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Welcome to the Singapore Edition newsletter. Each week we’ll bring you insights into one of Asia’s most dynamic economies. If you haven’t yet, please sign up here.

This week, Debby Wu looks at Singapore’s connection to one of the toughest tasks in the global tech industry, Ishika Mookerjee examines the Chocolate Finance scare, and Alfred Cang prepares for an invasion of little monsters.

Tough Job

Singapore has helped foster global tech executives such as ByteDance CEO Shou Chew and Coursera co-founder Andrew Ng. Add to that list Malaysian-born Lip-Bu Tan, the new boss of Intel, who graduated from university in the city-state.

Tan inherits one of the toughest jobs in tech. Once the dominant maker of the chips at the heart of computers, the California-based company lost its way as rival AMD ate into its traditional customer base, and markets for processors in fast-growing sectors such as smartphones and artificial intelligence were captured by the likes of Arm and Nvidia.

Tan is an industry veteran in technology and venture capital and his pedigree for the new job includes a stint at Cadence, which he took control of in 2008 when the chip-design software company was struggling. During his 12-year tenure as CEO, Cadence’s share price grew more than 3,000%. 

“Under my leadership, Intel will be an engineering-focused company,” Tan said in a memo to employees. “We will push ourselves to develop the best products, listen intently to our customers and hold ourselves accountable to the commitments we make.” 

Born in Johor in 1959, one of five children, Tan moved to Singapore with his mother, who he endearingly described as a Tiger Mom, when she got a job at Nanyang University. His dad was a chief editor of Malaysia’s largest newspaper. 

He later gained a bachelor’s degree in physics at Nanyang — the campus eventually became the site of Nanyang Technological University — before leaving to pursue graduate studies in nuclear engineering in the US. “There are no nuclear power plants in Singapore,” he once quipped.

Lip-Bu Tan Source: Business Wire

But his ties with Singapore remain strong throughout the years. 

In the 1980s he founded investment firm Walden International, whose early backers included Philip Yeo, former chairman of Singapore’s Economic Development Board, and Ho Ching, former CEO of Temasek, according to the Straits Times. 

“Singaporean business leaders are slowly and surely making their mark internationally, particularly in IT,” said Eugene Tan, a law professor at Singapore Management University. “The Singaporean DNA of inter-cultural fluency, incorruptibility, commitment to excellence enables them to thrive in these highly competitive areas.” 

Through Walden, Lip-Bu Tan invested in chip startups at a time when few venture capital firms were interested in semiconductors. Singapore-based Creative Technology was the first company in Asia he backed. 

In 2024, he donated S$3 million ($2.2 million) to NTU for AI research, and he and his associates launched a fund with a S$5 million commitment dedicated to the university, for which Tan served as a trustee from 2006 to 2011.

“Lip-Bu Tan is loved by everybody and he knows everybody in the industry,” said Pat Gelsinger, then Intel CEO, when Tan was presented with the chip industry’s highest honor — the Robert N. Noyce Award — in November 2022. 

 He will need the goodwill

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Budding robo-advisor Chocolate Finance caused a stir this week when it halted instant cash withdrawals for its clients, sending a wave of concern about the potential pitfalls in dealing with non-bank institutions.

The company amassed close to S$1 billion in assets in less than a year of existence but faced a surge in redemption requests that was reportedly triggered by frustrated users of its new debit card. The firm was offering a promotional airline mileage rewards program that went awry when some customers tried to utilize it.

Chocolate Finance said in a statement that withdrawals were proceeding “in an orderly manner” and that clients’ funds are safeguarded and meet the regulations of Singapore authorities.

Singapore's push to become a fintech hub has sparked a surge in low-cost digital advisory services. In a wealthy country with one of the world's highest Internet adoption rates, the businesses have attracted a lot of capital. The regulator has taken steps to protect customer assets, but as the space gets more crowded, especially with Chinese entrants, more safeguards may be needed. —Ishika Mookerjee

The Limelight: Lady Gaga

Who’s in the news in Singapore’s global, multicultural population.

Little Monsters awaken, she’s back. After more than a decade, Lady Gaga is set to bring mayhem to the National Stadium for four nights in May, for her high-energy blend of rock, fashion, dance and carnival.

Tickets to see the perfect celebrity go on public sale at 2 p.m. on March 21 through Ticketmaster, but depending on how bad you want them, presales through the likes of Mastercard, Klook and Singapore Airlines will be available as early as March 18.

Lady Gaga poses during a press conference this month in New York. Photographer: Arturo Holmes/Getty Images for Spotify

The four Singapore shows are the only Asian stop on the artist’s Mayhem tour to promote her new album, promising an influx of spellbound fans from across the region that could provide a fillip to the economy in an election year. 

Last year, Singapore stirred up criticism among its neighbors for providing incentives to Taylor Swift to ensure Singapore was the only Southeast Asian stop on her wildly successful Eras tour. Culture minister Edwin Tong told parliament this week that Lady Gaga's concerts are not subsidized by the government. —Alfred Cang

The Review: Verdant Villas

From the best spots for a business lunch to drinks with the boss, we sample the city’s eateries, bars and new experiences.

This week we look at two luxury hotel openings that leverage Singapore’s magnetic mix of wealth, luxury spending and a tropical backdrop.

On Sentosa, the nation’s “Grande Dame” of hospitality, Raffles Hotel — currently rated 6th on the World’s 50 Best Hotels list — has a new sibling: an all-villa luxury resort.

Raffles Sentosa Singapore, on the increasingly congested island of wealthy residents, weekend funseekers and resort hotels, boasts 62 villas, each with a terrace, private pool and butler service. Like the old hotel, it’s owned by Singapore-based developer Royal Group and the resort is operated under the Accor brand. 

A room in the Royal Villa. Source: Raffles Sentosa Singapore Resort

Options at the Sentosa site range from a 211-square-meter, one-bedroom place up to the four-bedroom Royal Villa, which, at 650 square meters, is around seven times the size of an average three-bedroom public housing unit.

Guests can opt to arrive in one of the hotel’s Rolls Royce limousines, after which they will be greeted either in the lobby or their villa with a Sentosa Sling – a watermelony take on the famous cocktail dished out for over a century at Raffles Hotel’s Long Bar. 

The idea of the new property is to combine “Raffles' legacy of gracious service with a deep connection to nature and well-being,” said General Manager Cavaliere Giovanni Viterale. 

To create that sense of serenity, the villas are scattered among a forested hillside containing native plants like sea hibiscus, tropical hardwoods and mangroves, with views out over the South China Sea. A century-old ficus tree guards the entrance and peacocks and white-collared kingfishers add dashes of color.

There’s a spa, discounted green fees at the swanky Sentosa Golf Club and access to nearby Tanjong Beach. The five restaurants and lounges include Italian and Cantonese fine dining and Japanese omakase as well as the Raffles Room, where you can get your fix of afternoon tea. After a hard day at the pool, the Chairman’s Room can help you relax with a selection of whiskies, cognacs and fine wines.

A one-bedroom villa starts from around S$1,676 a night including tax.

The Butler buggy. Source: Raffles Sentosa Singapore Resort

It’s a place that would appeal to senior executives on a multi-day trip to the city, wealthy families splashing out, and will no doubt be popular among movers and shakers the next time the island hosts a big summit.

It’s not the only addition to Singapore’s swanky staycation offerings. On April 2, the Banyan Group opens its Mandai Rainforest Resort, which includes clusters of shell-like “treetop” villas connected by an elevated walk with large open terraces and views over Upper Seletar Reservoir. 

The sprawling 338-room property, next to the Singapore Zoo, exudes classic Banyan Tree tones of stone, marble rattan and wood to blend with the surroundings. 

A 63-square-meter Grand Mandai Treehouse for two people can be booked in April for a special opening rate of S$1,228 a night. —Adam Majendie

Have a place you’d like us to review or feedback to share? Get in touch at sgedition@bloomberg.net.

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