A few nights ago, the Young Pork Guzzling Muslim Politician sent me a photo of several Linkedin profiles of people working at Standard Chartered Bank. The only thing that that connected them, other than the fact that they were working for Standard Chartered Bank was the fact that everyone was from India. I told him that I didn’t know why he was sending me the photo; a copy of which can be seen below:
He called and explained that people in one of his WhatsApp
chats were getting agitated by the fact that Singaporeans were getting upset
that plum jobs were going to Indian Nationals and not to Singaporeans. It was,
as they say, the same story about the Indian Nationals stealing jobs from
locals and only helping themselves and so on and so on. As far as most Singaporeans
(or at least the ones on the net are concerned) the Indian Expats are a group
of unqualified louts stealing from the hard working honest, Singaporeans
graduate.
Unfortunately, this isn’t quite true. While it’s easy to
take a snap shot of someone’s Linkedin profile, it’s another thing to actually
read that person’s profile and assess whether he or she has gotten to where
they have been through fair or foul means. If you look at the 15 profiles, you’ll
note that one of them was from the National University of Singapore and another
one was from INSEAD. If you look at those who were from Indian Universities, one
was from Indian Institute of Management Ahmedabad (IIMA – the place that gave
you Ajjay Bangha, CEO of Mastercard) and another was from Indian Institutes of
Management Calcutta (IIMC, - the place that gave you Indra Nooyi, former CEO of
Pepsico). If you were to delve deeper into these profiles, you’d notice that
the majority of them had at least a decade of experience working with the bank
and more often than not, they had experience in the big market of India and within
the Southeast Asian region.
So, while I don’t doubt that there are Indian Expatriates
who are not qualified to be where they are (which is the same that can be said
for any other group), Singapore as a collective, needs to get rid of the idea
that the only talented people in the world are Westerners and Singaporeans as
the loyal servants of the West.
The reality is that “developing” Asia is producing people that
are qualified to do great things and are doing great things. If you look at the
world’s game changing companies, there is Sundar Pichai of Alphabet, who from Indian
Institutes of Management Kharagpur (IIMK) and there’s Microsoft CEO Staya
Nadella from Manipur Institute of Technology. It may be hard for the average Singaporean
to swallow, but the fact is Mr. Nadella is credited for making Microsoft sexy
again after years of being dull when it was being run by Steve Balmer.
By contrast, I can’t think of a Singaporean, trained in
Singapore who has gone onto run a company outside the Singapore and the Singapore
government. OK, Ogilvy hired Tham Khai Meng to be its world-wide creative head,
but Khai was trained in the UK. There was apparently a vice-president on the
board of 3M who was from Singapore.
However, nobody talks about this because it’s politically inconvenient.
For the “opposition” camps in Singapore it’s easier to talk about how our
government has sold us out to India and China. It’s easy to talk about how
unfair life is for the ordinary Singaporean who will be overwhelmed by
unqualified Indians stealing their jobs.
If the “opposition” camp is guilty of playing on native
resentments against dark skinned people, the government is playing an equally
insidious but far more subtle game. The government is currently playing a
rather confused game. On one hand, it is claiming that welcoming foreigners is
good for Singaporeans and on another it is calling Singaporeans racist and xenophobic
when they complain that they are being discriminated against in their own land.
What is going on here?
I believe there’s an element of distraction here. If
Singaporeans were to look at the “real” cause of their job losses, they’d realise
that they’ve been screwed by what I’ve called “Buddy Capitalism,” rather than
by evil geniuses from India and China. This came out very clearly in a blog
piece by Emanuel Daniel, on Piyush Gupta, the CEO of DBS. Mr. Daniel’s blog
entry can be found at:
https://www.emmanueldaniel.com/singaporeans-dont-deserve-piyush-gupta/
Mr. Daniel, who runs the Asian Banker, is a well-connected
figure in the Asian Financial Industry and he’s spent decades studying trends
in the industry. He takes Mr. Gupta to task for not doing enough to prepare his
bank for the future (He’s accused Mr. Gupta of believing his own hype and enforcing
a system rather than preparing for a changing world), but at the same time he
argues that Mr. Gupta has done more for DBS and Singapore than his four
immediate predecessors (all foreigners) and when compared to the CEOs of the
other Government Linked Companies. Mr. Daniel points out that under Mr. Gupta,
DBS has continued to see a growth in revenue and profits (https://www.macrotrends.net/stocks/charts/DBSDY/dbss/revenue)
unlike a good portion of the GLCs who have lost money despite having a near
monopoly on their respective markets.
A few people were offended by Mr. Daniel’s article, arguing
that he was ignoring the fact that the other GLC’s like Singapore Press
Holdings (SPH) and the Singapore Mass Rapid Transport (SMRT) were run by
military men who had been parachuted in with no commercial experience and thus screwed
it up. It wasn’t Singaporeans per se.
However, I think their missing the point. Mr. Daniel has
very clearly articulated that the key issue in Singapore is the fact that “talent”
is inevitably about creating compliance rather than competence. Brilliant people
are taken over by the government and made so comfortable that they have no need
to excel at anything in particular. One only has to think of the number of
military scholars who have been promoted effortlessly to very cushy positions. In
the SAF, competence can be a handicap. You will inevitably be replaced by a
scholar with no experience. I think of 21 SA in my day. There was a CO called
Tan Chong Boon, who was what we call a farmer (A-levels, worked his way up).
The then, Major Tan turned a sleepy unit into a fit fighting force by sheer
guts. Then, 21SA was awarded the best artillery unit, they posted him out so
that a scholar could replace him and get the glory.
The second point that Mr. Daniel makes is that the big GLC’s
have a habit of knee caping small enterprises with the blessing of the regulators.
In another blog piece, Mr. Daniel argues in another blog piece that the Monetary
Authority of Singapore (MAS) has made it such that all Fintech Systems must
have an actual bank account with an established bank, unlike say China or the
USA. This ensures that the Fintechs will never be able to take away from the
banks and in turn serve as convenient contractors rather than competitors.
https://www.emmanueldaniel.com/why-dbs-is-not-the-worlds-best-bank/
Why would the government do that? I believe that as much as
the government talks about wanting to be “future ready,” it is in fact
unwilling to prepare for the future and thus moves to protect its established
companies from anything resembling competition. As such, you get companies that
think of monopoly profits as a right rather than something that has to be
earned.
Let’s look back at the attempt to introduce competition into
the media in the early 2000s. That experiment ended within four years when both
MediaCorp and SPH found they were losing money. They then spent the next few years
arguing over whether readership or viewership figures were more meaningful
without realizing that people found more relevant news sources online than they
did in print or TV. Unfortunately for both media houses, the advertisers
noticed too and before you knew it, SPH was trying to reinvent itself as a real
estate company and has shed Singaporean jobs.
Why does the government mollycoddle companies like that? Well,
it’s a case of buddy capitalism. Where can you put your buddies if you don’t
have profitable sectors?
Our system has worked to make the Singaporean incapable of
shinning in their own land and the need to hire foreigners to run the show is
the inevitable result. If you listen to government communications, you’ll
notice that its always the same theme – Singapore has a limited talent pool and
therefore you need to rotate buddies from the government and private sector and
supplement them with people from elsewhere.
In 2016, this was proven untrue at the Rio Olympics. We had Joseph
Schooling, who beat the world’s greatest swimmer to win our first ever gold
medal. What should be very telling is the fact that had Mr. Schooling stayed
behind, he probably would never have won anything. His good fortune was to have
parents who were willing to leave Singapore so that their son could develop his
talent and in the end, bring glory to Singapore.
You’re not going to make life better for Singaporeans by mollycoddling
them on this island and telling them everything is OK when it isn’t. You’re not
going to help by banning foreigners. You will only get a solution when you
break up the buddy system and ensure that Singaporeans have to develop their
talents.
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