Speech by MOS Alvin Tan at the Opening Ceremony of XM Studios' Flagship Concept Store

Mr Ben Ang, CEO of XM Studios, 

Distinguished guests,

Ladies and gentlemen,

Congratulatory remarks

1. A very good afternoon. Thank you for inviting me to join you today at the launch of XM Studios’ flagship concept store. 

2. Looking around this sprawling 19,000 square feet space, I am inspired that this first-of-its-kind experiential store will also be a platform for Singapore’s art community to experience a wide range of innovative products in an immersive setting, and connect with fellow enthusiasts.  

A homegrown business moving ahead of its time  

3. XM Studios has come a long way since its humble origins as a collectible toy store in Bras Basah Complex in 1997. Starting out as a hobby store offering model assembly, paint jobs, and airbrush classes, its co-founders had the tenacity to venture and create their own niche market of producing high quality handcrafted figurines from popular media franchises. 

4. They started out small, but they always dreamt big. Their business model involved them securing several intellectual property (IP) licenses such as those of Disney, Warner Brothers, Hasbro, Ultraman, Sanrio, and more. To raise funds, XM Studios offered tokens on ADDX, which is a platform that allows for investments in private markets with as little as USD$10,000. This approach allowed them to access a wider range of investors, and raise sufficient funding to fuel their ambitions.    

5. COVID-19 did not slow the company down either. Instead, they learned to adapt quickly and grew their online presence by continuously engaging with their global community through social media channels such as Instagram, Twitter, and Weibo. Many of their posts have captured the imagination of their audience through the intricate details, captivating details and almost lifelike nature of their figurines. 

Aspiring beyond borders  

6. I am heartened that XM Studios’ aspirations have not been circumscribed by physical borders. With the support of Enterprise Singapore’s global networks, XM Studios connected with various entertainment companies and explored wider partnership opportunities. Today, XM Studios has 25 key distributors worldwide, with  their main customers based in the US and Southeast Asia.

7. Not everyone has the opportunity and the gumption to turn their hobbies into businesses, let alone one that is thriving like XM Studios is today. It takes passion and, determination. For entrepreneurs with these qualities, the Government stands ready to support you to internationalise, innovate and form new partnerships, in line with the Enterprise 2030 vision that Minister Gan Kim Yong announced in Parliament earlier this month.

Conclusion

8. XM Studios’ growth journey demonstrates how traditional businesses can transform by experimenting with new business models in this new digital age, such as by tapping on IP to broaden their product offerings and customer base, and financing their growth through novel means. 

9. I was told that CEO Ben’s favourite comic book character is Doraemon, as it has the ability to provide tools and solutions to almost any situation. Indeed, it is this can-do spirit that has brought XM Studios to what it is today.   

10. Let me conclude by congratulating XM Studios, and I wish XM Studios continued success.  

11. Thank you.