Singapore’s rise to the world’s most competitive economy, Singapore's R&D, Singapore’s Internet economy, The Demand for Visual Search, the world’s leading residence operators
ASEAN(Association of Southeast Asian Nations) is the fifth-largest economy in the world and home to over 670 million people covering 10% of the global population. And half of them are categorised as middle-class by 2030. ASEAN’s GDP is $2.4 trillion which is 25% larger than India’s Economy in 2013.
In ASEAN, Singapore has become a crucial base for international businesses and multinational corporations (MNCs) who are looking to capitalize on the growth and resilience of Southeast Asian markets, a position that has only proliferated stronger amid the global pandemic.
Singapore leads the 3rd position in the world’s most competitive economy switching the place with the US since 2010.
Singapore’s escalated to the top position was driven by its advanced technological infrastructure, the availability of skilled labor, favorable immigration laws, and structured ways to set up new businesses. Hong Kong held on to second place, because of tax and business policy environment and access to business finance.
Economists contemplate competitiveness as a vital factor for the long-term health of a country’s economy as it empowers businesses to achieve sustainable growth, generates jobs, and, ultimately, enhance the welfare of citizens..
The ranking accounts to various factors of “hard” statistics like unemployment, GDP and government spending on health and education, and also the “soft” data from an Executive Opinion Survey covering topics like social cohesion, globalization and corruption.
This information is categorized into economic performance, infrastructure, government efficiency and business efficiency.
Therefore, the Asia-Pacific region emanates as a beacon for competitiveness with 11 out of 14 economies either enhancing or holding their ground, led by Singapore and Hong Kong at top of the global chart.
Additionally , Singapore is also the dominant country in ASEAN(Association of Southeast Asian Nations) termed as a Global hub of business.
Agility in business is very main reason for Singapore's cutting-edge economy because both ASEAN and Asia maintains strong connections with multinationals, American companies, and European business
Singapore is the most Talented Asian Nation:
Singapore is extravagant country which upholded in “IMD World Talent Ranking” of Asian countries mainly due to its high-quality education. In the global talent rankings, it touched the 10th position.
The Swiss IMD (International Institute for Management Development) report was divided into three main categories: investment and development, appeal, and readiness.
Singapore’s No.1 position derives mainly from the measure of eagerness. The country has a immense percentage of science graduates and has also received high scores under the Program for International Student Assessment.
Accenture’s Hutchins claimed,
“Singapore is a remarkable place to get talent that is focused on innovation, as the country is pushing towards becoming a smart nation.”
It casts the four digital economy sectors: e-commerce, online travel, ride-hailing, and digital ads.
Research & Development:
Singapore incubating success is not just from Engineering & Technology, but also the Research & Development which is driven by support from the government and its partnerships with the private sector. Under the government’s Research, Innovation and Enterprise Plan (RIE 2020), S$19 billion (US$13.9 billion) will be invested in the country’s R&D capabilities, enterprise innovation and entrepreneurship over the next five years.
Singapore’s Internet economy:
Internet Economy of Southeast Asia is proliferating by the changing consumer behavior and technologies and has soared to $100 billion for the first time in 2019, more than tripling in size over the last four years. The reason for the escalation of the economy is Online Media, Online Travel, e-Commerce, and Ride-Hailing with ample room to expand further. By 2025, the Internet economy
Southeast Asia’s digital market to grow more than six fold to $200b by 2025
The main drivers for this great economy are a young population in which 70 percent of people are under the age of 40, increased internet speeds, and increasing GDP.
The four primal unicorns are Garena, Grab, Lazada, and Razer, all of which belong to Singapore.
Southeast Asia’s startups captivated US$1.1 billion in funding last year, spread over 355 deals. 88% of the cash surged into Singapore and Indonesia, with the help of five giant startups - Grab, PropertyGuru, Trikomsel, Qoo10, and iCarsClub.
ViSenze AI/ML :
ViSenze empowers visual E-commerce with artificial intelligence at scale for retailers, brands and publishers.
ViSenze Visual Search System:
For the past few years, text search has been the common way of human-computer interaction for information seeking. Although, new formats of scanning using images and voice as inputs have become more popular in recent years.
The Demand for Visual Search:
Visual search on the other hand, which uses images as queries to perform the search, is the latest way to find information.
In worldwide, billions of photos are uploaded to the internet from various channels like mobile or desktop devices, giving rise to a huge demand to indexing these visual content and interpreting them as a foundation for building better search and discovery experience.
ViSenze initially started its research on visual search technology back in 2012 in the National University of Singapore. For the last 3 to 4 years, we have observed the rise in usage of visual search is expected to grow to $300 billion.
The Ascott :
The Ascott Limited is a member of CapitaLand. It is one of the well-known international serviced housing owners with more than 500 properties
In the hospitality sector,Ascott Limited continues to ramp up its global expansion to reinforce its position as one of the world’s leading serviced residence owner-operators.
“The Ascott” will upsurge for the expansion with a target to double its portfolio to 160,000 units globally by 2023.
Ascott signed at least 9 management contracts in China and has another four properties in the list with 1,200 units in new cities such as Malacca in Malaysia and Davao in the Philippines while strengthening its presence in Guangzhou in China and Cebu in the Philippines.
“With the global economic heave and international travel arrivals hitting a new heights, we are confident of exceeding 80,000 units this year.”
The other contracts are in countries such as Australia, France, India, Saudi Arabia, and the United Kingdom, including Ascott’s first property in Africa.
Chinese are our top customers of Ascott properties globally and continues to be the fastest growing segment in 2017, growing at 33 per cent year-on-year.
To un all this activity is Singapore’s location at the crossroads of three of the world’s economic growth engines : China, India and Southeast Asia.
The major location of Singapore for underpinning to world's economic growth are :China, India and Southeast Asia.
Garena is an online game developer and publisher headquartered in Singapore which is valued at US$1 billion.
100,000 gamers every night go to Garena Online to play multiplayer games, chat and share tips and tricks and players are mainly from South- east Asia, Hong Kong and Taiwan, and come together to do battle on their PC screens, playing games like League of Nations and Defence of the Ancients.
Garena co-founder Forrest Li, maintains more than 100 million members.
In Garena, people play and interact with one another with the help of in-game chat services and calls.It is possible due to the feature of integration of social media in gaming. Gamers can also create buddy lists so they can chat online and check on game progress.
Garena was founded in 2009, with an starting goal of becoming an online community for PC games. However, It has now launched successful products in a variety of areas, like the chat app TalkTalk, the social network BeeTalk, and the digital payment app AirPlay.
Garena earned $300 million in gross revenue last year, with a compound annual growth rate of 90 per cent over the last five years.
Grab is a Singapore-based technology company offering ride-hailing transport services, food delivery and payment solutions and located currently available across 200 cities in six major
In the seven years, Grab has taken its mobile-based ride-hailing service to an escalation growth across eight countries in the SEA region.Grab has now become a “decacorn” with a valuation of close to US$14 billion, after securing US$1.46 billion
It has introduced more than 10 on-demand ride-hailing services including taxis, private cars, car-pooling, bicycle sharing, shuttle services, and bike taxis with more than 2.8 million drivers processing over six million ride orders everyday.
Grab officially established its food delivery business, GrabFood, in May 2018 to become an everyday super app. The company focus to have taken a dominant position in Southeast Asia’s food delivery market, which it expects will escalate six times into a US$13 billion market by 2022.
Shop Groceries with Grab:
Grab’s achievement in the food business was followed with the launch of a grocery delivery service, GrabFresh, in July 2018, in collaboration with Indonesia-headquartered Southeast Asian grocery delivery provider, HappyFresh.
Grab added four new industries hotel booking, on-demand video streaming, ticket purchasing and trip planning to its application in Singapore.
Lazada Group is a multinational technology company which centers mainly on e-commerce. In 2014, Lazada Group operated in multiple countries and had raised approximately US$647 million over several investment from its investors like Tesco, Temasek Holdings, Summit Partners, JPMorgan Chase, Investment AB Kinnevik and Rocket Internet.
It has approx 65 million active consumers on its platforms across 6 different Southeast Asian markets.
Lazada has “a large investment” in IT and logistics infrastructure.
PropertyGuru Group, the South-east Asia property technology company, has elevated another $300 million from global investment giants TPG Capital and KKR.
Managing director of PropertyGuru stated that
“The additional investments from TPG and KKR will enable us to continue building South-east Asia's property trust platform and accelerate our momentum in key markets like Malaysia and Vietnam”