Changi Airport handles 16.5 million passengers as COVID-19 hangover ends
If you’ve opened any social media app in the last three months, I can guarantee you that you have a wall or profile full of images of your friends and acquaintances enjoying an overseas holiday. This is primarily due to how strong the Singapore dollar is now, compared to the USD, Euro, Yen, and Yuan.
This fact also appears in the Q2 2024 operating indicators that the Changi Airport Group posted on 26 July 2024. These indicators show that, from April to June 2024, Changi Airport handled 16.5 million passengers, which is 13.4 per cent higher than the previous year and 98.2 per cent of passenger movements during the same period in 2019.
There were 89,300 aircraft movements in the same quarter, up 9.7 per cent year-on-year and 94.5 percent compared to the same quarter in 2019.
So yes, this strongly suggests that Singapore’s aviation industry has almost recovered from the last effects of the Covid-19 pandemic.
“Together with our airline partners, we are striving towards full travel recovery by the end of this year.”
Mr. Lim Ching Kiat, Changi Airport Group’s Executive Vice President for Air Hub and Cargo Development
The top five markets in the second quarter of 2024 were Indonesia, China, Malaysia, Australia, and India. Traffic from China doubled from the previous year, a sustained result of visa-free travel.
As of 1 July, 94 airlines operate over 6,900 weekly scheduled flights at Changi Airport, connecting Singapore to 158 cities in 50 countries and territories worldwide, including the new destinations of Broome, Brussels, Quanzhou and Vancouver.
Twenty new stores and F&B opened in the four terminals at Changi Airport, while 15 new shops and restaurants opened at Jewel Changi Airport.
From lemons to deadlifts: What goes in the mind of Dione Song, Love, Bonito’s first ever CEO?
For many CEOs, weekends are just another work day. But for Dione Song, the CEO of Love, Bonito, her Saturdays are sacred—she typically abstains from work and sets “non-negotiable blocks” for self-care and family time.
Yet, it’s not easy to maintain a healthy work-life balance while juggling the demands of being a CEO. This is why Song embraces a more fluid approach, instead of completely separating her personal life.
“I believe in work-life integration instead of work-life balance,” she shared. For Song, the key is to ensure that work and life complement each other—she believes that work and life should be one when you’re passionate about your job.
At the end of the day, the workplace is where we spend 70 per cent of our time, and it’s important that we understand our ‘why’ and have a strong sense of purpose at work.
– Dione Song, CEO of Love, Bonito
A day in the life of Dione Song
On most days, Song wakes up at 6 a.m. to kickstart the day early.
And as to why she prefers such an early start, she shared, “I do have certain quirks, such as preferring to leave office before the sun sets as it makes me feel sad when the sky is already dark. I’d compromise by waking up early and starting before everyone else does.”
At Love, Bonito, the team adopts a flexi-work culture, so this means that Song gets to spend her Mondays and Fridays at home. Even then, her weekdays are meticulously structured: Mondays are for uninterrupted deep work, while Tuesdays to Thursdays are packed with meetings, team check-ins and networking events.
Despite her busy schedule, she still manages to makes time for herself and her loved ones. On a daily basis, she adheres to a strict “no phones at dinner rule” to ensure she remains present with her family.
Her Fridays, on the other hand, are reserved for winding down, with no calls scheduled after 3:00 p.m., and she typically decompresses by watching reality TV shows on Netflix, spending quality time with her family, and going for longer holidays twice a year.
One specific “life-changing” habit Song has adopted is to disable push notifications for email and Slack on her mobile. This means she only sees messages when she opens the apps, reducing the temptation to check her phone constantly. This also helps her start her day with positive intentions, rather than diving straight into work.
She achieved a personal best of 67.5 kg for her deadlifts
On most mornings, Song makes time to squeeze in a workout session before her day begins. During the COVID-19 lockdown, she discovered her love for running outdoors.
“I like running. I enjoy being out in the sun—it energises me,” she said in an interview with PageExecutive. “You get to think about what you have achieved, and absorbing nature is also great. Having good music piped into my ears doesn’t hurt, either.”
But she unfortunately had to put her running routine on pause last year when she discovered she had scoliosis, a condition where the normally straight spine curves to form an “S” shape.
“It started out as a nagging ache, and it soon escalated to severe back pains which resulted in terrible sleep. I stopped running due to the pain, and I also couldn’t sit too long during meetings,” she shared.
For the most part, Song is mostly pain free right now, but it wasn’t before navigating through a bunch of different exercises and recovery methods.
Her current workout routine includes weekly personal training sessions focused on strengthening her back and building muscle—she recently achieved a personal best of 67.5 kg for her deadlifts. She also mixes in yoga or pilates sessions, outdoor HIIT workouts or runs, and whatever strikes her fancy for the rest of the week, whether it’s a long walk, a game of tennis, boxing, or a refreshing swim.
When life gives you a lemon, you must eat it
There’s no denying that being a CEO demands an exceptional level of dedication and resilience. When the pressures of leadership mount and the path ahead seems fraught with challenges, Song’s motivation often comes from a personal source of inspiration—a poster by David Shrigley that hangs in her living room.
It reads, “When life gives you a lemon, you must eat the lemon (all of it including the skin)”. For Song, this serves as a daily reminder for her to embrace difficulties with a positive and healthy mindset.
When guiding her teams, Song believes in leading from a “place full of consciousness, clarity and love”—she prioritises authenticity, and strives to “lead in a way that is congruent to her true self”.
Personally, she’s not a fan of big titles, so it took her some time to come to terms with the weight of being a CEO. “It’s been four years since taking up the mantle, and I have finally grown to be more comfortable in this role,” she said.
Song is actively involved on the ground to gain a stronger understanding of the challenges faced and to break down silos across her teams. On top of hearing feedback from direct reports, she frequently engages in skip-level conversations with junior employees to better understand their motivations and future aspirations.
But leadership is an ever-evolving journey. To continually refine her approach to leadership, the CEO turns to reading. “The latest book that I’m loving is 15 Commitments of Conscious Leadership by Chapman, Jim Dethmer, and Kaley Klemp,” she shared.
“It provides tools on how to be a leader that drives change through trust instead of leading in fear.” Her other go-tos include Leaders Eat Last by Simon Sinek, and The Daily Stoic by Ryan Holiday.
In Song’s free time, she also enjoys networking with various subject matter experts, founders and CEOs, on their day-to-day experiences and gleans insights from the various challenges they face.
Championing inclusivity in the workplace
Love, Bonito has achieved remarkable growth over the years, evolving from a blogshop to a global brand with teams in various regions, including Malaysia, Indonesia, Japan, and even the USA. Yet, the brand’s core mission has never changed: to empower the everyday Asian woman and inspire self-confidence.
The company champions inclusivity and exists to “support women to be the best versions of themselves, to stand a little taller, speak a little louder, and shine a little brighter”.
And it’s this very reason that drove Song to embark on her journey with Love, Bonito.
As someone from the LGBTQ community, I’m fortunate to have been in work environments being comfortable in my own skin. That’s why at Love, Bonito, I strongly believe in creating a safe space for everyone to come to work as their true, individual selves.
– Dione Song, CEO of Love, Bonito
“The key to championing inclusivity in the workplace is to first ensure that we have a diverse mix of employees within our own teams,” said Song. The company strictly hires based on merit, regardless of race, religion, language, physical ability, gender, sexual orientation, or location.
With more varied individual experiences, Love, Bonito’s teams are able to have “healthy discussions and bring more ideas to the table”. The organisation also actively promotes inclusivity through internal initiatives such as the Bronitos Panel, where male representatives in Love, Bonito can have healthy debates on inclusivity.
“We’ve also engaged therapists from Singapore Association of the Visually Handicapped to provide massages for our employees, with a larger goal to expose teams to people with disabilities and nurture a stronger sense of empathy and appreciation,” Song added.
To cultivate an open and safe environment, Love, Bonito allows its employees to share any feedback to management anonymously via an “Ask Us Aything form”. “Here, we can gain a stronger pulse on on-ground sentiments and address them promptly and tactfully via appropriate channels,” she shared.
Ultimately, Song envisions Love, Bonito to “be that big Asian sister brand that everyone looks up to”.
We want to be known and remembered as the go-to brand for functional apparel that supports your everyday life, a place where you find strong friendships, and also a brand that journeys with you through various seasons.
– Dione Song, CEO of Love, Bonito
Featured Image Credit: Love, Bonito
Also Read: Not all founders are CEOs: “My sense of purpose and fulfilment doesn’t come from having a title”
Goodbye Malakat Mall: Vendors & shoppers share thoughts on Cyberjaya’s closing “ghost mall”
Who would’ve thought a mall could be haunting? Not in a spooky, supernatural way, but in a heart-wrenching, what-could-have-been kind of way.
That’s the story of Malakat Mall. A place that wanted to empower Muslim entrepreneurs, but instead became a “ghost mall”, as dubbed by Business Insider.
The mall located in Cyberjaya has been making headlines for its imminent closure on July 31 after a four-year run. Curious about that, the Vulcan Post team decided to visit the mall last Sunday (July 21, 2024) for one last time.
We were expecting to walk into empty corridors, deserted shops, the whole “ghost mall” thing. Instead, the mall was unexpectedly bustling due to its closing down sale. Discounts of up to 70% and the viral news attracted a huge crowd of last-minute shoppers and curious visitors.
As we explored the mall, we chatted with both vendors and customers. Their stories painted a picture of a place with potential but ultimately plagued by challenges.
Vendors’ reflections
We chatted with Hasrul, 20, a bubble tea guy at Tea Amo who’s been working there since day one. His eyes held a mix of resignation and disbelief when he told us that the notice of closure came just a few days before we visited.
Hasrul noted that the mall earned its “ghost mall” moniker due to its lack of promotion and visibility, resulting in fewer customers over time.
“It’s kinda sad because I’ve been working here since the start.”
“The mall could have done its marketing better. Many people didn’t know about this place before it went viral as the ‘ghost mall’,” he said.
The sudden influx of people crowding the mall on the day of our visit was unusual, said Hasrul. It was probably driven by curiosity and the allure of closing down discounts.
When asked what’s next for the business, Hasrul said that they will be relocating to outside of the mall.
On the other hand, Hasrina, 28, a worker at the Brainy Bunch (BB) International Islamic Montessori store revealed practical concerns about the closure.
“The boss of Malakat Mall for me, I think has forked out a lot of capital. But then, not many visitors come to the shops,” she said.
Having been in the mall for over a year, the store would now relocate to BB headquarters, making it more convenient for parents who frequented the shop.
“Most people came here for the grocer. Today’s crowd is the most I’ve seen,” she said, indicating how rare a busy day was at Malakat Mall.
These shops were just two of the many shops owned by the founder of Malakat Mall himself, Fadzil Hashim.
As I talked to these vendors, I couldn’t shake the feeling of missed opportunities. The concept of a mall catering to the Muslim market wasn’t flawed; in fact, it was quite visionary.
Malaysia, with its predominantly Muslim population, presented a lucrative market. But the execution, it seemed, fell short.
Shoppers’ sentiments
Speaking to Vulcan Post, first-time visitor Anis Radzi, 27, came with her child, driven by curiosity about the Islamic-themed mall she had heard about for a long time.
The news of the closure had finally prompted her visit, but she felt a sense of loss, recognising the uniqueness of Malakat Mall in supporting Malay and Muslim entrepreneurs.
“This is my first time visiting because we wanted to know what this Islamic mall is like. It’s sad because there aren’t many malls like this,” she said.
Hanizam, 49, who is a member under KoPPIM (Koperasi Pembangunan Pengguna Islam Malaysia) and came all the way from Sri Kembangan reflected, “We’ve been coming here for years. It’s a shame to see it closing.”
“Even before the closure, we used to come here last year. Shopping here. Lately, NSK has been opened in our area so we go there now because it’s a little closer to home.”
His words echoed the sentiment of many shoppers I spoke to. Convenience and price often trumped loyalty.
Dina, 27, who is a frequent visitor to the mall also expressed her disappointment. Coming from Putrajaya, she visited the mall often to hang out and occasionally buy things.
The announcement of the closure surprised her, especially since the mall was now bustling with a crowd that was typically absent.
“It’s a good place to chill and eat with family, but for shopping, not so much,” she shared. That was because the prices were two or three times higher and limited vendors made it less appealing for regular shopping, she added.
Muhammad Syakir Zufayri, 18, a student who frequented the mall for study groups, pointed out, “There aren’t many places like this to study without the noise.”
He lamented the lack of similar malls with quiet and conducive spaces for studying, highlighting the niche Malakat Mall filled for students like him.
The bigger picture
Malakat Mall first caught widespread attention in late 2022, thanks to a viral TikTok video highlighting its eerily empty state.
Despite generating revenues of RM17 million to RM25 million in its first two years of opening, sustainability remained a challenge, according to Malay Mail.
Fadzil, in a Facebook announcement, cited the forced closure during the 2020 Movement Control Order (MCO) as a major setback. The challenges persisted even after the pandemic.
The mall’s closure has sparked debates online about the sustainability of businesses built on religious or racial sentiment.
The “Buy Muslim First (BMF)” campaign, heavily promoted by Malakat Mall, encouraged consumers to prioritise Muslim-owned businesses but also drew criticism for its perceived exclusivity.
Many are now questioning whether this focus ultimately contributed to the mall’s downfall.
Malakat Mall isn’t the only venture of its kind to face such issues. Mara Digital Mall and MyKampung Freshmart, both with similar community-focused missions, also struggled to stay afloat.
Despite significant investments and good intentions, they couldn’t overcome the harsh realities of the retail market. It’s a tough pill to swallow.
Moving forward
Malakat Mall plans to scale down its operations, moving its food and beverage business into the Casa DeMadani building in Cyberjaya and transforming it into a restaurant. It will be rebranded as “RumahMakan” catering to the residents in that area with a selection of local and international dishes.
This shift highlights a potential path forward—focusing on niche offerings and community engagement.
Fadzil also said that retail operations will transition entirely to an online platform, offering a range of products including clothing, accessories, and books.
This adaptation acknowledges the growing preference for online shopping, but the success of this shift hinges on effective marketing and a streamlined user experience.
Not only that, Malakat Grocer, the mall’s grocery store, will maintain its physical presence only at Taman Kosas, Ampang. It’s definitely a new chapter for the brand, but the closing of a chapter for the mall.
One thing is for sure, practicalities like location, marketing, and adaptability in a fiercely competitive retail environment are crucial. And sometimes, even with all that, things just don’t work out.
As I stepped out of Malakat Mall for the last time, a sense of melancholy washed over me. It was the end of an experiment, an attempt to carve a niche in the Malaysian retail landscape, that didn’t work out.
On the bright side, Malakat Mall has sparked interesting discussions about what it takes to build a successful mall, and hopefully, future mall developers and owners can learn something from this.
- Learn more about Malakat Mall here.
- Read other articles we’ve written about Malaysian startups here.
Also Read: This agritech solution by UiTM & TechnoDex aims to boost food security & empower B40 farmers
Featured Image Credit: Vulcan Post
AI-infused Cloud powers the Paris Olympic 2024 broadcast with 400 live video streams and 3D rendering
With all the global disruptions that have occurred since 2020 (most recently last week!), it’s actually comforting that the Summer Olympics has returned to its familiar quadrennial cycle, with the best athletes in the world now in Paris, France, to compete for Olympic Gold.
Of course, this will lead to many sleepless nights over the next two weeks (26 July to 11 August 2024) as the Olympic Games Paris 2024 takes place, as we stay up to watch our favourite sports and athletes compete live on streaming media.
All Olympic Games broadcast content is now in the cloud on a platform called Olympic Broadcasting Services Cloud (OBS Cloud) provided by Alibaba Cloud. Previous versions of OBS Cloud enabled Rights Holding Broadcasters (RHB) to access multiple Live streams, in High Definition (HD) and Ultra High Definition (UHD), for remote content production using a cloud-based workflow for fast, streamlined live broadcast editing.
For the Paris Games 2024, an AI-enhanced OBS Live Cloud has become the main method of remote distribution to 50+ broadcasters. Over 400 live video feeds and 100 audio feeds will be transmitted during the Games to approximately half the world’s population.
New AI multi-camera system for instant replays
A new OBS multi-camera replay system, with 17 multi-camera replay systems, has been implemented across 14 venues covering 21 sports, including rugby sevens, badminton, athletics track and field, basketball, beach volleyball, table tennis, wrestling, tennis and judo. This will enable a more immersive and dynamic experience for sports fans, with AI-driven features for live spatial reconstruction and real-time 3D rendering so that broadcasters can create seamless replays of an exciting moment just seconds after it occurred in a live broadcast.
Note that this multi-camera replay system is independent of any regulatory systems, so it cannot be used for VAR, though we expect every broadcast presenter or commentator to use it to become an expert VAR referee and line umpire.
All images: Alibaba Cloud.
This M’sian serves up coffee & food pairings at his cafe, but not in the way you think
It feels like everyone wants to open up a coffee shop nowadays, but they don’t necessarily have the barista skills to back it up. That doesn’t have to be a bad thing, though, as what they lack in coffee making they may make up for in other aspects.
But for NOff Coffee in Cheras Selatan, that’s not the case. 26-year-old founder Kent has been working in the industry as a barista for six years, having participated in the Specialty Coffee Association (SCA) classes for barista, roaster, and sensory skills, which earned him three SCA certificates.
From 2019 to 2022, he worked at an establishment called Slow Coffee. During this time, Kent met his former employer, who invited him to collaborate on opening CO2 Coffee Bar and put him in charge of setting up the bar.
“The concept of a specialty coffee plus cocktail (Cofftail) intrigued me, making CO2 Coffee Bar my first entrepreneurial collaboration,” he elaborated.
“This collaboration broadened my horizons and deepened my understanding of running a coffee shop. However, over these six years, I encountered many customers and couldn’t always satisfy their curiosity and taste preferences, which became a regret of mine.”
Thus in 2023, he left CO2 Coffee Bar to start his own venture, NOff Coffee. This way, he could create a place where every customer can find their favourite coffee and extraction method.
“Specialty coffee is usually quite complex, and everyone has different preferences,” Kent reasoned. “Through NOff Coffee, I hope to simplify this complexity, allowing customers to easily understand their preferred coffee beans and brewing methods, and thus enjoy a perfectly balanced cup of coffee.”
Beliving in this mission, a capital of approximately RM800,000 went into starting up NOff Coffee.
Unique combinations
But what truly sets NOff Coffee apart is its unique coffee pairing offerings.
By chance, while making cold brew coffee, Kent had tasted a seaweed-like flavor. This, combined with the natural spice notes of some beans, inspired him to explore how these flavours might pair with soy sauce, which is often used in dishes like braised pork rice and Japanese cold noodles.
“These dishes sometimes include spices and seaweed, which complement the coffee’s flavour profile,” he said. Meanwhile, these sort of flavours are harder to highlight in drinks.
At NOff Coffee, Kent is also joined by his partner, who is passionate about cooking, which further led to their coffee pairing offerings.
“Through our discussions about flavours, we discovered that coffee and food flavours can be perfectly combined, leading to the concept of coffee pairing,” he said. “Coffee, like wine, has a wide range of flavours and aromas that can be paired with various foods.”
Unlike wine pairings, though, NOff Coffee’s coffee pairing involves directly blending coffee with food.
Kent believes this experience serves as an educational tool, helping customers understand the different flavour profiles of coffee and how these flavours can complement various foods. This knowledge can enhance their overall coffee-drinking experience.
“We hope that through coffee pairing, even those who are afraid of caffeine can truly understand and fall in love with the unique aspects of specialty coffee,” he said.
NOff Coffee’s first coffee pairing was cold brew soba. At first, they were uncertain whether the idea would be accepted by the market, and even paused the development and promotion of their coffee pairing.
“However, we didn’t want our passion for coffee and culinary arts to be overshadowed by mere commercial success,” Kent said. “We also understood that running a typical cafe selling food and coffee would be an easier and more sustainable path, but without coffee pairing, the soul of NOff Coffee would be lost.”
Over the past six months, feedback from many customers has helped the team grow from one coffee pairing to four. Kent shared that the responses they’ve received have only strengthened their resolve to continue on the path of coffee pairing.
On and NOff
Currently, the team comprises Kent, his partner chef, and two other employees—overall, a small team.
However, reception for the business has been generally positive, especially their brunch offerings.
That said, some of the unique menu items, like the cold brew soba, have sparked mixed reviews.
“Despite this, our coffee pairing, especially the bread and coffee butter, has become quite popular among our customers,” Kent assured.
But Kent is aware that being overly idealistic can lead a coffee shop to fail. “Initially, we focused too much on the uniqueness of our offerings, neglecting customer needs. Our overly intricate and complex products weren’t well-received by the market,” he pointed out.
Through the past six months of exploration, he has learnt to present the team’s intricate and refined coffee and food in a simpler way that customers can easily appreciate. Gaining customer recognition and repeat business, along with their referrals, have been his proudest achievements.
The team hopes to increase awareness and appreciation of specialty coffee, which will hopefully be aided by the establishment of their own roastery to introduce customers to a wider variety of beans.
“We are committed to enhancing Malaysia’s coffee culture, improving the salaries and professional skills of specialty baristas,” he elaborated. “This includes not only latte art but also hand brewing, calibrating coffee, and roasting coffee beans.”
Also Read: Say goodbye to lost packages & missed deliveries. Sunway Popbox is changing the game.
Featured Image Credit: NOff Coffee
Another failed deal: Grab and Trans-cab will not proceed with their acquisition
Singapore’s Competition and Consumer Commission (CCCS) announced yesterday (July 25) that the planned acquisition of taxi operator Trans-cab by ride-hailing platform Grab will no longer proceed.
According to a press release, both Grab and Trans-cab informed the CCCS on Monday (July 22, 2024) of their decision to cancel the proposed deal.
CCCS had initiated a detailed review of the acquisition earlier this January after preliminary findings suggested that it might create barriers for competing platforms. The acquisition was first announced last July.
Earlier this month, the watchdog warned that the merger could lead to a spike in prices for Grab drivers and passengers if competition from rival platforms were weakened.
With the termination of the proposed acquisition, the parties have withdrawn their application to CCCS for a decision, and CCCS has accordingly ended its assessment of the proposed acquisition.
Competition and Consumer Commission of Singapore in a media statement published on Thursday
It added that Grab and Trans-cab “expressed their respect for the regulatory process and their appreciation to CCCS for the thorough review”.
An unfair advantage?
Under competition laws, any merger that may result in or is expected to result in a substantial lessening of competition in Singapore is prohibited. If CCCS finds a merger substantially lessens competition, it can mandate that the merger be unwound or altered.
The ride-hailing giant announced last July that it was acquiring Trans-cab, Singapore’s third-largest taxi operator with a fleet of over 2,500 vehicles. The acquisition would include Trans-cab’s taxi and car rental business, maintenance workshop, and fuel pump operations.
100 per cent of Trans-cab shares were to be acquired via Grab’s private-hire rental arm, Grab Rentals, with an estimated value of S$100 million.
In an article by CNA, Trans-cab’s general manager, Jasmine Tan, noted the need to digitize the business due to the change in consumer behaviours, and expressed confidence in the deal with “full assurance that Grab will do their best to safeguard the livelihoods of our taxi drivers”.
Grab also previously shared its plans to launch an enhanced application integrated with Trans-cab taxis, which would allow drivers to manage earnings and bookings from both Grab and Trans-cab’s call centre on a single platform.
However, CCCS raised concerns that the merger might compel Trans-cab drivers to favour Grab’s platform over competing platforms. Drivers renting from a platform-owned fleet are less likely to use other platforms, it added.
CCCS also noted that the acquisition could potentially allow Grab to reduce driver incentives, strengthening its already dominant market position at the expense of drivers and passengers.
Associate Professor Raymond Ong from the National University of Singapore’s Department of Civil and Environmental Engineering suggested that without measures to curb market dominance, such mergers might no longer be feasible.
“I believe the ride-hailing and taxi industry is likely to remain status quo,” Dr Ong told CNA. “This [the merger] could also prompt smaller market players (private-hire vehicle and taxi) to consolidate instead of one that involves a dominant player.”
Grab’s not backing down
In response to CNA’s queries, Grab reiterated its previous statement that it “wanted to support Trans-Cab in its digital transformation and help to improve its drivers’ livelihoods” amid shifting consumer behaviours.
“Consumers will still be able to access both private hire and taxis from multiple taxi companies via the Grab app,” said the tech firm, arguing that the merger could simultaneously boost driver earnings and reduce passenger fares.
With the high cost of putting vehicles on the road in Singapore, drivers need to see an increase in earnings. Without an improvement in earnings, the availability of good drivers in this industry will decline further.
Grab responding to CNA’s queries
This proposed acquisition between Grab and Trans-cab followed the merger of Strides Taxi and Premier Taxis last year to form Singapore’s second-largest taxi operator.
Not their first failed deal
However, this was not Grab’s first acquisition deal that fell through. In 2018, CCCS fined Grab and Uber S$13 million for their merger, which inevitably reduced market competition and increased prices.
The company also considered a potential 2022 acquisition of Prime Taxi, the smallest cab operator in Singapore.
Following yesterday’s announcement, CCCS acknowledged Grab’s “commitment to operating in compliance with competition laws and their intention to contribute positively to the competitive landscape in Singapore”.
“CCCS encourages businesses with acquisition plans to engage CCCS at an early stage of the process if they assess that their plans are likely to raise competition concerns.”
Featured Image Credit: Bryan van der Beek/Bloomberg, Wikimedia Commons
Also Read: Grab acquires S’pore restaurant reservation platform Chope
Goodbye, Google: after months of speculation OpenAI launches SearchGPT, an AI search engine
Disclaimer: Unless otherwise stated opinions expressed below belong solely to the author.
The moment dreaded by everybody at Alphabet has finally come: OpenAI has announced its own, AI-powered search engine to rival Google (and others, that most of us don’t know anyway).
Unsurprisingly, the company is careful to underscore that it’s just a prototype, whose early release will be available to just 10,000 people who join the waitlist. After all, when Google itself launched AI features in its search, it didn’t go well, with Gemini bot advising users to e.g. put glue on a pizza.
The launch didn’t go without a hitch for OpenAI either, as some eagled-eyed observes were keen to point out — it provided the wrong dates for a festival in its demo video:
To make matters worse, the dates it provided were the period where the festival’s box office was officially closed. Not the best time to make any plans, as you can see.
Still, this is a relatively minor hiccup, which could be rectified with website data being structured more logically for a bot to comprehend.
We have yet to see how badly SearchGPT will hallucinate and whether it makes any shocking, ridiculous, or comical recommendations to users. It only has one chance to convince us it’s better than what competitors have thus far created.
Web search is ripe for a shake-up
OpenAI’s announcement comes on the heels of the introduction of an AI-centric search layout in Bing, which also relies on ChatGPT and other underlying technologies developed by Sam Altman’s company.
It’s as if he tried to steal some of the limelight from his biggest investor, showing that he’s not afraid of going alone, despite Microsoft’s hefty stake in his business.
However, Bing’s AI features are already accessible, while SearchGPT is yet to open to its first users. But perhaps being slow and steady is going to win this race.
Altman’s caution shows that he understands just how important doing search right will be for OpenAI. It’s the first new entrant in decades that can realistically disrupt Google’s web search monopoly (currently 91 percent of the global search engine market), which is the bedrock of Alphabet’s financial success.
At nearly 60 per cent of the company’s revenue, the search advertising business is worth a staggering US$175 billion per year.
That is an enormous sum of money that companies like OpenAI will be eager to have a share in, given their massive expenses which cannot be sustainably funded into the future without a service that brings real money.
On the other hand, it’s clear that Google’s monopolistic position has led it to rest on its laurels, failing to provide meaningful innovation or even successfully combat spam and abuse in search results.
Given that Microsoft’s Bing relies on a similar approach and technology, it’s perhaps better for all of us that a completely new company does it from a different angle altogether.
After all, that’s how Google disrupted the business when it launched in 1998 with nothing but a single field you’d enter your question into, at a time when giants like Yahoo merely added search as an afterthought to the content they published.
A new take, new layout, new user experience of searching the web could revolutionise the way we look for information on the internet, if done successfully.
Separate from ChatGPT – for now
Possibly to shield its flagship AI bot, ChatGPT, from controversy, the company is testing SearchGPT on the side but it did say it plans to ultimately integrate both.
Understandably, its approach is conversational, envisioning users asking questions in a fairly natural language and then following up with more, to refine the results as needed, much like you would using ChatGPT.
This is different from the long list of results we know from Google, including its AI-powered suggestions, appearing in a separate box above but limited in the interaction they offer.
It’s clear that Google is still trying to grapple with possible consequences of AI revolution in its core business, which relies on showing plenty of ads next to search results.
OpenAI, on the other hand, can start with a clean slate, burdened neither by legacy technologies nor dependency on advertising revenue. Instead, it can refine the user experience first, before figuring out how to make money from its new service.
It’s hard to say what the winning configuration is going to look like but I think we can all agree that getting an accurate answer without having to browse a dozen pages of links is preferable.
This is the vision that sets the direction for all competing companies.
She quit banking 4 yrs ago to start a dessert shop in PJ specialising in all kinds of tarts
While completing a Biomedical Science degree in the UK, the onset of the pandemic prompted Felicia Leow’s return to Malaysia for her virtual exams.
With some spare time on hand, she started Tiny Afters as a passion project to generate additional income.
Initially, the business focused on selling cakes. However, the COVID-19 lockdown posed a unique challenge: consumers were less inclined to purchase whole cakes due to the lack of large celebrations and gatherings.
This realisation led to a pivot towards tarts, inspired by Felicia’s mother, who used to bake them for guests during childhood.
“My mum taught me the importance of baking tart pastry from scratch, and that emotional connection played a significant role in shaping Tiny Afters,” she told Vulcan Post.
Banker by day, baker by night
Before fully committing to Tiny Afters, she balanced a demanding job at UOB Asset Management with the burgeoning baking business.
Her routine consisted of waking up at 5AM to bake before heading to work at 7.30AM, then returning home to continue baking from 8PM to midnight. Public holidays, festive seasons, and weekends often meant peak orders for the business, and Felicia would dedicate all her available time to baking.
Keeping up the routine of being a banker by day and baker by night was gruelling.
But Felicia believes that much like many other bakers, the positive feedback from customers is what makes the endeavour rewarding. The appreciation from customers keeps the Tiny Afters team motivated to bake more tarts, aiming to reach and delight more people with their products.
Growing the business with nostalgic flavours
From July 2020 to November 2022, Tiny Afters operated from home, offering tarts and a minimal amount of cakes while the founder juggled a full-time job. By December 2022, Tiny Afters had established a dedicated kitchen in Petaling Jaya.
The decision to go full-time with the business was driven by the realisation that the baking side hustle provided more financial rewards and personal fulfilment than the corporate job.
“I always thought of building something for myself. It was just a matter of saving enough money to set up the business formally and establish our own kitchen,” explained Felicia.
“I also felt like this was the perfect time for me since I’m young and not tied to any commitments. Hence, even if things didn’t go as planned, I knew I had something to fall on, I could return to the workforce and start anew. So it was a natural move for me.”
The initial tart offerings were based on nostalgic flavours like blueberry cheese tarts and fruit tarts, reminiscent of the founder’s childhood.
Over time, the menu expanded to include popular and in-demand flavours such as matcha and pistachio.
Seasonal specials like pandan coconut tart for Hari Raya, taro tart for Mother’s Day, and Musang King Durian tart for Father’s Day added a fun and experimental twist to the lineup.
Prices for the mini fruit tarts start at RM55 for 16 pieces and can go up to RM110 for 36 pieces with mix-and-match options. On the other hand, flavours like matcha and chocolate tarts are priced at RM60. They also offer sets for 30 to 50 pax.
On good days, Tiny Afters bakes over 1,000 pieces of tarts per day, selling an average of 12,000 to 20,000 pieces per month, the founder shared.
Overcoming challenges
Tart businesses are a dime a dozen. Ever since the pandemic, many home bakers have launched their own versions of tart businesses, ranging from traditional tarts to more luxurious variations adorned with edible flowers, gold flakes, or intricately piped cream.
In such a saturated market, Tiny Afters has managed to carve out its niche by focusing on nostalgic flavours and continually innovating with new offerings, which has sustained them in the industry for four years.
One of the main challenges faced early on was the time-consuming process of making tart pastry by hand. Given the small size of the mini tarts, this process was inefficient.
The introduction of a tart presser significantly improved efficiency, saving time and energy while ensuring a consistent thickness for the tart pastry.
Including Felicia, Tiny Afters operates with a small team of six: three full-time bakers, a contract staff for deliveries, and an intern. Part-timers are hired on busier days to help manage the workload.
However, the biggest challenge for Tiny Afters now is keeping up with tart production. The commitment to making fresh tarts each day can be demanding for the small team.
Mornings in the kitchen are particularly hectic, ensuring all orders are ready for delivery by 10.30AM.
As the business grows, finding the right people to help manage increased demand while maintaining quality standards will be crucial. Tiny Afters has had the privilege of serving clients like OPPO, CIMB, Volvo Cars, AIA, and Permodalan Nasional Berhad (PNB).
Bootstrapped from the start, the founder invested RM70,000 into the business, covering legal setup, space rental, and kitchen renovation.
She was happy to report that business has become profitable, generating between RM 35,000 and RM 50,000 per month.
But money isn’t everything. Reflecting on the journey, Felicia is most proud of the community she’s built around Tiny Afters. Seeing loyal customers return and spread the word has been incredibly rewarding.
Plans and advice for aspiring entrepreneurs
Tiny Afters plans to maintain its focus on tarts, aiming to expand its reach by establishing a retail presence around the Klang Valley.
“Currently, since our business model operates online and only on a pre-order basis, this causes us to have limitations in the customers we can serve per day,” she noted.
This expansion can enhance customer satisfaction and drive growth by giving more people the opportunity to experience their freshly made tarts on demand.
Tiny Afters is an example of how a simple passion project can evolve into a successful business with dedication, hard work, and a commitment to quality. As they continue to grow, Tiny Afters is set to sweeten more lives with their delightful tarts.
Felicia offers valuable advice for those considering a career change and embarking on the journey of starting their own business.
One of her key recommendations is to take calculated risks before leaping into something.
“Understand that not every venture has a perfect start, setbacks are part of the journey. Hence, if you are leaping, ensure you have sufficient financial support to help you remain resilient during your entrepreneurial journey.”
“Remember, not every slow period in your business is necessarily negative. Utilise that time as an opportunity to refine your processes and strategies. This way, when you do take off, you’ll be positioned to grow even faster,” she added.
- You can learn more about Tiny Afters here.
- Read other articles we’ve written about Malaysian startups here.
Also Read: Meet the startup that powers the backbone operations of over 7K M’sian F&B outlets
Featured Image Credit: Tiny Afters
