Singapore, 25 July 2023 - The 38th Singapore Business Awards (SBA), which celebrates the best in businesses saw veteran businessman, Mr Yao Hsiao Tung, Founder and Chairman of Hi-P International, receiving the distinguished title, Businessman of the Year. His tenacity has enabled him to grow his business into one of Singapore’s largest and most diversified contract manufacturers, and won over SBA’s panel of judges.
Dr Zhou Lihan, Co-Founder & CEO of Mirxes Pte Ltd, received the esteemed recognition of Young Business Leader of the Year with his steadfast commitment in developing novel RNA tests for early detection of diseases to save lives and reduce healthcare costs. The winners were recognised at the SBA gala dinner where Mr Chan Chun Sing, Minister for Education, was the Guest-of-Honour. Minister Chan also took part in a fireside chat with Mr Christopher Ong, Senior Vice President & Managing Director, DHL Express Singapore during the dinner.
The SBA gala dinner which took place at The Ritz Carlton, Millenia Singapore, saw the creme de la creme of the business world come together to celebrate the night’s honourees, which included:
- Mr Lim Chung Chun, Chairman and CEO of SGX-listed company, iFAST Corporation Ltd, who was named this year’s Outstanding Chief Executive Officer,
- Mr Teo Swee Ann, Founder, President & CEO of Shanghai Exchange listed company, Espressif Systems, who was awarded the Outstanding Overseas Executive Of The Year, and
- Goldbell Group, homegrown, privately-owned business, received The Enterprise Award.
Ms Chen Huifen, Editor of The Business Times and Chairman of the SBA organising committee said: “The Singapore Business Awards celebrates the unwavering spirit of business excellence, illuminating the resilience and triumph of exceptional enterprises. Our heartfelt congratulations to all our winners who have triumphed over adversity and set new benchmarks for success.”
Mr Christopher Ong, Senior VP & Managing Director of DHL Express, Singapore said: "Coming out of the pandemic, we celebrate the spirit of innovation and resilience through business leaders who remained steadfast in times of disruption and charted the way forward by creating opportunities in the midst of it."
The annual Awards - jointly organised by The Business Times and DHL Express - recognise local business leaders who have made a difference in their respective industries and have created value for their stakeholders. The winners of the SBA were decided by a panel of 11 judges, including Mr Stephen Lee, former Chairman of Singapore Airlines. The full panel of judges can be found in the Annex A.
Annexes:
- Information on the Singapore Business Awards
- Citations and brief bios of the Singapore Business Awards 2022/2023 winners
ANNEX A
Information on the Singapore Business Awards
The objectives of the Singapore Business Awards are:
- To acknowledge the vital contributions made by companies and individuals to Singapore business both locally and internationally.
- To create an environment that will encourage and sustain the entrepreneurial spirit and enhance standards of corporate management in Singapore and abroad.
- To illustrate the depth of talent that exists here by high-lighting nominees' success stories.
- To enable the organisers, The Business Times and DHL, to fulfil their responsibilities as good corporate citizens.
Panel of Judges
- Mr Stephen Lee (Chairman of SBA Judging Panel), Former Chairman, Singapore Airlines
- Ms Jennie Chua, Chairman, Vanguard Healthcare
- Mr Jeffery Siow, Managing Director and Chief Operating Officer, Enterprise Singapore
- Professor Wee Chow Hou, Adjunct Professor, Nanyang Technological University and Singapore University of Social Sciences
- Mr Loh Boon Chye, Chief Executive Officer, Singapore Exchange Group
- Ms Jacqueline Poh, Managing Director, Economic Development Board
- Mr Lim Ming Yan, Chairman, Singapore Business Federation
- Mr Wong Wei Kong, Editor-in-Chief, English/Malay/Tamil/Media, SPH Media
- Ms Chen Huifen, Editor, The Business Times
- Mr Christopher Ong, Senior VP and Managing Director, DHL Express (Singapore)
- Ms Yasmin Aladad Khan, EVP and Commercial and Managing Director (Emerging Markets), DHL Express Asia Pacific
ANNEX B
Citations and brief bios of the Singapore Business Awards 2022/2023 winners
Businessman of the Year - Mr Yao Hsiao Tung (aged 83), Founder and Chairman of Hi-P International
Citation: For his indomitable spirit and tenacity in turning a loss-making business around, and then growing it into one of Singapore’s largest and most diversified contract manufacturers. Yao Hsiao Tung began his entrepreneurship journey in his 40s, when he invested S$50,000 into a loss-making mould maker. Over two decades, he transformed Hi-P International into a vertically-integrated turnkey contract manufacturer, serving some of the world’s biggest names in the telecommunications, consumer electronics, data storage, medical and automotive industries. Today, Hi-P International records S$2.2 billion in annual sales and operates 16 facilities in Singapore, China, Thailand, the Philippines, Vietnam, and Malaysia.
Young Business Leader Of The Year - Dr Zhou Lihan (aged 39), Co-Founder & CEO of Mirxes Pte Ltd
Citation: For his steadfast commitment in developing novel RNA tests for early detection of diseases to save lives and reduce healthcare costs. A scientist-turned-entrepreneur, Dr Zhou Lihan and his company Mirxes are best known for the proprietary microRNA technology that empowered the development of GASTROClear, the world’s first approved molecular blood test that detects early-stage stomach cancer. Mirxes also produced the Fortitude test, Singapore’s first COVID-19 PCR test, with more than 10 million tests distributed worldwide. Post-pandemic, Mirxes is leading a project that aims to create a single blood test for early detection of the top 9 cancers responsible for 70% of all cancer deaths. Dr Zhou is a firm believer of people development, ecosystem building, and social responsibility.
Outstanding Chief Executive Officer of the Year - Lim Chung Chun (aged 55), Chairman and CEO, iFAST Corporation Ltd
Citation: For his leadership in growing iFAST Corporation into a global digital banking and wealth management fintech platform with assets under administration of more than S$17 billion as at end-December 2022. iFAST’s beginnings can be traced to 2000, when Mr Lim Chung Chun founded Fundsupermart.com which was then one of the first online platforms that offered transparent research and unit trust sales to investors. The range of products was expanded to include bonds, stocks and ETFs, all with a transparent cost structure, under the various iFAST platforms, including FSMOne, iFAST Financial, and iFAST Global Markets. Mr Lim also led the company’s internationalisation efforts, extending iFAST’s presence beyond Singapore to Hong Kong, Malaysia, China, and most recently, the UK.
Outstanding Overseas Executive of the Year - Teo Swee-Ann (aged 47), President, Founder and CEO, Espressif Systems
Citation: For his remarkable vision and courage by founding Espressif Systems, a trailblazing IoT chip business in China, despite the limited market demand at the time. Today, Espressif has established itself as a leading manufacturer of Wi-Fi, Bluetooth, and IoT chips, sought after by top companies across various sectors such as smart home and industrial applications. The company proudly stands on the Sci-Tech Innovation Board of the Shanghai Stock Exchange and boasts a workforce of 600 employees. Teo Swee Ann has not only inspired fellow Singaporean entrepreneurs to dream big but also emphasised the importance of looking beyond profit. For him, it is about “creating something that is useful for the world”.
The Enterprise Award - Goldbell Group
Citation: For remaking itself into a modern mobility solutions provider and innovative financial services group. The Goldbell Group traces its roots to the sale and leasing of industrial vehicles and equipment. In the past decade, the company has been investing in transport algorithm software-as-a-service, intelligent warehouse solutions, innovative financing solutions and an electric car-sharing service. The group now comprises 18 business units with a presence in Singapore, Malaysia, Vietnam, Cambodia and the Philippines.