2023-07-28
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The Accounting and Corporate Regulatory Authority (ACRA) of Singapore will review the audit regulatory framework

On July 25, 2023, Singapore’s Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, announced at the 60th anniversary dinner of the Institute of Singapore Chartered Accountants’s (ISCA) that the Accounting and Corporate Regulatory Authority (ACRA) will re-evaluate the sector’s regulatory framework in a bid to keep pace with the changing business environment and maintain standards. The Accounting and Corporate Regulatory Authority (ACRA) review will likely take some time, given the need to engage with key stakeholders and conduct public consultations before proposals are made to amend the law. Mr Wong noted: “From time to time, lapses or fraud […]
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2023-08-01
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Singapore launches a new foundational playbook to help enterprises embark on sustainability

On July 28, 2023, Singapore’s Minister for Trade and Industry Gan Kim Yong announced the launch of the book, titled Sustainability Playbook For Enterprises: Embarking On Your Environmental, Social And Governance (ESG) Journey, during a visit to marine and offshore company Sea Forrest. The free e-book, developed by Enterprise Singapore (EnterpriseSG), the Singapore Business Federation and SkillsFuture Singapore, is available on the EnterpriseSG website. It defines three stages of the environmental, social and governance (ESG) journey to help SMEs assess where they are and what more they need to do. The three stages are building awareness in sustainability, identifying the […]
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2023-08-03
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The Energy Market Authority of Singapore enhanced regulatory regime for electricity retailers

On July 31, 2023, the Energy Market Authority issued a letter stating that consumers will have better protection against volatile electricity prices, with stricter requirements for retailers coming into force progressively from August. Under the new rules, electricity retailers must have a total net worth of $1 million when they apply for or renew their licence, to ensure they are credible and have sufficient financial standing, said the Energy Market Authority (EMA). EMA said the enhanced regulatory framework is one of the guardrails to strengthen the competitive market structure. FOZL Group provides one-stop corporate services to local and overseas companies, currently […]
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2023-08-07
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Singapore Institute of Directors launched accreditation framework to raise competencies

The accreditation framework for board directors was launched by the Singapore Institute of Directors (SID) on July 28, 2023 at its 25th anniversary event. Speaking at the event, Deputy Prime Minister Lawrence Wong, who was the guest of honour, said the accreditation framework will give directors greater clarity on the competencies they should develop, and provide a common standard for companies to make decisions on board appointments. The framework identifies eight areas of competence that directors have to exhibit in the boardroom: governance; director duties and practice; financial skill sets; risk management; strategy development; digital skill sets; human capital; and […]
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2023-08-09
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Singapore’s listed companies and trusts show progress in corporate governance practices

On August 2, 2023, the National University of Singapore Business School announced that the Singapore Governance and Transparency Index (SGTI) scores of companies in the general category increased to 74.8 points in 2023, up from 70.6 in 2022. This is the second year in a row that the score has been above 70. It also represents the largest quantum increase since 2020, when the rating jumped 8.6 points from 2019. Professor Lawrence Loh, director of the Centre for Governance and Sustainability at NUS Business School, said the overall improvement reflects ongoing efforts by companies to promote good corporate governance practices. The […]
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2023-08-11
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Mr. Chee Siew Fai Has Been Appointed as a Partner at FOZL Assurance PAC

Dear partners, We are pleased to announce that Mr. Chee Siew Fai has become a partner at FOZL Assurance PAC. Mr. Chee has over 12 years of audit experience in Australia (Sydney), Singapore and Malaysia, gained through PwC, Deloitte and PKF. Prior to joining FOZL Assurance PAC, he held the position of Audit Director with PKF and Deloitte. He is fellow member of Association of Chartered Certified Accountants (FCCA), Chartered Accountant of Singapore, Practising Public Accountant – ACRA. He has extensive experience in the audits of listed, non-listed companies and multinational companies in various industries. His main areas of focus […]
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2023-08-14
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The Civil Aviation Authority of Singapore (CAAS) launches the Air Transport Industry Transformation Map (ITM) 2025

On August 4, 2023, Mr Chee Hong Tat, Acting Minister for Transport, unveiled the Air Transport Industry Transformation Map (ITM) 2025 at the opening ceremony of OneAviation Careers 2023. More than 4,300 aviation jobs are expected to be filled in the coming year as Singapore positions its air hub for post-Covid-19 growth, Acting Transport Minister Chee Hong Tat said on August 4, 2023. The Air Transport ITM 2025 comprises four key strategies include: Safety and Sustainability; Smarter Airport Operations; Innovation; Future-ready Workforce. 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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2023-08-16
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New manufacturing facility, task force set up as Singapore ups game in cell and gene therapy

A new 2,000 sq m cell therapy facility aims to meet the increasing demand for cell and gene therapy (CGT) in the Republic, and allow patients to receive such treatments faster. The facility, under the Advanced Cell Therapy and Research Institute, Singapore (Actris), includes 14 clean suites which comply with good manufacturing practice standards, four translational laboratories and a quality control laboratory. Hospitals, research institutions and biotech start-ups will be able to use the facility to support their work in areas such as cell selection and genetic modification. A task force has also been formed to develop and support the […]
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2023-08-21
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DB Schenker to open new zero-emissions logistics hub, hire 600 people in Singapore over seven years

On August 14, 2023, the Singapore Economic Development Board (EDB) announced that German logistics firm DB Schenker will open a new zero-emissions logistics hub in Tampines, which is slated to be completed by the first half of 2025. The 600,000 sq ft facility – called RedLion2 – is designed to house the latest advanced automation solutions such as intelligent conveyor systems, automated storage and retrieval systems, and autonomous guided vehicles. It also aims to support the semiconductor and healthcare industries with logistics solutions. According to the company, RedLion2 is part of its plan to hire more than 600 people in […]
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