Singapore Retains Competitive Edge

Backed by OCBC, Bank of Singapore services more than a quarter of the 700 single-family offices established in Singapore at the end of 2021.

As more of Asia’s aging wealth creators contemplate the handover of their assets to the next generation, many are turning to professionally run family offices to help them manage their wealth and secure their legacies. These entities offer ultra-high net worth (UHNW) families private wealth management services, from investing and philanthropy to succession and legacy planning.

At the forefront of this trend is the global financial hub of Singapore, which in recent years has become the preferred location for establishing family offices. Indeed, the number of single-family offices in the city-state awarded tax incentives by the Monetary Authority of Singapore was 1,100 at the end of 2022—up from 700 at the end of 2021.

To foster a more conducive environment for family offices to flourish, Singapore established a networking group called the Global-Asia Family Office Circle in 2021. The group helps family office principals, professionals and advisors better interact to increase community building and collaboration. More recently, the government unveiled a philanthropy tax incentive scheme for eligible family offices that allows selected donors to claim tax deductions for overseas donations made through qualifying local intermediaries.

“Singapore’s status as an international financial center is key to its allure. With excellent global connectivity, a deep pool of skilled professionals in wealth management and a supportive tax environment, it serves as the ideal gateway to regional investment opportunities,” says Robin Heng, Bank of Singapore’s Global Market Head for Philippines, Australia, Indonesia, Thailand and Indochina.

Bank of Singapore, the private banking subsidiary of OCBC, has emerged as a major player in the family office segment in Singapore, boasting relationships with one in four single-family offices established at the end of 2021.

Structuring Family Wealth

More UHNW families in Asia are seeking to professionalize their wealth management activities through family offices. As their assets grow in size and complexity, they are relying on family offices to put in place a governance structure that dictates how funds should be deployed. Furthermore, family offices can play an important role in facilitating the smooth transition of wealth to the next generation, who may have different priorities from their predecessors.

“Through family office structures, families can better navigate the legal and tax complexities that arise during wealth transfer, especially in multinational families with multijurisdictional assets. These structures can also help reconcile differing values and goals among family members, ensuring family harmony and the sustainable growth of wealth across generations,” says Heng.

Tailored Solutions

Reflecting its commitment to this segment, Bank of Singapore has a dedicated Family Office Advisory team that focuses on understanding clients’ needs and tailoring plans accordingly. Its global platform also provides comprehensive access to both regional and global investment opportunities, delivering high-quality service and insights.

Bank of Singapore is backed by the extensive capabilities and global network of OCBC Group, Southeast Asia’s second-largest financial services groups by assets. As demand continues to grow for family offices in Asia, Bank of Singapore will continue to enhance its offerings and expand its footprint in the wealth management space.

Says Heng: “We continue to invest in our wealth planning capabilities by deepening our talent pool, keeping abreast of the latest developments that may affect our clients’ wealth and succession objectives, and building our ecosystem of professional external partners.”

SHEIN has leveraged innovation and talent to build a tech-enabled fashion empire spanning the globe.

In just over a decade, online retailer SHEIN has emerged as a leader in the global fashion industry with a footprint spanning over 150 countries. The Singapore-headquartered company offers customers affordable products from a wide variety of fashion and lifestyle categories.

Leveraging On-Demand Manufacturing

SHEIN’s remarkable growth has been fueled by its innovative on-demand production model for SHEIN brands, an optimized supply chain, and its dedication toward localizing its offerings for individual markets.

In particular, the company’s ability to react to individual markets swiftly, while ensuring quality production of SHEIN brand products, has set it apart from the competition. Its test-and-learn model, producing ultra-small batches of 100 to 200 pieces of each product at launch, results in less waste and a more agile response to consumer demands.

SHEIN’s unique global platform ensures that it meets the specific needs of each market in which it operates—whether for customers or the local economy—by hosting local and international third-party sellers alongside SHEIN-branded apparel on its website. This allows for a broader range of products and product categories, as well as more rapid fulfillment times.

Localization Strategy

At a time when customers are demanding personalized experiences, SHEIN constantly refines its offerings across its major markets, with the aim of crafting a tailored customer journey that resonates with local tastes and preferences. Through the deployment of dedicated local-language teams around the globe, engaging local designers via the SHEIN X Incubator Program, and forging collaborations with local influencers, SHEIN is immersing itself in the communities it serves.

For instance, the company partners with local brand ambassadors, like actress Belle Mariano in the Philippines, to achieve an authentic representation of the brand in diverse markets. Meanwhile, collaborations with educational institutions such as the Nanyang Academy of Fine Arts (NAFA) in Singapore, reflect the firm’s commitment to nurturing local talent.

SHEIN’s localization strategy extends across every facet of its operations, from product development and supply chain management to targeted marketing efforts. This relentless pursuit of customer-centric excellence ensures a seamless shopping experience that lives up to the firm’s high standards of customer experience, while satisfying consumer demands for a diverse product range and efficient product fulfillment.

SHEIN has leveraged this localization strategy to expand its marketplace model into Brazil, the U.S. and Mexico. At the same time, the company has expanded its supply chain into Brazil and Turkiye. This expansion has been accompanied by the nearshoring of its supply chains, cutting down delivery times substantially. For instance, SHEIN’s new distribution centre in Wroclaw, Poland has reduced cross-border delivery times to Germany from 15 days to just three to five days.

SHEIN’s global expansion is being led out of Singapore, which was chosen as the fashion retailer’s headquarters due to its strong governance, business-friendly environment, access to key markets in the region, and its deep talent pool. The team in the city-state is led by Leonard Lin, Global Head of Public Affairs and Singapore General Manager.

“SHEIN’s decision to be headquartered in Singapore is a testament to our belief in its vibrant ecosystem and alignment with our global vision. Our commitment to Singapore goes beyond our business operations, and is also reflected in our continuous efforts toward engaging with the community, nurturing local talent, and fostering a sustainable fashion ecosystem right here in the heart of Asia,” says Lin.

Building an Inclusive Workplace

At the heart of SHEIN’s global success is a diverse and inclusive workforce that numbers 11,000 employees based in key centres around the world, including Singapore, the U.S. and Ireland. By adhering to the Global Code of Ethics, the company promotes a culture that empowers all its talent, regardless of nationality, ethnicity, race or gender. To this end, SHEIN ensures that opportunities are available equally to all staff through structured initiatives, such as training and awareness programs, as well as more informal tools such as employee resource groups.

“Core to SHEIN’s business philosophy is that the beauty of fashion should be made accessible to all. Our diverse workforce has been instrumental in catering to the individuality of our customers, and is a cornerstone of our success in the global marketplace,” says Lin.

Commitment to Positive Social Impact

To guide SHEIN toward a more sustainable future, the company developed evoluSHEIN, a comprehensive strategy for addressing social and environmental challenges as the company continues to evolve. Focusing on three strategic pillars—People, Planet and Process—SHEIN aims to bring change that is aligned with international social and environmental frameworks across the industry.

SHEIN has consistently demonstrated its commitment to positive social impact. For instance, the company’s on-demand production model is able to anticipate demand better than traditional forecasting tools, which results in less waste. It has also accelerated its adoption of digital thermal transfer printing, which uses zero water in its printing process.

In another global initiative, the company partnered with green tech startup, Queen of Raw, to rescue excess fabrics from other fashion brands that may otherwise have been disposed of. Through such dialogues, collaborations and shared missions, SHEIN not only adds value to its brand, but actively participates in positive social change.

A purpose-driven collection under the namesake, evoluSHEIN, was launched to provide affordable options for customers seeking to make a positive impact with their product choices. Weaving the localization strategy together with efforts to move the needle in the circular textile economy, SHEIN partnered with Brazilian pop star Anitta in a product collaboration that showcases environmentally focused materials.

Beyond its core business, the firm partners with numerous non-profit organizations as part of its efforts to give back to local communities. In Singapore, the company has joined hands with SHE Singapore, a non-profit that aims to empower girls and women. At the inaugural SHEIN x SHE dialogue in September 2022, SHEIN X designers, SHE board members, as well as local students and invited guests gathered to discuss topics related to diversity, inclusivity and body positivity.

Charting the Next Phase of Growth

Looking ahead, the company will continue its journey of innovation, with marketplace launches planned in France, Germany, Italy and Spain. It has also rolled out a seller empowerment program, which will provide support to all SHEIN Marketplace sellers to help them achieve their business goals.

SHEIN has also earmarked some US$70 million over the next five years to empower its network of third-party manufacturing suppliers by sharing its key innovations and best practices with them. To achieve this goal, the firm has built its first Centre of Innovation for Garment Manufacturing to elevate the garment manufacturing industry through research and development using processes based on SHEIN’s on-demand production business model.

From investing in local talent and embracing positive social impact to pioneering innovative business models, SHEIN is not just following trends, but also setting them. And in today’s ever-changing business landscape, that might just be the company’s most fashionable statement yet.

sheingroup.com

Singapore-headquartered startup Surfin Meta is closing the financial inclusion gap in emerging markets through fintech innovation.

Fintech innovation has transformed the financial services landscape, playing a pivotal role in driving financial inclusion on a global scale. However, about 1.5 billion adults worldwide remain unbanked and 2.8 billion are underbanked, with the Middle East, Africa, Latin America and Asia-Pacific bearing the largest segment of the population.

Surfin Meta Digital Technology Pte. Ltd. (Surfin Meta), a Singapore-based fintech founded in 2017, has a mission to drive financial inclusion in emerging markets, enabling marginalized communities to gain access to transparent and convenient digital financial solutions. A significant challenge faced by this segment of the population, mostly those between the ages of 23 and 28, lies in their limited financial knowledge and expertise; many are not even familiar with the concept of basic bookkeeping and financial discipline. Furthermore, barriers to access in emerging markets stem from the absence of credit records, consumer data and a robust fintech infrastructure.

Yanan Wu, Chairman and CEO of Surfin Meta, says, “I wanted to adopt smart digital technology to help transform people’s lives. A fundamental measure of financial access is the personal credit score, and I believe that an individual’s financial dignity comes from having one.”

Market Entry

Wu chose Singapore as the company’s base to better serve the markets in the region. With Singapore being a leading financial hub in Southeast Asia and beyond, the fintech startup benefited from a conducive regulatory environment and access to capital and talent.

The timing was also right. “The adoption of digital financial services was on the rise in Southeast Asia and Africa at the time due to increased mobile smart phone penetration. Surfin Meta was able to capitalize on this fintech wave, adapting swiftly and launching customized products tailored to local markets,” he says.

In 2018, Surfin Meta made a notable entry into Indonesia with “Pinjam Yuk,” an online personal loan platform licensed by the Indonesia Financial Services Authority (OJK). Within the same year, the company expanded its operations to Vietnam, Mexico and the Philippines. Today, Surfin Meta operates in 10 markets— including Singapore, Nigeria, Kenya, India, Uganda and Peru—serving over 35 million registered unbanked and underserved users.

The company’s core capabilities encompass four lines of business, including consumer finance, wealth management, payment and fintech-as-a service. They are established on four key technologies, namely, lend tech, wealth tech, pay tech and chat tech, and powered by advanced algorithms and models based on artificial intelligence (AI) and big data. These technologies have helped the company enhance its financial risk management, increase its operational efficiency and scale its business quickly, resulting in profitability with over US$100 million in revenue and double-digit net profit margin as a group.

Success Factors

Based on customer surveys and feedback, consumers are drawn to Surfin Meta’s streamlined user journey. By simply downloading the app, registering for an account and submitting a loan application, customers can receive their credit scores and customized loan products within minutes. The loan will be disbursed to the customer’s bank account or e-wallet. This swift approval process, supported by efficient risk management and a user-friendly, customized product experience, has contributed to a retention rate of nearly 90%. The machine learning algorithm enables credit risk to be managed effectively, reducing significantly the delinquency rate among the unbanked who receive loans.

Surfin Meta’s success in operating across 10 markets is also attributed to its dedicated on-the-ground support. The company invests in training local professionals and currently employs over 2,000 staff in various markets.

Wu’s own diverse career has placed Surfin Meta on the leading edge of technology. He has a strong scientific background, with a Ph.D. in statistical physics from The University of Western Ontario in Canada and post-doctoral research at Los Alamos National Laboratory in the U.S. Trained as a nuclear physicist and rocket scientist, Wu later switched careers to become a quantitative hedge fund trader and senior portfolio manager, managing over US$30 billion in institutional assets in capital markets, including pensions, insurance, endowments and family offices in North America and Asia for over 20 years. Now, as an entrepreneur, Wu is committed to serving those without equal financial access by applying technology to mitigate the financial inclusion gap.

Growth Trajectory

The pandemic was a game changer for the fintech sector, accelerating the adoption of digitalized financial solutions exponentially and becoming a catalyst for a cashless society. This shift toward digital financial solutions has driven greater financial inclusion globally. In 2023, Surfin Meta achieved a remarkable total transaction volume of US$1.7 billion. Building on this achievement, the company recently partnered with Visa to launch “Sufinc,” a credit card tailored for consumers in Mexico. It is planning to launch a similar product in India and Indonesia in the coming months.

In the next five years, Surfin Meta aims to diversify its loan product mix, obtain additional financial licenses, enhance its proprietary technology and strengthen its research and development capabilities. Wu believes that the wealth of data accumulated from millions of customers across the 10 markets is an asset and a barrier that will enable the company to make significant advancements in its technology and service offerings. With the wave of artificial intelligence-generated content (AIGC) and big models in AI, Surfin Meta stands at the cutting edge to apply millions of users’ data to train the models to provide even more tailored digital marketing, digital customer services and wealth management advisory. The company aims to achieve a market penetration of 10%, compared to the current 2%, by 2027.

“Surfin Meta’s primary objective now is to continue reaching out to the unbanked and underserved population and SMEs, as there is tremendous potential in emerging markets,” says Wu. “Asia, Latin America and Africa offer the biggest opportunities for growth.” He believes that deeper financial inclusion, enabled by advanced AI, will drive faster consumption growth and help SME entrepreneurs to start up their businesses. This will accelerate economic growth in emerging markets and reduce the income gap between the rich and poor.

The company also recognizes the growth potential in the middle-class segments of Indonesia and India, where increased demand for wealth allocation, children’s education and retirement planning is expected. Millennials and Gen Zs are also the target consumers as they are more likely to embrace fintech solutions and digital platforms to allocate their growing wealth and trade various classes of assets across different markets.

With a vision to become a global brand, Surfin Meta is seeking strategic investors— particularly in ASEAN, South Asia and Latin America—who share its commitment to financial inclusion, green finance and ESG investing. The company aims to forge partnerships with equal stakeholders in its various markets to build robust local ecosystems and foster sustainable growth. Surfin Meta continues to champion “smart finance, shared future” on its journey to become an innovative leader for fintech in emerging markets.

www.surfin.sg

In just three years, boutique agency Brilliance Capital has emerged as a trailblazer in the property business.

After a successful 15-year career at the world’s leading corporate real estate agencies, Sammi Lim saw an opportunity to create a unique offering that bridged the gap between the industry’s big boys and local players in Singapore.

This led her to establish Brilliance Capital in 2020, a Singapore-based boutique agency that offers specialized real estate investment services for wealthy families, institutional investors and public-listed companies from around the region. What the firm brought to the table was unparalleled in the industry: the expertise and network of a large agency, coupled with the nimbleness and personal touch of a smaller outfit.

While big agencies often struggle to maintain a personal touch, Lim’s firm strives to give every client its utmost attention, customizing solutions that address their specific requirements. Furthermore, Brilliance Capital places great emphasis on relationship-building, recognizing that real estate transactions are not one-off events, but long-term partnerships.

Today, Brilliance Capital’s services run the gamut of the real estate spectrum, including residential, commercial and industrial properties, and cover all aspects of the sales and leasing process under one roof. Starting out as a one-woman show, the agency now houses over 20 agents with expertise in diverse areas, allowing them to cater to a broad range of client needs.

 “I wanted to create an agency that would truly meet the needs of the market without the limitations of a large corporate setup. Brilliance gives me the freedom to innovate and offer a comprehensive range of services tailored for my clients.”

“In a big agency, the sales and leasing of a building are handled by different departments. But here, we are integrated and can do both under my supervision. So, whether it’s sales, leasing or property management services, we can do it all,” Lim says.

In just three years, the firm has chalked up an impressive résumé of transactions. One notable deal involved selling a suburban mall for a listed real estate company to an international fund manager for S$220 million (US$162.3 million) and handling the leasing for the property as well.

A Maverick Approach

Brilliance Capital has already forged a reputation in the market for thinking out of the box to get challenging deals done. One of the firm’s key differentiators is its ability to engineer bespoke strategies for each deal, understanding that no two properties are the same. This client-centric approach sets it apart from the cookie-cutter solutions offered by many competitors.

Lim also has a knack for spotting emerging trends and capitalizing on new market opportunities. She was dubbed Singapore’s “Shophouse and Strata Queen” for being one of the early players in the shophouse and strata-titled property space. And she may soon earn the title of “Car Park Queen,” after recognizing the potential for commercial car parks in Singapore as a lucrative asset class. In the past three years, Brilliance Capital has concluded three of the four car park transactions in the market. “Buying a car park is like buying a very good bond. You get capital upside and returns, and there are no bad debts. If you don’t pay, you can’t get out of the car park!” she says.

The agency has also ventured beyond plain vanilla real estate transactions to more niche areas. For instance, it has successfully concluded deals in “indirect real estate investments,” such as collaborative ventures and joint ventures that pool the funds of multiple investors for larger property acquisitions.

Joining a Global Network

Brilliance Capital’s expertise extends beyond Singapore, with strong connections in markets like the U.K., Australia and Hong Kong. Through strategic partnerships and collaborations, the firm has expanded its reach and is able to offer seamless services to clients seeking cross-border investments.

In 2021, the agency joined the prestigious Forbes Global Properties, an invitation-only membership network of top real estate firms, further strengthening its international presence and credibility. As the exclusive agency for Forbes Global Properties in Singapore, Lim and her team are able to tap into a global community of real estate professionals, facilitating knowledge exchange and international exposure.

Forbes Global Properties is an exclusive consortium of top-tier real estate firms representing many of the world’s finest homes for sale. The network’s membership is reserved for the most distinguished brokerages in select cities and second-home destinations. Securing membership involves rigorous vetting of a firm’s market presence, real estate expertise and industry reputation.

“Brilliance Capital’s selection speaks volumes about our proven success record, market leadership and commitment to excellence. Singapore is a magnet for international investors, so being a part of Forbes Global Properties’ growing network of real estate specialists will put us on the map,” says Lim.

A Bold Vision for Growth

Looking ahead, Lim is cautiously optimistic about the real estate market’s prospects. While uncertainties persist, she believes that Singapore’s strong fundamentals and resilience will position it favorably compared to other countries in the region. She also anticipates that well-funded institutions, family offices and high net worth individuals with longer-term investment horizons will remain active in the market.

“To capture these opportunities, it is important that we remain adaptable and stay ahead of emerging trends to guide clients effectively,” she says.

Brilliance Capital aims to strengthen its position in residential sales and leasing, commercial properties such as shophouses and offices, and expand into the industrial sector. Lim envisions the firm eventually becoming a leading global real estate agency known for exceptional client service, a successful track record and strong industry relationships.

Beyond the Bottom Line

Over and above its business endeavors, Brilliance Capital actively engages in philanthropic activities. Lim’s personal involvement in grassroots organizations, charitable initiatives and her commitment to giving back have influenced her team to follow suit. Team members regularly participate in community events and support causes related to children, families, women and ex-offenders, demonstrating their dedication to creating a positive impact beyond the real estate business.

Among other roles, Lim sits on the board of the Industrial & Services Co-Operative Society, an organization that supports families of ex-offenders. She is also the Treasurer of LadiesFirst, a non-profit comprising female entrepreneurs and professionals dedicated to fostering positive social change.

Whether in business or philanthropy, Brilliance Capital has become synonymous with achieving success through innovative thinking and a people-centric focus, traits that are likely to bode well for the company’s success in the long term.

Lim says: “We have been able to convert deals where our competitors have failed because we are not afraid to challenge the norms and we are not afraid of hard work. If our client trusts us, we will go all out. That is our promise to them.”