MBFC development helps to keep Singapore competitive

SINGAPORE: The development of the Marina Bay Financial Centre (MBFC) and a new financial district downtown has helped to keep Singapore competitive.

Speaking at the grand opening of Singapore’s MBFC on Wednesday, Prime Minister Lee Hsien Loong said the high-quality business environment has strengthened Singapore’s position as a global financial hub.

Built at a total cost of S$4 billion, the MBFC was the result of a vision conceived over 10 years ago, the vision of developing a world-class business and financial centre to make sure Singapore stays relevant to the needs of a
fast-growing financial sector.

Prime Minister Lee said: “We studied many hubs overseas – Canary Wharf, of course; Hong Kong’s International Financial Centre; Shanghai’s Pudong (which was) then just taking off. We identified the features we needed.

“Eventually after much discussion and debate of how it should be done, whether it should be done, we decided in 2003 to carve out a large land parcel on Marina South for a business and financial hub.”

Mr Lee said it was a bold move that paid off as the global economy rebounded.

MBFC comprises three office towers, offering about three million square feet of office space – double of what’s at Raffles Place.

There are also nearly 650 luxury apartments and a retail mall at MBFC.

The MBFC, a key landmark in Singapore’s new downtown, is home to over 20,000 workers and many established companies in the legal services, commodities and financial services sectors, including anchor tenants like DBS Bank and Standard Chartered Bank.

Standard Chartered Bank Singapore CEO Ray Ferguson said: “We have the largest dealing room in Asia in our facility here at Marina Bay. So, obviously Singapore…a key financial centre, not just in Asia but in the world now. What we have got at Marina Bay, what we have been able to build really helps support that positioning.”

Mr Lee said Singapore’s open economy, deep pool of talent and robust regulatory regime have also contributed to the success of its financial industry.

The banking and services sector accounts for 12 per cent of Singapore’s GDP.

And Mr Lee said it is expected to grow by 3 per cent this year.

He added that Singapore’s financial industry is at an important juncture as the country transitions to a new phase of development.

And a vibrant financial sector will continue to benefit the Singapore economy by generating better jobs and spurring growth in other sectors like the legal services, industry development and social enterprises.

“Therefore, we must continue to attract high-quality investments to create better jobs for Singaporeans,” said Mr Lee.

He also said there is a need to develop a strong Singapore core of specialists and leaders in finance – a move the Monetary Authority of Singapore (MAS) is currently facilitating by working with financial institutions.

MBFC development helps to keep Singapore competitive

The Sofitel So Singapore Will Have Karl Lagerfeld"s Touch and So Much More

Gallery: What’s In Store At Sofitel So Singapore

• 
  
  
  


• 
  
  
  


• 
  
  
  


• 
  
  
  


• 
  
  
  


• 
  
  
  


• 
  
  
  


• 
  
  
  


• 
  
  
  


• 
  
  
  

Combining the protected 1927 historic building with a new five-story addition behind it will create enough space for 118 rooms and 16 suites, ranging from entry-level So Cozy to So VIP suites. If the construction were happening anywhere else, wed have some serious reservations about a November opening, but Singapore is known for conjuring up entire skyscrapers in a matter of months, so well give it the benefit of the doubt for now.

We like what we see on the first room renderings, with vibrant colors and modern design against the backdrop of classic wall paneling and a domed skylight. Other good news includes free WiFi, a complimentary minibar, and integrated DirectStreams in-room technology with complimentary iPad minis (a first for Singapore).

The exact details of Monsieur Lagerfelds work perhaps as to be expected are still kept under wraps, but the hotels emblem, as well as various other in-room features, will be by his hand. In fact, we heard talk all around town that Lagerfeld was due in Singapore the day we were leaving, confirmed by Instagramming companion Sebastien Jondeau.

Like Sofitel So Bangkok, the UK firm Gorgeous Group is behind the FB outlets, which include a lobby lounge, the Golden Oven restaurant, and a rooftop destination bar. Going hungry will not be possible regardless of the hotels offerings, with Lau Pa Sat one of Singapores famous food markets right across the street.

A stand out feature on the first exterior renderings is the HI SO rooftop pool, which will feature gold leaf tiling. A So Fit fitness centre will have all you need to maintain your workout while on the road. Reservations are not open yet, but rates will start at about S$350 (US$280) for a So Cozy Room, excluding tax.

Current locations to sample Sofitel So are Mauritius and Bangkok the latter with staff uniforms by Lacroix and bedrooms by theme, something well have more for you on soon. New Sofitel So additions will include Mumbai, Rio de Janeiro, and Sydney, with other major destinations to follow.

[Photos: JasonD for HotelChatter, Renderings: Sofitel Hotels]

The Sofitel So Singapore Will Have Karl Lagerfeld"s Touch and So Much More

Guess The Hotels In The Singapore Skyline

Guess the Hotel / Singapore Hotels / → All Tags

Guess The Hotels In The Singapore Skyline

We have a bit of a different version of Guess the Hotel for you today: rather than giving you a few clues about one specific property, were putting your hotel knowledge to the test based on the above skyline shot of Singapore for a game of Name The Hotel. How many of them can you spot?

From left to right, we have two hotels that share a common background, and will soon be connected by an underground tunnel. We then have one that will be easy to miss, two that also have a bit of a connection (bonus points for knowing the rebranding that happened here and how it relates to yet another hotel nearby that cant been in this photo), and finally a cluster of hotels, some of which you could see by their name proudly shown on the exterior if you were closer. All in all, there should be at least ten to list.

Bonus points for adding what is just out of frame on the right, something we talked about last week. One more picture from the roof of one of the hotels can be found after the jump. To the comments with your guesses!

Guess The Hotels In The Singapore Skyline

Croupier and accomplices charged with cheating MBS casino

A 44-year-old croupier and three others were charged in court on Wednesday with cheating at play in Marina Bay Sands (MBS) casino.

Yeo Eng Seng, who works as a dealer, allegedly colluded with Ho Keng Guan, 43, and Lim Boon Kwang, 42, to cheat the casino while playing Baccarat on Monday.

He is said to have provided the sequence of cards in advance to the two men to deceive the MBS casino into believing that their respective wager of $3,900 and $1,900 cash chips on “banker bet” was honourable, and induced the casino into paying them chips totalling $5,800.

A third patron, Lee Mee Leng, a 40-year-old Malaysian woman, is alleged to have colluded with Yeo and Ho to get cash chips of $4,500 as winnings for herself earlier on April 6. She is said to have known the sequence of cards in advance through Yeo’s position as a dealer and duped the MBS into believing that her wager on “player bet” was honourable.

TO READ THE FULL STORY…

Croupier and accomplices charged with cheating MBS casino

Singapore Has Its First Gay Magazine Through This Digital Workaround

While Western countries debate the merits of gay marriage, countries in Southeast Asia remain far less accepting of homosexuality.

“It’s really about changing the stereotypes, and changing the community itself.”

In socially conservative Singapore, where sexual contact between men is still punishable with up to two years’ jail time, an online-only magazine targeted

to gay men in Asia launched last month, with a second issue due in June. It is something of a test case for media and cultural barriers.

For a population that both shows signs of slowly accepting of gay culture, and embraces the digital media formats that allow the publisher to bypass local

media licensing requirements for print publications, the timing may be right for Element, a magazine that covers fashion, entertainment, fitness,

and issues relevant to the Asian gay community.

“It’s an excellent moment,” said Hirokazu Mizuhara, the managing director and creative force behind the bi-monthly e-magazine. “A few years back a digital

magazine probably wouldn’t be able to garner a lot of attention. In Singapore, given that it’s a very digital society, a purely e-magazine can have the

same effect as a printed version.”

By limiting the publication to an electronic version — available on digital platforms such as the Apple App atore and the Android Market — and using an

Internet host server based in the United States, Element bypasses licensing requirements set by the Singapore government, which regulates locally

produced content, and eliminates the need for a print distribution.

While the e-magazine’s publisher touts the lucrative market for the “pink dollar” in Asia, Singapore is surrounded by countries where homosexuality remains

illegal (such as Malaysia) or meets with strong disapproval (such as Indonesia). That makes the online-only gambit seem necessary.

Mizuhara, 27, teamed up about six months ago with Noel Ng of Epic Media, 31, an e-magazine publisher who has wanted to produce a gay-themed e-magazine for

several years. But Ng, who is straight, didn’t have the right business partner until he met Mizuhara, who is gay.

For Ng, this new venture is in some ways a labor of love. Like many Singaporeans, he had been of the view that being gay is a conscious choice. When his

eyes were opened by gay friends, and he saw that “they weren’t treated properly and feel condemned, nobody’s there to help them lead a life.” For him, the

magazine is a way “to restore the dignity and worth of every gay man.”

The magazine bills itself as “the voice of gay Asia” and, while similar to other men’s lifestyle magazines, is geared toward the gay male audience in Asia.

The price is $1.99 per issue or $9.99 for six issues, and the magazine reports sales of 6,500 subscriptions since its launch. Thanks in part to Mizuhara’s

past work as a marketing manager at Harper’s Bazaar in Beijing, the magazine has lined up a respectable number of high-end advertisers, including

Paul Smith, local nightspot Avalon, the Small Luxury Hotel Group, and underwear brand Private Structure.

Its pitch to advertisers cites studies showing the Asian gay community is a lucrative market, showing “a higher interest level in fashion, grooming,

traveling, fine-dining, tech gadgets, nightlife, entertainment, and socializing.”

“It’s really the concept of the magazine that interests them,” Mizuhara said of the advertisers. “After they’ve seen the magazine, that’s when they’re

confident enough to come in.”

Each issue will contain the digital equivalent of 90 to 100 print pages.

Ng and Mizuhara compare their magazine to Attitude, a British gay magazine that is available both in print and e-versions. But they are quick to

distinguish their publication from men’s skin magazines. “Ours is not the typical explicit gay magazine that shows you almost nude guys or tells you where

to go for sex. This is a lifestyle magazine,” Ng said.

The gay community in Singapore is decidedly low-key, although there is a gay nightlife scene and a yearly event called PinkDot, an open-air gathering to

support LGBT rights.

Section 377A of Singapore’s penal code criminalizes sexual contact between men. While the law is not aggressively enforced, some are challenging it in the

courts, while others see it as anachronistic for a nation that aspires to cosmopolitanism.

Earlier this year, Singapore’s prime minister signaled no interest in changing the law. “Why is that law on the books? Because it’s always been there and I

think we just leave it,” he said.

Ng and Mizuhara say Element will not be overtly political, but will push an agenda of societal acceptance and understanding of the gay community.

“It’s really about changing the stereotypes, and changing the community itself, to help the community move in a healthier direction and to get involved

with the mainstream society,” Mizuhara said.

Singapore Has Its First Gay Magazine Through This Digital Workaround

Singapore police testify in US death inquiry

Singapore police officers who inspected the apartment where a US high-tech researcher was found hanged last year have told an inquiry that they saw no signs of a struggle.

The bedroom where police found the body of Shane Todd, whose parents believe he was murdered, was neater than the rest of the apartment, sergeant Rajina Sharma Rajandran said on the second day of a coroner’s inquest.

“It appeared that there were no signs that indicated that a struggle had taken place,” the investigator said. “There were no trails of blood found on the floor of the apartment. The furniture in the bedroom was in place.”

Todd’s parents reject Singapore autopsy findings that he committed suicide. They believe he was killed because of his work for a Singapore research institute with alleged links to a Chinese telecom giant suspected of espionage.

The inquiry also heard evidence from an FBI report indicating Singapore police did not miss crucial evidence in the case from an external hard drive found in Todd’s apartment, as claimed by Todd’s parents.

The parents have said files from the drive show he may have been killed because of his work.

But the Federal Bureau of Investigation report said the device, which they later handed to the parents, was “identical” to one that had already been examined by the city state’s police.

The couple, Rick and Mary Todd, declined to comment when asked about the FBI report.

“We just appreciate the process. We thought it went well,” Rick Todd told reporters.

‘Preserve the primary evidence’

Singapore’s state-linked Institute of Microelectronics and China’s Huawei Technologies have both denied working together on a project involving Todd on a semiconductor with potential military applications.

The family has not blamed anyone in particular for Todd’s death. But it maintains that the 31-year-old could not have killed himself and was looking forward to returning home before his body was found last June.

A lawyer for the family questioned police Tuesday about the way Todd’s body was handled after being found suspended from an improvised noose from the top of a locked toilet door.

The body had been brought down to the bedroom floor by other police officers before the investigators arrived.

Senior investigation officer Rayme Darman Koh said discolouration on the lower forearms and legs indicated Todd had been hanging for “around six hours on the door.”

Amarjit Singh, part of a team of Singapore lawyers assisting the Todds, said: “More than six hours, no pulse, would it be better to leave him there to preserve the primary evidence than to bring the body down in an attempt to save his life?”

Koh maintained that it was standard procedure to bring the body down.

Todd was part of a team working on gallium nitride, a tough semiconductor material that can be used in radar and satellite communications.

A US congressional committee last year labelled Huawei and ZTE, another Chinese telecom firm, as potential security threats that should be excluded from US government contracts and barred from acquiring US firms.

The coroner’s inquest will only determine the cause of Todd’s death. A verdict is expected by late June after hearings end on May 28.

Todd’s parents, who are expected to testify, have obtained an opinion from a US medical examiner who concluded that Todd was first killed by garrotting before being hanged to conceal the crime.

But two other US medical examiners described as independent experts have affirmed the Singapore autopsy report, according to a summary of evidence to be presented at the inquest.

589

Singapore police testify in US death inquiry

Social innovation: lessons from Singapore, South Korea and Taiwan

“What is social innovation?” is a question that has plagued me for months. Each time I try to explain what I research, my mind skims through the intricacies of a definition that is neither precise nor finite in scope. In interviews in Singapore and throughout Taiwan and over the last four months, I have asked social entrepreneurs their definition of social enterprise, and social innovation. Here’s my latest conclusion: it doesn’t really matter.

Each foundation, social enterprise, or funding agency I have interviewed has defined social innovation in the positive; no one has decidedly excluded an organisation or group from their view of social innovation. The definition of social entrepreneurship has been more precise, favouring a focus on financial sustainability (“a capitalist mind and a socialist heart” in the words of entrepreneur Priya Chen from Aurora Social Enterprise Co), but most people still give open and growing definitions of a field, sector and way of thinking that is expansive in its ambition to tackle pressing social problems. Amid this lack of clarity on definitional issues, examining whom social innovations serve is perhaps a more important way of analysing social innovation capacity: it shows you who is empowered to solve social problems within a local economy. Does social innovation happen with government, non-profit organisations, or members of the marginalised communities themselves?

Here in Taiwan, social innovation and social enterprise seem to concentrate on specific thematic issues, predominantly employment, disability inclusion and matters related to aboriginal communities, rather than taking place in one specific sector. However, it’s hard to tell whether the prevalence of social innovations in these areas is because of truly innovative solutions stemming from those sectors, or is the result of prevalent subsidies. Indeed, the availability of subsidies in those areas could also be considered a kind of social innovation, because they empower those with a vested interest in crafting and delivering a solution. The role of government policy and funding in dictating where social innovation takes place can be significant in the absence of a strong pool of social entrepreneurs.

In Singapore, many of the most prominent social enterprises do not focus on issues facing exclusively Singapore. Many organisations, like the World Toilet Organisation, are global in their reach. However, Jack Sim, the dynamic founder of WTO, began his work focused on what he noticed as an issue in Singapore before extending his mandate and forming the WTO. Perhaps, then, what is unique about Singapore is not the nature of its social challenges or marginalised communities, but that its ecosystem and economy are structured to be outward-facing and conducive to growth. It is easier to imagine this sort of structure functioning in a city-state of five million people than a country with greater size and population.

The differences in whom social innovations serve in different environments makes the lack of standard definition meaningful: with one definition, it might be easier to unify people working within or across similar subject matter, but more difficult to unify those working under different constraints and in different environments. In South Korea, the Leveraging Social Enterprise Act quantitatively evaluates social enterprises, and businesses cannot use the moniker without being registered. There may be some value in such an approach to limit the novelty of “social enterprise” as a buzzword (if not as a technical understanding of the sector); five years ago, “international” was the buzzword among organisations and government ministries. Now “innovation” has taken the helm – a desirable word to describe oneself, yet a difficult one to measure against.

By repeatedly asking what social innovation is, I’ve seen that the best social innovations and the social entrepreneurs behind them all have laser-sharp focus on their end users and solving their pains, and that they prize financial sustainability so they can keep doing it. Precise definitions and tailored taxation models might be helpful, but they’re not critical to identify effectively and leverage social enterprise opportunities, and are not what will inspire the next generation of change makers.

So how do we harness the ambiguity of social innovation? Governments could begin by making it easier for innovation entities – social enterprises, social purpose businesses, revenue-generating non-profits and innovation entities within larger organizations – to have the flexibility they need to succeed. Social innovators need to continue drawing outside the lines without being placed in government-approved buckets that do not accurately capture the type of work they do. Practitioners can begin to talk about social innovation in terms of metrics, such as community engagement and sustainability, and the media and academics can spend less time glorifying organisations for merely associating with “innovation” and praise real efforts toward testing new financial model and learning sharing between organisations.

So, after all the questioning, it turns out that I don’t care about the definition. Please, join the “social innovation” bandwagon. But there should be standardised metrics, there should be reporting, and we should begin to see social innovation in terms of the communities they serve and not just how its defined.

Melinda Jacobs is a co-founder of the social innovation research group, which is developing a series of in-depth case studies on why social innovation succeeds and fails in Taiwan

This content is brought to you by Guardian Professional. To join the Guardian Social Enterprise Network, click here.

Social innovation: lessons from Singapore, South Korea and Taiwan