2023-11-20
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Monetary Authority of Singapore and global partners pledge to raise financial inclusion for underserved people, businesses

On November 14, 2023, The Monetary Authority of Singapore (MAS) said it had signed a memorandum of understanding with the IFC and the forum to advance digital inclusion through financial services. Digital inclusion refers to the use of digital technologies to provide equal and affordable access to essential services for underserved individuals and micro, small and medium-sized enterprises (MSMEs) in areas such as finance, health and education. In a separate announcement on Tuesday, MAS, together with the United Nations Development Programme and its other partners, launched an open global initiative to improve MSMEs’ access to financing. The Universal Trusted Credentials […]
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2023-11-22
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New one-stop resource for Singapore employers looking to redesign jobs amid disruption, competition

On November 15, 2023, Minister for Manpower Tan See Leng announced the launch of the Job Redesign Centre of Excellence by Workforce Singapore (WSG) and the Institute for Human Resource Professionals (IHRP), to help the Republic’s workplaces remain relevant and competitive. Job redesign means restructuring work tasks and responsibilities to optimise processes and allocation of workers. The centre, which can be accessed via IHRP’s website, will serve as a one-stop touchpoint providing industry-relevant expertise and resources for enterprises to transform their business and workforce through job redesign. It will be managed by IHRP, which will reach out to companies through […]
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2023-11-27
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Singapore’s first car assembly plant, “New Hyundai Motor Group Innovation Centre,” officially opened

On November 21, 2023, the newly opened Hyundai Motor Group Innovation Centre Singapore (HMGICS) in Jurong Innovation District – Singapore’s first car assembly plant in four decades – is not just assembling Hyundai Ioniq 5 cars. The facility, which has a planned capacity of 30,000 vehicles per year for local and overseas buyers, is likely to roll out more cars in 2024 as the certificate of entitlement supply in Singapore grows. The seven-storey 86,900 sq m facility boasts a flexible cell-based production system that breaks away from traditional conveyor-belt manufacturing. This modular system allows the plant to assemble several products […]
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2023-11-29
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Singapore core inflation edges up to 3.3% in October, breaking streak of slower price increases

On November 23, 2023, core consumer prices in Singapore picked up in October after rising at a slower pace for several months, owing to higher inflation for services and retail goods and an increase in electricity and gas costs. Consumers can expect more volatility in overall inflation in the coming months amid swings in certificate of entitlement (COE) premiums and global oil prices, although prices are expected to moderate in 2024. Official data on Nov 23 showed that core inflation, which excludes private transport and accommodation costs to better reflect the expenses of Singapore households, stood at 3.3 per cent […]
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2023-12-04
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Singapore：Lower-income patients to get higher subsidies for cost-effective surgical implants

From Dec 1, 2023, patients who need surgical implants such as high-cost replacement heart valves, hearing devices, intraocular lenses for cataracts, or knee replacement implants can get higher means-tested subsidies, and not be subjected to a dollar cap. These are among the bulk of commonly used implants in public healthcare institutions that will be included in a new Implant Subsidy List, which will kick in on the same day, said Ministry of Health (MOH) officials at a media briefing on Nov 29. They have been assessed by MOH’s Agency for Care Effectiveness (ACE) to be clinically effective and cost-effective. MOH […]
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2023-12-07
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Singapore and Rwanda signed a Memorandum of Understanding (MOU) to collaborate on carbon credits

On December 2, 2023, Singapore’s Ministry of Trade and Industry’s deputy secretary Keith Tan and Rwandan Environment Minister Jeanne d’Arc Mujawamariya signed a memorandum of understanding (MOU) to collaborate on carbon markets. To ensure a diversified portfolio of carbon credits, Singapore has signed at least a dozen MOUs with countries such as Chile, Colombia and Mongolia. The MOUs pave the way for possible implementation agreements with these countries, although this would depend on each country’s capability to begin trading these credits with Singapore. FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over 1,000 companies in Singapore. FOZL […]
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2023-12-11
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COP28: Singapore sets new rules to reduce risk of greenwashing by banks

On December 3, 2023, the Singapore-Asia Taxonomy was launched by the Monetary Authority of Singapore (MAS) at the ongoing United Nations COP28 climate conference in Dubai. This will reduce the risk of green or transition washing by banks and financial institutions, and ensure that transition activities will meet the green criteria over time. Senior Minister Teo Chee Hean, who was also at the launch, said the Government will be prepared to provide catalytic capital as part of a US$5 billion (S$6.7 billion) blended finance platform to channel much-needed funding towards greening the region. FOZL Group provides one-stop corporate services to local […]
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2023-12-14
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Singapore and China signed 24 memorandums of understanding (MOUs) and agreements

On December 7, 2023, A new visa-free arrangement is also expected to kick in from early 2024, allowing Singaporeans and Chinese nationals to visit the other country for up to 30 days with no need for a visa. Both announcements at the 19th Joint Council for Bilateral Cooperation (JCBC), along with more than 20 memorandums of understanding (MOUs) and agreements inked, put flesh on the relationship that was upgraded in April, heralding what both sides said is a new era of cooperation. DPM Wong and Mr Ding agreed that Singapore-China cooperation had been “comprehensive and progressive, evolving over the years”, Singapore’s Prime […]
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2023-12-19
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Singapore releases inaugural GreenGov.SG report

Launching the report on Dec 15 at Singapore Polytechnic, Senior Parliamentary Secretary for Sustainability and the Environment Baey Yam Keng said it publicly tracks the progress in the use of electricity and water, as well as emissions that would chart towards net-zero ambitions around 2045 – five years ahead of the national target. These are some of the moves the public sector is employing to improve environmental sustainability, according to the inaugural GreenGov.SG report, which detailed carbon emissions, as well as water and electricity usage by the public sector and its assets, such as office buildings, healthcare facilities, schools, public […]
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