Launch of the Singapore Professional Services Centre GOH Address - 2M Indranee Rajah

ISCA President Mr Lee Boon Teck,
ISCA CEO Ms Fann Kor,
ISCA Advisor Mr Teo Ser Luck,
Distinguished guests from the Professional Services (PS) Centre Alliance, 
Ladies and Gentlemen,

Introduction

1. Thank you very much for the warm welcome. It really feels like being back together amongst friends. Once again, very happy to be joining you today for the launch of Singapore’s first Professional Services (PS) Centre for several reasons.

2. First, this is an important milestone – not just for ISCA and the PS Centre Alliance, but also for Singapore’s professional services sector as a whole – because it marks the establishment of Singapore as an anchor hub of a growing international network of PS Centres – a network dedicated to helping businesses expand across borders.

3. Second, it is yet another positive outcome of the collaborative approach we set in motion 10 years ago. You may not realise it, but today’s PS Centre has its genesis in something that some of you here today may recall. 10 years back, we set up the Committee on the Future Economy (CFE). It was set up by the Government in 2016. Under the CFE, we had formed the Working Group on the Legal and Accounting Services Sector. I co-chaired that with Mr Chaly Mah. It was to identify strategies to develop a vibrant, competitive and future-ready professional services sector. One of the strategies was greater collaboration between the professions to achieve mutual goals, including capturing market demand, internationalisation, innovation and thought leadership. This PS Centre Alliance is the latest tangible and visible result of such collaboration. So, it is really nice to see that beyond the lawyers and accountants, it also brought in businesses and others.

4. I have had the privilege of being there when the two professions first embarked on their journey of collaboration and also at the birth of the PS Centres. In 2024, I attended the unveiling of ISCA’s first overseas office in Nanjing at the Singapore-Nanjing Eco Hi-Tech Island. This was an early step by ISCA towards building an international network for Singapore’s professional services.

5. I am pleased to see how far this has progressed because since then, ISCA has been a part of the PS Centre Alliance, connecting professional services providers in Singapore with growth opportunities abroad through PS Centres. Today, Singapore has become the anchor hub in the global PS Centre network, alongside Shanghai, Ho Chi Minh City and Nanjing.

6. Businesses increasingly operate internationally, and they need to navigate multiple jurisdictions, regulations and markets. For this, they will need different professional services which can work together to provide comprehensive advice. This is where the PS Centre network can make a huge difference.

The future of Singapore’s professional services sector

7. Let me touch on three areas that will be important for the professional services sector to continue to thrive in today’s fast changing landscape.

   1. First, anchoring Singapore as a trusted hub for helping businesses to grow.

   2. Second, bringing professional services together in an integrated way.

   3. And third, equipping professionals for an AI-enabled future.

Helping Businesses Grow

8. Many leading companies choose to do business in and out of Singapore because they have confidence in Singapore's stable business environment, strong institutions, deep talent pools and connectivity to global markets. They see us as a trusted hub.

9. Professional Services play a very important part in engendering that trust, through business, corporate and financial advisory work, tax structuring, compliance, and dispute resolution among other services.

10. Many of these businesses also use Singapore as a base from which to expand outwards regionally and globally.

11. But as you know, internationalisation is not always easy. Companies have to navigate unfamiliar regulatory environments, find reliable partners, and build networks from scratch.

12. This is where trusted professional services have a role to play – both in helping businesses who are based in Singapore to expand overseas, and also in helping foreign companies set up in Singapore.

13. This is where the PS Centre network has demonstrated its value. Within six months of launch, the three overseas nodes have:

    1. served over 700 visitors;

    2. attracted over 100 corporate members; and

    3. facilitated over 65 connections between Singaporean and international businesses.

14. Among these numbers are local businesses that have benefited as they look to grow beyond Singapore. One example is Unity Assurance, a Singapore-based audit and advisory firm. Through the Shanghai PS Centre, the firm successfully established a joint venture with Jiangsu Welsen, a PRC-based firm that was looking for a Singapore partner. This shows how the PS Centre network helps businesses build meaningful connections that translate into tangible business opportunities.

15. The Singapore PS Centre will likewise pave the way for overseas firms looking to expand into Singapore – by providing guidance on business set-up, connections to local agencies, and support with identifying talent.

16. The PS Centre is therefore an important addition to Singapore’s ecosystem and will strengthen our position as a trusted hub which actively helps businesses grow.

An Integrated Approach to Professional Services

17. Next, PS Centres can foster an integrated approach to professional services.

18. A company expanding into a new market will often simultaneously need legal advice, corporate structuring, tax planning, governance support, valuation expertise and talent solutions. The PS Centre brings together professional bodies and business organisations under one roof and provides businesses with more integrated advice.

19. This is also why the partnership between ISCA and the Law Society of Singapore is significant. Following the signing of their Memorandum of Understanding earlier this year, today's launch represents another step towards closer collaboration between the accountancy and legal professions. The opening of the PS Centre in Singapore will deepen the partnership that has already been established by coordinating legal and accounting services to better serve clients.

20. Beyond PS Centres, the Law Society of Singapore has also been working with ISCA to launch a digital learning platform in the third quarter of this year, to support lawyers on topics that are relevant to their daily work. It will also support cross-learning for accountants who are working in the legal industry.

21. These are encouraging examples and I am confident that there will be more to come. In due course, we hope that other professional services will come on board to collaborate with the accountants and the lawyers for mutual growth and benefit. A professional services sector that works together closely across disciplines will serve clients better and make Singapore a more attractive place to do business.

Equipping Professional Services for AI

22. Finally, let me touch on equipping professionals for an AI-enabled future.

23. Every profession today is being reshaped by AI, and the professional services is no exception. Standing still is not an option. This presents challenges but also significant opportunities for the sector.

24. As routine, high-volume tasks become increasingly automated, professionals will have more time to focus on higher-value work – tasks that require applying judgement, advising clients, managing complexity and structuring cross-border solutions.

25. The Government will support our workers through this transformation.

    1. Under the National AI Impact Programme, we have expanded the TechSkills Accelerator (or TeSA) to support non-tech workers to become AI-bilingual, combining their domain expertise with practical AI skills so they can meaningfully transform their workflows.

    2. IMDA and ISCA also recently launched the AIxAccountancy programme, which aims to build AI capabilities among accounting and finance professionals, enabling them to use AI tools effectively, assess their outputs critically, and apply them in ways that are responsible, value-driven and impactful for their organisations.

26. IMDA is also working with partners to support AI upskilling in other professions, including the legal profession, with tailored AI Fluency programmes. More details on these initiatives will be shared in due course.

27. But Government support can only go so far. Ultimately, it is the professional services sectors themselves who hold the key to whether and how well their sectors ride the AI revolution. Hence, I encourage all firms and professionals to embrace AI and upskilling to seize the opportunities ahead, and in doing so, keep Singapore and your firms at the forefront of global professional services.

Conclusion

28. Trust has always been Singapore's competitive advantage. Businesses come here because they trust our institutions, our rule of law, and our professional standards, all of which are underpinned and held together by a strong professional services sector.  

29. The PS Centre is where all of that comes together. It is a platform for building business confidence and forging new partnerships, helping firms grow here and across the region. Professional services will be more integrated, and increasingly AI-enabled. Today’s launch is an important step in this transformation. We must see this launch as a very important milestone in Singapore’s next chapter – our continuing journey of growth and expansion.

30. Let me conclude by extending my heartiest congratulations to ISCA and all members of the PS Centre Alliance on the opening of the PS Centre in Singapore.

31. I wish the PS Centre Alliance every success as you continue building this international network and helping our businesses grow with confidence. I look forward to celebrating more milestones together.

32. Thank you.