CATEGORY: NEWS AND ANNOUNCEMENTS, PRESS RELEASES
Singapore, 27 August 2025 – The Institute of Valuers and Appraisers, Singapore (IVAS) today announced several key initiatives at the IVAS-IVSC Business Valuation Conference 2025 to advance business valuation through regionalisation efforts, strengthening international collaboration on valuation guidelines and greater recognition of the Chartered Valuer and Appraiser (CVA) programme.
Regional Expansion of CVA Programme Through New Training Partners
2 To establish the CVA programme as the leading qualification for business valuation professionals in Asia, IVAS today signed two Memorandums of Understanding (MOU) with the Singapore Management University (SMU) and London School of Business and Finance (LSBF) for these institutions to provide training support for the CVA programme across five different markets in the region.
3 SMU will be the training provider for the CVA programme in Singapore, Indonesia and Thailand, whilst LSBF will deliver the training for the programme in Malaysia and India. Implementation will be phased progressively across the different markets from 2026, with SMU commencing intake for the CVA Programme in Singapore from January 2026. These partnerships will broaden access to high-quality training and deepen in-market support for the CVA programme to aspiring valuation professionals across the region.
4 The MOUs were signed at the IVAS-IVSC Business Valuation Conference 2025, witnessed by Ms Indranee Rajah, Minister in the Prime Minister’s Office and Second Minister for Finance and National Development.
Advancing Standards on Intangible Assets Valuation Through International Collaboration
5 To further advance professional standards, IVAS is collaborating with the American Society of Appraisers (ASA), Chartered Business Valuators (CBV) Institute, and Royal Institution of Chartered Surveyors (RICS) to develop comprehensive Intangible Assets Valuation Guidelines. These new guidelines will assist business valuation professionals when they undertake valuation exercises involving intangible assets, enhancing the reliability of their valuation reports to support the recognition and commercialisation of intangible assets. The collaboration represents a significant development in setting common professional practice standards for intangible assets in Singapore and other major jurisdictions such as the US, Canada and UK. This initiative builds on the successful collaboration that IVAS had with ASA, CBV Institute and RICS on the ESG Guidance for Business Valuation Professionals released in July 2025 .
6 The development of these guidelines comes at a critical time, as highlighted in a new joint publication by the Intellectual Property Office of Singapore (IPOS) and the International Valuation Standards Council (IVSC) titled "Intangible Assets in ASEAN Capital Markets". The report, developed with J.S. Held and the National University of Singapore, reveals the growing significance of intangible assets in ASEAN capital markets and underscores the need for standardised valuation approaches.
7 Industry stakeholders may participate in this international initiative by providing their views on the Intangible Assets Valuation Guidelines, which is currently undergoing public consultation. Feedback can be submitted on ACRA’s website until 12 September 2025.
Elevating Recognition of the CVA Programme through the Conferment of IVAS Honorary Designation to Senior Financial Services Professionals
8 The conference also marked a milestone with the conferment of the IVAS Honorary designation (i.e. the IVAS (Hon) title) to ten senior financial services professionals from DBS, OCBC and UOB, recognising their industry leadership and business valuation expertise in the banking sector. "As IVAS Honorary members, these distinguished professionals who have helped shape Singapore’s financial services sector will serve as industry ambassadors and supporters of the CVA programme to promote the importance of professional certification and high standards in business valuation. They will also serve as role models to advocate for business valuation excellence within their organisations and across the financial services sector”, said Mr Lie Kok Keong, IVAS Council Chairman. Nominees were selected based on significant leadership experience and professional excellence demonstrated in the financial services industry. They are:
1. Mr David Cheng – Managing Director and Head, Corporate Finance, OCBC
2. Mr Tan Teck Lun – Managing Director, Head of Mergers & Acquisition/Advisory, OCBC
3. Mr Lin Hanwei – Managing Director and Head, Singapore Coverage – Corporate Finance, OCBC
4. Mr Choe Tse Wei – Managing Director, Strategic Advisory, Institutional Banking Group, DBS
5. Mr Law Seng Keat – Executive Director, Strategic Advisory, Institutional Banking Group, DBS
6. Mr Paul Cheng – Managing Director, Corporate Development and Investor Relations, Group Finance, DBS
7. Mr Han Kwang – Executive Director, Corporate Development and Investor Relations, Group Finance, DBS
8. Mr Goh Yu Min – Managing Director and Head, Group Corporate Investments & Acquisitions, Group Finance and Corporate Services, UOB
9. Mr Chew Chee Keong – Managing Director & Head, Market Risk & Product Control, UOB
10. Ms Elizabeth Lin – Managing Director & Head, Corporate Finance & Advisory, Group Investment Banking, UOB
IVAS-IVSC Business Valuation Conference 2025
9 Under the theme "From Insight to Impact: Bridging Valuation and Corporate Strategy", the annual IVAS-IVSC Business Valuation Conference 2025 brought together close to 1,000 business valuation professionals, entrepreneurs, corporate leaders, and industry stakeholders to discuss advances in valuation practices and their impact on business decision-making. This marks the ninth year of successful collaboration between both organisations. For the second year running, the Conference was held alongside IP Week 2025, organised by IPOS. The conference explored how businesses can strategically leverage valuation to unlock untapped potential, optimise resource allocation, enhance decision-making, and drive sustainable growth and competitive advantage.
Annex
| IVAS (Honorary) Members | IVAS (Honorary) Members' Bios |
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Mr David Cheng Managing Director and Head, Corporate Finance, OCBC
| Mr David Cheng has more than 30 years of experience in investment banking across Mergers & Acquisitions, Equity Capital Markets and Debt Capital Markets. David is a veteran and has worked with clients across Asia across all different industries and products. David leads the OCBC Corporate Finance department focusing on Mergers & Acquisitions as well as Equity Capital Markets globally. Prior to OCBC, David spent more than 20 years with international banks such as Deutsche Bank and J.P. Morgan. |
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"Having led numerous cross-border transactions throughout my career, I've seen how strong valuation capabilities are essential for successful deal-making. This IVAS Honorary designation acknowledges the importance of maintaining high professional standards in business valuation."
Mr Tan Teck Lun | Mr Tan Teck Lun brings over 19 years of Corporate Finance experience, including 7 years in London. Since joining OCBC Corporate Finance in 2014, he has successfully built OCBC's cross-border M&A credentials across South East Asia. He has established a proven track record in advising families and corporates in M&A (sellside, buyside) and fund-raising. He leads OCBC Corporate Finance coverage of financial sponsors, including private equities, private credit funds and infrastructure funds. |
"The IVAS Honorary designation is a milestone that recognises the depth of valuation expertise in Singapore's financial sector. It reflects our market's commitment to maintaining high professional standards in business valuation."
Mr Lin Han Wei | Mr Lin Hanwei is the Head of Singapore Coverage for OCBC Corporate Finance with more than 18 years of investment banking experience in M&A, Equity Capital Markets and Debt Capital Markets. Having led numerous complex transactions including public takeovers, buyside & sellside M&A, private fundraisings, IPOs and high-yield bonds, Hanwei is a trusted advisor to corporates and business owners in Asia. Prior to OCBC, Hanwei spent 10 years with Deutsche Bank covering Southeast Asia investment banking. |
Mr Choe Tse Wei Managing Director, Strategic Advisory, Institutional Banking Group, DBS | Mr Choe Tse Wei has worked at DBS in corporate finance and equity capital markets, mergers & acquisitions, asset-backed structured products and now strategic advisory. He leads Strategic Advisory, which advises corporate and private wealth clients on M&A, corporate strategy and capital structure. This role has entailed origination and structuring of buy-sell and sell-side M&A transactions, competitive bid processes, leveraged buy-outs, privatizations of listed entities, and corporate restructurings. Tse Wei has held responsibility for DBS Labuan and IBG Government-Linked Corporations. |
Mr Law Seng Keat Executive Director, Strategic Advisory, Institutional Banking Group, DBS | Mr Law Seng Keat has been with DBS Bank since 2008 and currently serves as Executive Director in the Strategic Advisory department of DBS Bank. He advises the bank’s corporate and private wealth clients on mergers and acquisitions, SGX privatisations, joint ventures and corporate strategy. His work covers industries such as industrial manufacturing, telecom, data centres, insurance and consumer. Prior to DBS, Seng Keat was involved in private equity, treasury management and tax advisory. |
Mr Paul Cheng Managing Director, Corporate Development and Investor Relations, Group Finance, DBS | Mr Paul Cheng is the Group Head, Corporate Development at DBS Bank where he is responsible for all mergers and acquisitions, alliances and strategic partnerships initiatives for the Group. He is also a director of TauRx Pharmaceutical as well as a director of Changsheng Asset Management Company in China. Prior to joining DBS, Paul was with Monetary Authority of Singapore, Temasek Holdings Private Limited and Government of Singapore Investment Corporation in roles ranging from strategy, business development, investment and finance. |
Mr Han Kwang Executive Director, Corporate Development and Investor Relations, Group Finance, DBS | Mr Han Kwang joined DBS Bank in 2012 and currently serves as Executive Director - Corporate Development, supporting the origination and execution of DBS’s mergers and acquisitions, strategic partnerships, and new business initiatives. His work spans sectors including banking, insurance, asset management, brokerage, payments, fintech, and real estate. Han Kwang’s involvement as one of the founding members of DBS’s Regional Digital Consumer Finance unit earned recognition at the Global Retail Banking Innovation Awards 2019 for Excellence in Digital Innovation. |
Mr Goh Yu Min Managing Director and Head, Group Corporate Investments & Acquisitions, Group Finance and Corporate Services, UOB | Mr Goh Yu Min is Head of Group Corporate Investments and Acquisitions at UOB, and additionally heads Group Mergers & Acquisitions. Yu Min has covered a range of roles in his 28 years with UOB. Yu Min began his career with UOB in private equity/venture capital investments. He subsequently rotated to, and held senior roles, in the Investment Banking division, Corporate Planning & Strategy, Group International Management, and Investment Management. |
Mr Chew Chee Keong Managing Director & Head, Market Risk & Product Control, UOB | Mr Chew Chee Keong is the Head of Market Risk and Product Control at UOB for the last 10 years. He has about 35 years’ experience in the banking industry with coverage on treasury risk management and products control (covering risk and valuation in FX, interest rates, equities and commodities derivatives), IT, management and financial accounting. |
Ms Elizabeth Lin Managing Director & Head, Corporate Finance & Advisory, Group Investment Banking, UOB | Ms Elizabeth Lin is Head of Corporate Finance and Mergers & Acquisitions Advisory, leading UOB’s global investment banking event-driven franchise. She heads teams based in Southeast Asia and Greater China. Her investment banking experience includes originating and executing high-profile, event-driven investment banking transactions, corporate and leveraged finance, and M&A. Under her leadership, UOB’s M&A ranked #1 in Singapore public markets transactions in 2023 and 2024, and was awarded Best M&A House (Singapore) in FinanceAsia Awards 2025. |
