Speech by Minister Josephine Teo at the Singapore Prestige Brand Award Ceremony

Speech by Mrs Josephine Teo, Minister for Digital Development and Information, at The Singapore Prestige Brand Award Ceremony (3 January 2025)

Mr Ang Yuit, President, Association of Small & Medium Enterprises,

Mr Chan Yeng Kit, CEO SPH Media

Mr Goh Sin Teck, Editor, Lianhe Zaobao,

Distinguished Guests,

Ladies and Gentlemen

1. Good evening and Happy New Year! I would like to thank ASME and Lianhe Zaobao for inviting me. I am very happy to be here.

2. Tonight, we celebrate homegrown brands that have used technology effectively to grow their businesses. My heartiest congratulations to all the winners tonight! Well done!

3. Since 2002, the Singapore Prestige Brand Award or SPBA has recognised over 500 local companies committed to building and maintaining strong brands. This is a testament to the progress that our SMEs have made in achieving high brand equity, not just locally, but internationally.

4. Our companies have done well. However, as we all know, consumer preferences can change very quickly. Companies must therefore, remain nimble and sensitive to consumer needs.

5. Technology has made it much easier for companies to do so.

a. With AI and data analytics, brands can now tailor their offerings and marketing messages to individual customer preferences. This personalisation is a way to connect more deeply with consumers, address their specific needs, and enhance their overall buying experience.

b. Brands can also use technology to create more meaningful engagement with customers. For example, companies have used gamification, quizzes and polls to create interactive experiences that challenge, educate, or entertain.

6. Indeed, successful brands in the digital age are able to integrate technology safely and seamlessly into their customer operations. The organisers of today's Awards recognised this, and thus the theme of this year's Awards is, "Branding in the Smart Future, 智启未来". This year's awardees have demonstrated their ability to do just that; using technologies, such as AI, to enhance their business proposition.

a. One example is Coliwoo. Coliwoo is a winner under the Promising Brands category. Coliwoo is a co-living accommodation operator, which utilises digital technologies such as 3D tours and a mobile app to enhance its operations and user experience.

b. To ensure that their co-living spaces are energy-efficient, Coliwoo also implemented smart sustainable technology in their operations, such as solar panels, smart sensors, and EV chargers. Such investments have enhanced operational efficiency and customer satisfaction.

c. Another example is How's Catering, A winner under the Established Brands category, How's Catering has been around since 1991, meaning around three decades, the company has shown continuous commitment to quality and innovation. Their website is integrated with an AI system, which analyses customers' behaviours and predicts their buying patterns to curate personalised rewards for them.

7. We are all impressed by companies like Coliwoo and How's Catering using technologies like AI, and I would like to encourage more companies to do so.

8. In December 2023, the Government launched the refreshed National AI Strategy, or what we call NAIS 2.0. It sets out our ambitions for AI to uplift our economy. We recognised the need to raise the AI capabilities of our industries to fully benefit from the technology. But AI must not only be used by big firms; it should be accessible by all companies.

a. For example, our SMEs Go Digital programme allows SMEs to find AI solutions that fit their unique needs. There are numerous digital marketing and branding packages for companies to choose from and to improve your branding efforts.

b. For companies who require more help, the CTO-as-a-Service platform offers digital consultancies that can help assess your business needs and find suitable digital solutions. They can also give advice on managing the implementation process.

9. Beyond making these tools available, we need to ensure that our workers have the right skills to use them. Our SkillsFuture initiative is one channel for workers to be upskilled and reskilled in technology and AI.

10. Let me just add that trade associations and Chambers also have a part to play in helping individuals and companies succeed in their tech journeys.

a. Last August, I witnessed an MOU signing between the Association of Advertising and Marketing and the Singapore Computer Society to help marketing professionals stay updated with the latest tech skills. The Association contributed by identifying specific tech areas affecting workers; while the SCS advised the specific tech skills that workers should upskill or reskill in.

b. Such collaborations ensure that we are stronger together.

11. Similarly, awards like the SPBA are meaningful for promoting best practices and enabling companies to learn from one another.

12. In conclusion, I would like to commend the organisers as well as the companies that are making use of technology and learning from one another, to grow and to thrive together. This will help to ensure that the Singapore Brand continues to shine brightly on the world's stage.

13. Once again, my heartiest congratulations to all the award winners. I am confident that your success will inspire other enterprises to innovate and leverage on technology.

14. I wish all of you greater success in 2025, the year of SG60!

15. Thank you very much and enjoy your evening.

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