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Despite Pandemic’s Hits to the Economy, Southeast Asian Startup Investments have nearly doubled
  • Newsletter

Despite Pandemic’s Hits to the Economy, Southeast Asian Startup Investments have nearly doubled

During the second quarter of 2020, we saw investments in Southeast Asian startups nearly double despite the damage to the global economy caused by the COVID-19 pandemic.  Most of this surge of investments was driven by e-commerce and FinTech (financial technology) companies.  According to DealStreetAsia, the Singapore-based startup information platform, the value of fundraising in southeastern Asia rose 91% to nearly $3 billion during the second quarter (April – June, 2020).  At the same time, the number of transactions rose 59% for the same period.

Interestingly enough, many countries were under a strict lockdown during the second quarter of the year.  To say the least, this hampered deal-making opportunities while economic uncertainty discouraged many investors.  However, a number of different venture capital funds raised a significant amount of investment funds.  According to an interview with Monk’s Hill Ventures’ co-founder and managing partner Kuo-Yi Lim, most deals had been in the pipeline since earlier in the year. 

During the past 5 or 6 years, two largest ride-hailing businesses in the region (Gojek in Indonesia and Grab in Singapore) have led the way in the startup funding boom.  During the first quarter, these two businesses were responsible for raising 70% of the regions’ revenues.  This equates to over$2 billion.  We witnessed a different picture in the 2nd quarter as the e-commerce sector raised $691 million while the FinTech sector raised $496 million and logistics raised $360 million.

Furthermore, a considerable amount of funds were raised by a number of other local companies as well.  As a result, Southeast Asian economic experts contend that this is an indication that the COVID-19 pandemic has generated an increase in Singapore company incorporation.  The 2nd quarter’s biggest fund raiser was Tokopedia, an Indonesian-based e-commerce company.  According to DealStreetAsia, Tokopedia secured $500 million from Temasek Holdings, a Singapore-based investment firm.

Furthermore, the Vietnamese e-commerce company Tiki secured $130 million from the private equity firm Northstar Group.  According to Tiki Vice President Ngo Hoang Gia Khanh, the company witnessed a dramatic increase in consumer shopping needs where face masks, hand sanitizers, and other necessities were concerned.  As competition continues heating up in Vietnam’s local and regional business sectors, Tiki offers unique services in order to differentiate itself from other companies doing business in Vietnam.

With a network of fulfillment centers operating nationwide, the company provides an express delivery service known as TikiNow for shipping packages to customers within 2 hours from the time their order is received which is faster than their competitors.  They also offer free, on-the-spot installation of bulky and heavy items.  As Southeast Asia’s demand for online shopping venues continues to increase, delivery and logistic startups have also enjoyed increased revenues.  For example, Kargo Technologies of Indonesia raised $39 million while Ninja Van of Singapore raised a whopping $279 million.

The FinTech sector has also seen some significant fundraising in several companies.  For example, Voyager Innovations, the parent company of mobile payment app Paymara of the Philippines raised $120 million this past April from Tencent Holdings of China and KKR, a US private equity fund – two of their current shareholders.  As the first funding round the company has had since 2018, Voyager Innovations was able to compete with their in-country rival Mynt.

Other notables in the fundraising deals arena included:

  • Cleantech Solar of Singapore (energy sector) $75 million
  • Kopi Kenangan of Indonesia (food and beverages sector) $109 million
  • RWDC Industries of Singapore (biotech sector) $133 million
  • Synqa of Thailand (FinTech sector) $80 million
  • Traveloka of Indonesia (online travel agent) $100 million

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Indian Startups endure unprecedented Challenges but still find Opportunities during COVID-19 Pandemic
  • India, Newsletter

Indian Startups endure unprecedented Challenges but still find Opportunities during COVID-19 Pandemic

Although the first half of 2020 was supposed to be a banner financial period and witness accelerated growth throughout numerous sectors, the COVID-19 pandemic had other ideas.  In every industry sector, we saw unprecedented economic challenges, especially among early-stage startups.  It’s not about the industry sector that suffered the least or most amount of damage anymore, but rather the extent to which each sector was hurt, hence the decline in company formation in India.

From the standpoint of damage assessment, the hospitality and travel sectors suffered the most in the way of economic losses and realistically, these will most likely be the two sectors that have the longest recovery period under what is now the “new normal.”  Furthermore, sectors such as logistics, manufacturing, transportation, and other areas that are classified as “people intensive” will be facing difficult challenges as well. However, there is hope that things will get better over the next few months.

How have Emerging Sectors been affected?

Emerging sectors such as the hygiene industry gained prominence as a result of the COVID-19 pandemic and good hygiene has been a hot topic of debate in India.  Unfortunately, very little action has been taken over the years.  However, this will likely change because of the global impact of widespread contamination risks. The Prime minister, Narendra Modi had been emphasizing and launching campaigns to improve hygiene and sanitation for the past few years. This has improved the situation but a lot still needs to be done.

Whether it’s a matter of community, personal, or surface area hygiene, the landscape has changed dramatically over the past several months.  Even now, we’ve been seeing a dramatic increase in the number of India attract investment post-COVID-19 efforts among numerous early-stage startup companies.

Adversity – a significant Source of Opportunity

Ever heard the expression “War not only destroys, but also creates opportunities for those who are resilient and keen to rebuild.”? Well, the world has been at war with the Coronavirus and it has provided many difficult challenges yet amazing opportunities.  We’ve seen numerous economic, financial, and physical challenges including:

  • Cash flow impact attributed to lost sales
  • Funding and investment plans being put on hold
  • Growth setbacks for companies of all sizes
  • Manpower shortages in labor-intensive industries including agriculture, construction, manufacturing, and so on)


Coincidently, this has given rise to numerous opportunities on a global scale such as increased online sales and product innovations. Indian companies are now focusing on delivering their products to the consumer’s residence.  And guess who will benefit the most from all this? Those startups who figure out a method that meets these demands and fulfills the needs of the consumer will benefit the most.

The bottom line is simple.  Indian startups that are capable of creating products that address the needs of the global marketplace will witness accelerated growth that surpasses pre-Coronavirus economic times. The future looks bright.

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FinTech Abu Dhabi searches for Early-stage Startups via Digital Tour of 23 Countries
  • Newsletter, U.A.E

FinTech Abu Dhabi searches for Early-stage Startups via Digital Tour of 23 Countries

FinTech Abu Dhabi recently announced that their Innovation and Startups team will be taking a virtual tour of 23 countries to solicit and correspond with founders of some of the most exciting early-stage financial technology sector startups from June through November of this year.  The esteemed FinTech Abu Dhabi program will be inviting the top startups to join them during the 2020 FinTech Abu Dhabi Festival which runs from November 24th to 26th.  The festival is co-hosted by the Central Bank of the UAE and the Abu Dhabi Global Market.

The global digital tour began in the UAE at the end of June and was kicked off with comments from such notables as:

  • Lucy Liu, Airwallex co-founder and President
  • Richard Teng, Abu Dhabi Global Market and Financial Regulatory Services Authority CEO
  • Shu Pui Li, Governor of the Central Bank of The UAE (CBUAE) and Advisor to His Eminence


As the gateway to one of the most important portals and markets, FinTech100 offers a wealth of opportunities globally. The mutual topic of discussion between them was “FinTech – in the next decade.”  It focused on company formation in Abu Dhabi and company formation in the UAE.  This was followed by a 5-way pitching battle of FinTech startups.  Mamo Pay and McLedger were the two companies that were crowned as champions of the match-up and will be a part of the FinTech 100 in Abu Dhabi at the festival this coming November. It will open new frontiers globally and help business network more. 

The next virtual destinations in the FinTech Abu Dhabi Global Tour scheduled for the months of July and August include:

  • Australia
  • Canada
  • India
  • New Zealand
  • Singapore
  • Switzerland
  • UK
  • US


The FinTech 100 is the gateway to one of the most important markets in the world and is a high-level, by-invitation-only event that serves as a portal to a number of business opportunities.  During the event, numerous startup founders who’ve traveled from many locations around the world to Abu Dhabi will be able to experience the renowned Abu Dhabi hospitality and have a chance to:

  • be introduced to key corporate executives and major investors from the Middle East
  • learn about numerous business and marketing opportunities
  • network with their peers
  • participate in the Innovation Challenge Awards

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Why are High Net Worth Individuals In India Looking To Invest Overseas?
  • India, Newsletter

Why are High Net Worth Individuals In India Looking To Invest Overseas?

High net-worth individuals (or HNI’s as they are often called) have recently generated a surge of international investing as they urged Indian-owned family offices to develop partnerships with foreign investors in Singapore and Gulf countries.  According to the Reserve Bank of India’s (RBI) liberalized remittance scheme (LRS), an Indian citizen is allowed to invest up to $250,000 abroad each year in bonds and stocks.  Over the past 4 to 5 years, India has been outperformed by global markets.  The fact that the Rupee has depreciated against the US dollar has made them more attractive to foreign investors.

Why should You consider investing Abroad?

Singapore has been putting its marketing efforts into attracting foreign investors from around the world.  As a foreign investor, establishing a business is relatively easy.  Singapore and UAE are cosmopolitan, multicultural sovereign countries that are well connected globally.  Furthermore, their business environment is conducive to creative and knowledge-driven companies.  Most importantly, these countries are strategically located at the main intersection of Europe and Southeast Asia and have excellent infrastructure.

Currently, even in the pandemic the governments of the Gulf Corporation have given rebates on taxes and other levies have been removed to ensure that family business in Gulf Cooperation with restricted liquidity and lower profits are able to maintain and thrive during these difficult times.

Compared to other countries, Singapore’s attractive tax system, sophisticated banking system, and strong legal framework have given it the competitive edge.  Other positive factors that have helped this city-state attract foreign investors include:

  • An educated workforce
  • Ease of Singapore company incorporation
  • Lower corporate taxes
  • Numerous investment opportunities and incentives
  • Strict enforcement of intellectual property laws


In addition to the above, Gulf countries and Singapore is an excellent place to live, learn, and work.  These countries have long been recognized as some of the most competitive entities globally and are a frontrunner in several industry areas including:

  • asset and wealth management
  • insurance treasury operations
  • international banking
  • maritime finance
  • trade finance

 

As a result, many international companies have established a base in Singapore and in the Middle Eastern countries and have taken advantage of what it has to offer foreign investors.  They have utilized its diverse capital markets and their state-of-the-art financial investment services. The basic incentive for HNIs to invest in Gulf countries and Singapore is the tax advantage and investment policies that offer better growth prospects for their businesses.

What else makes Singapore attractive to foreign investors?

In recent years, Singapore has gained prominence as a favorable destination for the centralization of certain activities such as finance, IT, and logistics.  This provides companies with certain benefits including enhanced productivity, lower operating costs, and superior customer service.  Compared to other countries, company formation in Singapore is relatively easy.  The city-state offers certain incentives that are targeted towards foreign investors from specific industries who can apply directly to the city-state government for them.  For the foreign investor, Singapore offers one of the highest rated communications infrastructures when compared to Hong Kong and Malaysia.

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Technology City in Oman’s Salalah Free Zone to be constructed with Funds provided by UAE Investors
  • Newsletter, Oman

Technology City in Oman’s Salalah Free Zone to be constructed with Funds provided by UAE Investors

According to a recent “Oman Observer” report, a $350 million investment agreement was reached between a UAE investor and Oman’s Salalah Free Zone for the building of Technology City.  The planned 500,000sqm area will feature numerous support facilities including a data park and a technology academy.  The $350 million funding is the most recent in a series of investments made to the Salalah Free Zone.  According to Tech City CEO Ali bin Mohammed Tabouk, the signed MoU (Memorandum of Understanding) envisions a city dedicated to 4th generation and innovation technologies.

Tabouk went on to say that seven investment agreements were signed during the first half of 2020, bringing the total number of signed projects to 88.  This represents a total of $8.7 billion in investments and a potential for the creation of more than 8,000 jobs.  One of the contracts calls for the building of Phase Twuaeo of Al Mazaya Logistics Station, a 134,000sqm parcel of land dedicated to the development of amenities and facilities for tenants of the free zone and a storage area as well.

Governor Sayyid Mohammed bin Sultan al Busaidi of Dhofar pledged his support to development efforts.  Furthermore, he welcomed the role the free zone is playing in contributing to the diversification of income sources, the economic benefit for Dhofar, and the overall growth of the regional economy.  He went on to say that the success that has been achieved in the Salalah Free Zone will attract future investments as it continues to move toward becoming a regional and global business hub.  This will help in the areas of company registration in Oman and Oman company incorporation. If you need assistance with registration of a company or related taxation services, call on experts. 

Chairman Ahmed bin Nasser Al Mahrazi stated that the success that they have achieved with Salalah Free Zone is commendable. Additionally, he hoped that the business zone attracts global businesses and investments to further enhance the economy.  The success resulted from gaining $8.7 billion in investments translates into numerous business opportunities for small and medium-sized enterprises (SME’s) as well as national companies.  Overall, this equates into many economic developmental benefits.  Additionally, Al Mahrazi, who is also the Minister of Tourism, stated that the investments will drive technology inflows and support the creation of new jobs for the citizens of the region.

Al Mahrazi commented that by maintaining this framework, numerous efforts to organize promotional campaigns will continue and target a number of different markets including India, Iran, South Africa, Turkey, and other countries.  The focus will continue to be on attracting high-quality funding in important areas such as innovation-based technologies, logistics, and manufacturing along with other needed sectors.

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Dubai Businesses utilize Digital Formats to access New Markets in spite of Pandemic’s Disruptions to the Global Trade Landscape
  • Newsletter, U.A.E

Dubai Businesses utilize Digital Formats to access New Markets in spite of Pandemic’s Disruptions to the Global Trade Landscape

Even though there have been disruptions to the global trading landscape caused by the COVID-19 pandemic, this cloud really has a silver lining.  By utilizing digital formats, nearly a quarter of a million members of the Dubai chamber of commerce have been exploring new market opportunities on a global scale.  According to Omar Khan, current Director of the Dubai Chamber’s International Offices, a series of virtual meetings and webinars were organized and joined by UAE businessmen and their African, Eurasian, and Latin American counterparts.

Khan went on to say that this digital platform has enabled Chamber members to explore newer, attractive investment and trade opportunities internationally.  Furthermore, this has encouraged new company formation in Dubai while at the same time promoting the area as a hub for global business.  The increasing confidence in Dubai among foreign investors is attributed to their higher levels of participation.  Additionally, that growth is expected to continue in the ensuing months as companies are preparing for the post-COVID-19 recovery period.

One of the more recent virtual events hosted by the Dubai Chamber was an online mission to the Canton Fair (a.k.a. the China Import and Export Fair).  The purpose of the virtual visit was to discuss food trade between Dubai and Russia and explore new opportunities in Mozambique’s gas and oil sectors.  This event was attended by many businesses that are eagerly looking to tap into new market opportunities.  According to Khan, Dubai businesses can leverage the Chamber’s network of international offices in order to:

  • access valuable market intelligence
  • benefit from local support when expanding into new markets
  • make well-informed business decisions
  • network with prospective partners


The Chamber is also supporting those high-potential companies who desire entry into the Dubai market and use the UAE as a strategic trading hub to expand their reach in this area of the world.

This digital platform should also benefit the Dubai Multi Commodities Centre and DMCC company formation.  Established by Dubai’s government in 2002, the DMCC provides the financial, market, and physical infrastructure require for the establishment of global commodities trading.  It should benefit JAFZA company formation as well.  The Jebel Ali Free Zone began its operations in 1985 and is located in the Jebel Ali area at Dubai’s westernmost end near Abu Dhabi.  It was established to provide ready-built facilities such as standard size offices and warehouses for clients or customers.

One of the Dubai businesses that have taken advantage of the Chamber’s initiatives to assist other companies in reaching out to promising market opportunities is a company named Tradeling.  Tradeling, which launched its entrepreneurial debut in February, is a digital marketplace that has been showcasing products from more than 25 countries and nearly 300 suppliers.  It is a B2B (business-to-business) digital marketplace that connects with global as well as regional suppliers to meet local company demands.

As a part of their operation, Tradeling requires companies to align its plans for expansion with the way in which the business environment is evolving.  For example, when Tradeling witnessed the hit from COVID-19 to its beverages, food, and office supplies (its “verticals”), they knew their e-commerce startup had to adapt to this.  Consequently, they took control of the situation and immediately developed a vertical in the area of health and wellness, which wasn’t a part of their original launch phase.

Muhammad Chbib, Tradeling’s CEO, stated those businesses who want to survive the pandemic’s economic hit will have to adapt using these types of tactics.  Chbib also stated that by launching a new vertical in the midst of an economic crisis has made Tradeling even stronger.  It has provided the company with a sharper focus on adapting to crisis-related economic circumstances.

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Empowered Group Formed in India to Attract Investment in Post-COVID-19 World
  • India, Newsletter

Empowered Group Formed in India to Attract Investment in Post-COVID-19 World

India will be a much more investment-friendly nation post COVID-19 thanks to reforms introduced by the Centre. Indian Prime Minister Narendra Modi approved the formation of a cabinet of empowered government officials whose main mission is to attract investment.

Company formation in India will become much easier post COVID-19. This is largely because of measures initiated by Indian Prime Minister Narendra Modi. He approved the establishment of a group of empowered secretaries. This group is to be led by cabinet secretary Rajiv Gauba. Its goal is to make India a more appealing place to invest by FDI as many large companies are looking to mitigate risks by diversifying the investments in new geographical areas.

Many entrepreneurs are finding that India Company Incorporation is much easier post-COVID-19. They are looking at other less risky parts of the world to invest in and to do business in. They see India as being strategic because it is a gateway to lucrative markets in the US, EU, China, and other strategic geographic regions. The newly formed empowered group’s task is to exploit these opportunities and transform India into one of the major players in the global value chain.

Industries want to diversify by migrating to different geographic locations. Officials know that this is large because of COVID-19. The empowered group of secretaries will ensure that as much of this new investment money will end up in India as possible. The Indian government has established Project Development Cells (PDC) in every ministry. This is according to information and broadcasting minister Prakash Javadekar in a press briefing after the meeting.  He said that this will support new industries in the initial stages and fill in the gap within the domestic industries.

Entrepreneurs will be encouraged to enter into emerging and new industries. The measure is expected to dramatically boost and encourage the Indian industry. India envisions itself as becoming a $5 trillion economy by 2025. These measures are designed to ensure that this happens. Different ministries and departments in state governments and the national government will be integrated to work together strategically in terms of investment and similar incentive policies. This will facilitate India reaching its 2025 economic goal.

CEO Niti Ayog, Amitabh Kant and the commerce, revenue, and economic affairs secretaries would also be participating members. The secretary for the department that promotes industry and internal trade (DPIT) would be the convenor. Secretaries of any concerned departments would co-opt in this role. In the post-COVID 19 world, India stands to gain by better economic and tax policies, handholding new domestic industries in the initial stages and streamlining the policies for more FDIs.

The empowered group will evaluate investors and investments through a number of parameters that included project creation and actual investments. Government departments would be given deadlines for the completion of certain projects. The Kolkata port, Shyama Prasad Mookherjee Port was renamed. He was an academician, thinker and a prominent BJP icon. The renaming was approved by the cabinet.

Another major decision taken by the cabinet was to re-establish Pharmacopoeia Commission for Indian Medicine & Homoeopathy (PCIM&H) under AYUSH ministry. The merger will promote the better use of ancient knowledge, infrastructural facilities and financial resources available.

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Dubai Companies set to resume Business Operations with the Announcement of JAFZA Incentives
  • Newsletter, U.A.E

Dubai Companies set to resume Business Operations with the Announcement of JAFZA Incentives

Economic activities in Dubai and throughout the UAE appear to be returning to near normal levels.  As one of the UAE’s largest trading hubs, JAFZA (the Jebel Ali Free Zone) announced the introduction of numerous incentives to support consumers and promote new Dubai company formation and JAFZA company formation.  As a result, many companies will be able to resume their operations and have renewed confidence in this significantly different post-pandemic economic landscape.

According to a recent JAFZA announcement, the easing up of COVID-19 related restrictions in the UAE will enable current and new customers to short-term lease warehouse space without having to pay for custom duties or VAT.  Warehouses ranging from 300 to 15,000 sqm., including FREE electricity and water, will be available.  JAFZA also introduced more flexible terms such as monthly rental payments for new tenants and offered current tenants deferred payments when leasing warehouse space.

The extensive range of a more targeted focus and support also includes the addition of cost-effective shipping services that have enhanced accessibility, increased cost savings, and speedier services.  Other solutions for improved in-house logistics include:

  • 24/7 lease issuance
  • facilitating product movement and trade efficiency
  • fast-track EHS approvals that have been designed to help companies manage the cost of supplies


With times being as challenging as they are, highly competitive business solutions are required in order to see businesses resume their operations and be more profitable in the long term. The new set of economic incentives are an addition to the 70% reduced

Fees for the licensing, registration and administrative fee/levies that were announced in March, before the lockdown began due to the pandemic. Not just UAE, but the pandemic has had far-reaching effects globally.

According to DP World, UAE Region CEO and current managing director Mohammed Al Muallem (he is also JAFZA’s chief executive), customized post-pandemic solutions for the trade sector are being developed for customers. These solutions will enable them to pay less for increased value-added services and support straight across the board.  He went on to say that newer businesses as well as existing companies that we are promoting a back-to-business, investor-friendly environment.

By developing this environment around a market’s emerging needs, it will promote a stronger economic climate for improved business growth in all sectors.  As it currently stands, JAFZA accounts for nearly 24% of the total direct foreign investments and the employment of over 135,000 individuals.  As a result, JAFZA had generated $93 billion in trade as of the end of 2018.  As of this past March (2020), the free zone has reduced all business-related fees by as much as 70% for those businesses operating within it.

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Family Businesses in the Gulf Cooperation Council preparing for Post-Pandemic Growth
  • Newsletter

Family Businesses in the Gulf Cooperation Council preparing for Post-Pandemic Growth

The GCC or Gulf Cooperation Council is the economic and political alliance of 6 countries – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, the economies of which were shocked by the advent of the COVID-19 pandemic during the aftermath of lower oil prices.  Family businesses in the GCC were already in dire financial straits as they were dealing with high leverage, lower profits, and restricted liquidity. Thus, combination of the two economic hits has severely stressed all 6 country’s economies.

Fortunately for most of these businesses, they have taken action and implemented measures to help counteract the economic crisis with new company formation in Saudi Arabia and new company formation in UAE.  However, these family businesses are now faced with adapting to a dramatically different post-pandemic landscape.  Most of them are retaining the existing staff that is important for long term success of the business apart from coordinating actions with suppliers and main clients to enhance business continuity.  It is our belief that these businesses must adopt the following 4 strategies in order to attain a better position over the long term:

Digitize core operations and invest in a “stay-at-home” economy – prior to the pandemic, shopping and working online was on the rise.  Now it will likely be the new of conducting business for businesses and consumers alike.  Therefore, family owned companies in the financial and retail sectors will have to adopt their business models and core operations to this newer, “stay-at-home” economy.

Diversify their financial portfolios – with sharper financial crises and shortened economic cycles becoming more frequent and more globally based, the traditional focus of risk management is failing to protect their financial portfolios.  Consequently, family businesses must pursue a more encompassing approach to risk when managing their portfolios.  They should incorporate cash flow threat assessments with the valuation drivers of demand and price.

Pursue opportunities in the private sector – as a result of decreased oil revenues, GCC government’s deficits are growing.  Consequently, they will need these family businesses to drive their economy more than ever.  It’s important for these businesses to take on more PSP (private sector participation) projects such as opportunities in the infrastructure by developing partnerships between multi-family companies in order to combine their talents and minimize risk.

Take advantage of more local opportunities – by closing their national borders, GCC businesses were forced to re-examine their supply chains and increase their localization efforts.  By investing in local production and new chains of supply, businesses can protect themselves from supply chain disruptions while at the same time reducing their reliance on imports.  Given the stable performance of the manufacturing sector during Saudi Arabian oil cycles, increased opportunities in this sector will be more attractive.

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Ready-to-Eat Food Market in Singapore Primed for Growth
  • Newsletter, Singapore

Ready-to-Eat Food Market in Singapore Primed for Growth

For the forecast period of 2019-24, it is estimated that Singapore’s ready-to-eat food (RTE) market will achieve a CAGR (Compound Annual Growth Rate) of 2.6%. Due to the increased exposure to numerous cultures, Singapore’s citizens are experimenting with new and different foods. This has given RTE foods an opportunity for growth in conjunction with this recent culinary trend of experimenting with people’s diets.

Consequently, the country’s food supply chain is undergoing continual organization and has witnessed an increase in product circulation across applicable retail channels. As a result, this has led to increased Ready-To-Eat food sales throughout the consumer marketplace. Furthermore, regulatory authorities have introduced initiatives that are driving the food market where this is concerned which includes checks on quality and safety standards. This includes efforts on behalf of the Singapore Health Promotional Board to increase awareness of fish products and frozen foods.


Industry Analysis

One of the major Asian trade destinations, Singapore is seeing the growing prevalence with an increase in the use of instant foods. Recent analytical statistics show the RTE foods are gaining increased popularity based on convenience among Singapore’s dual income families. This means that these busy families prefer the convenience of RTE foods due to the constraints of their daily lives and schedules. RTE foods were developed to save people time in the kitchen while reducing the costs related to spoilage. Due to increased family incomes, individuals are now purchasing prepared foods regardless of the price.

Additionally, as the number of dual income families continues to increase in Singapore, more females are entering what used to be a male-dominated workforce. According to statistics presented by the World Bank labor force, the percentage of women in the job market has increased from 43.5% to 45.13% during the period of 2010 to 2018. As more females enter the workforce, they will be spending less time in their kitchens. So, RTE food sales should continue to increase during the forecast period of 2019-24. During the pandemic, interest in self-sufficient soared and the impetus on quick instant foods has seen a spike. There has been an increase in the RTE sale across the consumers along with the ease of product circulation in retail channels.


Fastest Growth Segment

Singapore has emerged as one of Asia’s major trade destinations and continues at an exponential pace. As people’s lifestyles have become increasingly hectic in recent years, the prevalence of instant foods has grown in similar fashion. Since RTE foods are so convenient, fewer Singaporeans are using their kitchens. This has not only led to an increase in the number of brands that are producing RTE noodles, it is the fastest growing food sector in the marketplace. Some of the leading brands include Nestle Maggie and Nissin foods that are targeting the Singapore market that is evolving with changing consumption patterns. Other market members are now being more innovative with their product portfolios as a result, thereby causing a significant shift in the competitive landscape.

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