Business Families Institute -BFI at SMU

The Business Families Institute at SMU was proud to be a co-organiser of the 3rd “The Next Icon Awards 2025” with ICON《风华》.

Marking Singapore’s 60th anniversary, this year’s awards celebrated long-standing local brands and recognised a new generation of leaders who combine innovation with a commitment to preserving family business legacies. Congratulations to all the awardees, including Ms Charmain Kwee, Executive Director of Eurokars Group, who shared her journey, challenges, and aspirations with inspiring insights.

Read More: https://drive.google.com/file/d/1koMb8ZvYxjw0wMPad7jErTAwXIJt4dEQ/view?pli=1

20251127_Icon Singapore_The Next ICON Awards 2025_ Charmain Kwee, Managing Director of Eurokars Group, steers towards new generation.pdf

The Business Families Institute (BFI) at Singapore Management University (SMU) had the pleasure of hosting a delegation from the China Global Philanthropy Institute yesterday. The visit provided a valuable opportunity to exchange ideas and explore the evolving landscape of family enterprise and philanthropy in Asia and beyond.

Professor Kenneth Goh and Dr Esther Kong introduced SMU, the SMU Lee Kong Chian School of Business, and BFI’s mission to empower enterprising families. They shared how BFI supports families in building sustainable enterprises, nurturing intergenerational leadership, and deepening their impact through strategic philanthropy.

A highlight of the session was the discussion on Moonshot Philanthropy – an emerging framework that encourages philanthropists to deploy capital boldly and strategically to accelerate transformative ideas. Using the Chen Yet-Sen Family Foundation’s ‘Clearly’ initiative as a case example, the team illustrated how visionary giving can address complex challenges and drive meaningful, lasting change.

BFI also field-tested a practical toolkit designed to help philanthropists apply Moonshot principles in their own contexts, fostering innovation and collaboration in pursuit of large-scale societal impact.

The session concluded with an engaging exchange of reflections on how Moonshot Philanthropy resonates with participants’ experiences and how it can further inspire their giving strategies.

Looking ahead, BFI is excited to announce the upcoming launch of the Moonshot Philanthropy Report in Q1 2026 – a landmark publication offering insights, case studies, and actionable frameworks for families and foundations seeking to redefine the boundaries of impactful giving.

BFI extends heartfelt thanks to the Li Foundation for facilitating this meaningful connection, and to all participants for contributing to this vibrant conversation on the future of philanthropy.

Hosted by the Business Families Institute at Singapore Management University (BFI@SMU) in collaboration with our Knowledge Partner, Mishcon de Reya LLP, the Luncheon Talk Navigating Family Dynamics and Wealth: Insights into Complex Cases and Strategies for Resolution provided participants with thought-provoking perspectives on managing complex family wealth matters.

Dr. Esther Kong, Senior Deputy Director of BFI, opened the session, setting the stage for an in-depth discussion on the unique challenges high-net-worth families face in managing wealth alongside complex family relationships.

The discussion was moderated by Professor Yip Man, Professor of Law, V3 Professor in Family Entrepreneurship at the Yong Pung How School of Law at SMU, and featured an expert panel comprising:

• Mr Patrick Yip, Asia Vice Chair, Mishcon de Reya LLP; Adjunct Professor, The University of Hong Kong; and Attorney (California) | CPA
• Ms Stephanie Lim Pierce, Managing Associate, Mishcon de Reya LLP
• Ms Natasha Holme, Managing Associate, Mishcon de Reya LLP
• Professor Felix Chang, Robert J. Watkins/Procter & Gamble Professor of Law; Executive Director of Law, Finance and Governance; Moritz College of Law, The Ohio State University

The panel provided valuable insights into the legal, financial, and emotional complexities of various issues, including cross-border trust litigation, succession and tax planning, marital disputes, and alternative dispute resolution. The discussion offered practical strategies to help families navigate these challenges while maintaining harmony and ensuring a successful transfer of wealth across generations.

Key takeaways for participants included:
• Understanding how family dynamics impact wealth management
• Handling complex legal and governance issues across jurisdictions
• Conflict resolution strategies to maintain family unity
• Tools for smooth succession planning and wealth preservation

In his closing remarks, Associate Professor Kenneth Goh, Academic Director of BFI, highlighted the value of such platforms in uniting academics, practitioners, and family business leaders to share insights and inspire reflection on stewarding family wealth and legacy.

We extend our heartfelt thanks to Mishcon de Reya LLP for their invaluable partnership and expertise in making this event a success. Together, we are empowering family businesses to face complexity with confidence and safeguard their legacies for generations to come.

Singapore Management University SMU Lee Kong Chian School of Business

In the News: Higher operating costs are a stone in the shoe – even for the rich eyeing family offices

The compliance costs incurred when setting up single-family offices (SFOs) in Singapore are prompting the ultra-rich to turn to private banks, which effectively manage their wealth on their behalf. SMU Associate Professor of Strategy and Entrepreneurship and Academic Director of SMU’s Business Families Institute Kenneth Goh noted that private-banking products offering tax exemptions provide wealthy families a cost-effective alternative to establishing SFOs and could serve as an intermediate step before eventually setting one up. However, Assoc Prof Goh added that long-term platform fees of private banks may eventually exceed SFO costs, and families might face a reputational risk if their bank encounters compliance issues.

Read More: https://drive.google.com/file/d/1r3xlMXOSQ43rY69R633kbhfI4MhmDony/view

Singapore Management University SMU Lee Kong Chian School of Business

20250911_BT Online_Higher operating costs are a stone in the shoe – even for the rich eyeing family offices.pdf

The second issue of BFI’s bi-monthly research newsletter explores how family businesses can harness technology to future-proof their legacies.

In this edition, we explore how artificial intelligence is transforming decision-making, reshaping brand storytelling, and redefining the future of retail through tools such as augmented reality. We also highlight the recent BFI Family Entrepreneurship Programme in Shenzhen, where participants experienced first-hand how innovation and AI can be applied in practice.

Together, these stories emphasise both the opportunities and responsibilities for family enterprises to embrace innovation while staying true to their values across generations.

Read the full issue here: https://smu.sg/BFIEducates02

Missed the first issue? Catch up here: https://smu.sg/BFIEducates01

Singapore Management University SMU Lee Kong Chian School of Business

Over 120 students, 17 universities, 9 countries—one unforgettable BFI Case Jam 2025!

Now in its fourth year, the BFI Case Jam has become a flagship event that equips future leaders with essential skills needed in today’s workplace. Unlike traditional case competitions, the BFI Case Jam offers a high-energy, fast-paced experience. Teams are formed randomly and given less than six hours to solve real-world challenges faced by family-owned businesses.

The intensity in the room was matched by the creativity of the participants. Through sharp analysis, clear communication, and seamless collaboration, they illustrated the agility and teamwork required to thrive in an ever-changing business environment.

The BFI Case Jam 2025 brought together both undergraduate and postgraduate students from Singapore Management University, alongside peers from:

- Institut Teknologi Bandung
- BINUS University
- City University of Hong Kong
- Hong Kong Shue Yan University
- James Cook University
- Lahore University of Management Sciences
- National University of Singapore
- Singapore Institute of Technology
- Sungkyunkwan University
- Thammasat University
- University of Melbourne
- Universitas Gadjah Mada
- University of Indonesia
- Universiti Teknologi PETRONAS
- Universiti Tunku Abdul Rahman
- Waseda University

This celebration of ideas and collaboration would not have been possible without the invaluable support of our partners, faculty, and the family businesses that generously shared their challenges with the next generation of problem solvers.

Knowledge Partner
EY-Parthenon

Supporting Partner
Indorama Corporation

Guests of Honour
- Professor Sun Sun Lim, Vice President (Partnerships and Engagement), Lee Kong Chian Professor of Communication & Technology, Singapore Management University
- Mr. Abhishek Chakravarty, Partner, Strategy and Transactions, EY-Parthenon SG

From EY-Parthenon – for their expertise as case writers, mentors, and judges: Fabrice Imparato, Philip Bai, Shezaan Daya, Bablu Kumar, Sameer Seth, Micah Yoo, Vicky Zhou, Rajiv Mukherjee, Rohit Chhabra, Ka Shing Ng, Tania K., Shyenne Chia, Saumya R., Delores Wong, Anagi Fernando, and Soumili Basak

From our business families: Ken Leong and Bonnie Wong

From SMU Faculty: Professors Liang Chen, Xuesong Geng, Yuanto Kusnadi, Daniel Mack, Say Gui Deng; Adjunct faculty Ma Kheng Min and Ng Xu Wen

And a special shout-out to our emcee, Joshua Ng, for keeping the energy high and the event running smoothly!

Stay tuned for highlights from the BFI Case Jam 2025 as we continue to build a global community of learning, collaboration, and innovation in family business.

SMU Lee Kong Chian School of Business

The final countdown is on for the BFI Case Jam tomorrow!

We are proud to welcome a record-breaking cohort of participants from leading universities across Australia, Hong Kong, Indonesia, Japan, Malaysia, Pakistan, South Korea, and Thailand.

Big thanks to EY-Parthenon for equipping our participants with insightful learnings last week.

We look forward to an exciting exchange of ideas, where bright minds converge and new friendships are forged. The stage is set for an inspiring event!

Singapore Management University SMU Lee Kong Chian School of Business

We extend our heartfelt congratulations to Ms. Chin Wei Jia, Group CEO of HMI Medical, for being named a category winner at the annual EY Entrepreneur of the Year 2025 Singapore awards!

HMI Medical, an integrated healthcare group with over 25 years of experience across Singapore, Malaysia, and Indonesia, has also received the EY-Bank of Singapore Family Enterprise Award of Excellence this year. The Business Families Institute (BFI) at Singapore Management University is honoured to once again serve as a Knowledge Partner for this prestigious award. This award plays a vital role in recognising and supporting family businesses through initiatives such as the EY-Bank of Singapore Family Enterprise Award of Excellence.

We would like to express our gratitude to EY for this opportunity and to our fellow Knowledge Partner, the INSEAD Wendel International Centre for Family Enterprise, for their collaboration.

Read More: https://www.businesstimes.com.sg/events-awards/home-grown-brands-dominate-winners-ey-entrepreneur-year-2025-singapore-awards?utm_source=iphone&utm_medium=app_share

Singapore Management University SMU Lee Kong Chian School of Business

Home-grown brands dominate winners of EY Entrepreneur Of The Year 2025 Singapore awards One of them will represent Singapore at the annual EY World Entrepreneur Of The Year award next year Read more at The Business Times.