Connections and collaboration: What Singapore offers global business families

An unexpected source of sustainable energy powers Singapore’s iconic Gardens by the Bay and keeps its glass biome conservatories cool. Wood and horticultural waste from across Singapore is fed into a Combined Heat Power energy plant that generates carbon-neutral cooling and electricity on-site. The turbine was designed and built in 2010 by Belgian company VYNCKE, which has a longstanding legacy of converting biomass to clean energy.

VYNCKE’s involvement in Gardens by the Bay’s sustainability efforts heralded fourth-generation owner Peter Vyncke’s decision in 2021 to use Singapore as a springboard to Asia’s high-growth markets. But before deciding to base himself in Singapore, Vyncke, whose title is Commander-in-Chief, reached out to counterparts from Family Business Network (FBN) Asia. Vyncke himself is a member of the Family Business Network (FBN) Belgium and Indian chapters, two of 32 FBN member associations found across the globe. He wanted to understand how sustainability-focused businesses could navigate the Asia-Pacific region – which is a critical contributor in the global effort to achieve net-zero.

Similarly, tech entrepreneur Tom Wolf’s connection with FBN Asia helped him set up his family office in Singapore. Having built a successful multi-billion-dollar construction-tech company in Germany, his single family office, TWO Family Office, now specialises in funding enterprises that are developing innovative capabilities in Web3 technologies with the goal of building a more sustainable future
for all.
 

Vyncke and Wolf’s experiences are a reflection of the growing community of Asia-focused family businesses and family offices in Singapore. Communities like FBN Asia have helped them connect and share insights with like-minded peers and partners in the city-state.
 

The importance of local networks

For anyone relocating to a new country, linking up with a local community is key to assimilation. The same goes for business families new to Asia.

Vyncke notes that when he first arrived in Singapore, he was able to connect with peers with similar business challenges through FBN Asia. FBN Asia also invited Vyncke to high-profile international events hosted in the country like the Wealth Management Institute’s Global-Asia Family Office Circle’s curated networking sessions, which allowed him to build a significant network of contacts in just over 16 months.

He quipped: “The Singapore Economic Development Board (EDB) and FBN Asia would introduce me to new contacts – I actually gained so many kilograms because I had lunch meetings arranged with new people every day.”

Vyncke said his goal is to expand and diversify his company into a “family of businesses” in sustainability. With Singapore serving as its regional headquarters, VYNCKE, which began in Belgium’s Flanders region some 100 years ago, now has a workforce of 415, spanning China, Malaysia, and Spain.

In the last two years, VYNCKE has established partnerships with Singapore-based companies like Ecowise, an integrated sustainable environmental solutions partner, and Kim Hock, a scrap metal recycling company. The clean energy company has extended its influence in the region as well by building green energy plants for global enterprises like Danone and Perfetti van Melle in Indonesia, and Heineken in Cambodia, among others.

Said Vyncke: “Being in Singapore and seeing the world from here has opened our eyes to how much more we can do. There is [so much] potential for us launch new ventures.”
 

Having a trusted base for business

One of the top concerns of any entrepreneur venturing into a new market is navigating the regulatory environment which may be complex. For Wolf, the relationships he forged through FBN Asia gave him the insights he needed to swiftly integrate his operations into Singapore with its transparent and streamlined business regulations.

Being able to tap on the network spared him the time-consuming and arduous task of seeking out industry leaders organically. He was introduced to a tight-knit circle of family office owners through FBN Asia. Having open and transparent conversations with peers gave Wolf valuable knowledge on how to better run his family office operations from Singapore, and access strategic growth opportunities in Asia.
 

Regional and global conferences held in Singapore also gave Wolf the opportunity to establish direct connections with fellow entrepreneurs aligned with his mission of investing in the future of living. Since setting up here, TWO Family Office has invested in local businesses like Sindcon, a local Internet of Things solutions company, as well as international tech companies such as Meta Wolf AG, a web3 solutions provider for the building industry headquartered in Germany, and Day One Technologies, an AI-based web and app solutions provider. Wolf explained: “The family office is [thus] in a location where you can find a new market and invest in companies directly.”

Singapore’s reputation as a trusted financial and legal hub, as well as its links to international banking networks, has also made the process of setting up TWO Family Office a fuss-free one. The nation’s regulations are aligned to global standards, and it has an ecosystem of service providers – from legal and tax advisory to trust, philanthropy, and governance - allowing family offices like his to do business with greater ease.
 

Besides that, the city-state’s multicultural and open society has made Wolf feel welcome. “In Singapore, you can really dive deeper into society and make friends with people from different backgrounds. This is unlike many other countries, where one would take at least 10 years to get closer to the locals,” he said.

For Wolf, who believes strongly in the power of business to serve humanity, connections forged via FBN Asia have allowed him to give back to the Singapore community. TWO Family Office funded a soup kitchen for Willing Hearts, a charity that provides daily meals for marginalised communities in Singapore. It also supports FootballPlus Singapore, a charity dedicated to changing lives of underprivileged children through football.
 

Supporting a growing business family community

Singapore’s Global Business Families Engagement Programme offers access to trusted networks and a community where family business principals can connect with peers in a safe space.  Supported by FBN Asia and EDB, the programme supports newcomers to the vibrant Asia-Pacific region who are keen to drive business growth and capital deployment from Singapore. Participants will also get the opportunity to take part in exclusive FBN Asia networking and learning events whilst gaining unwavering support from relevant and trusted partners throughout their investment journey.

From supportive networks to vibrant investment opportunities, EDB introduces family businesses to a wealth of resources to help them venture into Asia and be a part of a thriving region’s growth story. Learn more here.