Singapore’s next chapter: How home-grown firms are rewriting their playbook

WITH OCBC’s strategic support, Enterprise 50 (E50) alumni Sing Fuels and Fei Siong Group have transformed their dreams into reality.

The bank was instrumental in Sing Fuels’ early years and has remained so through every stage of its growth. Today, the bunkering firm has operations in more than 350 ports across five continents with a highly diversified product and services portfolio. On the other hand, backed by OCBC’s tailored financing solutions, Fei Siong has consolidated and digitalised its operations while pursuing expansion opportunities.

Having demonstrated resilience and agility in their founders’ entrepreneurial journeys, both enterprises continue to lay the foundation for future growth.

Adapting swiftly to the decarbonisation wave

In an industry that traces its roots to 19th century coal bunkers, Sing Fuels is a young company that sees a sea of opportunities in the maritime sector’s green transition.

While much of the global shipping fleet still relies on heavy fuel oil, the industry is steering towards a greener future by embracing cleaner fuels, innovative technologies and sustainable practices.

In 2024, as the world’s largest bunker port, Singapore became a leading supplier of biofuels – fuels produced from plant and animal waste. Notably, a successful methanol bunkering trial at Tuas Port last May paves the way for wider adoption of cleaner marine fuels. 

Against this backdrop, Sing Fuels has emerged as a driving force. “We are pivoting from fuel trading to marine energy transition by focusing on alternative energy investments,” says founder and chief executive officer Vikash Dhanuka.

Through strategic acquisitions and investments, the 13-year-old company – and E50 award winner for the past seven consecutive years – has significantly expanded its capabilities, and is setting its sights on renewables and alternative fuels.

“Starting with liquified natural gas and biofuels, we aim to incorporate methanol and ammonia in the near future, aligning with our goal to be a key contributor to the global energy transition.” 

What began as a modest bunker trading operation in Singapore – with just two people and $1,000 in seed capital – now commands an estimated 1.5 per cent of the global bunker market, with operations in the UAE, South Africa, the UK, Turkey, Greece and India.

Key banking partner

OCBC has been a steadfast partner to Sing Fuels since its inception in 2012, amid a downturn in global shipping.

Says Vikash: “OCBC’s support was pivotal during our early years and throughout the pandemic, especially in this challenging industry we operate in. Having a banking partner that has a good understanding of our industry and believes in our potential has made all the difference.

“There have been numerous instances where OCBC was responsive and supportive of our needs, which is crucial for Sing Fuels, particularly when quick and decisive action was needed.”

One such instance was when OCBC promptly supported Sing Fuels with a multimillion-dollar trade facility to meet the need for additional working capital to support its growing customer base. In an industry that runs on tight schedules, having quick access to funds is critical to prevent disruptions to shipping schedules, which could have significant ripple effects across global supply chains.

“Their prompt response to our requests for financing and beyond banking solutions is priceless, especially in an industry where timing is everything,” says Vikash.

In 2022, Sing Fuels acquired a bunker broking business in Greece, giving it a foothold in one of the world’s largest shipping markets and supporting its expansion into Europe. Another milestone is its joint venture with Singapore-based VFlowTech to build microgrids and renewable energy storage systems in Africa.

A new growth chapter

Sing Fuel’s expansion has entered a new phase, marked by a pivot towards technology, energy and finance solutions to meet the evolving demands of the global energy market, says Vikash.

OCBC’s continued financial and advisory support has enabled the company to broaden its portfolio with sustainable maritime solutions.

For instance, the bank was actively involved as board observers during the development of 129Knots, Sing Fuels’ flagship digital investment, which leverages blockchain to enhance transparency and efficiency in trade finance.

The platform is set to expand into wholesale trade and energy transition sectors, addressing cash flow and capital challenges.

“OCBC’s advisory on transparency, digitalisation and corporate governance was critical in helping us set up this new business, providing valuable insights and support from a banking perspective,” says Vikash.

As Vikash transitions into the role of group chairman, operational leadership now rests with newly appointed managing director Sanket Sudhakar Naik, marking a significant moment for the brand’s next phase of growth.

Sanket says: “This shift isn’t just about transforming our operations; it’s also about enabling our buyers to navigate their energy transitions effectively.

“The market for traditional fossil fuels is dominated by established players, but the domain of alternative fuels remains a space of immense opportunity. Sing Fuels is uniquely positioned to leverage its experience and Singapore’s global status as an energy and maritime hub to build and lead an innovative ecosystem.”

Turning street food heritage into a business empire

From their new Enterprise Road headquarters, the brothers behind renowned homegrown food and beverage (F&B) brand Fei Siong Group are discussing overseas expansion plans.

The group behind Malaysia Boleh! and many other popular hawker brands moved into the building in 2023. This was part of a broader plan to streamline operations by bringing management, marketing and support teams, and a central kitchen under one roof – setting the stage for future growth.

“In the last two years, we’ve worked with OCBC more closely to fund our expansion, including the financing of our F&B outlets and new four-storey headquarters,” says Tan Kim Leng, 47. He is executive director of the company and younger brother of founder and chairman Tan Kim Siong, 54.

Scaling up with a global vision

The Fei Siong story began in 1995 when Kim Siong, then 25, started his own fishball noodle stall at a hawker centre outside the former National Library on Stamford Road.

In the next five years, he opened about 10 outlets, roping in his brothers Kim Leng and Kim Beng, as well as business partner New Mun Kit, into the business.

Today, Fei Siong oversees a diverse portfolio of 19 brands and over 200 outlets across the island.

Malaysia Boleh! is its best-known brand, while its other popular businesses include Encik Tan, a halal chain of eateries, Nam Kee Pau, Eat, SG Hawker, Boleh Boleh! and 85 Redhill. 

In 2021, Fei Siong leveraged OCBC’s “F&B Outlet Financing”, a tailored solution created to help food services businesses better manage their cashflow and provide immediate financing support, as they grow their number of brands and outlets.

The bank also facilitated Fei Siong’s digital transformation, including providing the merchant terminals for cashless payments, which proved to be very useful during the pandemic.

Domestically, Kim Siong is scaling up operations in the fast-food sector. Since taking over the Popeyes franchise in 2022, Fei Siong has grown the number of Popeyes outlets from 10 to 18, with three more on the way.

Acquiring Popeyes, explains Kim Siong, will give the group a foothold in the fast-food sector and insight into its inner workings, particularly in areas like standardisation and quality control.

He adds these are key to scaling a business rapidly and ultimately expanding its empire. Building on this experience, the group is also planning to introduce a franchising model to take its hawker brands to the regional market. 

Innovation is also a key focus. At its Jurong headquarters, it is trialling vending machines that can dish out piping hot bowls of laksa and fishball noodles that match the quality of freshly prepared meals at its Encik Tan outlets. If successful, Singaporeans could see these machines in places such as hospitals, army camps and other high-demand locations. 

Eyeing markets in Asia, the UK and the US, the group is also aiming to take Singapore’s iconic hawker culture abroad.

Nurturing the next generation

Beyond managing the group, Kim Siong is also mentoring his daughter Jasmin as she forges her own path in the industry.

At 28, she manages and owns Yi Qian Private Dining, a Chinese restaurant. While Jasmin’s focus remains on building her own venture, her father’s guidance offers invaluable insights into navigating the competitive F&B sector and sharpening her business acumen. Jasmin looks forward to OCBC’s continued support to help her succeed and realise her aspirations.

Says Sue Tan, managing director of Enterprise Banking Industries at OCBC: “At OCBC, we take pride in supporting the next generation of business owners, empowering them to build on their family’s legacy. We are committed to nurturing their growth and ambitions, and creating a lasting impact for their business.”