Lynton Crosby sets up international consultancy office in S'pore, unveils survey on S'poreans' views on crypto

Crosby, known as "the Wizard of Oz" for political campaigns, says the Singapore office aims to reach regional clients better.

Kerr Puay Hian | March 31, 2023, 05:55 PM

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Sir Lynton Crosby, international political consultancy firm C|T Group's executive Chairman and CEO, said that Singapore is a "great success story"  and "the place to be" in an "increasingly complex" world.

Crosby, who is often described as "the Wizard of Oz" for political campaigns, said during the launch of C|T Group's Singapore office on Mar.30 that "people are looking for stability, certainty, and sensible regulation."

"To have a financial system and the services that come with all that, as a bulwark against the uncertainty in the world, this is the place to be," Crosby commented on Singapore. "You've seen it with the movement of capital, family offices, and companies to Singapore."

He added that setting up a regional office in Singapore also means the company can better serve clients in the region over the coming years.

Crosby and Mark Textor established the C|T Group in 2002 in Canberra, Australia. The company provides research, intelligence, campaigns, and advisory services,

Managing Director Abdul Malik Anwer Deen helms the group's newest expansion in Singapore.

More than half of S'poreans own crypto

As part of the office's opening, the company also unveiled their latest survey on cryptocurrency to understand what is driving public behaviour and attitudes concerning it and the role it will play in the future of Singapore's economy.

Image via C|T Group

The 15-minute survey was conducted with 1,057 adult Singaporeans above 18 online between Mar. 10 and Mar. 14 this year.

It found that while more than half of Singaporeans say they currently or have previously owned cryptocurrency, only one-quarter of Singaporeans can explain cryptocurrencies "very confidently", and two-fifths are "not confident" or can't explain at all.

Image via C|T Group

S'poreans see crypto as more of risk than opportunity

The survey also revealed that Singaporeans tend to see investing in cryptocurrency as more of a risk than an opportunity, as they feel there is a lack of protection and are susceptible to losses.

However, almost half of Singaporeans still feel that cryptocurrency can help people get ahead and be financially stable.

Image via C|T Group

The main concern that Singaporeans voiced through the survey was about scams and frauds, with 86 per cent of Singaporeans saying they are "somewhat concerned" or "very concerned".

Over 70 per cent of Singaporeans also expressed concern about Temasek Holding writing off cryptocurrency investments and cryptocurrency companies or exchanges becoming defunct.

Image via C|T Group


People want safer crypto regulation

On what cryptocurrency policies should be implemented in Singapore, the respondents highly favour regulation to protect investors and reduce fraud.

Through the rest of the questions, the survey concludes that Singaporeans are more likely to see cryptocurrency as important to the country's economy if they think cryptocurrency is here to stay, such as becoming a currency for everyday transactions, and if adopting it more extensively can cement Singapore's position as a global financial leader.

The group explained that the Monetary Authority of Singapore (MAS) had expressed a longer-term view of establishing Singapore as a global cryptocurrency hub.

However, it also noted that MAS's stance on the plan has become ambiguous with recent developments in the context of high-profile cases of cryptocurrency scams and fraud and companies becoming defunct.

It hopes that through the research, people will be able to gain insight into political engagement's impact on cryptocurrency sentiments in Singapore.

Top image via Mothership & C|T Group