Explainer: Retrenchments in Singapore – Why Are They Happening Now?

Once a niche sport reserved for the truly adventurous and adrenaline seekers, bouldering has seen a rapid rise in popularity, particularly in Singapore. What began as a small community of climbers seeking vertical thrills has evolved into an urban movement, with sleek gyms popping up across the city, and a wave of new climbers and athletes scaling their way into competitive leagues and fitness culture alike. 

At the heart of this climbing revolution is Patrice Verosil, a former bouldering athlete and co-owner behind one of Singapore’s most distinctive climbing hubs, Boulder Planet. With its bold and unique routes, inclusive community ethos, and commitment to training future athletes, Boulder Planet isn’t just a gym but a place where you can foster a passion for the sport and find sanctuary amid our bustling everyday lives.

The Beat Asia sat down with the entrepreneur to talk about her journey of turning her passion into a successful business venture, how she fought through the challenges of running a business at the height of a global pandemic, and how Boulder Planet is shaping the future of climbing culture in the region.  

Chalk, Grit, and Growth

Patrice began climbing 14 years ago for two reasons: to be part of something niche and to face her fear of heights!

“I decided that I'm going to face it head-on and put myself in an uncomfortable position and join the climbing team,” she shared. “I also wanted to be cool. I wanted to be different, and at the time, climbing wasn’t considered mainstream yet.”

The sport is indeed unique and may look intimidating at first glance. The fact that you’re scaling a wall without any ropes or harnesses, even if it’s not that high, may have risky written all over it, but Patrice was drawn not to the challenge, but to the fact that it uncovered things about herself she never thought she could do. 

“When you are on the ground and you're trying to do the climb, you're not sure yet whether you're going to reach the top. And so you're going to try to complete the climb, move by move, hold by hold, as you get there. And so this self-discovery of what I am truly capable of is one of the key things that drew me to this sport. The other thing is the community. Climbing is also a mental sport, and you need to figure out how to get from the start to the end. So, sharing with other people, talking to them about their strategy. How are you going to get to the next hold? How are you going to get to the top? It’s the community and social aspect that I love.”

Patrice also enlightened us a bit more about the sport and described Bouldering as a discipline of climbing. In Bouldering, there are wall structures you need to climb, but there are no ropes or harnesses involved. Instead, there are thick and padded safety mattresses to catch you when you fall or land. Whereas in rock climbing, it’s usually a lot higher and will involve a harness. 

“To put it simply, bouldering is like sprinting. So, short distance,” she told The Beat Asia. “And then you have rock climbing, where it’s a little bit more like a marathon. Endurance matters a lot.”

Patrice was a competitive climber back in the day, but after years of being immersed in the sport, she took a step back in 2015 to pursue a more stable path. The entrepreneur went into the tech industry due to financial considerations and the desire to build a career outside of climbing. 

“I needed to prove to myself that I am more things other than climbing. I have done it for so many years, and it's my whole world! So, I needed to figure out for myself that I can do something else outside of that and still excel in it.”

She joined HubSpot for a few years as part of the technical support team, servicing clients. She also mentioned how the experience was a “steep learning curve” as her educational training had been in English literature. 

But even after she bought her first home, started a family, and slowly built a career in that industry, the call of the climbing wall never left her, and she began to question the possibility of returning to her passion now that she was more financially stable and capable. So when her former climbing coach, Ben Toh, heard about her searching for a new opportunity, he asked her to help him launch a new climbing gym, which later became known as Boulder Planet.

“I thought I was just leaving my job to enter a different job,” she said. “I didn’t know that he was planning on opening a climbing gym again. Since I was thinking of wanting to try something new, I decided that the time was right for me to enter this with him.”

She began in 2021 as general manager and played a key role in leading the business through the uncertainties of the pandemic. Patrice mentioned some of the challenges they faced during that time, like how they could only accommodate 50 people at a time, which posed a significant cut in their revenue. On top of that, they also had to create timing schedules and had to close down for two months due to tighter COVID restrictions when Phase 2 happened. 

When asked about what she had learned in running a business through a difficult time, she replied, “Transparency is important. I think it's very important, especially for a small team, for them to know the current situation the business is in because it impacts everybody. There’s no need to be coy about it, [we told them] ‘Hey guys, we are not making money. We are going to try to keep everyone paid as they should be, but you all need to know that once we open, everybody needs to pull their weight because we need to recover from these two months that we didn’t make any money.'”

“The other thing is being adaptable. So, what were we doing in those two months? We tried to bump up our budgeting, tried to fix our systems. Whatever we couldn’t do while we are operating, we tried to prioritize that so that it’s still a productive period for all of us.”

The business eventually made it through the storm and back on gentle waves, which is mainly thanks to Patrice’s leadership, shaped by her corporate background and deep love for the climbing community. The entrepreneur shared that her corporate experience, specifically, balanced her passion and made her think more objectively from a business standpoint. While most people opened climbing gyms solely for the love of the sport, Patrice understood that, as a business, they would need to scale up and grow, so they would need to have standard operating procedures, governance, as well as proper regulations and policies. 

“Focus on the top line. Optimize the cost,” she stated. “It was really important for us to make sure that wherever we are [spending most] in the company made sense.”

She also shared that good customer service is another thing she carried from her corporate training. The co-owner puts a lot of thought into knowing her audience and market, which led her to create unique offers that catered specifically to their clients. 

“In our first year, we were grappling with who our audience is. So, we decided to do a market survey of all our current customers, and that's when we found out that our biggest target audience is corporate workers working 9:00 to 5:00. So, knowing that, what are the difficulties? What are the considerations? Where are they coming from?”

The survey led them to realize that most people in this segment “don’t have a lot of time,” and so gym subscriptions that provided unlimited entry wouldn’t be considered high value for them.  

“For people who are pressed for time, it doesn’t matter if it’s unlimited. I don't want to be paying that amount because I don't have unlimited time anyway,” Patrice explained, which is what pushed them to release pricing options that made more sense for them. The Boulder Planet Hopper (BP Hopper) is a monthly subscription that gives climbers access to the gym four times a month — a decent amount of time for office professionals who might only have time to climb once a week. It’s a much cheaper option too, considering you can get this monthly pass for only S$59. 

“I’ve heard one of my friends say that if you’re a climber in Singapore, you must have a BP Hopper. So it’s become like an essential,” Patrice shared, proving that this strategy is a good example of how a business can make more money while still catering to its clients’ needs. 

Boulder Planet also holds much pride for their Route Setting, refreshing a section of their walls every week, so there’s something new for climbers to do in every visit. They invest a lot in their route setters — the people who put up the climbs — to make sure that what they put up is creative, enjoyable, and accessible for people who are coming to the gym.

Another unique selling point is how they’ve put a lot of thought into their White Spaces. In reality, people only spend half the time climbing the walls, while the other half is spent talking with friends, taking pictures or videos, or resting in between attempts. Boulder Planet’s gyms are designed in such a way that people have spaces to sit and rest, to dine or work, and even just “be” in between their climbing time. 

“We put a lot of thought, not just the experiences on the wall with regards to route setting, but off the wall as well.”

We believe this feature shows that more than a climbing gym, Boulder Planet is in the business of creating a hub where people can escape to and enjoy with their peers.  

As for their goals? Patrice shared that Boulder Planet has already made an entry into other Southeast Asian cities, specifically in Bangkok and Jakarta, and hopes to establish more gyms in the region. But the company is only the beginning. What the entrepreneur truly aims to do is discover and nurture talent. 

“In comparison to the West, climbing is very well developed already, and so talent is coming up. In order to build talent, you need to make the sport accessible. That’s when talent will surface,” she stated. “On a business standpoint, my goal is to have more Boulder Planets, but that is just a step towards my main goal, which is to have more Southeast Asian athletes represented on the world stage. And maybe one day, there will be a Southeast Asian climbing Olympian.”

Boulder Planet currently supports five athletes in Singapore who are competing at various levels. They provide them with training facilities, equipment, and financial support when they compete overseas. They also have a couple of young athletes competing at national and regional levels in Indonesia, and are on the lookout for talent in Thailand.

“The more people who support the gym, the more we can support all of these athletes financially or resources-wise.”

If you ever want to try bouldering, Boulder Planet is a good place to start, considering Patrice and her team have put a lot of effort into making their gyms and routes accessible to all, no matter what level they’re in. Whether you’re a beginner or more advanced, there’s a route for you. 

And if you’re still a bit reluctant to try, Patrice gives one advice: “Get someone to do it with you. It’s a different experience, because you realize that even if after a session, and you’re not sure whether you like climbing yet, at least you had time to spend with someone.”

From being a competitive climber, going into corporate, and eventually managing to combine the two, Patrice shows us that pursuing one’s passion can also lead to a successful business venture, and that it all depends on one’s risk appetite. It had been an uphill battle, but just like climbing, endurance and hardwork key. 

“I’ve always thrived in a startup environment,” she said. “That's one thing I learned going into corporate. I realized that in corporate, you are doing the same thing over and over again whereas in the startup, you get to wear multiple hats. I am fine with either, but doing the startup way just gives me more energy.”

As for whether one should pursue their passions? Patrice advised, “Yes, completely! I totally agree, and it's fine if you don't start immediately. It's okay if you go into corporate, build up whatever you need to build up financially or skills-wise, and then come back because eventually those will be very useful in your own venture.”

For more information on Boulder Planet’s offerings, visit their website or follow them on Facebook and Instagram.

Boulder Planet SG Locations:

• Boulder Planet Sembawang: Sembawang Shopping Centre, 604 Sembawang Road, #B1 - 22/23, Singapore 758459
• ​Boulder Planet Tai Seng: Grantral Mall, 601 Macpherson Road, #02 – 07, Singapore 368242

When the term “hacker” comes to mind, you probably think of illicit activities and online threats. In Singapore alone, the prevalence of ransomware and phishing attacks surged significantly with 54% recorded in 2021 and continued to rise by 175% in 2022, with the banking sector being the primary target, according to a review on Singapore’s cybersecurity challenges published on Feb. 11.

For the uninitiated, hacking culture consists of three categories: namely white, black, and grey hat hackers. Black hat hackers are notorious for exploiting security vulnerabilities for malicious purposes, while white hackers are more "ethical" ones who leverage their skills to fix vulnerabilities. In contrast, grey hat hackers are usually involved in morally ambiguous activities which means that their actions and motivations may walk the line between legality and illegality.

If you’re intrigued by the world of hacking or fascinated by the complexities of cybersecurity, chances are you’ve read the comic book series “Hackers: Superheroes of the Digital Age” by Vivek Ramachandran.

Based in Singapore, Vivek is the founder and CEO of SquareX, a browser-native security product or browser extension programmed to keep users safe from nefarious online activities. More than just being a seasonal cybersecurity expert with over 20 years of experience, he is also a security researcher, author, and speaker-trainer.

The Beat Asia caught up with Vivek to learn about his cybersecurity journey, entrepreneurial pursuits for SquareX, and more.

Please share with us the story of how your tech journey started

My journey into the world of cybersecurity and technology began when I was quite young, back in the year 2000, during the massive denial-of-service attacks that targeted prominent websites, including Yahoo. I vividly remember the hacker named Mixter who developed the notorious Tribal Flood Network tool responsible for those attacks. This event piqued my curiosity and led me to download the tool in an attempt to understand how it worked, even though I couldn't grasp much of it at the time.

This initial encounter ignited my interest in cybersecurity and technology. I embarked on a quest to comprehend not only the programming languages involved but also the methods behind crafting such tools. As I dived deeper into this intriguing world, my interest, addiction, and obsession with cybersecurity grew, setting the foundation for my career in the field.

How would you describe the work culture at SquareX?

At SquareX, our company culture is built on a foundation of innovation and collaboration. We foster an environment where creativity and fresh ideas are not only encouraged but also celebrated. Our teams are diverse, bringing together individuals with a wide range of skills and perspectives, which fuels innovation.

To maintain our edge in the rapidly evolving cybersecurity market, we prioritize continuous learning and R&D. We encourage our employees to stay up-to-date with the latest industry trends and invest in their professional development. This commitment to growth enables us to adapt swiftly to emerging threats.

In short, we at SquareX are all about coming up with smart ideas, learning together, and working as a team to lead the way in cybersecurity. It's this kind of environment that keeps us on top of our game and lets us keep delivering top-notch security solutions to our customers.

We constantly read news about hundreds of millions being lost in online scams. What do you think is the root issue, and how can this be solved?

The root cause is that we live in an increasingly complex digital world powered by technologies which are difficult for the average person to understand. This makes it easy for attackers who are more technologically adept to scam and fool the ones that are not. Moreover, these attackers have further enhanced their attacks using AI tools like ChatGPT, making it even more difficult for users to simply identify an attack attempt based on bad grammar.

Unfortunately, the average person lacks security awareness about how they could get attacked in the digital world or which products they could use to safeguard themselves. This can be solved with public-private partnerships to create both security awareness and a culture of good security habits and product use.

What inspired you to write the comic book series “Hackers: Superheroes of the Digital Age”?

After the acquisition of Pentester Academy, I was looking for ways to give back to the community primarily via mentorship, which led me to write and publish “Hackers: Superheroes of the Digital Age."

This initiative was, in a way, my response to the mainstream media's negative portrayal of hackers, often depicted as villains in a digital world. By introducing a series that showcases the diversity and ingenuity of hackers, my aim was to demystify hacking, presenting it as a creative science. The series highlights hacker vigilantes from various backgrounds tackling global issues with knowledge as their weapon, though not always with success.

In today’s AI-driven world, attackers are using technologies like ChatGPT to create malicious code and more convincing scams. How will SquareX’s technology address these concerns?

With the advent of ChatGPT and now AI voice, video assistants, and deep fakes, we won’t be able to rely on our human senses to decide if something is real or virtual just based on seeing or hearing. As SquareX runs on the web browser, we are able to see what users see and hear what is said out there. We are currently building an AI-based security system, which can detect deep fakes in video, audio, and images. Stay-tuned!

Can you tell us more about SquareX’s approach to securing end users and enterprises against web attacks in the browser and how this is differentiated?

Today, the web browser is the most used application on your computer for work and personal life. Attackers now intelligently target users via multiple channels, including web mail, malicious documents, networks and scripts all via the web browser.

SquareX protects against these attacks by deploying a browser extension that constantly monitors everything that is happening on the browser. This allows SquareX to detect and mitigate threats in real-time for every user.

SASE/SSE solutions are unable to protect users against modern web threats that happen on the client side, and endpoint security solutions have no visibility into what happens in the browser during an attack. Hence, we hear more and more enterprises these days are falling victim to cyberattacks.

To address the current limitations and needs of the market, SquareX offers enterprises full visibility into the attack chain, enabling them to effectively threat-hunt and identify similar attacks across their networks and geographies. Empowering the enterprises with detailed threat graphs would help them understand how and where the attack originated.

Our dream is for every web user, from our grandparents to the CEOs of Fortune 100 companies, to “Be Fearless Online.”

What would you say to the young and emerging entrepreneurs who are about to embark on their business journey?

First and foremost, embrace innovation. In today's fast-paced world, the ability to identify opportunities and pioneer creative solutions is paramount. Don't be afraid to think differently and challenge the status quo.

Secondly, build a solid and passionate team. The right people, who share your drive, can take your business to great heights. Lastly, commit to lifelong learning. Business changes constantly, and to lead, you must always be a student. Never stop learning and upskilling yourself

This interview has been edited for clarity. Read more about by Vivek Ramachandran here. Stay updated on SquareX’ latest updates by checking its website.

Enjoyed this article? Check out our previous Elevator Pitch profiles here.

Singapore records another milestone as investment firm Henley & Partners names the city-state as the fourth wealthiest city in the world this year.

With 244,800 millionaires, 336 centi-millionaires, and 30 billionaires, Singapore has now surpassed London, which previously held the fourth spot on the list. It is also the second highest-ranking Asian city, following Tokyo, Japan, in third place.

According to the report, Singapore saw 64% millionaire growth from 2013 to 2023, with approximately 3,400 high-net-worth individuals (HNWI) moving to the city in 2023 alone. Henley & Partners also said that Singapore might be taking over Tokyo soon, which has suffered a 5% decline in millionaire growth for the last ten years.

Meanwhile, New York City leads the pack with 349,500 millionaires this year, holding its spot as the wealthiest city as last year.

Completing the top ten are The Bay Area in the United States at second, London coming in at fifth place, followed by Los Angeles, Paris & Île-de-France, Sydney, Hong Kong, and Beijing, respectively.

Henley & Partners’ World’s Wealthiest Cities list features exclusive data on cities with the most millionaires, centi-millionaires, and billionaires, along with insights from industry experts and leading academics.

To view the full list, click here.

In celebration of over 40 years since its establishment in Singapore, tech giant Apple has announced its plans to expand its campus in Ang Mo Kio.

With an investment of over US$250 million, the expansion plan aims to provide new spaces for the development of artificial intelligence and other key functions. Construction is slated to begin later this year, Apple said in a press release on April 17.

Under the expansion effort, the campus’ two buildings, acquired in 2022, will undergo major upgrades with the addition of new state-of-the-art laboratories and revamped facilities.

To stay true to its commitment to sustainability, the upgraded campus will run on 100% renewable energy, like all the company’s facilities. Upon completion, the building is expected to receive a LEED Gold certification.

“Our Singapore teams have played an important role in enriching the lives of our customers — and we can’t wait for many more decades of innovation to come,” said Apple’s chief executive officer, Tim Cook, in the statement.

Apple first established its Singapore office in 1981 with only 72 employees. Fast forward to today: Apple Singapore already has over 60,000 direct employees, with three Apple Store branches in addition to its Ang Mo Kio campus.

A call for inclusivity is what SPD is aiming for on their latest video campaign with the theme “Look Beyond Their Disabilities, Focus on Their Abilities,” releasing a light-hearted interview between an employee and CEO.

Athirah, an SPD employee, got the chance to interview the VITAL (Ministry of Finance) Chief Executive Dennis Lui, where she asked questions that highlighted the perspective of an employer.

The video campaign aims to challenge the status quo against persons with disabilities (PwDs) by joining the work force.

“I think many employers focus on what the PwDs cannot do rather than what they can do. But in reality, all of us are unique individuals with great talents, and we can bring a lot to the table," was Mr. Lui’s answer when asked about the common misconceptions about hiring PWD staff.

Just like Athirah, who’s a great asset to her company, SPD aims to break the stigma through its video campaign.

Launched in 2022, SPD Contact Centre connects PwDs to the contact centre industry by providing training, refreshers, and enhancing the skills of each employee that they use in tending to administrative tasks given by outsourced clients of the company.

Learn more about the campaign by checking out their website.