This 12 months, Covid-19 has just about remained an enormous speaking level, and developments of the virus (and new variants) have additionally taken up a good portion of native and international media protection.
When it involves the tech and business panorama, there have been additionally some notable headlines that swept Singapore. Here’s a glance again on the previous 12 months as we recount these headlining incidents:
1. Teo Heng KTV’s “short-term” exit
Image Credit: Teo Heng KTV
The pandemic has precipitated a turbulent time for a lot of companies, and essentially the most hard-hit are these that aren’t allowed to function.
Founded in 1989 by Jackson Teo, the homegrown family-friendly karaoke studio has been round for over 30 years nevertheless it was getting ready to closure as a consequence of Covid-19.
The firm had been struggling to remain afloat because the authorities launched the advisory in March 2020 for karaoke shops and different leisure venues to shut as a part of Covid-19 security measures.
During their interval of business closure, Teo Heng KTV’s 120-strong workers have been forcibly put out of labor. They have been all paid full salaries for the primary six months of closure, however their pay has since been diminished 50 per cent from October 2020 as a consequence of heavy losses incurred.
In July final 12 months, Teo Heng KTV had introduced that it will likely be closing down half of its 14 shops in Singapore.
Then in January 2021, it introduced that it will likely be “leaving the business for good”, however later mentioned that the exit is barely a “short-term transfer”. It shared on its Instagram publish that “Teo Heng Trading will nonetheless be in operation” and will proceed persevering for now.
Just a few months later in March, Teo Heng KTV introduced that it will likely be pivoting right into a “work, dine and chill” house. Customers can lease rooms from S$4 for a small room throughout ‘joyful hours’, to S$18 for a celebration room throughout peak hours.
Besides working and stress-free, the room may also be used for birthday celebrations, which Teo Heng will enhance without cost.
Teo Heng will present free facilities equivalent to HDMI cables, and a hoop mild with a stand. Customers also can deliver their very own meals and drinks, or buy canned drinks for S$1.
The KTV model additionally mentioned that it’s exploring different alternatives for the rooms, equivalent to utilizing them as a venue for e-sports gamers to coach.
2. Tesla enters Singapore
Image Credit: Tesla
Tesla first introduced that it’s “coming quickly” to Singapore in January 2021 following earlier information that it’s beginning hiring rounds right here.
In February, Tesla Singapore’s web site formally went dwell, revealing the estimate retail costs of the vehicles.
A Tesla Model 3 Performance retails at an estimated worth of just below S$155,000 earlier than the (*10*) of Entitlement (COE). This extra highly effective mannequin boasts a high velocity of 261km/h, and can attain 100km/h in 3.3 seconds.
Under the Electric Vehicle Early Adoption Incentive (EEAI), consumers will even get a further of as much as S$20,000 rebate.
The much less highly effective Model 3 Standard Range, which hits 100kmh in 5.6 seconds, retails for round S$113,000 earlier than COE.
Tesla Singapore has leased a constructing in Toa Payoh Lorong 8’s industrial space for as much as 20 years to carry not simply its automobile servicing centre, but additionally its showroom and company workplace.
The electrical automobile maker at the moment has two Supercharger Stations in Singapore, positioned at Orchard Central and Millennia Walk.
In October, it was reported that Tesla has change into the best-selling electrical automobile (EV) model in Singapore simply two months after coming into the market.
Overall, it is usually been listed the sixth best-selling automobile model right here, outranking different automobile manufacturers like Nissan, Audi and Kia, in line with Land Transport Authority (LTA)’s September 2021 information.
Separate information from LTA revealed that the variety of new Teslas on Singapore roads has elevated to 487 in the third quarter, in comparison with simply eight in July 2021.
3. Naiise’s closure and on-line comeback
Image Credit: Naiise
Earlier in April, homegrown multi-label retailer Naiise made headlines earlier when it introduced its abrupt closure as a consequence of monetary woes.
It was struggling to repay a number of distributors and in January final 12 months, some homegrown manufacturers have been pulling out of its on-line and bodily shops as a consequence of fee delays of as much as a 12 months.
Following widespread information of its monetary struggles, Naiise formally ceased operations on April 14.
Founder Dennis Tay additionally introduced the choice to liquidate the business after eight years of operation, and revealed that he’s submitting for private chapter.
Fast ahead 5 months later, Naiise has since made a web based comeback and relaunched its web site in September.
With the relaunch of Naiise, it’s protected to say that Tay is out of the image as the corporate has since been acquired by WestStar Group, which is helmed by ex-honestbee CEO Ong Lay Ann. The sum of the acquisition deal was not disclosed.
Under this new possession, Naiise will stand sturdy to its preliminary dedication of championing native designs, creatives and artisans. Over 500 retailers shall be featured steadily on its platform, with a mission to function extra hyper-local, eco-friendly and impartial worldwide manufacturers in addition to new manufacturers.
Naiise’s present business mannequin works identical to a typical on-line market, the place merchandise bought is fulfilled by vendor.
Naiise has additionally promised sellers that they are going to be “paid immediately upon each profitable order fulfilment”.
Previously, merchandise are offered on a consignment foundation the place suppliers are paid just for the merchandise offered, minus a fee payment of between 30 and 45 per cent of the retail worth.
The firm additionally has plans to introduce an “incubator mannequin for upcoming designers” and “purchase now, pay later ideas”, that are at the moment in the pipeline.
4. Harsh Dalal’s removing from Forbes 30 below 30 Asia
Image Credit: Forbes
In April, business journal Forbes launched its sixth annual 30 Under 30 Asia listing, which options 300 younger entrepreneurs, leaders and trailblazers throughout the area below the age of 30.
Teenage entrepreneur Harsh Dalal, who claimed to run a US$25 million tech startup Team Labs, was listed as one of many 27 excellent Singapore people who made the lower.
However, the 19-year-old was faraway from the listing lower than a month later.
An in depth investigation by Tech in Asia revealed inconsistencies in a number of of his claims, together with his US$9.8 million Series A spherical raised from enterprise capital agency Grand Canyon Capital.
Dalal instructed Tech in Asia after a number of conversations that Team Labs’ numbers have been “conveyed by” Grand Canyon Capital and can’t be attributed to him. The investor was additionally chargeable for incorporating the corporate and managing the agency everyday, he added.
However, a number of hyperlinks on Grand Canyon Capital’s web site aren’t working, and the positioning’s claims that it’s an investor in outstanding tech-enabled firms Uber, Deliveroo and Airbnb can’t be corroborated.
The VC agency has additionally little presence on-line, with the one on-line mentions traced to Team Labs.
Forbes mentioned his removing got here after “a cautious consideration of the findings of a complete assessment of the knowledge that was used to qualify him for the listing”, in addition to new info that had come to mild.
5. Good Class Bungalow (GCB) spree by founders and executives
Image Credit: 99.co
GCBs are the creme de la creme of properties in Singapore’s property market. To qualify as a GCB, the landed housing must have a minimal plot dimension of 15,070 sq. toes.
This 12 months, not less than 5 startup founders and executives have been reported to have shopped for or purchased GCBs.
The first is Ian Ang, CEO of gaming chair maker Secretlab. He was reported to have snatched up not one, however two, luxurious freehold properties at a whopping S$51 million.
The 28-year-old had splashed the money on a GCB at 27 Olive Road in the Caldecott Hill Estate for S$36 million, and a 7,007 sq. toes five-bedroom triplex penthouse at Leedon Residence for S$15 million.
Meanwhile, Grab CEO Anthony Tan’s household ‘grabbed’ a good class bungalow close to Holland Village for S$40 million and Razer CEO Min-Liang Tan is reported to be in the early phases of shopping for a GCB in the Bin Tong Park space for S$40 million.
These property sprees have cemented their standing as “extremely excessive internet value people“.
In finish July, Chinese tech large TikTook’s new Singaporean CEO, Chew Shou Zi, was additionally reported to be in the early stage of shopping for a Good Class Bungalow (GCB) for S$86 million.
He shall be redeveloping an present property on Queen Astrid Park that spans over 31,800 sq ft, which works out to about S$2,700 per sq ft.
Most just lately, Singaporean crypto billionaire Zhu Su and his spouse, Tao Yaqiong Evelyn, have been granted an choice to purchase a GCB at Yarwood Avenue in Bukit Timah space for S$48.8 million.
Spanning 31,862 sq. toes, it really works out to be S$1,532 per sq. foot (psf). The couple continues to be in the early phases of the acquisition, and the property shall be deemed as a “trustee” for his or her youngster.
6. Discontinuation of RazerPay
Image Credit: Razer
In August, homegrown gaming tech firm Razer introduced that it will likely be discontinuing its e-wallet service Razer Pay and Razer Card.
All Razer Card beta customers will be unable to make use of the cardboard and fee functionalities from 31 August 2021.
Additionally, Razer Pay’s beta will finish on 30 September 2021, after which, all pockets top-up, fee and switch options will not be made out there. The Razer Pay app will even be inaccessible from 1 October 2021.
This discontinuation comes as fairly a shock, as Razer’s e-payment enterprise is sort of short-lived. Razer Pay launched in Singapore for beta testing in March 2019 (it launched in Malaysia first six months prior), whereas Razer Card launched in Singapore for beta testing in October 2020.
So what precisely led to the downfall of Razer Pay and Card in nearly two years?
We mentioned the varied doable elements that contributed to its sudden shutdown right here, a few of which included Razer’s failure to seize its goal “youth and millennials” client phase, unattractive cashback advantages, stiff competitors from different e-wallet gamers, lack of main retailers, in addition to the shortage of incentive to make use of their e-payment companies.
In its monetary report for FY2020, Razer introduced that it has crossed US$1 billion in income and turned worthwhile.
It can also be a cash-rich firm, with over US$500 million in its financial institution. With a lot money readily available, Razer can undoubtedly afford to experiment and dabble in new ventures in an effort to attain each profitability and development.
For now, Razer has confirmed that it will likely be specializing in its B2B business and it’s not giving up on its plan to roll out Razer Youth Bank, regardless of its failure to win the bid for a digital banking license in Singapore.
Instead, it will likely be focusing on millennials in international locations equivalent to Malaysia and the Philippines. Razer Fintech CEO additionally mentioned that they’re additionally different markets like Europe, the Middle East or Latin America, the place regulators are extra supportive.
On that word, it’s seemingly that the gaming large will proceed to develop its monetary presence worldwide because it reduces its reliance on income from {hardware} peripherals.
7. The closure of Reebonz
Image Credit: Reebonz
Co-founded by Samuel Lim, Daniel Lim and Benjamin Han, Reebonz (pronounced ‘ribbons), was an e-commerce platform that boasts a neighborhood of impartial multi-brand boutiques, pre-owned luxurious retailers, and classic sellers from all around the world.
Built on the concept to make luxurious accessible, it’s basically a one-stop platform that permits prospects to purchase and promote luxurious merchandise.
In 2014, it was touted to be the most important on-line luxurious gross sales firm in Southeast Asia with an annual turnover of over S$120 million globally.
In 2018, its valuation was pegged at US$284 million. Previously, it was valued at S$250 million after the completion of a S$50 million financing spherical led by Singapore’s media large Mediacorp in 2013.
However, in September 2021, the luxurious market voluntarily underwent liquidation because it racked up money owed.
According to complaints lodged with the Consumers Association of Singapore (CASE), Reebonz was reported to have owed greater than S$30,000 to 11 sellers on its platform as of August 26.
Sellers complained they’d not obtained funds for a number of months, though the agreed payout interval is 20 business days. These sellers from the White Glove Service didn’t obtain fee for the objects offered even after ready for a number of months.
As at September 13, CASE complaints revealed that Reebonz owed about S$79,000 to sellers on its platform.
Preferential claims — primarily worker salaries — amounted to S$120,000, and the liabilities owed to unsecured collectors stand at S$17 million.
In a bid to repay these money owed, Reebonz has put up its eight-storey e-commerce hub — value S$40 million — on the market.
Called Reebonz Building, it’s positioned at 5 Tampines North Drive 5. According to The Straits Times, the property has been mortgaged to a financial institution and receivers have been appointed for its sale.
Reebonz has apparently been in the pink, reporting destructive working losses way back to 2013. Although the loss margin tried to enhance over time, the slowdown in funding might have been a motive why it not may survive.
Even since 2015, Reebonz needed to lower on advertising and marketing spending to assist the stagnating income however that was not sufficient.
It began going downhill additional after its preliminary public providing (IPO) in 2018, with low traction on the general public market and a sliding valuation.
8. Binance ceases operations in Singapore
Image Credit: Coindesk
In September, Binance obtained an order from MAS to cease offering fee companies to Singapore residents.
All of its buying and selling pairs and fee choices in Singapore greenback (SGD) was ceased on Septmber 10, and its cell app was additionally faraway from the Apple App retailer and Google Play retailer in Singapore by that week.
A consultant from the Monetary Authority of Singapore (MAS) reportedly mentioned that the US crypto change, which operates Binance.com, is offering unlicensed fee companies in breach of the fee companies act.
The firm was then positioned on MAS’ Investor Alert List to warn shoppers in Singapore that Binance.com just isn’t regulated or licensed in Singapore to offer any fee companies.
Meanwhile, Binance Asia Services (BAS) — a separate entity chargeable for crypto change platform Binance.sg — mentioned the transfer by MAS won’t immediately affect its companies, stressing that it’s a separate authorized entity from Binance.com.
However, on December 13, BAS withdrew its MAS license software to run a crypto change in Singapore and introduced that Binance.sg will shut by 13 February 2022.
This implies an exit from Singapore from the world’s largest crypto change by buying and selling quantity, ending years of effort to function a regulated crypto bourse below the MAS oversight.
“Our resolution to shut Binance.sg was not taken evenly. Our rapid precedence is to assist our customers in Singapore transition their holdings to different wallets or different third-party companies,” mentioned Richard Teng, chief government of Binance Singapore.
Binance.sg customers shall be notified by way of electronic mail on the subsequent steps to take with the closing of the buying and selling platform. Users will even be required to shut all open positions and withdraw their Singapore greenback and cryptocurrency property by the deadline.
9. BooksActually’s founder’s alleged misconduct in the direction of ex-employees
Image Credit: DestinAsian
In finish September, native impartial bookstore BooksActually was thrown into the highlight for founder Kenny Leck’s alleged misconduct in the direction of his feminine ex-employees.
He had allegedly made romantic advances in the direction of younger feminine workers, together with whereas being married to his ex-wife Renee Ting, who was additionally a former worker.
Renee instructed RICE Media that she drew no wage whereas they have been relationship, lived in the shop and had hardly any days off. She can also be the founding father of the Singapore Art Book Fair, and a sister of Beyond The Vines and Scene Shang founders.
This revelation got here as a shock, contemplating that BooksActually has all the time been championed as taking part in an necessary function in preserving the longevity of native literature in the media.
Following the information, BooksActually has issued an announcement acknowledging that its previous workers “didn’t work in a protected and skilled office atmosphere” in the early years.
It claimed that it has “invested in placing welfare practices in place to guard and safeguard” its workers since 2019, and will continued to enhance workers welfare and HR practices, in addition to strengthen anti-harassment insurance policies.
Above all, Kenny relinquished sole possession of BooksActually and its publishing arm Math Paper Press, and transferred collective possession of each entities to the workforce.
On his private Facebook web page, Kenny confirmed that he’ll cede full authorized possession and directorship of BooksActually Pte Ltd to the present workforce, who would be the new homeowners.
He additionally apologised to everybody that he has precipitated ache to, and stood by his perception that BooksActually has marked a “milestone in (Singapore’s) literary journey”, and served as a an “enabler of aspirations”.
10. NOC saga
Image Credit: Ryan Tan by way of Instagram / Screenshot of Xiaxue’s YouTube video
Founded in 2013 by Ryan Tan and Sylvia Chan, Night Owl Cinematics (NOC) is without doubt one of the largest on-line media firms in Singapore.
The whole saga began in October when a then-anonymous (and now-defunct) Instagram web page @sgcickenrice started accusing Sylvia of verbally abusing and bullying one among NOC’s workers.
Over time, extra posts in the type of WhatsApp screenshots and audio clips have been being shared, exposing Sylvia for being an alleged “poisonous” boss. More individuals — workers, influencers, skills — additionally stepped as much as share their very own private experiences.
As these allegations got here into full pressure, a number of manufacturers — equivalent to Colgate Singapore and Milo Singapore — introduced the termination of their partnerships with Sylvia.
On October 11, NOC lastly launched a media assertion. It mentioned that the “assaults have been fastidiously crafted and mounted on NOC and its workers” to deliver down their public picture and repute.
It wholly denied the “scandalous” and “malicious” allegations in the direction of Sylvia and duly despatched a lawyer’s letter to @sgcickenrice.
In the letter, they demanded that the consumer “stop and desist” from making extra allegations in opposition to NOC or Sylvia and will proceed with authorized actions, ought to the consumer fail to provide a written response by 10am on 12 October.
In response, @sgcickenrice engaged a pro-bono lawyer and despatched them a letter from Eugene Thuraisingam LLP.
The entire saga culminated in a two-hour lengthy interview with Sylvia, who shared her facet of the story, on Xiaxue’s YouTube channel.
This was later adopted up with a (second) apology from Sylvia, which was posted on her Instagram web page. She apologised for her wrongdoings and confirmed that she is cooperating with the related office authorities concerning the allegations.
Two days later, Ryan additionally posted an announcement, declaring his non-involvement in @sgcicken or #FinishTheSilence exposé weblog (which was written by a bunch of present and ex-NOC workers). He talked about that, not like Sylvia, he’ll “proceed to not talk about [their] private points” and will solely be addressing the allegations that she made in opposition to him.
Most notably, Xiaxue has additionally revealed the elusive id of @sgcickenrice, who turned out to be a TikTook influencer named Brandon Mah, which he later confirmed.
Amidst the messy divorce and influencer drama, one factor we are able to study from this saga is the authorized gray areas in the office — equivalent to founder disputes, working extra time with out pay and different HR issues — which we’ve got addressed in this text right here.
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Featured Image Credit: NOC / Naiise / Forbes / Coindesk / Razer / Reebonz
