Singapore Country Director David Stepat Joins Panel at NUS ASEAN Private Sector Executive Programme

David Stepat, Country Director for Dezan Shira & Associates Singapore, recently participated as a speaker at the ASEAN Private Sector Executive Programme, organized by the NUS Centre for International Law. This one-day practical training session provided businesses and legal practitioners with insights into leveraging ASEAN’s economic agreements for a competitive advantage.

The event featured an opening address by Singapore Supreme Court Chief Justice Sundaresh Menon and discussions from distinguished industry leaders, including David Stepat, on key areas shaping ASEAN’s business landscape.

Key Insights from the Panel:

Compliance remains a critical concern for businesses operating in Singapore and across ASEAN, with frequent regulatory updates requiring constant vigilance.

David Stepat, who specializes in helping clients navigate compliance complexities, emphasized:

“One way to overcome this challenge is by outsourcing to third-party risk management firms that offer local language support and programs for due diligence and ongoing monitoring. This ensures that businesses uphold both local and international compliance standards.”

Maximizing Trade Agreement Benefits

Free Trade Agreements (FTAs) offer substantial cost savings by reducing customs duties, yet many businesses struggle to take full advantage due to challenges in understanding rules of origin. A common issue is a lack of awareness— for example, some importers don’t realize they qualify for preferential duty rates. Incomplete supplier documentation is another hurdle, as missing paperwork can disqualify goods from lower tariffs. Additionally, miscommunication with brokers can lead to customs agents not applying the correct reduced rates. By addressing these gaps, businesses can avoid overpaying on imports and fully leverage cost-saving opportunities.

Sectors to Watch in ASEAN

David Stepat highlighted several high-growth industries in ASEAN that present significant opportunities for investors. Digital services and sustainable manufacturing are key areas of expansion. Fintech is also a standout sector, projected to reach US$19 trillion by 2025. It is expected to account for 48.2% of global fintech transactions, with a 12.6% year-on-year growth rate. Digital payments are driving this rapid expansion, making fintech a critical industry to watch.

How We Can Support Your ASEAN Expansion

As ASEAN’s regulatory environment continues to evolve, staying ahead of changes, leveraging trade agreements, and ensuring compliance will be crucial for businesses looking to grow in the region.

If you’re considering expansion into ASEAN or beyond, our Singapore team is well-equipped to support your strategy. Talk to us today to explore how we can help your business navigate regulatory complexities and unlock new market opportunities.

Further reading:

• Explore our Asia Manufacturing Index 2025
• The Future of India-Singapore Ties: Collaboration in Green Energy, Technology, and ESG Sectors
• Our Singapore Presence

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