The International Valuation Standards Council (IVSC) launches Asia office in Singapore

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 in the Business Valuation (BV), Intangible Assets (IA) and real estate valuation space. IVSC is the independent global standards setter responsible for IVS, which are extensively used throughout the world.

2.     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.”

3.     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.”

4.     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.

5.     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.”

6.     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).

7.     Mr 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. We are particularly grateful to Singapore for showing great leadership and helping us to advance international standards and best practices."


Developing the valuation sector in Singapore and Asia

8.     IVSC chose Singapore to locate its Asia Office for its position as a global financial centre and its Asia Regional Headquarters status across a diverse range of industries.

9.     Singapore will contribute to the development of valuation standards and expertise in Asia. The following are some ways:

     a. International valuation standard-setting
     IVS has been established as an international framework for valuation as it is extensively used worldwide in more than 100 countries. IVSC’s presence in Singapore provides Singapore with the opportunity to shape and inform the evolution of IVS, particularly to account for IA, real estate and other ESG factors as key value drivers.

     b. Singapore, a springboard to Asia
     A quarter of IVSC’s 185-member organisations are based in the Asia-Pacific. Thought leadership activities and the latest valuation developments will be driven from Singapore to the region.

     In 2016, the Asia-Pacific Economic Cooperation (APEC) Finance Ministers proposed that IVSC leads in enhancing regional economic cooperation through the use of IVS across the APEC region. The IVSC Asia office will further support this mandate through the appointment of technical staff tasked to support market adoption of IVS.

     Establishing Singapore as a valuation hub will attract deal flows and create demand for associated modern services such as corporate finance. This will also help secure Singapore’s position as a financial and professional services centre.

     c. Raise BV, real estate, and financial instruments valuation standards to spur investments and business activity
     The application of consistent standards is critical in developing quality valuations. This results in more transparent markets, spurring investment and business activity, and leading to economic progress. IVSC members, which include the World Bank, and the Big 4 accounting firms, see IVS as an important tool in strengthening the financial system and improving conditions for all users of valuation information. Singapore will support market adoption of quality and consistent valuation.

     d. Build an enabling IA valuation infrastructure to boost innovation in Singapore and Asia
Singapore will be developed as the go-to place for credible and trusted IA and IP valuation as part of Singapore IP Strategy 2030. Singapore will capitalise on its strong rule of law and neutrality to build an enabling IA valuation infrastructure. This will be done hand-in-hand with the international valuation profession. This infrastructure will support IA and IP-related transactions and activities (e.g., capital raising using IA and IP), and enhance innovation. Specific initiatives that Singapore will be embarking on include the development of guidelines for IA valuation.

     e. Meet the rising demand for valuation expertise
The IVSC Office in Singapore will catalyse the growth of the valuation industry across Asia, raising the demand for valuation expertise. This will drive interest in valuation professional qualification programmes that are benchmarked against IVS such as the Chartered Valuer and Appraiser (CVA) programme which is a leading professional BV qualification in Asia. IVS is also used by the Singapore Institute of Surveyors and Valuers (SISV), which focuses on real estate.

     f. Promote high standards of ethics and professionalism for the BV profession
IVSC and the Institute of Valuers and Appraisers, Singapore (IVAS) have coorganised annual conferences to promote high standards of ethics and professionalism amongst the BV professionals since 2017. The IVSC Asia Office will deepen collaboration between IVSC and both IVAS and IPOS to foster thought leadership with regional stakeholders.

Role of the IVSC Asia Office

10.     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.

11.     The new office will:

     a. provide technical expertise to the IVSC’s independent standards boards, and act as a facilitator for regional input to IVS;
     b. facilitate engagement and interaction on guidelines or standards on the valuation of IA;
     c. facilitate the acceptance of professional standards of IVSC member organisations;
     d. organise events and forums in Singapore including the IVSC AGM, roundtables, and thought-leadership masterclasses and webinars for the Asian markets; and,
     e. set up an IVSC Asia Board for outreach and engagement across the region.

12.     The IVSC Asia Office will be located at the Revenue House.

13.     The launch of the new office was attended by about 100 senior valuation, business and finance leaders.

About the IVSC
The IVSC is the independent global body responsible for setting the International Valuation Standards (IVS) that are used today in more than 100 countries worldwide. The IVSC works with governments, regulators, firms and professional organisations to develop and enhance valuation practice through internationally agreed standards and a focus on high-quality professionalism. The IVSC's network of more than 180 member organisations includes the World Bank, and more than 90 valuation professional and standard-setting organisations. IVSC members share a belief that raising standards of international valuation practice will benefit businesses, strengthen financial markets and protect the public interest.

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.

For more information, please contact:
Mr Richard Stokes
Director, Communications and External Affairs
International Valuation Standards Council (IVSC)
Tel: +44 (0) 7376019355
Email: rstokes@ivsc.org

Yvette Thomasz
Head, Corporate Communications
Singapore Accountancy Commission
Tel: 96983843
Email: yvette_thomasz@sac.gov.sg

Jenny Kwok
Senior Assistant Director
Intellectual Property Office of Singapore
Tel: +65 8333 7231
Email: Jenny_KWOK@ipos.gov.sg

Quotes from the industry

“I am delighted with IVSC’s initiative to have an Asia office and this is a welcome move from the perspective of all valuation professionals, VPOs, regulators and users of valuations. The International Valuation Standards have gained considerable acceptance and adoption among APAC valuers, regulators and users in the past few years. Having an IVSC office in Asia underlines the importance of APAC in the global valuation arena and underpins the significance of having global standards for valuation in APAC. This augurs well for the continued development of the valuation profession and internationalization of the same in APAC, especially in today’s dynamic economy, thronged with uncertainties. The choice of Singapore as the location for the Asia office is indeed commendable, given Singapore’s reputation of being a leading financial services hub in Asia.”
– Srividya Gopal, Managing Director and Southeast Asia Leader, Valuation, Kroll

“The launch of the Asia office in Singapore is a very welcomed move. It brings IVSC closer to the activities and allows for greater appreciation of the business environment in Asia, which in turn bodes well for valuation professionals practicing in the region amidst a volatile marketplace. Increased adoption of IVS in Asia will provide greater consistency, which in turn can build trust within the business community that valuation professionals are well equipped to provide the necessary expertise to help businesses navigate the uncertainties in the region and globally.”
– Mr Keoy Soo Earn, Regional Managing Partner, Financial Advisory, Deloitte Southeast Asia.

“Opening of the IVSC Asia office in Singapore is a tremendous boost to the broader echo system that we have been developing in this part of the world for the valuation and broader corporate finance industry. Singapore has been at the forefront in uplifting the standards and quality of our valuation professionals. IVS has become incredibly important reference for us in that regard. My hope is that IVSC Asia office will become a strategic linkage for the profession to be proactive in the whole standard setting dialogue as well.”
– Harsha Basnayake, Deputy Area Managing Partner, EY

“I am excited to learn the official launch of IVSC Asia Office. This sets a major milestone of the continued promulgation and adherence to international valuation standards, which is integral to the sustainable success and development of our profession. We also anticipate a stronger engagement with valuation stakeholders across the region, working collaboratively on the highest valuation standards for the betterment of business and public interest, and for the continued public trust to the valuation industry.”
– KK Chiu, Chief Executive, Greater China, Cushman & Wakefield; President of Hong Kong Institute of Surveyors

“I commend IVSC for taking this bold step forward in terms of acknowledging and recognising the high level of valuation expertise prevalent in South East Asia and Asia. I look forward to greater traction between IVSC and RICS in this region in the near future, very much facilitated by IVSC’s physical presence in Singapore.”
– Prem Kumar, Chair of the RICS Southeast Asia Regional Board