This press release was jointly issued by the Ministry of Trade and Industry and the Singapore Business Federation.
The 2025 PEP-SBF Awards was held today, with Deputy Prime Minister and Minister for Trade and Industry Mr Gan Kim Yong as the Guest-of-Honour.
The biennial PEP-SBF Awards celebrates the collaborative efforts between private and public sectors to innovate and enhance regulatory agility to foster a more pro-enterprise business environment in Singapore.
Themed “Smart Regulations Through Stronger Partnership”, this year’s edition saw a total of 13 awards presented. The awards were presented to businesses, trade associations and chambers, and public sector agencies, who have made outstanding contributions in driving pro-enterprise innovation, fostering meaningful partnerships, and achieving impactful business outcomes. The award categories and full list of award recipients can be found in Annex B.
DPM Gan said, “Over the past year, global developments have accelerated in ways that are reshaping how economies and industries operate. As a small and open economy, Singapore will feel the impact of these global developments keenly. It is critical that the Government maintain clarity, consistency and agility in how we govern and work with industry. We will adopt a threefold approach to smart regulations: first, work better within Government and partner better with industry; second, leverage technology to streamline processes and improve efficiency; and third, ensure regulations keep pace with innovation. This is how Singapore can remain competitive, resilient, and well-positioned for the future.”
Mr S. S. Teo, SBF Chairman, said, “In today’s climate of uncertainty and rapid change, strong public-private partnerships are vital in transforming challenges into opportunities. As smart regulations are the foundation of enterprise success, SBF and our partners are creating frameworks through continuous and targeted regulatory revisions, with the aim to reduce barriers and empower businesses to pursue transformation with confidence. The PEP-SBF Awards celebrate this collaborative spirit that makes Singapore a truly pro-enterprise economy.”
Award Highlights
Import of Bulk Aggregates via Conveyor Belts by Singapore Customs and Jurong Port Pte Ltd
Singapore Customs (Customs) partnered with Jurong Port and relevant agencies to facilitate the import of bulk aggregates via automated conveyor belts, eliminating over one million truck journeys annually. This innovative solution addressed the challenges of escalating transport costs and truck driver shortages while creating a more sustainable construction supply chain.
The partnership also resulted in time savings of over 2,900 hours for the construction industry and reduced carbon emissions by more than 23,000 tonnes. The initiative also improved port efficiency and reduced traffic congestion in the Jurong region, demonstrating how regulatory flexibility can support both business efficiency and environmental sustainability.
Strengthening Artificial Intelligence Risk Management for Financial Institutions (Project MindForge) by Monetary Authority of Singapore (MAS) and MindForge Consortium
The Monetary Authority of Singapore (MAS) partnered with the MindForge Consortium to develop an AI risk management handbook for the financial sector. The consortium brought together 24 leading financial institutions including banks, insurance companies, capital market firms and industry partners.
This collaboration addressed the critical challenge of implementing effective AI governance across diverse financial institutions. Phase 1 established a comprehensive generative AI risk taxonomy, building upon MAS’ existing FEAT Principles framework, while identifying three new critical risk dimensions: Legal and Regulatory, Monitoring and Stability, and Cyber and Data Security. Phase 2 focused on developing practical implementation guidance that enables responsible AI innovation whilst ensuring robust risk management.
This pioneering public-private partnership successfully established best practices and governance frameworks while maintaining flexibility for institutions to adapt implementation approaches based on their specific operational contexts and risk profiles.