2023-06-28
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The Monetary Authority of Singapore (MAS) has released a white paper proposing digital money standards

On June 21, 2023, the Monetary Authority of Singapore (MAS) launched a White Paper proposing standards for the use of such digital assets, in order to establish common protocol and conditions for their use. PBMs are a form of tokenised digital currency that is limited in how it can be used. In simple terms, a PBM can be imagined as a voucher of sorts – where users can safely exchange value without directly transferring funds. MAS said that PBM features the use of a common protocol that is designed to work with different ledger technology and forms of money. FOZL Group provides […]
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2023-07-04
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New UK-Singapore agreements on data and emerging technologies to help boost trade and security

On June 27, 2023, The United Kingdom and Singapore committed to lead new advances on Government use of data and new technologies, with two new agreements to deepen research and regulatory cooperation. The Memorandum of Understanding agreements were signed during UK Deputy Prime Minister Oliver Dowden’s first international visit since his appointment last year, during his meeting with Singapore’s Minister Josephine Teo. They were agreed between the UK’s Department for Science, Innovation and Technology and Singapore’s Ministry of Communications and Information and the Smart Nation and Digital Government Office. FOZL Group provides one-stop corporate services to local and overseas companies, currently […]
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2023-07-07
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Singapore Introduces New Digital Tools to help Small and Medium Enterprises Enhance Skills

On July 4, 2023, SINGAPORE – The national movement to build a culture of lifelong learning will kick into higher gear, boosting training in digital skills and paying greater attention to groups that need more help. Education Minister Chan Chun Sing on Tuesday said SkillsFuture will build on the progress it has made since its launch in 2015, and support skills upgrading at scale and at speed in response to a changing world. One such initiative is Skills Profiler, a digital platform rolled out by SSG in collaboration with JobKred – a Singapore-based start-up that uses big data and artificial […]
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2023-07-11
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Singapore’s green transition expected to increase clean energy sector workforce by 80% by 2032

On July 7, 2023, SINGAPORE – As Singapore’s energy transition gains momentum, the clean energy workforce is expected to increase by 80 per cent by 2032, reaching around 2,700 workers. The power sector is also expected to expand by hiring 800 workers – reflecting a 13 per cent growth over the same period – with jobs in electricity transmission and distribution solutions, low-carbon alternatives, solar energy, and smart grids. EMA will continue to foster innovation, digital transformation, and R&D, to develop a future-ready clean energy sector that supports Singapore’s energy transition, unlocks opportunities for local enterprises, and creates quality jobs […]
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2023-07-13
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Monetary Authority of Singapore (MAS) to adjust tax incentives for single family offices

On July 5, 2023, the Managing Director of the Monetary Authority of Singapore (MAS), Ravi Menon, announced that MAS already has tax incentives to encourage SFOs to create jobs, generate demand for domestic service providers and channel capital to enterprises here. Incentives will also be adjusted to deploy their capital more meaningfully to benefit Singapore and the region with enhancements in five areas. MAS will also take additional measures to combat money laundering in the SFO sector, which it identifies as a key risk when it comes to wealth inflows into Singapore. Some 1,100 SFOs – which each handles the […]
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2023-07-17
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Singapore and Vietnam sign 12 MOUs in show of strong ties

On July 7, 2023,  The ties binding Singapore and Vietnam were further strengthened on Friday, with business, government and educational bodies from both countries signing 12 memorandums of understanding (MOUs) at a business forum in Hanoi. The agreements at the one-day event will boost cooperation between the countries in areas such as sustainability, digitalisation, financial services and human capital development. As at December 2022, Singapore was Vietnam’s second-largest foreign investor, with a cumulative investment of US$70.8 billion (S$95.7 billion), he noted. FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over 1,000 companies in Singapore. FOZL assist […]
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2023-07-20
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Singapore and Malaysia discuss setting up Johor-Singapore special economic zone

On July 14, 2023, Singapore and Malaysia are in talks to establish a special economic zone in Johor and the Republic to drive growth and strengthen connectivity and collaboration, said Minister for National Development Desmond Lee. A special task force will be set up under the Malaysia-Singapore Joint Ministerial Committee for Iskandar Malaysia (JMCIM) to study the Johor-Singapore Special Economic Zone, he added. The task force, led by Singapore’s Ministry of Trade and Industry and Malaysia’s Ministry of Economy, will work out the terms of reference and broad areas of collaboration for the zone. Johor recorded RM70.6 billion (S$20.6 billion) […]
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2023-07-24
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Mr. William Auyong Has Been Appointed as a Partner at FOZL Assurance PAC

Dear partners, We are pleased to announce that Mr. William Auyong has become a partner at FOZL Assurance PAC. Mr. Auyong has over 18 years of audit experience, having worked at accounting firms in both Singapore and overseas. He is a Chartered Accountant of Singapore, a member of the Association of Chartered Certified Accountants (ACCA), and a senior member of the Fellow Association of Chartered Certified Accountants (FCCA). Throughout his career, he has managed and been responsible for clients across various industries, including construction, trade, retail, investment holdings, hotels, associations, education, charitable organizations, law firms, government agencies, and special engagements. […]
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2023-07-25
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China to resume 15-day visa-free entry for Singaporeans from July 26

On July 23, 2023, the Chinese Embassy in Singapore announced that the Chinese government will resume a 15-day visa-free facility for Singaporeans traveling to China from midnight on Wednesday, more than three years after it was suspended. This includes visas for tourism, business, visiting relatives and friends, and transit purposes. Welcoming the announcement on July 23, 2023, Singapore’s Ministry of Foreign Affairs said in a Facebook post that the visa-free arrangement will facilitate people and business flows between Singapore and China, and pave the way for deeper bilateral cooperation. Singapore Chamber of Commerce and Industry in China chairman Ong Tze […]
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