Minister Indranee Rajah joined valuation, business and finance leaders at the IVSC Asia launch in Singapore.
Singapore, 6 July 2022 – The International Valuation Standards Council (IVSC) has selected Singapore as its first base outside Europe to drive its advocacy efforts in the adoption of International Valuation Standards (IVS) in Asia. This signifies Asia’s growing role in raising the standards of valuation; and Singapore’s growth as a Business Valuation (BV), Intangible Assets (IA) Valuation, and Real Estate (RE) Valuation hub. IVSC is the independent global standards setter responsible for IVS, which are extensively used throughout the world.
The IVSC Asia Office was launched today by Ms Indranee Rajah, Minister in the Prime Minister’s Office, and Second Minister for Finance and National Development and Co-Chairperson of the Singapore IP Strategy 2030 Steering Committee. Minister Indranee said, “The set-up of the IVSC Asia Office in Singapore is a testament to the strong partnership forged between Singapore and IVSC over the years, and our shared goal to promote greater consistency and professionalism in the valuation profession. Today’s launch of the Asia Office also marks a new milestone in Singapore’s growth as an Intangible Assets hub.”
Mr Edwin Tong SC, Minister for Culture, Community and Youth and Second Minister for Law and Co-Chairperson of the Singapore IP Strategy 2030 Steering Committee said, “Intangible assets are increasingly important in today’s economy powered by technology, branding, and networks. Credible and trusted IA valuation standards and guidelines are important enablers of IA transactions and monetisation, which in turn support innovation and business growth. We are glad that IVSC has chosen to partner Singapore in setting up its Asia office, and look forward to working with IVSC, and other international partners, to develop the business and financing ecosystem in the region.”
The launch of the IVSC Asia office comes at a time when demand for professional valuers is growing rapidly worldwide due to financial reporting and audit requirements; and new drivers of company value are rising such as IA, and Environmental, Governance and Sustainability (ESG) factors.
The IVSC Board of Trustees is chaired by the United Kingdom’s former Chancellor of the Exchequer, Mr Alistair Darling, with Vice Chair, Mrs Lim Hwee Hua, Singapore’s former Second Minister for Finance. Commenting on the launch of the office, Mrs Lim said, “IVSC’s Asia office is a major milestone in the evolution of the valuation profession across the region and globally. The International Valuation Standards (IVS) are used throughout the world and are already well established in Asia, in particular for the valuation of tangible assets. Today’s announcement, made possible through the generous support of our founding sponsors, will mean IVSC is better placed to support the continued uptake of IVS and the development of the valuation profession, while also drawing on the extensive regional expertise as part of its standard-setting agenda.”
The new office receives strong public and private sector support from the Singapore Accountancy Commission (SAC), the Intellectual Property Office of Singapore (IPOS), the Economic Development Board (EDB), DBS Bank, UOB, OCBC Bank, SEA Group, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers (PwC). Other organisations are invited and encouraged to participate in this new initiative.
Nicholas Talbot, Chief Executive, IVSC, said, “We’re delighted to be opening our new Asia office and grateful to our new IVSC Asia sponsors for their support and enthusiasm. Asia is a hugely important region in terms of its role in the global economy and is a driving force behind the ongoing global development of the valuation profession. This is the beginning of a journey for IVSC in Asia and we look forward to working with all parts of the valuation profession in our mission to develop and set international standards.”
The IVSC Asia Office will play a key role in helping develop global valuation standards, and lead the IVSC’s engagement with Asia-based entities including financial and securities regulators, governments, other standard setters, Valuation Professional Organisations and firms working in valuation.
The new office will:
- provide technical expertise to the IVSC’s independent standards boards, and act as a facilitator for regional input to IVS;
- facilitate the acceptance of professional standards of IVSC member organisations;
- organise events and forums in Singapore including the IVSC AGM, roundtables, and thought-leadership events and webinars for the Asian markets; and,
- set up an IVSC Asia Board for outreach and engagement across the region.
The IVSC Asia Office will be located at the Revenue House.
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About Singapore Accountancy Commission (SAC)
The Singapore Accountancy Commission (SAC) spearheads the development of the Singapore accountancy sector with the vision of developing Singapore into a leading global accountancy hub. SAC is working to achieve this by deepening the skills of the accountancy talent pool; developing the industry to capture growth opportunities; and creating a hub and exchange by building Singapore into a centre for thought leadership. SAC is a statutory body under the Ministry of Finance. For more information, please visit www.sac.gov.sg
About the Intellectual Property Office of Singapore
The Intellectual Property Office of Singapore (IPOS) helps businesses use intellectual property (IP) and intangible assets (IA) to grow. We are committed to building Singapore into an international hub for IA and IP to drive Singapore’s future growth. We are a government agency under the Ministry of Law. www.ipos.gov.sg.
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For more information, please contact:
Richard Stokes
Director, Communications and External Affairs
International Valuation Standards Council (IVSC)
Email: [email protected]
Yvette Thomasz
Head, Corporate Communications
Singapore Accountancy Commission
Tel: 96983843
Email: [email protected]
Jenny Kwok
Senior Assistant Director
Intellectual Property Office of Singapore
Tel: +65 8333 7231
Email: [email protected]