As we have now fully transitioned past pandemic measures in Singapore, IndSights Research’s Business Sentiments Survey (BSS) findings showed that local Food Services companies polled in FY2022 and FY2023 said that they experienced a modest improvement in profitability in the preceding year.

However, these companies were not as optimistic about the future.

Since April 2022, more Food Services companies consistently anticipated that the future economic and business situation will be worse off in the coming year. This uncertainty is also reflected in their outlook in the more recent BSS (Oct-Dec’23), where their negative outlook is more prominent than the overall 23 sectors’ sentiments (Figures 2a and 2b).

 

Accessibility of manpower and hiring costs key business challenges

The rise in business costs and manpower-related challenges have emerged as the top two concerns for the sector in BSS quarters conducted from May to September 2022 and also from October to December 2023 (Figure 4).

Local Food Services companies from our IndSights industry chats also expressed their concern about the implementation of minimum wage for local employees under the Progressive Wage Model in May 2023. They worry that this may increase the risk of smaller businesses being insolvent from the increase in overhead cost caused by higher wages and inflation. An additional concern raised was the different subsidised rates for training costs for foreign employees compared to local employees.

Food Services companies are most challenged by the inability to access sufficient skilled local manpower (Figure 5). This fuels the sector’s dependence on foreign manpower, which exceeds the overall 23 sectors (Figure 6).

Also Read: Wavemaker Impact backs Elevate Foods that combats food loss and waste

Instead of persisting in hiring additional work pass holders or facing the challenge of increasing employees’ salaries to attract more recruits, smaller businesses should prioritise the immediate integration of digitalisation into their workflows. This will allow them to streamline manual tasks and reassign existing employees to other responsibilities to maximise operational efficiency.

Additionally, tapping on available Government support is another possible solution. Schemes directly providing assistance to alleviate manpower constraints, such as subsidising rising manpower costs, have proved to be the most popular with local Food Service companies.

Polled respondents considered the Extension of the Jobs Growth Incentive (JGI) to March 2023 and the Enhancement to the Progressive Wage Credit Scheme (PWCS) as the top two useful schemes for their businesses (Figure 7).

On this note, businesses will be glad to note that the Singapore Budget 2024 announced enhancements to the PWCS. The PWCS co-funds wage increases that employers will give to lower-wage employees with gross monthly wages of up to US$3,000.

To strengthen support for employers, the PWCS co-funding support will be enhanced for wage increases given in the qualifying year 2024. The gross monthly wage ceiling for PWCS co-funding will also be increased in qualifying years 2025 and 2026.

Digitalisation as a tool to mediate rising business cost

As part of the ongoing Industry Transformation Map (ITM) 2025 initiatives led by the Future Economy Council (FEC), the refreshed Food Services Industry Transformation Map aims to cultivate an innovative and vibrant industry that fosters homegrown brands with the potential to expand regionally. To achieve this, more attention is being paid to strengthening digital competencies across the sector.

Notably, the sector has already started integrating digitalisation to streamline its workflows and increase customer demand. About 75 per cent of Food Services companies used at least one digital platform for their business from Jan to Mar’22 (Figure 8).

The presence of digital platforms is now considered a norm and convenience among consumers, and businesses that do not use digital platforms find themselves losing out to their competitors in terms of revenue. Three in five businesses that did not use any digital platforms had decreased revenue in the previous quarter, Oct-Dec’21 (Figure 8).

The move to digitalise can be trickier for smaller businesses

The ability to digitalise will undoubtedly differ across different firm sizes. Near 6 in 10 local Food Services companies that expressed a rise in business cost as one of their top concerns were small firms (Figure 9).

Smaller businesses are at a more disadvantageous position with less capital and resources to invest in digitalisation, among other operational expenses. However, they cannot afford to disregard the growing presence of digitalisation as they face the possibility of being eroded if they are unable to adapt to this trend.

Wide support for businesses to embark on digital transformation

While the move to adopt digital platforms has enabled businesses to increase their revenue, more can be done to conserve manpower resources to better manage business costs. For that, one noteworthy ongoing initiative is Start Digital.

Also Read: How Meals In Minutes tackles food waste with ready-to-cook meal kits

Jointly facilitated by IMDA and EnterpriseSG, this programme can be particularly beneficial for emerging businesses as it provides a clear roadmap by showing available functional solutions that cover critical business areas like cybersecurity, sales generation, and business efficiency to further establish and grow their business to reach stability.

As for both new and established SMEs in the local Food Services sector, a digital skills training roadmap from the current Food Services Industry Digital plan can act as a practical visualisation resource tool to empower their companies and employees with the suggested digital competencies at each stage of their business growth. Businesses interested in programmes that are included in the digital plan are able to access and participate in them along with Government incentives like ‘Enhanced Training Support for SMEs’.

The incentive to digitalise is also boosted by campaigns across different industries like the “5 Million Hawker Meals” scheme that DBS and POSB launched in February 2023. Scheduled to end in January 2024, it offered to pay for the first 100,000 diners’ meals who use the Paylah! App at hawker stalls. However, the bank till July 2024.

In addition, DPM and Finance Minister Lawrence Wong announced enhancements to the Energy Efficient Grant (EEG) in Budget 2024. The EEG was introduced in 2022 for companies in the Food Services, Food Manufacturing, and Retail sectors. From 1 April 2024, the EEG GoBusiness webpage will launch the shopfront for the Manufacturing (including Food Manufacturing), Food Services, and Retail sectors and will fold in NEA’s Energy Efficiency Fund.

Furthermore, the EEG will be enhanced to provide two tiers of support. The Base Tier will support pre-approved energy-efficient equipment up to US$30,000, and an Advanced Tier to support companies that wish to make larger investments to drive greater energy efficiency.

Looking ahead

Stiff global competition has become the new norm for Food Services companies. While the food services industry benefits from personalised human touch services, digitisation should be seen as an enabler for businesses to streamline operational workflows and improve the profitability of their business models to nurture stronger homegrown brands.

Apart from building the companies’ self-resilience, it is crucial to acknowledge that the move to digitalise can pose unique challenges for smaller businesses. We recognise that digitalisation is not a magic bullet. Yet, small enterprises cannot ignore the digital wave, and this calls for local food service companies of all sizes to be more meticulous in seeking tailored solutions that fit their unique needs.

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As artificial intelligence (AI) continues to evolve and play an increasingly prominent role in various industries, organisations must adapt their cybersecurity strategies to mitigate emerging threats. In this era of rapid technological advancement, where AI is not only transforming industries but also being utilised in cyberattacks, it is crucial for businesses to fortify their defences.

This article explores the integration of AI in cybersecurity and provides actionable steps to enhance organisational security in the face of evolving digital threats.

Understand the AI landscape

To effectively secure your organisation, it’s essential to comprehend the AI landscape and the potential risks associated with its advancements. Familiarise yourself with how AI is being used by cybercriminals, such as in automated attacks, machine learning-based malware, and AI-driven phishing campaigns. Stay informed about the latest developments in AI technology to anticipate and counter potential threats.

Leverage AI in cybersecurity

Harness the power of AI to bolster your organisation’s cybersecurity defences. AI tools can augment traditional security measures by automating threat detection, analysing large datasets for anomalies, and identifying patterns indicative of potential attacks. Implementing AI-driven solutions enhances the speed and accuracy of threat response, providing a proactive approach to security.

Adopt next-generation endpoint protection

Invest in advanced endpoint protection solutions that utilise AI for real-time threat detection and response. These systems can analyse user behaviour, detect anomalies, and mitigate potential risks before they escalate. Endpoint protection powered by AI enhances the organisation’s overall resilience against evolving cyber threats.

Implement robust access controls

AI can play a crucial role in managing access controls within your organisation. Implement AI-driven authentication mechanisms and user behaviour analytics to identify unusual access patterns. This ensures that only authorised personnel have access to sensitive information, reducing the risk of data breaches.

Also Read: How cybersecurity teams can involve HR to optimise incident response

Educate and train employees

Human error remains a significant factor in cybersecurity breaches. Educate employees about the evolving threat landscape, the use of AI in cyberattacks, and the importance of following security protocols. Regular training sessions should be conducted to enhance their awareness and foster a culture of cybersecurity within the organisation.

Continuous monitoring and incident response

Establish a robust monitoring system that leverages AI for continuous surveillance of network activities. AI-driven systems can quickly identify and respond to suspicious behaviour, minimising the potential damage caused by cyber threats. Additionally, create a well-defined incident response plan that integrates AI tools for swift and effective countermeasures.

Regularly update security policies

As the AI landscape evolves, so should your organisation’s security policies. Regularly review and update security protocols to address emerging threats and incorporate the latest advancements in cybersecurity. This ensures that your organisation remains resilient in the face of evolving AI-driven attacks.

Final thoughts

In the era of increasing AI influence, organisations must prioritise cybersecurity to safeguard their assets and data.

By embracing AI in both offensive and defensive strategies, staying informed about the evolving threat landscape, and fostering a culture of cybersecurity, organisations can significantly enhance their resilience against emerging digital threats. Adopting a proactive approach to security will not only protect valuable assets but also position the organisation as a leader in the ever-evolving landscape of cybersecurity.

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Salaries for various tech positions in Asia have decreased in 2024 from the preceding two years, during which technology salaries experienced substantial growth, according to the 2024 Tech Salary Report by NodeFlair.

Despite the decrease, salaries remain higher than two years ago, which suggests the current adjustments reflect a move towards a more balanced and realistic compensation structure rather than being a cause for concern.

Also Read: From potential to prosperity: Blockchain’s role in reshaping Southeast Asian economies

As per the NodeFlair report, software engineering jobs have seen a decline in their earnings, with junior professionals now receiving a median base salary of SGD5,000 (US$3,705). While mid-level and senior engineers earn more, their salaries have not grown significantly, with medians of SGD7,000 and SGD7,500, respectively. On the other hand, engineering leads and managers have median base salaries of SGD9,000 and SGD11,000, respectively.

This is probably a result of a significant decline in funding within the Southeast Asia tech ecosystem, which reached a five-year low in Q3 2023.

Blockchain engineers’ salaries have also witnessed a 5.4 per cent decline from the previous year, mirroring the crypto winter triggered by FTX’s collapse and Binance’s CZ Zhao resigning and pleading guilty to criminal charges. These events have cast a shadow on the industry, impacting blockchain engineers amid a volatile professional landscape.

On the other hand, data scientists are experiencing a significant 11.3 per cent increase in average salaries, indicating a deliberate investment by companies to attract and retain top talents.

The average salaries for cybersecurity engineers have increased by 8.24 per cent as organisations prioritise cybersecurity measures, with cyber threats becoming more sophisticated and financially impactful.

The report drew from over 422,000 salary data points across various roles and countries.

“As we step into 2024, the tech industry grapples with talent challenges amidst the rise of generative artificial intelligence (AI) and financial prudence,” said Ethan Ang, CEO and co-founder of NodeFlair.

“In balancing financial prudence with innovation, investing in AI solutions to boost employee productivity is a strategic imperative. It’s about optimising resources wisely for long-term efficiency gains and sustainable growth,” he shared.

The NodeFlair report further reveals that job seekers in Asia increasingly lean towards stability as a paramount factor in their decision-making process.

Notably, 10 of the top 15 most searched companies pay their employees at least 20 per cent more than the market median. Additionally, most other companies offer salaries 10 per cent above the market median. This marks a significant departure from the previous year, when only six out of 16 companies embraced the practice of paying 20 per cent above the market median.

Also Read: AI will have more impact on our future than blockchain: Dusan Stojanovic

Technical professionals are also increasingly open to accepting a company culture that may not be perfect if their salary aligns with their expectations. “Individuals are increasingly drawn to companies that not only offer competitive salaries but also exhibit unwavering financial stability, marked by a commitment to avoid layoffs,” noted Ang. “This shift underscores a broader change in priorities, emphasising practical financial considerations over the trends of previous years, where work-life balance and employee benefits held greater prominence in the talent landscape.”

Trust Bank, a local digital bank, is among the top 100 most-searched companies, alongside GXS Bank. Singapore-based fintech startups like Airwallex, YouTrip, and Ascenda also make their presence felt in the rankings.

As we look ahead to 2024, the tech hiring landscape is poised for continued evolution and innovation. Companies are making cross-border and remote hiring integral to their expansion plans.

Next year, we will also see a notable increase in the use of AI tools in hiring, streamlining recruitment workflows for efficiency and unbiased candidate evaluation. Advanced AI systems, particularly in coding assessments, are set to transform interview and assessment procedures, introducing safeguards for the integrity of the hiring process.

Founded in 2018, NodeFlair has evolved from a tech-enabled recruitment platform to a full-stack tech career platform.

(SGD1=US$0.74)

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TerraPay, a global money transfer company, has obtained a Major Payment Institution (MPI) License under the Payment Services Act 2019 from the Monetary Authority of Singapore (MAS).

This enables the London-headquartered company to offer services across account issuance, domestic and cross-border money transfers, merchant acquisition, and e-money issuance.

TerraPay now has 11 licenses and 19 regulatory approvals in 30 markets globally.

Leveraging Singapore’s position as Southeast Asia’s financial hub, the company will capitalise on this new license to strengthen existing and new partnerships in the region while accelerating its APAC presence.

Also Read: OKX gets in-principle approval for digital token, cross-border money transfer services in Singapore

Founded in 2014, TerraPay works with banks, fintechs and money-transfer operators, travel businesses, creator economy platforms and e-commerce marketplaces to enable payments to 144 receive countries, over 210 send countries, over 7.5 billion bank accounts and 2.1 billion mobile wallets.

It has global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, and Singapore. It is backed by investors, including the IFC (the World Bank), Prime Ventures, Partech Africa, and Visa.

Recently, OKX SG, the Singapore subsidiary of global crypto exchange and Web3 technology company OKX, received in-principle approval for a Major Payment Institution License (MPI) in Singapore. The licence allows it to provide digital payment tokens and cross-border money transfer services in the city-state.

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In medical advancements, the pharmaceutical sector has undeniably achieved remarkable strides in combatting blood and lymphatic cancers. Nevertheless, tackling solid tumours, prevalent in organs such as the liver, pancreas, colon, and stomach, persists as a formidable challenge.

While recent breakthroughs, such as immunotherapies and antibody-drug conjugates featuring antibodies equipped with cytotoxic agents, exhibit potential, their utility remains confined to specific patient demographics and tumour classifications. This is why Albatroz Therapeutics aims to pioneer therapies tailored to impede the proliferation of solid tumours, aiming to provide a wide array of cancer patients with tangible relief and hope for improved outcomes.

“We have identified a novel target essential to the growth and spread of a broad range of solid tumours. Based on this discovery, we are developing therapeutic antibodies that block this target, potentially transforming cancer treatment for many individuals,” explains Guy Heathers, Chief Business Officer of Albatroz Therapeutics, in an email to e27.

The company’s groundbreaking research began in the laboratories of Albatroz co-founder Fred Bard during his tenure as a Senior Principal Investigator at the Institute of Molecular and Cell Biology (IMCB) within Singapore’s A*Star organisation. Bard unearthed a novel target pivotal in tumour proliferation and metastasis through meticulous study.

Together with Heathers, they established Albatroz Therapeutics, securing exclusive rights to this groundbreaking technology to develop therapeutic antibodies designed to thwart the target’s activity. The co-founders created a bespoke screening platform to sift through many antibody candidates, seeking out the most potent contenders.

Also Read: Forte Biotech: Helping farmers with early detection of prawn diseases in Vietnam

After identifying the premier antibody, Albatroz’s focus shifted to a comprehensive assessment across a spectrum of solid tumour models in laboratory settings and living organisms. This intensive evaluation constitutes a crucial preliminary phase before advancing to pre-clinical studies, a requisite step towards obtaining approval for clinical trials.

Albatroz also diverted resources towards developing Antibody-Drug Conjugates (ADCs), a class of targeted therapeutic agents poised to bolster the efficacy of our antibodies in eradicating cancerous cells.

“Our data shows that our novel target is characteristic to a large proportion of common cancers, such as breast, colon, liver, pancreas and lung cancers. While it is still premature for us to elaborate on the exact clinical applications of our therapies, we hope many patients suffering from these cancers could use our drugs when they are fully and safely developed,” says Heathers.

The future of antibody therapies

Despite its short history, Albatroz has been awarded several accolades, including the inaugural Amgen Golden Ticket award in 2023, organised by Amgen and NSG BioLabs, as part of the initiative to support up-and-coming biotech startups in Singapore.

Albatroz sees their victory as a springboard that propels the company forward within the burgeoning biotech ecosystem in Singapore.

Also Read: ‘We aim to make early cancer detection accessible on a global scale’: Mirxes CEO

“Winning the award granted us access to a fully equipped laboratory at NSG BioLabs, the leading biotech incubator in Singapore, located at Biopolis in the heart of the biotech ecosystem. It largely eliminated a significant financial hurdle for early-stage startups. Even more importantly, the Golden Ticket connected Albatroz to Amgen’s network of scientific and business leaders,” Heathers says.

“This has been an excellent award for increasing the visibility and credibility of Albatroz and has led to a number of high-profile presentations and appearances by our company at international conferences. This mentorship and access to industry expertise proved invaluable for our young company, accelerating their research and development efforts.”

Run by a team of 15 in Singapore, Albatroz has closed a seed funding round of US$3 million from Outram Bio and SEEDS Capital in early 2023.

“We are very excited about the potential of our antibody therapies and remain dedicated to advancing them towards clinical development. We hope to raise another round of funding towards the end of the year to conduct development work further, grow our expert team and operations, and bring our therapeutic antibodies closer to the market launch,” Heathers closes.

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Image Credit: Albatroz Therapuetics

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