SINGAPORE - Local business leaders were celebrated for making a difference in their respective industries on Tuesday at the 38th Singapore Business Awards (SBA).
Among the five outstanding business leaders honoured was Hi-P International executive chairman Yao Hsiao Tung, who bagged the top award – Businessman of the Year.
He had impressed judges with 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. The company specialises in precision tooling and plastic moulding for the telecommunications, consumer electronics, data storage, medical and automotive industries.
Education Minister Chan Chun Sing, guest of honour at the SBA gala dinner, presented the award at the ceremony, which was co-hosted by The Business Times (BT) and DHL at The Ritz-Carlton, Millenia Singapore.
In his acceptance speech, Mr 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.
The annual Singapore Business Awards recognises the contributions made by companies and business leaders to Singapore’s development, encourages the entrepreneurial spirit in the Republic, and recognises excellence in corporate management.
Dr 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 chief executive 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 over $17 billion by the end of 2022.
The Outstanding Overseas Executive Award went to Mr Teo Swee Ann, president, founder and chief executive 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 picked from a list of nominees by a panel of 11 judges from the political, business and academic fields, chaired by former Singapore Airlines chairman Stephen Lee.
During the dinner, Mr Chan participated in a fireside chat with DHL Express Singapore senior vice-president and managing director Christopher Ong, who was one of the judges.
Mr Chan said businesses large and small should not underestimate the challenges of upskilling, and should think about how they can organise themselves to equip their people with the necessary skill sets at both scale and speed.
He noted that while trade associations play a role in aggregating demand for their respective industries, 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,” he said, adding that it is the responsibility of those on this rocket to “pay it forward” and take the rest along.
Mr 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, said the minister.
Commenting on the awards, Mr 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, who was also on the judging panel, said: “The Singapore Business Awards celebrates the unwavering spirit of business excellence, illuminating the resilience and triumph of exceptional enterprises.” THE BUSINESS TIMES
