IVAS-IVSC Business Valuation Conference 2026 Opening Address - 2M Indranee Rajah

Mr Lie Kok Keong, Council Chairperson, Institute of Valuers and Appraisers Singapore (IVAS),

Mrs Lim Hwee Hua, Chair, Board of Trustees, International Valuation Standards Council (IVSC),

Ms Cindy Tan, President, CFA Society Singapore,

Mr Heng Swee Keat, Chairman, National Research Foundation,

Distinguished Guests,

Ladies and Gentlemen,

Introduction

1. It’s a great pleasure to be back again at the IVAS-IVSC Business Valuation Conference and to see how the conference has grown over the years.

2. Last year, we discussed how technological change, sustainability considerations and intangible assets were reshaping the drivers of value in the global economy. Since then, these trends have accelerated, making the task of understanding, measuring and assessing value even more important today.

3. Meeting this challenge requires drawing on diverse expertise and perspectives. I am therefore glad that this year’s conference will welcome members of the CFA Society Singapore community. Bringing together valuers and investment professionals will enrich discussions on how value is assessed, understood and, importantly, translated into sound decisions.

4. Today, I would like to touch on three areas:

   1. First, how we understand value in a changing economy.

   2. Second, how technology is changing the practice of valuation, and why professional judgement is becoming even more important.

   3. And third, how we can strengthen Singapore as a trusted centre for valuation expertise and standards.

Understanding Value in a Changing Economy

5. For much of the last century, the value of a business was understood largely through its physical and financial assets. In contrast, today a growing share of enterprise value lies in intangible assets. A recent study by international IP brokerage firm Ocean Tomo found that intangible assets account for 92% of the market value of S&P 500 companies, with tangible assets comprising just 8%. These intangible assets include intellectual property, brands, data, networks and know-how.

6. These assets often drive a company's future growth. But they can also be more difficult to identify, measure and compare. How well we understand these sources of value affects whether promising businesses can access financing, and whether investors can tell durable value apart from short-term expectations. Ultimately, credible valuation shapes capital flows towards productive and innovative businesses with strong fundamentals and long-term growth potential.

7. This year's conference theme is "Navigating New Realities in Corporate Markets". It reflects the reality that businesses today face a more difficult operating environment. These include:

   • navigating geopolitical tensions,

   • changes in supply chains,

   • technological disruption and

   • shifts in the cost of capital.

8. In such an environment, valuation becomes harder. But it also makes reliable valuation even more important. Investors and businesses need assessments of value that are well-grounded in valuation and can withstand scrutiny.

9. This is where valuers and investors can gain most from each other.

   • Valuers bring rigour to the assessment of value. They examine the fundamentals and the assumptions that underpin it.

   • Investors bring a market perspective. They consider those fundamentals alongside risk, opportunity and alternative uses of capital. Bringing these perspectives together can lead to more robust valuations and better investment decisions.

Technology and Professional Judgement

10. Technology is also changing the practice of valuation. AI can analyse large volumes of data, generate insights, and test valuation scenarios much more quickly than before. This can improve productivity, broaden analysis, and free up time for higher-value work.

11. But faster models do not remove the need for human judgement. Someone must still take professional responsibility for whether the assumptions are reasonable, whether the data is reliable, and whether information is complete. That responsibility cannot be delegated to an AI tool.

12. Future valuers will need to be comfortable with data and technology. But that alone will not be enough. As tools become more advanced, professional judgement, independence, ethics, and accountability will become even more important. Valuers must understand businesses and markets more deeply. They must be able to challenge the output of AI models, interrogate underlying assumptions and communicate complex judgements clearly to the people who rely on them.

13. Ultimately, AI is a tool, not a substitute for professional judgement. This is reflected in the latest International Valuation Standards, which require valuers to exercise professional judgement and scepticism, including when using AI or automated valuation models. As technology advances, trust, integrity and accountability will become ever more important.

Singapore as a Trusted Valuation Hub

14. Singapore is a trusted international business and financial centre. That trust has been painstakingly built up over many years. It comes from strong institutions, clear rules and high professional standards. And it also depends on confidence that important decisions are supported by credible information and sound judgement. Reliable valuation is a part of this foundation.

15. If Singapore is to remain a trusted place for business, we must continue to deepen our valuation capabilities on two fronts.

16. First, we must continue to build capabilities at home. This starts with talent. We need a strong pipeline of valuation professionals. They must be technically proficient and equipped for the way the profession is evolving. This means giving younger professionals opportunities to build practical experience and develop new capabilities. We must also provide them with a meaningful career pathway in valuation.

17. To nurture the next generation of valuation professionals, IVAS will introduce new exemption pathways for undergraduates from our Autonomous Universities. Students from SMU, NTU, and SUSS who complete specific valuation-related modules will be exempted from Module 1 of the Chartered Valuer & Appraiser (CVA) Programme. This recognises relevant academic training and will help students transition more seamlessly into professional valuation practice.

18. Building capability also means strengthening the tools available to practitioners. One area where this is particularly important is intangible assets. Practitioners need practical approaches to help them apply sound valuation principles consistently. At last year's conference, I mentioned that IVAS was developing guidance for valuing intangible assets. I am pleased to note that the Guidance Note has been published in August.

19. Second, we should strengthen Singapore's connections with the international valuation community. Singapore has benefited greatly from valuation standards. But our ambition should not simply be to adopt global standards well. We should also contribute our experience and perspectives to shape how those standards evolve.

20. This is important because business models and sources of enterprise value can differ across jurisdictions. Singapore is well placed to serve as a bridge. We can bring international standards and expertise to the region. At the same time, we can bring the experience and perspectives of Asian markets into the international conversation. IVAS' collaboration with IVSC on regional capacity-building is an important part of this effort.

21. Today, IVAS is also renewing its Memorandum of Understanding with IVSC for the third time. This conference is a testament to the strong collaboration between IVAS and IVSC in advancing valuation standards and thought leadership. The renewed MOU will deepen that collaboration over the next three years, with a greater focus on professional development, thought leadership and regional engagement across Asia.

22. Taken together, these efforts will strengthen Singapore's valuation ecosystem. We are building our talent pipeline. We are strengthening practice in areas such as intangible assets. And we are deepening our international partnerships. All this will help Singapore develop as a centre of valuation expertise for the region and beyond.

Conclusion

23. So, in conclusion, let me say.

24. As sources of value shift and technology transforms the way valuations are conducted, the profession will need to evolve. But one thing remains paramount to the profession – the importance of sound professional judgement, integrity and trust.

25. I am confident that through continued investment in talent, stronger professional standards, and closer international collaboration, Singapore will continue to contribute meaningfully to the future of valuation practice.

26. So, on this note, let me wish you all a productive and engaging conference. Thank you very much.