Singapore SMEs Honoured for Exceptional Achievements and Resilience at the 27th Enterprise 50 Awards

Awarding leading enterprises that are actively pursuing growth and transforming their business models to stay competitive 

Singapore, 17 December 2021 – 50 enterprising privately-held companies in Singapore were honoured today in the 27th edition of the Enterprise 50 (E50) Awards, co-organised by The Business Times and KPMG in Singapore.

Established in 1995, the E50 Awards recognise top enterprises that have contributed to the economic development of Singapore, both locally and abroad. This year’s winners were recognised for their business excellence and for proactively transforming and reinventing their business models to thrive amid the Covid-19 pandemic.

The top three winners of the E50 awards are:

• 1st place: Reachfield Security & Safety Management Pte Ltd for integrating innovative technologies into its operations, such as video analytics. This helped them boost productivity despite disruptions for manpower during the pandemic.

• 2nd place: AllAlloy Pte Ltd for staying ahead of consumer trends by diversifying into sustainable products for personal and environmental safety as well as those used by wind energy fabricators. 

• 3rd place: Utracon Overseas Pte Ltd which received a sustainability special mention for its innovative construction methods optimising the use of materials. This has helped to reduce waste and enable environmentally sustainable construction projects. 

Three Special Awards were also given out - the Internationalisation Award, the 5-Year Award, and the Enterprise Transformation Award. 

• MLION Corporation was conferred the Internationalisation Award for winning numerous projects across Asia.

• Oilfield Services & Supplies Pte Ltd bagged both the Enterprise Transformation Award and the 5-Year Award for its ability to diversify its business in a dynamic and fast-paced environment, and for being an E50 awardee five times.

• Aalst Chocolate Pte Ltd and QXY Resources Pte Ltd received the 5-Year Award for being conferred the E50 award five times.

Mr Wong Wei Kong, Editor of The Business Times, said, “Since its inception in 1995, the E50 Awards have been at the forefront of recognising and acknowledging the best of local enterprises in Singapore. The winners this year had to navigate the Covid-19 pandemic, were forced to adapt quickly and react forcefully, and had to find not just resilience but also new paths of growth. We hope their leadership, creativity and determination will inspire other companies too to rise to the challenges of today’s complex environment.”

Mr Jonathan Ho, Partner and Head of Private Enterprise at KPMG in Singapore, said, “The pandemic has hit enterprises hard, but those who had persisted with continuous innovations would have found themselves well positioned to deal with or thrive amid the crisis – which we see in the winners we are honouring today. Specifically, time-tested enterprises continue to see an increasing importance in Environmental, Social, and Governance (ESG). They consider what ESG means to them in terms of sustainable corporate growth and competitive advantage; and are rapidly building and scaling ways to solve business challenges while keeping the company agile in response to evolving developments. This is the forward-looking spirit of pursuit that stakeholders today expect of enterprises, similar to the relentless reinvention that KPMG is encouraging in its work in order to create measurable change for a sustainable future.”

The 2021 E50 Awards saw 140 esteemed guests coming together at The Ritz-Carlton, Millenia Singapore on 17 December 2021. The highlight of the night was a panel discussion with the Guest-of-Honour, Minister for Manpower and Second Minister for Trade and Industry, Dr Tan See Leng.

The panel discussion focused on Innovating for a Sustainable Future. Dr Tan was joined by four other notable speakers including Ms Ling Su Min, Partner, Head of Clients, Markets & Innovation, at KPMG in Singapore, Ms Lee Hwee Boon, Managing Director, and Head of Middle Market & Services, Global Enterprise Banking, at OCBC Bank, Ms Susan Chong, Founder & CEO of Greenpac, and President of the E50 Association, and Mr Mark Lee, Managing Director of Vac-Tech Engineering. The discussion was moderated by Mr Dylan Tan, Membership Editor of The Business Times.

The success stories of the E50 award winners will also be showcased in a commemorative publication, the 13^th edition of “Enterprise 50 – The Best SMEs in Singapore”. Aimed at championing local businesses and inspiring future generations of entrepreneurs and leaders, the book is a joint annual initiative between the E50 organisers and the National University of Singapore (NUS) Business School. Every year, a limited number of copies signed by the Guest-of-Honour are available for purchase at S$5,000 each, in support of the NUS Business School Bursary Fund. Since the inception of this fund-raising initiative, S$725,000 has been raised.

The full list of winners for the 2021 E50 Awards can be found in the Annex. 

Issued by SPH Media Trust (UEN: 20215108M)

Ms Ng Huiwen

Associate Manager, Marketing & Communications
KPMG in Singapore
Email: huiwenng1@kpmg.com.sg

Ms Jeanie Lee

Associate Director, Marketing & Communications
KPMG in Singapore
E: jeanielee@kpmg.com.sg

Ms Trina Chan

Manager, Corporate Communications & CSR
SPH Media Trust
Email: tchan@sph.com.sg

The Enterprise 50 Awards was launched in 1995 to identify, support, recognise and reward enterprising privately-owned, local companies across all sectors. Since then, it has become a definitive list of the 50 most enterprising, privately-held local companies in Singapore.

The E50 Awards is jointly organised by KPMG in Singapore and The Business Times, and sponsored by OCBC Bank. Supporters of the awards include Enterprise Singapore, the Singapore Business Federation and Singapore Exchange. 

Every year, applicants of the E50 Awards are evaluated and ranked using both quantitative and qualitative criteria. Quantitative factors include financial performance indicators such as operating profit before tax, turnover and profit growth. The qualitative criteria include management and marketing strategies such as the applicants’ business models, innovations, management ideals, governance, market branding and overall potential. For more information, please visit www.enterprise50.org

KPMG in Singapore is part of a global network of independent professional services firms providing Audit, Tax and Advisory services. We operate in 146 countries and territories and in FY20 had close to 227,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients. For more information, visit kpmg.com.sg. 

LinkedIn: linkedin.com/company/kpmg-singapore 

Singapore's only English financial daily, The Business Times (BT), is the authoritative guide on local, regional and international business markets. In addition to corporate news and commentary, BT covers the startup, wealth, property, lifestyle and SME scenes, and tells you what you need to know about ASEAN and the region. For more information, please visit bt.sg.

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SPH Media Trust is incorporated as a public company limited by guarantee. The mission of SPH Media Trust is to be the trusted source of news on Singapore and Asia, to represent the communities that make up Singapore, and to connect them to the world. It has several business segments in the media industry, including the publishing of newspapers, magazines, and books in both print and digital editions. It also owns and operates other businesses including radio stations and outdoor media. For more information on SPH Media Trust, please visit www.sph.com.sg and our social media channels on Facebook, Instagram, LinkedIn, and YouTube.

OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with Aa1 by Moody’s and AA- by both Fitch and S&P. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.

OCBC Bank and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services.

OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 450 branches and representative offices in 19 countries and regions. These include over 220 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and over 70 branches and offices in Mainland China, Hong Kong SAR and Macau SAR under OCBC Wing Hang.

OCBC Bank’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients’ goals. 

OCBC Bank's insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia. For more information, please visit www.ocbc.com.

Enterprise Singapore is the government agency championing enterprise development. The agency works with committed companies to build capabilities, innovate and internationalise.

It also supports the growth of Singapore as a hub for global trading and startups, and builds trust in Singapore’s products and services through quality and standards.
Visit www.enterprisesg.gov.sg for more information.

As the apex business chamber, the Singapore Business Federation (SBF) champions the interests of the business community in Singapore in trade, investment and industrial relations. Nationally, SBF acts as the bridge between the government and businesses in Singapore to create a conducive business environment. Internationally, SBF represents the business community in bilateral, regional and multilateral fora for the purpose of trade expansion and business networking. For more information, please visit: www.sbf.org.sg

Singapore Exchange is Asia’s leading and trusted securities and derivatives market infrastructure, operating equity, fixed income, currency and commodity markets to the highest regulatory standards. It also operates a multi-asset sustainability platform, SGX FIRST or Future in Reshaping Sustainability Together (sgx.com/first).  

SGX is committed to facilitating economic growth in a sustainable manner leveraging its roles as a key player in the ecosystem, a business, regulator and listed company. With climate action as a key priority, SGX aims to be a leading sustainable and transition financing and trading hub offering trusted, quality, end-to-end products and solutions.

As Asia’s most international, multi-asset exchange, SGX provides listing, trading, clearing, settlement, depository and data services, with about 40% of listed companies and over 80% of listed bonds originating outside of Singapore. SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN. Headquartered in AAA-rated Singapore, SGX is globally recognised for its risk management and clearing capabilities. For more information, please visit www.sgx.com.