These are Singapore’s top local businesses as recognized by Deloitte

Ten outstanding local businesses in diverse sectors, such as Education, Construction, Wholesale, and Distribution, were recognised for their organisational excellence and impactful contributions to their industries and the economy. Their efforts were lauded in a ceremony held on 13 August 2024, organised by Deloitte Private, a division of Deloitte exclusively focused on serving private clients of all sizes.

Deloitte Private is the consulting division of Deloitte dedicated to focusing on the needs of privately owned companies, family enterprises, high-net-worth individuals, private equity firms, and emerging growth companies and addressing the unique challenges businesses face throughout their life cycle.

Deloitte Private's Best Managed Companies program was first established in Canada in 1993 and has since expanded to 46 countries across the Asia Pacific, the Americas, Europe and the Middle East, with a global network of over 1,300 outstanding companies coming together as a community to build alliances and share insights.

The program also aims to recognise companies for their organisational success and entrepreneurial spirit while providing a distinct framework for management teams to challenge themselves and benchmark against some of the best private companies in the world.

Best Managed Companies Awarded For Exceptional Performance

By awarding the "Best Managed Companies" to various well-performing companies, Deloitte Private hopes to encourage organisations to share insights and best practices, facilitate networking with top-performing companies, and foster learning and industry growth.

This year, five companies achieved the Gold Standard for the first time, having received Singapore's Best Managed Companies designation over four consecutive years, underscoring their consistent demonstration of excellent management practices.

One award recipient was LUXASIA, which specialises in Wholesale & Distribution for the beauty and lifestyle industries. Backed by a 2700-strong team, it has a solid track record of driving brand growth and success with more than 120 world-renowned luxury beauty and lifestyle brands such as Calvin Klein, Hermes and Montblanc under its belt.

In addition, two companies were welcomed as newly qualified Best Managed Companies, alongside three who have maintained their Best Managed status for three consecutive years, recognising their sustained commitment towards exceptional organisational practices and performance.

One of the newly qualified companies was Aztech Global, which specialises in designing and producing IoT devices and data communication products. It also excels in engineering design, manufacturing, regulatory compliance, and supply chain management.

Another company that maintained its Best Managed status was Fiuu, formerly known as Razer Fintech. It is one of Southeast Asia's largest offline-to-online digital payment networks, processing billions of dollars in total payment value.

Through direct licences and approvals in vital high-growth markets, the company offers a comprehensive suite of alternative payment methods that enable regional and global merchants to access a broader customer base while enhancing their market reach.

Company Excellence on the Rise

This ceremony is part of a growing trend this year, with company excellence on an upward trend in Singapore through increased collaboration amongst private businesses.

Late last year, Singapore's Mazars was named HR Asia's Best Company to Work for its dedication to workplace diversity and inclusion.

In addition to the usual WFH practices, the company also allows full-time WFH arrangements over a fixed period for staff with medical or family commitments, such as recovering from an illness, or for parents who are anxious over their children's significant exams and want to be more present at home.

Besides WFH, people are also allowed to choose flexible working arrangements (FWAs), which allows staff to opt for a late start in the morning or an early release and work later in the day.

This would allow family-oriented staff to meet family commitments, such as picking up their children from school or attending regular doctor appointments with a parent.

"It is remarkable to see how they have raised the bar for success among private businesses in Singapore," said Mr Chua How Kiat, Best Managed Companies Leader for Deloitte Southeast Asia.

He shared that awardees this year stood out for their innovation, purpose-driven, value creation, industry leadership, commitment to sustainability, active talent engagement, and customer-centric mindset.

Having witnessed the evolution of the winners through the awards process, particularly for those who have participated over recent years — Chua believes that it has raised the bar for success among private businesses in Singapore.