Thought Process

Singapore Budget 2025: What It Means for You (time for huat)

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Image source: PM Lawrence Wong’s facebook

Picture this: you’re sitting across from me at our favourite kopitiam, you are drinking kopi siew dai and I am drinking kopi o kosong (as we are conscious about taking less sugar as advised by minister Ong Yee Kung, yea we followed him on TikTok). We’re catching up, and naturally, the topic of Budget 2025 comes up. “Ugh, another budget speech,” you groan. “Just tell me—what’s in it for me?”

Alright, let’s break it down—no finance-speak, just the stuff that actually matters to you.

1. Tackling Cost Pressures

Prices have been creeping up, and the government knows it. To help, every household is getting $800 in CDC Vouchers—$500 in May and $300 in January next year. Half can be spent at supermarkets, and the other half at hawkers and heartland shops.

If you live in an HDB flat, you’ll also see extra U-Save rebates—up to $760 this year, which should help with utilities. Plus, families with kids get a $500 LifeSG credit per child under 12, which can be used for everyday expenses.

And here’s a little birthday gift for everyone—Singapore is turning 60, and all Singaporeans aged 21 and above will receive $600 in SG60 Vouchers. Seniors aged 60 and above get an extra $200, bringing their total to $800. These work just like CDC Vouchers, helping to ease daily expenses.

2. Helping Workers and Businesses Stay Competitive

The job market is evolving fast, and Singapore is doubling down on SkillsFuture. If you’re 40 or older, you already get $4,000 in SkillsFuture Credit. Now, there’s also a training allowance of up to $3,000 per month if you take selected full-time courses. Working while studying? You’ll get $300 a month to help with expenses.

For businesses, the Enterprise Compute Initiative ($150 million) will make AI tools more accessible. Plus, a 50% Corporate Income Tax rebate (capped at $40,000) will ease some financial strain for SMEs.

3. Investing in Sustainability and Innovation

Singapore isn’t just thinking short-term—it’s betting big on clean energy and tech. A $5 billion Future Energy Fund will help secure sustainable power sources, including potential nuclear energy research (yes, really!).

The government is also setting aside $1 billion for R&D, focusing on biotech and semiconductors. If you’re in these industries, expect more support and funding opportunities.

4. CPF Changes for Seniors

If you or your parents are 55 and older, CPF contribution rates are increasing:

  • 55 to 60-year-olds: 34% total CPF rate
  • 60 to 65-year-olds: 25% total CPF rate

To help businesses adjust, there’s a CPF Transition Offset, where the government covers 50% of the employer’s increase for one year.

5. Transport and Housing Updates

Got an electric heavy vehicle or bus? Road tax changes are coming, with a phased-in Additional Flat Component starting in 2026.

Housing-wise, more shorter-wait BTO flats (less than three years) are being launched, and resale cooling measures will continue to stabilize prices. If you’re in the market for a home, this could make things a little easier.

Final Thoughts

Budget 2025 is all about helping Singaporeans manage rising costs, future-proofing jobs, and investing in sustainability. Between the SG60 Vouchers, CDC Vouchers, tax rebates, and SkillsFuture boosts, there’s something for nearly everyone.

Reflection: Beyond the Numbers – The Transformative Journey of Big Old Media Company and TEA

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Disclaimer Note: The following account is based on my personal experience leading end-to-end M&A activities. For confidentiality and legal purposes, the names of the companies have been changed, and any resemblance to real organizations is purely coincidental. This article is intended solely for educational purposes and aims to share insights and lessons learned with the professional community. It does not reflect the views of any specific company or entity.

Beyond the Numbers: The Transformative Journey of Big Old Media Company and TEA

It all began over coffee. Somewhere in a quiet restaurant in Dempsey, the leaders of TEA and Big Old Media Company (BOMC) found themselves in a conversation that went beyond small talk. They spoke about the challenges of running a media business in an increasingly digital world, the hunger for fresh ideas, and the vast opportunities in Southeast Asia’s thriving tech ecosystem.

It was an unassuming meeting, but by the end of it, a seed was planted. Months later, in late 2023, that conversation blossomed into a groundbreaking merger. BOMC announced its acquisition of TEA. For BOMC, it was a bold step to embrace a younger, tech-savvy audience. For TEA, it was a chance to secure resources and expand its mission-driven vision. Together, they embarked on a journey that they hoped would reshape the regional media landscape.

A Shared Vision in a Changing Industry

For over a decade, TEA has been the go-to platform for tech enthusiasts and startup founders across Asia. Founded in 2009 as a personal blog, it grew into a trusted source of news, insights, and events. TEA’s annual conferences drew thousands, while its media offerings became indispensable for understanding the region’s fast-evolving startup ecosystem.

BOMC, on the other hand, represented legacy media. Known for its stalwart publications like the Old National Newspaper and the Old Business-Focused Newspaper, it dominated print and digital news in Singapore. Yet, the rise of digital platforms and shifting reader preferences meant BOMC needed to innovate—or risk losing relevance.

The two companies were paper and keyboard apart. TEA was nimble and entrepreneurial; BOMC was established and methodical. But both shared a common challenge: staying relevant in an era of digital disruption. The deal became not just about financial returns but about reimagining the role of media in a rapidly changing region.

The Merger: Navigating Complexity

When BOMC announced its intention to acquire TEA, it sparked excitement and curiosity. The details revealed a deliberate and well-thought-out plan. BOMC pledged to let TEA operate independently for 12–18 months post-merger to preserve its innovative spirit while ensuring a smooth cultural integration.

For BOMC, the jewel in TEA’s crown wasn’t just its newsroom but its events business. TEA’s flagship conferences and meetups, particularly in Singapore and Jakarta, had become must-attend gatherings for the tech community. These events presented BOMC with an opportunity to tap into an entirely new revenue stream and deepen its regional presence.

For TEA, this meant navigating the pressures of being part of a corporate giant while retaining the freedom that had fueled its success. However, challenges loomed. BOMC’s structured, hierarchical culture needed to adapt to TEA’s agile, experimental approach.

Turning Challenges Into Opportunities

The integration process revealed some hard truths about merging two distinct entities. Early on, BOMC leadership recognized the importance of open communication. Regular town halls, collaborative workstreams, and cross-company task forces became staples of the post-merger environment.

It wasn’t always smooth sailing. For example, aligning editorial standards required extensive discussions. BOMC’s newsroom was steeped in traditional journalistic practices, while TEA thrived on fast-paced, community-driven storytelling. But by focusing on shared values—such as a commitment to quality and relevance—the teams found common ground.

On the events front, the synergies became apparent quickly. TEA’s expertise in organizing tech conferences complemented BOMC’s corporate muscle, leading to double-digit growth in sponsorship revenue within just six months. Collaborative events, such as a joint summit in 2024 under the Old Business-Focused Newspaper banner, demonstrated the power of the partnership.

A Tale of Two Cultures

Perhaps the most compelling part of the story was the cultural journey. For BOMC employees, working with TEA’s team felt like stepping into a startup for the first time. Decisions were made quickly, experiments were frequent, and failures were treated as learning opportunities.

For TEA’s team, the transition brought its own lessons. They gained access to BOMC’s vast resources and experienced the nuances of its structured and hierarchical culture, necessary for operating within a larger organization. A sense of shared purpose emerged as both sides realized the potential impact of their combined efforts.

Lessons for the Future

Looking back, the BOMC-TEA merger offers a blueprint for successful acquisitions in the media world:

  • Empathy Drives Integration – Respecting the culture and identity of the acquired company is as important as financial metrics.
  • Focus on Shared Goals – By rallying around a common mission—enhancing media’s role in Southeast Asia—the two companies achieved alignment despite their differences.
  • Leverage Complementary Strengths – BOMC’s scale and TEA’s agility proved to be a winning combination, creating value that neither could achieve alone.

The Road Ahead

Today, the partnership is still evolving. While the merger has already yielded tangible benefits, such as stronger event revenues and an expanded audience base, the true test will be how the companies adapt to future challenges.

Will TEA retain its innovative edge within the BOMC fold? Can BOMC fully embrace a more digital, entrepreneurial mindset? These questions remain unanswered, but one thing is clear: this is a partnership built on possibility.

I reflect on this journey not just as a business deal but as a lesson in adaptability, collaboration, and vision. The BOMC-TEA merger isn’t just a story about balance sheets and synergies—it’s a story about people, purpose, and the power of working together to build something greater than the sum of its parts. It is a true tale of one plus one equals three.

Unlocking Value Through M&A: The Art of Seeing the Unseen

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image credit: https://www.cartoonstock.com/cartoon?searchID=CS419207

Ever been in a situation where you’re convinced you’re right, only to have someone prove you completely wrong—and teach you a lesson you’ll never forget? Yeah, me too.

Years ago, I was deep in the trenches of an M&A deal, arguing with an MD from a global investment bank. Let’s call him Andrew. We were running a divestiture, and the first-round bids were in. Two bidders were solid contenders, a third was ruled out, and then there was this fourth guy—offering 20% less than even the one we’d just rejected. In my mind, this was an easy call. Cut them loose.

But Andrew? He was adamant.

“Forget the bid,” he said. “This is Round 1. They’re the right buyer. They just don’t know it yet. We haven’t done a good enough job showing them why. Give me time—I’m confident they’ll end up at the top.”

I wasn’t convinced, but I made him a deal: If he was wrong, he’d kiss half a million dollars of his fee goodbye. He agreed.

And then, I watched a master at work.

Andrew reverse-engineered every part of their valuation. Without even seeing their model, he figured out where their assumptions were off—underestimating revenue growth, overestimating marketing costs. He worked his magic, guiding them to see what he saw. A few weeks later, they’d raised their bid by 30%. Meanwhile, the other bidders lost confidence and lowered theirs.

The result? The buyer I wanted to kick out won the auction—by 15%.

Andrew didn’t just find the best buyer; he made them the best buyer. And I learned a lesson that’s stuck with me ever since: In M&A, success often comes down to seeing the signal in the noise.

Why M&A?

At its core, M&A is about finding the best possible owner for a business. And the best owner? They’re the one who can extract the most value—whether through synergies, financial engineering, or just pure operational excellence.

But here’s the kicker: The best owner doesn’t always start out as the highest bidder. That’s why deals fall apart when buyers overpay based on flawed assumptions, or when sellers fail to see potential in the “wrong” places.

And if you’re thinking, Well, it must work pretty well if companies keep doing it, consider this: 70–90% of M&A deals fail. Yep, fail—as in, they destroy shareholder value. Harvard Business School says so, and who am I to argue? I don’t even have a business degree from Harvard. 

Why Does M&A Fail?

Most deals go wrong for one of these three reasons:

  1. Wrong Target – Poor fit, bad strategy, unrealistic expectations.
  2. Wrong Deal – Overpaying, weak due diligence, terrible timing.
  3. Wrong Execution – Botched integration, cultural clashes, operational chaos.

And let’s be honest—ego plays a huge role. Execs love empire-building. Bigger companies mean bigger paychecks, bigger influence. But size doesn’t equal success. And when CEOs think they’ve got the Midas touch, things get dangerous fast.

The 10–30% That Get It Right

Enough with the doom and gloom. Some deals do work. What separates them from the disasters?

Four things:

  1. A Strong Core Business – M&A can’t fix a broken company. If your house is on fire, don’t go house shopping—put out the flames first.
  2. A Solid Acquisition Case – If you can’t validate the numbers, you’re gambling, not investing.
  3. A Lean, Expert Deal Team – No fluff, no politics, just the best people making smart decisions.
  4. Flawless Integration & Execution – Great plans don’t matter if you don’t have rockstars leading the charge.

M&A isn’t just a financial transaction—it’s a high-stakes game of strategy, psychology, and execution. And like any game, the best players see what others don’t.

So, next time you’re looking at a deal, ask yourself: Are we seeing the real opportunity, or just the noise?

And if you’re ever unsure—find your own Andrew.