2023-08-22
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Management Changes at FOZL Assurance PAC

We are pleased to announce important changes in leadership at FOZL Assurance PAC. Mr. Tyrone Tan Teck Zhen has officially left FOZL Assurance PAC. Introducing Our New Leadership We are thrilled to welcome two accomplished professionals to lead FOZL Assurance PAC into a promising future, Mr. William Auyong & Mr. Chee Siew Fai. Mr. William Auyong Mr. Auyong is not just any auditor; he exemplifies the pinnacle of audit proficiency, with a commendable journey spanning 18 years in the field. As a chartered Accountant of Singapore, he brings with him not only the honor of ACCA membership but also the […]
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2023-08-24
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Timely redemption, minimum reserves and capital among new Singapore stablecoin regulations

On August 15, 2023, the Monetary Authority of Singapore (MAS) announced the features of a new regulatory framework that seeks to ensure a high degree of value stability for stablecoins regulated in Singapore. The regulatory framework takes into account feedback received, following an October 2022 public consultation. The stablecoins issued in Singapore can be pegged only to the Singdollar or any Group of 10 currency, including the United States dollar and Japanese yen, said the Monetary Authority of Singapore (MAS). Issuers’ valuation of their reserve assets has to be at least 100 per cent of the outstanding single-currency stablecoins (SCS) […]
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2023-08-28
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Singapore’s core inflation rate for July 2023 decreased to 3.8%

On August 23, 2023, the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) released the latest Consumer Price Index (CPI) report, indicating that core inflation, which excludes private transport and accommodation costs to better reflect the expenses of Singapore households, dropped to 3.8% year on year in July from 4.2% in June. Headline inflation, or the overall consumer price index (CPI), also eased to 4.1 per cent from 4.5 per cent in June, led partly by lower private transport inflation. MAS and MTI maintained their forecasts for overall inflation for 2023 at between 4.5% and 5.5%, […]
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2023-08-30
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Singapore prices S$2.8 billion 50-year sovereign green bonds at 3.04%

On August 24, 2023, Singapore’s second offer of its sovereign green bonds was well received by investors, once again surpassing pricing indications. The Government had planned to raise between $2.3 billion and $2.8 billion through these 50-year sovereign green bonds, said the Monetary Authority of Singapore (MAS) in a notice on Thursday (August 24). The offer amount includes $50 million of bonds that will be set aside for retail investors, who can begin to apply for them between 9am on August 25 and 12pm on August 29. The bonds are expected to be issued on Sept 4, with coupon payments […]
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2023-09-04
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Singapore must strengthen economic connectivity and the labor force must remain flexible

Singapore is exploring options to manage significant investments into critical entities in the city state, said Trade and Industry Minister Gan Kim Yong on August 28, 2023. “We will need to strengthen Singapore’s position as a trusted hub for businesses to invest with confidence. And to do that, we will need to make sure that investments into critical entities do not affect Singapore’s economic resilience and our national security interest,’ Mr Gan said. He was speaking to the media on the sidelines of the MTI Economic Dialogue 2023 held at Nanyang Technological University’s alumni house at one-north. “Singapore has always […]
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2023-09-06
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The Maritime and Port Authority of Singapore calls for proposals to trial charging points for electric harbour craft

On August 29, 2023, The Maritime and Port Authority of Singapore (MPA) has called for proposals to develop and operate electric harbour craft charging points at several locations under a pilot scheme set to start in 2024. The initiative covers Jurong Port, Marina South Pier, Pasir Panjang Ferry Terminal, PSA Marine – West Coast Base, and Sebarok Terminal, MPA said on Tuesday (August 24), adding that interested parties will need to develop, commission, maintain, and operate these charging points together with the existing licensees and operators of the listed sites. Selected proposals will be implemented as a two-year pilot with […]
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2023-09-11
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Asean launches talks on $2.7 trillion digital economy pact to drive more seamless trade

On Sept 3, 2023, the bloc launched negotiations on the Asean Digital Economy Framework Agreement (Defa), which will facilitate more seamless cross-border digital trade. Singapore’s Ministry of Trade and Industry (MTI) said that the framework will make it easier to do business within the region by improving rules in key areas such as digital trade facilitation and payments. The launch of negotiations on the Asean Defa took place at the 23rd Asean Economic Community (AEC) Council Meeting, held in Jakarta. Singapore was represented by Minister for Trade and Industry Gan Kim Yong. FOZL Group provides one-stop corporate services to local and […]
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2023-09-13
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Singapore’s tax revenue rises 13.1% in 2022

Tax collection here rose by 13.1 per cent, continuing an upward trajectory that was interrupted only by a Covid-19 blip, to hit its highest level yet at $68.6 billion. The latest amount of $68.6 billion represented 75.4 per cent of the Government’s operating revenue and 10.7 per cent of Singapore’s gross domestic product, said the Inland Revenue Authority of Singapore (Iras) on Sept 6, 2023. GST revenue rose by $1.5 billion to hit $14.1 billion due to higher consumption and a rebound in international arrivals, said Iras. FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over […]
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2023-09-14
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Announcement of No Affiliation between TTHL (UEN No. T20PF0004L) and FOZL Group

Dear partners, We would like to clarify some important information to avoid any misunderstandings. TTHL (UEN No. T20PF0004L) has no affiliation or collaboration with the FOZL Group and FOZL Assurance PAC. We appreciate your trust and support in FOZL Group, and we will continue to provide you with the highest quality audit services. If you have any questions or would like to know more about our audit services in Singapore, please do not hesitate to contact the FOZL team. Singapore FOZL Group FOZL Assurance PAC 2023.09.13
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