Ensuring a bright future and a sustained competitive edge

THIS WEEK'S TOPIC: As Singapore turns 54, what is the most pressing issue facing the country?

Vikas Nahata Co-Founder and Executive Chairman Validus Capital

As a powerhouse economy in South-east Asia, Singapore's most pressing issue is to sustain our competitive edge by attracting more talent and investment into the country while retraining the current workforce in emerging businesses such as fintech and other knowledge-based industries. The inner fire to perform and desire to excel must be kept burning in each member of the workforce. Complacency should be avoided at all costs. The evolution of Singapore over the last 54 years has seen it become one of the most coveted countries to live and work in, and we must never take this for granted.

Victor Mills Chief Executive Singapore International Chamber of Commerce

The existential challenge for Singapore is how to sustain and expand the Singapore brand at a time of increased fluidity and uncertainty. There are many aspects to the challenge, all of which are opportunities to excel. Chief among these is the country's low birth rate. Targeted immigration remains the only answer to sustain our economy and protect our way of life. This message needs to be understood and accepted by citizens. That will only happen with consistent, courageous leadership from the business community and from government. Like any country, Singapore is a work in progress. It's up to its citizens to support that progress.

Eugene Fitzgerald CEO and Director Singapore-MIT Alliance for Research andTechnology (SMART)

A positive view on the current global situation is that every downside has an opportunity. Singapore's previous planning will allow it to adjust and stabilise in the current new global variables, and it can continue to attract global talent and investments due to its unique circumstances and business-friendly policies. The key aspect for Singapore, then, is to plan for future opportunity and whatever the crisis is beyond the current one. As the rest of the world is occupied determining solutions for things like future global monetary rules, Singapore can work towards greater domestic innovation, further insulating its future economy from even larger perturbations.

Max Loh Managing Partner, Singapore and Brunei Ernst & Young LLP

Amid all forms of economic uncertainty, wider geopolitical developments and digital disruption, building and maintaining trust among government, businesses, institutions and citizens is arguably the most pressing issue facing any country. For Singapore, as a small and multiculturally diverse country, the imperative to maintain relevance on the world stage and drive inclusiveness as we grow and evolve is real. Leveraging continuous education, skilling and innovation as a means to uplift our human capital, drive opportunities for social mobility and achieve inclusive growth is vital. With trust comes the commitment - both in the minds and hearts of people and businesses - to participate in the country's progress, and this trust must continue to be sustained upon the pillars of integrity, respect, care and mutual support.

Praba Thiagarajah Founder & Group CEO Basis Bay

As Singapore turns 54, the increasingly uncertain geopolitical environment from the US-China trade war is a pressing issue to monitor. Singapore will need to brace itself to weather impending storms as global uncertainties continue to persevere from the trade tensions which show no signs of subsiding.

Singapore must focus its efforts on building its digital economy and maintaining its position as a safe hub for companies seeking investment opportunities in the region. Singapore is positioned favourably in terms of its capacity to innovate as well as its technologically advanced IT infrastructures which are integral parts of its business culture. Protecting its digital assets and continuing its journey towards a digital nation will help sustain its position as a regional hub.

Fostering closer ties with neighbouring Asean countries would be beneficial in offering a comprehensive, minimal risk digital multi-hub to investors.

Sebastian Mueller COO & Co-Founder MING Labs

The biggest concern of Singapore should be the restructuring of the economy, rather than GDP growth. Many issues of the present system need to be addressed: Moving from a system of accumulation to a system that also distributes well. Moving from a system of unproductive (eg purely financial) to a system of productive (eg innovation) growth. Moving from a system that draws down on natural resources, to a system that reduces waste, reuses materials and replenishes nature. A new structure is needed globally to face the 21st century confidently - and Singapore as a strong nation-state can lead the way.

Seah Kian Peng CEO NTUC FairPrice

In the face of economic, security and climatic problems, I would say, perhaps surprisingly, that our main challenge is social - it lies in maintaining unity, harmony. The multi-cultural, multi-racial and multi-religious society that is Singapore is our most precious asset.

What we have done this far was only possible because of our will to work together. A community which works together, stays together and today the social compact remains strong between government and its people.

However, there are many forces at play that threaten to weaken the ties between us which we need to resist and overcome.

We must dare to define and chart our own journey as we learn from what other societies and countries are going through.

It is sometimes easier to say what NOT to do - but that does not give guidance on what the right course of action could be. The problems are many and large - so we need to muster every Singaporean to work together to solve them.

Ana Dhoraisingam CEO, Singapore and Head of Institutional and Wealth Management Sales, Southeast Asia PineBridge Investments

The most pressing issue facing Singapore is how we maintain unity as a nation, in the face of rising challenges. Global trade tensions, rising protectionism and increased geo-political risks around the world have now become the new-normal. The consequences of these will bring their own set of challenges to Singapore and our future. At the heart of Singapore's success has been our strong economic growth, political stability and a multi-racial population that has played a meaningful role in delivering both. Unity and solidarity as a nation will help us collectively pull though these challenging times.

Helen Ng Chief Executive Officer Lock+Store

Singapore is at a critical juncture where the younger generation is calling for more open discussions. Tertiary students also have specific anxieties related to long-term job and housing prospects. If their concerns are not addressed, we could end up with a key demographic group that feels profoundly disillusioned, which is the situation in Hong Kong right now. We need to give young people platforms to discuss social issues candidly in a mutually respectful environment. We cannot afford to let negative feelings simmer.

John Bittleston Founder and Chair Terrific Mentors International Pte Ltd

The most pressing issue facing every country in the world, including China and USA, is whether to form an alliance or alliances with other countries or remain independent. Singapore is already a member of Asean, an alliance of sorts. Should we have stronger alliances with other countries? Europe is finding the European Union difficult because Britain is not committed to it. Singapore could have alliances with countries of its size or with countries in its area. Geography is no longer the defining factor for alliances now that communications and flight access are so good. Singapore needs room to grow physically and technologically. Johor is an obvious preference.

Tony Lombardo CEO, Asia Lendlease

As we watch the world become a more volatile and a less harmonious place, it is important for Singapore to remain an equitable place to live. Driving inclusive growth is critical to create opportunities for everyone. Social media has enabled rapid news flows, but this is challenged by the proliferation of fake news in a post truth era. Clear and authentic communications from political leaders will be important in maintaining peace and stability. Singapore is well positioned for the future and Singaporeans need to understand how they can best play their role to keep it successful, just as they had over the last 54 years helped build this country.

Albert Phuay Yong Hen Chairman and CEO Excelpoint Technology Limited

Singapore has made remarkable progress in building a prosperous, harmonious multicultural nation, and we are now an advanced society. In my opinion, with the ongoing political tensions across the globe and the impact on businesses, companies big or small will start taking cost-cutting measures such as re-organisation and tightening spending and investments. If these global uncertainties are in for the long haul, it is inevitable that the job market will shrink, and this will be a problem for our graduates and the unemployed. These, coupled with rising living standards, will create potential challenges for our people.

Therefore, it is extremely important to build core capabilities and strengthen our domestic infrastructure. When we have strong fundamentals and a strong team, it will be harder for any headwinds to create an impact. There will always be opportunities even in the worst of times. We have to stand united as we navigate through this journey for innovation and growth.

Congratulations on Singapore's 54th National Day! Best wishes for a year filled with peace, success and happiness.

Yvonne Wassenaar CEO Puppet

With Singapore's digital revolution, we need to ensure that the country's biggest assets - people - progress alongside on this journey. It's important to capitalise on the new opportunities that come with Singapore's developments but, with this change, we also expect challenges and have seen a tech skills gap. It's important that we provide adults and tertiary students with the skills they need to succeed with technical shifts, particularly in top tech jobs related to data analytics, DevOps and cloud. These types of skills and understanding will help future-proof Singaporeans with some of the core skills they will need to navigate the digital era.

Maren Schweizer Director Schweizer World Pte Ltd

Keeping Singapore's economy vibrant and innovative is the key. We need to be prepared for even more changes and be increasingly adaptable to them.

Beyond Singapore's physical size lies our strengths to turn our openness and connectivity into an advantage, for instance riding the Asean wave of growth to scale and take advantage of newer and bigger markets outside of Singapore.

Individual businesses can do more collectively by teaming up with trusted local and overseas partners.

Overall we have to stay ahead of rapid changes with our people being the centre of our businesses while continuing to invest heavily in education and training to help our talents realise their potentials and acquire new capabilities.

Rathakrishnan Govind CEO London School of Business and Finance

As we celebrate 54 years of independence, Singapore is at a crossroads: as a developed nation, we are surrounded by economic and political challenges in the region and globally; and, at the same time, we grapple with internal policies that will guide the future of our citizens. Our biggest challenge is learning how to deal with the technology and digital media of today, to better deal with the multitude of disruptions that can potentially be avoided. We are still not coping with this change. We are using traditional methods to solve new problems that we are not familiar with. Business leaders, civil servants and politicians need to understand this and find deliberate means to harness the technology and digital media to work for the world we live in today. I'm sure this will be corrected in time as the new generation takes leadership, but we cannot wait for that to happen today. Let's not talk about technology and digital disruption as an agenda for the future, instead let's act on it today, in all walks of our business, social and policy making.

Sanjay K Deshmukh VP and MD, South East Asia and Korea VMware

Singapore's 54 years and transformation to a First World nation is a reminder of perseverance, resilience and forward-thinking. As we continue on our growth journey, there may be an opportunity to drive more efficiency by transforming our workforce.

The country's small talent pool and the evolving economic and technological environment create an urgency to modernise, upskill and become more agile. We believe that workforce transformation using technology innovations can facilitate better collaboration and employee productivity. It can also be used to harness existing untapped people resources like the differently-abled who are currently outside of the traditional workforce. Work flexibilities made possible with technology can also encourage a workforce that is more gender-balanced. In the long term, technology and diversity can help us create a more sustainable and progressive Singapore.

Jean Drouffe Chief Executive Officer AXA Insurance Pte Ltd (Singapore)

Singapore has come a long way since its independence 54 years ago, and has been extremely successful moving up the ladder at an incredible pace. The next phase of growth may prove to be a greater challenge, and Singapore is now facing issues that frequently plague mature economies - sluggish growth and growing inequalities. Cultivating a caring and inclusive society will strengthen the country's ability to manage challenges along the way, and should be a priority for individuals and corporates alike, not despite the headwinds we are expecting in the coming year but because of it. AXA has been working alongside Singaporeans for 50 years now, and we aim to play a part in building an inclusive society through meaningful collaboration with local entities that share our purpose to empower members of our society.

Jayaprakash Jagateesan Chief Executive Officer RHT Holdings Pte Ltd

Singapore's pioneer generation had to pick up new skills as they pushed into nascent industries which today form the backbone of our economy. Their enterprising spirit helped transform this colonial outpost into a leading economy.

In today's uncertain economic environment, there is a pressing need to ensure Singaporean workers are not left behind in the wake of any disruption. Future-proofing today's talent is a top priority to meet the needs of businesses seeking new areas of growth. My colleagues and I are experiencing this firsthand as we expand into the fintech sector. Building on our corporate fund-raising experience, we're upskilling to grow our capabilities in blockchain technologies and digital asset exchanges.

Chia Ngiang Hong President Real Estate Developers' Association of Singapore (REDAS)

The most pressing issue, in my view, would be to build on and strengthen the understanding and trust between the government and the people, keep our society cohesive and united, and our politics constructive, inclusive and forward-looking. This is important as our society becomes more diverse, our people better educated and better exposed all round the world, and also observing how quickly society is fragmenting into parts in many other societies.

The need for government, businesses, workers, citizens and all stakeholders to stay and work closely together is made even more urgent on the back of geopolitical, social and economic upheavals happening all around us today. The challenges likely will become even more complex and difficult, and may need painful measures. It is only by staying cohesive, united and committed that we would be able to have consensus on how to respond and deal with the many challenges confronting us today ... quickly, appropriately and decisively. And, in doing so, better prepare and position ourselves for the future.

Cheung Pui Yuen Chief Executive Officer Deloitte Singapore

We celebrate our 54th National Day in the midst of challenges in an increasingly digitised world. Singapore needs to rise to the task of transforming the economy as we move towards a digital future. One of the ways we can do so is to transform our workforce. Both the young and older workers should be equipped with the knowledge and skills to be digital-ready, cyber-savvy and resilient for the changes ahead. This will help position Singapore to seize the opportunities that will open up regionally and globally, and help us punch above our weight and stay at the forefront in the global economy.

Dileep Nair Independent Director Thakral Corporation Limited

Born as an ''accidental nation'', Singapore has faced many challenges since independence. Despite the odds, we have overcome them. We have succeeded and, indeed, thrived. The key factor has been the strong and exceptional leadership that has rallied the people together, taken bold and decisive actions, and despite our small size, allowed us to stand tall in the international community and be taken seriously. Today, we are faced with a possible recession, geopolitical instability and even threats to societal harmony. Our new 4G leaders are beginning to take charge. They need to show they have the mettle, gumption, tenacity and vision to take on these issues. Most importantly, they must earn the trust of Singaporeans to lead the nation with confidence. No other issue is more pressing to ensure Singapore's continued well-being.

Leonard Cheong Managing Director AdNovum Singapore

Singapore has made significant national progress as we grew in harmony over the last 54 years - socially, politically and economically. Disrupting this harmony will be detrimental to our future progress.

Today, it has become more crucial to continue to be a cohesive society as things become more complex.

To continue to excel, Singapore must stand:

- Socially united and inclusive as 'One People' regardless of race, language, religion, age, nationality or financial status;

- Politically undivided and stable to attract investors; and

- Economically undisrupted and strong, as well as look at new ideas to harmonise the digital economy quickly.

Benjamin Low VP Sales, Asia Pacific Milestone Systems

Singapore needs to look for new ways to tackle its economic slowdown - most notably by ensuring that its sectors are embracing technology to increase productivity and efficiency and, more importantly, making sure that no one is left behind. This requires a multi-prong approach - including formal education, hiring the right people for the right skills, as well as reskilling and upskilling existing employees.

In our manpower-crunched society, reskilling and upskilling are especially pivotal to companies, and is a necessity for potential employees to fit the needed roles in an evolving digital landscape - with McKinsey emphasising it as an essential part of the solution to plug the current skills gap. As such, businesses, as well as the government, should embrace the benefits that digitisation brings, and work with all employees and citizens to overcome the technological barrier.

Chung Heng Han SVP, Systems, EMEA, Asia Pacific, and Japan Oracle

We are living in an era where disruption and globalisation are buzzwords changing the way we live, work and play. Having quickly evolved from Third to First World, Singapore's priority to advance this ''little red dot'' on the world map for the next 50 years is to invest in the future. Singaporeans need to continue to embrace adaptiveness, entrepreneurship, collaboration, be driven and open to technology and ideas to thrive in the VUCA world. Oracle is already part of this change in guiding the next generation with initiatives like Oracle Academy helping students be future-ready via computer science classes and certification.

Chris J Reed Global CEO and Founder Black Marketing

Generating more risk-taking entrepreneurs. If this happened then trade wars wouldn't impact the country as much. Entrepreneurs should be the lifeblood of the country and they should be bold, take risks, expand internationally and use LinkedIn to socially sell beyond borders.

My largest market is Zurich, all created and generated through LinkedIn but enabled by being in Singapore with the best airline and best airport in the world. These entrepreneurs also need to be less cautious and have less reliance on government handouts. Too many wannabe entrepreneurs ask whether a service is funded by the government before going ahead and often won't if it's not. That's not how entrepreneurs think.

Entrepreneurs think how if they win clients in different countries they can expand with the money from those clients. You have to risk it to gain it. Singapore needs to encourage entrepreneurs and change the culture of risk avertness amongst both employees (who settle far often for easy jobs rather than push themselves), wannabe entrepreneurs and actual entrepreneurs.

Lee Kuan Yew was phenomenonally entrepreneurial in his approach to business and the country; my fellow Singaporeans need to embrace his spirit and go out and create opportunities in the world that will enable their Singapore businesses to thrive. Majulah Singapura!

John Ng Chief Executive Officer YTL PowerSeraya

A sustainable and resource-resilient Singapore is key to our survival. Earlier this year, the Ministry of the Environment and Water Resources designated 2019 as Singapore's Year Towards Zero Waste, and also announced the inaugural Zero Waste Masterplan - reiterating the importance of sustainability.

As Singapore progresses towards its next 54 years, investing in large-scale infrastructure and development of long-term plans will be key to protecting ourselves from the impact of climate change and global warming. However, individuals and communities also have a part to play. Through our electricity retail brand Geneco, we seek to promote habits and lifestyles that contribute to a healthy and sustainable environment for future generations.

Jimmy Yam VP of Sales, East Asia Eaton

Amidst a spectrum of geopolitical pressures, trade tensions and economic slowdown, Singapore must stay on course with its ongoing digitalisation efforts. As the digital revolution continues to reshape business operations and daily living, we must safeguard, nurture and harness Singapore's most vital resource: its people. Businesses and the government must continue to invest in skills upgrading, and foster more talent in the STEM sectors. This skilled, ambitious workforce will be the foundation that powers our digital transformation and innovation. This way, Singapore will be better equipped to use technology to address local issues, and stay competitive on the global stage.

Naveen Menon President, ASEAN Cisco

My birthday wish for Singapore is that we build a strong ecosystem to foster digital infrastructure development and service investment to help create jobs and grow the economy. Singapore is well positioned to gain from Industry 4.0 with manufacturing-specific initiatives focused on strengthening workforce capability development and, co-developing and testing the latest technologies.

However, due to our rapid rate of digital transformation, Singapore's labour market will face a large degree of job displacement over the next decade, with almost 21 percent of the workforce affected, according to research by Cisco and Oxford Economics.

While it is easy to focus our attention on politics and trade, let's not forget about investment being the key to long-term economic growth. The government's continued investment in programmes especially in emerging technology areas will address this re-skilling challenge and ensure that our highly-skilled workforce is prepared for jobs of the future.

George Lee VP, Asia Pacific & Japan RSA

As Singapore turns 54, the country's Smart Nation initiative will have been in motion for five years. Over this time, we're embracing new technologies like biometric authentication to power Singapore's National Digital Identity system and have most recently seen progressive liberalisation of the banking sector with digital bank licences. Indeed, a wealth of opportunities lies ahead for Singapore, yet the rush to embrace technologies to support the country's digital economy ambition brings about vulnerabilities and a multitude of digital risk - such as data privacy risk.

A city cannot be smart if it is not safe - and it will call for digital risk management, where silos between risk, IT and operations functions within any organisations will need to be broken down to understand the true nature of digital risk, and ultimately effectively and efficiently manage it.

Colin Brookes SVP, Sales & Services, Asia Pacific & Japan Citrix

Singapore's ongoing talent crunch will continue to be a critical business issue. Organisations need to ensure they accommodate a multi-generational workforce. For the first time, we have five generations in the same workforce: traditionalists, baby boomers, Gen X, millennials, and Gen Z. Although this can present a huge opportunity, each group adopts work styles and technology differently; organisations must consider the individual needs of varied generations. Flexible working is on the rise, popular across the different generations in our workforce today. If organisations create a flexible workplace, enabling individuals to live and work from where they want or need to, it could significantly broaden the pool of talent.

Joanne Wong Senior Regional Director, Asia Pacific & Japan LogRhythm

Amidst a global landscape of intense competition and rapid technological change, Singapore can remain competitive by creating an environment that allows innovation to thrive and that welcomes and accepts diversity and inclusion. Singapore is already doing well in this aspect - retaining its lead in South-east Asia as seen in this year's Global Innovation Index - due to continued efforts to drive innovation such as regular sandpits and incubators. That said, maintaining good relations among diverse groups remains a priority. Having a cohesive, diverse workforce is not only a critical component to driving innovation, but also a key building block to our unique identity.

Dolly Goh CEO Singapore National Co-operative Federation (SNCF)

As Singapore celebrates another milestone, internal challenges such as an ageing population and rising healthcare costs remain a pressing issue that require a collective effort from society to overcome. We encourage Singaporeans to band together to help themselves, and others, to lead better and fulfilling lives. Ground-up initiatives like GP+ and NTUC Health Co-operatives provide seniors access to affordable healthcare services, while the Silver Horizon Travel Co-operative allows seniors to age actively through customised travel programmes. Other co-operatives like Premier Security Co-operative and Co-operative of Singapore Civil Defence Force Employees (COSEM) also leverage the experience and knowledge of retired uniformed officers by employing them to provide security and safety services. However, it's still important that we help ourselves by staying fit to beat rising healthcare costs. We can do so by participating in running sessions organised by Runninghour Co-operative or following the footsteps of First Campus Co-operative to encourage good eating habits in the young.

Ho Nyok Yong President Singapore Green Building Council

Singapore faces many challenges but there is one that cannot be ignored. The warning call of climate change has become louder and clearer, from uncharacteristic weather to rising sea levels. Singapore as a small country is particularly vulnerable to the negative impact of climate change and it will affect every Singaporean regardless of age, language or religion. It is important for us to invest time, resources and our collective efforts to address the effects of climate change to ensure a future for the next generation - failing which, we may face the ultimate treat to our survivability. By working together to make our buildings and infrastructure more environmentally sustainable while inculcating more responsible user behaviour, we can help mitigate what is the single most pressing issue we as a nation will ever face.

Jason Hammond Chief Executive Officer QBE Asia

As global tensions escalate, Singapore needs to ready itself to accommodate new investments and trade flows to the country as stability and long-term economic performance become even more important factors for businesses and governments. Most pressingly, small and medium-size enterprises (SMEs), which are the lifeblood of Singapore's economy, need to rise to the occasion to find new ways of sharpening competencies and increasing their competitiveness on a global level. Digitalisation, internationalisation and an expansionary mindset need to become core to the SME psyche, challenging enterprises here to better grasp the new opportunities that Singapore could welcome amid a changing global economy.

Richard Low Chief Executive Officer Cargill Tropical Palm

Overcoming Singapore's limited natural resources will continue to rank highly in the nation's agenda, as our ability to survive hinges upon the security of resources, such as food, gas and water supplies.

Our pro-business environment and technology capabilities have allowed the country to attract the talent and capital needed to overcome this challenge. Singapore must take the lead by investing in sustainable technologies and solutions to help boost productivity in a safe, responsible and sustainable way. With that, Singapore can enhance its relationships with neighbouring countries by collaborating and sharing these competencies, resulting in overall progress as a region.

Axel Berkling Executive VP, Asia-Pacific KONE Corporation

As Singapore celebrates its 54th birthday, reducing the impact on its environment should be a top priority. Sustainability goes beyond creating circular, carbon-neutral economies. To achieve this, both organisations and individuals must collectively make a commitment to conduct their business in a responsible and sustainable manner. Buildings and transportation hubs need to be designed and built in a way that caters to increasing demand for accessible, safe and convenient people flow. We, at KONE, understand real-world challenges and continue to focus on sustainable development to create a better Singapore for people to live in. I strongly believe that keeping an eye on our environment needs to become a part of our everyday activity. This will help us in contributing better to sustainable growth.

Praveen Kumar General Manager for APAC ASG Technologies

Beyond trade, the economy and navigating global power relationships, Singapore's most pressing issues include the data breaches that have occurred at government-run organisations as well as major local enterprises. Data and application security are a high priority, due to the growing risks that theft poses to the security of private information. As the country moves forward with its plan to digitalise all government services by 2023, bolder and stricter data protection policies must be put in place including the ability to discover, store and deliver content and data in a secure and traceable manner.

Sanjiv Lamba Executive VP & CEO, Asia Pacific Linde plc

As we celebrate Singapore's 54th national day, it's timely to look ahead into our country's future, and realise the unlimited opportunities that the human-technology interface will have to offer us.

To recognise and ensure equitable access to the benefits of this transformation in the future, both the government and private sectors must collaborate to understand technology trends. This includes the benefits and disruptions they can bring, while also preparing - as a society and as a workforce - to leverage it. Only then, can true change happen through upskilling, education and revitalisation.

Anand Sanghi President of Asia and India Vertiv

Singapore continues to remain at the forefront of digitalisation. As we are aware, many MNCs are choosing Singapore as their regional data centre hub due to its ideal investment environment, supportive regulatory framework, and technology innovations. With the nation's onward march towards digital transformation, the emergence of IoT-enabled devices and increases in data transfer speed demands have allowed our nation to take the lead in terms of technology adoption in this dynamic environment. While the government continues to drive initiatives to reform education and upskill tech talent in critical sectors such as manufacturing and logistics, businesses and citizens need to actively participate in these initiatives to ensure continued and sustainable economic growth and development in Singapore. It is our responsibility and duty to work with the government to help overcome the global economic, trade, social and fundamentalist headwinds that are buffeting other nations. Together, I am confident that we will succeed.

Andrew Seow Regional Director for Southeast Asia and Greater China Rimini Street

Singapore's digital transformation is taking place at a relatively faster rate than other countries in Southeast Asia. It's driving businesses to rethink their traditional imperatives and bringing a new focus on customer engagement and disruptive business models. Coupled with the unpredictable trade complications that are happening globally, Singapore businesses need to think outside the box to enhance innovation to gain a competitive advantage. And because the pace of Singapore's digital economy keeps accelerating, the pressure on IT to do more with less will continue to grow. Singapore businesses need to optimise inefficient processes and reduce costs across their IT landscape that can be a drag on their business. Developing a proactive strategy to optimise costs will help companies get ahead of the curve by channeling the savings towards innovation and technology to focus on helping their business achieve its own unique growth and differentiate themselves from the competition.

Stu Garrow SVP & General Manager, APAC Talend

In a world where fake news and clickbait are everywhere, people are having a hard time trusting the data presented to them. Trust in data's truthfulness and integrity is one of the most pressing issues Singapore is facing. With digital transformation a priority, companies as well as the government need to reassure people that their strategies are based on truthful data. At Talend, we believe that one of the keys in building trust and creating transparency is how companies manage data collection, governance, and transformation. We believe that trusted data is the holy grail for enterprises, and to foster transparency and greater trust, a great data management platform must be put in place.

Terry Smagh SVP, Asia Pacific & Japan BlackLine

Amidst economic headwinds and rising threats, Singapore's financial regulatory system must instill trust among local companies. The government has said it will continue to work towards smarter regulations that would enable innovation and reduce the cost of compliance, while ensuring that risks are effectively managed.

Our recent survey in Singapore revealed that 46 per cent of respondents are reworking their financial data. Human error was also listed as the top cause of a lack of trust in financial numbers. As Singapore turns 54 this year, our finance industry will need to keep pace towards introducing automated workflows and qualified talent, in order to have the visibility of data needed to respond to market changes effectively and swiftly.

Mario Singh CEO Fullerton Markets

There are three pressing issues facing the country - social, political and economic. The recent "brownface" saga shows that racial and social issues are still a hot button issue. In the political scene, Singapore has to call the next general election by April 15, 2021, which is less than two years away. This, coupled with the fact that Tan Cheng Bock has formed a new political party, has certainly increased interest in our political scene.

Finally, the economic situation. With central banks from USA and Turkey to South Korea and Australia cutting rates, the issue of a global recession is fairly probable in the near future. However, with our shared values of resilience, self-determination and openness, I am confident that we are more than able to weather these issues as a strong country and forge ahead together.

Toby Koh Group MD Ademco Security Group

Singapore's 54th birthday is yet again another celebration of how a tiny island beat the odds and became a First World country in one generation. However, we face the following three challenges.

Firstly, from an economic perspective, how do we pivot to new trends, technology and business to keep relevant. The subset to this will be how we will need to change our education system to produce the entrepreneurs, engineering, medical and other types of talent that can propel us forward. We need to support and grow our promising local businesses through initiatives like the recent Scale Up programme by Enterprise Singapore.

Secondly, the global political scene has changed drastically in recent years. Our relationship and relevance to major powers as well as our neighbouring countries must be managed to ensure our safety and security.

Lastly, our aging population and low birthrate must be addressed before it is too late. Better schemes and support must be taken to encourage locals to have more children as a priority. Immigration is a necessary second supplementary means. Our Singapore culture and way of life is unique and must be preserved at all cost.

Lim Soon Hock Managing Director PLAN-B ICAG

Singapore has yet to have a critical mass of large local companies with a global footprint - our equivalent of MNCs. This is despite much effort by the government over the years to support and groom promising startups and SMEs.

The strategic importance cannot be over-emphasised to preserve the hard-earned economic wellbeing of Singapore. Going into the future, large local companies are required to complement MNCs, more than ever, to provide good jobs, good salaries and good career prospects for Singaporeans.

SMEs must continue to intensify efforts to be innovative and creative, be more productive and thereby be more able to compete internationally. There is greater urgency now due to rapid technology change, digitalisation, shifts in supply chain, accelerating internationalisation and increasing competition from neighbouring countries.

It is easier said than done, but government and SMEs must not give up on this critical aspiration.

David Leong Managing Director PeopleWorldwide Consulting Pte Ltd

At 54, Singapore is entering a sensitive political era with a shift to the 4G leaders. Singapore is molting, changing skin as it were, and in this phase, the new leadership needs to pull the nation together with their vision and political credibility.

Economic cycle gyrations, recession or inflation, tensions between nations and currency volatility are occurrences to be expected over time and will happen one way or another. Getting through these episodes unscathed, harmed lightly or seriously or defeated will depend a lot on the political leadership in navigating Singapore through the tumultuous times. Singapore must brace for the tough situation with its 4G leadership and this becomes the most pressing issue for the country. Singapore thrives on political stability, transparency and strong governance delivering a highly developed economy with free trade pacts that connect it extensively to the world. Singapore is a Top Four global financial centre, alongside New York City, London and Hong Kong.

Whatever happens in Hong Kong with the riots or even UK with Brexit, it all happens at an inflection point with an event and then everything spirals downwards.

At 54, Singapore must be wary of the pitfalls. We are too small and failing is too easy.

Dora Hoan Group CEO Best World International Ltd

The 54-year-old Singapore has a very good reputation in many aspects of economic development. Indeed, Singapore is a role model for the world in terms of education, tourism and transportation. But like other countries, it also faces challenges such as the rise of protectionism globally; the impact of digital disruption on society; income inequality; etc. Among these, protectionism globally is the biggest concern for Singapore on the economic and business front.

As financial hubs, Singapore and Hong Kong are two of the four ''Asian Tigers''. The two first-world, developed economies share several characteristics - both have a services-dominated economy, high per-capita income, and low poverty rate. However, despite the advantages of Singapore in effective public bureaucracy under strict regulation and law, more and more companies prefer to list in Hong Kong.

Perhaps there is a possibility that the strict regulatory mindset in Singapore could be a double-edged sword - it provides a stable social environment but at the same time negatively affects entrepreneurship and business expansion of local firms in other countries that are different from Singapore. This is perhaps a matter worth pondering for Singapore.

Adam Reynolds CEO, APAC Saxo Markets

The US-China trade war has ratcheted up sharply in recent weeks. As Singapore turned 54, the escalations of the trade dispute, and of unrest in Hong Kong, are key economic and geopolitical concerns for the country. Singapore has historically done a good job of maintaining strong relationships with both US and China and not be forced into choices it does not have to or want to make. It is likely that the pressure from both the US and China to take their side in this dispute will increase, and Singapore should maintain its path of walking a fine line between the two powers and prioritising its own interests first. At the same time, the dispute now appears to be getting a life of its own, and so the risk of a sharp economic downturn in Asia is now higher than at any time since the 1997-2000 Asian crisis. With Singapore being primarily driven by trade, the impact of this trade war is likely to be significant. Any further escalation increases the probability of a recession and Singapore should be prepared for this increasingly likely event.

Vincent Goh SVP, Asia Pacific & Japan CyberArk

Among global and local uncertainties across the economic and political scene, Singapore needs to focus on its mission of being a smart and safe nation. Just as Singapore emerged as a First World nation within a few decades, we need to remain as a strategic player on the global map through talent upskilling and IT advancement. As our quality of life has improved through our Smart Nation initiatives, protecting our personal data needs to be top of mind. Data is indeed the new currency. The government has set up regulations around data protection and privacy, but both businesses and consumers need to be more vigilant than ever before against allowing others access to our sensitive information.

Roshni Mahtani CEO and Founder theAsianparent

While declining birth rates is one of the most talked about issues in Singapore, we must also consider how we can sustain - and ideally, improve - quality of life. Fifty-four years ago, the Merdeka and Pioneer generations worked tirelessly to transform Singapore from a Third World country to the First World city she is today. Now, the responsibility falls to us to ensure that new generations born in Singapore have better healthcare, safety and security, and educational opportunities. Adopting a bottom-up approach lets us have the right conversations, and is necessary to ensure the right resources and support mechanisms can be put in place for future Singaporeans to succeed for the next 54 years.

Ng Aik-Phong Managing Director Fave Singapore

A decline in Singapore's F&B, retail & non-PMET services sector is perhaps among the most pressing issues facing Singapore's economy. Falling footfall in malls, competition from non-physical retail including e-commerce, a manpower crunch and increased operational costs, are all threats to the sector's productivity, employability and profitability. At Fave, we believe that businesses need to digitalise to attract, serve and retain both online and offline customers. Our partners who have embraced our mobile payments or table ordering solutions have experienced marked business growth and operational efficiency. We look forward to working alongside businesses owners and government agencies to achieve our nation's collective goals.

Andrew Tan Managing Director JOS Singapore

As Singapore celebrates its 54th year of independence, we continue our evolution as a Smart Nation that encourages businesses to digitise. However, adoption is slow amongst businesses in Singapore due to a lack of understanding on how digitisation can enable their business and employees. Businesses need to understand that technological innovations are here to stay. These innovations provide opportunities for employees to upskill, remain competitive in evolving work conditions and build resilience to deal with the fluctuating economy. With the support of the right partner who understands their business strategy and challenges, they can look forward to benefit from digitisation.

Timothy Chen Co-Founder and CEO MaxFinx

As Singapore continues on its digital journey, it's critical that we do not leave anyone behind.

While 'disruption' and 'digital' are often inclusive, there will be some who fall through the gaps - and we have to do our best to ensure that any technologies or initiatives introduced are in the best interests of all, instead of just many.

Digital banking, for example, has the potential to serve the masses. If done right, digital banks will provide numerous multiplier benefits for everyone, while at the same time better reaching SMEs and smaller institutions that are not as well served as the medium and large enterprises.

Hari V Krishnan CEO PropertyGuru Group

Digital adoption is the single key to future-proof success for any business, economy and country. Having it at the front and centre of the country's agenda will lead to faster digital skill development and, at grassroot level, ensure future-ready jobs and opportunities for generations that follow. Digital disruption then becomes more a growth opportunity than a threat. Digitisation brings the much-needed transparency to industries and that is always a win for consumers, creating overall growth. The recent initiatives by the Singapore government to create a framework that enables digitisation of property buying and selling is a step in the right direction, especially as the property industry has been lagging behind in digital adoption compared to other industries.

Deborah Heng Country Manager, Singapore Mastercard

As Singapore's biggest business segment, SMEs will play an even bigger role to positively impact the local economy and mitigate the threats from the increasingly challenging global environment. While they have begun efforts to digitalise, more can be done to enhance business productivity and efficiency. Continued collaboration through public and private partnership is key to bring more solutions to the forefront. For instance, the government's Networked Trade Platform integrated with Mastercard Track helps remove frictions in the global trading system and facilitates participation in global trade. Global training programmes like those offered by ICC Academy on e-invoicing, in partnership with Mastercard, Basware and Xero, also aim to spur the implementation of digital payments capabilities and end-to-end solutions that include e-procurement, efficient inventory management, fraud identification, etc that are essential to a business's ability to grow today.

Shawn Chen Commercial Director, Global Forwarding, and Director, South-east Asia C H Robinson

Singapore is not immune to the forces currently reshaping the business landscape - like the US-China trade war - and while some companies fear disruptions, others see opportunities for new growth. This uncertainty has led to several e-commerce platforms, importers, and exporters reaching out to CH Robinson to discuss options for mitigating potential risk.

We leverage our key advantages throughout our strong network of offices with global and local experts in trade and customs formalities, to help these changing or emerging businesses deal with the disruption of the market.

As uncertainty and market changes continue, a strong innovative mindset, driven both by people process and technology, can transform and strengthen Singapore's economic fabric.

Pierre Vauthrin Managing Director for Asia FINALCAD

Since digital transformation became popular in the construction industry, it has changed the perception of the industry as being labour-intensive, wasteful, costly and highly risky, both financially and physically. However, still, some companies end up keeping digital solutions in their drawer without using them after purchasing due to fear of change or the difficulty of adaption.

Beyond searching for up-to-date new technologies, construction companies should consider choosing more accessible, handy and easy to adopt technology to increase the productivity of the field where most of the workforce is. Furthermore, digital change should lead from the top and empower from the bottom. Developing a high-level road map for accomplishing your goals and sharing a vision and planning with your workforce, partners, and customers and speaking of it often is the key to seize long-term improvement.

Sumit Bansal Senior Director, ASEAN and Korea Sophos

Following a spate of data breaches in Singapore recently, one of the most pressing issues Singapore faces is combatting cyber threats. While the country has prioritised cybersecurity as part of its Smart Nation vision, the reality is that not all organisations are keeping pace. The push towards a Smart City and the digital progression that comes with it will open the door to more data-driven threats that businesses in Singapore will need to deal with proactively and with vigilance. This requires having the right tools, security knowledge, and the right company culture to actively champion cybersecurity as a top priority.

Jagdish Mahapatra Managing Director, Asia CrowdStrike

Amid regional business headwinds, many organisations in Singapore have turned to digitalisation to maintain their competitiveness. However, recent cybersecurity incidents have shed light on the need for speed, given the ever-present risk of cyberattacks. It is now imperative for organisations to put cybersecurity front and centre, establishing digital defence capabilities that not only provide effective endpoint protection, but also allow them to react swiftly and efficiently to breaches. We are seeing a growing recognition of cybersecurity by the government, with accelerating enactment of regulation around enhancing cyber resiliency, and we expect this momentum to continue as Singapore continues its digitalisation drive.

Vijay Kumar CEO & Founder ConnectUpz

The impact of digital disruption can be a boon for some and a bane for others. The third industrial revolution of digitisation has already evolved into the fourth industrial revolution of artificial intelligence, with some jobs being replaced and restructured by technology. Digital disruption should be welcomed, if it helps spread the revenue equally amongst more suppliers, brings down cost for end-users and offers affordable business solutions to SMEs, with the purpose of normalising the market.

Startups like Grab and Gojek have helped to broaden the market access into industries that were previously monopolised by large corporations and have helped to create thousands of new jobs. In the long run, with healthy competition from digital disruptors, end-users stand to gain the most.

Adam Judd SVP, Sales, APAC F5 Networks

Amidst rising global trade tensions and internal factors such as resource constraints, the government is increasingly investing in technology to help alleviate the issues that are plaguing the economy. Further, with 86 per cent of Singaporeans now online, applications increasingly become the currency that drives the digital business landscape, and with this comes mounting cyber risks. As such, it is imperative for both public and private sectors to have a solid technology foundation to keep pace with the evolution of digital transformation.

We are only as strong as our weakest link and every single one of us play a critical role in helping the country realise its Smart Nation vision. All organisations need to re-assess their cyber resilience to ensure they have a secure and hardened infrastructure to mitigate against threats that could destabilise the economy. Embracing secure and agile practices today would build greater trust in organisations across all sectors that aim to compete on a global stage.

Lee Fook Chiew Chief Executive Officer Institute of Singapore Chartered Accountants

With rapid technological advancements such as artificial intelligence and automation transforming the way companies operate, Singaporeans will need to master new skills to remain relevant in this age of Industry 4.0. To successfully ride the digital wave, the government has rolled out a slew of initiatives to support the upskilling and reskilling of Singaporeans.

As the national accountancy body, ISCA is similarly preparing the accountancy profession for the digital age. For example, our learning roadmaps enable accountancy professionals to identify their competency gaps and take charge of their professional development. We also developed specialisation pathways such as the ISCA Financial Forensic Accounting Qualification and ISCA Infrastructure & Project Finance Qualification for professionals to develop expertise and be recognised as specialists in these high-growth areas. We will continue to expand our course offerings to include topics such as artificial intelligence, robotic process automation, blockchain and data visualisation, to better prepare accountancy professionals for the future economy.

Dylan Castagne Managing Director Retarus Asia

Digitalisation has created new gateways and opportunities for cyber criminals to exploit: Along with enhanced interconnectivity between individuals, companies and government agencies comes the emergence of new cyber attack endpoints. As cyber criminals up their game with increased speed, tenacity, and sophistication, it has become even more imperative for everyone across the ecosystem to employ modern, innovative cybersecurity programmes and policies to prevent data breaches. For Singapore to advance sustainably in its Smart Nation journey, driving innovation within the cybersecurity ecosystem and fostering enhanced stakeholder collaborations that uphold data protection and privacy across Singapore will be the way forward.

Lionel Lim VP and and MD, APAC and Japan Pivotal

Keeping up with the fast-paced and ever-changing global economy is imperative for the Singapore market to remain competitive. Digitalisation opens up doors to new opportunities and helps nations overcome common challenges. As such, majority of governments have launched their own set of digital initiatives.

For Singapore to remain ahead of the pack, there is a need to think ahead and explore the solutions of tomorrow that enable agility. This includes deploying cloud-native applications and Kubernetes.

Justin Chiah Senior Director and GM, South East Asia and Taiwan Aruba, a Hewlett Packard Enterprise company

Singapore is striving to be among the front runners in 5G applications and services to support its Smart Nation and digital economy ambitions. Against this landscape, high connection density to accommodate the rising number of Internet of Things (IoT) devices in the market, and the need for a low latency 5G and Wi-Fi network are critical to ensure Singapore's connectivity infrastructure is able to better serve the digital appetite of the nation. To achieve this, our focus at Aruba is to help organisations make sense of 5G and Wi-Fi to future-proof their businesses by ensuring that Wi-Fi continues to evolve to be the most reliable and cost-effective access technology for a wider range of use cases, in parallel with 5G.

Surajit Dutta Medical Head, Southeast Asia Sanofi Consumer Healthcare

Singapore's ageing population, coupled with the rise in chronic diseases, is one of its most pressing issues. In response, we've started to embrace self-care, the ability for citizens to prevent and manage minor, acute conditions such as coughs, colds and allergies, more independently of our healthcare system. To accelerate adoption, healthcare professionals and consumers - among others - all have a role to play in better empowering citizens to make informed health decisions. Our regulators also have a critical job in exploring safe opportunities to switch some prescription medicines to be available over-the-counter. As we celebrate National Day, let's pledge to make self-care more of a reality, in a move towards better health outcomes for all.

Seow Hui Hong Programme Director BlueChilli

Driven by population and lifestyle changes, we see mounting cost burden of healthcare in Singapore. With the rise of non-communicable and chronic diseases, mental health and ageing-related issues, there is great potential for Singapore to leverage on innovation and technology for more cost-efficient, accessible and transparent services and greater continuity of care. For instance, by enabling preventive care and active management of health in community-based settings while also addressing challenges such as manpower shortage. BlueChilli hopes that there will be more tri-sector collaborations and platforms to bring local communities together to develop and adopt solutions with shared commitments for a healthier population.

Seamus Phan Chief Content & Technology Officer McGallen & Bolden

Birthdays are a reminder of how our mothers gave birth to us with excruciating pain. Likewise, as Singapore turns 54, amidst the celebrations, there is pain to be endured ahead in this challenging climate exacerbated by global tussles.

Large bricks-and-mortar industries have left our shores for a reason - cost. The highly digitalised industries that we are banking on require a sophisticated workforce that's also in high demand elsewhere. Residents are coaxed to upgrade their skills. But just learning simple coding will not easily secure jobs in a sophisticated world. So the digital skills chasm our workforce faces is our Achilles heel. Our workforce needs to also temper salary expectations and hold on to jobs, as businesses worldwide tend to find the lowest cost denominators to do business.

Johnson Chng Managing Partner (Asia) QVARTZ

The most pressing issues facing Singapore are as follows:

- Expanding new market partnerships and deepen existing ones in the region or further, to reduce our exposure to and dependency on the US and China as the trade war does not look like it will end anytime soon and is becoming the new normal.

- Addressing Singaporeans' basic needs of rising living costs and challenging job environment.

- Political progression: Like with what's going on in Hong Kong, the Singapore government also needs to navigate the tricky environment of rising dissent of Singaporeans against some government policies, including perceived high pay of ministers, coupled with a very difficult macro-economic climate of slow growth and rising costs.

- Overall, how will Singapore deal with the new normal of more volatility in the economic, social and political environment so as to survive, or even thrive, in the storm that is headed towards us in the next 12-18 months. But also, at the same time, capture new opportunities in business and talent - for example, wealth management and other businesses flowing from HK to Singapore as they seek a more stable political and business environment.