Singapore’s financial sector was recently rated to be among the best globally by the International Monetary Fund, underpinned by the Republic’s sound economic fundamentals and economic policies. Governed by the Monetary Authority of Singapore and renowned as one of the most robust in Asia, Singapore’s financial sector has enjoyed continued growth and development as a result of its high levels of transparency, risk management and corporate governance. New listings in Singapore have slowed in recent years while the M&A market remains on the uptrend. Despite the muted sentiment, Singapore remains a compelling listing destination for companies looking to springboard their business into Asia.
Similarly, the professional services sector remains a regional hub of choice as Singapore is consistently ranked as one of the world’s easiest places to do business in. The island-state is a popular destination for MNCs and global firms to set up regional HQs from which they can hub their pan-Asian regional strategies. The sector has seen healthy development under the Singapore government’s Industry Transformation Map, designed to scale the number of jobs and boost innovation, and to equip the sector with skills in key high-growth areas such as analytics, artificial intelligence and data science. Ultimately, such integrated planning will drive the proliferation of world-class business solutions, higher productivity and more cross-disciplinary partnerships.
Indeed, Singapore’s rapid shift towards a digital workforce of the future has led to a noticeable change in the ways companies in these sectors offer their services in recent years. The move towards digitalization has resulted in increased focus on promoting technology adoption, more employee training to enhance digital skills and knowledge, and for some companies, entirely new business models. Conversations around cybersecurity, cyber hygiene and data protection are also rampant across both sectors.
In addition, as a highly open economy which is extremely susceptible to developments in the macro-economic landscape, Singapore has witnessed increased market volatility amidst the backdrop of current macro-economic challenges such as increasing market competition and the ongoing trade tensions.
Singapore newsrooms are also moving towards multi-platform, “digital-first” approaches as teams become more integrated and news feeds, more instant. Digital stories are often first to break without guarantee that they would appear in the print version.
Taking these factors into account, companies’ communications and responses are also expected to be more timely and accurate given the evolving landscape. As an integrated agency, H+K Singapore ensures that our clients transition effectively from communicating on traditional PR platforms to the digital space.
Companies are also placing greater importance of managing potential issues and crisis early so that they are well-prepared to respond, whether it is through media training, issues preparedness or a robust crisis communications protocol. As a trusted partner and advisor to professional and financial clients, we work closely with clients to audit and manage their issues from an early stage.
In the longer-term, we are also seeing that companies are focusing more on building and managing their reputation and engaging in thought-leadership opportunities to ensure their brand is visible and heard. Our deep understanding of the local media put us in the best position to effectively manage thought-leadership campaigns and help clients increase their share of voice.
As a growing number of companies leverage Singapore’s status as a regional hub for PR activity, this will undoubtedly bring about more exciting opportunities for multi-market work in this dynamic region where H+K’s network extends to.
With creativity and open innovation at the core of H+K Singapore’s approach to client work, the team has established a solid understanding on the best approach to engage with clients’ stakeholders, whilst delivering proven results over the years.