, Viddsee has amassed over 3 billion views with its rich repertoire of over 5,000 films.

The business, under the guidance of co-founder and CEO, Ho Jia Jian, senior vice president of commercial, Michele Schofield, and vice president of studios, Kenny Tan, will continue its journey after the tenure of Tan as the chief business development officer. Their collective vision is to persistently uphold the company’s commitment to promoting narratives and empowering diverse voices in this digital era.

Ho Jia Jian said that the company is very grateful for Derek Tan’s invaluable contributions over the years.

“He has been instrumental in fostering partnerships that have elevated our platform’s status internationally. We appreciate his expertise and dedication, which will continue to be a resource in his role as a member of the board,” he added. 

As this executive transition takes place, Viddsee remains in its goal of empowering storytellers and delivering quality, entertaining and engaging content to its global audience.

Singapore – A new report from Indeed notes that job opportunities utilising generative artificial intelligence (AI) are increasing in Singapore, with one in every 490 Singapore job postings are related to generative AI recorded by end of August.

Callam Pickering, APAC senior economist at Indeed, said, “The number may not seem like a big number but it is rapidly increasing. Artificial intelligence is hardly new but it continues to evolve. This year, we’ve seen the emergence of large language models, such as ChatGPT, which create the illusion of real intelligence. These tools have the potential to fundamentally change the future of work and are already being incorporated into many Singapore jobs.”

The data also noted that Singapore job postings fell 1.9% in August compared with a month earlier – the tenth consecutive monthly decline – which left postings almost 20% lower than a year ago. 

While Singapore job postings are at their lowest level since August 2021, they are still 63% above their level prior to the pandemic.

Moreover, postings in 16% of occupational categories have increased over the past three months, led by strong gains in veterinary (+59%), physicians & surgeons (+42%) and pharmacy roles (+27%). 

By comparison, declines have been widespread, with postings in beauty & wellness and civil engineering both down by around 21% over the past three months. Sizable declines were also observed in legal, cleaning & sanitation, chemical engineering and driving roles.

“Singapore’s labour market remains incredibly tight, with unemployment low and job vacancies still elevated. Nevertheless, job postings continue to moderate, having fallen for ten consecutive months. These declines have been broad-based, reflecting most occupational categories. A more challenging economic environment will likely lead to a further decline in job postings over the remainder of the year,” Pickering concluded.

Singapore – Sports fashion retailer JD Sports has announced that is eyeing the acceleration of its brand in the Asian markets of Malaysia, Singapore, and Thailand. This is despite the retailer has withdrawn their operations in South Korea and closed eight chains in the region.

According to a recent investors relation update from the company, JD Sports has finalised the acquisition of their non-controlling interests in the aforementioned markets.

The company also added that its revenue in Asia-Pacific grew strongly by 22% in the period to £230.9m, and 26% on a constant currency basis. Moreover, organic sales growth was also 26% with all countries in growth including Australia, their principal market in the region.

Meanwhile, their operating profit was up 4% to £32.4m as the closure of our South Korea business progressed as planned. They added that going forward, their Sydney distribution centre (DC) will relocate in 2024 to a new, expanded site to ensure that they have sufficient capacity for the next stage of growth. 

Régis Schultz, chief executive officer of JD Sports Fashion, said, “Looking ahead, our core consumers remain resilient in the face of the ongoing global macro-economic challenges. The JD brand continues to strengthen its global presence, supported by our strategic partnerships with much-loved brands and our strong balance sheet.”

It is worth noting that the parent company has acquired the remaining 20% of the issued share capital in its existing subsidiary in Malaysia, JD Sports Fashion Sdn Bhd, for cash consideration of £35.5m back in August. The group now fully owns the issued share capital of JD Sports Fashion Sdn Bhd and its subsidiaries.

Singapore – Around 74% of marketers in Indonesia cited advanced machine learning technology as the most important factor when selecting mobile app performance marketing solutions, according to data from Moloco. 

The new global study found that marketers are adopting data-driven solutions and prioritising performance marketing over traditional brand marketing. 

Globally, 63.2% of companies surveyed saw a year-on-year boost in their mobile app performance marketing budgets compared to the revenue from brand marketing. This shows that mobile app performance marketing has a clear and resounding power to drive revenue, user acquisition, and profit, especially during times of economic uncertainty.

In Southeast Asia, the use of advanced machine learning (ML) came out as the number one factor when selecting a mobile app performance marketing solution.

Especially in Indonesia, a staggering 74% of marketers consider advanced ML to be the most important factor for precise targeting in mobile app performance, followed by Vietnam (60.4%) and Japan (52%). Meanwhile, only 22.6% of marketers in Korea and 22.3% in Singapore prioritise advanced ML when selecting a mobile app performance marketing solution.

Indonesia, with 61%, also takes the lead when choosing APRU (average revenue per unit) as the preferred KPI, which is higher than the rest of the markets in SEA and globally.

In terms of budget allocation for mobile app marketing, companies in every country surveyed allocated more than half their marketing budgets to mobile ads, with Indonesia ranking the highest at 81.8% while Singapore and Vietnam allocated 59.2% and 58%, respectively.

It is worth noting that performance mobile app marketing continues to grow consistently across all industries, with 64.7% of surveyed companies increasing their mobile ad marketing budget in 2023 compared to the previous year.

Daisuke Yokokawa, vice president of global marketing at Moloco, said, “The global shift in marketing from reach to results continues to gain momentum across different countries and various industries.” 

He added, “Many mobile app marketers are aware that the secret of big tech’s success in advertising is advanced ML technology and the performance marketing solutions that they provide. This global trend is due to the clear and resounding power that mobile app performance marketing has to drive revenue, user acquisition, and profit, especially during times of economic uncertainty.”

Meanwhile, Jennifer Ha, project leader and partner at Ipsos Strategy3, said, “Performance marketing is on trend, regardless of the country.Marketers are typically loath to share their best kept secrets, but thanks to this anonymized research study, we now have detailed insights about their strategic marketing decisions and investments. Ultimately, having consistent results such as measurable and impactful ROAS underpins the success of many global performance marketing budgets.”

Singapore – Bray Leino Splash has announced the launch of a new bursary program at the Singapore Institute of Technology (SIT) as part of its commitment to advancing higher education and supporting the aspirations of young talent. The goal of this initiative is to help students who are less fortunate. 

Made possible through the donation from Bray Leino Splash, a sum of eight Bray Leino Splash Bursaries will be presented over the next four years. This will ensure that promising students have the opportunity to achieve their goals of earning a bachelor of science with honours degree in digital communications and integrated media.

Speaking about the program, Lee Kuok Ming, group chief executive officer at Bray Leino Splash, said, saying, “It is a privilege to have the opportunity to support students in need. At Bray Leino Splash, we believe that learning is one of the most effective ways to uplift the welfare of the workforce in general and our employees in particular.”

He added, “Therefore, the bursary award fits ideally with our philosophy. We hope that our contribution can, in some small way, help to support the learning journeys of needy students within SIT and help them achieve greater success in their careers.” 

Meanwhile, Professor Tan Thiam Soon, institute professor at Singapore Institute of Technology, expressed gratitude, “We wish to thank Bray Leino Splash Pte Ltd for its impactful giving to make possible a new Bursary for less privileged students who are pursuing the Bachelor of Science with Honours degree in Digital Communications and Integrated Media at the Singapore Institute of Technology. A total of eight Bray Leino Splash Bursaries will be awarded over the next four years, enabling the recipients to realise their aspiration of becoming degreed professionals in the Communications and Media sectors.” 

“At the same time, Bray Leino Splash Pte Ltd’s gift will also help build a talent pipeline for the industry. Our heartfelt appreciation once again,” Soon added.

Singapore – Adtech company Adzymic has announced the launch of its Adzymic Premium Exchange (APX), which incorporates various rich media formats within premium publishers in Malaysia and Singapore. 

APX is an innovative advertising network that integrates high-impact formats and non-intrusive rich media ad units such as desktop skins, mobile scrollers, and a range of other rich media formats across premium publishers.

The advertising network leverages Adzymic’s own Creative Management Platform (CMP) and Dynamic Creative Optimisation (DCO) technology to incorporate creative automation and dynamic capabilities within high-impact, rich media formats. This includes a range of features that allow for dynamic product ads, live data feeds, API integrations, and much more.

Furthermore, it also uses Microsoft Advertising’s sell-side platform, Monetize. This would allow advertisers and agencies to easily work with APX through direct IO buys or via programmatic DSPs.

Meanwhile, Adzymic’s in-house operations teams will work alongside agencies and client programmatic buying units to set up self-serve programmatic deals or manage the end-to-end campaign operations for direct bookings.

APX has now reached 90% of web audiences through the company’s partnerships with Mediacorp and SPH Media in Singapore and Rev Media Group and Astro in Malaysia.

Coupled with impactful advertising, brand-safe, and attention-focused environments, the advertising network service offers performance and high viewability that deliver results to advertisers.

With the launch of APX, Adzymic is also announcing the appointment of Justin Lim as its new managing partner for APX.

Justin brings with him a wealth of experience in the ad tech industry, having held leadership and commercial roles at Azerion, Sublime, and Unruly. His experience working closely with publishers and agencies positions him perfectly to drive growth for APX.

Alicia Luke, head of channel excellence at SPH Media Ltd. Singapore, said, “As one of the largest media networks in Singapore, SPH Media has always prioritised delivering value to both our readers and advertisers. Through our partnership with Adzymic in APX, we are able to offer advertisers various digital solutions across our premium SPH Network sites.”

Also commenting on the partnership, Nicholas Sagau, chief operating officer at Rev Media Group Malaysia, shared, “We are excited to announce that APX is now a part of Rev Media Group’s list of advertising solution partners. This partnership enables us to continue offering advertisers in Malaysia access to a premium advertising solution which enhances the way brands engage with their audiences. APX’s high impact and dynamic nature of the creative formats align perfectly with our commitment to excellence in advertising.”

Kenny Ong, director of Astro Media Solutions, also added, “Through Astro’s partnership with Adzymic, we can help brands benefit from rich media that focuses on high-quality placement, intelligent contextual targeting, and brand safety. Astro’s audience-first, experience-led, and data-supported approach, together with premium content and APX’s smart technology, offer powerful and effective media solutions for brands to measure the impact of rich digital advertising more effectively across all metrics and KPIs.”

Meanwhile, speaking on his appointment, Justin said, “I am thrilled to spearhead the launch of Adzymic Premium Exchange (APX). It represents the culmination of our dedication to innovation, offering advertisers a solution that seamlessly combines automation with high-impact, rich media formats and premium inventory to deliver impactful ad campaigns. I look forward to working with the talented team at Adzymic to roll out the APX solution to publishers and advertisers as we continue our global expansion.”