Singapore Archives - Page 59 of 85

Singapore – Carousell Group, the classifieds group in Greater Southeast Asia, has announced its acquisition of Ox Street, the end-to-end marketplace for authenticated sneakers and streetwear, in the aim to deepen its reach and scale to become a market leader for fashion and luxury goods in the region.

Ox Street will continue to operate as its own brand, retaining its name, platform, and team. The acquisition will be driving a synergistic partnership between the marketplaces.

The group said the acquisition reflects Carousell’s deep commitment to reimagining the classifieds experience, with a focus on trust and convenience, to make secondhand the first choice. The Ox Street team inspects and authenticates every pair of sneakers before it reaches its buyers. Carousell’s advanced and intuitive technology, extensive reach, and marketplace liquidity across a wide range of categories, combined with Ox Street’s authentication capabilities will further propel the mutual goal of creating an experience where transacting secondhand is as convenient and trusted as buying first hand.

Quek Siu Rui, the co-founder and CEO of Carousell, commented they are excited to acquire Ox Street in their mission to inspire the world to start selling, and they share common values in being user-first and in building communities, as evidenced by the brand love they have created among their dedicated community of sneakerheads and fashion enthusiasts, especially among the Gen Z.

“They have also built trust by authenticating every pair of sneakers that gets transacted on the Ox Street marketplace. We see immense opportunity in bringing that capability and their learnings to double down on our recommerce efforts. Most of all, we see this acquisition as joining forces to accelerate our shared vision of making second hand the first choice,” said Rui.

Meanwhile, Gijs Verheijke, Ox Street’s founder and CEO, shared that they initially started a conversation with Carousell on partnering up to provide authentication as a service for sneakers, but as discussions progressed they found so much common ground in how they see the future, that they decided it would be much more powerful for Ox Street to fully join the Carousell group.

“With Carousell’s reach and technological capabilities, we can supercharge Ox Street’s ability to innovate and reach more buyers and sellers. Last but not least, we have a lot of shared values and found a very strong cultural fit, and I cannot be more excited to partner with Siu Rui, Marcus, Lucas, and the entire Carousell team,” said Verheijke.

Sydney, Australia – Digital marketing agency Tug has been reappointed by Budget Direct Insurance in Singapore and one of its brands EasyCompare in Thailand, with an expansion of its remit to include content and UX.

Budget Direct Insurance is an online digital insurance company and part of an international insurance group providing insurance solutions worldwide. EasyCompare Thailand is one of its brands and is an online car insurance comparison website and broker in Thailand.

Tug was first engaged by the two more than 12 months ago to manage link acquisition and competitor analysis to boost their local search rankings. In addition to extending its initial engagement, Tug will also work on on-page optimization, content strategy, creation, and UX to further grow both brands in each country.

The agency said it will increase site engagement for the two brands by incorporating thought leadership pieces, data-driven content, and infographics to drive overall expertise, authority, and trustworthiness which are key factors for a successful SEO strategy.

Simon Birch, CEO of Budget Direct Insurance, said, “Tug has the capability and experience to deliver effective strategic thinking and implementation of search optimization, more than most in our region. I’m delighted we are not only continuing our relationship with them, but expanding its range of services to ensure Budget Direct Insurance and EasyCompare Thailand continue to be top of mind for consumers.”

Tug’s CEO Nick Beck commented, “Having built a successful partnership with both teams, we’re delighted that our engagement has been extended and expanded. As we continue to grow the Tug network across Southeast Asia, we look forward to establishing an on the ground presence in Singapore and bringing our expertise to more businesses early next year.”

Tug will be managing the business from its Sydney office, with plans to open a regional Southeast Asia hub in Singapore during the first quarter of 2022, joining its network of offices in Toronto, London, and Berlin.

Tug has also recently announced acquiring the SEO mandate of resto booking platform Dish Cult and also an extended remit for software firm LEAP to add global media business.

Singapore – GIC, Singapore’s sovereign wealth fund, is celebrating its 40th anniversary and has partnered with creative agency 72andSunny Singapore to retrace the pivotal moments in its four-decade history.

An entity’s history is inherently rich and even as a leading global investment firm, not a lot may be knowledgeable of how the firm came to be what is today, hence, the campaign’s objective. GIC was established in 1981 to manage Singapore’s foreign reserves to secure the country’s financial future.

With ‘Bold’ as the star message of the campaign, GIC ‘subtly’ tells its story through innocuous objects that open up a particular historical bit of the firm.

The firm complemented the ‘Bold’ stories with striking visuals, and for instance, in one collateral, a chair symbolizes how GIC started out from the humblest of beginning with its first managing director starting his tenure with an empty office and a borrowed chair. In another, a pen cues the pioneering vision of GIC’s founding leader Dr. Goh Keng Swee in rewriting how Singapore managed its reserves.

Audiences’ interest are piqued through questions like, “How did the first-ever S$1 mark the beginning of Singapore’s journey towards financial independence?” and is drawn to a microsite – madeofbold.sg – that enlights with the detailed story behind the symbol.

In addition, each story is presented with an empowering message that is representative of the firm’s particular milestones such as “Bold writes its own stories” and “Bold stands its ground.”

Mah Lay Choon, GIC’s senior vice president of communications, said, “The role of the reserves as a rainy day fund was demonstrated so clearly during this Covid-19 pandemic. As part of GIC’s commemorative year, we wanted to create awareness of the little-known, historical episodes that shaped GIC’s pre-history, where Singapore’s founding leaders safeguarded Singapore’s reserves.”

“Through these stories, more will understand how GIC came to be, born of Dr. Goh Keng Swee’s bold vision, and how that spirit continues to drive GIC to secure Singapore’s financial future,” adds Mah Lay Choon.

Johnny Tan, 72andSunny’s executive creative director, commented, “As we explored GIC’s history, we were surprised by the innovativeness, boldness and sheer conviction that made GIC what it is today. This is a story more Singaporeans deserve to know. And there’s more coming up.”

The integrated campaign has been launched across OOH, social and digital touchpoints like Spotify and TikTok.

72andSunny has been snaring remits from top local entities in the country such as Singapore University of Technology and Design and Buy-Now-Pay-Later brand Atome.

Singapore – E-commerce has provided businesses accelerated growth due to convenient access to the market for both sellers and buyers. Export is one of them and according to the latest MSME study by Amazon, MSMEs in Singapore anticipate greater sales growth prospects overseas than at home, with 35% of small businesses against 13% respectively. Currently, close to one-quarter (24%) of MSMEs in the country conduct B2C e-commerce, which of more than 90% use it for export.

The study found that Asia Pacific countries – Malaysia, China, Australia, Indonesia, and Thailand – are seen as the top five e-commerce export markets in five years’ time, or by 2026. About 87% of those surveyed locally in Singapore agreed that e-commerce is critical for their ability to export, with top motivations including the ability to reach overseas customers, access to sales and marketing tools that are available on e-commerce marketplaces, and support for logistics and payments provided by these marketplaces.

So what would hinder companies to realize their export strategies? According to the report, key challenges foreseen by Singaporean MSMEs can be narrowed down to three categories – barriers in cost, regulation, and information and capabilities.

High cross-border shipping costs came out as the most common challenge faced by Singapore MSMEs with 81%. The study notes that while Singapore offers a robust range of grants to support local businesses on their e-commerce export journeys, about one-third of small enterprises (32%) surveyed admitted that they will find further support valuable.

Additionally, over three-fourths (78%) of MSMEs surveyed cited a lack of clarity in import regulations as a key barrier to selling overseas via e-commerce, while only 19% believe that current advisory support on importing regulations is sufficient.

Lowered confidence to compete in the global arena also emerged as a sentiment, where 72% of MSMEs in the country believe they lack the ability to fare well versus other sellers globally. Still within technical issues, 71% admitted that they are unsure of foreign consumers’ demands and preferences.

At large, the study found that the annual value of (B2C) e-commerce exports in Singapore is estimated at S$1.4b in 2021 and could reach S$3.5b in 2026 if MSMEs accelerate their pace of using e-commerce to sell overseas. MSMEs are estimated to contribute 45% of Singapore’s B2C value of e-commerce exports in 2021.

Singapore – Southeast Asia’s SME digital financing platform, Funding Societies, has announced that it has raised US$18m in debt for funding led by a trio syndicate of financial institutions, including lending company Helicap Investments, the newly launched Social Impact Debt Fund, and a Japanese financial services group. Helicap Securities acted as the sole mandated lead arranger on the secured credit facility.

Helicap provides private debt investments to a wide network of accredited investors, including family offices, high net worth individuals, impact funds, and institutional investors. In line with its support of sustainable lending, FinTech joined the round through its investments arm, Helicap Investments, after the deal was arranged by its securities arm, Helicap Securities.

Together with the funding received from European impact investors such as Triodos Investment Management for Indonesian business loans, Funding Societies is on track to raising US$120m in institutional debt for funding the growth needs of MSMEs in SEA. This funding round also expands the platform’s institutional lender base, which is secured after passing financial and risk due to diligence conducted by the lenders.

Moreover, Funding Societies will be placing the funds for lending to deserving MSMEs, propelling its mission of enabling financial inclusion in the region.

Kelvin Teo, Funding Societies | Modalku’s co-founder and group CEO, shared that the pandemic was an important test of resilience, and we are glad to have navigated it successfully, with a proven AI-led credit model.

“We are honored for the faith of Helicap, the Social Impact Debt Fund, and the Japanese financial services group, enabling us to further ride on the growth of SME digital financing. We believe this is a start of a long-term relationship and continuous evolution of Funding Societies,” said Teo.

David Z. Wang, the co-founder and CEO of Helicap, the parent company of Helicap Investments and Helicap Securities, commented they are delighted to have assisted Funding Societies in its goal of providing access to capital for underserved MSMEs.

“Helicap was founded with the aim of breaking down traditional barriers for those who need capital and those who can provide it. This transaction demonstrates the ongoing institutional and individual appetite for private debt investment, and Helicap is well-positioned to provide access to quality opportunities through our relationships with leading issuers such as Funding Societies,” said Wang.

Funding Societies said that the syndicated facility of US$18m is expected to increase further with interest from investors across Asia and Europe.

While Singaporeans have lived through fluctuating restrictions – like Circuit Breaker and heightened alerts – one thing that has remained constant over the last 18 months is the lifeline to normality that applications and digital services have provided. Whether it’s staying connected to loved ones, ordering food and groceries, work, study, or rest, the role that apps play in our lives has never been more prominent.

Tellingly, in the latest report led by Business Observability platform AppDynamics, a significant 95% of Singaporeans reveal that digital services have helped them get through the pandemic in a positive way. It’s clear that as life threatened to grind to a halt with COVID-19 putting the brakes on travel, entertainment, and work as we knew it, apps have enabled us to get on and continue functioning.

For many people, this widespread transition to the online sphere opened their eyes to the many benefits that digital services promise. Be it virtual activities for leisure, or access to essential services, many consumers have found themselves trying something they would ordinarily have never considered before. According to the e-Conomy SEA 2020 report, more than 1 in 3 digital services that consumers started using last year were because of the pandemic.

Realizing that a viable and convenient digital alternative is readily available to the traditional ways of doing things, consumers in Singapore are now likely to continue relying on these options beyond the pandemic. In fact, 83% of people in Singapore have already expressed their intention to use these services even after the restrictions imposed because of COVID-19 have disappeared.

This change in mindset and behavior will no doubt have implications on both consumer expectations, and how businesses must respond – not only in the short run but also in the longer term as we transition to endemic living.

Customers recognize the investment efforts from brands

Even people who don’t work in technology have witnessed the extent to which organizations across many sectors have innovated over the last 18 months. Launching new services to meet the evolving needs of customers, we’ve seen work and learning go virtual, as have banking, shopping, entertaining, and more. But of course, simply ‘going digital’ isn’t always enough for brands to win the hearts of their customers.

All over the world, we’ve seen organizations that have instead, quickly kickstarted and implemented full-scale digital transformation programs to improve operational processes and deliver apps and digital experiences that meet the needs of their customers. And their efforts have not been for naught. The same study by AppDynamics has discovered that consumers actually recognize and are thankful for the efforts that brands have invested into delivering these apps.

As people sought control and normalcy amid a most uncertain and challenging period, apps have been critical to empowering consumers during the pandemic. Almost 80% of those in Singapore say they are grateful to the brands that have invested in digital so they could access the services that they love. Those that have gone above and beyond with the quality of their digital services have also enjoyed the fruits of their labor, with 75% of people in Singapore feeling more loyal towards these companies.

It appears that creating and maintaining lasting relationships with customers increasingly rests on the delivery of seamless and faultless digital experiences. Brands that can ensure they make a positive impact on the lives of their consumers will have massive opportunities to forge these deeper connections and stay competitive.

Perfection is non-negotiable

As people of all ages across the globe depend on their apps for almost every facet of life, expectations have naturally skyrocketed. In particular, consumers increasingly seek the ‘total application experience’, which in addition to being reliable, secure, and personalized, is also simple, helpful, and fun to use. The bar has been raised forever and brands must now meet these expectations of performance and functionality.

But while consumers are showing more love towards the brands that meet their sky-high expectations with first-class services, tolerance for sub-optimal experiences has hit rock bottom. Indeed, expectations have changed during the pandemic and almost 70% of those in Singapore now expect nothing less than the best and will no longer tolerate poor performance.

As with most tech, digital services are susceptible to disruptions originating from various sources. And while slow loading pages, poor response time, and security lapses are often due to the app itself, other factors like internet connectivity, or issues with third-party plug-ins remain beyond the app owner’s control.

Despite the multitude of possibilities behind an app’s failure or technical disruption, most consumers believe it’s the brand’s duty to ensure their digital service always performs at an optimal standard. To 78% of the consumers in Singapore, it doesn’t matter what causes the poor performance. While external factors like a poor internet connection or weak mobile signal may be to blame, consumers expect application owners and the brands to take responsibility.

Consumers leave at the first sign of trouble

Although encountering problems with digital services is not a new phenomenon – with a majority of people saying they have experienced an issue over the last 12 months, what is increasingly worrying is how unforgiving consumers have become. No longer happy to just ‘try again later’ or continue struggling with an app, consumer patience has waned, and quickly switching to alternatives is now a norm.

Additionally, beyond simply deleting a poor-performing app from their device, consumers are also more vocal, often sharing and amplifying their negative experiences to others. With only one chance to impress consumers, brands and app owners need to go big and do right, as they can no longer afford even the tiniest blips in the digital customer experience.

To ensure issues are discovered and resolved before customers are affected, the ability to conduct full-stack observability that provides real-time insights, for instance, will be critical in today’s digital age. Filtering through the complexity and noise to identify and prioritize fixing issues with the greatest business impact is the only way for brands to create and maintain the flawless digital experiences that their customers have grown accustomed to and will continue to demand.

This article was written by Gregg Ostrowski, Executive CTO at AppDynamics.

Singapore – National Arts Council, the government agency that specializes in the development of the literary, performing, and visual arts, has partnered anew with Singapore Tourism Board (STB), to launch a new campaign film, aimed at flaunting the vibrancy and color of the city’s walls while showcasing Singapore’s diverse precincts.

The film, which follows last year’s ‘Dance to a New Beat’ campaign, features more than 30 local dancers performing at various artistic locations across the city, where each is paired with a different style of dance to complement the theme of the location. Managed by local dance company O School, the styles stretch across hip hop, street jazz, contemporary, and various other street styles.

Titled ‘Be Drawn In’, which is created in collaboration with creative agency TBWA\Singapore, is part of the SingapoReimagine, a major campaign launched by the board to create conversations, stories, and engagement in shaping local tourism, and #SGCultureAnywhere, a campaign that aims to reach out to home-grown audiences and those around the world, while supporting our Singaporean artists and arts organizations.

Moreover, the campaign seeks to encourage the discovery of Singapore through the arts and heritage – this time showcasing the multiculturalism and diversity that the country has to offer.

Serene Lim, the director of performing arts at National Arts Council Singapore, shared that this is the second of a trilogy of dance films, and this piece celebrates the beauty of rhythm and movement in visual synchronicity through dance.

“Our partnership with the Singapore Tourism Board that resulted in this series will add to the diversity and vibrancy of our arts landscape, made possible by our artists,” said Lim.

Meanwhile, Georgina Koh, Singapore Tourism Board’s director of digital and content, said, “Through our long-standing collaboration with the National Arts Council, we hope to showcase more of our destination to global audiences, while inspiring greater interest and engagement in Singapore’s arts.”

Pete Callaghan, TBWA\Singapore’s creative director, noted this film ignites travel inspiration in a unique and energetic way, drawing people in by highlighting the breadth of art they have hidden around Singapore.

“It was equally important to provide a global stage for our local dancers to showcase the amazing talent, enthusiasm, and appreciation for the performing arts scene in Singapore,” said Callaghan.

Singapore – Advertising agency Forsman & Bodenfors in Singapore has appointed Deborah Abraham, former director of communications at creative agency TBWA\ Group Singapore, to be its new director of PR strategy and communications.

Abrahan is a former journalist turned communications professional with over 20 years of experience in the APAC, where she has played a key role in securing high-profile visibility for both agency and clients. Aside from her previous role in TBWA\ Singapore, Abraham has also worked as the regional communications director at creative firm BBH Asia Pacific.

The integrated role will see Abraham as an active strategic PR counsel across both the agency’s internal communications and client work.

Commenting on her appointment, Abraham said, “Forsman & Bodenfors appreciation of an integrated PR approach to creative communications is critical to the cultural and business impact we’d like to make, and to be able to fully utilize my potential here is the best opportunity I could ask for.”

Susanna Fagring, Forsman & Bodenfors’ CEO for Singapore, noted that a fundamental understanding of the power of PR and how to start conversations in society is part of Forsman & Bodenfors’ core offering and an intimate part of our creative process.

“Deborah’s solid experience and reputation in this market make her a fantastic addition to our team,” said Fagring.

Singapore – With the global community growing more and more digital by the day, CUE Group, the digital technology group that boosts the digital development of enterprises, industries, and governments by using innovative technologies such as big data and AI, has announced an investment in digital brand agency Bonsey Jaden Group, further enhancing their expansion across Asia and the United States.

Bonsey Jaden specializes in partnering with clients to develop world-class digital brand experiences with a focus on building #Powerbrands, having worked with global names such as Cetaphil, Microsoft, and Starbucks, as well as Singapore Tourism Board, and Facebook. It has a presence in Singapore, Malaysia, Thailand, the Philippines, and Indonesia, as well as Vietnam, and Australia.

The partnership aims to open up opportunities to help brands reach new levels of success and profitability by combining the strategic, creative, and media expertise of Bonsey Jaden with CUE Group’s wealth of technological know-how enables stronger support and increased innovation for the brands.

Moreover, CUE Group will be taking its place as Bonsey Jaden’s majority shareholder while keeping the leadership and management structure of the agency unchanged, making it easier for both groups to become industry leaders in the rapidly progressing world of digital branding.

Shi Kan, CUE Group’s CEO, commented, “This partnership is very exciting with opportunities appearing all over the world, this relationship will be mutually beneficial and will grow our portfolios in the digital technology realm together.”

Meanwhile, Daniel Posavac, the group CEO of Bonsey Jaden, shared that the ambition and vision of CUE Group are both really exciting, and complement the roadmap they have been developing for Bonsey Jaden’s future.

“We look forward to working together with CUE Group to integrate our products and services, while further expanding our ability to add value to more clients and partners across a greater number of markets,” said Posavac.

Singapore – Creative agency Superson has teamed up with sustainability consultant and author John Grant to launch a new sustainability marketing capability in Singapore. The agency said the new capability comes at the back of studying the success factors of companies that have made sustainability the heart of their brand.

Grant is the author of the 2007-published book, The Green Marketing Manifesto, and its sequel, Greener Marketing, which was just launched in 2020. His books teach marketers how to employ ‘green marketing’ which is unlearning unsustainable commercial practices in marketing to make way for more sustainable methods.

In partnership with Grant, the new sustainability marketing practice is dubbed as the ‘CUSP’ framework, which stands for Compelling Unique Sustainability Proposition. CUSP is defined as a systematic approach that brings sustainability and branding together, and Superson expects it to work for companies that have an innovation agenda or companies looking to integrate sustainability and responsibility into their brand story.

The agency said that while companies have tried to communicate their sustainability efforts more in recent years, it still tends to be a standalone effort separated from their overall brand communications. Superson attributes this to the lack of a comprehensive framework to start thinking about sustainability as part of the brand.

“The key to successful sustainability positioning is having a strong sustainability program, that’s a must. However, even when foundations are in place, positioning a company’s sustainability efforts as something that makes a difference in your consumers’ lives can be difficult,” said Antti Toivonen, managing partner of Superson Singapore.

Toivonen added, “After working together on a number of projects on sustainability communications, we decided to formalize the CUSP framework we have developed with John and provide this solution more widely to the region.”

With the new framework, Superson said that clients can expect to discover a compelling proposition and a well-communicated brand story deeply rooted in their own sustainability program.

The agency said that Grant has been the perfect partner to team up with as aside from being a leading author on the subject, his extensive track record on the subject boasts an in-depth study of more than 400 case studies and working relationships with MNCs and start-up clients.

“After working with Superson for nearly a decade, developing the CUSP framework was a natural next step in our working relationship. I look forward to working more closely with clients in Southeast Asia who take sustainability seriously and want to take their communications to the next level,” said Grant.

To mark the launch, an e-book outlining their new sustainability framework, CUSP, has been made available for download on Superson’s website.