LOCAL business leaders were celebrated for making a difference in their respective industries on Tuesday (Jul 25) at the 38th Singapore Business Awards (SBA).
The awards ceremony was hosted by The Business Times and international express and logistics heavyweight DHL at The Ritz-Carlton Millenia Singapore. It acknowledged contributions made by companies and business leaders to Singapore’s development, encouraged the entrepreneurial spirit in the Republic and recognised excellence in corporate management.
Five outstanding business leaders were honoured that night, with Hi-P International executive chairman Yao Hsiao Tung bagging the top award – Businessman of the Year.
He had impressed judges for his tenacity, which enabled him to turn a loss-making business around and grow Hi-P International into one of Singapore’s most diversified contract manufacturers, serving the telecommunications, consumer electronics, data storage, medical and automotive industries.
Guest of honour and Education Minister Chan Chun Sing presented him with the award at the SBA gala dinner.
In his acceptance speech, Yao encouraged young entrepreneurs to dream big and work hard. “The going may be tough, but the reward will be immense and the impact you can make on society is immeasurable,” he said.
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Zhou Lihan, co-founder and chief executive of cancer diagnostics company Mirxes, was named Young Business Leader of the Year. He was recognised for his commitment to developing RNA tests for the early detection of diseases, which could save lives and bring down healthcare costs.
Mainboard-listed iFast Corporation’s chairman and CEO Lim Chung Chun was awarded Outstanding Chief Executive of the Year, for growing his company into a global digital banking and wealth management fintech platform, with assets under administration of more than S$17 billion as at end-December 2022.
The Outstanding Overseas Executive Award went to Teo Swee Ann, president, founder and CEO of Internet-of-Things (IoT) chip business Espressif Systems. The company is now a leading manufacturer of Wi-Fi, Bluetooth and IoT chips listed on the Shanghai Stock Exchange.
Goldbell Group was given The Enterprise Award, for remaking itself into a modern mobility solutions and financial services provider. In the past decade, it has invested in transport algorithm software-as-a-service, intelligent warehouse solutions, innovative financing solutions and an electric car-sharing service.
Winners of the annual awards were decided by a panel following a round of nominations.
Chaired by Stephen Lee, former chairman of Singapore Airlines, the panel consisted of 11 judges from the political, business and academic fields.
During the gala dinner, Chan participated in a fireside chat with Christopher Ong, senior vice-president and managing director of DHL Express Singapore.
The minister said businesses large and small should not underestimate the challenges of upskilling, and think about how they can organise themselves to equip their people with the necessary skill sets at both scale and speed.
While trade associations play a role in aggregating demand for their respective industries, Chan noted that many emerging areas do not yet have these associations, which makes it important for the government to work with companies in these areas to articulate future demand.
When asked how the government and industry can come together to level the playing field for smaller companies, he offered a different analogy. “Instead of a bulldozer (levelling the field), I’d rather have a rocket that can uplift the able and willing,” the minister said, adding that it is the responsibility of those on this rocket to “pay it forward” and bring the rest along.
Chan also touched on artificial intelligence and machine learning. Businesses should equip their people to be smart users of these new tools, using the latter to distil large amounts of information and provide new value propositions, he said.
Commenting on the awards, Ong said: “Coming out of the pandemic, we celebrate the spirit of innovation and resilience through business leaders who remained steadfast in times of disruption, and charted the way forward by creating opportunities in the midst of it.”
BT editor Chen Huifen said: “The Singapore Business Awards celebrates the unwavering spirit of business excellence, illuminating the resilience and triumph of exceptional enterprises.”
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