As the Singapore-led Professional Service Centre launched in Shanghai to strengthen professional and business ties between Singapore and China, Joe Pickard heard from Fann Kor, CEO at the Institute of Singapore Chartered Accountants (ISCA), to find out how this cross-border alliance will boost the accountancy profession in the region

The Accountant: What were the main reasons for basing the new centre in Shanghai?

Fann Kor: In 2023, total trade between Singapore and Shanghai increased by 7.8% year on year, while cumulative Singapore investments in Shanghai exceeded $25bn across more than 6,300 projects, Enterprise Singapore noted in its 2024 Singapore-Shanghai trade report.

Despite a more cautious global business climate today, Singapore remains one of Shanghai’s largest foreign investors, signalling strong and sustained business interest in the region.

This presents a clear opportunity: while many Singapore businesses are already active in Shanghai, there’s still a growing need for professional services to support others looking to enter or expand into the market. With rising global trade tensions and China-Singapore’s long-standing economic ties, the timing felt right for the alliance to create a platform to bridge this gap.

Over the years, ISCA has established relationships in the city – with partners such as the Shanghai Institute of Certified Public Accountants (SHICPA), corporates services like BIPO HR, or through the ISCA China team and the Shanghai Chapter. With these networks already in place, setting up the Professional Services (PS) Centre with our ISCA Shanghai Representative Office was a natural next step.

TA: What are the main objectives for the cross-border collaboration?

FK: At its core, the cross-border collaboration behind the PS Centre is about helping businesses take confident steps beyond their home markets. As more companies look to regionalise and explore fast-growing markets like Vietnam, China or Malaysia, the need for trusted professional support becomes even more critical.

By bringing together a network of trade associations, professional bodies, and in-market partners, the PS Centre aims to provide businesses and professionals with the right connections, insights and tools to succeed. It’s not just about setting up shop in a new country, it’s about understanding the regulatory landscape, navigating tax or legal systems and building the right partnerships to succeed in an unfamiliar environment.

The idea for the PS Centre would be to also act as a hub for curated activities such as knowledge-sharing sessions, networking events and forums to help firms build capabilities that are relevant and practical to the region. Ultimately, our broader aim is to help businesses connect, learn, grow, find support and progress as they venture into new markets.

TA: What challenges are associated with a cross-border alliance such as this?

FK: Each market has its own set of regulations, business practices and professional standards. There’s no universal manual, so finding the right approach takes time. What works well in one country may not translate seamlessly into another. On top of that, working across different professions and jurisdictions means navigating varying priorities, languages, cultures and working styles.

Some partners may be more established while others may just be starting to explore their internationalisation journey. As such, keeping everyone engaged and moving in the same direction requires clear goals, consistent engagements, and trust.

That said, with the right coordination and shared purpose, these differences can become strengths as we build a more connected, practical support network in the region.

TA: How does having further collaboration with other professions boost the accountancy profession in the region?

FK: Collaboration with other professions strengthens the role of accountancy as an enabler of business success.

Accountancy is one of the few professions that naturally cultivates the perfect blend of specialisation and generalisation – accountants are trained in analytical rigour, yet constantly apply it across disciplines such as technology, finance, ESG and strategy. This makes accountancy highly versatile and well suited to the multidisciplinary world of business.

When accountants work alongside professionals in areas like law, tax, valuation or compliance, they can offer more complete solutions. For example, by collaborating with legal experts, accountants can help businesses navigate complex regulations and contracts, reducing risks while ensuring compliance.

This teamwork enables accountants to provide practical advice that supports growth at every stage.

Beyond traditional number crunching, it positions accountants as key advisors who understand the bigger business picture and can coordinate with other experts to solve complex challenges. As a result, the profession becomes more relevant, trusted and indispensable to businesses navigating today’s dynamic and interconnected markets.

In turn, this helps to attract talent, opens new opportunities and drives the overall growth of the accountancy sector in the region.

TA: Is there scope to expand this centre and allow other organisations to join?

FK: Yes, there is strong scope to expand the PS Centre, and inclusivity has been part of its design from the beginning. The centre was initially formed by six founding alliance partners – ISCA, the Association of Small & Medium Enterprises, the Singapore Manufacturing Federation, the Institute of Valuers and Appraisers Singapore, the Tax Academy of Singapore, and the Law Society of Singapore.

We have since been joined by the Singapore Business Federation and the Singapore Chinese Chamber of Commerce & Industry, bringing us to eight Founding Alliance partners currently.

Beyond this core group, we are actively onboarding credible local partners in each market to strengthen our in-market presence, as well as engaging with corporates, associations and institutions across industries that share similar goals.

But who’s to say it should stop there? As we expand, there’s room to welcome partners from sectors like technology, sustainability, education, venture capital and solution providers – especially if they can support businesses in their internationalisation journey.

TA: Will there be further cross-border collaboration? Which other countries would be well represented in this centre?

FK: Absolutely. The Shanghai PS Centre is our first full-scale hub, with the next launch planned for Ho Chi Minh City, Vietnam on 15 September 2025, followed by upcoming centres in Nanjing and the Johor Bahru Special Economic Zone.

We are also exploring possibilities in Thailand and Indonesia. Like Shanghai, these locations were selected based on strong economic ties, regional demand and opportunities for collaboration. Each new centre will serve as a gateway to support more cross-border professional services partnerships.

Wherever there’s a gap or growing need for trusted professional support, the PS Centre initiative aims to be at the forefront, connecting partners, building capabilities and helping businesses to succeed beyond home soil.