Guest of Honour Speech by Ms Indranee Rajah, Minister in the Prime Minister’s Office, Second Minister for Finance and National Development at the ISCA Annual Dinner 2025

ISCA President Mr Teo Ser Luck,

ISCA CEO Ms Fann Kor,

Distinguished guests,

Ladies and gentlemen,

1. Thank you, Ser Luck, accountants and members of ISCA for always warmly welcoming me to your events. 

2. I just want to say thank you for inviting me to join you at this annual dinner. It is really wonderful to see that ISCA has grown from strength to strength. I understand that you have crossed the 40,000 members mark this year – so, congratulations!  Please give yourself a big hand.

3. This year is SG60 where we mark 60 years of independence. We have come a long way in the last 60 years. So it is a time to reflect and be grateful for all that we have achieved in the past. But it is also time to think about what is next, and how we are going to forge our future together as Singaporeans.  We know our progress is and has always been a team effort. Our strength lies in the fact that we have always pulled together as One People and One Singapore, each contributing individually, lending strength and expertise to the overall collective endeavour. So tonight, I want to share what accountants can do to help us write the next chapter of the Singapore story.

A. A New Economic Reality 

4. Let’s talk about the new economic reality. It will be clear to everyone that the world is changing from the rules-based global order that we enjoyed over the last few decades. 

5. Rising geopolitical tensions and tariffs are disrupting trade rules and changing how countries work together. This makes global trade more unpredictable and complicated, as you well know because you are the ones advising your clients. Some countries are becoming more protectionist. For a small country like Singapore which has always relied on free and open trade, the situation is even more challenging.

6. In a more fragmented world, it is going to be tougher to tackle shared existential threats like climate change. Many countries have slowed down on their climate commitments, but climate change will not go away. These uncertainties make it difficult to make collective progress towards our long-term sustainable future. 

7. At the same time, innovation and technology are changing our lives continuously. The advent of generative AI and machine learning is transforming how industries operate. This will unlock new opportunities for growth, but it will also give rise to new challenges. 

8. It is against this backdrop that we will have to carve out our future and ensure that Singapore continues to prosper and do well, notwithstanding all these challenges. So, what can we do together?

B. Looking Out for Each Other

9. First as accountants, I urge you to look out for one another. At the National Day Rally, PM talked about “we” – you have to look at the “we” before the “me” so we can thrive. And so, this is something I want to encourage all of you as a sector to do. In the past few months, I have encountered a number of those in the accountancy sector who have lost their jobs due to corporate restructuring. These were older accountants. I reached out and spoke to Ser Luck about this, and I am very grateful that he and ISCA readily agreed that ISCA should step up to help this group of accountants. 

10. ISCA has come up with the Career Support Programme to help accountants find new career opportunities. Through this initiative, ISCA will support accountants to reskill and upskill. ISCA has also collaborated with WSG and e2i to consolidate information on career-related resources. For those looking for support to navigate career transitions, or if you know anyone who does need this, please reach out to ISCA through their Career Support website.  

C. Developing Strategies for the Future

11. Second, Singapore needs to refresh our strategies to keep our country globally competitive in the long term.  

12. A major first step in this direction is the Economic Strategy Review, announced by Deputy Prime Minister Gan two weeks ago. The review, which comprises five committees led by our office holders, aims to secure good economic opportunities for our businesses and workers. The areas covered by the five committees are:

    1. Global Competitiveness;

    2. Technology and Innovation;

    3. Entrepreneurship; 

    4. Human Capital; and

    5. Managing the Impact of Restructuring.

13. As accountants, these are areas that you deal with every day in your work. You are often at the cutting edge of this and in a position to identify new trends and business solutions. So, I encourage you to be part of this effort by contributing your feedback and ideas to the office holders and committees. 

14. Next, under MTI’s Singapore Economy 2030 vision, Professional Services has been identified as one of the four key pillars of growth.  

15. Singapore is a trusted business hub. We are stable, predictable, and reliable – and this is an even more rare commodity in today’s world. These are intangible assets that have given Singapore a competitive advantage over the years. And in an increasingly fragmented world where there is a trust deficit, we have a valuable commodity that is in demand. 

16. Professional Services, which includes accountancy, play a vital role in strengthening Singapore’s position as a trusted business hub. By upholding the highest standards of professionalism, integrity and expertise, accountants help to maintain transparency and accountability in business dealings, fostering trust among investors, regulators and the public. Accountants also provide the foundations of sound financial governance, enabling businesses to operate with confidence and credibility. 

17. I encourage you to partner and collaborate with the various government agencies, such as EDB, Enterprise Singapore, and ACRA to see how the accountancy sector can help to grow our economic pie, which will generate more business and work for your sector.

D. Adapting to Change

18. Third, in this fast-changing world, accountants must adapt quickly to seize opportunities.

19. So, let me touch on two areas the accountancy sector needs to focus on for continued success. 

    1. One, to accelerate adoption of AI.

    2. Two, internationalisation.

 (a) Accelerate Adoption of AI

20. As the business environment grows more complex and fast-paced, AI is becoming a powerful enabler for the accountancy sector. As set out in ISCA’s White Paper titled “Artificial Intelligence for the Accountancy Industry – What Lies Ahead”, we can expect AI to augment critical job functions in assurance, financial accounting and management accounting roles. This in turn, provides opportunities for accountants to focus on delivering value through critical thinking, analysis and judgement.  

21. I am encouraged that some accountancy firms have embarked on their AI journey. For example, PKF-CAP Singapore has adopted an AI-powered assistant embedded within its audit platform. This tool streamlines workflows, and enables the team to quickly access relevant standards, suggest audit procedures, and summarise complex documentation, bringing about significant productivity gains and improvements in audit quality. 

22. So, I encourage more industry players, big and small, to embrace and experiment with different AI solutions. By doing so, we can enhance efficiency and enable accountants in more diverse work areas, and position Singapore’s accountancy sector as a leader in innovation. 

23. As we leverage AI to transform the accountancy sector, we must also have in place appropriate guardrails to guide the responsible use of AI. To this end, ISCA is collaborating with NTU to develop a practical framework for the ethical and effective use of AI in the accountancy sector, and this is targeted to be ready by end of the year. 

24. Understandably, accountants may have concerns about how AI will reshape the job market. The good news is – you are not alone in this transition journey. There are available resources to help you identify new career opportunities and acquire the necessary skillsets. 

25. For instance, ISCA recently launched the ISCA Talent Marketplace, an AI-enabled career-matching platform that connects employers with jobseekers looking for full-time, part-time or internship roles. Through this platform, you can discover career opportunities that you may not have considered before, including in-demand roles such as sustainability assurance, forensics accounting and digital finance.

26. The platform also offers a skills gap analysis tool to help you evaluate your strengths and gaps in skillsets. And this is an important first step in understanding where you can pivot your career to. 

27. Those who can use AI, and use it well, will have an advantage over those who cannot. As I have said before, accountants will not lose their jobs to AI. It is only accountants who cannot use AI who will lose their jobs to the accountants who can. So, I encourage all accountants to take charge of your career progression and equip yourselves to seize new opportunities that will come with the use of AI. 

 (b) Internationalisation  

28. Next, internationalisation. Singapore is a small market. If accountants want to continue to do well, you will need to seek out new markets for your services and expand your reach beyond our borders. So, the next strategy is internationalisation.

29. On this front, I want to commend the continued efforts of our industry partners, including ISCA, in expanding the footprint of our professional services ecosystem.

30. Under the ambit of the Singapore-Jiangsu Cooperation Council, professional services was one of the key priority areas of collaboration for mutual growth. ISCA, in conjunction with other trade associations and professional membership bodies, launched its full-scale Professional Services Centre in Shanghai’s Hongqiao Business District this year. The Centre has already achieved tangible outcomes, including supporting Fiducia LLP, one of Singapore’s small and medium practices, in setting up its operations in Nanjing.

31. I also had the pleasure of attending the unveiling ceremony of ISCA’s new representative office on the Singapore-Nanjing Eco Hi-Tech Island in December last year. The representative office has been integral to ISCA’s initiatives, including facilitating mission trips for local professional services firms to explore new business prospects in Jiangsu. ISCA’s presence in Nanjing and Shanghai plays an important role in promoting Singapore’s accounting expertise, fostering stronger partnerships and paving the way for more cross-border collaboration opportunities.  

E. Attracting Talent  

32. Next, attracting talent. Accountants must continue the work of ensuring a strong pipeline of talent. This is measured not only by the numbers you can attract to the sector, but more importantly, whether you can keep them. The Report by the Accountancy Workforce Review Committee made important recommendations to attract and retain talent in the accountancy sector. To carry through these recommendations, an Implementation Committee was set up. I am pleased that many of the recommendations have been implemented, including broadening of entry pathways to the Singapore Chartered Accountants Qualification, or SCAQ. This is a clear sign of the industry’s commitment to turn ideas into action.  

33. To enhance the perception of the accountancy profession, ACRA and ISCA have stepped up their outreach efforts, and engaged close to 7,000 students in the first half of the year. In this regard, I want to highlight the ACCtraordinary event, jointly organised by ACRA and Ngee Ann Polytechnic, for secondary school students to give them a better idea of what accountancy is about. It was a really interesting event, very engaging, and the students enjoyed it. I think they saw accountancy in a whole different light as a result of that event. 

34. I understand that after the Accountancy Workforce Review Committee released its recommendations, we saw a positive response in the enrolment for accountancy in polytechnics and ITEs.

35. So, I would also like to applaud ISCA on its continued efforts in promoting our national SCAQ. The number of new candidates signing up for SCAQ has increased tremendously. In 2023, there were over 900 enrolments. Last year, in 2024, this has more than doubled to about 2,400. And this year, there are already close to 1,400 in the first half of the year, and we expect to surpass last year’s enrolments. Let us build on this momentum and continue to inspire the next generation of accountants. 

F. A Community that Cares

36. Then beyond work, accountants in Singapore are doing their part to make a meaningful impact on society. 

37. ISCA Cares, a charity set up by ISCA, represents the accountancy profession’s collective effort in creating a positive impact to society. Since 2022, more than 200 ISCA members have volunteered their time and expertise through various engagements, such as conducting financial literacy workshops and providing pro-bono accounting support to non-profit organisations. And I would like to take this opportunity to say a big thank you to all of you. 

38. This year marks the 10th year anniversary of ISCA Cares. To celebrate this milestone, I am delighted to be launching the commemorative book series, “Making it Count”. This publication features the life stories and experiences of eight ISCA Distinguished Lifetime Members who have demonstrated exemplary accomplishments in the accountancy and business sectors, as well as in the public service. 

39. So, please do lend your support, not just through donations, but also by sharing these stories and your own to amplify the impact of what accountancy can do, and what accountancy can be.   

G. Conclusion 

40. In conclusion, there are many things that accountants can and should do to bring Singapore forward. So, I hope that all of you will take this to heart and help us secure a brighter and more prosperous future, girded with compassion and empathy, leaving no one behind. 

41. Have a pleasant evening and thank you very much.