A Singapore Startup Sells Contemporary Art from Southeast Asia, Without the ...

Groceries, books, clothing - we buy everything, it seems, from our laptops and phones these days, so why not original art too? That's the question posed by the founders of Art Loft, a Singapore-based e-commerce art platform with a focus on connecting emerging contemporary artists, largely from Southeast Asia, with collectors around the world.

The company's co-founders are three lifelong friends, each of whom brings a different area of expertise: Michelle Chan, the site's chief curator and artist manager; Qiuyan Tian, the company's business development and finance expert; and Alexandra Eu, who handles the creative branding and marketing.

Unlike other online art platforms, Art Loft works directly with artists (currently about 40), not galleries, that they find through a network of curators, colleges and critics in places like Myanmar and Laos, gained in part through Chan's experience as a curator at her family's Singapore gallery, M. 'One of the big things that we wanted was to give access for a lot of artists that don't necessarily have reach beyond their own local community,' says Chan. 'Having it online really gives them almost like an equal playing field.'

In addition to e-commerce, the site also features an educational component that takes the fear factor out of buying for entry-level collectors (prices start at $180 for limited-edition prints) by introducing each of the artists in a way that goes beyond jpegs of their work, with profiles, studio visit-style editorials and a feature that lets buyers upload images to see a work of art in their own space. In Singapore, potential buyers can even rent pieces for a low monthly fee before buying (a feature Art Loft may expand to other markets in the future once the logistics are worked out), while Bangkok's new Amara hotel will feature work from local artists chosen through a contest with Art Loft. In the U.S., the team plans to increase exposure with a pop-up during next spring's Asia Week New York.

'We're not trying to detract so much from the physical aspect of the importance of art, but really complementing that thing - how else can we contextualize this and can we showcase this in a fun manner that people don't think is intimidating and that art is just for the affluent, which typically is the sense that a lot of people get, especially young collectors who are just starting to have disposable income,' says Eu of Art Loft's accessible approach to collecting. 'It's really about just understanding art and encouraging them to buy art that they love.'

Singapore crowdfunding site officially launches with 11 projects

Summary: Spearheaded by local telco StarHub, the crowdfunding site is open to the general public and features 11 Asia-based projects including assistive technology and mechanical smartwatch hybrid.

Singapore telco StarHub has officially launched its crowdfunding site with 11 projects from across Asia, including assistive technology and what is touted to be the world's first mechanical smartwatch hybrid.

First announced as a beta launch in April, the Crowdtivate fundraising platform is now open to the general public and offers mentorship and consultancy to help entrepreneurs design effective campaigns. The website will also provide additional support, based on response from financial backers, related to business incubation and regional expansion, StarHub said in a statement Tuesday. Projects will also be selected to receive added help such as access to test users, marketing support, startup fundings, infrastructure support, and free software development.

The Singapore telco has roped in local businesses to provide mentorship, including Home-Fix Experience Centre, National Book Development Council of Singapore, and NUS Design Incubation Centre.

Indonesian telco Indosat also inked a partnership agreement with StarHub to add Crowdtivate projects to its local innovation portfolio including Ideabox, and enable Indonesia startups to raise funds and access mentorship.

Stephen Lee, head of StarHub's innovation, investment, and incubation business unit i3, said in the statement: 'Since the beta launch of Crowdtivate in April 2014, we have received hundreds of project proposals for crowdfunding. These past three months were spent with the entrepreneurs developing a strong marketing and promotional campaign that we believe will inspire the crowdfunding community.'

Eleven projects are currently listed on the site, though, three are still in preview stage and funds collection isn't available for these companies. The majority are based out of Singapore, while two are from Malaysia and one from Hong Kong.

Currently leading the pack with over S$4,300 raised so far, Hong Kong-based Ambi Climate is a standalone device that is able to control any air conditioner with a remote control and automatically adjust the right indoor temperature. Second on the list is Malaysia-based WaryBee, with about S$430 generated so far. The wearable device works as a panic button that can be triggered to automatically send the wearer's location information and call an emergency number.

One project that's currently in preview is Singapore-based Kairos, which is touting itself to be the world's first mechanical smartwatch hybrid, combining traditional watch-making traits with current-day technologies.

Members of the public who are keen to contribute funds can sign up for a free account on Crowdtivate or login with their Facebook or Linkedin user ID to browse projects. Contributions can be made through PayPal or major credit cards.

Tourists to Singapore spent S$6b in first quarter of 2014: STB

SINGAPORE: Tourism receipts for the first three months of 2014 grew 5 per cent on-year to S$6 billion, according to the latest Tourism Sector Performance report by the Singapore Tourism Board (STB).

Growth in tourism receipts was driven by Sightseeing, Entertainment and Gaming (SEG), which recorded a 19 per cent year-on-year growth to rake in S$1.6 billion in revenue, the STB said in the report released on Monday (July 21). Both integrated resorts reported an increase in their overall gaming revenues.

SEG was followed by Other TR Components - which include expenditure on airfares, port taxes, local transportation, medical, business, education and transit visitors - that generated S$1.4 billion in revenue, it added.

Declines in spending on Shopping, which saw a 6 per cent drop, and Food and Beverage, which dipped 1 per cent, were seen in the quarter though. STB said.

LAW IMPACTS CHINA TOURISTS NUMBERS

In terms of international visitor arrivals for the first quarter, the agency said the figure held steady at 3.9 million. Visitor arrivals in the three months were mainly impacted by the 14 per cent decline in arrivals from China 'due to the continuing impact of the tourism law that was introduced on Oct 1, 2013', it said.

The law stipulates, among other things, that tours sold in China for domestic and overseas travel clearly list itineraries, duration and details of transport, hotels and meals.

Excluding visitors from China, visitor arrivals grew 2.8 per cent on-year, with South Korea (17 per cent) and Vietnam (13 per cent) showing strong growth, according to the report. Indonesia continued to top the visitor arrivals list at 749,000 in the first three month.

Despite the drop in visitor numbers, China was still the top tourism receipt-generating markets in the first quarter with S$800 million spent by Chinese tourists. The figure excludes expenditure on the Sightseeing, Entertainment and Gaming component due to 'commercial sensitivity' of the information, STB said.

Indonesia and India made up the top three, with the former contributing S$658 million and the latter S$284 million, according to the report. Indonesia's tourism receipts fell 12 per cent on-year because it was impacted by a drop in per capita spend, while India's 3 per cent dip on-year was primarily driven down by a fall in arrivals and per capita spend of leisure visitors.

STB also said gazetted hotel room revenue showed a strong 12 per cent growth to hit S$800 million in the first quarter. This was aided by a rise in Average Room Rate, which stood at S$261 in the first three months, a 2.7 per cent hike year-on-year.

However, Average Occupancy Rate stood at 86 per cent, a 0.4-percentage-point decline over the same period last year, the report stated.

Singapore: restructuring pain

On 14 July, Singapore released its second quarter (April-June) gross domestic product (GDP) growth numbers. These are preliminary. They are not based on June data yet. Further, Singapore is a small city-state and hence, its GDP growth will tend to fluctuate around a lot more than others. Even then, the contraction was an eye-opener. GDP fell 0.8% sequentially and rose 2.1% year-on-year (y-o-y). Consensus expectation in the market was for a GDP growth of 3.1% y-o-y.

This surprise contraction is attributed to the departure of one semiconductor manufacturing unit from Singapore. Singapore's Economic and Development Board called this a one-off event. We are not so sure. It could be the beginning of a trend. In fact, one more relocation out of Singapore in the third quarter is being talked about. To be sure, we do not expect a rush to the exit by Singapore manufacturing companies. But, it is inevitable as Singapore remains a high-cost economy. It needs a good dose of deflation-wage and cost compression-over a sustained period, to restore competitiveness. That is socially painful and politically unacceptable to the government. The government has postponed some public sector projects to avoid importing more foreign workers. The government wants to boost high value-added manufacturing and productivity in the economy and yet, it wants to curb immigration. It wants to keep a lid on inflation-given already high costs-and at the same time, it wants to boost wages of domestic workers.

These are fundamentally incompatible objectives and something has to give in the end. One thing that Singapore appears to have achieved successfully in the last one year or more is a soft-landing in the real estate market. Rents for apartments have dropped swiftly and considerably. This has also dampened speculation in the real estate market. According to data released by the Urban Redevelopment Authority in Singapore on 15 July, housing transactions fell 68% in June from May. Number of units sold in June dropped to 482 from 1,488 units in May. These are primary market transactions. July too looks likely to be a weak month for home sales. This is a good thing. Dampening speculation in asset markets is a good thing as an economy driven by asset prices is prone to frequent booms and busts, to inequality and to higher costs, in general. The other good news for Singapore trying to rein in costs is that certificate of entitlement prices for automobiles have been declining steadily in recent auctions.

However, these efforts are compensated, unfortunately, by two factors: globally accommodative monetary policy and abundant liquidity and Singapore's high and rising reliance on the financial sector to drive economic activity in the island. If manufacturing units leave Singapore due to high costs, then naturally the share of services and that of the financial sector in the economy would rise.

An economy dominated by the services sector is prone to high costs and low productivity. Singapore's economic restructuring will be as protracted as it is inevitable and it is complicated by the government's political (re-election) priorities. So, expect more volatility in Singapore economic growth and high cost stickiness. Not an exciting prospect.

Even though the semiconductor-manufacturing unit had relocated in April and analysts had enough time to reduce growth estimates, they still predicted a 3.1% expansion rate. They were caught by surprise. In other words, growth is slowing in other aspects too. That is why most forecasters are now revising downward their growth forecasts for Singapore for 2014. They are leaving their more optimistic forecasts for 2015 intact, for now. However, over time, that too will be revised downwards. Optimism on global growth is misplaced and even if not, local headwinds in Singapore are stronger.

The important question is one that pertains to the Singapore dollar. It must be tempting for the government to push the currency towards the lower end of its band. But, we do not know if it would make any meaningful economic difference. Most major economies are working either openly or furtively to debase their currencies. Further, it is quite possible that the Monetary Authority of Singapore is aware of the inflationary potential of the government's policy of curbing labour immigration (or, allowing it only under higher wages) and pushing domestic wages higher. Hence, it may prefer to lean against the wind. They have done a good job of reining in speculation in the real estate market with decisive measures. Therefore, Singapore dollar will remain stable to strong, by default.

Overall, the inescapable conclusion is that Singapore's halcyon growth days are behind it. That is no adverse reflection on Singapore for it is inevitable for individuals, institutions and sovereigns to grow, to peak and then to decline. What is sad is that many refuse to acknowledge the inescapability of this cycle and try to resist it, making the ultimate denouement more complicated and painful.

V. Anantha Nageswaran is co-founder of Aavishkaar Venture Fund and Takshashila Institution. Comments are welcome at baretalk@livemint.com. To read V. Anantha Nageswaran's previous columns, go to http://ift.tt/1mw4YMB

Indians among the top three spenders in Singapore

SINGAPORE: Indians were among the top three spenders in Singapore during their visit here in the first quarter of this year, Singapore Tourism Board said today.

But spending by the Indians during the quarter was off by 3 per cent on the year at SGD284 million due to a fall in arrivals and less per capita expenditure of leisure visitors, the board said.

The Indian tourist arrivals in Singapore was 65,557 in January which is down by 7.9 per cent a year ago.

In February, 62,999 Indian tourists visited Singapore, which was 5.6 per cent better than a year ago, and in March the number was 70,472 visitors, unchanged from March 2013.

In April, 79,522 Indian tourists visited Singapore, up by 4.5 per cent on the year.

But the expenditure of these visitors was outside the quarterly report.

Overall, Singapore's tourism receipts or earnings during the first quarter grew by 5 per cent on the year to SGD6 billion from 3.9 million international tourist visitors, which STB said was steady compared to a year ago.

China topped the list of tourism receipt-generating markets in the first quarter with SGD800 million spent by 557,466 Chinese tourists who visited Singapore during that period.

Indonesia was second with SGD658 million spend by the country's 749,389 visitors to the city state during the January-March 2014 period, the board said.

We must embrace diversity

SINGAPORE: There is much to celebrate about Singapore and its state of racial harmony, but there are 'areas that we need to work on', said Education Minister Heng Swee Keat on Monday (July 21).

Mr Heng said a recent study on indicators of racial and religious harmony by the Institute of Policy Studies and OnePeople.sg showed that there is room for improvement. Specifically, Singapore can do more in building 'interest in intercultural understanding and interaction', he said during the Racial Harmony Day celebrations at Elias Park Primary School held on Monday morning.

'We have to continue to build strong bonds in our community - bonds of trust, friendship and understanding - to meet the challenges of the volatile, uncertain, complex and ambiguous global environment we face today,' said Mr Heng.

THE IMPORTANCE OF OPENNESS

The minister also said it is important to go beyond understanding the 'main races'.

'Singapore has thrived because of our openness to international trade flow, knowledge and cultures, all of which have brought us opportunities and progress. As Singapore moves towards a more diverse landscape, it is important that we continue to embrace diversity,' said Mr Heng.

'We also need to go beyond understanding the main races to respecting all people regardless of race, language or religion, who live and work in Singapore - for the happiness, prosperity and progress of our nation.'

This year, Singapore marks the 50th anniversary of the 1964 race riots. About 40,000 orange ribbon kits - typically symbolic of racial harmony - were distributed to Primary 4 students island-wide by the Ministry of Education and OnePeople.sg to commemorate the Racial Harmony Day.

Each Primary 4 student will make six orange ribbons, keeping one for themselves and giving away the other five to individuals from a different culture. The ribbon will also be accompanied with a personal note encouraging the recipient to talk to someone from a different race to find out more about their culture and practices.

Singapore Airlines apologises for insensitive Facebook posts after MH17 shot ...

Travel Incidents

SINGAPORE - After getting a drubbing on social media for making statements deemed 'insensitive' after the downing of flight MH17, Singapore Airlines (SIA) issued a public apology on Saturday and expressed solidarity with families affected by the air tragedy.

Hours after the Malaysia Airlines jetliner was shot down in eastern Ukraine on Thursday, killing 298 people, the airline's Facebook and Twitter updates said its own flights were not using Ukraine airspace.

Singapore Airlines has apologised for 'insensitive' posts on social media. Photo: Craig Abraham

That triggered a flood of angry responses, with many lambasting the airline for not offering condolences to the victims' families and for mounting what some perceived as a publicity stunt during a crisis involving its neighbouring country's flagship airline.

Customers may wish to note that Singapore Airlines flights are not using Ukraine airspace.

- Singapore Airlines (@SingaporeAir) July 17, 2014

'You better come up with a more considerate, diplomatic and a more sensitive status before you lose customers,' said a post by Edwin Lim on Singapore Airlines' Facebook page. 'Very, very inappropriate and disappointing status.'

SIA, Singapore's best known brand, later also clarified that its flights had been re-routed to alternative paths that were away from Ukrainian airspace after the shooting of MH17.

In a statement on Saturday, a spokesman from the airline said, 'We are aware of that our Facebook and Twitter update on Friday morning may have come across as insensitive to some.' The statement added that it had received many requests from customers seeking information about routes for their upcoming flights, however.

Our thoughts are with the passengers and crew of #MH17, and their families @MAS

- Singapore Airlines (@SingaporeAir) July 17, 2014

'We recognise that the information could have been better communicated and we sincerely apologise if it had offended our customers and anyone else in the online community.'

According to Flightradar24, an online flight-tracking service, 66 other carriers flew hundreds of times in the area where MH17 was shot down in the last week.

Malaysia flew there 48 times and Singapore Airlines 75 times. The flight-tracking service also published an image showing a Singapore Airlines flight from Copenhagen to Singapore was about 25 kilometres from MH17 when the Malaysian jet was brought down.

Reuters