There are so many horror stories about renewing rents in Singapore in 2022 and 2023 that it’s clear how painful the process is. Here is the latest.

At Casa Mia, we are both landlords to our members and tenants to our property owners. So how have we been managing renewals?

The landlord’s point of view

We love our members, so we do not gouge them. However, periodically we need to increase our rates. The goal is to raise the rents in line with the market so that when it’s time to discuss renewals with our property owners, we are ready.

In the last months of January, February and March, we sent 21 renewal requests, with a 10 per cent increase, on average. Some members got a five per cent price adjustment and some 15 per cent. We sent these requests one and a half to two months in advance, to give our members time to consider and decide. 80 per cent of them came back within hours with, “Yes, thank you!” The remainder 20 per cent took a bit longer, but 100 per cent of them accepted the increase.

Is 10 per cent on average too low in the current environment? Maybe, but the new members get market rates, at about 15-20 per cent more than last year. The typical rent in Singapore is two years, so these annual adjustments translate to about a 30-35 per cent increase over the duration of a typical Singapore lease.

According to the SRX price index, that was more than the two-year change in rental rates for the central region of Singapore until the end of September 2022, but it’s been below market since October 2022.

Time to increase our rates faster? I don’t think so. Let’s look at the tenant’s point of view to explain why.

The tenant’s point of view

As a coliving operator, we rent homes long term from property owners, and then we sublet them fully furnished to our members. In the last six months, we had 67 rooms up for renewal, across 17 apartments. How did we do on the renewal of our own homes? It depends.

Also Read: Casa Mia, a Singapore coliving startup’s success story

First, in terms of renewal prices, we did okay. We never paid more than a 30 per cent increase on the previous contract, which, based on the SPI above, is great.

Second, in terms of our success in renewing, things are quite different between last year and this year.

• Overall, we renewed 35 rooms (out of those 67), with only 52 per cent successful renewals
• In September-December 2022, the renewal success rate was 84 per cent
• Of the 32 rooms we lost, 26 were lost in January-March 2023
• The January-March 2023 renewal success rate dropped to 13 per cent

This seems to be in line with the SPI picture above, that there has been an acceleration in price increases since October 2022. Therefore, unless we are willing to pay much more than our 30 per cent limit, we would not be successful in renewing.

However, at the same time, since October 2022, Casa Mia Coliving has been consistently adding more than 20 rooms per month. As a point of reference, we were only able to add five rooms per month in the previous nine months.

There was a huge crunch in rental inventory in 2022, which only eased after the summer. The ease in inventory should have resulted in prices flattening, not spiking.

My takeaway

So, what is really influencing the renewal prices and success rates? Perhaps the sensational media coverage has convinced landlords that they need to ask for 50 per cent more. Perhaps the increase in interest rates has convinced some landlords that they need to ask for more. Whichever the reason, the increase in supply will offset this soon.

My take? If a landlord wants more than the last transactions in a condo, walk away. Unlike last year, there are plenty of good alternatives right now. I guess we will see what happens to the SPI in a few months!

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In this episode, we are excited to welcome Freddy Marcos, Founder of Rentbrella, the world’s largest and most successful umbrella-sharing company. Today, Rentbrella has 800 stations with hubs present in the biggest urban centers of the world such as Sao Paolo, New York, and London.

Marcos began his career as Finance Director and Consultant, then as an investment banker at Merrill Lynch. Before he launched Rentbrella in 2018, he lead the operations and developed business strategy as the Chief Operating Officer of Ezconet.

Here, we discuss why it is important to start with a global mindset from day one, how to build feedback loops and two-way innovation across teams, tips for building a successful career in international business, and strategies for localising the business to fit the local market while staying true to company principles.

Also Read: Nestia launches umbrella-sharing service

This episode is sponsored by our partner ZEDRA. Learn more about how the ZEDRA team can support you in expanding to new markets here.

Listen, subscribe, and leave a review now on Spotify or your favorite podcast platform.

Find our entire podcast episode library here.

Get your copy of our Wall Street Journal Bestselling Book Global Class, a playbook on how to build a successful global business.

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The content was first published by Global Class.

Image Credit: Global Class

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It’s easy to dismiss the success of someone by saying they have an innate ability. Whether it is sales, tech, writing or managerial—there will always be people who stand in the limelight, their talent seemingly undeniable. This dismissal explains everything: quick promotions, compliments from leaders, the reason they seem to grasp everything so easily. 

Most highly successful people have a similar enterprising spirit, a keen motivation to excel and a penchant for hustling. These traits might seem innate, coming naturally to them. But there is one factor that even successful people must build upon from scratch: catalytic learning. 

Catalytic learning is defined as ‘enduring learning that objectively prepares the learner to continue to learn and implement new knowledge, positioning the learner for future self-directed learning.’ In other words: learning how to learn. 

The concept is an explicit learning-based schema built over time. Adult education, educational psychology and cognitive science have long documented what works to promote learning in various fields. If one can learn how to learn effectively, how complex a subject matter becomes less important. 

Also Read: How to fortify yourself against the risky unknown

Catalytic learning can be especially beneficial for leaders to understand. As technology evolves—and so society and the workplace with it—it’s more important for people to know how to learn, rather than what to learn. Leaders can help to prepare their colleagues and workforce against this frenetic pace of change, not with technical expertise, but with catalytic learning. 

As the old adage goes: If you give a man a fish, you feed him for a day. If you teach a man to fish, you feed him for a lifetime. 

Understanding metacognition

In order to harness catalytic learning, understanding metacognition is key. It is known to comprise one’s thinking about thinking—including what one knows about oneself and how one learns best, strategies to set specific goals, and tailor-made ways to achieve these goals. 

The importance lies in what the National Research Council calls the role of transfer, which is the ability to use what one has learned in new settings—in an environment and context that is different from those in which the subject was learned. 

Leaders and teachers must understand this in order to bring out the full potential of colleagues and students. Catalytic learning is more of a behaviour than anything else: it requires one to behave actively, instead of simply learning and absorbing passively. 

Self-awareness as a journey

At the crux of catalytic learning is self-reflection and self-awareness—to be able to understand who you are and the kind of learner you are will be invaluable in your learning journey. 

With self-awareness comes an understanding of your strengths, weaknesses and what makes you thrive. According to research, we are more confident and creative when we’re self-aware, we’re more effective leaders with more satisfied employees, and even better workers who get more promotions. 

Self-awareness is a tricky, balancing act. Most people think they are self-aware; according to research by Tasha Eurich, 95 per cent think they are self-aware, but only about 10 to 15 per cent actually are. And sometimes, reality doesn’t line up.

Also Read: From gigabytes to zettabytes: How to develop a data-driven mindset

Further research shows that experience can lead to a false sense of confidence and overconfidence about our self-knowledge and that the more power a leader has, the more likely they are to overestimate their skills and abilities. 

Asking what, not why

A common misconception about self-awareness is that it is closely linked to introspection. But according to the same research, the opposite is true. People who introspect are less self-aware and report worse job satisfaction and well-being. The problem is that people are introspective in the wrong ways. 

Asking yourself “Why?”—for example, “Why do I like employee A more than employee B?”—is an ineffective self-awareness question. Research has shown that we do not have access to many of the unconscious thoughts, feelings and motives that we need, so we invent answers that feel right. 

“Why” is inherently subjective—it requires emotion, contemplation and self-judgement. Instead, Tasha Eurich posits that we should ask ourselves “What?”—“What did employee A do that was better than employee B?”, or “What are the steps I need to take to do a better job?” While “Why” is subjective, “What” is objective, asking a more impersonal, detached question. 

This is why catalytic learning isn’t something one just picks up as a convenient skill. It’s a behaviour to be nurtured through time and intention, through exercises of self-awareness.

In conclusion, an important process to becoming highly successful is through catalytic learning—the art of learning to learn—by understanding metacognition in order to unlock self-awareness and achieving self-awareness to rely on objectiveness rather than subjectiveness. In this, one learns how to fish, and feeds themselves for a lifetime. 

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As the dreary funding winter soars, at e27, we are kickstarting a new article series Line of Hire to understand a company’s culture and hiring philosophies to empower tech workers with the right growth tools to enable business owners to attract talent.

The bureaucratic environment of working in a corporate world and the urge to take on something new and challenging drove Michelle Lam, a highly paid regional account director at a leading advertising firm, to start her own marketing communications company, The Little Black Book (TLBB).

TLBB is a home-grown uptrend motion graphics company reputed for its engaging digital campaigns and strong social media track record. It has accumulated a wealth of experience and gained extensive expertise with a wide-ranging portfolio of projects from private sector companies to government constituencies, covering brands from beauty to technology, lifestyle to public service.

In this episode, Lam shares his organisation’s culture and hiring philosophies.

Excerpts:

What personality traits/qualities do you look for in potential employees?

In the process of recruiting new employees, I prioritise identifying an individual’s unique “X” factor beyond their formal education and relevant work experience. This involves considering the current team dynamics and discerning which personality traits and skill sets are absent from the existing mix. To accomplish this, it is crucial to have a thorough understanding of the team on both a professional and personal level in order to identify the ideal candidate.

My approach to recruitment follows a straightforward guideline that revolves around two key questions: Does the candidate possess the relevant skills, and can they be envisioned as part of the team? By focusing on these questions, I can more effectively determine a candidate’s compatibility with the team and the role.

During interviews, I closely examine the questions candidates pose to gain insight into their personalities. If appropriate, I inquire about past challenges they have faced and the strategies they employed to overcome them. This information helps me draw inferences about the candidate’s character and ultimately assess their suitability for the position.

How do they fit into your company culture? Tell us a little more about your company culture.

In the corporate landscape, it is essential for organisations to cultivate a sense of purpose and fulfilment in their work. At our company, our culture is built upon four key principles, collectively known as the four Cs: carefree, commitment, caring, and curiosity. These principles guide our daily operations and interactions.

Being carefree encompasses a balanced approach to work and play, ensuring that we maintain a strong work ethic while also finding time to unwind. Caring signifies the importance of treating each team member with respect, as they contribute to our collective happiness and success at work. Commitment involves dedicating ourselves to our tasks and ensuring that we see them through to completion.

Lastly, curiosity is a value we instil in every aspect of our work, from client meetings and research to our thought processes and problem-solving strategies. By fostering an environment that encourages curiosity, we promote a culture of continuous learning and innovation.

Also Read: Our company culture is driven by communication: Terng Shing Chen of SYNC

Because of our culture, we are able to earn the trust of each other. The trust serves as the bedrock of our team dynamic, and we have experienced the transformative power of teamwork during challenging times. For example, on two separate occasions, our team successfully navigated the delivery of high-priority projects. One such instance involved the production of 17 videos within a week, which demanded unwavering dedication and a seamless operational flow. Accomplishing this feat without additional resources necessitated an all-hands-on-deck approach and a shared commitment to success.

The second situation presented a unique challenge, as it involved an ongoing event that was beyond our control. In response, our team quickly assembled team B to manage crowd control and oversee manual tasks at the event while the client’s software issue was being resolved. Despite the immense stress, our team’s professionalism and dedication shone through, demonstrating the strength of our collaborative spirit.

As a leader, I am proud of our team’s achievements and remain steadfast in my commitment to supporting their ongoing growth and development. Our hiring process seeks candidates who resonate with our core values and display a willingness to work collaboratively, even in the face of adversity.

Our company places a premium on perseverance and the determination to see projects through to completion, ensuring that we consistently deliver on our commitments to both our clients and each other.

How do you foster transparency and encourage achievement in the workplace?

I make an effort to keep my employees updated on my plans and goals. By sharing these details and explaining the reasons behind my choices, I hope to remove any obstacles that might get in their way. While this method may not convince some of my employees to open up more, it does create a smoother and trusting work environment.

I make sure everyone on our team knows what they’re responsible for and how their success is measured. I’m open and honest about my hopes and goals for everyone. When someone achieves their objectives, I like to shine a light on their success and give them the reward I had in mind. I always try to keep my promises and trust that others will do the same.

Do you have a mental health policy? What does that look like?

While we do not have a formal mental health policy, we deeply care about our colleagues’ well-being and are attentive to changes in their behaviour. If we notice anything concerning, we make a point to check in with them and offer support.

We have also published a self-development book titled “Life is Meaningless,” which focuses on finding one’s purpose in life. By publishing this book, we aim to embody the principles we discuss and ensure that our team members feel supported and understood.

We do our best to be sensitive to each other’s needs and provide space when necessary. For example, one of our staff members lost her mother shortly after joining the company. As a result, we make a conscious effort to be mindful of this during occasions like Mother’s Day, avoiding excessive discussions that might be distressing. While these gestures might seem small, they contribute to a work environment that fosters motivation, safety, and well-being for our team members.

WFH or WFO, or hybrid?

WFH. Based on recent conversations with friends employed by large corporations, I have heard that some organisations are considering discontinuing the hybrid work model. As you know, when one company adopts a particular approach, others are likely to follow suit. Personally, I find this decision disheartening. The COVID-19 pandemic provided us with an opportunity to explore the potential of working from home. Admittedly, it does require significant adjustments and dedication to make it work effectively.

It is worth noting that some supervisors and managers may prefer the ease of face-to-face management. While I understand that certain jobs cannot be performed remotely due to the nature of their industries, I firmly believe that for most knowledge workers, working from home offers a better work-life balance. It allows employees to be productive while simultaneously managing their personal time more efficiently.

How should a tech worker prepare for the funding winter?

Focusing on ideas that have the potential to generate income is imperative. Start by prioritising the generation of revenue with limited investment, then construct a sturdy product and present the foundation to prospective investors.

Also Read: Impactful technologies empower lives: Viveka Kalidasan of Let-Lab

This displays the probability of success when there is a steady flow of income (even if it is little). Nevertheless, it is important to avoid over-reliance on funding as it may give the misleading notion that financial resources can substitute for the core components of marketing and revenue generation.

How do you measure the performance of your employees?

I utilise Key Performance Indicators (KPIs) as a means of evaluating the performance of my employees. These KPIs are clear, quantifiable and have a specific timeframe for achievement. I schedule an annual performance review with each employee, during which they first self-assess and then receive feedback from their immediate supervisor. After both evaluations are completed, we then have a discussion to review the results.

Will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty when hiring?

When it comes to hiring for my company, I prioritise honesty and moderate skill level over pure technical expertise. While it is typical to aim for highly skilled individuals in a corporate setting, the nature of my small business requires a different approach. In my company, a team of individuals who possess a strong sense of integrity and moderate proficiency is preferred.

Do you encourage ‘intrapreneurship’ in your organisation?

I consistently encourage my staff to explore intrapreneurship. However, from my perspective, this largely depends on personal drive rather than organisational support. We independently authored, produced, priced, and managed the promotion and marketing of our book. Consequently, each individual has the chance to engage in similar ventures. As we are also investing internally in a SaaS company, it’s crucial for the team members involved to exhibit a certain level of entrepreneurial spirit in one way or another.

How do you support upskilling for your employees?

In the past, we enrolled our team members in coding courses (some of them created a meal cost-sharing app) and provided subscriptions to various e-learning platforms such as Lynda. However, I noticed that not many were particularly interested.

Consequently, I now make an effort to empower team members by directly inquiring about their preferences, and if desired, I am more than willing to provide the necessary resources or support. This approach seems more logical to me, although I acknowledge that we have not yet achieved a breakthrough in this area.

I recognise that the daily workload for my team can be significant, leaving little time for upskilling. Additionally, not everyone is inclined to engage in formal upskilling. To address these challenges, I now focus on incorporating a diverse range of projects with varying scales and requirements, ensuring that my clients and my expectations are met.

By doing so, team members can learn and upskill naturally while on the job. I have observed improvements in their output using this approach, and thus, I believe these two methods will coexist for the foreseeable future.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

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Singapore-headquartered telehealth platform ORA has raised US$10 million in a Series A funding round co-led by TNB Aura and Antler.

Gobi Partners, Kairous Capital, and GMA Ventures also joined the round, bringing ORA’s total funding to date to above US$17 million.

With this new round of funding, ORA will seek to expand its presence into new territories, both geographically and with new offerings.

Founded by former Zalora CMO Elias Pour, ORA is a house of healthcare brands powered by a vertically integrated telehealth platform. It currently operates in Singapore, Malaysia, and the Philippines with additional markets being launched during the rest of 2023.

Also Read: Gobi Superseed II Fund invests in Durioo+, Lapasar, Paywatch, pitchIN

Its portfolio of healthcare brands includes Modules (prescription skincare), OVA (women’s health) and andSons (men’s health).

Later this year ORA’s brands will arrive in retail across 1,300 tier-one stores bringing its accessible, medically-backed range of products to shelves. Looking at different geographies there are opportunities to expand into regions like the GCC.

CEO Elias Pour said: “We have the high growth potential of DTC, with a very high percentage of healthcare expenditure in our region being out of pocket. This is powered by an underlying SaaS type of recurring revenue, with subscriptions counting for more than 70 per cent of our revenue and our retention is better than Netflix with 10x the monthly order value. We achieved post-marketing breakeven at the end of last year on a group level after just 20 months of going live and have a very clear and believable path to profitability that is imminently ahead of us.”

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

The post Ex-Zalora CMO’s telehealth platform ORA secures US$10M Series A appeared first on e27.

Below are the brief profiles of five Connect investors (those who have verified profiles on e27 and agreed to get connected) and what kind of companies they invest in and in which verticals.

Genesia Ventures

Genesia Ventures is a Japanese VC investing in seed and early-stage startups in digital startups in Asia. The firm believes that it can help achieve a thriving society heralded by digital technology through seed and early-stage investments.

The company cuts a cheque of US$100,000 to US$1 million per startup across angel, pre-seed, seed, and Series A stages.

Its focus areas are advertising, agritech, architecture & construction, AI, automotive, Big Data, blockchain, consumer, cybersecurity, e-commerce, education, energy, enterprise solution, entertainment, finance, F&B, gaming, govtech, healthtech, HR, ICT, insurtech, IoT, legal, logistics/supply chain, manufacturing, marketplace, media, medtech, mobile, platform, productivity & CRM, real estate, retail, robotics, sharing economy, smart cities, SaaS, sports, transportation, and travel.

Last week, Genesia announced the close of its third fund at US$110 million across Southeast Asia, Japan, and India. Investors in this fund include Mizuho Bank and Canal Ventures.

Incubate Fund

Incubate Fund is an early-stage VC fund in Japan, with offices in Tokyo, Singapore, Bangalore, and San Francisco. It makes investments in the angel, pre-seed, and seed stages across Japan, India, and the United States.

Its focus areas are advertising, consumer, e-commerce, enterprise solution, finance, and gaming.

Last week, Sumitomo Mitsui Banking Corporation (SMBC Group) launched a US$200-million corporate venture capital fund SMBC Asia Rising Fund with Incubate Fund in Singapore. The fund aims to accelerate business development and partnerships through investments in high-potential Asian startups.

East Ventures

East Ventures is a seed and early-stage venture capital firm based in Singapore, Indonesia, and Tokyo. Founded in 2010 by the co-founder of Mixi.jp and other prominent investors/entrepreneurs in Asia.

The firm invests in Singapore, Thailand, Vietnam, the Philippines, Malaysia, Indonesia, Myanmar, Laos, Cambodia, Brunei, and Japan. The stages of investments are angel, pre-seed, seed, pre-Series A/bridge, and Series A.

The investment range is US$1 million to US$50 million.

On May 9, East Ventures and Trihill Capital co-led Indonesian hyperlocal online F&B startup UENA’s financing round.

Trihill Capital

Trihill Capital is an innovation-focused venture debt fund investing in seed-to-growth industry disruptors in Southeast Asia and public equities globally. Its venture investment arm targets solution-oriented companies and transformative founders across sectors and stages.

Trihill Capital is affiliated with one of the leading agriculture companies in the region and is based in Singapore with a satellite office in Jakarta.

Based in Singapore, it invests in almost every vertical of startups across Indonesia, Vietnam, Singapore, Thailand, the Philippines, and Malaysia. The focus stages are pre-seed, seed, pre-Series A/bridge, Series A, Series B, Series C and above.
The investment range is US$500,000 to US$100 million.

B Capital Group

B Capital Group is a global firm specialising in equity investments in venture and growth-stage companies that have achieved traction with customers. Through its extensive global network and exclusive partnership with The Boston Consulting Group, B Capital helps high-growth startups navigate business challenges, raise capital, and attract talented leadership at key points of their journeys to scale.

It has offices in San Francisco, New York, Los Angeles, and Singapore. The focus verticals are AI, biotech, consumer, cybersecurity, e-commerce, finance, healthtech, insurtech, SaaS, transportation, and travel.

The focus stages are seed, pre-Series A, Series A, Series B, Series C, and above. The ticket size of US$10 million to US$60 million.

Last week, B Capital appointed venture capitalist and climate tech specialist Don Wood as a venture partner of its climate team.

 

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through the e27 platform, and other prizes. Join TOP100 here.

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While it is true that Singapore is widely regarded as one of the safest countries in the world, that doesn’t mean that security concerns don’t exist — especially for those in condos or HDB flats. 

The over-reliance on security guards, electronic gates, doormen and CCTV cameras is a great start for providing residents with a welcome sense of security, but what happens when there are a series of break-ins and the fire alarm has gone off? Without an extra pair of ears and eyes,  monitoring systems and real-time information, it would be impossible for security guards to reach everywhere.

The pandemic has also boosted interest in video surveillance systems, and cloud-based access controls which can all be done remotely to ensure guards have more information at hand to handle multiple things at once without the need to be physically at all places.

But is this enough for condos ‘peace of mind’ and how can technology help security guards move away from 12-hour shifts six days a week to eight-hour shifts five days a week in Singapore?

Resistance to changes

Although many condo management companies value technology to enhance risk management, the industry is still behind at various maturity levels. 

In Singapore, the majority of security agencies are SMEs. Some are family owned with little or no understanding of the latest security technology. On the other hand, the security technology companies in Singapore are not security specialists but more electrical engineering companies that “happen” to install security equipment among their other services. 

Also Read: The future of cybersecurity: A plan to fill the workforce gap and protect the world

Even those that do specialise in security technology tend to adopt an “installer” mindset as opposed to a solution provider approach in their offerings.

For this reason, the Singapore government has developed a road map for the security industry. Led by the Ministry of Home Affairs (MHA), it seeks to transform the industry from one that is manpower-reliant, to one that leverages technology and raises skills to deliver high-quality security solutions.

Security cams that are better in every way

Expanding locations, increasing users, adjusting resolution or extending retention periods; are just some of the reasons that might demand a scalable solution when it comes to CCTV cameras in condos. 

More than that, with a remote surveillance system that connects to a command centre, guards are able to take swift action.

In the past, the CCTV camera was a simple static device that would record everything that was going on in its field of view. That was its only purpose aside from acting as a deterrent to would-be trespassers. 

With the introduction of cloud-based video surveillance systems, these systems offer better business continuity and disaster recovery. Even if someone tampers with the recorder, the recording is stored in the cloud. This also means it’s accessible to users remotely.

Another feature is the introduction of video analytics. These features allow real-time notifications to be sent to users and security officers on incidents as and when they occur.

Making the security industry more dynamic

A recent survey by the Union of Security Employees (USE) stated that four in 10 face abuse at work and six in 10 are planning to leave. The role of a security officer in residential, commercial, office and even social spaces are often stretched too thin as they need to manually do inspections, capture site evidence and keep tenants safe and informed at all times.

In Singapore, the government had proposed that baseline wages for security officers should include wages paid for work done in addition to the regular work week and the basic wage for the rank of security officer be increased to US$2,650. This will assure security officers of sustainable wage growth without needing to clock in excessive hours for a higher gross wage

With the aid of new technological advancements, the security industry in Singapore is bound to fit new roles and adapt to the needs of disruptive technologies globally encouraging innovation and penetrating the untapped potential of the digital age.

Also Read: Is the four-day workweek possible for cybersecurity professionals?

Moving forward with outcome-based security contracts

As of May 2020, the Singapore government had long advocated for outcome-based security contracts to drive innovation challenging the status quo to augment manpower by providing integrated security solutions through the Transformation Map of the Security Industry (ITM) supported by the Ministry of Home Affairs (MHA).

These contracts will focus on the outputs and outcomes, which can resolve manpower issues and reduce costs in the long term. The best part is that an outcome-based approach integrates technology into the solution.

For instance, if a condo in Singapore has recently reduced its manpower to half as it’s not a public holiday and there is no need to deploy security personnel for a particular time period, the remaining personnel will be sent for retraining to accommodate the higher technical requirements. This helps them to achieve this by enhancing their existing security infrastructure and systems.

This changes how we look at a security guard for simply ‘peace of mind’ as technology will replace that. The now and future security officer will no longer be a simple “caretaker”. They will be an empowered professional with an advanced career trajectory akin to that of other professionals, managers, executives and technicians (PMETs) while playing an important part in the safeguarding of the community as a whole.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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In the current macro and geo-political environment, the goal of remaining competitive is complicated by rising interest rates, broad cost escalation, supply chain unpredictability and the rapid change flowing through many industries from digital transformation. Overlaying all these potential hurdles is the spectre of inevitable Environmental, Social and Governance (ESG) compliance requirements and what this looming management variable will require of SME owners.

The domain of ESG issues is a broad and ultimately existential challenge and is often reduced in the general media for ease of communication to the key term of “sustainability”.  The topic of sustainability is now an increasingly common boardroom topic in all entities as well as at the government level, with the impact of this now omnipresent issue clearly capable of impacting P&L results. This article will focus on sustainability issues given the recent attention to climate control. Future articles will tackle social and governance issues from an SME’s viewpoint.

Defining the goal

One leading stakeholder which gives foundational context to the sustainability and ESG agenda is the United Nations Sustainable Development Goals (UN SDG, 2015).  For greenhouse gas emissions (GHG), climate scientists and environmental conservationists have of course for decades championed the need for tempering GHG and carbon pollution levels.

Milestone pronouncements which have given a platform for greater awareness and now the call-to-action include the Kyoto Protocol of 1997, the Paris Agreement of 2015 and the UN SDGs. Industry-aligned councils have also been notable stakeholders, including the World Business Council for Sustainable Development (WBCSD, 1995), the World Resources Institute (WRI) and their GHG Protocol guidance (GHGP, since 2001) which are a leading light on classifying, measuring and disclosing GHG emissions. These various supranational alliances are largely managed under the United National Framework Convention on Climate Change (UNFCCC, 1994).

The focus on compliance with GHG emission targets to meet 2030 targets and beyond, and in turn the creation of a broader momentum to have all societal stakeholders align to these UN-set goals is picking up rapid traction.  Whilst the balance of how developed industrialised countries should lead the initiatives to meet or exceed the targets is debated with emerging countries, the role of corporations, large and small presents an interesting opening for Singapore-based SMEs to become leaders in the domain.

The ESG road ahead for Singapore businesses

The complex and evolving GHGP targets and measurement disclosures are aimed at larger corporations and businesses, with a focus on the energy industry and agriculture where a material source of GHG emissions is attributed. These GHGP accounting standards provide a framework to support the transition of prior business-as-usual practices to evolving new practices and energy sources that help to drive industry, government, and wider society.

Also Read: How to navigate the investment opportunity in climate tech sector

In Singapore, the National Environment Agency (NEA) is the statutory body that oversees GHGP matters, charged with ensuring the NEA Act, 2002 and subsequent legislation, including the Energy Conservation Act 2012, the Carbon Pricing Act 2018 and other Acts that reduce emissions intensity. The amount of GHGs emitted per dollar of GDP nationally is targeted to reduce by 36 per cent from 2005 levels by 2030.

In effect, such a target ultimately requires a marked reduction in emissions for all Singapore-based firms, and not just the larger listed companies, which is the focus of reportable GHG-emitting assets. So, whilst large corporates and even state-owned enterprises that own an industrial facility that emits more than 2000 tCO2 need to report annually on emission statistics, the future contributory expectations of the wider Singapore business community cannot be ignored given the interlocking nature of industry value chains.

The imposition of a carbon tax at the current rate of SG$5.00 (US$4) per tonne of GHG emissions applies to industrial facilities that need to register as taxable facilities when the GHG emissions are at or above 25,000 tonnes of CO2 annually (tCO2e). The slated increase to SG$25.00 (US$18)/tCO2e in the near term as soon as 2024, and a targeted SG$45.00 (US$33)/tCO2e by 2026 and SG$80.00 by 2030 foreshadows broader implications.

Scoping to be proactive

This necessarily granular level of tracking, reporting and taxing is a part of the wider Singapore Green Plan 2030.  Whilst this reporting and taxing requirement are focused on larger corporations, the role of SMEs is not to be forgotten. When we realise that there are more than 70,000 SMEs in Singapore which in aggregate contribute more than 50 per cent of economic output and the majority of employment, SMEs are indeed a key driver of economic activity that needs to be in step with GHG Protocols.

The UNs SME Climate Hub alliance highlights the role of SMEs further by noting in their definition of SMEs such levels of contribution rise to 90 per cent of business volume worldwide. These contribution levels indicate that SMEs in Singapore can and perhaps should take a leadership role.

The GHGP standards framework defines three classifications of emissions.  These are:

• Scope 1: direct emissions from a corporate’s activities.
• Scope 2: emissions traceable to purchased energy choices and;
• Scope 3: emissions due to a wider value chain view of all related activities, encompassing upstream emissions implicit with input purchases through to downstream associated costs of a taxable entities’  product/service output. The looming ultimate accounting capture of Scope 3 emissions reporting will see attributed emissions for all corporate entities more fully attributed and thus accountable to being subject to future carbon pricing policy.

Value chain realities

The difficult and ongoing debate on how to recognise, account for and levy costs on Scope 3 emissions is an ongoing and complex issue. However, SMEs in Singapore have the ability to be proactive and be well-prepared for the inevitable inclusion of Scope 3 emissions as a business cost factor. As SMEs often have larger corporations as their ultimate customer, reflecting in part the broad and global nature of value chains, the incentive to be proactive in preparing for Scope 3 compliance is clear for stakeholders that value the merits of sustainable long-term planning.

Other reasons for a wider pre-emptive approach by SMEs on all 3 levels of emissions per the GHGP framework include:

Revenue reasons

• Customers of SMEs will increasingly prefer more compliant GHGP-rated companies. Those that acknowledge their efforts in addressing Scope 3 emissions will differentiate themselves positively.
• Products and services from SMEs that acknowledge the need to have a long-term strategy that addresses Scope 3 emissions will be more attractive to responsible consumers/customers.
• Where an SME’s products and/or services are purchased by other corporates, such purchasing decisions will increasingly include more stringent procurement criteria that will encompass Scope 3 reduction efforts and measures.

Cost and innovation management reasons

• A long-term strategy which encompasses all levels of tracked emissions will result in lower COGS, boosting margins and unit economics.
• Efforts to reduce or control costs and efforts to find supply and conversion manufacturing solutions that result in GHGP-compliant input partners will encourage innovation efforts. Seeking to improve value chain delivery efficiency is fundamental to continuous improvement efforts.
• Detailed scrutiny of all supplier relationships should lead to closer relationships with value chain partners given the need to understand each other’s interdependencies as GHGP best practice becomes more detailed.

The culture shift needed by Singapore SMEs

The impact of a proactive adoption of a business sustainability approach can be seen as a basic culture shift given that the historic focus areas of many SMEs are on revenue and cash flow amid resource constraints. Being customer-centric and sustainability-centric is a shift that may require deep and long-term changes to practices for many SMEs.

Also Read: The key to tackling climate change: Electrify shipping

Businesses with value chains that are in industry sectors that are materially impacted by the far-reaching effects of more granular measuring, accounting, and reporting requirements pertaining to GHGs in the future will be most challenged.

Being able to account for the GHG compliance levels of input supplies and then the possibility of being more accountable for externalities stemming from post-sale environmental effects such as recycling or disposal costs which are increasingly captured under a broader UN SDG ambit are forthcoming challenges.

But with such challenges, lies the opportunity for such Singapore SMEs to take on a leadership position in business sustainability in their respective industries. The financial ability of SMEs to be proactive in their anticipation of Scope 3 requirements and wider SDG goals will of course be a constraint.

In Singapore, the comprehensive Singapore Greenplan should be understood in the context of a wider array of grants and subsidies that exist in the ecosystem, reflecting the government’s long-term approach to being a leading example in GHGP compliance globally.

Optimistically, in a recent Business Sentiments Survey, IndSights Research found that half of the participating Singapore companies were aware of how they can adopt sustainable and green practices into their business model. It also found that 41 per cent of the companies already had firm plans to adopt sustainable practices, or had the intention to do so in the next 12 months.

Singapore’s SME advantages

The reality of Singapore’s unique history, its modest size and its entrepot status must be seen as only a positive. Its 100 per cent urbanised status and modest 733 square kilometres is a reality which has seen it tackle resource challenges creatively throughout its history.

With strong support from government policy which is pro-innovation and increasingly even more sustainability-centric, SMEs in Singapore have perhaps unparalleled support from government-linked schemes that align with its Greenplan.

The cost shifting to a sustainability-centric business model is not going to be easy. As the fundamentals of the GHGP and the rising awareness around more long-termed holistic views of how the UN SDGs can act as a yardstick for broader societal responsibility, the ability of SMEs to respond to these standards will be questioned. With many SMEs focused on basic short-term survival, how do SME managers embrace these shifting foundation stones positively?

The Singapore Green Plan in unison with other numerous initiatives under the WSQ (Workforce Skills Qualification) and MySkillsFuture umbrellas are just some of the policy, training and funding areas to be familiar with.  In the area of GHGP compliance, there is a multitude of courses, funding grants and subsidies available to bolster the efforts of SMEs to be proactive in being leaders in the GHGP adoption.

Five Ps of a proactive SME

In future editions of this section on sustainability and SMEs, we will explore some of the details of such help available to Singapore businesses.  Meanwhile, the appendix to this article gives a summary of some of the key resources in this complex domain that will be a good foundation for ensuring the appropriate research is done as a prelude to updating (or preparing) your own Green Plan.

Underpinning these multiple complexities is the guidance given by the UN’s SME Climate Hub which suggests a 5-phase approach to breaking down these deep and long-termed strategic and operational challenges.

As a Singapore-based SME, your company should:

• Pledge alignment with the UN SDGs
• Plan in detail how to be proactive and comply
• Proceed and execute the operational plans for compliance
• Publish your key performance Indicators to be transparent about your progress towards planned targets and
• Persuade other value chain partners and customers on their shared symbiotic involvement in the journey towards net zero emissions

This article was co-written by David Wai Lun Ng (PhD, CA) and IndSights Research.

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Jenfi, a fintech company specialising in revenue-based financing, has raised US$6.6 million in pre-Series B funding.

Headline Asia led the round, with participation from Monk’s Hill Ventures, ICU Ventures, Granite Oak, Korea Investment Partners & Golden Equator Capital, and Atlas Ventures.

Existing early investors also participated.

Also Read: The most important person I need to sell to is myself: Jeffrey Liu of Jenfi

With the funding, the fintech firm plans to expand its presence in Singapore, Vietnam and Indonesia by broadening its customer base while expanding into new markets across Southeast Asia.

Jenfi offers flexible funding options to digital-native businesses looking to scale, unlocking additional marketing, inventory, and growth spending. To date, it has deployed US$25 million in more than 600 companies.

Unlike traditional lenders where the focus lies primarily on evaluating financial statements, Jenfi integrates with a wide array of data sources to monitor and underwrite businesses, such as accounting software (e.g. Xero and QuickBooks), payment gateways (e.g. Stripe and Braintree), e-commerce platforms (e.g. Shopify and Haravan), online marketplaces (e.g. Shopee and Lazada) and digital advertising (e.g. Google, Facebook, and Instagram ads).

With real-time access to these data sources, Jenfi can quickly access, leverage and continuously monitor business activity and the health of companies, obtaining real-time data on revenue growth and marketing ROI.

Also Read: While traditional funding penalises a biz at its worst time, Jenfi gives them more leeway

Jenfi’s automated underwriting platform enables same-day decision-making and disbursement, streamlining the lending process for borrowers.

In August 2021, Jenfi secured US$6.3 million in Series A funding led by Monk’s Hill Ventures, with participation from Korea Investment Partners & Golden Equator Capital, 8VC, ICU Ventures, and Taurus Ventures.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through the e27 platform, and other prizes. Join TOP100 here.

The post Jenfi nets US$6.6M to expand its revenue-based financing business in SEA appeared first on e27.

Within the last two years, some of the most exciting updates from healthtech startup Doctor Anywhere included its US$38.8 million Series C funding round and its acquisition of Asian Healthcare Specialists (AHS), one of the leading integrated specialist healthcare providers in Singapore.

In an email interview with e27, Lim Wai Mun, Founder & CEO of Doctor Anywhere, explains how these milestones will affect the company’s next moves.

“This is part of our long-term goal to build a digital healthcare ecosystem to enable better patient outcomes and help shape the future of healthcare in Southeast Asia (SEA). It is also a crucial step to strengthen our capabilities beyond our successful primary care services, enabling us to deliver personalised, borderless, and inclusive healthcare for our users across the region,” he writes.

Lim is one of the speakers confirmed to participate at Echelon Asia Summit 2023 at Singapore Expo, June 14-15. Before we get to see him on stage, let us catch up with him and the latest from Doctor Anywhere.

The following is an edited excerpt of the conversation.

Also Read: Revolutionising healthcare in Vietnam: The reality of healthtech unveiled

Is there any lesson that you can share with us from your recent milestones, including the funding round and the acquisition?

Doctor Anywhere’s business has grown significantly alongside the change in consumer behaviour towards virtual care, and we believe that this newly formed habit is here to stay.

While telehealth has proven its value amidst the pandemic and will remain a key platform to access care, we’re focused on enabling a more holistic, seamless and personalised healthcare journey, enabling individuals towards long-term, preventive health (vs simply thinking of health only when they are ill).

It’s also a positive trend that we are now more aware of the importance of our health and are willing to explore means to take care of ourselves – whether via digital apps or seeking out alternative treatments, or even second-opinion specialist consults. Our key focus is to build a scalable digital health platform that will enable this further and enable a healthier population through simpler, more accessible, and more affordable health and wellness.

How do the back-to-back global crises that we are facing today affect your decision-making process? What major changes have you made?

We’ve been unwavering in our focus on our patients being our number one priority. This is fundamental to everything we do – from new services, app features, virtual and in-clinic experience, and the partners we collaborate with.

Healthcare remains an area that needs to be viewed in the long term – there are no simple fixes or magical silver bullets to solve the complex health issues emerging today, nor will short-term global events likely change the emerging healthcare challenges facing our region. Driven by our vision, the next stage for Doctor Anywhere will be enabling more personalised, borderless, and inclusive care. This means tapping on data and technology to deliver more tailored and effective care solutions and increasing access to these beyond traditional healthcare infrastructure and borders.

Also Read: Healthtech data: The race for new oil in Southeast Asia

What opportunities do you aim to seize this year?

Besides business and healthcare offerings within the countries we operate in across SEA, we continue to explore other synergistic opportunities to expand or acquire more healthcare companies to join us on our journey to building the largest healthcare ecosystem in the region.

We’ve begun to see a fundamental shift in consumers who, now more informed, are willing to take greater steps beyond lifestyle changes to secure their long-term health and adopt preventive measures/healthy lifestyles. This includes more of our users seeking mental wellness, chiropractic, and specialist services, alongside our DA Marketplace (wellness, supplements, health products) and contraceptive subscription service.

Off the back of a return of regional tourism and the easing of pandemic restrictions, medical tourism has also made a comeback. We launched our DA Wellness Concierge in December 2022, which is an end-to-end medical tourism service for those exploring medical procedures and services in Bangkok.

Our team provides personalised recommendations based on our network of accredited healthcare providers for curated quality, affordable treatments, including aesthetics (botox, derma fillers), fertility (IVF, egg freezing, genetic testing), surgery (liposuction, breast augmentation, hair transplants), and health screenings.

Preventive healthcare will continue to be a key pillar, especially with the benefits telehealth and digital health apps play in making consults, managing chronic conditions, and other services a lot more seamless over the long term.

It is also a priority for governments across the region, such as Singapore’s Healthier SG initiative which would be ramped up this year.

We continue to partner with ministries and public institutions to enable healthier populations now and in the future.

Also Read: Bolstering healthtech: Thailand’s bid to become Asia’s medical hub

What is your major plan this year?

Offering personalised, borderless and inclusive healthcare to our users will be our main focus. By doing so, our users will have access to decentralised healthcare across their care continuum (i.e. primary, secondary, tertiary, step-down care, and wellness).

So, in a sense, we are building one of the largest hospitals in SEA without the hospital building.

For example, our users can be doing health screenings or vaccinations at home or in their offices, accessing primary care offerings via our telehealth service and network of physical GP clinics. Getting second opinions and post-surgery consultations with our medical specialist doctors via teleconsultation will also be the norm. Even post-surgery recovery can be monitored at home, away from hospitals.

Users will also be accessing other ancillary healthcare verticals such as mental wellness and chiropractic services, alongside our online DA Marketplace for supplements and health products.

This points back to our vision to deliver personalised, borderless, and inclusive healthcare and our fundamental basis of putting our patients first and supporting their health and wellness across their life journeys.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Image Credit: Doctor Anywhere

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