May 03, 2019
Special 25th Year Digital Economy Award to identify future billion-dollar company
Singapore – 30 April 2019 – The Enterprise 50 (E50) Awards were launched today by Mr Heng Swee Keat, Minister for Finance and Chairman of the Future Economy Council. The annual awards is organised by KPMG in Singapore and The Business Times.
It identifies local enterprises which have started out humbly, and through perseverance, hard-work, innovation and corporate nimbleness, these companies have achieved success.
Said Mr Jonathan Ho, Head of Enterprise Market at KPMG in Singapore: “Reaching the 25th year of these prestigious awards is a milestone. We have created history in the past, with more than 500 winners, and more than a hundred of them have gone on to be listed on the Singapore Exchange and other bourses in the region. We are confident that E50 will continue to unearth more gems as it evolves to be inclusive of future economy enterprises.”
Said Mr Wong Wei Kong, Editor of The Business Times: “We are proud to be able to recognise and honour the outstanding local enterprises for their accomplishments in the highly-competitive business environment. We are happy to play our part in bringing to greater light the stories of these enterprises, and how they have overcome the challenges they have faced.”
From among the winners of the E50, two will be chosen to receive the Special Recognition - Internationalisation Award, and the Special Recognition – Enterprise Transformation Award. The Special Recognition - Internationalisation Award will identify a local enterprise that has expanded overseas. The Special Recognition – Enterprise Transformation Award seeks an enterprise that is best able to adopt a business model to achieve productivity gains, sustainable growth and the ability to move into higher value-added activities.
Mr Ho continued: “We wanted to mark this milestone by giving out a very special 25th Year Digital Economy Award at our gala dinner in November. This award will be givento an enterprise that could be the next billion-dollar company in the near future. We have seen Singapore raise several such enterprises, and we would like the pleasure in identifying the next one. This will open up the awards to include future economy enterpriseswhich have a very different business model.”
The criteria for choosing this special winner will consider the business model presented, degree of innovation and technology adoption, gross market valuation of the company, theamount of funding raised, revenue growth and a Singapore presence.
Mr Ho went on to reveal more: “KPMG in Singapore has a research collaboration with A*STAR (Agency for Science, Technology & Research). This 25th Year Digital Economy Award will be presented by the KPMG-A*STAR Joint Lab. The winner of this special award will have access to the KPMG-A*STAR Joint Lab, which is a data-science powered laboratory in the professional services sector.”
To decide the winners of the top 50 companies, the qualitative criteria that will be used include their business model, productivity and innovation, management ideals and governance, risk management and market presence in the region and beyond. Additionally, quantitative performance indicators over three years will also be taken into consideration.
Some benefits E50 nominees can look forward to include receiving insights, feedback and an exchange of views from senior business leaders from KPMG in Singapore, The Business Times, Enterprise Singapore and Singapore Business Federation.
The nominations for the 2019 E50 Awards close on 30 June 2019.
The 2019 Enterprise 50 list, including the 25th Year Digital Economy Award will be announced at the awards gala dinner on 26 November 2019.
About the Enterprise 50 Awards
The Enterprise 50 Awards was launched in 1995 to identify, support, recognise and reward enterprising privately-owned, local companies across all sectors. It has become a definitive list of the 50 most enterprising, privately-held local companies in Singapore.
Over the years, the E50 Awards has established itself as a prestigious platform which enterprises can successfully leveraged on to achieve greater success. Winning the award also helps open doors to new businesses, and provides an excellent springboard towards an IPO listing.
Every year, applicants of the E50 Awards are evaluated and ranked using both quantitative and qualitative criteria. Quantitative factors include financial performance indicators such as operating profit before tax, turnover and profit growth. The qualitative criteria include management and marketing strategies such as the applicants’ business models, innovations, management ideals, governance, market branding and overall potential.
E50 c/o KPMG
16 Raffles Quay #22-00, Hong Leong Building, Singapore 048581
E50 Hotline: +65 6507 1555
For more information, please visit www.enterprise50.org.
About KPMG in Singapore
KPMG in Singapore is part of a global network of professional services firms providing Audit, Tax and Advisory services. The KPMG network operates in 154 countries and has 200,000 people working in member firms around the world. In the ASEAN region, member firms operate across all 10 countries of this regional grouping providing professional services supporting the growth, compliance and performance objectives of our clients.
The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
For more information, visit kpmg.com.sg.
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About The Business Times
The Business Times, a member of the Singapore Press Holdings group, is South-east Asia's leading financial daily. BT brings to its readers daily corporate, financial, economic and political news, analysis and commentary on print and digital platforms. It provides readers with in-depth coverage of Singapore and Asian business and economic developments, as well as global trends that impact Singapore business. BT's lifestyle journalists bring busy executives the latest in recreation, entertainment, the arts, design, food and shopping.
For more information, please visit businesstimes.com.sg.
For further information, please contact:
Director, External Communications
KPMG in Singapore
Tel: +65-6500 1586
Mobile: +65-9768 9611
Corporate Communications & CSR
Tel: +65-6319 1872