June 23, 2017


BECOMING a financial consultant opens a world of opportunities, and the options can be overwhelming. There are many financial advisory firms in Singapore with distinct cultures and philosophies. If you’re just starting out, or looking for a change, here are some considerations you should take into account:

Critical things to look for in a good financial advisory firm to work with

Whether a financial advisory firm is “good” depends just as much on your own aptitude and inclinations. Find what’s right for you, instead of just taking others’ opinions at face value. Here are key things to look for in your search for a potential financial advisory firm to work with:

  1. They should not come between you and the best interests of your clients
  2. Good career progression prospects
  3. Holistic benefits and growth opportunities – look beyond just a pay cheque
  4. Provides the right working culture and support you need
  5. Provides mentorship and guidance

If any of these five points resonate with you, perhaps it’s time to think about what Manulife FA has to offer you.


1. The financial advisory firm should not come between you and the best interests of your clients

A good financial advisory firm will never push you to sell financial products that don’t fit your client’s profile. They will always respect your decision to place your client first, so there’s no conflict of interest.

Manulife FA has a team of financial consultants who are always taught to find the best policies for their clients. Contrary to popular belief, Manulife FA financial consultants do not just advise on Manulife products – they will even recommend policies from other insurers (such as Aviva, Tokio Marine, NTUC Income, China Life and Swiss Life) if they offer a better fit with their clients’ needs.  Manulife FA also works with a range of other partners’ platforms such as iFast, FAME and Navigator.

With the flexibility of various product offerings and a range of available platforms, Manulife FA’s financial consultants are able to truly put their clients’ needs first, instead of being pressured to advance sales of products by a particular insurer. You can speak to Manulife FA directly for details on how their multi-insurer and multi-product model works.


2. Your financial advisory firm should provide good career progression prospects

A good financial advisory firm to work for is one that shows good career progression prospects. You should also feel empowered to step out of your comfort zone, enabling you to grow professionally and demonstrating qualities you may have, such as leadership potential. Following the same routine day-in and day-out can stifle your career development due to the lack of exposure in other areas.

For example, a good financial advisory firm will clearly communicate the different career stages that lie ahead in your professional journey. They will be upfront and candid when assessing your strengths, while ensuring that you’re aware of your blind spots or weaker abilities. Feedback from your bosses and peers should be constructive, empowering you to better yourself.  Regardless of what your ‘end game’ might be – from providing better solutions to your clients, to becoming your own branch director– you will need a good financial advisory firm that will reward your hard work and recognise your talents for what they’re worth. You should feel empowered to get to where you want to be.


3. Holistic benefits and growth opportunities – look for benefits beyond just a pay cheque

It’s important to see the bigger picture: the right financial advisory firm will allow you to achieve your full growth potential by providing you with the right opportunities. While commissions may seem attractive, these might not be sustainable in the long run or be subject to cuts. Good financial advisory firms should take longer-term considerations into account, such as ways to derive recurring income, so as to future-proof their financial consultants’ needs.

A diversified product mix also ensures that you won’t have to face the conundrum of only having a fixed number or type of products to sell, since there will always be alternatives you can rely on to find the best-fit product for your clients’ needs.

Providing training budgets and allocating the necessary resources to ensure you’re adequately equipped to help your clients reach their financial goals are also important.


4. Find a financial advisory firm that provides the right working culture and support you need

While there is no “correct” working culture or environment, it’s important to find a culture that fits you well. With 17 different branches among its group of over 600 financial consultants, Manulife FA offers a wide range of options – chances are you’ll be more likely to find a branch whose values and ideals coincide with yours.

Having the right support and sufficient resources are also important. Having a reliable and trustworthy partner for support provides assurance that your financial advisory firm has fundamentally secure backing, instead of being a random ‘fly-by-night’ operation. As part of its unique operating model, Manulife FA enjoys the corporate support of Manulife Singapore. As a large financial institution that has been in Singapore since 1980, Manulife Singapore is a key player in the local life insurance industry. Manulife FA’s financial consultants can therefore tap onto resources and support from Manulife Singapore, which otherwise wouldn’t be available at other financial advisory firms. Such support only goes to show how much importance Manulife FA places on empowering its financial consultants to provide the best possible client solutions and experience.


5. The financial advisory firm should provide mentorship and guidance

Most insurers will place new financial consultants under mentorship; this is quite routine and expected. However, here’s an important thing to remember about mentors:

Effective mentors are not just people who teach. They are people in whose presence you can learn.

It’s possible that the methods used by some mentorship programmes will not work for you. For example, some mentorships will have you start learning by ‘classroom-based’ learning: getting a theory-based basic understanding of what you’re meant to do, before gaining more practical exposure.

Other mentorships may be more focused on practical experience; you may be told to go out and talk to people first, and receive pointers on how to improve only afterward.

None of these methods are objectively “more correct” than another. But you need to ensure that the methods are working for you, and you’re in a financial advisory firm which actually teaches you what you need to know.

Sometimes it may take a bit of searching to find the right fit and what works for you – that’s perfectly normal. With 17 different branches under its wing, Manulife FA would be a good place to start your search.


This is an editorial series done in partnership with Manulife Financial Advisers.

Featured image by Sean Chong.

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by Danielle Goh

GAZELLES. Adaptable, fast and incredibly rare.

But these gazelles are not the four- legged animals native to Africa. It’s a term for fast growing and profitable startups. With a 20 per cent increase of profits each year, these startups are highly sought after. Their natural habitat is an ecosystem of cutting-edge research, plucky investors and initiatives by the G.

Only 8.1 per cent of startups in Singapore are gazelles, making them an endangered species here. “While the number of startups have increased, and more have received government support, not enough are becoming successful gazelles,” explained Dr Wong Poh Kam, Director of NUS Enterprise, in an interview with The Middle Ground.

Companies like Razer and gaming giant Garena are examples of gazelles from Singapore. Founded in 2009, Garena has amassed annual profits of US$200 million, evolving into one of Southeast Asia’s biggest startups.

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Before 2010, startups in Singapore were hardly a buzzword, but now they are the talk of the town.

You’ve heard of Smart Nation, and of ministers hammering on about the need for innovation and to transform our economy. In fact, the G has been steadily building initiatives to further develop the startup scene in Singapore. Helmed by Finance minister, Heng Swee Keat, the newly revamped Future Economy Council will implement proposals by the Committee of the Future Economy (CFE) to fund more research and help startups build networks overseas.

With more investors and funding from the G, the number of startups have doubled between 2004 and 2015, showed the findings of a recent study by NUS Enterprise. In the study, younger startups surveyed were companies that were founded after 2010 and mature startups were companies that have been around before 2010.

Dr Wong Poh Kam, director of NUS Enterprise speaking at Innovfest Unbound 2017. Image from NUS Enterprise

The main thrust of the research is that while efforts have paid off in creating a thriving startup ecosystem, few make the leap to become gazelles.

We break down the key developments in Singapore’s startup scene and what it could mean for the future:

1. Increased number of new startups

Startups in Singapore rank first in business churn when compared with other countries, higher than UK and the US.

What this means is that many new startups are set up, and those that don’t succeed exit.

A high business churn generally bodes well for startups. “It’s a dynamic that attracts new players. This suggests that there’s more entry into the startup scene in Singapore, and it could be an indicator that it’s growing,” said Dr Wong.

The booming numbers of startups here can be attributed in part to an improving infrastructure and ecosystem. Yet, the results are not as great as they should be. Not enough startups are becoming successful, and gazelles continue to be far and few.


Diagram of different types of High-tech startups in Singapore. Image by NUS Enterprise Study


2. Highly innovative and better protected

Younger startups are more innovative than mature startups. And many have introduced new products and services to the world. The NUS Enterprise Study also found that those who dedicate resources to research and developing tech tend to have higher profits.

While more companies own Intellectual Property (IP), a huge jump from 19.6 per cent in 2010, to 49.5 per cent in 2016, still only less than half of startups in Singapore have their own IP.

Having IP is an asset to startups, as innovations are protected. A strong IP also helps investors to be confident that the products of startups are truly unique and new.

Both young and mature gazelles in Singapore list a dependence on major customers as one of their top concerns for 2016. Dr Wong sees this as a result of some gazelles not having a strong IP.

“The large customer, knowing that you are highly dependent on them, may squeeze you on price by threatening to switch if you don’t meet their demand. It will be less of a concern if you, the supplier has strong technology or IP that is not easy for other competitors to replicate.”

3. More cha-ching from the G and investors

Roboy, an advanced robot developed at the Artificial Intelligence Laboratory of the University of Zurich. Image by Wikimedia user Adrian Baer

Younger startups benefit from more government support schemes and venture investments than their predecessors. This is a good thing. However, these resources must be directed toward ideas that can be competitive in the global market.

For Dr Wong, deep tech is the way forward. Think Artificial Intelligence (AI), DNA sequencing and supercomputers.

“This may require looking at reallocating funding support. Although there are higher risks and higher returns, deep technology is more likely to succeed in the global market,” said Dr Wong.

For more gazelles to be created, both startups and investors must be willing to take risks, and be invested in ideas that can change the world. The G may have already got the memo, as Dr Yaccob Ibrahim, Minister for communications and information, announced the launch of AI.SG at Innovfest Unbound 2017. This initiative will bring together investors, government agencies, startups and universities to advance AI research and development. The National Research Foundation (NRF) will invest up to US$107 million in the project.

4. Younger and more equipped

Founders of startups are getting younger. About 62 per cent are 39 and below, and increasingly more founders are female, up from 5.9 per cent in 2010, to 10.6 per cent in 2016. The majority of founders are also trained in technical disciplines and have work experience.

University programmes like NTUitive and NUS Enterprise help entrepreneurs in their first forays into the startup scene. They provide support for aspiring founders, and aim to transform research into commercially viable products. NUS Overseas Colleges links students with startups from around the world, with opportunities to work in Silicon Valley, Israel, Beijing and Stockholm.

What’s exciting is that these programmes have the potential to link breakthrough research with startups.

5. Many are expanding across borders

More startups are outward looking: over 50 per cent have branches overseas, and 72 per cent derive their income from international customers. For startups to grow, they need to tap into global networks and markets.

“Singapore’s domestic market is too small, if firms want to grow, you need to get regional and global,” said Dr Wong.

Some startups like Ascent Solutions have been global ever since it started and almost all of its business is international. Six years ago, it launched a GPS tracking solution for companies transporting cargo in Africa and now it is dominating the market there.

What is clear is that although the startup ecosystem is teeming with more innovative companies, more gazelles are needed.

It’s difficult to become a gazelle because a startup must be both quick to grow, and also profitable. While there are many fast growing or growth-seeking firms, they must take risks that can sometimes cost them gravely. Cautionary tales abound: Redmart, once the largest online grocery in Singapore, had substantial amounts of VC funding, but it ran out of cash before achieving profitability. Investors quickly pulled out. It was then sold to Lazada at an estimated price between US$30 million to US$40 million, a much lower value than before.

Yet there have been some who successfully make the transition: Razer, an American gaming company jointly founded by Singaporean entrepreneur Mr Tan Min Liang and Mr Robert Krakoff, who is an American, is what Dr Wong terms as a super-gazelle.

“Both startups and investors need to take risks for startups to make the transition to become gazelles.” said Dr Wong. “It may be risky, but if there is a breakthrough product, the startup can achieve success.”


Featured image by Wikimedia Commons user Susan Adams. CC BY-SA 2.0.

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L-R: Ms Charis Low, Mr Edmund Chen, Mr Mervyn Hoe

by Ryan Ong

SINGAPORE is a country of opportunities; but opportunity also means tough competition. It takes more than just talent or working hard to succeed. We spoke to some of Manulife Financial Advisers’ (Manulife FA) top financial consultants, and some shared qualities emerged.

In this article, we spoke to three successful young Singaporeans, financial consultants Mervyn Hoe, Charis Low, and Edmund Chen from Manulife FA. Be it ensuring the financial stability of the clients in their care, or gaining a place in the prestigious Million Dollar Round Table (MDRT), these top Manulife FA financial consultants display similar traits that took them to the top.

While their roads are different and uncommon, they all lead in the direction of extraordinary success. The key factors that set them apart are:


Success Factor 1: Thinking beyond paper qualifications

Ms Charis Low, Manulife financial advisor. Image by Mohamad Aidil.

Ms Charis Low, who was a Singapore Airlines cabin crew stewardess, graduated with a Degree in Business Marketing. Becoming a financial consultant would seem like an unlikely career trajectory; nonetheless, in the two years since she joined Manulife FA, Ms Low has already become part of the noted Million Dollar Round Table (MDRT) circle.

Ms Low believes education has to be backed with the willingness to step out from one’s comfort zone: “Qualifications do matter, in Singapore’s competitive environment; but it’s not the only way to success. There are life lessons that you don’t learn in any school, outside of lectures and books.”

Mr Edmund Chen, another leading financial consultant who became part of the prestigious Court of the Table (CoT) in his first year with Manulife FA, had a more “traditional” background. He began his career in financial planning as far back as 2007, with a degree in Banking and Finance from SIM. He also believes the right qualifications mean little without persistence, and the willingness to keep learning.

“Having a degree is beneficial, as it gets you into many job openings. However, I strongly believe that that is not the only way to get opportunities in life. Being intellectual without having the right attitude will not bring you far,” he said.

“The hard truth is that a degree doesn’t necessarily result in higher earnings.”

“The hard truth is that a degree doesn’t necessarily result in higher earnings.”

“Self-discipline and persistence are imperative qualities to success. And in today’s competitive world, regardless of your line of work, lifelong learning is paramount for building a successful career.”

Mr Mervyn Hoe, another entry into the MDRT, graduated from NUS with a background in Material Science and Engineering. He only got started as a financial consultant when he helped fill out an empty spot at an orientation camp (and even then, he only sold pet insurance at the start). Today he’s a successful financial consultant at Manulife FA, and he values the ability to connect as much as he does a degree: “Academic qualifications are important in Singapore, especially if you want to climb the corporate ladder,” Mr Hoe says, “And I’m quite happy I graduated with a Bachelor in Applied Science. But the ability to meet friends in University was just as important.”

“In NUS you can meet people from all different faculties and disciplines; and it’s important to build good networks. You need to the ability to build friendships and get along with people, as you never know when you’ll need their help later.”


Success Factor 2: Knowing when to keep going, and when to quit

A common quality among the successful is their seemingly perfect timing – they know when to stay invested in something, and when it’s time to try something different.

For Mr Chen and Ms Low, persistence has to be balanced with the costs they’re facing.

“It’s a mistake to give up prematurely – nothing worth doing comes easy, and the middle of the road to success is always messy. But persistence doesn’t mean being to obstinate either,” said Mr Chen.

“We should evaluate the positive trends we see in our efforts. If there are none, and the price of restarting or trying a different approach would be more cost-effective, then perhaps it’s time to cut losses and move on to a new method.”

Ms Low considers the consequence of failure, when it comes to pushing on. While she agrees persistence is important, she takes the view that: “There is no right and wrong in making such decisions; you just have to weigh up the consequences of further failure. Can you manage those consequences? If your instincts and gut feel say you cannot, you should try something different.”

Mr Hoe also suggests that you need to draw a line, when it comes to work and family: “Draw a line and don’t overwork. Don’t forget about your loved ones.”

“Draw a line and don’t overwork. Don’t forget about your loved ones.”

“If you get too into your job, your job will control you, and you won’t be happy. I don’t work on weekends, even if on weekdays I have no choice and have to sacrifice time with my children.”

Ms Low also draws a clear line on when to stop. “Don’t sacrifice your health”, she said, “Because without it, you can’t do anything. And don’t sacrifice your principles.”


Success Factor 3: Setting separate and targeted goals for work and life

Mr Mervyn Hoe, Manulife financial advisor. Image by Mohamad Aidil.

Mr Hoe separates his work and personal goals: “For work, I set a new goal every year after a conversation with my boss. We set the targets to reach, as well as milestones that are broken into specific days, weeks, and months; that’s the way I’ve worked for the past six years.”

“For personal goals, I have three children and aim to spend sufficient quality time with them. I set goals to spend time to teach them and play with them, and for myself I set goals to exercise daily and learn God’s word.”

Ms Low divides her goals along broadly similar lines, although family, career, and financial goals are separated. Each goal is specific and measured: “For family goals, I set a minimum of one family trip per year, and one family dinner per week. For career goals I got into the MDRT last year, and the current one is to set up my own team. Financially, I focus on saving $150,000 a year at minimum.”

For Mr Chen, effective goal setting goes beyond the self. Success comes from also ensuring you bring others with you: “My goal is to help grow the branch, improve the personal growth of newer colleagues, and assist my clients in growing their wealth. My personal goals are to achieve financial independence, and to enjoy life to its fullest.”

However, Mr Chen acknowledges that motivation is important in reaching those goals, and one source of motivation remains: “Having the desire to contribute to and draw inspiration from others.”


Success Factor 4: Cultivating a sense of empathy

Life inevitably brings confrontations and disappointment. What creates exceptional people is the ability to face such situations, and defuse them with empathy.

Mr Chen actively reminds himself to cultivate this behaviour, saying: “I am very adaptable and independent, and I can act in ways that sometimes seem aloof or uncaring. So I make it a point to go out of my way, to be as sensitive as possible; to have more open communications with people around me.”

“We will face awkward or difficult conversations. We have to understand where the other person is coming from, and understand their point of view. Most people are quick to talk, but it’s important to listen,” said Ms Low.

“Most people are quick to talk, but it’s important to listen.”

However, this doesn’t mean agreeing with everything: “There are times when I’ve had to say no to my bosses as well, because of things that clash with my principles.”

Mr Hoe says besides having empathy, the key is finding solutions amidst the tension: “Every now and then I need to tell someone their insurance claim is denied, or that they do not have the right coverage. But even then it’s important to focus on helping them, and keep looking for alternatives.”


Success Factor 5: Being disciplined in routines

Mr Edmund Chen, Manulife Financial Advisor. Image by Mohamad Aidil.

As any NS man who has been on a route march can tell you, rhythm and repetition do wonders to combat fatigue. Having productive routines can help to steady your mind, and keep you focused.

Mr Chen is a big believer in discipline, of which routine is a part.

“I have a practice of waking up four hours prior to my work schedule. I include a daily run, to train my endurance and give me the capacity to keep focused with a sharp mind,” he said.

“My other routine is giving my wife a goodbye kiss in the morning, before I leave for work; and then a kiss when I return. My family, especially my wife, is a pillar of support that makes my career successful.”

“I make it a routine to spend quality time with my children, to know about their day. Engaging them through play is important- carrying them, spinning them around. Before I end my night I catch up with my wife, have a Milo and some cookies, and allow myself a short television session after the children turn in.”

Mr Hoe has a fixed schedule.In the morning, I send my children to school, and I then go jogging and do whatever marketing I need. From noon I start work, and I begin the work day by thinking of client profiles and working out the plans they can use,” he said

“Routines help, and I follow them day by day. They also give my children a sense of comfort.”

Ms Low keeps a routine that prepares her at the start of the day, and winds down toward the end: “I wake up at 9am for breakfast with my husband. I read the newspapers, create the day’s to-do list, and then keep updated (usually on investment or Forex-related issues).”

“At the end of the day I do sports; I exercise two to three times a week. Then I spend time with my husband, maybe enjoy a movie together.”


Looking ahead with Manulife FA

Many of these success factors are straightforward and easy to understand. But it takes effort and discipline to cultivate them, and it’s an everyday process, as these Manulife FA financial consultants have shown.

But the sooner you begin, the sooner success itself becomes a habit.


This is an editorial series done in partnership with Manulife Financial Advisers.

Featured image by Mohamad Aidil.  

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Tengku Dato' Sri Zafrul Aziz (Group Chief Executive Officer, CIMB Group) and Shahnaz Jammal (Group Chief Financial Officer, CIMB Group) at the CIMB Group Holdings Berhad 2016 Full Year Financial Results Press Conference in Kuala Lumpur

by Daniel Yap

CIMB is setting their sights on the SME market with the new BusinessGo account, a high-interest current account which waives many banking transaction charges.

The announcement came just ahead of CIMB’s FY16 group performance report, which was headlined by a record group revenue of RM$16.07 billion (S$5.09 billion). CIMB’s Singapore profits shrank by 36.2 per cent to RM241 million (S$76.32 million), however, on the back of slower loans growth and higher commercial banking provisions.

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In Singapore, CIMB hopes to capture SMEs with attractive terms under BusinessGo. It offers 0.78 per cent interest on accounts that meet the minimum monthly average of $30,000 and an additional 1.1 per cent on the first $100,000 as long as the company makes $20,000 of outward telegraphic transfers a month. This beats typical business current account interest rates that hover at or are barely above 0 per cent.

Fee waivers are also part of the BusinessGo offer. Cheques are free, as are GIRO and payroll transactions, while outward telegraphic transfer fees are waived on transactions above S$5,000. Banker’s guarantee commissions, which can be as high as 1.5 per cent at other banks, will also be waived if the client places an equivalent-sum fixed deposit.

Ms Ng Wee Lee, Head of Commercial Banking at CIMB Bank Singapore, said that the bank is able to offer this deal to customers because of its low overheads – CIMB runs only two retail branches in Singapore. She added that the bank would “just barely break even” on this offering.

Ms Ng said that SMEs are typically unable to access better banking terms because they are considered too small for banks to spend time customising solutions for, and that CIMB hopes to be able to offer them cost savings in hard times so that they will remain loyal customers when times get better.


Feature image courtesy of CIMB Group.

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by Ryan Ong

There may be too many property listing sites for Singapore

WITH the addition of two new online services last year (Ohmyhome and Yotcha), the online property market has gotten crowded. Along with PropertyGuru, 99.co and StreetSine, all of them are now locked in a constant fight for your attention. And they all provide the same basic service, which is comparison.

All of this is supposed to be good for “the market”. Property agents, buyers and sellers are supposed to have it easier than ever. Listing sites are much cheaper than traditional marketing methods, such as classified ads – 99.co charges just $588 per year for 100 listings, while PropertyGuru (which is the granddaddy of property sites in Singapore) charges $2,240 per year.

Contrast this with traditional print advertisements, which can end up costing those same amounts for just a single ad.  And of course, buyers now have the luxury of looking for property on their phone, on the bus or at home.

In some respects, these sites have succeeded in changing Singapore’s property market. Some of the changes that have been caused by these sites are:

  • Buyers are quicker at spotting abnormal prices
  • The property business is becoming more entwined with the online media business
  • Buyers are somewhat better informed

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1. Buyers are quicker at spotting abnormal prices

Most property portals, such as 99.co or StreetSine, don’t just list the price of a specific property. They also show the prices of other properties in the same vicinity, which lets buyers work out the average (or median for the more mathematically inclined) price per square foot. For example, look at this screenshot:



You can see almost immediately if a unit is exceptionally expensive or cheap. Here’s another example, which also tracks prices in the general neighbourhood:


In the past, buyers had to dig through records themselves to check transaction histories. Portal listings practically guarantee every buyer is less likely to get ripped off, even first-timers who may not know where to check the price history. (You can check the Urban Redevelopment Authority’s records here by the way.)

The ease of information impacts our property market in ways that go beyond the portal’s user numbers. Even casually browsing the site could influence buyers and sellers.


2. The property business is becoming more entwined with the online media business

One major difference to the property market is that now, sellers have to fight for online visibility. Fewer buyers will walk around a neighbourhood for two hours, shopping for potential sales. They find their prospects via price and location filters on a portal site.

This leads to property agents and developers now having to think like media companies, instead of just real estate experts. If someone types “condo-jurong-under $800,000” into a search bar, every site wants to be the first result they get. As such, an increasing number of developers and agents are now also learning to think in terms of Search Engine Optimisation (SEO) and content marketing. In Singapore’s property market, “e-commerce” will soon lose its meaning – e-commerce is commerce.

At present, developers and agents are basically paying portal sites (or even private bloggers) to get them visibility. But it’s just a matter of time before they learn to produce their own online content.

Which leads to the third thing…


3. Buyers are somewhat better informed

Property news used to be esoteric. Go back to the 1980s; issues like stamp duties and deferred payment schemes were random words that made no sense to buyers. Today, most buyers – even those who are buying their first home – have some familiarity with concepts like the Qualifying Certificate or Additional Buyer’s Stamp Duty.

They can’t help it. Portal sites fight tooth and nail for high visibility online and that results in a non-stop deluge of content. Google one project and you’ll find a few hundred pages breaking down the pros and cons, and speculating on potential gains. And in order to get ahead, portal sites also churn out information on how loans work, what agents do, what the Option to Purchase is, and so forth.

That’s all a sneaky way to get visibility. When you type “what is an Option to Purchase”, every portal site wants to be the first to answer your question.

This results in buyers who are somewhat better informed. I say “somewhat better” because, within the mass of content, buyers are also absorbing information that persuades them to buy.


What hasn’t and probably won’t change no matter how many portal sites we get?

Portal sites are also credited with big industry changes, despite evidence to the contrary. They are:

  • Decreased use of property agents
  • Major changes in property prices


1. Decreased use of property agents

This is the number one accusation hurled at listing sites, like Yotcha. But that’s putting the cart before the horse.

In 2010, only 11 per cent of HDB resale buyers and sellers handled transactions without an agent. By 2013, that number was up to around 25 per cent. HDB itself has concise guidelines for buyers and sellers wanting to do this. You’ll note that Yotcha (and the app Ohmyhome, which bypasses the need for property agents) came about in 2016.

In other words, services like Yotcha came about as a response to fewer people using property agents. They are not a “cause” of it.

The commission of a property agent in Singapore is around 2 per cent of the sale price for sellers. On a $350,000 flat, that’s a hefty $7,000. So it’s not surprising that most people will at least try to muddle through it first and then call in an agent as a last resort.

Of course, this isn’t to say that Yotcha won’t compound the problem – it is too new to tell. But in the words of Billy Joel, it didn’t start the fire.


2. Major changes in property prices

So price comparison drives prices down, right? That’s a supposed benefit of comparison platforms, but we should be careful not to exaggerate the impact.

Property prices move for a huge variety of reasons. Property prices in Singapore are going down because of cooling measures by the G, a weakening economic outlook, fewer rich expats due to the slump in oil and gas and finance, and many other possible factors. One of those many factors may be the increased use of portals and price comparisons. But we can’t know that for sure or guess to what degree it contributes to falling prices.

The flip side is also true. If there’s a huge hype for a particular area, prices will be inflated. And the comparison platforms will reflect and reinforce that. When you can see everyone hiking prices, you will too.

It’s more accurate to say that various portal sites reflect the market sentiment. Property portals probably won’t be the catalyst for major price changes, no matter how many of them we have.


Featured image House/Home Inspection by Flickr user Mark Moz. (CC BY 2.0) 

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by Ryan Ong

EVERYTHING is faster and more efficient in the age of digital banking, including going bankrupt. When you consider you can get four times your monthly income in cash, in 15 minutes, it’s pretty amazing we’re all not stress eating caviar while looking at our monthly bills. For those without self-control though, the Association of Banks in Singapore (ABS) has made a help package – in the form of a new debt consolidation programme:

by Ryan Ong

AIRLINE ticket prices work like a Singaporean driver’s turn signals: random, or based on rules that only make sense to them. That explains the rise of airline ticket comparison sites. But before you start booking that trip to Syria (or whatever’s a popular holiday destination these days; I don’t keep up with tourism trends), you should know a few things about how flight comparison websites work.

by Ryan Ong

SINGAPORE’S wealth-per-adult is up 1.4 per cent so we’re still one of the richest countries in the world despite recent slowdowns. The source comes from a report by Credit Suisse which will shortly be puzzled why a third of our population now hates their guts.

I wouldn’t have done it if I were you, Credit Suisse.

See, praising Singaporeans about our wealth is like congratulating your buddy on his million dollar insurance payout. A payout that came after he lost most of his face in a horrific bus accident. You don’t know if you’ll get a smile or a punch in the mouth. Singaporeans are wealthy by comparison to many countries, but there’s a price to it that not all of us have agreed to pay.

by Ryan Ong

TWO hundred and forty per cent interest. That’s what was charged to a local business owner, who just managed to dodge the moneylender’s attempt to have him declared bankrupt.

Licensed moneylenders, who provide “short term loans” or “payday” loans, are not a plague unique to Singapore. They’re everywhere in the world, because sooner or later every criminal learns it’s easier to wear a tie, and use contracts instead of guns. And as for laws and regulations, our moneylenders are geniuses at finding loopholes.

by Ryan Ong

FINANCIAL technology (Fintech) is really catching on, and last week, Singapore just hosted the biggest Fintech convention in the world. Amid the expected rah-rah, there were a fair number of banking executives who were walking around with shark-eyes.

Despite their “we should look for venues to work together” speeches, I doubt anyone was fooled as to why the banks were really there: they were scoping out the competition. They were likely working out whether they were going to kill it, or kill it and then eat it afterwards. Here are the Fintech ideas that banks are already “stealing”: