Singapore's proximity to China, Japan, and India, paired with world-class trade infrastructure and a stable political and regulatory landscape, cements its status as a premier business hub in the region. With English as an official language, communication, and navigation are furthermore effortless—Singapore can be regarded as the West's gateway to Asia.
That is Benzinga's take after attending Milken Institute's Asia Summit and TOKEN2049, held alongside the Formula One Singapore Grand Prix. The events were a big draw, attracting tens of thousands and jamming the city-state country with traffic. Global leaders from the public and private sectors seized the opportunity to share how they navigate multipolarity and transformation; here are some key takeaways from Singapore.
Takeaway 1: Invest In China
At the Milken Institute's Asia Summit, Ray Dalio, founder of Bridgewater Associates, warned of looming economic challenges, describing it as a "hundred-year storm." While U.S. assets may be fairly valued, they carry more risk to the downside. Accordingly, Dalio advised diversifying into Asia, with China offering significant potential for growth.
Lim Chow Kiat, CEO of GIC, the firm managing Singapore's foreign reserves, and Stephanie Hui, head of Private and Growth Equity in Asia Pacific, head of Asia Pacific Private Investing, and global co-head and co-chief investment officer of Growth Equity within Goldman Sachs Asset Management, echoed Dalio's sentiment.
"You need to diversify into Asia," Hui said. "That's where the growth is."
Takeaway 2: Global Trade Order Disrupted
Peter Mandelson, the co-founder and president of Global Counsel and chairman of the International Advisory Board, focused on growing uncertainties around the global trading order and the shift towards a multipolar world, noting that "danger signals are flashing."
Jacqueline Poh, managing director of Singapore's Economic Development Board, pointed out that Southeast Asia—especially Singapore—is benefiting. While global trade as a percentage of GDP has decreased, foreign direct investment (FDI) has risen in Southeast Asia, with companies increasingly moving their global supply chain hubs to Singapore.
Takeaway 3: Recruiting Beyond Universities
Anne Corona, CEO of AON PLC AON Asia Pacific, calls for a more diversified approach to recruitment, urging companies to look beyond universities. At the Milken Institute event, she emphasized that diverse talent pools can bring fresh perspectives and higher retention, with employees often expressing a stronger desire to learn and grow within.
Takeaway 4: Words To Motivate A Workforce
On the same panel, James Vowles, the team principal of Williams Racing, shared his approach to leadership, which focuses on trusting and empowering his team.
"My job is to put them on a pedestal and promote them to the world," he said. "They are remarkable individuals—let the world know that."
Takeaway 5: Walk Before Running In Crypto
Wrapping up Benzinga's coverage at the Milken Institute's Asia Summit, Crypto.com's President and Chief Operating Officer, Eric Anziani, expressed a more measured approach to making digital assets accessible to everyone worldwide.
"We like to set the foundation before we run," he explained. "Then we go aggressive and put our name out there," referencing Crypto.com's strategic approach to marketing, something its competitor OKX serendipitously nailed across the city after it unveiled the limited-edition ‘Legend Reborn' livery on the car that ended up winning the 2024 Singapore Grand Prix.
"If you look at crypto, for a large part of our existence, it's been a very engineering-lead industry," OKX's Chief Marketing Officer Haider Rafique shared during a TOKEN2049 panel alongside McLaren Racing driver Lando Norris. "We want to be remembered as a design and engineering-led technology company."
Takeaway 6: Crypto Moving To Horizontal Model
Sudhu Arumugam, chief product officer at M2 Exchange, envisions crypto adopting a horizontal model where exchange, clearing, and custody are separate. This approach, taken from traditional finance, would enable M2 to focus on doing what it does best: building an on-ramp into digital assets with new tools for spending, saving, and investing. Arumugam adds M2's offerings will cater to a broader range of users, including sophisticated participants looking to more efficiently capitalize on opportunities like pricing discrepancies between spot and futures markets.
"Only the professional trading firms and HFTs have been able to have access to that."
Takeaway 7: Crypto's Real-World Use Cases
Propy co-founder Denitza Tyufekchieva privately showcased how blockchain makes real estate transactions faster and safer. She explains that Propy automates processes like title transfers and escrow, allowing buyers to verify funds and complete purchases within minutes. Conversely, agents can lean on AI to cut paperwork and focus more on clients.
"We've built this transactional engine that allows the instant access of transfer of ownership and transfer of funds and everything to be recorded on-chain," Tyufekchieva said, noting Propy is building a single source on-chain registry for real estate ownership. "Our mission is to help end users buy and sell real estate quickly."
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Photo courtesy of OKX.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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