Singapore Edition: Hype It Up

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Hoi Yuet Woo chats to retail investors to find out if Singapore stocks are getting exciting yet. Benicia Tan digs deeper into the recent cyberattacks on Singapore's critical information infrastructure. Katrina Nicholas dines on Violet Oon's high-end Peranakan delights.

Waking a Sleepy Market

For a country with a world-class financial services ecosystem, you might be surprised to learn that its citizens aren't that interested in investing — at least in home-grown stocks.

The share of retail investors trading Singapore equities sank to 21% last year from over 30% in 2020. The Singapore stock exchange, dominated by banks, REITs and industrial firms, is seen as the market for stable, yet frankly, pretty dull stocks. Poor liquidity and a dearth of new listings have added to the indifference.

Singaporeans are instead looking longingly across the Pacific at buzzy and highflying firms like Nvidia Corp. and Tesla Inc. "Investors continue to remain invested in the US market," Interactive Brokers Singapore CEO Yujun Lin said.

In a quest to create some hype, the Monetary Authority of Singapore is deploying S$5 billion ($3.9 billion) to revive interest in local shares. It made its first move this week, saying it will hand out S$1.1 billion to three asset managers, including JPMorgan Asset Management. The goal: deepen liquidity and bring life back to a market long overlooked by investors.

Will it work? Retail investors I spoke to didn't exactly sound super enthused.

"They might boost visibility for local stocks, but they won't move the needle," said Cavan Yeo, 25, who is a retail investor in Singapore stocks, though mainly just for dividends.

Of course, that may not be reflective of the overwhelming view. And the cold, hard numbers of the market itself, on the surface, look more upbeat. The Straits Times Index notched record highs this year, buoyed by bank and real estate stocks, after the MAS announcement in February. But even with the S$5 billion headline figure, the scale is modest — it's less than 1% of the STI's total market cap, which is dominated by banking giants like DBS, valued at over S$130 billion.

It's definitely a step in the right direction, said Vasu Menon, managing director of investment strategy at OCBC. But "don't expect fireworks in the short term."

--Hoi Yuet Woo, with assistance from Audrey Wan

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Cyber Risks in Singapore

Opening my computer came with a bout of trepidation this week. In case you haven't heard, there have been cyberattacks on Singapore's critical information infrastructure, and that's on top of ongoing global vulnerabilities such as those impacting Microsoft Corp.'s SharePoint servers.

These incidents highlighted, again, the blind spots in cybersecurity that governments and companies are grappling with globally. On July 18, Singapore's Coordinating Minister for National Security K. Shanmugam named the attackers for the first time: a state-sponsored cyber espionage group called UNC3886.

K. Shanmugam, Singapore's Coordinating Minister for National Security. Photographer: Ore Huiying/Bloomberg

"State-sponsored groups such as UNC3886 are notorious for being highly resourced, stealthy and sophisticated", said Teo Xiang Zheng, Ensign InfoSecurity's vice president of advisory. These groups account for nearly 40% of all cyberattacks across the Asia Pacific, primarily targeting essential services such as defense and telecommunications and often going undetected for months or even years, Teo said.

Cyber espionage has become pervasive. In October 2024, Singapore's government blocked 10 inauthentic websites set up by foreign entities which were masquerading as Singaporean websites, Shanmugam said during his public address on July 18.

In the case of state-sponsored hackers exploiting flaws in Microsoft's SharePoint, the level of sensitive data at risk makes the cyberattack even more alarming, said Satnam Narang, senior staff research engineer at Tenable.

"These groups aren't necessarily interested in information that you and I possess, but rather high-value targets because they are financially driven," said Narang.

This calls into question what companies can do to better protect themselves.

Businesses leaders should make an effort to understand their organizations' cyber risk rather than delegating it to the IT department, said Ensign InfoSecurity's Teo.

"We increasingly advocate for a whole organization approach when responding to cyber incidents," Teo said. "Business leaders should understand that their business risks include cyber risks."

--Benicia Tan

The Review: Violet Oon

From the best spots for a business lunch to drinks with the boss, we sample the city's eateries, bars and new experiences.

Violet Oon in leafy Dempsey Hill is the restaurant group's newest flagship, keeping the tradition of dishing up high-end Peranakan cuisine that honors Singapore's rich culinary tapestry. Expect authentic Nonya food mixed with regional colonial influences in a setting that's warm and inviting.

The vibe. Like its sister venues, the latest Violet Oon outlet is a beautifully designed space that exudes charm and heritage. Tasteful Peranakan tiles adorn the entrance foyer, wall and ceiling panels, while black lacquered wooden chairs lend a formal touch. Glittering chandeliers lead you through to the dining room proper, with its splashes of emerald green. The overall effect is refined and elegant.

Violet Oon Source: Violet Oon/Violet Oon

Can you conduct a meeting here? Yes, easily. The service is professional and polished and tables are well spaced. There's also banquet seating for larger groups and the food comes at a quick pace so, if time is tight, you won't need to worry about eating into your workday.

What about a romantic dinner? The setting screams yes but only if you don't want to linger, and isn't that what romantic dates are all about? Despite a request to have a longer pause between dishes, the next plates arrived before the first ones were cleared away. It's efficient but probably overly so.

Hati Babi Bungkus at Violet Oon. Source: Violet Oon/Violet Oon

What we'd order again. The Eggplant Goreng dip with Emping crackers, off the plant-based menu, was delicious, all smoky goodness infused with coriander and lime. The Ngoh Hiang -- deep fried prawns, crab meat and water chestnuts wrapped in bean curd skin – wasn't as heavy as it sounds while the Kerabu Kacang Botol, essentially a wing bean salad, was flavorsome and light. We also couldn't go past the Beef Rendang – imbued with kaffir leaves and sitting in a creamy red coconut puddle, it's definitely a solid version. Pair it with the Nasi Kuning, or yellow rice.

Need to know. Violet Oon at Dempsey is at 7 Dempsey Road. It's open seven days a week, for lunch from 12 p.m. to 3 p.m., and for dinner from 6 p.m. to 11 p.m. Dinner for two without alcohol costs about S$120.

Have a place you'd like us to review or feedback to share? Get in touch at [email protected].

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Coming Up

Business leaders and investors from around the world will gather in Singapore on July 30 at the Bloomberg Sustainable Business Summit to discuss economic uncertainty and volatile markets. The meeting also will explore how to drive long-term value for companies, investors and societies. Click here for more details.