2023-05-12
On May 10, 2023, Mr. Alvin Tan, Minister for Trade and Industry, Culture, Community, and Youth, and board member of the Monetary Authority of Singapore, announced that the total assets managed by local financial institutions in Singapore for foreign non-retail investors such as family offices and high net worth individuals had increased by SGD 470 billion between 2017 and 2021. This represents a 20% increase in the overall asset management industry in Singapore during the same period. The category of “non-retail investors” in the annual Singapore Asset Management Survey report released by the Monetary Authority of Singapore is the closest […]
2023-05-08
On May 5th, 2023, Singapore’s Deputy Prime Minister and Minister for Finance Mr.Lawrence Wong, announced the updated version of the Information & Communications Industry Transformation Map (ICT ITM). Singapore will continue to push for the development of the technology industry, with a focus on specific areas such as software, IT services, online, and telecommunications, to further solidify Singapore’s position as a center for leading technology companies and technology experts. The updated blueprint builds on the 2017 ICT ITM and aims to achieve a compound annual growth rate of 5% to 7% in specific technology sectors between 2021 and 2025, creating […]
2023-04-26
On 21 April, 2023, The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) today announced the establishment of the China-Singapore Green Finance Taskforce (GFTF). The GFTF will deepen bilateral cooperation in green and transition finance between Singapore and China and facilitate greater public-private sector collaboration to better meet Asia’s needs as it transitions to a low carbon future. At the inaugural meeting hosted in Chongqing today, the GFTF discussed joint initiatives aimed at scaling up green and transition financing flows between Singapore, China and the region. The GFTF will establish three initial workstreams to focus on […]
2023-04-18
On April 14, 2023, Singapore’s Smart Nation and Digital Government Group (SNDGG) issued a statement emphasizing the importance of maintaining trust in public institutions and ensuring the security of digital platforms, as more and more people’s lives and government services move into the digital space. To assist the public in verifying the identity of public officials who call them, SNDGG will launch a new product called CheckWho by the end of 2023. SNDGG will also collaborate with the Ministry of Trade and Industry of Singapore to enhance the one-stop GoBusiness digital platform, which supports daily transactions and long-term investments for […]
2023-04-12
On April 5, 2023, the Airports Council International World released a ranking of the world’s top 10 busiest airports, with Singapore’s Changi Airport rising from 95th in 2021 to 9th in 2022 with an international passenger volume of 31.902 million. In 2019, Changi Airport was ranked 7th among the world’s top 10 busiest airports. In March 2023, at the “Global Airport Awards” ceremony held by UK consultancy firm Skytrax, Changi Airport was named “Best Airport Dining”, “Best Airport Leisure Facilities”, and “Best Airport in Asia”. Skytrax conducts a survey of over 60 nationalities of travelers each year to assess their […]
2023-04-10
On April 3, 2023, according to the Foreign Direct Investment Confidence Index (FDICI) report released by the global management consulting firm Kearney, Singapore’s ranking surged from 18th in 2022 to 9th in 2023, indicating investors’ optimistic outlook on the Singapore’s economic prospects and further consolidating Singapore’s position as a regional hotspot for overseas investment. The ranking of this index is based on investors’ evaluations of government transparency, technological innovation, digital infrastructure, and trade opportunities, among others. Singapore’s investment environment is widely viewed as attractive due to its well-developed digital infrastructure and open market, which will facilitate the recovery of technology […]
2023-04-06
On April 5, 2023, the latest figures released by the Singapore Department of Statistics (DOS) showed that retail sales increased 12.7% in February 2023, reversing the 0.8% decline in January 2023. On a seasonally adjusted basis, retail sales increased 3.9% in February 2023 over the previous month. Excluding motor vehicles, seasonally adjusted retail sales increased 2.0% compared to January 2023. Total retail sales in February 2023 were S$3.6 billion, with online retail sales for about 12.4%. Food service sales grew by 21.6% year-on-year, with total sales of approximately S$898 million and online sales for approximately 23.2%. The data shows that […]
2023-04-05
On March 31, 2023, Singapore’s Ministry of Manpower has released details on the Complementarity Assessment Framework (COMPASS) bonus criteria, comprising the Skills Bonus and the Strategic Economic Priorities Bonus (Criterion 6). These bonus criteria allow Employment Pass (EP) applicants who possess skills in shortage, and firms that contribute to Singapore’s strategic economic priorities, to earn bonus points towards their total COMPASS score. These bonus points help companies secure the complementary foreign manpower necessary to seize economic opportunities in the immediate term, in recognition that there are limits to our local workforce. Announced at MOM’s Committee of Supply 2022, COMPASS is […]
2023-04-03
On March 28, 2023, Singapore’s Senior Minister of State for National Development and Ministry of Communications and Information, Mr Tan Kiat How, pointed out at the 12th BuildTech Asia Exhibition that while SMEs receive government funding for digitisation, they are not always in a position to assess how to implement it. As a result, the Building Professionals Federation of Singapore has worked with the Singapore Construction Authority to develop a Shared Services Registry (SSR) for relevant consulting services providers. These providers can help advise businesses on which solutions to adopt and how to customise them to meet their needs. In […]
2023-03-30
SINGAPORE – Companies looking to use carbon credits to offset part of their carbon tax bill could soon have a wider range of options to choose from, with the authorities inking new agreements with two international carbon credit organisations. The National Environment Agency (NEA), which oversees Singapore’s carbon tax regulations, said on March 2 that it has signed memorandums of understanding (MOUs) with the American Carbon Registry (ACR) and the Architecture for Redd+ Transactions (ART). NEA has signed agreements with three other international carbon credit registries so far: Verra, Gold Standard and Global Carbon Council. FOZL Group provides one-stop corporate services to […]
2023-03-29
On March 22, 2023, Singapore’s Minister for Transport, Mr S. Iswaran, said at the inaugural Asia Pacific Aviation Safety Summit that the Flight Safety Fund would establish the Asia Pacific Centre for Aviation Safety (AP-CAS) in Singapore. The new centre will serve as a thought leader in aviation safety and will facilitate the exchange of ideas and recommendations on safety awareness and promote regional cooperation. The AP-CAS will work on three key projects this year. First, the Centre will pull together safety data to identify risk areas specific to the Asia-Pacific region, and help develop targeted solutions. Second, it will […]
2023-03-28
On March 24, 2023, Schroders, a global asset management company, released its “Global Cities Index” report, which shows that in terms of comprehensive indicators of economy, environment, innovation, and transportation, Singapore ranked first in Asia with a score of 9.43 and ranked eighth globally. Singapore scored the highest in the transportation category, ranking fourth globally with a score of 9.79, and eighth globally in the innovation category with a score of 9.02. As one of Asia’s and the world’s major hubs, a survey conducted in February 2023 showed that Singapore Changi Airport ranked fourth among the top 10 busiest international […]
2023-03-27
Enterprise Singapore (EnterpriseSG) and its partners are launching new courses on decarbonisation and sustainable finance for businesses, as part of initiatives under the Enterprise Sustainability Programme (ESP). The courses will commence from April 2023. ESP Decarbonisation Courses: The courses will cover topics such as carbon accounting, how to set decarbonisation targets and plans, ways to decarbonise and carbon disclosures and reporting. Participants will be provided tools and resources such as carbon calculators to understand how they can embark on carbon accounting for their companies. ESP Sustainable Finance Courses: The courses will provide participants with comprehensive information on sustainable finance such […]
2023-03-22
On March 21, 2023, A Memorandum of Understanding (MoU) has been signed by the International Maritime Organization (IMO), the Ministry of Climate and Environment of Norway, and the Maritime and Port Authority of Singapore (MPA), with the intention to collectively undertake technical cooperation activities to assist developing countries in their efforts to reduce emissions from ships and in ports. Participants will work together to exchange experience, knowledge and best practice, and undertake joint resource mobilization with a view to cooperate and collaborate on actions to reduce greenhouse gas (GHG) emissions from ships and the activities of ships in ports, within […]
2023-03-21
On March 15, 2023, Singapore’s Ministry of Manpower released the Labour Market Report 2022, showing total employment registered a record-high increase of 227,800 in 2022, bringing total employment to 2.9% above the pre-pandemic 2019 level. Resident employment continued its steady growth, increasing by 26,300 in 2022. The increase was mostly in outward-oriented sectors such as Financial Services and Information & Communications. By December 2022, the resident employment level has surpassed 2019’s level by 4.8%. Annual average unemployment rates improved further in 2022 compared to 2021 (overall: from 2.7% to 2.1%, resident: from 3.5% to 2.9%, citizen: from 3.7% to 3.0%) and are below pre-pandemic. The […]