| Regional Affairs
Speech by Minister Lim Hng Kiang at the ASEAN Networking Night on 17 January 2018 Ministry of Trade and Industry (MTI) 17th Jan 2018
Singapore’s ASEAN 2018 Chairmanship focuses on strengthening ASEAN to become a resilient and innovative region. We intend to continue shaping ASEAN as a cohesive organisation that can adapt to a complex and uncertain economic environment, and an economic bloc that is prepared to capitalise on future opportunities. Singapore will therefore focus on advancing five key areas in 2018 under the economic pillar: First, innovation and the digital economy are key areas that Singapore intends to advance under our ASEAN chairmanship. Second, we will pursue initiatives that facilitate seamless trade and movement of goods within ASEAN. Third, Singapore will push forward long-standing efforts to deepen services integration and reduce impediments to investment, so as to boost ASEAN’s attractiveness as a business and investment destination. Fourth, we will work to cultivate a conducive regulatory environment, in particular initiatives that promote greater cooperation and build up capabilities in the areas of energy efficiency and renewable energy, as we work towards ASEAN’s goals of energy security, accessibility and sustainability. Fifth, Singapore will also pursue deeper ties between ASEAN and its external partners, while preserving ASEAN centrality. Our businesses have reaped benefits from ASEAN’s strong connections within and outside the region, and we will ride on this momentum to broaden and deepen our economic linkages.
S'pore, as Asean chair, to launch initiatives to boost region's resilience and dynamism TODAYonline 12th Jan 2018
As this year's chairman of the Association of South-east Asian Nations (Asean), the Republic will launch new projects to strengthen the region's economic dynamism while beefing up the 10 countries' collective resilience against common threats like terrorism, cyber crime and climate change, Prime Minister Lee Hsien Loong said on Friday (Jan 12). Speaking at an event to launch Singapore's chairmanship of the regional grouping, Mr Lee added: "We have chosen two ideas as themes for our chairmanship: 'resilience' and 'innovation'....We aim to make ASEAN a better home for our future generations."
National Affairs
Budget 2018: Tax experts call for targeted tax incentives to boost productivity The Straits Times 18th Jan 2018
The Singapore Institute of Accredited Tax Professionals (SIATP) has called for the upcoming 2018 Budget to introduce targeted tax incentives to boost the nation's productivity and help businesses take advantage of emerging technologies. In a media statement on Thursday (Jan 18), the professional body proposed a raft of measures: enhancing the existing research and development (R&D) scheme; introducing a double deduction scheme for training expenses; encouraging R&D activities in startups and small and medium enterprises (SMEs) and introducing a fintech tax incentive. With the expiry of the Productivity and Innovation Credit (PIC) scheme in year of assessment 2018 (YA 2018), SIATP proposed that either the Economic Development Board or Spring Singapore could oversee a scheme where qualifying expenditure on approved R&D projects could see an additional 100 per cent to 200 per cent deduction, subject to a suggested annual cap of S$500,000. The expiry of the PIC scheme would also mean there will not be any specific tax schemes for businesses to offset training costs, to which SIATP suggested the introduction of a double deduction for training expenditures, with a suggested annual spending cap of S$500,000.
Amendments to the Singapore International Commercial Court Regime to strengthen Singapore as an international arbitration seat of choice Lexology 17th Jan 2018
On 9 January 2018, amendments were passed to the Supreme Court of Judicature (Amendment) Act (“SCJA “) which clarify that the Singapore International Commercial Court (“SICC“) has jurisdiction to hear proceedings relating to international commercial arbitration. The amendments also abolish the pre-action certificate procedure for applications to the SICC. Established in 2015 as the ‘international’ division of the Singapore High Court, the SICC has gone from strength to strength in a short span of time, gaining a reputation for the quality and speed of judgments rendered. Since its establishment the SICC has heard 17 cases on matters ranging from construction, investment, banking and finance, and shipbuilding, all of which are high value cases involving international parties and counsel. These latest amendments, along with the addition of four new esteemed international jurists to the SICC bench, are intended to further increase the popularity and usage of the SICC, and Singapore as a preferred seat of international arbitration.
Singapore Pledges Crackdown on White-Collar Crime Bloomberg.com 17th Jan 2018
Singapore says it’s getting more serious about tackling white-collar crime. The police force’s financial crime-fighting unit -- the Commercial Affairs Department -- has declared a goal to target ill-gotten gains “more proactively,” especially those from overseas. The crackdown follows several high-profile cases, notably an investigation into links between financiers in the city state and the troubled Malaysian state fund known as 1MDB. At stake is the Southeast Asian nation’s reputation as a safe -- and responsible -- hub for finance and business. Singapore ranks among the least corrupt nations globally, but it’s surrounded by countries at the other end of the scale,making it vulnerable to efforts to channel dodgy funds into the financial system. In a 2015 report on global financial secrecy, which rated nations for factors including illicit money flows and tax haven status, Singapore ranked fourth -- behind Switzerland, Hong Kong and the U.S. Recent scandals at Singapore companies -- including bribery at Keppel Offshore & Marine Ltd. and graft at train operator SMRT -- highlight how low-crime Singapore isn’t immune to financial wrongdoing.
These Are the Taxes Singapore Could Hike in Next Month's Budget Bloomberg.com 11th Jan 2018
Speculation is buzzing that the Singapore government will raise the goods and services tax in its Feb. 19 budget rollout. But GST probably won’t be the whole story. Authorities have several other options to increase taxes, or at least signal that they’re needed in the coming years, as the city state grapples with rising health and retirement costs as the population ages rapidly. Here are a few other measures to watch as the budget is announced: e-commerce; estate tax; personal income, corporate taxes; virtual currencies.
Select Committee to examine fake news threat in Singapore The Straits Times 11th Jan 2018
As the reach and impact of fake news grows, Parliament has voted unanimously to form a committee of MPs that will recommend how Singapore should tackle the problem, including possibly passing new laws. This followed a debate in the House yesterday, during which backbenchers raised their concerns about online disinformation which has manifested itself in a number of hoaxes here, but also cautioned against "heavy-handed" legislation. With all 80 MPs who were in the House at the time - including eight of the nine Workers' Party MPs - voting yes, the committee will canvass for public feedback once formed. It will comprise 10 MPs - seven from the ruling People's Action Party, one from the WP, one Nominated MP (NMP) and the committee leader, Deputy Speaker Charles Chong. Forming a Select Committee to examine a policy is a rarely used parliamentary procedure. The last time one gave policy recommendations was in 2004, for a Bill on building maintenance and management. Yesterday's motion was proposed by Law and Home Affairs Minister K. Shanmugam who also submitted a Green Paper on the issue. Singapore, he said, is highly susceptible to organised and deliberate disinformation campaigns trying to interfere with democratic processes, destabilise societies and undermine institutions. The dangers of fake news were also emphasised by Communications and Information Minister Yaacob Ibrahim, who brought up the advent of new video and audio editing technologies that can easily allow perpetrators to impersonate others, including heads of state.
Much attention expected on Budget 2018 The New Paper 2nd Jan 2018
The Budget this year, which will be delivered by Finance Minister Heng Swee Keat on Feb 19, is expected to draw much attention after Prime Minister Lee Hsien Loong signalled an impending tax hike last November. While there are no details yet on which tax may be raised and when it will happen, analysts have suggested that the goods and services tax (GST) is a top contender, and many are looking to the Budget statement to shed more light on the matter. GST has remained at 7 per cent for the last decade, among the lowest in the region, and analysts expect that it will be raised to between 8 and 10 per cent, with the increases spread out over several years. PM Lee, speaking at the People's Action Party annual convention last November, had said taxes are set to go up as social spending and investments on infrastructure and the future economy are costly. After the Budget is delivered, Parliament will debate the Budget statement the following week. This will be followed by the debate on the spending plans of various ministries, which will take two weeks in all.
Customs
Port will tap tech, data to optimise ops The Straits Times 15th Jan 2018
The future Tuas mega port will be an "efficient and intelligent" port that harnesses emerging technologies and data analytics to optimise operations, said the Maritime and Port Authority of Singapore (MPA). These will include capabilities such as "just-in-time" vessel arrival applications and the upcoming Maritime Single Window, which will facilitate quicker port clearances. And to stay in the forefront, Singapore is investing in more such new port capabilities, said the MPA in a statement last Friday. The MPA and port operator PSA will, as part of the freshly launched Sea Transport Industry Transformation Map (ITM), step up research and development efforts as well as capability development in the areas of digitalisation, connected community systems, and automation and robotics.
Industry transformation map wins support of maritime companies The Straits Times 13th Jan 2018
The Sea Transport Industry Transformation Map (ITM) has earned backing from firms in the industry, especially for its focus on digital solutions and better productivity. Local shipbroker Eastport Maritime believes the ITM will provide firms more impetus to upgrade. "Shipping is quite process-driven, and a lot of these processes are still done manually," chairman Matthias Cher told The Straits Times. "The push for innovation under the ITM reminds us that transformation is under way, and that our industry will have to go with the flow to embrace technology." Mr Cher was referring to initiatives such as developing electronic bills of lading. The MPA, Singapore Customs and the Singapore Shipping Association inked an agreement yesterday to look into digitalising trade and maritime documentation.
Maritime sector road map to create S$4.5 billion in value-add, make over 5,000 new jobs The Straits Times 12th Jan 2018
A new plan has been mapped out to set the course for Singapore's maritime industry over the next decade. The Sea Transport Industry Transformation Map (ITM), unveiled on Friday (Jan 12), aims to grow the industry's real value-add by S$4.5 billion and create over 5,000 good jobs by 2025. It will build on existing strategies to develop the Singapore port and strengthen its international maritime centre - with the vision for Singapore to become a global maritime hub for connectivity, innovation and talent, Senior Minister of State for Transport Lam Pin Min said. The Sea Transport ITM, which covers port, shipping and maritime services, is spearheaded by the Maritime and Port Authority of Singapore (MPA) in partnership with the industry, unions and other government agencies. One key strategy of the ITM is to build up a well-connected and vibrant international maritime centre cluster, said Dr Lam, who is also Senior Minister of State for Health. To enhance Singapore's status as a key economic node of the global trading system, the Government will continue to boost the port's physical connectivity by actively anchoring and attracting shipping lines here - like it did with CMA CGM last year, he said. Container throughput rose 8.9 per cent to 33.7 million twenty-foot equivalent units last year, due to the "pickup in the global economy and PSA's efforts to anchor major shipping alliances here", he noted.
Taxation agreement with Singapore in effect Khmer Times 8th Jan 2018
The double tax avoidance agreement (DTA) between Cambodia and Singapore came into effect this month, helping clarify taxation rights on all forms of income arising from cross-border business activities, while minimising double taxation. On January 1 the Inland Revenue Authority of Singapore (IRAS) issued an announcement stating that the DTA with Cambodia “comes into effect today”. A DTA is a bilateral agreement between two countries that aims to avoid double taxation as a result of the application of their respective domestic tax laws. The agreement was signed in Singapore on March 20 last year between Indranee Rajah, Singapore’s Senior Minister of State for Law and Finance, and Aun Pornmoniroth, Cambodia’s Senior Minister of Economy and Finance.
Singapore boosts maritime digitalization The Maritime Executive 17th Jan 2018
Singapore's Ministry of Transport launched its Sea Transport Industry Transformation Map (ITM) on Friday. Developed by industry groups including the Maritime and Port Authority of Singapore (MPA), the Map builds on MPA’s strategic long term plans to develop Singapore’s next-generation port and staff. Over the next decade, more than 5,000 additional jobs and S$4.5 billion ($4.3 billion) in value-add is expected to be generated in the maritime sector which already contributes seven percent of Singapore’s gross domestic product and employs over 170,000 people. Unveiled by the Minister for Transport Lam Pin Min, the Map calls for upskilling port workers to work with automation such as that being developed at the new port in Tuas. Singapore is currently trialing a fleet of 30 automated guided vehicles (AGVs) along with automated cranes at the Pasir Panjang Terminal with deployment of such technologies to be scaled up at Tuas port. The new port will consolidate all of Singapore’s port operations in a single location. The first phase of the project is expected to be operational in 2021.
Defense & Security
Singapore aerospace industry transformation map eyes 1,000 new jobs by 2020 The Straits Times 17th Jan 2018
A new aerospace industry transformation map (ITM) that could create 1,000 new jobs in the sector by 2020 has been launched. Developed by a multi-agency team together with industry partners, unions and trade associations, the ITM sets out strategies to build an aerospace industry catered for the future. The ITM is expected to generate a total of S$4 billion in value-added to the industry. On Wednesday (Jan 17), Minister for Trade and Industry (Industry) S. Iswaran launched the aerospace ITM, as Seletar Aerospace Park celebrates its 10th anniversary. The aerospace park will have a series of student outreach initiatives to groom future talent, and new phases of development. The ITM has identified three key areas: pursuing operational excellence, driving innovation in emerging technologies, and equipping Singaporeans with relevant skills. The aerospace ITM is the 17th of the 23 road maps that the Government has unveiled. By March this year, the Government plans to launch the remaining road maps. In a statement on Wednesday, the Economic Development Board (EDB) said the aerospace industry is a key sector of growth for the economy, with an average annual growth of 7 per cent in value-add over the past 20 years.
Economics
Singapore's NODX growth projected to slow down to 6.7% in 2018 Singapore Business Review 18th Jan 2018
Singapore’s stellar exports performance in 2017 is starting to lose pace as exports of integrated circuits, computer parts, and printed circuit board (PCB) parts slumped before the year ended. NODX growth is now projected to moderate to 6.7% this year, a measly 2.1ppt slide from 2017’s 8.8% in 2017, according to a report from CIMB. Further, CIMB noted that the looming moderation in non-electronics NODX growth could be traced to weakness in petrochemicals (-0.6% yoy in Dec vs. +4.3% yoy in Nov) and electrical circuit apparatus (-8.7% yoy in Dec vs. +3.8% yoy in Nov). “Shipments of specialised machinery slowed further to 6.6% yoy in Dec (+8.4% yoy in Nov), after recording strong gains exceeding 40% in Nov 2016-Jun 2017. On the other hand, exports of pharmaceutical products improved 7.0% yoy in Dec (+3.2% yoy in Nov),” CIMB said. Should analysts be worried? CIMB said economists can still sleep at night as GDP growth is still expected to be at 3.6% this year, and will not be affected by the receding changes in NODX growth, provided that other domestic sectors increase in performance, and if the Monetary Authority of Singapore (MAS) adjusts the activity of the S$ NEER.
Singapore trade inches up 1.1% in December Singapore Business Review 17th Jan 2018
The seasonally adjusted total trade level dipped from $85.5b to $83.5b. Singapore's total trade inched up by 1.1% in December, following the 10.1% growth last month, International Enterprise (IE) Singapore revealed. According to an announcement, total exports grew by 0.6% after the 9.5% rise in November. Total imports rose by 1.6% compared to the 10.7% expansion last month. On a MoM seasonally adjusted (SA) basis, total trade fell by 2.3% compared to the 5.4% growth in November. Moreover, the level of total trade reached $83.5b, which is lower than last month's $85.5b. Total exports decreased by 1.5% whilst total imports declined by 3.3%.
Singapore NODX grows 3.1% in December Singapore Business Review 17th Jan 2018
Singapore's non-oil domestic exports (NODX) rose by 3.1% in December, albeit slower than the 9.1% growth in November, International Enterprise (IE) Singapore revealed. According to an announcement, the increase was due to the growth in non-electronic exports which outweighed the decline in electronics. On a MoM seasonally adjusted basis, NODX dipped 5% to a value of $15.1b. This was down from the $15.9b in the previous month, albeit higher than the $14.2b a year ago. Non-oil retained imports of intermediate goods (NORI) declined by $1.3b from $7.4b in the previous month to reach $6.1b. Electronic NODX fell by 5.3% in December compared to the 5.1% growth last month. Integrated circuits (IC), parts of personal computers, and diodes & transistors declined by 6.0%, 27.7%, and 8.6%, respectively, and they contributed the most to the decline in electronic domestic exports. Non-electronic NODX rose by 6.8% following the 10.6% expansion in November.
Singapore's Central Bank Chief Sees Sustainable Growth at 2-4% Bloomberg.com 14th Jan 2018
Singapore’s economic recovery is broadening out in the city state, but there are still “real challenges” in the labor market, central bank Managing Director Ravi Menon said. Sustainable economic growth is estimated at 2 percent to 4 percent, Menon told delegates at the UBS Wealth Insights Conference Monday in Singapore. Manufacturing is resilient and financial services are “doing well,” he said. The challenge on the labor supply side is whether Singapore can raise productivity given that its workforce is already well-educated and skilled, Menon said. Earlier in a speech, Menon outlined risks to the global economy, using the analogy of the fable ‘Goldilocks and the Three Bears’ to warn of possible risks. While he was optimistic about the outlook, with even a slowdown in China in 2018 not sharp enough to wreck the gains, he said “three grumpy bears” threaten to derail the positive momentum: inflation, trade protectionism and financial instability.
GDP expansion feared to slacken in 2018 Singapore Business Review 8th Jan 2018
Singapore’s GDP is set to slow down in 2018, in tandem with a moderation in exports. According to RHB, this would be due to a much higher base effect and the end of the semiconductor super-cycle. However, RHB believes the magnitude of moderation would not be as extreme as consensus anticipates, as domestic demand is set to rebound this year. This would be boosted by a rebound in the residential market and regulation-driven machinery upgrades, as well as continued upside momentum for consumer spending.
Singapore GDP up 3.1% in 4Q17 Singapore Business Review 8th Jan 2018
The Singapore economy grew 3.1% YoY in 4Q from last year's 2.9%, according to advance estimates issued by the Ministry of Trade and Industry. The manufacturing sector slowed down 11.5% QoQ due to higher base of comparison but grew 6.2% YoY thanks to robust output expansions in electronics and precision engineering clusters. Construction was also weak after posting 8.5% YoY decrease in 4Q due to private sector construction activity weakness. However, OCBC Treasury Research notes that the services sector showed notable growth at 3% YoY on the back of finance & insurance, wholesale & retail trade and transportation & storage sectors. Moving forward, OCBC remains sanguine on 2018 growth outlook at 2-4%. A potential GST hike also pose considerable risk as it may sway private consumption patterns although OCBC notes that some likely offsets through GST vouchers and other rebates would help ease the transition for low-income households.
Chart of the Day: See how the economy turned in the last two GST hikes Singapore Business Review 29th Dec 2017
The hike was implemented staggeredly in weak economic conditions. This chart from DBS shows that Singapore has raised its Goods and Services Tax (GST) by 2 ppt in 2003-2004 and 2007 due to underlying economic conditions. During 2003 to 2004, the economy was emerging from the SARS outbreak. Whilst the economic outlook was improving, GDP growth was still relatively weak, averaging 4.3% between 2002 to 2003. As a result, the GST was raised in a staggered manner, by 1 ppt each time over a period of two years to ease the impact on households. In contrast, the following GST hike in July 2007 was straightforward. A one-off 2 ppt hike was introduced against the backdrop of strong economic growth, averaging 9.0% between 2006 to 2007. Recently, the government has hinted at another GST hike due to deficits in balances. DBS forecasts the forthcoming GST hike will likely be implemented in a staggered manner, similar to the 2003 to 2004 cycle, with the 2 ppt increase to be introduced over a period of two years.
Energy
Singtel and EDMI develop IoT-driven smart meters Singapore Business Review 20th Dec 2017
Electricity suppliers will be able to monitor electricity consumption more accurately. Singtel and smart metering solutions provider EDMI Limited are collaborating to develop a smart electric metering infrastructure for Singapore. According to a press release, The partners have successfully tested smart electric meters, powered by seamless connectivity on Singtel’s nationwide Cat-M1 cellular Internet of Things (IoT) network. Combining smart meters with the IoT network enables secure wireless transmission of real-time meter readings at regular intervals to the power grid. Singtel said this will allow electricity suppliers to monitor electricity consumption and project demand. Singtel’s Cat-M1 IoT network went live in September 2017. It has been conducting trials with over 20 potential partners at an IoT innovation lab that was set up with Ericsson earlier in the year.
Here's why Singapore can't go all out on renewables Singapore Business Review 11th Jan 2018
Singapore's renewables are attracting interest, analysts from BMI Research said. According to a report, the scale of Singapore's renewables power segment continues to be small, accounting for less than 5% of the power generation mix. Meanwhile, the Economic Development Board (EDB) and Singapore Power announced in April 2015 that it would set aside $30m over the following five years in an attempt to develop solutions, with a particular focus on green energy. There has also been increased emphasis on developing renewable sources of power in recent years. However, the scope of projects will be limited by Singapore's geography - the city-state's small land area and high population density limit the potential for onshore wind, geothermal and certain solar power projects. "Renewables development so far has therefore been predominantly in the form of waste-to-energy and biomass facilities, but we believe there is potential for steady growth in solar power," BMI Research said.
Crisis looms for the power sector in the next 10 years Singapore Business Review 10th Jan 2018
Singapore's stock of well-developed power infrastructure and slow demand growth will limit overall growth in the country's energy and utilities infrastructure sector over the next 10 years, BMI Research said. According to a report, the surge of construction activity covering gas-fired power plants and island-wide transmission tunnels will end in 2018. This will leave a more robust grid, but also a significant slowdown in construction and investment activity. Singapore's power infrastructure sector can only grow at an annual average of less than 1% between 2018 and 2027. Based on BMI Research's forecasts, electricity consumption could grow 2.7% between 2018 to 2027, limiting growth for new large-scale projects. "Most activity within the sector will instead stem from maintenance and incremental upgrades," the thinktank said.
Financial Services
NTUC Income unveils first-in-Singapore digital portal for Integrated Shield Plans The Business Times 18th Jan 2018
NTUC Income has launched a portal that allows customers to digitally purchase an Integrated Shield Plan - in what is believed to be the first such portal in Singapore. The insurance company said on Wednesday that the new portal (healthinsurance.income.com.sg) will offer "heightened accessibility, convenience and speed" in which an Integrated Shield Plan can be purchased, claimed and managed. It noted that previously, much of the fact-finding, decision-making and purchasing of Integrated Shield Plans can only be made offline.
Singapore sounds cautious note on cryptocurrencies Financial Times 12th Jan 2018
Singapore’s ambition to become a global fintech centre has its limits. The mania around bitcoin has helped catapult the question of digital currencies on to the desks of central bankers. Sweden is considering issuing one, while Axel Weber, the former head of Germany’s Bundesbank and now chairman of Switzerland’s UBS, said in November that the world’s monetary authorities should be open to creating digital currencies rather than confining the money supply to notes and coins.
Friend or foe: Can ledger technology disrupt Singapore's financial services? Singapore Business Review 9th Jan 2018
One of the domains of fintech, distributed ledger technology (DLT), could disrupt financial services due to its ability to simplify the transaction process and reduce the number of brokers, UOB Kay Hian said. According to an analysis, the three other key domains of fintech, namely, artificial intelligence (AI), cryptography, and mobile access, are considered as enablers as they allow banks to reach and serve a wider audience with a leaner cost structure. Despite DLT's disruptive nature, cryptocurrencies, which are currently handled by the platform, do not affect central banks' ability to regulate money yet. Meanwhile, central banks have yet to introduce retail cryptocurrencies as complex issues on financial stability are inadequately addressed. For now, the Monetary Authority of Singapore (MAS) is conducting trials on wholesale cryptocurrencies, securities settlement and cross-border payments, which are practical areas where DLT could be applied.
MAS Proposes Loosening of the Anti-Commingling Framework Lexology 5th Jan 2018
The Monetary Authority of Singapore (MAS) first introduced the Anti-Commingling Framework (the “Framework”) in 2001. The Framework required banks in Singapore to segregate their financial and nonfinancial businesses. The MAS’s intention was to ensure that banks remained focused on their core businesses and competencies and avoid any contagion problems that could arise from the conduct of nonfinancial businesses.
The Quiet Singaporean Behind a Loud Global Finance Revolution Bloomberg 28th Dec 2017
Ravi Menon, managing director of the Monetary Authority of Singapore since 2011, is the architect of the most audacious makeover of Singapore's financial system in 50 years. But unlike in 1968, when a newly independent Singapore merely wanted to be trusted with dollar deposits in the hours when New York was off to dinner and London slept, the game is different. In fintech, Menon isn't just looking to fill a gap. He wants Singapore to shine a light from which even the West can draw regulatory comfort.
MAS issues warning against cryptocurrencies Singapore Business Review 19th Dec 2017
The Monetary Authority of Singapore (MAS) issued a public warning against cryptocurrencies. MAS said in a press release that cryptocurrencies are not legal tender. They are not issued by any government and are not backed by any asset or issuer. MAS considers the recent surge in the prices of cryptocurrencies to be driven by speculation. The risk of a sharp reduction in prices is high. MAS also emphasized that it does not regulate cryptocurrencies and there are currently no regulatory safeguards for it in most jurisdictions. As most operators of platforms on which cryptocurrencies are traded do not have a presence in Singapore, it would be difficult to verify their authenticity or credibility. There is a greater risk of fraud when investors deal with entities whose backgrounds and operations cannot be easily verified.
Food & Agriculture
Public hospitals to offer more affordable milk formula to newborns Channel NewsAsia 29th Dec 2017
All three public hospitals with maternity wards will offer only more affordable Ready-to-Feed (RTF) infant formula to newly born infants from Jul 1, 2018.
Singapore a potential test-bed to develop food, agritech solutions: Koh Poh Koon Channel NewsAsia 16th Jan 2018
SINGAPORE: Singapore could potentially become a test-bed to develop exportable models for food and agriculture technology (agritech) solutions, according to Senior Minister of State for National development and Trade & Industry Koh Poh Koon on Tuesday (Jan 16). Speaking at the 3rd annual Indoor Agriculture Conference (Ag-Con) Asia, Dr Koh said Singapore's environment can help companies expand into global markets. "We are a well-positioned and efficient logistics hub, our stringent food safety standards also generate consumer trust and allow companies exporting from Singapore to enjoy premium quality branding," said Dr Koh. He added that the government is also currently studying the feasibility of co-locating various food-related industries in a cluster in future.
Sugar Taxes: The Global Picture in 2017 Beverage Daily 21st Dec 2017
Sugar taxes have continued to gain momentum in 2017, but the introduction of new legislation is rarely straight-forward. We take a look at countries around the globe where sugar taxes have been making headlines this year. The concept of sugar taxes (usually specifically on sugar-sweetened beverages) attracts strong feelings both for and against. Proponents see taxes as a way to tackle the growing obesity crisis by curbing consumption, encouraging manufacturers to reformulate and create a revenue stream for public health initiatives. Opponents, however, say there is little evidence that such measures are effective, that they costs jobs in the industry and that they simply push sales into other regions.
Public-private Initiative to Train GMS Scientists in Food Safety Lab Testing Launches in Singapore Food Industry Asia 19th Dec 2017
Effective, fit-for-purpose laboratory testing for food safety forms the cornerstone of food safety control – this was the underlying theme of a week-long training programme for 14 food safety scientists chosen by the six ministries of agriculture in the Greater Mekong Subregion (GMS). The programme, led by the International Food Safety Training Laboratory (IFSTL), is the first out of three phases of a pilot capacity-building programme borne out of a partnership among Food Industry Asia (FIA), its member companies Waters Corporation and Nestlé, and the GMS Core Agriculture Support Program (CASP) Phase ll through the Asian Development Bank (ADB).
Health & Life Sciences
New guidelines to help diagnose, treat gestational diabetes The Straits Times 13th Jan 2018
A new set of guidelines has been drawn up to help doctors here better diagnose and treat women with gestational diabetes, it was announced yesterday. These are based on the latest international standards and will help deal with a problem that affects thousands of pregnant women here every year and can cause health problems that last for life. In Singapore, one in five pregnancies - or more than 6,000 women each year - is affected by gestational diabetes.
Two schemes to help more seniors stay out of hospital The Straits Times 11th Jan 2018
Thousands more elderly patients will soon benefit from out-of-hospital care thanks to the expansion of two health programmes. A scheme that provides elderly people with post-discharge care to reduce their chances of being hospitalised again will be scaled up from the current base of 3,000 patients to 5,000 by the end of the year. Another initiative, under which trained volunteers in 18 neighbourhoods keep an eye on elderly residents living near them, will be expanded to 30 districts.
Govt assistance schemes helped halve healthcare inflation rates: Chee Hong Tat TODAYonline 9th Jan 2018
Recent initiatives such as the Pioneer Generation Package, the Community Health Assistance Scheme, and subsidies for MediShield Life have halved Singapore’s healthcare inflation rate down to about 1.2 per cent, bringing it below the OECD (Organisation for Economic Co-operation and Development) average of 1.6 per cent, Senior Minister of State for Health Chee Hong Tat said in Parliament on Tuesday (Jan 9). Prior to these government assistance schemes, annual healthcare inflation — which measures the growth rate of prices for healthcare related goods and services paid by patients, after government subsidies — stood at about 2.4 per cent between 2011 and 2016.
Battling costs, improving care The Straits Times 27th Dec 2017
The problem facing the healthcare system here is not the quality of care given, which remains among the best in the world. The strains on the system come from the rapidly escalating cost of such care, and rising demand from an ageing population. Some steps will be taken to address both next year and time will tell if they succeed. But they should at the very least dampen healthcare inflation, which over the past decade has been rising at almost 50 per cent above general inflation, and also led to an easing in the high demand for beds.
Disruption comes to healthcare services The Straits Times 21st Dec 2017
More than 15 years after people around the world started using e-mail and text messaging to communicate with family, friends and clients, healthcare services finally are being transformed by digital and mobile technology. Interestingly, a lot of the innovation is occurring in emerging markets and not just in the United States, Europe and Japan, where in the past two decades hundreds of billions of dollars have been invested in healthcare information technology systems that may soon be obsolete. Start-up technology players and more established healthcare providers in countries like China, Singapore, Indonesia and India are responding to these developments and investing in digital services and mobile apps at a rapid pace.
A healthy guide to medical fees The Straits Times 20th Dec 2017
Soaring healthcare costs are a major worry in many countries, especially in fast-ageing ones like Singapore. Any move that boosts transparency in healthcare charges and helps rein in fee hikes would be welcomed by both patients and insurers. The challenge is how to do so impartially and without hurting competition in the medical sector. A decade after fee guidelines set by a doctors' association were scrapped for being anti-competitive, Singapore will institute new ones from next year to be overseen by the Ministry of Health. The new benchmarks will take the form of a reasonable fee range and be determined by an independent committee based on data of actual transacted fees, their distribution and the nature of the procedures.
New Healthcare Services Bill in Singapore Lexology 17th Jan 2018
In line with Singapore's Smart Nation initiative of strategic deployment of technology across the nation, Singapore is updating its healthcare regulation environment. The Singapore Ministry of Health (“MOH”) has announced that the current Private Hospitals and Medical Clinics Act (“PHMCA”) will be replaced by a new Healthcare Services Bill (“Bill”) in the second half of 2018. The key changes proposed by the Bill include: Wider Scope –The regulatory scope will include healthcare services, allied health and nursing services, traditional medicine, and complementary and alternative medicine. Services-based Licensing - Traditionally, almost all healthcare services were provided from physical “brick-and-mortar” locations. Pursuant to the Bill, healthcare providers will be licensed based on the type of services they provide, which will cover telemedicine. National Electronic Health Record (“NEHR”) – NEHR is a platform that brings together patient records such as their medication and laboratory reports from different care providers. The information is shared across providers. The Bill will require that licensees like healthcare institutes, contribute patient data to the NEHR on a compulsory basis. Enhanced safety for vulnerable patients – The Bill will impose restrictions on licensees employing staff to work in healthcare services that cater to frail or vulnerable patient groups. Updated penalties – Under the Bill, the maximum fine will be raised from SG$20,000 to SG$100,000, while the jail term will remain unchanged at 24 months.
Shaping future of healthcare The Straits Times 9th Jan 2018
The Ministry of Health has asked for feedback over the next six weeks on the proposed changes to laws governing the provision of healthcare in Singapore. Among other things, the proposed Healthcare Services Act broadens the ministry's oversight to include treatments and services carried out online or via mobile apps. It also delimits the use of the National Electronic Health Record once it becomes mandatory for all healthcare providers to input patient information. The proposed rules on this have already undergone changes, given the reaction to the decision. An example is to refuse employers and insurers access to people's medical history through their medical staff.
Draft Bill eases privacy fears over electronic health records The Straits Times 6th Jan 2018
Many Singaporeans have been worrying that employers and insurers can obtain their medical history without their consent when it becomes compulsory for such information to be stored in a national health databank. Yesterday, their fears were allayed when a proposed piece of legislation was unveiled. The draft Healthcare Services Bill made it plain that employers and insurers will be barred from accessing the information. Also, people can choose between two options should they want to shield their medical history even from doctors.
ICT
Singapore tech start-ups shine at trade show The Straits Times 17th Jan 2018
Singapore tech start-ups had a strong showing at this year's Consumer Electronics Show (CES), as this was the first year a Singapore pavilion was set up at the convention's start-up marketplace. There were at least 15 local companies, including a good mix of industry stalwarts and newcomers to the CES scene. Seven local firms were showcased at the Singapore Pavilion, which was set up by International Enterprise (IE) Singapore, the Government's trade promotion arm. They include wearables firms KaHa and Spacemap, urban mobility firms Vanda Electrics and Neuron Mobility, pet technology companies Sybo Tech and Voq Dot Life, and health tracker developer AEvice Health.
Singapore to launch Southeast Asia's first legaltech accelerator The Business Times 17th Jan 2018
Singapore is taking the lead to digitally transform its legal sector. Come April, the country will be home to South-east Asia's first legaltech accelerator. Named Accelerate!, it aims to groom legaltech startups as well as incubate new business models or services conceived by law firms. This was unveiled by the Singapore Academy of Law (SAL) on Wednesday at the launch of its Future Law Innovation Programme (Flip), an initiative announced last July that will prepare the legal industry - said to be one of the last to think about innovation - for technological disruption.
Singapore inks deal with India to share tech ecosystem Singapore Business Review 9th Jan 2018
Companies can now share networks and pilot new innovations in India. International Enterprise (IE) Singapore signed a Memorandum of Understanding (MOU) with the Confederation of Indian Industry(CII) on January 8 that will allow Singapore tech and innovation companies to share networks by connecting to India’s vast technology ecosystem, according to a press release. The MOU enables Singapore companies to pilot new innovations and technology solutions among the CII Indian business community, as well as learn best practices and share networks.
Infrastructure
Commitment to new Singapore-Malaysia rail links regardless of any political changes: PM Lee, Najib Channel NewsAsia 16th Jan 2018
The bilateral agreement on the Johor Baru-Singapore Rapid Transit System Link (RTS Link) is something Singapore and Malaysia’s future administrations will inherit, “whoever is the government on either side”, said Prime Minister Lee Hsien Loong. Mr Lee was speaking after the signing ceremony on Tuesday (Jan 16) of the RTS Link between Transport Minister Khaw Boon Wan and Malaysia’s Minister in the Prime Minister’s Department Abdul Rahman Dahlan. During a joint press conference as part of the 8th Singapore-Malaysia Leaders’ Retreat, both Mr Lee and Malaysian Prime Minister Najib Razak were asked to comment on how both countries will ensure the RTS and the high-speed rail project linking the two countries will be unaffected by political changes, considering they are long term projects that will span several terms of government. Elections for Malaysia are due by August 2018. Mr Lee said Singapore has every intention of implementing what it signed and committed to on Tuesday.
Manufacturing
Singapore well positioned to gain from Industry 4.0 The Straits Times 13th Jan 2018
Singapore is among the 25 countries best positioned to benefit from the rise of advanced manufacturing and smart factories, according to a new report from the World Economic Forum (WEF). The report analysed 100 countries and economies to see how they might benefit from the Fourth Industrial Revolution - or Industry 4.0 - and the rapid rise of new manufacturing technologies. Singapore was identified among 25 "leaders in manufacturing today that are also well positioned for the future of production". The Republic came in second globally - after the United States - in the report's "drivers of production" ranking, which measures key enablers that help a country take advantage of Industry 4.0. It ranked 11th in the "structure of production" category, which measures the scale and complexity of a country's manufacturing sector. It added that Singapore's manufacturing capabilities "have evolved considerably, with strong competencies today in high-value areas of manufacturing such as research and development and product design". But it also pointed out no country was fully ready, let alone harnessed the full potential of the Fourth Industrial Revolution in production.
Singapore factory output rises 5.3pc in November despite drag from pharmaceuticals – Borneo Bulletin Online 27th Dec 2017
Manufacturers have real reason to be jolly this season as the strengthening global economy continues to buoy demand for Singapore’s exports. Singapore’s factory output expanded 5.3 per cent year-on-year last month. This was below economists’ expectations of a 8.1 per cent increase – largely because of a plunge in biomedical manufacturing output, which tends to be volatile.
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