Veron Wong of EY discusses key strategies for business growth and resilience in Singapore

She explores the key drivers of growth, emerging challenges, and the impact of innovation on local and international businesses in the region.

Singapore’s business landscape thrives on its strategic location, pro-business policies, and strong regulatory framework, attracting both local and international companies. As businesses grow, they must navigate evolving risks, regulatory complexities, and increasing demands for governance and sustainability.

Offering valuable insights is Veron Wong, EY Asean and Singapore Risk Consulting Leader and a consulting partner at Ernst & Young Advisory Pte. Ltd. in Singapore. She has more than 20 years of experience in business process improvement, governance, risk management, internal audits, and financial and operational process reviews.

She also specialises in third-party risk management, compliance reviews and pre-IPO listing reviews. Beyond risk consulting, she helps businesses enhance their digital transformation journey and sustainability controls. Veron leads complex projects across various regions.

As a judge for the SBR International Business Awards and SBR National Business Awards 2025, she highlights the importance of innovation whilst incorporating risk management, governance, and operational excellence in driving sustainable business growth.

What do you see as the key factors driving the growth and competitiveness of Singapore’s business industry, both for homegrown and foreign companies?

Singapore’s competitiveness as a business hub is driven by several factors. Its strategic location in Asia facilitates trade and investment, whilst the establishment of numerous free trade agreements (FTAs) has enhanced international trade relations, providing companies with preferential access to global markets.

With efficient transport and logistics, an advanced telecommunications network, and pro-business policies characterised by transparent regulations, low corporate tax rates, and strong legal protections for intellectual property, Singapore has developed a world-class business infrastructure. A robust financial sector also provides businesses with access to capital through financial services providers, venture capital, private equity, and public markets.

The nation’s highly skilled workforce, backed by strong investments in education and training, ensures companies stay competitive. As well, through government support for technology adoption and innovation, Singapore fosters a culture of research and development that empowers businesses to stay ahead in a rapidly evolving economic landscape.

From your extensive experience, what are the key risks and governance challenges that homegrown and foreign businesses face in Singapore’s dynamic business landscape?

Singapore’s dynamic business landscape presents both opportunities and challenges for homegrown and foreign companies. Regulatory compliance remains a key concern, as businesses must navigate stringent taxation, labour, and environmental laws. Coupled with corporate governance expectations, businesses must uphold transparency,  accountability and ethical practices to maintain stakeholder trust and brand reputation.

Talent remains a critical asset, yet attracting and retaining skilled professionals is increasingly difficult. Several factors influence this—the global competition for talent,  rising cost of living, and stricter policies and workforce regulations that may limit the pool for specialised roles. Foreign businesses may also face cultural and operational hurdles.  This makes it essential to navigate the intersection of local customs and business practices effectively.

Additionally, intense market competition demands continuous innovation, whilst economic volatility, global supply chain instability, and technological disruption require businesses to remain agile. As digital resilience grows and cyber threats get amplified, data protection and upholding customer trust have become more paramount than ever.

To navigate these challenges, companies should prioritise robust risk management, regulatory foresight, and a culture of adaptability and innovation, ensuring long-term business success.

With Singapore positioning itself as a global business hub, how can companies strengthen their third-party risk management to ensure resilience in today’s interconnected economy?

In today’s interconnected economy, companies in Singapore must take a proactive approach to third-party risk management to remain resilient. This starts with understanding the full scope of risks associated with vendor engagement, such as financial stability, operational reliability, regulatory compliance, and cybersecurity. Due diligence, like background checks and financial reviews, is just the first step; continuous oversight is equally critical. Regular audits, performance tracking, and technology-driven risk assessments can help businesses identify potential vulnerabilities early.

Of equal importance is supplier diversification. Companies that avoid over-reliance on a single vendor can better withstand disruptions.

Beyond monitoring, a well-defined crisis management plan ensures businesses can respond swiftly if a vendor failure occurs, minimising impact to operations. At the same time, employee awareness is key. Teams managing third-party vendor relationships should be trained to recognise warning signs and enforce best practices.

Technology plays a growing role in risk management, with data analytics and automation streamlining assessments and improving decision-making. Staying updated with evolving regulations, especially in cybersecurity and data protection, can further strengthen business resilience.  

By embedding these strategies into their operations, companies can enhance trust, safeguard their supply chains, and maintain long-term competitiveness.

In your view, how can foreign companies better integrate into Singapore’s business ecosystem whilst contributing to its economic development?

Foreign companies looking to integrate successfully into Singapore’s business ecosystem need to understand Singapore’s business etiquette, regulatory landscape, and cultural nuances to build strong relationships with stakeholders and ensure smooth operations.

Collaboration is another crucial factor. Active participation in industry associations and partnerships with local businesses, suppliers, and distributors provides valuable market insights whilst strengthening credibility. Similarly, investing in local talent through hiring, training and career development creates a skilled workforce and deepens business roots.

Foreign companies can enhance their impact by driving innovation and sustainability.  Engaging with research institutions and universities not only fosters knowledge exchange but can also contribute to the development of new solutions, whilst aligning with Singapore’s green initiatives helps to build a responsible business.

Beyond operations, they can engage in corporate social responsibility activities that benefit the local community. This can include supporting education, health care, and social welfare programmes, which can enhance their brand image and cultivate goodwill.

What role does innovation play in helping businesses in Singapore adapt to evolving consumer and industry demands?

Innovation is a key driver of business resilience and growth in Singapore, enabling companies to keep pace with evolving consumer preferences and industry shifts. Importantly, innovation also fosters agility. By leveraging market research and consumer insights, businesses can quickly develop and refine new products and services that resonate with their target audience, ensuring long-term relevance.

As well, they can streamline operations, boost efficiencies, and better manage costs by embracing innovative technologies, such as automation, artificial intelligence (AI), and data analytics.

As a judge for the SBR International Business Awards and SBR National Business Awards 2025, what specific criteria will you seek in nominees that set them apart as exceptional contributors to Singapore’s business ecosystem?

I will be looking out for businesses that embrace new and innovative approaches to deliver value whilst maintaining their core operations; businesses that explore unconventional go-to-market strategies to differentiate themselves and create new consumer demand; and businesses that have struck the right balance in driving productivity and profitability.