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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
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IP Merchandise Emerges as the New Ace in the Young Consumer Market; GiftOne Decodes Industry Trends and Offers Custom Custom IP Gift Solutions
Consumption Paradigm Shift: From “Good Value” to “One-of-a-Kind,” IP Merchandise Meets Young Demands
“Yat Jai,” a senior practitioner in GiftOne’s Marketing Department, stated in the report that a decade of industry dedication has given the team a clear view of the changing consumer landscape. Today’s Gen Z consumers hold significantly different views; “good value, good quality, and good appearance” (平靚正) is no longer the top priority, with personalisation and uniqueness becoming core pursuits. They wish to avoid “clashing styles,” aspiring to express their identity and taste through their possessions. Furthermore, in this era of information overload, their consumption is more rational, demanding higher quality and exclusivity from corporate gift items.
IP merchandise precisely matches this demand. IP gift items featuring popular anime characters, movie protagonists, or trendy IP that resonate with young consumers have transcended mere object status to become “status symbols.” “When customers receive a company gift printed with an IP they actively follow, it feels like a signal saying, ‘I understand you.’ The influence of this emotional connection should not be underestimated,” Yat Jai stressed.
Consumption Trend Transformation: From “Material” to “Spiritual,” IP Merchandise Creates Emotional Resonance
The report further indicates that the current consumer market is undergoing a deep transformation from “material consumption” to “spiritual consumption.” Consumers no longer purchase items solely to satisfy functional needs but also seek emotional experiences and spiritual fulfilment. Taking trendy IP toys as an example, the core reason products like blind boxes and figures attract consumers to queue is the “sense of belonging to a trend” they carry—consumers are buying not just a toy but an “entry ticket” to a subculture.
IP merchandise as a corporate gift functions as a cultural symbol that can quickly spark emotional resonance within the target demographic. “Just like buying a watch: in the past, it was to tell the time; now, it’s to showcase taste and identity. The ‘you-understand-me’ feeling brought by an IP gift can instantly establish a priceless sense of identity and belonging, something traditional company gift items struggle to achieve,” added a relevant GiftOne representative.
Core Traits of Successful IP: Malleability and Scalability Are Essential
Not all IP can succeed in the market. The report specifies that successful IP must possess two key traits: Malleability and Scalability. Malleability means the IP can break through the limitations of a single medium, moving across different scenarios such as film, comics, and games, to consistently maintain freshness. Scalability refers to the IP’s potential for cross-industry development, extending from cultural and creative products to everyday items like stationery, electronics, and apparel, achieving “all-around penetration.”
“These two traits are critically important for corporate gift customisation. Only IP with the capacity to ‘transform’ and ‘replicate’ can provide us with more creative space to design IP gift items that align with market changes and exceed consumer expectations, helping businesses stand out in the competition,” the GiftOne team explained.
Industry Cases: McDonald’s and Sushiro Attract Young Audiences with IP Marketing
In the report, GiftOne cites two major examples of successful IP marketing. Global chain McDonald’s, known for deeply familiar in-house IP such as Ronald McDonald and Grimace, has recently launched co-branded toys with Pokémon, which broke age boundaries. These collaborations not only attract children but have also become collectors’ items for adult Pokémon enthusiasts; the co-branded products in Japan even triggered a buying frenzy.
In the Gift HK market, Sushiro has successfully attracted Generation Z (Post-00s) consumers through collaborations with popular IP like Oshi no Ko and Haikyu!! Social media platforms, including Instagram and Threads, are frequently filled with young users sharing their Sushiro IP gift “hauls” or documenting content like “eating Sushiro for multiple consecutive days just to collect IP merchandise,” fully confirming the powerful appeal of licensed company gift items to the younger demographic.
GiftOne: Over a Decade of Experience to Help Businesses Capitalise on the IP Merchandise Boom
To help businesses seize the IP merchandise trend, GiftOne relies on over ten years of corporate gift customisation experience to provide clients with a full-process service, from IP selection and solution design to production execution. Whether it involves developing IP gift items based on popular licensed IP or creating exclusive IP products for a corporation, the team combines market research with user needs to ensure the merchandise possesses both trendy attributes and brand value, thereby assisting businesses in precisely reaching the young consumer group.
Hashtag: #GiftOne
The issuer is solely responsible for the content of this announcement.
“Digital transformation continues to be the main driver of data growth,” said Thachawan Chinchanakarn, Head of Southeast Asia at Synology. “This strong momentum is fueling greater demand for advanced solutions.”
According to Synology’s 2025 Digital Transformation Trend Survey, nearly 90% of businesses in Southeast Asia have already invested in digital transformation — not just as a plan, but as a strategic commitment. However, challenges remain as 85% of organizations are still in the early stages. While more than 55% have experienced cyberattacks, only one in five expressed confidence in their ability to recover.
As businesses accelerate digital transformation, the rise of AI has further amplified both opportunities and challenges. While businesses embrace the benefits of AI, this evolution also introduces growing challenges in data privacy, regulatory compliance and operational resilience.
In this new era, cyber resilience is emerging as the foundation of sustainable growth and operational continuity.
Singapore’s digital drive fuels demand
Singapore plays a critical role as the regional hub with multinational corporations as well as small and medium-sized enterprises alike investing heavily in digital infrastructure and emerging technologies. From government initiatives to private sector investments, the nation’s strong focus on digitalization and emerging technologies highlights the growing demand for modern data infrastructure and the need for solutions that ensure cyber resilience.
“Over the past five years, Synology has continuously earned the trust of enterprises and organizations in Singapore, nearly doubling revenue growth,” said Jason Sin, Account Manager of Synology. “With our expanded portfolio, business customers in Singapore now have more tailored solutions to meet their diverse and specific needs.”
Earlier this year, Synology launched ActiveProtect, a purpose-built backup appliance for enterprises protecting diverse workloads across multiple sites. With various models ranging from 8TB to 140TB capacity, it meets the needs of diverse enterprise scenarios while delivering immutable backups, air-gap capabilities, and regulatory compliance support to provide a robust defense against evolving cyber threats.
In addition, Synology has expanded its video surveillance ecosystem, offering a complete suite of cameras, storage and management software for both on-premises and cloud deployment.
The latest lineup introduces AI-powered video analytics that can detect people, vehicles and intrusions in real time, while C2 Surveillance, Synology’s cloud-based management platform, enables secure and flexible deployment across sites. All components integrate seamlessly with Synology Systems to enable centralized monitoring and efficient management across multiple sites.
Aside from data protection and video surveillance solutions, Synology has premiered PAS7700, its first all-NVMe enterprise storage that delivers ultra-performance with end-to-end NVMe architecture, achieving up to two million IOPS and 30 GB/s throughput with less than one millisecond latency. Its active-active architecture ensures continuous availability, while robust encryption and enterprise-grade performance make it ideal for mission-critical workloads.
Safeguarding the digital future
Looking ahead, Synology will bring AI-powered capabilities into Synology Office Suite, including OCR (Optical Character Recognition), semantic search, summarization, and real-time translation. These features will be powered by on-premises servers to ensure sensitive data remains private while giving organizations smarter and safer ways to collaborate.
“Cyber resilience is now the top priority for IT leaders worldwide, essential for business continuity and enterprise competitiveness,” said Thachawan. “Our portfolio demonstrates Synology’s commitment to delivering simple, scalable and secure solutions that empower businesses to safeguard their most critical assets and thrive in the digital future.”
Hashtag: #Synology
https://www.synology.com/en-sg
The issuer is solely responsible for the content of this announcement.
About Synology
Staying at the forefront of data management, Synology innovates and adapts to ever-evolving technologies, and continues bringing new possibilities to the table, including but not limited to solutions for data storage and backup, file collaboration, video management, and network infrastructure – all designed with one goal in mind – presenting a centralized platform to simplify IT administration while driving digital transformation for businesses worldwide.
The product launch is highlighted by a unique collaboration featuring artwork from the upcoming animated short Ted’s World (2026). This project, uniting Xencelabs, Pixar’s RenderMan team, DAMN! Visdev, and Dell, brought the 2D character Ted Paul to life as a 3D animated creation.
“As Ted Paul was created in Jesper’s unique style, maintaining visual integrity was our top priority,” said Fabio Sciedlarczyk. Nicolas De Aquino from DAMN! Visdev added that the pen displays enabled precise brush strokes true to the original art. Dylan Sisson of Pixar Renderman Team noted the collaboration embodies “art challenging tech, and tech inspiring art.”
Check Video via Xencelabs YouTube Channel or here
Key features of the Pen Display 16 Lite include a 4K OLED display (3840×2160) with 1.07 billion colors, 100,000:1 contrast ratio, and wide color gamut support (Adobe RGB, Rec 709, sRGB). It offers a natural drawing experience with an anti-glare screen, a finely tuned pressure curve, and includes two v2 pens. Weighing just 1.2 kg (2.67 lbs) and only 12mm thick, it features single-cable USB-C connectivity for ultimate portability.
The Pen Display 16 Lite is available now through Xencelabs’ official stores. Visit www.xencelabs.com for more information.
Hashtag: #Xencelabs
The issuer is solely responsible for the content of this announcement.
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