Commentary

Here is a three word history of customer service: Response to Resolution to Experience. An industry called Customer Interaction Management (CIM) was born when organizations felt the importance of providing a ‘Response’ to make their customers feel special and wanted.

In a country as diverse as Singapore where we interact with different ethnic groups, sensitivity to differences in beliefs, customs, rituals and religious practices are fundamental to maintaining a happy work environment.

Last November the elephants came to Singapore on the auspicious date of 11.11.11. For two months, these 162 colourful elephants, painted or decorated in vibrant creativity by artists and celebrities, made quite an impact especially along Orchard Road, Marina Bay and at the Singapore Zoo.

How can Singapore transform the reality of an ageing population into a competitive advantage?

This weekend Singapore is once again gearing up to take part in Earth Hour, an annual event that sees hundreds of millions of people, businesses and governments from around the world switch off their lights to demonstrate their commitment to climate change. Across Asia several high-profile figures have endorsed this year’s event with India’s record-breaking batsman, Sachin Tendulkar, the latest celebrity to lend his support.

I have relatively recently returned from Harvard Business School having completed Harvard’s Advanced Management Program, amongst the many fantastic experiences and lecturers by industry guru’s as Michael Porter and Clayton Christensen etc. there is one lunch meeting with a legend that still stays on top of my many study notes from the Harvard experience.

Today’s CEOs and marketers are waking up to the fact that their corporate communications messages need to be a full 360-degree experience which not only engages the mind but also the emotions and the senses. This philosophy takes pre-existing “emotions-driven” branding to a whole new level.

Every merchant, agent, broker, manufacturer, seller and producer in the Singpore market struggles to create unique products to meet customer demands.

There is a saying in the sales industry that 'Amateur sales personnel look at the product; Seasoned sales personnel look at the pay plan; and Leaders look at the system'.

Writing business books and biographies gives me the privilege to hang out with amazing entrepreneurs in Singapore and many hours have been spent chatting as I delved into their psyche to find out what makes them tick.

With a population of 5 million in Singapore that translates into an industry penetration of 0.24 square feet of self-storage space per person or one storage unit per 260th person.

Last year, the number of free creative pitches held in Singapore has increased substantially.

You would have to be living on another planet if you haven’t heard about the Facebook IPO by now. Deemed as one of the largest public offerings in the world, it has been a roller-coaster ride for what was once a college social network.

The Monetary Authority of Singapore's proposal to introduce rules for covered bond issuance would be positive for Singaporean banks if enacted, as issuing covered bonds would allow them to potentially diversify their funding base and lengthen their debt maturity profile, Fitch Ratings says. We expect Singaporean banks to take advantage of this opportunity if a formal issuance framework is adopted. However, we think they would take an opportunistic approach to funding through the covered bond market, since they have predominantly deposit-funded balance sheets and this mitigates their wholesale funding needs. This could limit initial issuance compared with other jurisdictions that have introduced covered bond legislation, such as Australia, which saw heavy supply in early 2012 after introducing legislation the previous November. For this reason, Singaporean banks may not start hitting MAS's proposed cap on the value of the assets in the cover pool at 2% of the value of the total assets of the bank any time soon. The proposed 2% cap is strikingly low - it compares with 4% in Canada, 8% in Australia and 10% in New Zealand, for example. But as a starting point in MAS's consultation, it is consistent with the regulator's focus on potential risks to depositors, which in turn reflects their important role in funding Singaporean banks, whose loan-to-deposit ratios averaged 87% at end-2011. We think there is scope for MAS to review the cap if it were comfortable that a higher number was consistent with depositor protection. And while issuing covered bonds should be cheaper than funding via the senior unsecured bond market all other things being equal, the initial costs of setting up a covered bond programme, such as legal and documentation costs, plus the potential premium that investors would demand to buy covered bonds from a new jurisdiction, could be a disincentive for potential covered bond issuers. MAS recently issued a consultation paper outlining its proposed rules for covered bond issuance by banks incorporated in Singapore. As well as the 2% cap, the paper suggests limiting mortgage loans that can be funded through covered bonds to an 80% loan-to-value threshold, and suggests a 3% minimum overcollateralisation between the cover pool and the covered bonds. Under MAS's proposals, only residential mortgages and derivatives held for the purpose of hedging risks arising from covered bond issuance can be included in the cover pool. Fitch will review and submit its views and comments on the covered bond consultation paper in the coming weeks. Our rating outlook for Singaporean banks is stable. Their strong, liquid balance sheets, reasonably diversified loan books, satisfactory risk management, and domestic deposit franchises all help support the banks' high investment grade ratings. Alfred Chan, Director - Financial Institutions, Fitch Ratings Helen Wong, Director - Structured Finance, Fitch Ratings Mark Brown, Senior Director, Fitch Wire

This is one of the most common questions people ask me (after where can I buy your book and how much is your pay cheque?). It's great to know that there are many storytellers amongst us, and heartwarming when they share their book ideas with me.

In a global village, collaboration can occur in every corner of the world. Right now, Asia’s voice is as loud as it has ever been. The region’s influence is growing and major cities like Singapore have become catalysts for the creative world.