Opening Address by Ms Indranee Rajah, Minister in the Prime Minister’s Office, Second Minister for Finance and National Development at the IVAS-IVSC Business Valuation Conference 2025
27 Aug 2025Mr. Lie Kok Keong, Chairperson, IVAS,
Mrs. Chia-Tern Huey Min, Chief Executive, ACRA,
Distinguished guests,
Ladies and gentlemen,
Introduction
1. It is a great pleasure to be here, and it is wonderful to see such a strong turnout at this year’s conference.
2. The conference has been growing year by year, and I think that speaks to the standards and the quality of this event. This year marks six decades of Singapore’s independence. As we commemorate this milestone, we can take pride in our transformation from a trading port to a global financial hub. Our journey has been defined by innovation, openness and an unwavering commitment to excellence.
3. But we can’t afford to rest on our laurels. The rapidly evolving global landscape demands that we look ahead and work together as one united people to write the next chapter of Singapore's success story.
4. This morning, let me share some thoughts on how valuers can contribute to this and strengthen Singapore’s position as a trusted business valuation hub.
The Changing Face of Valuation
5. Rapid technological advances, the rise of Artificial Intelligence (AI), sustainability imperatives, and the growing importance of intangible assets are reshaping how businesses create and measure value. These shifts are redefining the role of valuation in guiding corporate strategy.
6. The importance of valuation is not new. Since ancient times, it has been understood that a commodity’s worth varied across markets, identifying opportunities where goods undervalued could fetch premium prices elsewhere. This timeless principle underscores the strategic importance of understanding valuation.
7. Today, the valuation landscape is evolving at an unprecedented pace. Businesses are navigating new drivers of value – technological advancements, sustainability imperatives, and changing market dynamics, all accelerated by geopolitical risks. A McKinsey study1 last year found that companies leading in digital and AI maturity delivered 2 to 6 times higher total shareholder returns over a five‑year period. Similarly, companies with strong environmental, social, and governance (ESG) profiles often have higher valuations2. These examples highlight how value drivers are constantly shifting.
8. Amidst this backdrop, the theme for this year’s conference, “From Insight to Impact: Bridging Valuation and Corporate Strategy”, challenges us to consider two key questions:
a. First, how can valuers remain relevant in an evolving corporate landscape?
b. Second, how can Singapore strengthen its position as a trusted business valuation hub?
Remaining Relevant in an Evolving Corporate Landscape
9. To remain relevant, valuers will have to continuously sharpen their skills and stay attuned to the latest industry developments. This includes pursuing professional milestones like the Chartered Valuer and Appraiser (CVA) designation as well as other learning opportunities to broaden perspectives. Such efforts will deepen technical expertise and equip valuers with insights into the latest value drivers.
10. Modern businesses derive their worth from a complex mix of factors. Depending on the sector, different asset classes may be more eminent than others. For example, in construction and real estate development companies, tangible assets, especially property, remain fundamental to its enterprise value. On that note, I want to take the opportunity to acknowledge the work that our property valuers do – they are and continue to be a cornerstone of Singapore’s valuation profession.
11. Beyond tangible assets, valuers must also increasingly consider new dimensions of value in intangible assets, such as intellectual property, brand equity, sustainability practices, digital capabilities, and human capital. However, such intangible assets are often not fully capitalised. A 2023 study by Deloitte found that intangible assets account for 89% of enterprise value in NASDAQ-listed companies, yet only 8% is reflected on balance sheets3. This gap highlights the need for more sophisticated valuation methodologies and a deeper understanding of how intangibles drive enterprise value.
12. Only by mastering both the technical and strategic aspects can valuers deliver sharp insights that will empower decision-makers to act with confidence.
13. So, I hope that today’s discussions will inspire you to pursue professional development and continuous learning, to deliver greater strategic value in your roles.
Strengthening Singapore’s Position as a Trusted Valuation Hub
14. As the valuation landscape evolves, Singapore must continue to cement our position as a trusted business valuation hub. Our reputation is built on three pillars:
a. First, robust professional standards;
b. Second, commitment to continuous learning; and
c. Third, strong international collaboration.
15. First, Singapore has consistently championed international valuation standards, particularly the International Valuation Standards by IVSC. These standards provide a globally recognised framework that enhances consistency, transparency, and comparability of valuations across markets, fostering confidence in cross-border transactions and investment decisions.
a. Singapore has been supporting IVSC's regional presence through the IVSC Asia Office. I was honoured to be able to witness the launch of their office in Singapore back in July 2022. Today, I am pleased to share that the IVSC Asia Office has reaffirmed their commitment to stay in Singapore as a key base to grow in the region, by expanding their team to 3 and extending their lease. This reinforces our commitment to advancing adoption of international valuation standards and strengthening valuation excellence across the region.
16. Second, as valuation grows more complex, continuous learning and knowledge sharing is essential. This conference is a testament to Singapore’s ability to bring together professionals from across the region to exchange insights and best practices.
a. To meet the changing needs of the community, IVAS is enhancing its professional certification programme to align it with global trends and developments. Mr Lie just spoke about the partnership with Singapore Management University (SMU) as a curriculum developer. Through this partnership, I am confident that their flagship CVA programme will benefit from a refreshed and forward-looking curriculum – one that reflects the new demands of the valuation profession and equips valuers with the skills to navigate new and complex market realities. In addition, SMU and the London School of Business and Finance (LSBF) have been appointed as regional training partners. This will enable overseas candidates of the CVA programme to enrol for academic support with LSBF in Malaysia and India as well as SMU in Indonesia and Thailand. SMU will also be appointed the new local training partner for Singapore from 2026 onwards after Nanyang Technological University completes its current tenure.
b. In a world of constant change, such enhancements are essential to broaden Singapore’s reach, future-proof the profession and ensure that our valuation professionals are ready for the challenges and opportunities ahead. I am therefore pleased to witness the signing of the Memorandum of Understanding between IVAS and these two training partners later today, which will formally mark this significant milestone.
c. I am also encouraged by the continued success of the ValuAsia Connect webinar series. This was jointly launched by IVAS and IVSC in March 2024. Continuing into 2025, this ground-up complimentary initiative has created a useful platform where experts from the IVSC and top global advisory firms can share their knowledge and expertise with peers across the Asia-Pacific region. This represents an invaluable source of practical insights for our community.
17. Finally, industry collaboration remains a hallmark of Singapore’s approach. IVAS works closely with international Valuation Professional Organisations (VPOs) to drive interoperable standards aligned with IVS.
a. One example is the publication on ESG valuation guidelines in July 2025, which was done in collaboration with international VPOs such as the American Society of Appraisers, Chartered Business Valuator Institute, and Royal Institution of Chartered Surveyors, with support from IVSC. This was developed in response to the growing demand for business valuation professionals to consider ESG-related risks and opportunities that can significantly impact a company’s value.
b. In addition, IVAS is also partnering with these same organisations, to develop the Intangible Assets Valuation Guidelines. After a year of dedicated work, a set of draft guidelines has been developed and I encourage industry stakeholders to contribute your valuable feedback during the public consultation period, which runs until 12 September 2025. The guidelines, slated to be launched by end-2025, will equip business valuation professionals with a consistent framework for valuing intangible assets that better reflect the value of businesses. This will enhance the reliability of valuation reports to support the recognition and commercialisation of intangible assets.
c. It is equally encouraging to see this spirit of collaboration extending beyond borders into our own ecosystem here in Singapore. One example is the continued collaboration between IVAS and the Intellectual Property Office of Singapore (IPOS) which organised the IP Marketplace convention that is also taking place right here at the Marina Bay Sands Expo and Convention Centre today. Specifically, the session “Beyond the Balance Sheet: From Intangible Value to Valued Intangibles” that is jointly hosted by IVAS and IPOS, is a sign of the growing convergence between valuation and intellectual property in today’s economy.
18. Overall, these initiatives will ensure Singapore remains competitive and continues to be a trusted, leading voice in the global valuation landscape. Looking to the future, Singapore must continue to uphold these pillars and find new opportunities to reinforce our position.
Conclusion
19. So, let me conclude by saying that this is an era of change, but Singapore is well-placed to thrive.
20. Your role as valuers has never been more critical because your work provides the foundation for informed business decisions, fair transactions, and importantly, market confidence. But I challenge you to do more. Seize the opportunities Singapore has been working tirelessly to create within your industry so you can sharpen your craft and lift the profession to new heights. This will ensure that our position in this field is not just maintained but strengthened for decades to come.
21. And with your continued dedication and expertise, I am confident that we will further strengthen Singapore's position as a leading centre for business valuation in the years to come.
22. I wish you all a productive and insightful conference. Thank you very much.
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