logo
CNA938 Rewind - A Letter to Myself: Pastries, purpose, and perseverance — Why Serene Ong started her vending machine business

CNA938 Rewind - A Letter to Myself: Pastries, purpose, and perseverance — Why Serene Ong started her vending machine business

CNA20-05-2025
CNA938 Rewind
Play
Serene Ong, a mother of three and a former cabin crew member, decided to start her own vending machine company in October 2024. The machines serve fresh artisanal pastries from local bakeries. While business has been brisk for several of her machines, she had to overcome many initial challenges. Serene shares why she took a risk, the reaction of her family, and what she's learned about business — and herself — through this journey.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Crypto exchange Tokenize Xchange to shut down Singapore operations
Crypto exchange Tokenize Xchange to shut down Singapore operations

Straits Times

time4 hours ago

  • Straits Times

Crypto exchange Tokenize Xchange to shut down Singapore operations

Find out what's new on ST website and app. Tokenize Xchange founder and chief executive Hong Qi Yu declined to comment on why the firm was denied a licence by the MAS. SINGAPORE – Cryptocurrency exchange Tokenize Xchange will cease its operations here from September 30, just over a year after raising US$11.5 million (S$14.9 million) in funding and announcing plans to ramp up hiring. The Singapore-headquartered firm said on July 20 that it will shut down the business following the Monetary Authority of Singapore's (MAS) decision not to grant it a licence to offer digital payment token services here. Tokenize was previously operating under an exemption. The firm said it will shift its operations to Labuan, a federal territory in Malaysia, where it is in the process of acquiring a company that holds a Digital Financial Services License issued by the Labuan Financial Services Authority. The deal is expected to close by September 30. It will also seek regulatory approval from the Abu Dhabi Global Market, an international financial centre and free economic zone located in Abu Dhabi, the capital of the United Arab Emirates. Tokenize said all 15 of its employees in Singapore have been given notice and will leave the company by September 30. When contacted, Tokenize founder and chief executive Hong Qi Yu declined to comment on why the firm was denied a licence by the MAS. But he told The Straits Times on July 20 that Labuan will allow Tokenize to operate under a 'recognised regulatory framework tailored for cross-border digital asset services'. '(Labuan) also offers greater flexibility, tax efficiency, and access to international markets, supporting the platform's global growth ambitions,' he said. Tokenize said its Singapore customers can no longer buy or sell cryptocurrencies on its platform, and may only transfer their cryptocurrency holdings to other exchanges, where they can convert them to cash and make withdrawals. But users can continue to withdraw cash directly from the exchange based on the Singapore dollar value of each user's portfolio, which includes both fiat and cryptocurrency holdings This value, viewable in users' wallets, determines the withdrawal tier they are placed in under a phased schedule. Users with portfolios below $10,000 have been able to withdraw the cash portion of their holdings and transfer their cryptocurrencies to other exchanges since July 17. Those with portfolios between $10,000 and $99,999 may do so from August 1, while users with $100,000 and above can start from September 1. All withdrawals and transfers must be completed by September 30. ST has reached out to the MAS for comment. While Tokenize serves retail and institutional investors in Singapore and overseas - including Malaysia and Vietnam - its exit from the Republic comes after the MAS said on June 6 that digital token service providers targeting only overseas customers must be licensed by June 30 or cease operations . ST understands that the move has triggered an exodus of unlicensed cryptocurrency exchanges from Singapore. More than 500 staff - from management to junior levels across firms supporting the Republic's fintech ecosystem - are expected to relocate to the United Arab Emirates or Hong Kong, where regulators are seen to take a softer stance on digital assets.

IPCG accuses Deutsche Bank of breaching agreement, files lawsuit
IPCG accuses Deutsche Bank of breaching agreement, files lawsuit

Business Times

time6 hours ago

  • Business Times

IPCG accuses Deutsche Bank of breaching agreement, files lawsuit

[SINGAPORE] Asset manager Invest Partners Capital Group (IPCG) is suing Deutsche Bank for allegedly breaching a contractual agreement governing their external asset management arrangement, according to court documents filed with the High Court on Jul 11 and seen by The Business Times. The bank allegedly offered better pricing and terms directly to IPCG's former client, Splendor Lights Holdings – conduct that the asset manager claimed 'seriously undermined' IPCG's ability to carry out its advisory role. The pre-trial conference is scheduled for Aug 18. Deutsche declined to comment when contacted by BT. However, a person close to the matter said the bank disagrees with the reported allegations and intends to vigorously contest any claims filed. The case Singapore-based IPCG holds a Capital Markets Services licence from the Monetary Authority of Singapore, and advises high-net-worth individuals and family offices. Eric Chen, a senior director at IPCG, previously managed Splendor Lights through a Limited Power of Attorney, authorising IPCG to handle Splendor Lights' investments at Deutsche. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Under the external asset manager agreement, Deutsche was to hold Splendor Lights' assets and execute transactions initiated by IPCG, which was 'solely responsible' for managing the client's assets and determining the suitability of investments, court documents said. The dispute centres on Deutsche relationship manager Sean Poh, who allegedly provided Splendor Lights with direct quotations for financial products that undercut IPCG's pricing. Poh also made statements to Splendor Lights that 'were seemingly to disparage' IPCG's professionalism, according to court documents. Splendor Lights subsequently terminated its Limited Power of Attorney with IPCG in November 2023 and began working with Deutsche directly for asset management services, said IPCG in the filing. At the time, Splendor Lights' assets managed by IPCG at Deutsche were worth about US$42.8 million. Court documents showed that from 2021 to 2023, when the Limited Power of Attorney was in force, IPCG earned retrocession – a form of commission – and performance fee payments of a combined US$3.4 million. In the suit, IPCG is seeking for damages to be assessed, a declaration that Deutsche breached its contractual and fiduciary duties, as well as interest, legal costs, and other relief. The asset manager is represented by Lin Yuankai and Annabel Kwek of Premier Law. 'We initiated this legal action to protect the rightful interests of our relationship managers and our company, and to call on banks to meet their duty of care toward their partners,' said an IPCG spokesperson. 'Banks should act as custodians and execution roles – not compete unfairly with external asset managers for clients or pricing advantage.'

Asset manager IPCG accuses Deutsche Bank of breaching agreement, files lawsuit
Asset manager IPCG accuses Deutsche Bank of breaching agreement, files lawsuit

Business Times

time6 hours ago

  • Business Times

Asset manager IPCG accuses Deutsche Bank of breaching agreement, files lawsuit

[SINGAPORE] Asset manager Invest Partners Capital Group (IPCG) is suing Deutsche Bank for allegedly breaching a contractual agreement governing their external asset management arrangement, according to court documents filed with the High Court last Friday (Jul 11) and seen by The Business Times. The bank allegedly offered better pricing and terms directly to IPCG's former client, Splendor Lights Holdings – conduct that the asset manager claimed 'seriously undermined' IPCG's ability to carry out its advisory role. The pre-trial conference is scheduled for Aug 18. Deutsche declined to comment when contacted by BT. However, a person close to the matter said the bank disagrees with the reported allegations and intends to vigorously contest any claims filed. The case Singapore-based IPCG holds a Capital Markets Services licence from the Monetary Authority of Singapore, and advises high-net-worth individuals and family offices. Eric Chen, a senior director at IPCG, previously managed Splendor Lights through a Limited Power of Attorney, authorising IPCG to handle Splendor Lights' investments at Deutsche. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Under the external asset manager agreement, Deutsche was to hold Splendor Lights' assets and execute transactions initiated by IPCG, which was 'solely responsible' for managing the client's assets and determining the suitability of investments, court documents said. The dispute centres on Deutsche relationship manager Sean Poh, who allegedly provided Splendor Lights with direct quotations for financial products that undercut IPCG's pricing. Poh also made statements to Splendor Lights that 'were seemingly to disparage' IPCG's professionalism, according to court documents. Splendor Lights subsequently terminated its Limited Power of Attorney with IPCG in November 2023 and began working with Deutsche directly for asset management services, said IPCG in the filing. At the time, Splendor Lights' assets managed by IPCG at Deutsche were worth about US$42.8 million. Court documents showed that from 2021 to 2023, when the Limited Power of Attorney was in force, IPCG earned retrocession – a form of commission – and performance fee payments of a combined US$3.4 million. In the suit, IPCG is seeking for damages to be assessed, a declaration that Deutsche breached its contractual and fiduciary duties, as well as interest, legal costs, and other relief. The asset manager is represented by Lin Yuankai and Annabel Kwek of Premier Law. 'We initiated this legal action to protect the rightful interests of our relationship managers and our company, and to call on banks to meet their duty of care toward their partners,' said an IPCG spokesperson. 'Banks should act as custodians and execution roles – not compete unfairly with external asset managers for clients or pricing advantage.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store