November 26, 2019
26 NOVEMBER 2019, Singapore – At the 25th Enterprise 50 (E50) Gala Dinner Night this evening, a fresh cohort of 50 outstanding local businesses was recognised and honoured for their accomplishments, spirit of innovation excellence and sustainable business models. The awards were presented by Deputy Prime Minister and Minister for Finance Mr Heng Swee Keat at the Resorts World Convention Centre.
Agorae Pte Ltd, the holding entity for the Teledirect group of companies, a leading provider of business process services, clinched the top honours while SoilBuild, an integrated real estate developer and Valency International Trading, an international commodity trading house based in Singapore took the second and third places respectively.
In celebration of the quarter-century milestone of the E50 Awards, a special Digital Economy Award was given for the first time to the business identified as a future billion-dollar company. M-DAQ Pte Ltd, a decade-old homegrown fintech start-up, received the accolade for its highly scalable and profitable business, and earned access to the KPMG-A*STAR Joint Lab, a data-science powered laboratory in the professional services sector. The KPMG-A*STAR Joint Lab uses Artificial Intelligence methods such as machine learning to help businesses in areas such as cyber threat hunting, text mining to automate enquiry-response process for key business resources and to expedite the tax filing categorization process, to name a few.
Mr Jonathan Ho, Head of Enterprise Market at KPMG in Singapore, said: “We are very proud of the entries this year, and deeply encouraged to see local businesses evolving to compete against stiff global competition. Looking into 2020 and beyond, there will be continued disruptions in the already challenging business environment. But smooth waters don’t make skilled sailors. We are committed to putting resources behind these local enterprises to fuel their efforts to globalise and succeed.”
Additionally, Akribis Systems Pte Ltd and Ademco (Far East) Pte Ltd emerged from the list of 50 winners as the recipients of the Special Recognition – Internationalisation Award and Special Recognition – Enterprise Transformation Award respectively.
Founded in Singapore, Akribis Systems Pte Ltd is a leading mechatronics enterprise that delivers direct drive motion and control solutions that support a wide range of industries with key multinational customers from USA, China, Thailand and South Korea. It won the Internationalisation Award for its clear overseas expansion strategies targeting overseas markets for expansion and growth.
Ademco (Far East) Pte Ltd started in 1977 as a division of a USA security company selling security parts in the region, but the brand has since transformed itself to be synonymous with integrated security, providing innovation security solutions to institutional, commercial and government clients across Asia. It now operates one of the largest 24-hour central monitoring centres in Singapore, and prides itself to be the industry leader and largest security provider to high-security military sites. Ademco was conferred the Enterprise Transformation Award for leveraging technology to transform itself despite being in a traditional sector. It has invested heavily in product innovation, featuring services such as automation of security services.
Mr Wong Wei Kong, Editor at The Business Times, said: "The E50 Awards recognises 50 most enterprising local, privately-held companies who have contributed to the economic development of Singapore, both locally and abroad. The winners of this year's E50 Awards exhibited outstanding innovation, market presence and excellent productivity amongst other ideal qualities. We hope that these winners will go on to achieve greater successes and inspire other businesses as well."
Into its 25th year, the E50 Awards is jointly organised by KPMG in Singapore and The Business Times, and sponsored by OCBC Bank. Supporters of the awards include Enterprise Singapore, the Singapore Business Federation and the Singapore Exchange.
The winning criteria include factors such as the nominees’ business model, productivity and innovation, management ideals and governance, risk management and market presence in the region and beyond.
The E50 Awards is widely recognised as a stamp of approval for businesses, helping to open doors to new businesses, access to strong financial backing, and provides a launchpad to an IPO listing. Over the years, more than 100 past winners have gone on to be listed on the Singapore Exchange and other bourses in the region.
In keeping with its ethos of championing local businesses and inspiring future generations of entrepreneurs and leaders, E50 collaborates with the National University of Singapore (NUS) Business School annually to preserve the success stories of our award winners in a commemorative coffee-table book. Every year, a limited number of copies signed by the Guest-of-Honour will be sold for S$5,000 each, and funds raised go towards the NUS Business School Bursary Fund. A total of over S$551,000 has been raised to date.
The full winners list for E50 Awards 2019 can be found in Annex A. Quotes from key award winners are enclosed in Annex B.
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