Media OutReach
KPMG and SID Unveil Budget 2025 Recommendations to Build a Ready, Refreshed, and Resilient Singapore, Driving Value Creation and Global Leadership
- Foster Environmental, Social and Governance (ESG) adoption by Singapore enterprises through national frameworks, grants, and a hub to align with global sustainability standards.
- Accelerate innovation through increased funding for the development of sustainable technologies and the adoption of artificial intelligence.
- Strengthen workforce capabilities with targeted professional growth programmes, leadership benchmarks, and micro-credentialling to prepare talent for global challenges.
SINGAPORE – Media OutReach Newswire – 8 January 2025 – KPMG in Singapore and the Singapore Institute of Directors (SID) are pleased to announce the release of our joint Budget 2025 Proposal, titled “Designing Singapore’s future together: Ready, refreshed and resilient for tomorrow.” The Proposal charts strategic recommendations to position Singapore as a global leader in value creation, emphasising the nation’s ability to attract talent, investments, and innovation while leveraging the capital markets to generate a cascading impact across the economy. Transformational changes initiated within the capital markets will enable Singapore enterprises to align with these shifts, fostering their growth and driving Singapore’s collaborative, long-term ambitions.
A key component of this vision is enhancing corporate governance standards to build investor confidence, positioning enterprises as global benchmarks for integrity and transparency. By nurturing trust and accountability across the business ecosystem – from multinational corporations to small and medium enterprises (SMEs) – Singapore can lay the foundation for inclusive, sustained growth. In addition, we recommend stimulating greater organic innovation through research and development, supported by incentives and green financing, to further drive this transformation.
Our Budget 2025 Proposal also introduces recommendations designed to create a “fast pass” approach for businesses, providing quick assistance, ready-to-use templates, and a swift start for those eager to embark on complex and long journeys in areas like sustainability and technology. This approach aims to accelerate their transformation through well-structured support systems facilitated by the government, enabling companies to adopt innovative solutions and sustainable practices more effectively, while elevating Singapore’s global reputation as a hub for value creation.
The Proposal focuses on these key areas of value creation:
- Advancing ESG Priorities – Empowering Singapore enterprises to adopt sustainable practices through national frameworks, targeted grants, and reporting guidance. A dedicated industry hub will offer crucial support, ensuring businesses can align with international ESG standards and contribute to Singapore’s sustainability transition.
- Driving Innovation – Harnessing blended finance and green financing initiatives to support businesses, particularly those in “hard to abate” industries, in their decarbonisation efforts. These grants and incentives help mitigate investment risks, encouraging the participation of a more diverse spectrum of funding stakeholders and cultivating a robust ecosystem of financing options. Furthermore, leveraging carbon tax revenues and enhanced government subsidies can complement these efforts, spurring further research and development efforts in sustainable technologies and accelerating the creation of commercially viable carbon reduction solutions.
- Enhancing Talent Development – Strengthening workforce capabilities through leadership benchmarks and targeted professional growth initiatives, such as micro-credentialling, while aligning with the Forward Singapore agenda. By focusing on building globally and regionally capable talent, these measures ensure Singapore’s workforce is prepared to meet evolving challenges and further solidify the nation’s position as a talent hub in the region.
- Supporting International Growth – Singapore can reinforce its position as a global hub by introducing strategic measures to enable businesses to excel internationally while addressing emerging challenges. Enhancing grants and financing schemes will encourage cross-border partnerships in high-growth areas such as the digital and green economies, fostering regional collaboration and supporting Singapore companies in diversifying across ASEAN. A government-backed transfer pricing advisory programme can provide consultation and financial support to small enterprises, helping them align with international standards, reduce compliance risks, and enhance operational efficiency in complex tax environments.
Highlights of Our Recommendations
1. Ready: Leading with Sustainable Impact Regionally and Into the Future
The rising global emphasis on sustainability positions Singapore to lead by example. By establishing robust frameworks and standards, the nation can solidify its climate resilience and reinforce its role as a trusted hub for sustainable business practices and long-term economic growth.
KPMG and SID recommend:
a) Increase transparency in the allocation of carbon tax revenues (page 8) to strengthen clarity in the industry to undertake green initiatives. Detailed disclosures on the use of these funds can enable businesses to align their investments with Singapore’s climate agenda.
b) Develop a centralised ESG reporting hub to guide businesses in adopting consistent sustainability practices (page 12). This hub, established through government and industry collaboration, would help businesses navigate reporting requirements and align themselves with international sustainability standards.
c) Deploy incentives for blended finance to accelerate Singapore’s green transition (pages 17 and 18). Strategic grants and first-loss guarantees could enhance the funding landscape for large-scale sustainable projects while supporting programmes that mitigate climate risks for vulnerable communities such as low-income groups.
d) Launch a decarbonisation assistance facility (page 19) that provides long-term financial support for businesses in hard-to-abate sectors. Grants and competitively priced loans would facilitate energy efficiency, clean energy adoption, and the exploration of innovative solutions across challenging industries.
2. Refreshed: Uplifting Tomorrow’s Workforce
Singapore’s workforce is integral to sustaining its competitive edge. To remain a top destination for global talent and leadership, Singapore must equip its workforce with the skills and capabilities needed to drive innovation and address future challenges.
KPMG and SID recommend:
a) Establish a National Leadership Competency Index (page 23) to help organisations evaluate and grow their leadership pipeline. This index would serve as a benchmark to track and enhance essential competencies, building a talent pool that supports local and regional growth.
b) Expand investments in micro-credentialling and increase accessibility to SkillsFuture funding (page 24). Short-term certifications in high-demand areas such as AI, sustainability, and cybersecurity would address immediate skills gaps, while tax incentives and grants can encourage businesses to sponsor such upskilling programmes.
c) Mandate regular, robust board evaluations conducted by external facilitators (page 28). By adopting rigorous performance reviews similar to the UK’s standards, companies can enhance governance and transparency across sectors. Encouraging companies to develop the competencies of their directors and adopt an unbiased, objective perspective to the review process will strengthen governance and performance.
3. Resilient: Driving Innovation in a Dynamic Global Business Landscape
To stay ahead in a rapidly evolving global economy, Singapore must strengthen its position as a leading innovation hub to help businesses excel on the global stage. By leveraging its open ecosystem and providing adequate consultation and financial support, businesses can adopt cutting-edge technologies, enhance their digital capabilities and better navigate the increasingly complex tax landscape.
KPMG and SID recommend:
- Increase funding for the development of AI governance and standards (page 32) and training initiatives to encourage ethical AI deployment (page 34). Allocating funds to R&D in AI governance technologies, such as bias detection and transparent decision-making, can address technical complexities, while introducing grants can help companies boost the adoption of responsible AI practices through continuous learning opportunities provided to their employees.
- Develop company director capabilities in ESG navigation and innovative strategies (page 37). Firms can be incentivised to provide ongoing professional development for their directors, elevating governance excellence and thought leadership across organisations, from startups to established corporations.
- Strengthen corporate governance through enhanced tax governance practices (page 38). Tax governance can be incorporated as an integral part of corporate governance requirements, especially for companies benefitting from tax incentives or grants.
Lee Sze Yeng, Managing Partner, KPMG in Singapore, said:
“As Singapore enters SG60, we must focus on developing leaders with foresight and expertise in sustainability and technology to drive ambitions across sectors and secure a competitive edge in a rapidly changing global landscape. A cohesive national strategy, aligned with the Forward SG agenda, is vital for nurturing future leaders. Leveraging Singapore’s educated workforce and initiatives like SkillsFuture, a National Leadership Competency Index would help strengthen leadership pipelines and drive local and regional growth.
“Leadership development must emphasise two critical strategies. First, micro-credentialling will play a pivotal role in equipping individuals with industry-recognised qualifications, creating leaders who are not only well-educated but professionally competent to deliver value and impact across sectors. Second, structured apprenticeships and meaningful learning exchanges will foster collaboration, mentorship, and the refinement of practical skills. These engagements – across all leadership tiers – offer emerging leaders invaluable opportunities to broaden their perspectives and master the art of value creation.”
Ajay Kumar Sanganeria, Partner, Head of Tax, KPMG in Singapore, said:
“Value creation is a significant challenge for Singapore amid a volatile global economy and growing concerns over digital trust, particularly with generative AI’s rapid rise. The government must take the lead in driving transformation by using systemic levers, engaging industry stakeholders and implementing impactful strategies through enterprises to catalyse widespread impact.
“Key areas of focus must include accelerating green infrastructure development through diverse green financing instruments, beyond traditional blended finance. Furthermore, a fast-track (or fast-pass) approach is required to support enterprises in their sustainability and technology transitions. This must involve clear standards, ready-made templates, actionable guidance and targeted funding. Partnerships with industry to co-create these tools will be vital.
“Tax policies should strategically incentivise R&D and drive organic innovation, ensuring Singapore leads in ESG and technological advancements through sustainable and innovative growth.”
Terence Quek, CEO of SID, said:
“As stewards of the organisation, directors are uniquely positioned to champion the integration of ESG principles into the core of business strategies. By fostering a culture of sustainability and innovation, directors can ensure long-term value creation, driving both responsible growth and competitive advantage. Board leadership is essential in setting the tone and aligning business models with evolving societal expectations, shaping a future where profitability and positive social impact go hand in hand.”
Neil Parekh, Governing Council Member, SID, said:
“Public capital markets, along with the fast-growing private financing markets, are a very powerful engine for value creation, enabling companies to access the funding needed for innovation, expansion and sustainable growth. Directors play a crucial role in guiding businesses to strategically leverage these markets, ensuring that investments are channelled towards initiatives that not only deliver financial returns but also contribute to long-term value creation for all stakeholders.”
Hashtag: #KPMG
The issuer is solely responsible for the content of this announcement.
About KPMG in Singapore
KPMG in Singapore is part of a global organization of independent professional services firms providing Audit, Tax and Advisory services. We operate in 142 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
About SID
The Singapore Institute of Directors (SID) is Singapore’s national association for company directors. Established in 1998, our mission is to transform boards and empower board directors to be champions of good governance. SID works with regulators and partners to serve as the voice for directors and facilitates consultations and feedback sessions on regulatory matters. In advocating for good governance, SID advances thought leadership and benchmarking research and indices on corporate governance and directorship issues.
SID builds competencies and capabilities to enhance boardroom skills of directors for informed decision-making. An accreditation programme serves to set standards for and showcase best practices of good governance. The organisation supports members on their directorship journey with courses, workshops, advanced masterclasses, forum discussions and pit-stops. SID connects and strengthens the ecosystem with initiatives such as mentoring and networking. The Governance for Good Alliance is an initiative by SID to bring together key stakeholders who help advance our vision for every board director to be a champion of good governance.
For more information, visit sid.org.sg
Strategic Selection: A Global Education Hub
For students planning to study abroad, choosing a university often means balancing academic reputation with a curriculum that aligns with current industry needs and global trends. Hong Kong’s blend of Eastern and Western cultures, strong academic institutions, and global career pathways makes it a natural draw. Through CUHK’s Scholarship Nomination Programme for Vietnamese students, Dat identified a programme that stood apart. “CUHK quickly became my top and only choice because of its strong reputation, supportive community, and the unique major I was passionate about,” he shared.
Bridging Technical Rigour and Holistic Education
Since joining the Faculty of Engineering, Dat’s academic experience reflects a broader transformation in engineering education. The SEEM curriculum continuously challenges students to think critically and solve complex operational problems. Its unique blend of engineering principles and economic theory equips students to tackle real-world business challenges. Dat has especially valued courses that combine quantitative problem-solving with practical business applications.
Beyond his major, CUHK’s University General Education courses has allowed Dat to explore interdisciplinary fields beyond engineering, reinforcing a holistic perspective that is increasingly valued by global employers.
A Vibrant Campus Environment and Cross-Cultural Connection
Outside the lecture hall, Dat has built a rich university life. He participates in cultural exchange workshops, joins language exchanges with international students, volunteers at campus events, and explores Hong Kong through hiking trips.
One memory stands out in particular: celebrating the Mid-Autumn Festival on campus with close Vietnamese friends. “Sharing these special cultural moments made me feel truly at home and gave me more confidence adapting to university life,” he noted. For Dat, CUHK is defined by the balance of academic rigour and inspiring community.
CUHK’s Systems Engineering and Engineering Management Programme
The SEEM programme prepares graduates to manage complex, data-driven systems across modern industries by integrating engineering technology with management. Key highlights include:
- Specialised Streams: Offers focused specialisation streams in Business Information Systems and Decision Analytics.
- Analytical Toolkit: Trains students in advanced mathematical tools including optimisation, stochastic modelling, and computer simulation.
- Technology at the Core: Infuses core engineering studies with cutting-edge expertise in machine learning, big data analytics, and artificial intelligence.
- Global Career Paths: Equips competitive graduates for prominent positions in asset management, information technology consulting, and e-commerce supply chain management.
For more information about CUHK’s undergraduate programmes, visit https://admission.cuhk.edu.hk/.
Hashtag: #CUHK
The issuer is solely responsible for the content of this announcement.
Media OutReach
#legend Celebrates 10+ Years with Major Digital Milestone as Chairman Bruce Rockowitz Highlights Next Growth Chapter
Founded in Hong Kong, #legend has developed into a recognized destination for readers seeking curated coverage at the intersection of luxury, culture, and contemporary lifestyle. The platform’s editorial scope spans fashion, watch and jewellery, beauty, music, art and design, dining, travel, tech, motors, and wellness, with a focus on the people and ideas shaping modern culture.
“The new readership milestone signals more than audience growth. It marks a broader phase of momentum for the brand as #legend increases editorial investment across its core Culture, Watch and Jewellery, Fashion, Beauty, and Lifestyle verticals while continuing to deepen relationships with luxury advertisers and collaborators,” said Bruce Rockowitz, Chairman of #legend. The print and digital publication currently works with 150+ brand partners, reflecting sustained market confidence in its editorial positioning and audience relevance.
Over the past 10+ years, #legend has published more than 100 cover stories featuring influential figures and culturally significant voices. That editorial body of work has helped define the brand’s identity in Hong Kong’s media space, where readers increasingly seek quality over volume and distinct perspective over generic content. As print and digital media becomes more fragmented, #legend’s growth points to continued demand for trusted storytelling with a clear cultural lens.
“Reaching more than 500,000 monthly readers on our digital platforms is an important moment for us, especially as we look back on over a decade of building #legend,” said Steve Rockowitz, CEO & Publisher of #legend. “It reflects the strength of our editorial direction, the loyalty of our audience, and the value of creating stories that connect culture with lifestyle in a way that feels relevant to Hong Kong and the region.”
As part of its next stage of development, #legend is placing greater emphasis on the categories that have shaped its readership base and brand identity. That includes continued focus on premium storytelling in culture, watch and jewellery, fashion, beauty, and lifestyle, along with expanded collaboration across its creative and commercial network. The company said these priorities are intended to strengthen both audience engagement and long-term partnership value.
The milestone also highlights the publication’s role in a changing luxury media environment, where advertisers are increasingly selective about context, audience alignment, and editorial quality. By combining scale with a distinct local voice and premium subject matter, #legend continues to position itself as a strong print and digital platform for both readers and brand partners in Hong Kong.
Bruce Rockowitz and the business of media growth
Bruce Rockowitz has recently spoken about the practical role of innovation and technology in building stronger businesses across media and other consumer-facing sectors. In reported commentary, he has emphasized the value of tools that improve personalization, audience engagement, operational efficiency, and subscription retention, while maintaining that creativity, judgment, and human connection remain central to brand building. That perspective aligns with broader industry shifts as digital publishers look for sustainable ways to grow audience loyalty and commercial relevance.
With its latest audience milestone, #legend is entering its next chapter from a position of measurable traction. The company’s 10+ year track record, 500K+ monthly readership, 100+ cover stories, and 150+ brand partners together reflect a publication that is not only established, but still building.
Hashtag: #legend
The issuer is solely responsible for the content of this announcement.
About #legend
#legend is Hong Kong’s premier digital destination for fashion, beauty, culture, and the extraordinary lives of the city’s most influential figures. Founded in Hong Kong, #legend has grown from a local publication into an influential voice in Asian luxury lifestyle media. The platform covers Culture, Watches & Jewellery, Fashion, Travel, Wellness, Design, Beauty, and related verticals, through print, digital, social media, and event experiences, with a mission to celebrate creativity, innovation, and the pursuit of excellence, connects influential audiences with the people, brands, and ideas shaping the future of luxury living.
For more information, visit: https://hashtaglegend.com/about
Media OutReach
5.096 Million Units Exported in Six Months: Beyond the Headline Figure, China is Reshaping Global Automotive Rules
The Chery Fulwin T7 (marketed overseas as the LEPAS L6) serves as a flagship model representing this transformation. Designed as a “born-global” vehicle, it adopts a reverse roll-out strategy—debuting in international markets prior to initiating domestic pre-sales.
Industry observers note that the significance of Chinese automakers participating in the formulation of global standards far outweighs mere export volume. Traditional automotive powerhouses are now poised to face increasingly formidable competitors.
The issuer is solely responsible for the content of this announcement.
