Singapore Update: Government Policy Champions SMEs

• Thai Prime Minister Prayut Chan-o-cha will pay an official visit to Singapore from June 11-12.  It will be his first official visit to Singapore as prime minister.

• Singapore’s Economic Development Board (EDB) is attempting to further innovate with its tripartite “Home” strategy for Singapore: “Home for Business. Home for Innovation. Home for Talent.”  As part of the EDB’s efforts, the Ministry of State for Trade and Industry (MTI) is launching five new collaborative industry projects (CIPs) for small and medium-sized enterprises (SMEs).  Over 400 Singaporean SMEs are expected to participate in the new CIPs, receiving improved access to technology and resources.  The latest CIPs are focusing predominately on technological capacities for customer-engagement purposes.  These include adopting radio frequency and identification (RFID) and image recognition technologies. Around 200 SMEs will receive funding from MTI through its agency SPRING Singapore as well as technical expertise from its statutory board the Agency for Science, Technology and Research (A*STAR).  The CIP scheme was announced in 2013 with the objective of enhancing SME productivity through the pooling of resources between SMEs.  Over 300 participants have benefited from the previous 20 CIPs.  Similar efforts are being followed by Singapore’s business community.  For example, the Singapore Chinese Chamber of Commerce and Industry (SCCCI), for example, has held seminars and workshops on productivity for 9,500 participants and reached out to more than 300 entrepreneurs through overseas productivity camps.  The MTI scheme is building upon Singapore’s strengths.  The country consistently ranks as one of the world’s most innovative nations. The World Bank calls Singapore the easiest place in the world to do business.  Although the scheme as well as the “Home” strategy promotes all industries, the result has been a particular boom for the ICT sector.  Block 71 houses these technology-based startups on a 28,000 square-meter plot.  Renting requirements demand that the companies be under five years old and be in an ICT, biology, or other specialized field.  With low rent and public grants, Block 71 is a perfect place for a startup with little funds.  Country-wide, Singapore has over 42,000 start-ups.  Earlier this year Block 71 also launched a “satellite” location in San Francisco California, for US based entrepreneurs with an interest in testing and potentially commercializing new technology applications and innovations in Asia.  With innovation on the agenda, the question is whether Singapore can become Asia’s Silicon Valley.
   
• The MTI announced better than expected economic growth for the first quarter.  GDP rose 2.6 percent from the previous year, higher than the 2.1 percent forecasted by MTI.  Manufacturing and service sectors were responsible for beating earlier estimations.  MTI forecasted a 3.4 percent contraction, which only dipped 2.7 percent year-on-year.  MTI forecasted 3.1 percent growth in services, which finished at 3.8 percent growth year-on-year.  Other sectors mostly matched expectations.  The highest growth was witnessed in the finance and insurance sector, expanding by 7.9 percent from last year.  The ICT sector held the second highest growth at 4.6 percent from last year, which was modestly higher than a forecasted 4.4 percent growth.  However, the quarter-on-quarter growth annualized at 3.2 percent of GDP.  This is lower than the 4.9 percent growth in GDP in the preceding quarter.  Overall, the MTI stated that this growth is “marginally” better than in 2014.  It will maintain its growth target at 2 to 4 percent of GDP for 2015.
   
• It is becoming increasingly difficult for Singapore to maintain its position as the number one provider for medical tourism in Southeast Asia. For many years Singapore has been one of the top locations in the world for medical tourism, largely on account of its very high quality of services; the World Health Organization (WHO) ranks Singapore as the top medical services provider in Asia. However, rising costs and the appreciation of the Singapore dollar are making services more expensive. As a result, Singapore is losing its edge to other countries, especially Thailand and Malaysia, which provide more government support than Singapore. For example, according to data compiled by BMI Research, a heart bypass in Singapore is reported to cost 41 percent more than in Thailand and 106 percent more than in Malaysia. As a result, there was a 25 percent year-on-year decline in medical tourists revenue in 2013, from S$1,110 million (US$841 million) in 2012 to S$832 million (US$630 million). While Singapore struggles to provide healthcare services in the region at competitive costs, they will retain an advantage in terms of quality, in particular Singapore’s large biomedical production industry will remain an important regional hub.
   
• In a speech earlier this month, Singapore’s Defense Minister Ng Eng Hen stressed the importance of technological development in mitigating the city-state’s demographic challenges.  Dr. Ng’s comments were delivered at an inaugural event honoring Singapore's leading defense scientists and engineers.  He noted that, although the number of full-time national servicemen is expected to shrink by about a third by 2030, the Singapore Armed Forces (SAF) do not expect to suffer any corresponding reduction in operational effectiveness.  “The SAF is fully prepared…and has been deploying more [autonomous] platforms,” he said, “[the] SAF of the future will be a hybrid force of man and machines, working in unison.”  The past few years have witnessed Singapore allocate an increasing portion of its budget to defense modernization.  Shortly following Dr. Eng’s speech, the United States announced it had approved a US$130 million (S$173 million) upgrade package for Singapore’s F-16 fleet.  Other recent modernization programs include heat stress monitors to reduce heat-related injuries in servicemen, and the deployment of 55m-long aerostat to provide 24-hour surveillance of the Straits of Malacca.  Collectively, the SAF and Ministry of Defense have over 5,000 personnel dedicated to research and development.  Singapore's first chief defense scientist, Professor Lui Pao Chuen, says this emphasis on technology represents a paradigm shift from the early days of the SAF. 

Singapore to offer US$200,000 to support countries providing help to Rohingyas Channel NewsAsia 23rd May 2015
The Singapore Government will offer an initial contribution of US$200,000 (S$267,000) through ASEAN to support the efforts of countries such as Thailand, Malaysia and Indonesia that have been aiding Rohingya refugees, said Foreign Affairs Minister K Shanmugam on Saturday (May 23). Singapore is concerned about the situation and welcomed efforts by countries, in particular Malaysia and Indonesia, which agreed to provide temporary shelter for the Rohingyas, said Mr Shanmugam. He said the financial aid is part of an ASEAN-led initiative, adding that Singapore is prepared to consider further assistance, if there are specific requests.

PM to visit Singapore in June Bangkok Post 20th May 2015
Prime Minister Prayut Chan-o-cha will pay an official visit to Singapore from June 11-12, a government spokesman said on Wednesday. It will be his first official visit to Singapore since becoming prime minister after the coup in May last year. His planned visit on March 24 was cancelled after the death of Singapore founder and former prime minister Lee Kuan Yew on March 23. It has now been rescheduled to June 11-12, spokesman Maj Gen Weerachon Sukondhapatipak said.

Singapore visitor arrivals fell 7.4% in March: STB Channel NewsAsia 25th May 2015
Singapore saw a 7.4 per cent drop in visitor arrivals in March from a year ago, due to a sharp fall in travellers from China and Indonesia, said the Singapore Tourism Board (STB) on Monday (May 25). STB said the city-state welcomed 1.20 million visitors in March, as business and leisure travellers from China fell 21 per cent year-on-year to 130,811 while those from Indonesia declined 14.2 per cent to 211,338. Indonesia and China are Singapore's two largest markets for visitors.

'Vital for S'pore, France to expand economic links' AsiaOne 20th May 2015
The future of France and Singapore's partnership lies in expanding economic links, French President Francois Hollande said in Paris at a dinner for his visiting Singapore counterpart Tony Tan Keng Yam. Bilateral trade and investment have been robust. Some 1,400 French businesses are currently registered in Singapore, while about 40 Singapore companies have entered France. But Mr Hollande said at Monday's state banquet in honour of Dr Tan, who is on a week-long state visit to France: "We must go further." He referred to the negotiations between France's Public Investment Bank, its state-owned investor Caisse des Depots and Singapore investment firms GIC and Temasek Holdings, which he said may soon lead to joint projects.

Singapore overtakes Tokyo to bag top spot in Asia, third globally in 'Business of Cities' ranking Straits Times 20th May 2015
Singapore is Asia's top-ranked city across a broad range of indicators, beating Tokyo to take the third place worldwide, according to a report by real estate firm JLL and The Business of Cities, a London-based intelligence and strategy group. The report, which analyses over 200 globally recognised city performance studies, reveals that Singapore has overtaken Tokyo, Asia's leader, in higher education, mobility, science, broadband and technology. The Business of Cities study ranks Singapore in third place worldwide, behind New York and London, and also names it the "number one" city globally for business friendliness. The report also revealed that Singapore is beginning to shake off its reputation for a lack of vibrancy among expatriates and tourists.

Singapore to study use of company intermediaries Channel NewsAsia 20th May 2015
The Republic will further study the use of company intermediaries to enhance the national SkillsFuture movement in helping workers develop deep skills and career pathways, and these intermediaries will work with firms to design training opportunities for workers. This was announced by Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam on Wednesday (May 20). He was speaking at an event where employers pledged their support for the SkillsFuture movement. Intermediaries are currently being used in countries like Switzerland and Sweden, and Mr Tharman said Singapore has observed how the model has worked in the two countries.

Singapore’s Postal Service Reinvents Itself for the Digital Age New York Times 18th May 2015
As postage stamps give way to keyboard clicks, SingPost is redefining the role of the letter carrier, by creating a one-stop shop for retailers’ e-commerce needs in Asia. In South Korea, SingPost is helping to sell Levi’s jeans. In Singapore, it is stocking Toshiba laptops. In Malaysia, it is delivering Adidas sneakers. With traditional mail services in decline, post offices around the world are scrambling to reinvent themselves for the digital age.

Singapore welcomes review of Indonesian free trade zone Channel News Asia 21st May 2015
Singapore has welcomed efforts by Indonesia to review the Batam, Bintan and Karimun (BBK) Free Trade Zone. Jakarta is considering moving administrative control of the zone back to the capital. Meanwhile, the Economic Development Board told Channel NewsAsia that it welcomes the interest and the continued emphasis by the Indonesian central government to develop the area. The islands of Batam, Bintan and Karimun became a free trade zone in 2007, with businesses enjoying customs and tax exemptions. However, the area, which is a joint project between Singapore and Indonesia, has not lived up to its potential.

Singapore, China complete inaugural bilateral naval exercise Channel NewsAsia 27th May 2015
The Republic of Singapore Navy (RSN) and China’s People’s Liberation Army (Navy) on Monday (May 25) concluded a new joint naval exercise, hailed as a "milestone in the bilateral defence relationship", by Singapore’s Ministry of Defence (MINDEF). The inaugural four-day Exercise Maritime Cooperation series involved RSN’s RSS Intrepid frigate and RSS Valiant missile corvette, as well as China’s Yulin frigate. The exercise involved conventional naval warfare serials, such as gunnery firings and manoeuvring drills, said MINDEF in a news release.

Singapore and Chinese Navies Conclude Inaugural Bilateral Naval Exercise Defense Studies 26th May 2015
The RSN's RSS Valiant (left) and RSS Intrepid (right) participating in a manoeuvring exercise with the PLA(N)'s Yulin (middle). (Photo Courtesy of PLA[N]) (photo : Sing Mindef) The Republic of Singapore Navy (RSN) and the People's Liberation Army (Navy) (PLA[N]) concluded the inaugural Exercise Maritime Cooperation, a new bilateral naval exercise series, earlier today. The four-day exercise, which took place on 20 May and 23 to 25 May 2015, involved the RSN's Formidable-class frigate (RSS Intrepid) and Victory-class missile corvette (RSS Valiant), as well as the PLA(N)'s Jiangkai II-class frigate (Yulin). The exercise comprised conventional naval warfare serials such as gunnery firings and manoeuvring drills. Personnel from the two navies also engaged in exercise planning and combined simulator training ashore.

ST Marine lays keel for RSN's second Littoral Mission Vessel Jane's 17th May 2015
Shipbuilder ST Marine has laid the keel for the Republic of Singapore Navy's (RSN's) second of eight Littoral Mission Vessels (LMVs). The keel-laying for the 80 m, 1,200-tonne vessel took place on 14 May at ST Marine's shipyard in Jurong. The company is building the new vessels under a contract announced in January 2013; the ships will replace the RSN's 11 Fearless-class patrol vessels that have been in service for almost 20 years. According to IHS Jane's Fighting Ships , the LMVs will be powered by two MTU 20V 4000 M93 engines, giving a top speed of 27 kt and a standard range of 5,000 n miles at 15 kt.

Busy South China Sea an Accident in the Making, Singapore Says Bloomberg 20th May 2015
The large number of surface ships and submarines operating in the shallow South China Sea means the waters are “an accident waiting to happen,” Singapore’s navy chief said. Singapore is proposing a regional framework to govern submarine operations in the area, Rear Admiral Lai Chung Han said in the city-state on Wednesday. Countries in the region could begin by exchanging information on oil rigs and very large crew carrier movements. It can look to NATO’s International Submarine Escape and Rescue Liaison Office as an example, Lai said at a defense symposium attended by senior navy officers from the U.S., China and Japan.

Vietnam, Singapore aim to deepen air defense cooperation Tuoi Tre News 16th May 2015
High-ranking officials of Vietnam and Singapore have agreed to strengthen defense cooperation between the two countries in line with their strategic partnership. The agreement was made during the talks between Chief of the Singaporean Air Force Major General Hoo Cher Mou and Vietnam’s Air Defense and Air Force Commander Lieutenant General Phuong Minh Hoa, who paid a visit to the island country from May 13-15, according to the Vietnam News Agency. During their Thursday talk, the two sides agreed to boost defense cooperation to create a model for air force coordination among ASEAN members.

Business receipts of Singapore service sector up 3.3% in Q1 Straits Times 27th May 2015
Business receipts of the services industries, excluding wholesale and retail trade, rose 3.3 per cent in the first quarter of this year compared to a year ago, the Department of Statistics Singapore said on Wednesday. Financial and insurance services enjoyed the highest growth in turnover of 9.4 per cent compared to a year ago, followed by health & social services at 5.9 per cent. Information & communications, transport and storage, business services and education services also saw takings rise. But recreation & personal services suffered a 9.9 per cent fall in turnover.

Singapore's cafe wave not a smooth ride for entrepreneurs CNBC 27th May 2015
There is a fast-growing cafe entrepreneurial scene in Singapore, underpinned by the so-called "third wave of coffee movement" or the appreciation of specialty brews, which hit the city-state in 2011. Serving artisanal coffee, the independent boutique cafes garnered immense popularity, even fueling a phenomenon of "cafe-hopping" which industry watchers put down to rising affluence and increasingly sophisticated palettes in Singapore. However, soaring rents and food costs, alongside labor shortages and stiff competition, have proved to be a tough wakeup call. According to figures from Singapore's Accounting and Corporate Regulatory Authority, nearly half of the 369 cafes that opened shop in 2011 have since pulled down the shutters. Of the 391 which registered last year, almost 100 have exited the market.

Singapore economy grew 2.6% year-on-year in first quarter of 2015: MTI Channel NewsAsia 26th May 2015
The economy grew by 2.6 per cent on a year-on-year basis in the first quarter of 2015, faster than the 2.1 per cent growth in the preceding quarter, the Ministry of Trade and Industry announced on Tuesday (May 26). On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 3.2 per cent, compared to the 4.9 per cent growth in the preceding quarter. The GDP growth forecast for 2015 is maintained at 2 to 4 per cent, MTI added.

The secrets to Singapore’s track record of innovation excellence The Washington Post 26th May 2015
Singapore consistently ranks as one of the world’s most innovative nations. The World Bank calls Singapore the easiest place in the world to do business. Singapore has even been the subject of a Harvard Business School innovation case study by strategy guru Michael Porter. Over its 50-year history as an independent city-state, Singapore has earned a reputation as an innovation hub at the cutting-edge of modern business, yet most Americans would be hard-pressed to name a single innovative company from Singapore other than maybe Singapore Airlines. So what’s the secret to Singapore’s innovation success? As Damian Chan, international director for the Americas at the Singapore Economic Development Board, its lead government agency for innovation strategy, told me during a conversation in New York, there’s not one “secret ingredient” to success. Instead, Singapore’s track record of excellence is the result of a guiding philosophy that a welcoming approach to business should be the basis for everything Singapore does.

Singapore Q1 growth tops advance estimates CNBC 25th May 2015
Singapore's economy grew at a faster than expected pace in the first quarter than earlier thought, data showed on Tuesday. The city-state's gross domestic product (GDP) expanded an annualized 2.6 percent from the year before, the Ministry of Trade and Industry (MTI) said, beating the advance estimate of 2.1 percent and better than the 2.2 percent forecast in a Reuters poll. Quarter on quarter, the economy expanded an annualized 3.2 percent, much stronger than the 1.1 percent advance estimate and topping the 1.8 percent print expected.

Singapore, Japan sign bilateral currency swap agreement Today 21st May 2015
Singapore and Japan today (May 21) signed a bilateral swap agreement under which they can swap their local currencies for US dollars with each other. The facility allows Singapore to swap Singapore dollars against US dollars up to US$3 billion (S$4 billion), while Japan can swap yen against US dollars up to US$1 billion, the Monetary Authority of Singapore (MAS) said. Japan and Singapore agree “strengthened bilateral financial cooperation will contribute to the stability of their financial markets, and help support growing economic and trade ties between the two countries,” the MAS said.

Singapore draws tech startups as government lends a hand Nikkei Asian Review 21st May 2015
Singapore is quickly turning into a technology startup hub, attracting talent and investors through efforts by public universities and the government. Block 71, which used to be a building in an old industrial park right outside the city, has now revived as one of Southeast Asia's largest business incubators. Singapore's government opened the facility, which includes three office buildings and a small soccer field, on a 28,000-sq.-meter plot in 2011. The only requirements for renting space there: A company must be in the tech, biology or other specialized field, and it must be less than 5 years old. Each square foot costs 2.5 Singapore dollars ($1.87), roughly one-quarter of rent in the central business districct. Tenants enjoy access to telecommunications services in shared office spaces. They also could receive a S$50,000 public grant, or a roughly S$600,000 joint investment from the government and venture capital firms. A S$120 million venture fund also has been created.

SMEs told to adapt, be pro-active AsiaOne 20th May 2015
In today's business environment, small and medium-sized enterprises (SMEs) must bite the bullet and adapt or risk being phased out. That is the message which the Singapore Chinese Chamber of Commerce and Industry (SCCCI) has been working hard to convey to SMEs, given the unwavering government stance on productivity, restructuring, and manpower, says SCCCI president Thomas Chua. "Our manpower policies will never U-turn, and the ratio of local to foreign labour will always be there," he says.

AIA taps on A*Star's data analytics to study insurance consumers' needs The Business Times 26th May 2015
AIA Group on Tuesday said it has signed a multi-year joint collaboration agreement with A*Star's Institute for Infocomm Research (I2R), Singapore's largest information and communications tech research institute. AIA will leverage on the consumer insights provided by I2R to develop innovative behaviour-changing programmes and products to help bridge the vast protection gap across Asia. "The protection gap is defined as the amount of insurance cover individuals and families have, compared to what they need, and is estimated to reach US$41 trillion in the region and US$305 billion in Singapore," said AIA.

Singapore banks pivot towards wealth management The Business Times 26th May 2015
Banks have trained their focus on wealth management and retirement planning for the masses, and the shift to digital is propelling growth in these newer areas of banking. And because the use of technology creates digital trails, this shift is also keeping banks on the right side of the new, tighter rules for sale of banking products, the heads of consumer banking in three local lenders have said. The banks' new focus comes, in part, as growth in mortgage lending has slowed, dragged by the government's cooling measures in the property market. And banks are today more exposed to this cooled-down market - and less diversified than before: housing loans now make up about three-quarters of loans to individuals, up from 65 per cent a decade ago.

Singapore, Zhengzhou bourses to jointly develop commodities markets Reuters 22nd May 2015
Singapore Exchange Ltd (SGX) and China's Zhengzhou Commodity Exchange plan to collaborate on developing commodities markets, the SGX said on Friday. The two exchanges signed a memorandum of understanding to collaborate in areas including development of new commodity derivative products, it said in a statement. SGX's derivatives business has been booming, becoming the largest contributor to its revenue, while its equity business struggles. The exchange already clears more than 90 percent of globally traded iron ore swaps.

Manulife Arm Plans Singapore Listing for U.S. Office Assets The Wall Street Journal 21st May 2015
Canadian insurer Manulife Financial Corp.’s asset management arm is planning an up to US$450 million Singapore initial public offering of a clutch of U.S. office properties, in what could be among a handful of U.S. assets taken public in Asia. The IPO, which would be structured as a real-estate investment trust, is planned for the third quarter of this year and would offer rare exposure to the U.S. property market, people familiar with the situation said Thursday. The IPO of Manulife Asset Management’s real-estate investment portfolio holdings would target Asian investors hunting for stable cash flows and higher-yielding assets amid paltry yields on offer in the bond market. Singapore is home to nearly 90 real-estate investment trusts and other trusts, with a combined market capitalization of 173 billion Singapore dollars (US$129.52 billion). Investors are drawn to their yields, which at about 6% or 7% a year easily exceed the 0.25% offered on 12-month Singapore-dollar deposits.

Shanghai way ahead of SGX in IPO market The Straits Times 18th May 2015
Capital markets in Greater China are leaving in the dust the Singapore Exchange (SGX), which had just two listings this year. In the four months to April last year, seven initial public offerings (IPOs) were mounted here but it's the contrast with Shanghai that is more telling. The Chinese city's booming exchange boasted 35 IPOs that raised about US$5.4 billion (S$7 billion) in the first quarter this year. Market watchers told The Straits Times that challenging economic conditions may have played a part in Singapore's weak efforts but they believe a lack of liquidity and linkages is also holding back the SGX.

Lloyd's Asia growth good for Singapore's global hub ambition Asia Insurance Review 13th May 2015
Although London, with its insurance talent concentration, geographical and time-zone advantages, will remain the global hub for Lloyd's, CEO Inga Beale said that it is only by growing its Asia platform that Lloyd's will remain the world's market of choice for specialist insurance and reinsurance. "In a multi-polar world, new centres of excellence will emerge, and we would be fool-hardy to ignore these." Lloyd’s strategy, she said, is to “embrace those new centres”, with the development of Lloyd’s Asia as one of its top priorities. “I firmly believe that a growing Lloyd’s in Singapore will be good for the city state, helping strengthen even further this vibrant international hub.” Speaking at an event organised by the General Insurance Association of Singapore (GIA) yesterday, Ms Beale laid out a few unique features of the Lloyd’s platform which she believes will help grow the Singapore market.

Moody's compares Singapore's Big Three banks: DBS, OCBC and UOB: Here's what it found The Straits Times 13th May 2015
Credit rating agency Moody's Investors Service says a number of differences among Singapore's three biggest lenders - DBS Bank, Oversea-Chinese Banking Corp and United Overseas Bank Ltd - could lead to their different credit ratings over time. In a report released on Wednesday, Moody said that the Big Three - all now rated Aa1 stable, aa3 - exhibit similarly strong financial fundamentals; namely robust asset quality, good capital adequacy levels, and healthy funding and liquidity profiles. As a result, their baseline credit assessments are at the same "aa3" level - a category which is among the highest that Moody's assigns to banks globally.

DBS, UOB, OCBC may see ratings change: Moody's Channel NewsAsia 13th May 2015
The financial strengths of Singapore's three local banks - DBS, United Overseas Bank (UOB) and OCBC - have ensured that they all share the same top ratings, but this could change going forward. Ratings agency Moody's Investors Service in its report on Wednesday (May 13) said the banks' credit assessment may differ going forward due to several factors that may affect their risk levels. These include the different geographic mixes that the banks operate, varying appetites for capital market activities, different funding structures and various challenges related to the introduction of Basel III rules.

Healthcare firm Singapore O&G Ltd to raise S$10.9m in Catalist IPO DealStreetAsia 27th May 2015
Singapore-based healthcare firm, Singapore O&G Ltd (SOG), plans to launch an initial public offering (IPO) on the Catalist board of Singapore Exchange, and will offer of 43.6 million shares at 25 cents apiece, the company said. If fully subscribed, the company will raise S$10.9 million through the public offering. At this price, Singapore O&G will be valued at at S$54.5 million, post the listing. Of the 43.6 million new shares being offered, 2.2 are set aside for the public, while 41.4 are placement shares.

Singapore moving to meet pharma manufacturing demand for high-quality water Fierce Pharma Manufacturing 26th May 2015
Singapore, like other Asian countries looking to woo pharmaceutical manufacturers, is moving quickly to meet increasing demand for high-quality water required by strict regulations in the U.S. and European Union. With more than 170 water companies involved in hydro research, design, treatment and manufacturing, water has made Singapore an Asian oasis for drug manufacturers.

Many diabetics in Singapore at risk of going blind: Study The Straits Times 24th May 2015
Many diabetic patients in Singapore are at risk of losing their vision, as most of those who suffer from a diabetes-linked eye condition do not even know they have the problem. Five in six people who have diabetic retinopathy (DR), or damage to the blood vessels in the eye, are unaware that they have the condition, said the study published in the British Journal of Ophthalmology this month. This means that 150,000 people have the condition but are unaware of it.

Raffles Medical to build 400-bed hospital in Shanghai Channel News Asia 13th May 2015
Singapore's Raffles Medical Group will develop a general hospital in Shanghai as part of a joint-venture - its first hospital outside of Singapore. The 400-bed hospital will be built in Shanghai's Pudong New Area, and will cater to locals, expatriates as well as international patients.

More doctors here find IT helps with patient care The Straits Times 13th May 2015
More doctors in Singapore are turning to technology as it improves the treatment decisions they make, and results in improved health for patients. This finding comes from a study of 2,600 doctors in six countries, including 200 in Singapore, commissioned by Accenture, a global consulting and IT company.

SGH makes it easier to collect medication The Straits Times 13th May 2015
Two schemes set up by the Singapore General Hospital (SGH) to improve its distribution of medication have been paying dividends, by freeing up time for both patients and staff. In February last year, the hospital started making non-standard but commonly requested drugs available at the nine SingHealth polyclinics. It means that discharged SGH patients need only visit their local polyclinic rather than return to the hospital to pick up their medicine.

S$2.2b of Singapore govt infocomm tenders up for grabs in fiscal 2015 Business Times 27th May 2015
THE Singapore government on Wednesday announced that around S$2.2 billion worth of public sector infocomm tenders will be up for grabs during fiscal 2015. This year's proposed spending is higher than last year's final figure of S$1.95 billion. Among the major initiatives announced at the 2015 industry briefing was the Singapore Custom's plan to combine TradeNet, TradeXchange and Customs backend systems into one system, tentatively called National Trade Infrastructure once the current contract expires in 2017. The government will also introduce a new Corporate Pass (Corppass) which will be a one-stop authentication and authorisation system for corporate users to access multiple government e-services and mobile services on behalf of their company.

SMEs to get help in adopting technologies The Business Times 22nd May 2015
MORE than 400 Singapore small and medium-sized enterprises (SMEs) will soon have improved access to technological innovations and digital and mobile marketing tools, with the launch of five new collaborative industry projects (CIPs) on Thursday.Three of the five projects will help SMEs adopt radio frequency and identification (RFID) and image recognition technologies; the remaining two projects promise to boost their sales performance and their marketing and customer-engagement efforts. The five CIPs were announced by Minister of State for Trade and Industry Teo Ser Luck at the inaugural SME Capabilities Forum.

Singapore hosts its first Maker Bootcamp for aspiring online content creators Channel News Asia 21st May 2015
The Republic has hosted its first Maker Bootcamp, a two-day workshop where over thirty aspiring online content creators from Singapore were invited to collaborate with and learn from online video stars, announced the Media Development Authority of Singapore (MDA) on Thursday (May 21). The Maker Bootcamp was held from Wednesday to Thursday, and was launched by the MDA and short-form online video producer Maker Studios.

Still space for another e-shopping player, says GemFive Digital News Asia 14th May 2015
Call it what you will: E-commerce, e-shopping or online marketplaces, but the space seems pretty crowded right now, not just in Malaysia but also in the South-East Asia region. That hasn’t stopped GuoLine eMarketing Sdn Bhd and its 34-year-old founder and chairman Quek Kon Sean from boldly venturing into a market crawling with deep-pocketed big players. Quek, who will officially launch his company’s GemFive online shopping portal on May 18, has something backing him at least: He is the youngest son of Hong Leong Group cofounder Quek Leng Chan. Hong Leong, one of Malaysia’s largest conglomerates, is the principal investor in GuoLine eMarketing.

This is Singapore’s bold plan to mold the world in its image Tech in Asia 14th May 2015
Singapore has a plan to build a tech utopia – a real-life tomorrowland where inhabitants lead blissful lives under the auspices of all-seeing tech overlords. It calls this the Smart Nation initiative. There’s nothing quite like it. It’s an ambitious government project to use technology from public research and the private sector to improve the lives of Singaporeans, generate jobs, and – in the words of Vivian Balakrishnan, the geeky minister overseeing Smart Nation – create a “cohesive” society.

Efficiency will help Singapore stay ahead as maritime hub: PM Lee Channel NewsAsia 20th May 2015
Apart from its geographical position, Singapore’s efficiency and operational capacity have allowed it to remain competitive as a maritime hub. And the Republic needs to maintain these strengths to stave off potential competitors, said Prime Minister Lee Hsien Loong on Tuesday (May 19). Speaking on a radio call-in programme on Chinese-language station Capital 95.8FM, Mr Lee was responding to a caller who referred to media reports that the proposed Kra Canal project between Thailand and China would affect Singapore’s maritime industry. Citing as example Singapore’s position as an air hub, Mr Lee said Singapore was able to stay ahead of the competition because Changi Airport has been well managed despite the fact that Thailand is in a better geographical position.

Singapore's start-up infrastructure sets it apart: Analysts Channel NewsAsia 14th May 2015
E-commerce is driving a new wave of startups in the region, and Indonesia and Malaysia are closing the gap with the Republic in attracting startup investments. Both countries saw a growing number of venture capital deals in the first quarter of 2015. Analysts have cited a rising middle class as a key reason behind increased investor interest in the region. However, they also said that Singapore's infrastructure and support network for startups will continue to set it apart from its peers. According to startup database Techlist, which aggregates startup data in Asia, the e-commerce space saw the highest growth in the first quarter of this year, with the number of deals involving e-commerce startups doubling from the previous three months.

A 'Beijing Woods' alternative http://www.straitstimes.com/news/opinion/eye-the-economy/story/beijing-w... 14th May 2015
WITH more than 50 countries signing up for founding membership to the China-led Asian Infrastructure Investment Bank (AIIB), a new world economic order may well be in the making - one that showcases Asia's fast-growing role, and China's bid to increase its heft in the international monetary system. Singapore too may be able to play a key role. Joining AIIB, which is envisioned as a multilateral lender that could finance billions of dollars worth of infrastructure investment across Asia - is a natural step towards positioning Singapore as a project finance hub for Asean, says Mr Tham Sai Choy, managing partner of KPMG in Singapore and chairman of KPMG's Asia-Pacific region.