There’s nowhere more exciting to be for wealth than Singapore right now.
In 2022, the financial centre attracted $448 billion in net AUM inflows, 15.8 per cent higher than previous years. But why has a presence in this country become so essential for fund managers, family offices and intermediaries? Singapore has long been a beneficiary of wealth from the Chinese mainland, and this ramped up significantly following China’s 2020 encroachment on Hong Kong – previously a free-market competitor to Singapore. And with US-China relations particularly strained, Singapore has become the vessel for (U)HNW individuals to manager their wealth. And with a recession that is not expected to hit the Asian markets in the same way as the West, the landscape has been set for Singapore to reap the rewards. It most definitely has taken its opportunity to become a financial superpower.
The country has set up an attractive tax structure and strong fund regime, alongside an internationally respected financial regulator to go alongside its political stability and neutrality that has earned it the nickname of the Switzerland of Asia. For international family offices, the draw has been too big to turn down. China is responsible for one third of the total global net worth growth since 2000, and isn’t slowing down any time soon. And keen not to miss out on the action, western firms are also moving their APAC headquarters to Singapore.
Without a doubt therefore, it’s an exciting time for players in the APAC private wealth space, but how can businesses capitalise on this rapid influx? For multi-family offices, now is the time to highlight your presence in Singapore, whether you’ve been based here for two months or two years, getting in front of your target market with the right message is essential. The Singapore revolution is more than definitely underway, and if Singapore can continue to hold its attractive pull for wealthy families from across China and further afield, it looks like it’s going to be a stronghold for private capital for many years to come.
In the 57 years since Singapore became independent, the country has undergone remarkable development, transforming rapidly from a low to high-income country, and with some of the world’s highest GDP growth today. The city-state’s rapid industrialisation in the 1960s set it on the path to swift development, with manufacturing and the services sector becoming the back-bone of Singapore’s economy. Just 10 years later, it reached full employment and became a fully fledged newly industrialised economy, alongside its Asian peers such as Hong Kong SAR, Republic of Korea and Taiwan. Now, however, the small island-state is in the midst of another up-hill battle – transitioning to renewable energy to meet decarbonisation goals, whilst ensuring energy demand is consistently met.
In 2021, Singapore established a national net-zero plan entitled the Singapore Green Plan 2030. With the power sector accounting for 40% of the country’s emissions, decarbonising the electricity sector is a high priority to meet their climate goals. Fifty years ago, Singapore relied heavily on oil, but over the past half century has transitioned towards natural gas, which releases considerably less CO2. However, with the recent global call for renewables, Singapore has been looking for alternative energy sources that will meet demand while matching global climate goals. So, how is it planning to navigate the energy transition?
Geographical constraints
Singapore is not naturally endowed when it comes to renewable energy potential. Its small land mass and high population means domestically grown sustainable biomass is not an option, nor is the development of nuclear power. The average wind speed in Singapore is just 2m/s, meaning commercial wind turbines (which normally operate at wind speeds of around 4.5m/s) are also not a viable path forward. A small tidal range and relatively calm sea axes the possibility of tidal power, and with much of Singapore’s sea space already cluttered by ports and shipping lanes, ocean energy technologies also remain out of reach. With no fast-flowing river systems, hydroelectric power is unattainable, nor can the country rely on any geothermal energy sources.
Singapore’s hidden talents
But hope is not lost, due to Singapore’s technological prowess and ability to quickly adapt to an evolving global energy landscape. Moreover, with Singapore’s high average annual solar irradiation, solar power is a strong potential option for renewable energy. And while this also won’t be an easy feat, with Singapore’s aforementioned small land pass posing a problem when it comes to large scale deployment of solar panels (not to mention frequent cloudy conditions and urban shading) the city state is currently in the process of researching and trialling options for solar PV systems in order to maximise the potential for solar energy, with the lofty goal of deploying at least 2 gigawatt-peak of solar energy by 2030, the equivalent of 350,000 households for a year.
And, while options such as nuclear currently remain beyond reach, the innovate Singaporeans continue to research ways to harness the technology, alongside exploring a plethora of different options, ranging from regional power grids and low-carbon hydrogen to carbon capture, utilisation and storage.
The future of Singapore’s journey
What is certain is that the future of Singapore’s energy transition is going to be one to watch, with serious potential for investment and development of renewable energy in the country. If you are keen to branch out and build your renewable presence in Singapore, then talk to us at Aspectus where we can expertly guide you through your energy communications from our Singapore PR agency to help quickly boost your next stage of growth. Get in touch here.
The current government turns from its record, and the markets take a dramtic turn for the worse
The old cliché is that a week is a long time in politics. Just a week ago, Liz Truss’s new Government presented its ‘Growth Plan 2022’. Despite being dubbed a ‘mini-budget’, there was nothing mini about it: this very big fiscal giveaway contained £45bn worth of tax cuts – the biggest such package in about 50 years.
Business groups initially welcomed the cuts to Corporation Tax and National Insurance, which had been promised throughout Liz Truss’s leadership campaign. But it was the announcement of additional tax cuts, like the (quickly reversed) abolition of the 45p top rate of tax, that really surprised the markets, and upset MPs and voters.
criticised the package in an extraordinary warning to a G7 country.
All of these tax cuts appear to be funded through additional borrowing. Without the normal oversight provided by the Office of Budget Responsibility, there is little clarity into the long-term impacts on government finances. Sound money or fiscal responsibility is at the core of the Conservative brand, but suddenly Liz Truss’s new government appeared to be acting recklessly with the country’s finances.
The pound’s value tumbled, and within days a run on government bonds became a fire sale that nearly toppled a number of pension funds, the Bank of England has had to buy up unlimited amounts of government debt, and banks pulled hundreds of mortgages from the market in anticipation of soaring interest rates, as analysts warned of precipitous falls in housing prices.
“Cutting taxes first, and pushing through supply-side reforms to areas like the planning system, business regulations, immigration and digital infrastructure later – will create growth, and get the UK on course for a new 2.5% annual growth target”
Kwasi Kwarteng Chancellor
A stark change of direction
While the pound appears to have rallied since the Bank of England’s intervention, this does not bode at all well for a government that is less than a month old. But since the Brexit referendum in 2016, UK politics has become increasingly unstable: the UK has now had four Prime Ministers in a little over six years.
The new Truss government is determined to distance itself from its predecessors, with very little policy continuity between them. Both of Boris Johnson’s main post-Brexit agendas have been shelved: ‘Levelling up’ – the mission to use infrastructure investment and devolution to spread prosperity more equitably around the country – has been more or less forgotten (though it lives on as a slogan). And the future of the green agenda is now in doubt after the appointment of several climate sceptics to the Government front bench.
Maksim Chernyshev/Getty Images
A headlong pursuit of economic growth
What has taken the place of these agendas is a headlong pursuit of economic growth: a review of the Net Zero strategy has been ordered by the new climate-sceptic Business Secretary. And growth is no longer a vehicle for levelling up: the new Chancellor has said plainly that his sole priority is growing the economy, not worrying about how the gains are shared. Now the Government defines itself in contrast to its predecessors, reversing most of the fiscal policy of the last government, and criticising the last decade as a ’vicious cycle of stagnation’.
The Chancellor believes that his approach – of cutting taxes first, and pushing through supply-side reforms to areas like the planning system, business regulations, childcare, immigration and digital infrastructure later – will create growth, and get the UK on course for a new 2.5% annual growth target. But observers inside and outside the Conservative party are sceptical.
Financial markets are not the only ones to take fright at the Government’s fiscal package
Conservative MPs really don’t like it either. They mainly backed Liz Truss’s leadership rival, Rishi Sunak, who accurately predicted the response of the markets to Truss’s tax-cutting pledges. Now there are all kinds of nuclear options under discussion amongst Tory MPs: there are reports that letters calling for a no-confidence vote in Liz Truss have already started to go in, with other MPs reportedly in secret talks with Labour about how to defeat the Government’s must-pass Finance Bill. Losing such a vote would be the death knell for the Government, and it could lead to a General Election. Readers should take all of this with a pinch of salt, however – despite the extraordinary anger on Conservative benches, MPs are unlikely to vote for their imminent unemployment, given the likely outcome of such an election.
Ultimately the most critical constituency for the Government – voters – seems to have moved decisively against the Government too. Polling in the days since the mini-budget has shown the Conservatives losing their usual lead on economic policy – normally their strong suit – along with nearly every other issue, and losing ground to Labour in voting intention. Labour has now built up a solid lead from every polling company, which if repeated at a General Election, would likely produce a majority Labour Government. With two years to the next election, at most, the Government has limited time to prove that its radical free-market policies can work.
If you want reach more of your audience, more quickly, then engaging the broadcast media is crucial. Video consumption across APAC has been growing steadily and the region is now one of the largest pay-TV regions in the world. Over 80 per cent of TV households have one or more connected TV devices, and the average household has up to 4.1 connected TV devices in the region.
The popular quote, “if it was easy, then everyone would do it” comes to mind. And while broadcast opportunities don’t come without their challenges, securing spots on the likes of CNA 938 or CNBC Asia is not impossible, no matter the existing brand recognition. Our top tips below!
Planning makes perfect
Even reactive opportunities guided by breaking news stories need to be planned. Businesses must make sure they know well in advance upcoming events or milestones so that when news does emerge, they are already prepared to pitch to producers. A dedicated news gathering team or department can be created to make this a success.
Right person, right time!
Typically, assistant editors rotate between planning and news gathering, so phoning the news desk and finding out who is on planning that week is crucial. Often, emails sent directly to the news desk are unmanned and therefore become lost opportunities. Make sure you are also pitching to the right people and have built contacts who are either producers, editors, or assistant news editors.
Pitching in a pinch
It’s important that you keep an email pitch as succinct as possible. Don’t bother wasting time in a subject line with news release or comments, instead make it as concise as possible. For example, if it is a pitch around a budget, ‘Budget Day interview with XYZ’ works well. Although all media pitches require conciseness, broadcast pitches need an additional layer of being snappy and succinct. Additionally, it is super useful to link to previous broadcast coverage, even if this is just YouTube videos on your owned channels. It is also key to include as many relevant photos where possible to the story, in order to demonstrate that the story can work well on screen.
Keep it relevant
If your story is relevant to a specific region, then there is no use in pitching it wider to nationals. In that case, a regional programme will be your best bet. Understanding the media landscape means ensuring you are targeting outlets in a nuanced way, rather than with a broad stroke. If you have an emerging story, understanding if it needs to be fully localised or regionalised is key. Of course, what works in Singapore won’t necessarily work in Vietnam.
Pitch perfect!
It can be easy to get caught up in the frenzy of securing a slot for a spokesperson, even if they aren’t the right fit. For broadcast, it is key that the spokesperson is not only an expert in their field but is also adequately media trained. Anything less and significant damage could be made to your relationship with the producer – or worse – to the reputation of the business.
As we are coming across many technological developments alongside the fast-paced news agenda, broadcast media will continue to remain a powerful tool for building brand presence and real expert credibility. So, if you are keen to make an impact and build your brand presence in Singapore then talk to us at Aspectus.
By Sophie Rivas, Apprentice: This is what I’ve learned over the last three months in my B2B PR Apprenticeship role, and why you should consider embarking on the same journey.
I began working at Aspectus full time just three months ago as part of its new Aspectus Academy program. Having started this apprenticeship without any prior experience and being straight out of Sixth Form, I had a lot to learn and adjust to.
Looking back, I have developed my skill set a lot in the space of just 12 weeks . So, if you’re considering an apprentice scheme and wonder what it’s like to transition from Sixth Form into full time work and want some insights into workplace relationship building then this is the blog for you.
New kid on the block
Having applied to both University and to Aspectus’ apprenticeship, I felt divided and wanted to carefully consider my options. I always knew I wanted to work in marketing, so it was not as much the area holding me back but more the size of the decision and how it could dictate my path.
What helped me make up my mind was the fact that, unlike university, I may not get a chance like this ever again to get my foot in the door and gain real-life experience in both PR and marketing. Particularly given the current economic crunch with people looking for new roles (due to salaries not rising with inflation), I decided to grab my offer by the horns.
The first big transition was walking into an office environment straight after Sixth Form, with previous misconceptions about what working in an office would be like. I was of the opinion that I would never want to work in an office because I did not get the appeal of sitting in one spot and completing the same monotonous tasks every day. Now looking back on that it feels a bit ironic and almost the complete opposite of what I am doing at the moment!
Hybrid Working
At Aspectus we have a flexible working structure, with the chance to work both at home and in the office. We are encouraged to come into the office just one day a week alongside your team.
It’s an exciting to join the workforce during a time of such change and flexibility – with majority of workers wanting to carry on with the hybrid working model post pandemic. Naturally, there are pros and cons to hybrid structures, but with the freedom to make it work for you, you have autonomy over how you plan your week to make it as versatile as you please.
I find the office helps with motivation, procuring office friendships (more on that later), and access to all the resources such as additional screens – and not to mention, a free meal on Mondays and Friday’s
Some days in the office are busier than others, and on the days where I’d prefer a little quiet time and heads-down working, I can opt to work from home, which is something I’m grateful for.
Building office relations
Another side of working that was daunting at the beginning of my apprenticeship was having to build new connections and bonds with a completely new group of people.
Going in, I was very reserved as I wasn’t sure how I should come across or how I would get along with others in the office. Learning to accept that although I am younger and less experienced than everyone else in the office, I am still pretty interesting and able to bond with people in the office regardless
Through working in the office, I have been able to grow my relationships with co-workers and build stronger bonds. We have an award winning company culture and a comfortable, friendly office environment, with an open-plan break-out space for people to chat over lunch or coffee, making it easy to cross paths with new co-workers.
On top of this, the Aspectus Academy has a rotational structure, which means I gain experience and build my technical knowledge when working in the different team sectors across Technology, Financial Services, Digital Marketing, Capital Markets, and Energy & Industrials. Not only does this arm me with 360 knowledge as I continue to develop over the course of my apprenticeship but has been an amazing experience for helping me advance my soft skills such as communicating and meeting new faces as I move between teams. And the best part is, you don’t have to feel like you’re having to start a completely new job from scratch!
Now, I feel I have really found my place within Aspectus over the past few months, and I can confidently say that I am very excited for what the following duration of my apprenticeship at Aspectus will bring.
So, if you are a student looking to go into an apprenticeship here’s a key round up of my learnings:
Be open to new experiences, and let people change your mind, aka – The office isn’t so bad!
Hybrid working is new, find a balance that works for you
Relationship building is key it will help you feel more comfortable with yourself and your abilities when you have people your friendly with to support you!
If you are interested in applying to the 2023 Aspectus Academy apprenticeship, submit your application here.
By Louise Douglas, Senior Account Director, Energy & Industrials
The term ‘blue economy’ is not new, but it has had a new lease of life in the era of the energy transition. You’ve probably seen it mentioned in many government pledges, industry articles or corporate strategies. And it’s the leading theme at Subsea Expo this year.
But what does it really mean? More importantly, do you know what it means to your business? Questions you’ll need to know the answers to ahead of this year’s largest annual subsea exhibition and conference.
And with greenwashing scandals rising like our sea levels, sustainability is not a term that should be used loosely without careful consideration.
What’s the business potential?
In 2021 the European Commission proposed a new approach to the blue economy off the back of the pandemic, ensuring a more sustainable approach as part of the green deal. With a recent report showcasing the blue economy provides 4.5 million direct jobs and generates over 650 billion euro in turnover in Europe alone. So, there’s a lot of pressure on getting it right.
This means investing in innovative technologies such as wave and tidal energy, floating wind, waste management and using ports as crucial greener energy hubs. This opens the door to a range of companies who are already excelling at these technologies and innovations. And discussing at Subsea Expo how these businesses must work together to maximise the blue economic opportunities will be key.
But understanding how your company fits within the blue economy is the easy part. It’s getting your communications right that can prove challenging.
Why getting the marketing right is crucial
A word of warning to event attendees… “Oh no, not another buzzword,” is not what you want your audiences to think when they read your external communications. Many businesses can make the mistake of using terms or claims without any real substance or proof points behind them.
Coca Cola is a good example of this when it launched it’s ‘World Without Waste’ marketing campaign, leaving out that it produces 3 million tons of plastic packaging per year. Needless to say, it was not received well.
This can give a negative preconception of your brand, inserting uncertainty around where you stand on important industry challenges.
Simply put, trust can be easily lost.
This is where messaging comes in. Clear and concise messaging is a must to separate you from your competition and to ensure your target markets know what you stand for. And this doesn’t just mean external messaging. Internal communication is just as important to maintain a strong brand identity. It’s also essential to use this messaging in the right way, targeting the right media and platforms for your brand. Done right, it can attract the right attention from potential recruits to investors and key journalists.
To avoid falling into the buzzword trap and to create meaningful communications, a second pair of eyes and ears can be what’s needed. A specialist partner to challenge your thinking, who isn’t afraid to not be a yes man or woman.
This is where a specialist brand, marketing and communications agency can provide you with a wealth of experience.
The good, the bad and the ugly, we’ve seen it all.
If you’d like to avoid being caught up in the next greenwashing wave or simply would like some advice on communications, get in touch with a member of our energy team.
By Paul Noonan, Lead Copywriter on the Energy and Industrials team.
Renewable energy growth is currently tangled in knots of local planning bureaucracy with onshore wind foundering on fierce opposition from local communities and environmental groups. We need 1200 GW of new renewable capacity each year to reach net zero yet four times more wind energy is bogged down in permitting delays than is being built in Europe alone. Governments are now under growing pressure to fast-track renewable construction by overriding local communities and environmental groups. Yet this could mean rolling back decades of progress in putting local people and the environment at the heart of infrastructure planning.
The top-down approach
In the US, a Bill by Democrat Senator Joe Manchin would significantly weaken state and community influence over energy infrastructure projects, and even allow federal agencies to unilaterally decide the route of new power lines. And in the UK, Opposition leader Sir Keir Starmer has similarly pledged to rip up red tape and reduce onshore wind planning processes from years to months, warning that “If that choice means some communities adapting to a new landscape….I will not hesitate to make it.” MPs are also calling for larger onshore wind projects to be designated Nationally Significant Infrastructure Projects (NSIPs) so they can be approved by the Business Secretary without local consent. This is known as the Decide-Announce-Defend approach to infrastructure planning where authorities seek forgiveness instead of permission.
Yet research shows this technocratic, top-down approach hardens local opposition to renewable development and erodes the public support that will be vital to the energy transition. Major wind projects have previously failed because developers shunned local groups, and attempts to centralise onshore wind planning in the UK face similarly stiff opposition from communities and countryside charities such as the CPRE.
Opponents are often portrayed as nimbyist obstructionists fighting to preserve property prices at the expense of the planet. Yet this ignores legitimate public concerns that local ecology is being sacrificed to national net zero policy, that the costs of renewable construction fall disproportionately on rural communities and that infrastructure is poorly designed when decisions are taken remotely by people far removed from the consequences. And wind farms can have many negative effects on the local environment, from degrading habitats to damaging biodiversity such as rare bat species.
Democratising wind-farm development
Could there be a third way that accelerates renewable development while protecting the local environment and winning over local people? Democratising and decentralising renewable development would dramatically boost public support for renewables, ensure more of the benefits accrue to affected communities and also create more holistic designs and planning decisions.
These must involve genuinely two-way communications campaigns harnessing local input to create inclusive, balanced infrastructure. For example, public acceptance increases when local people are given the chance to influence wind farm design and this could also help reduce the impact of designs on the local environment. Concerns over blighting scenic views could be alleviated by concealing windfarms within commercial forests. Citizens votes and forums such as the US Joint Transmission Taskforce could bring local people and infrastructure planners together so that decisions consider the broadest range of costs and benefits from local employment to biodiversity.
We could promote more local renewable energy markets and off-grid community-run wind and solar projects, ensuring local communities reap the benefits of nearby renewable development to offset the costs. By relieving pressure on the national grid, this would also reduce excessive demand for new energy and electricity infrastructure.
Communications and democratisation holds the key to uniting developers and communities, creating smart infrastructure that strikes a balance between national priorities and local people and between the global and local environment.
By Catherine Hunter, Account Director, Energy and Industrials team Aspectus Group
This winter has seen a new service deployed by National Grid – the demand flexibility service (DFS). This is a new solution that encourages consumers to shift their behaviour towards matching the current demand on the grid. This could be saving up the washing till tomorrow, or simply delaying the start time till 3am and having fresh laundry for when you wake up. The way the service currently runs, is to encourage users to reduce output in pre-agreed time windows.
The service was set up to allow National Grid to manage periods of high demand on the grid – and largely when supply was lower. So, the typical, still, cold winter evening is when DFS is expected to be deployed. This is because, renewable output is lower with no solar or wind supply the grid. But also because we look to turn up the heating and oven as we return home from work and some industrial plants are still operating. This would suggest 4 till 6 in a cold evening is the most likely time this service will be needed. But really this service demonstrates a glimpse into our smart grid future.
DFS to date
The service was introduced in winter 2022/2023 following a successful trial with Octopus Energy on whether consumers will change their behaviour. There are, however, a number of factors at play to be involved with the current DFS operations.
This service is open to as many participants as possible who meet the following requirements:
All assets would require half-hourly (HH) metering.
All assets must be able to respond for a minimum of 30 minutes.
1 MW min unit size/100 MW max unit size.
Providers need to be able to respond to an instruction for day-ahead delivery.
Providers must provide relevant HH metering and baselining data to demonstrate delivery of demand reduction.
And so largely, if you have a smart meter and a supplier that has signed up, you can be involved in the current DFS service – today about 1 million customers are signed up. But this is a move that is going to continue to grow as we build a smart grid.
Where from here?
DFS proves that households are able to tweak their energy usage habits – without compromising on living standards – although delaying a toddler’s teatime might be a risk too far! As more renewables come onto the grid, we are in a unique position where we might not only be encouraged to reduce use at certain times, we might be encouraged to increase use energy at times of high supply.
This creates a future where certain choices around energy consumption, could be determined by the weather or the needs of the grid, rather than our usual routine.
Communicating this change
And while DFS and other smart grid, flexibility services are exciting to those in the industry. There’s a risk that consumers don’t react well to such innovations. Fears they’re sitting in the cold and dark to keep the grid online can only grow as more knowledge about this service becomes known. We currently have a million, engaged households involved with DFS but we could grow this service to include EV charging and more households. But we want them enthused by the prospect of turning down their usage, rather than resenting the change and being turned off net zero.
At Aspectus, we are a specialist energy communications agency so can support with messaging, online content, and brand awareness for such changes. Get in touch if you’d like to know more.
What to do after you leave school is a question that many students consider. Is university the right decision for them? Or is getting hands on experience in the form of an apprenticeship the way forward? Below are three key benefits of why an apprenticeship could be for you.
1) Hands on experience
Hands on experience in a real-world setting is important in any industry you go in to, and an apprenticeship can provide just that! It is invaluable for understanding the fundamentals of PR and developing the skills necessary to succeed within the sector. You are given the opportunity to work alongside experienced professionals, learning how to craft effective press releases, pitch stories to media outlets and communicate efficiently. Similarly, an apprenticeship in digital marketing would provide you with the chance to learn about SEO, PPC, and social media advertising.
Learning happens when you’re doing. Actively performing these tasks will allow you to get an idea on the things you are confident in and enjoy but more importantly, the things you struggle with as well. Hands on experience allows you to identify the sectors in which you may not be as familiar with and quickly receive help from the professionals around you.
2) Building connections
Secondly, building connections is crucial in the corporate world. Although important in any career, it is particularly key in an industry as competitive as PR and digital marketing. Having a network in the industry will open doors for future job opportunities, as well as providing a sounding board for your ideas and a source of feedback on your work – things that may be difficult to obtain in a university setting. Building these relationships early on can give you a massive head start and a greater window for success in the future.
Most apprenticeships allow you to attend industry events, connecting you with other PR and marketing professionals as well as potential clients – this is another way to expand your network and gain valuable knowledge in the field.
3) Earn while you learn
Unlike a traditional degree, an apprenticeship allows you to earn while you learn. This helps eliminate the financial burden of a student loan, which according to the UK Parliament website, is forecasted to be around £43,400 on average, once students complete their course in 23/24. So instead of completing university at the cost of a £40,000 debt, you could be completing your apprenticeship with extra cash in the bank!
Additionally, many apprenticeship programmes also provide training and support that can help you pass any industry-specific qualifications such as the Chartered institute of Public Relations (CIPR) diploma or the hundreds of digital marketing courses online.
An apprenticeship Is an excellent choice for anyone looking to build a career in PR and digital marketing. It allows you to gain hands on experience, build a professional network and is a cost-effective way to enter the industry. With the right mindset and willingness to learn, an apprenticeship can be the perfect steppingstone to a successful career in PR and digital marketing.
Find out more about the scheme here and our application form.
