Episode 1- Series - Market Insights from Asia
Having recently celebrated its 55th year of independence, Singapore is a relatively young nation. Yet, the country has quickly risen to prominence on the international stage, becoming well-regarded as a regional and global business hub. Several key factors have contributed to this success, including great foresight, a conscious push for entrepreneurship and innovation, as well as a vision to help other countries strive towards similar success.
Chong Siak Ching, CEO of the National Gallery Singapore, is a woman of many hats – apart from holding multiple board directorships, she is also the former-CEO of Ascendas and the former-deputy chairman of SPRING Singapore, among her other current and previous roles which have played a part in contributing to the country’s development. In a webinar with EHL, she shared with us the story of how her career has grown alongside the development of Singapore and Asia.
It’s always been about being in service of a larger good – a bigger purpose than the business or the product or service offering. For example, in Ascendas, we built environments that are conducive for workers to excel, to be productive, to be innovative, and to be motivated to do their best. In the case of the National Gallery, it’s also about being in service of the various public and private stakeholders that we try to draw to the Gallery. The ultimate purpose is to create an inclusive, creative, and thoughtful society through art. So whether it’s real estate or art, I think that they are all means to an end; and the end is the impact that one creates, whether it’s a motivated workforce or a more thoughtful society – in other words, having a core purpose in what we do.
DBS Land (merged with Pidemco Land in 2000 to form CapitaLand) was a subsidiary of the Development Bank of Singapore (DBS), so it was very much involved in the development of Singapore and what appealed to me was that greater purpose of what they do – creating real estate that supports the economic development of Singapore.
The project that I’m most proud of is the Raffles City. At that time, Raffles City was the most ambitious and single largest development right in the heart of the city. It’s a very historic landmark, where Raffles Institution used to sit. It was the first mixed-use development project with two hotels and at that time, one of the world’s tallest hotels – The Westin [Stamford] (now known as Swissôtel The Stamford) – as well as an office and shopping centre. To be part of that kind of ground-breaking project taught me a lot of things, so it was quite an obvious choice to select as an employer.
Singapore was also very lucky to have visionaries like Mr Goh Keng Swee, Mr Philip Yeo who was the chairman of EDB (Economic Development Board), and our founding father, Mr Lee Kuan Yew. They were the architects of Singapore’s economic development and our progress and success as a nation.
Singapore has always seen the need to think long-term and to be very forward-looking. We are probably one of the very few countries that plan so far ahead into the future. Back in the ‘80s, our population was probably well under three million – but Singapore was already planning for a possible population of many millions more. And it was not just about dreaming about that population, but looking at how that translates into the way we plan our roads, neighbourhoods, housing etc. This very forward-thinking view is important to making sure that we will always have room for new investments, for local industries and the population to grow. In that sense, it’s really important to have such visionaries to continue to plan for the future of Singapore.
I think an organization’s culture needs to be co-created, co-owned, and lived by everyone in the organization. What a leader would then have to do is to create that process of co-creation and build that co-ownership around what the entire staff feels is the right culture for the organization to succeed in fulfilling their mission. It’s important to have a core culture, but also the flexibility to adjust to the organization’s needs.
When you have a core culture, you will be able to bring it across locations. We believe in putting the customer first, listening to their needs and designing solutions that suit their needs, and to always be in service to the customer. That’s the core Ascendas culture. Then in India, our Indian colleagues will have their own culture in how they will go about doing that – and in the Philippines and China, it will be slightly different. When you have a diverse workforce, one should embrace that diversity and try to bring out the best of each and see whether you can imbue that into other aspects, other countries. At the headquarters in Singapore, which also has its own unique way of doing things, we always try to have our international colleagues join us for major work planning sessions and strategy sessions. They also travel between countries to learn from the unique ways of operationalizing the Ascendas culture.
SPRING Singapore (merged with International Enterprise Singapore in 2018 to form Enterprise Singapore) at that time, was in charge of promoting SMEs (small and medium-sized enterprises). We knew that it was foresight that would drive growth, and our next stage of development would be innovation and entrepreneurship. We knew that we needed more start-ups; companies with new products and innovations that would bring us up the next ‘S-curve’. But it was an uphill task – there weren’t enough start-ups and because the environment wasn’t conducive, there weren’t a lot of venture capitalists. So SPRING tried to build that environment and bring in VCs from overseas and tried to learn from Silicon Valley. We also provided grants to companies to take risks and start new projects, as well as connect them with successful start-ups around the world. We also encouraged banks to give loans to these companies, even though they didn’t have a track record.
It was a long struggle, but I think that when you’ve laid the foundations and put everything in place, you just need that spark for it to thrive. Now, I would say that Singapore is thriving in start-ups. We even have start-ups from Indonesia coming here to set up their companies. They see that Singapore has the necessary infrastructure for them to grow and reach out to established companies to partner, and then leapfrog into the region and the rest of the world.