| Regional Affairs
Singapore, Myanmar exploring bilateral investment treaty Channel NewsAsia 18th May 2016
Singapore and Myanmar are exploring the possibility of starting negotiations for a bilateral investment treaty, Singapore Foreign Minister Vivian Balakrishnan said on Wednesday (May 18) during his introductory visit to the country. This will have a "multiplicative effect" and give potential investors a greater sense of assurance, security and regulatory certainty, said Dr Balakrishnan, who was invited to visit the country by his Myanmar counterpart Aung San Suu Kyi. On his introductory visit, Dr Balakrishnan will also meet Myanmar’s military chief, Senior General Min Aung Hlaing and the former Parliament Speaker, Shwe Mann. In addition, he will host a dinner to mark 50 years of diplomatic relations between Singapore and Myanmar on Wednesday evening.
PM Lee Hsien Loong to visit Myanmar in June Channel NewsAsia 18th May 2016
At a dinner commemorating Singapore and Myanmar's 50 years of diplomatic ties, Singapore Foreign Affairs Minister Vivian Balakrishnan on Wednesday (May 1) revealed that Prime Minister Lee Hsien Loong will visit Myanmar in June, where he will officially launch the Singapore-Myanmar Vocational Training Institute. Located in Yangon, it will help to impart practical and employable skills to young Myanmar citizens. The institute will produce about 800 mid-level skilled workers annually in the areas of hospitality and tourism, facilities management and engineering services, which will help Myanmar meet the needs of its growing economy and foreign investors. Singapore is Myanmar's second largest cumulative foreign investor as of March this year, with S$18 billion worth of investments.
Trade ties with Russia have untapped potential, room to grow, says PM Lee TODAY Newspaper 17th May 2016
Prime Minister Lee Hsien Loong has called for stronger economic ties between Singapore and Russia, adding that although businessmen and officials have been active in seeking out new opportunities, there is still untapped potential. In an interview with TASS Russian News Agency published on Tuesday (May 17), Mr Lee noted that Singapore-Russia economic ties have grown rapidly in the last decade, and bilateral trade has quadrupled. But Russia is just the Republic’s 21st-largest trading partner. “Our trade is not in proportion to the potential … So, we are planning to negotiate an FTA with the EAEU (Eurasian Economic Union), and we hope that with the FTA, we will be able to take it another step forward,” Mr Lee said to TASS TV Host Mikhail Gusman over the weekend before leaving for an official bilateral visit to Russia.
Vivian Balakrishnan in Myanmar for introductory visit from May 17 to 19 Channel News Asia 17th May 2016
Minister for Foreign Affairs Vivian Balakrishnan is in Myanmar from Tuesday (May 17) to Thursday on an introductory visit at the invitation of Myanmar’s State Counsellor, Union Minister in the President’s Office and Union Minister for Foreign Affairs Aung San Suu Kyi. In a statement on Tuesday, the Ministry of Foreign Affairs (MFA) said Minister Balakrishnan’s visit is part of a series of high-level exchanges to commemorate the 50th anniversary of the establishment of diplomatic relations with Myanmar this year. He will be accompanied by senior MFA officials. Aside from Ms Suu Kyi, Dr Balakrishnan will meet Commander-in-Chief of Defence Services Min Aung Hlaing and Chairman of Pyidaungsu Hluttaw Commission for the Assessment of Legal Affairs and Special Affairs Shwe Mann in Nay Pyi Taw on Wednesday. On that day, Union Minister for Education Myo Thein Gyi will host Minister Balakrishnan to lunch. MFA said Dr Balakrishnan will host the Myanmar government and parliamentarians to dinner to commemorate the 50th anniversary of diplomatic ties. Ms Suu Kyi will be the guest-of-honour at the dinner. The Foreign Affairs Minister will also meet with former Myanmar president and Chairman of the Union Solidarity and Development Party Thein Sein on Thursday, before traveling to Yangon to visit the Singapore-Myanmar Vocational Training Institute (SMVTI), MFA said.
Singapore, Australia ink landmark deal to deepen economic, defense ties Singapore Business Review 6th May 2016
Singapore and Australia have inked a landmark agreement to deepen their ties in a number of areas, including economic integration, defence cooperation, innovation and entrepreneurship, and people-to-people ties, the Ministry of Foreign Affairs (MFA) said in a release. A key aspect of the agreement is the third review of the Singapore-Australia Free Trade Agreement (SAFTA). Under the updated SAFTA, both countries will adopt a package of measures to increase trade and investment flows. It will reinforce Singapore’s position as a trading and investment partner for Australia and enhance Singapore’s position as a hub for Australian businesses and service providers to access expanding opportunities in Asia. The deal will also expand Singapore’s long-standing defence cooperation with Australia. Both countries have agreed to a signature joint bilateral military exercise, and jointly develop more military training areas and facilities in Australia. This will provide Singapore with greater access to military training areas in Australia over a period of 25 years.
National Affairs
S Iswaran to be appointed Co-Chairman of Committee on the Future Economy: PMO Channel News Asia 16th May 2016
Minister for Trade and Industry (Industry) S Iswaran will be appointed as Co-Chairman of the Committee on the Future Economy (CFE) in view of Chairman Heng Swee Keat's illness, the Prime Minister's Office (PMO) said in a statement on Monday (May 16). PMO added that Minister in the Prime Minister's Office Chan Chun Sing will be appointed as the Deputy Chairman, in place of Mr Iswaran. Last Thursday, Mr Heng, who is also Finance Minister, collapsed from a stroke due to an aneurysm. He is in a stable condition but remains under intensive care at the Tan Tock Seng Hospital after surgery to relieve the pressure in his brain. Prior to his illness, Mr Heng helmed the CFE with Mr Iswaran as his deputy. The committee was first announced by Prime Minister Lee Hsien Loong last October and is tasked with developing economic strategies to position Singapore for the future, such as identifying future growth industries and markets. The committee is expected to complete its work by the end of 2016.
Heng Swee Keat in stable condition: PM Lee Channel News Asia 13th May 2016
Prime Minister Lee Hsien Loong said on Thursday (May 13) that Finance Minister Heng Swee Keat is in stable condition, after visiting him at Tan Tock Seng Hospital. Mr Heng collapsed from a stroke during a Cabinet meeting on Wednesday. The stroke was found to have been caused by an aneurysm, which was successfully closed following neurosurgery.
Tharman takes over as Singapore finance minister after Heng suffers stroke Reuters 12th May 2016
Singapore Finance Minister Heng Swee Keat suffered a stroke and collapsed during a cabinet meeting on Thursday and Deputy Prime Minister Tharman Shanmugaratnam was named to cover his duties. Heng, 54, who had been tipped as a potential successor to Prime Minister Lee Hsien Loong, was recovering in hospital after surgery, the prime minister's office said. "Deputy Prime Minister Tharman Shanmugaratnam will be covering the duties of the minister for finance with immediate effect," it said in a statement. Tharman, 59, stepped down from his role as finance minister in October after Lee inducted younger people in key ministries as part of preparations for a leadership transition. Tharman was named the coordinating minister for economic and social policies and also continued as the chairman of the Monetary Authority of Singapore, the central bank. "Heng Swee Keat had a sudden stroke due to an aneurysm, which is a localized weakening of a blood vessel. He underwent initial neurosurgery to relieve pressure in his brain due to the bleeding," the statement from the prime minister's office said. It said the aneurysm was successfully closed and Heng will remain under close monitoring in an intensive care unit. Heng, a former managing director of the central bank, collapsed at 5.34 pm on Thursday and was rushed to hospital.
Finance Minister Heng Swee Keat collapses at Cabinet meeting; scan shows he had a stroke: PMO The Straits Times 12th May 2016
Finance Minister Heng Swee Keat, 54, collapsed at a weekly Cabinet meeting on Thursday (May 12) after suffering a stroke. He is being attended to by doctors from Tan Tock Seng Hospital. A statement from the Prime Minister’s Office said Mr Heng collapsed at 5.34pm during a Cabinet meeting. He was taken to the hospital immediately, and a CT scan showed that he had a stroke. “Doctors are attending to him now,” said the statement.
Heng Swee Keat out of surgery; in ICU after stroke Channel News Asia 12th May 2016
SINGAPORE: Finance Minister Heng Swee Keat underwent surgery at Tan Tock Seng Hospital (TTSH) after collapsing from a stroke during a Cabinet meeting on Thursday (May 12). The stroke was found to have been caused by an aneurysm, which surgeons successfully closed, the Prime Minister's Office (PMO) said. In an update issued late in the evening, the PMO said that Mr Heng "had a sudden stroke due to an aneurysm, which is a localised weakening of a blood vessel. He underwent initial neurosurgery to relieve pressure in his brain due to the bleeding. "Mr Heng will remain under close monitoring in the intensive care unit of Tan Tock Seng Hospital." Deputy Prime Minister Tharman Shanmugaratnam, himself a former Finance Minister, is covering Mr Heng's duties at the Finance Ministry with immediate effect.
Customs
Singapore signs MOU with Eurasian Economic Commission Channel News Asia 18th May 2016
SINGAPORE/MOSCOW - On the second day of his work visit to Russia, Singapore Prime Minister Lee Hsien Loong witnessed the signing of a Memorandum of Understanding (MOU) between Singapore and the Eurasian Economic Commission (EEC), in a move aimed at bolstering economic ties and closer collaboration in areas such as customs administration and information technology.
Riding on e-commerce, SingPost’s annual revenue crosses S$1b mark TODAY Newspaper 11th May 2016
SINGAPORE — Postal and logistics services firm Singapore Post (SingPost) said yesterday its annual revenue surpassed the S$1 billion milestone for the first time, buoyed by e-commerce activities and acquisitions, while net profit hit a record high, boosted by one-off divestment gains. SingPost said e-commerce logistics is paving the way for its future growth. Boosted by greater traffic volumes and activities, including mergers and acquisitions, e-commerce-related revenue jumped by 60.4 per cent year-on-year to S$412.4 million, representing 35.8 per cent of group revenue, said the company. “SingPost’s solid postal foundation paved the way for the company to pioneer e-commerce logistics in this part of the world and we successfully pivoted into the US with the completion of the Trade Global and Jagged Peak acquisitions in November 2015 and March 2016, respectively" said Mr Mervyn Lim, deputy group CEO, corporate services, and group chief financial officer.
Defense & Security
Singapore, Indonesia discuss anti-terror cooperation in focus group Channel News Asia 17th May 2016
Government representatives and academics from Singapore and Indonesia came together to share best practices and bilateral cooperation on counter-terrorism efforts in a focus group discussion on Monday (May 16). In a media release on Tuesday, Singapore's Ministry of Home Affairs (MHA) said those who attended the initiative by the Indonesian Embassy included experts from government agencies such as the ministry, the police and the National Security Coordination Secretariat, as well as academics from both sides. Topics that came up included current and emerging terror threats, and the countries' best practices in enacting effective legislation to facilitate a swift and effective response to these threats. MHA said that the attendees concluded that transnational cooperation was "critical" in the fight against terrorism.
Economics
Singapore’s export slump deepens as non-oil shipments decline 7.9% in April Channel News Asia 17th May 2016
The Republic’s export slump deepened in April as non-oil shipments fell 7.9 per cent, according to latest figures released by International Enterprise (IE) Singapore on Tuesday (May 17). The decline, which was in line with the median forecast of a Reuters poll of 12 analysts, follows a three-year low of 15.7 per cent contraction in shipments in March. Exports of electronic products slumped 7.4 per cent in April, after a 9.1 per cent decrease in the previous month. The decline was largely due to PCs (-21.6 per cent), parts of PCs (-23.4 per cent) and ICs (-3.4 per cent). Non-electronic exports fell 8.1 per cent, after an 18 per cent slump in March. The decline was led by structures of ships and boats (-94.3 per cent), petrochemicals (-16.7 per cent) and civil engineering equipment parts (-54 per cent). Exports to all of Singapore’s top 10 markets, except the European Union and Hong Kong, contracted. The top contributors to the decline were Taiwan, South Korea and Indonesia, IE Singapore said.
Chart of the Day: See the rapid slide of Singapore's working-age population growth Singapore Business Review 13th May 2016
The rapid decline in Singapore's labour force will take a heavy toll on the city-state's growth in coming years, according to a report by BMI Research. BMI Research expects real GDP growth to average 2.5% per annum through 2020, compared to 5.4% from 2006-2015. "On top of the aforementioned headwinds, Singapore will also have to grapple with a significant decline in the growth rate of its labour force, which is to some extent another side effect of tighter immigration rules. This will cap growth potential, and make the economy progressively more reliant upon productivity growth in order to achieve a consistent rate of expansion," said BMI Research.
Current Singapore dollar strength unsustainable, says report Singapore Business Review 13th May 2016
The Singapore dollar is expected to depreciate against the greenback despite its current period of strength, according to a report by BMI Research. Although the local currency is trading near its 12-month high due to broad US dollar weakness, BMI Research said that domestic monetary policy and poor macroeconomic fundamentals will eventually cause the Singapore dollar to weaken against the greenback. “While we believe that there is little impetus for the US dollar to embark upon a renewed appreciatory run against broader Asian FX, the SGD remains poised to underperform against the USD as a result of a dovish MAS, a still-strong real effective exchange rate (REER), a difficult macroeconomic outlook, and a weakening Chinese yuan. Additionally, the Singapore dollar's technical picture suggests further near-term weakness,” BMI Research said.
MAS must be vigilant against deflation, says IMF Singapore Business Review 10th May 2016
Singapore’s central bank should be watchful against signs of deflation, the International Monetary Fund (IMF) said. The city-state has been grappling with its longest stretch of negative inflation on record, with the headline consumer price index (CPI) stuck in the red for the 17th straight month in March. After a two-week visit, IMF staff noted that the Monetary Authority of Singapore’s (MAS) decision to ease monetary policy since January 2015 was appropriate in light of slowing growth, negligible inflationary pressures and intensifying labour market headwinds.
Govt to set aside S$90m for trade associations and chambers over next 5 years Channel NewsAsia 10th May 2016
A total of S$90 million will be set aside for trade associations and chambers (TACs) for the next five years under the Local Enterprise and Association Development (LEAD) programme, announced IE Singapore and SPRING Singapore in a joint media release on Tuesday (May 10). The sum of money is the fifth tranche of the Enterprise Development Fund to be injected into the LEAD programme, which was launched in 2005, they said. This is 20 per cent more than the previous five years, when S$75 million was allocated for the programme.
Singapore economy under threat from high leverage, rising redundancies: IMF Singapore Business Review 10th May 2016
The domestic economy will continue to weaken as muted global growth takes its toll on Singapore, according to the International Monetary Fund. The city-state's GDP growth is expected to slow further to 1.8% this year as the full impact of the slowdown in global trade and capital outflows experienced in 2015 are felt and private investment is held back by the uncertainties on the horizon. "Risks to the outlook are tilted to the downside. A sharper-than-expected slowdown in global growth is the most important short-term external risk," said the IMF. The IMF also noted that the global slowdown could manifest itself through a significant downshift in China and other large emerging economies as well as weak growth in key advanced economies.
Chart of the Day: Business outlook hits record low as SMEs' growth hopes vanish Singapore Business Review 9th May 2016
Business sentiment in Singapore has dipped to its lowest level in six years as firms grapple with slowing domestic growth and sluggish external demand, according to the latest Macroeconomic Review by the Monetary Authority of Singapore. This chart shows that business sentiment has deteriorated sharply in both the manufacturing and services sectors. Latest surveys by the Economic Development Board (EDB) and the Department of Statistics (DOS) show that the general business outlook for manufacturing and services are at their lowest levels since Q1 2009 and Q4 2011m respectively. Further, the employment outlook for the services sector is at a net weighted balance of −4%, one of the poorest readings since the Global Financial Crisis.
Local firms halt hiring plans to combat shrinking profits Singapore Business Review 9th May 2016
Companies in Singapore have resorted to staff cuts in order to stay afloat as their earnings slide, with redundancies expected to remain on the rise in 2016. The latest Macroeconomic Review by the Monetary Authority of Singapore (MAS) showed that firms are grappling with lower profitability on back of rising costs and lacklustre external demand.
Energy
Keppel O&M inks joint venture agreement with Russia’s top oil company Singapore Business Review 20th May 2016
Keppel Offshore & Marine has inked a shareholders' agreement with Rosneft, Russia’s national oil company, to set up a Singapore-incorporated joint venture company. Keppel O&M and Rosneft will each have a 45% stake in the company, while the remaining 10% stake will be held by Norwegian drilling equipment firm, MHWirth. The joint venture company will establish a wholly-owned Design and Engineering Centre (DEC) in the Russian Federation. Its main business activities will be the design and engineering of mobile offshore drilling units (MODUs) for shallow waters to cater to the region. The initial projects undertaken by the DEC will be from Rosneft for design and engineering work related to shallow water platforms. It will also look to take on work from other Russian and international customers.
Singapore to install 2,000 charging points islandwide for electric cars Eco-Business 19th May 2016
Singapore will install 2,000 charging points across the island to boost its electric car-sharing programme, the country’s Transport Minister Khaw Boon Wan announced in Parliament on Monday. Details of the locations of the charging points, and when these will be launched, have not been revealed. However, the minister said the scheme is now in the “final stages of evaluation”. The electric car-sharing programme aims to introduce 1,000 EVs and the charging infrastructure necessary to support their use. According to the RFI, up to 20 per cent of the proposed 2,000 points may be accessible to non-participants of the car-sharing scheme. This means that private owners of EVs can also use some of the charging stations to juice their ride. The number of charging points the ministry plans to set up presents a dramatic 20-fold increase from what is currently available.
Bishan train depot to run on solar energy by year end TODAYonline 19th May 2016
Singapore’s largest train depot at Bishan will run on solar energy by the end of the year, after SMRT signed a deal with clean energy provider Sunseap Leasing. The power system to be installed at the premises could potentially generate enough electricity to power 270 four-room public housing (HDB) flats for a year, and will be capable of meeting the depot’s operational energy needs — excluding train movements within the depot. The other rail depot to tap on solar energy by the end of the year will be the new Tuas depot, which will serve the North-South and East-West Lines, the Land Transport Authority (LTA) told TODAY. For the Bishan depot, SMRT and Sunseap said in a joint statement on Thursday (May 19) that a pilot one Megawatt-peak (MWp) solar photovoltaic (PV) system will be set up there and it is expected to be operational by the end of October. It will cover an initial area of 10,000sqm on the depot’s roof.
Proposals wanted for 6MW energy storage system test-bed TODAYonline 19th May 2016
Renewable energy sources such as solar power are increasingly being harnessed here, but how and where to store these energy resources is becoming the next focal point for Singapore as it moves towards energy independence and reducing its global carbon footprint. In a joint press release yesterday, the Energy Market Authority (EMA) and Singapore Power called for proposals to implement a test-bed for a grid-level energy storage system. Projected to be six megawatts (MW) in size — enough to power 500 four-room public housing flats for a day — the test-bed will allow the government agencies to better understand the performance and facilitate the deployment of large-scale energy storage systems in Singapore. Mr Stanley Huang, Singapore Power’s chief financial officer, said: “This is the first and largest energy storage system test-bed to be conducted on Singapore’s national grid. With more solar energy initiatives, (the storage system) will address the challenge of intermittent solar (photovoltaic) energy due to clouds and rain, and smoothen the power flow at all times of the day and night.”
More trade facilitation measures needed to combat tumbling oil prices: Halimah Channel News Asia 17th May 2016
To combat tumbling oil and commodity prices, Singapore must promote trade with more facilitation measures, Speaker of Parliament Halimah Yacob said on Tuesday (May 17). "As a small country with no natural resources, we rely heavily on our geographic position in the centre of an economically vibrant region to power our economic progress. We must be competitive, efficient and innovative in developing our trade relations with the rest of the world," said Mdm Halimah. Speaking to 34 parliamentarians from 17 economies at the seventh RSIS-WTO Parliamentarian Workshop, she emphasised the importance of trade as a key driver of economic growth in the Asia-Pacific region, noting the ongoing negotiations of the Regional Comprehensive Economic Partnership between ASEAN and six countries in the region. Over the three-day workshop, which runs from May 17 to 19, regional legislators will discuss international trade issues such as the TPP agreement, the Nairobi Package and trade in IT.
Financial Services
Fintech transforming competitive landscape but unlikely to displace banks' central role: Moody's The Straits Times 19th May 2016
SINGAPORE - The rise of fintech firms highlights the shift to digital in financial services but banks will retain a place at the centre of the industry and continue to work both alongside and in competition with new entrants, said Moody's Investors Service. The ratings agency noted that much of the focus of fintechs has been on retail banking services, largely lending and financing along with payments-related products and services. While the new entrants have shown growth in these areas - in some cases filling space vacated by the banks due to post-crisis regulation - Moody's said banks have a number of competitive advantages that place them in good stead as the industry evolves including large customer bases, deep client relationships, long lending histories and experience navigating regulatory bodies.
SGX opens up wholesale bonds to retail investors The Straits Times 19th May 2016
Starting Thursday (May 19), retail investors here will be able to invest in a suite of bonds previously closed off to them. Singapore Exchange has introduced a new "bond seasoning framework", to open up the market for wholesale bonds. Traditionally, wholesale bonds are only offered to institutions and accredited investors. Under the new framework, they will still only be offered to these groups in the first six months after being listed on the SGX. But after that "seasoning" period, retail investors will be able to invest in them too, with outlays as little as $1,000. But not all wholesale bonds will be made accessible to the retail market. To be eligible under the framework, the bond issuer will have to meet criteria relating to their size, track record and listing history.
MAS Makes It Easier For Retail Investors to Buy Corporate Bonds Monetary Authority of Singapore 19th May 2016
Corporate issuers traditionally look to the wholesale bond market to meet their funding needs due to higher costs involved in tapping the retail market. Corporate issuers will now find it easier and cheaper to tap the retail market by issuing plain-vanilla bonds through two new frameworks: First, under the Bond Seasoning Framework, wholesale bonds issued by issuers that meet eligibility criteria stipulated by the Singapore Exchange (SGX) can be offered to retail investors after the bonds have been listed on SGX for six months. SGX has amended its rules to effect the framework, and issued a practice note to provide guidance to issuers on the relevant procedures and processes. Second, under the Exempt Bond Issuer Framework, issuers that satisfy specified thresholds that are higher than the eligibility criteria under the Bond Seasoning Framework can offer bonds directly to retail investors at the start of an offer without a prospectus.
Cyber insurance the next growth frontier for local insurers, says MAS Singapore Business Review 17th May 2016
Domestic penetration could rise to 40% by 2020. Local insurers should look to cyber risk management for growth, as enterprises grapple with increasingly sophisticated attacks. Bernard Wee, Executive Director at Monetary Authority of Singapore, said that despite growing risks, cyber insurance adoption by SMEs remains low at less than 10%.
MAS Issues Proposed Enhancements to Resolution Regime for Financial Institutions in Singapore Lexology 15th May 2016
In June 2015, the Monetary Authority of Singapore ("MAS") issued a consultation paper on the Proposed Enhancements to the Resolution Regime for Financial Institutions in Singapore ("June 2015 Consultation Paper"). On 29 April 2016, the MAS issued its Response to Feedback Received on the June 2015 Consultation Paper ("Response"), and an additional consultation paper on Proposed Legislative Amendments to Enhance the Resolution Regime for Financial Institutions in Singapore ("April 2016 Consultation Paper").
ABS toughens due diligence guidelines for future SGX listings Singapore Business Review 13th May 2016
The Association of Banks in Singapore (ABS) has enhanced the standard of its guidelines for due diligence activities its member banks carry out on all companies wanting to list on Singapore Exchange (SGX). It aims to improve the quality of issuances. Some of the major enhancements to the guidelines include better quality of the board and key management, the type of corporate structure, the business model, the financial position and liquidity of the company.
Singapore bond market sizzles as interest rates slide The Business Times 11th May 2016
The local bond market is sizzling as interest rates slide. The latest to join the rush are two bank issues on Wednesday which, by early afternoon, clinched orders of some S$2 billion. United Overseas Bank is selling a new Basel III perpetual non-call 5 perpetual with indicative 4.25 per cent coupon. At noon, UOB had over S$1 (USD$0.73) billion orders. Societe Generale is also issuing a new Basel III 10-year non-call 5 issue at 4.5 per cent indicative coupon, and had close to S$900 (USD$658) million orders by 2 pm.
First ever FinTech Bridge established between Britain and Singapore Monetary Authority of Singapore 11th May 2016
Singaporean officials and FinTech companies gathered with UK FinTech companies in Downing Street today to celebrate the launch of the UK’s first ever FinTech Bridge, which included the signing of a Regulatory Cooperation Agreement between the Financial Conduct Authority (FCA) and the Monetary Authority of Singapore (MAS). The agreement will enable the regulators to refer FinTech firms to their counterparts across the globe. It also sets out how the regulators plan to share and use information on financial services innovation in their respective markets.
Julius Baer to impose negative interest rates The Straits Times 11th May 2016
The Singapore branch of Bank Julius Baer is set to impose negative interest rates on certain deposits. The Swiss-based bank told clients last week that "in response to prevailing market conditions", it will introduce negative interest rates for cash balances in current accounts in certain currencies from June 1. An interest rate of -0.4 per cent a year will be applied if a cash balance exceeds €100,000 (S$156,000), for instance, while a rate of -0.75 per cent will be levied for a cash balance of more than 500,000 Swiss francs (S$703,000). Other currencies affected include the Danish krone and Swedish krona. Bank Julius Baer declined to comment but the client letter noted that the applied interest rates and list of currencies subject to negative interest rates could change, depending on market conditions.
Singapore: Life insurance shows positive start to 2016 Asia Insurance Review 11th May 2016
The first quarter of the year showed a 5% and 6% increase in weighted annual premiums and weighted single premiums, respectively, for life insurance, reports the Life Insurance Association Singapore (LIA Singapore). Overall, the life insurance industry in Singapore achieved a total of S$682.1 million (US$498.05 million) in weighted new business premiums this quarter, a 5% increase compared to the same period in 2015.
China Re prepares for Singapore launch The Insurance Insider 9th May 2016
China Re is in the final stages of establishing a branch office in Singapore as it continues to internationalise its business, The Insurance Insider has learned. Sources said that the Chinese state-owned reinsurer had hired former Hardy Singapore managing director Richard Lim to spearhead its push into the Red Dot. It is understood that China Re has in-principle approval from the Monetary Authority of Singapore, but is awaiting formal approval to commence operations.
Singapore adds diamonds to its trading repertoire Nikkei 9th May 2016
A new electronic exchange for trading diamonds opened last week in Singapore, claiming to be the first of its kind to allow physical trading of the gems on an electronic platform. The hope is that the new exchange will be a game-changer that will bring in new traders to the traditionally closed diamond industry, and boost demand for the precious stone which is facing historically low prices amid plunging demand from big spenders such as the Chinese. Backed by Singapore's state investor Temasek Holdings and investor Jim Rogers among others, Singapore Diamond Investment Exchange (SDiX) utilizes an electronic platform designed by engineers who previously created systems for major stock exchanges including the Singapore Exchange.
Banks, fintechs tie up to plug SME funding gaps Asia One 9th May 2016
Collaborations between banks and fintechs (financial technology firms) - even as they explore leading- edge technology - could also play a big part in addressing the traditional gap in small company funding here. This comes as two local banks, DBS Bank and United Overseas Bank (UOB), extend their reach to smaller companies through tie-ups with fintechs, pushing ahead of their peers in using new technology to target the small and medium-sized enterprise (SME) segment.
HSBC completes transfer of business units to Singapore subsidiary Channel News Asia 9th May 2016
The Hongkong and Shanghai Banking Corp (HSBC) has completed the transfer of its retail banking and wealth management business in Singapore to a locally incorporated subsidiary, the bank announced on Monday (May 9). The subsidiary, HSBC Bank (Singapore), "holds a full bank license in Singapore with Qualifying Full Bank privileges under Chapter 19 of the Banking Act of Singapore", the bank said. The move follows an announcement by the Monetary Authority of Singapore in April 2015 that HSBC is considered one of seven domestic systemically important banks in Singapore.
DBS, OCBC, UOB in talks to fight money laundering The Straits Times 7th May 2016
The biggest banks here are in talks about setting up a system for sharing information on prospective clients in an effort to combat money laundering. DBS Group, OCBC and UOB are exploring the possibility of a country-wide model for anti-money laundering and enhanced client knowledge, according to Ms Loretta Yuen, the head of legal and regulatory compliance at OCBC. The bank believes the new model "will bring significant control and operational efficiency benefits to the industry and Singapore", Ms Yuen said by e-mail, adding that it's premature to discuss details of the initiative.
Singapore banks become a hotbed for ‘fintech’ Financial Times 6th May 2016
Banks have long used data analysis to predict market movements, investment returns, even risks of customer fraud. But Singapore’s DBS Bank is one of those applying predictive analytics to internal functions — using pattern-detecting software to spot rogue traders, and other unusual staff behaviour. Newly deployed, the programme is already starting to bear fruit, DBS says, allowing the bank to take action before losses escalate. And while other banks are turning to outside technology firms for such sleuthing software, DBS has developed its version in-house — through an unusual government-backed research partnership. It is one of many turning to “fintech” to cut costs and manage risks, as financial institutions around the world face up to depressed revenues and higher regulatory compliance costs. Fintech investment has risen in the Asia-Pacific region from $103m in 2010 to $4.3bn in 2015. Investment there now accounts for 19.3 per cent of the total worldwide, according to consultancy Accenture. Singapore, where the government and the financial regulator are taking concrete steps to support innovation, has become a test bed for the use of new technology in Asia.
Food & Agriculture
Import prices of Thai coconuts hit record highs amid dry weather Channel News Asia 18th May 2016
Siam Coconut has been importing coconuts from Thailand for the past 15 years. Every year during this period, the local company would expect prices to increase as hot and dry weather hits supplies. But this year, the company has been taken by surprise because prices have gone up by more than usual. "Normally, the price would go up about 1.5 times during this period of shortage. Since January, we have been seeing an increase in coconut prices about one fold," said the company's general manager, Mr Kelvin Ngian. "That's the highest we have seen in 15 years." He said the extremely hot weather in Thailand is partially to blame, with crops taking a hit. Making the situation even worse, though, is the growing global popularity of coconut products, which means Singapore importers are having to compete harder to source sufficient supplies.
Singapore, Indonesia jostle over anti-haze measures Mongabay 16th May 2016
The prospects for greater international collaboration in the effort to prevent another Southeast Asian haze crisis hit a bump in the road this week, with Jakarta taking umbrage at Singapore’s threat to detain an Indonesian businessman and threatening to cancel bilateral agreements between the two countries. The Indonesian environment and forestry minister said she was reviewing all haze-related partnerships with the city state, which lies downwind from Indonesia’s Sumatra and is usually engulfed in smoke when the giant island’s dried-out peatlands go up in flames, usually every year. Some programs would likely be terminated, Siti Nurbaya said, adding that she had instructed local governments to refrain from any collaboration with Singapore for the time being. Nurbaya did not say why she had embarked on the review, but her comments followed Singapore’s summoning of an Indonesian agribusiness executive under the city state’s extraterritorial Transboundary Haze Pollution Act, which allows it to fine companies for polluting its air, even if the firm is located outside the country.
Jakarta lodges 'strong protest' with Singapore over moves to question Indonesia-based firms linked to haze The Straits Times 12th May 2016
Indonesia has lodged a "strong protest" with Singapore for demanding that Indonesia-based companies suspected to be linked to the region-wide haze explain measures they have taken in tackling fires on their land, a Foreign Ministry spokesman disclosed on Thursday (May 12). "In reference to some cases where Indonesian businessmen were interrogated... we have expressed our strong protest through our ambassador there," spokesman Arrmanatha Nasir told reporters. "We stress that the law by Singapore essentially should not harm trade and good cooperation between the two countries," he added.
Competition watchdog uncovers price-fixing conspiracy among top chicken distributors Singapore Business Review 9th May 2016
The Competition Commission of Singapore (CCS) has busted thirteen chicken distributors for conspiring to fix prices of fresh chicken products here. The thirteen distributors collectively supply 90% of fresh chicken products in the country and had a turnover of approximately half a billion dollars annually, the CCS said. The CCS launched a probe into the fresh chicken distribution industry after it received a complaint on the alleged anti-competitive conduct. Upon completion of the investigation, CCS provisionally discovered that the distributors had coordinated the price increases of fresh chicken products sold in Singapore, from at least 2007 to 2014. The distributors had also agreed to not compete for each other’s customers. These moves were aimed at distorting the prices of fresh chicken products in Singapore, the CCS said. It violates the Competition Act, which states that business entities should not enter into any agreement or arrangement that prevents, restricts or distorts competition.
Health & Life Sciences
Private hospitals clamour for greater support as medical tourism stumbles Singapore Business Review 20th May 2016
Private healthcare providers need booster shots from the government in order to help them cope with the dwindling number of medical tourists. Experts and industry players noted that Singapore's hospitals are up against stiff competition from their counterparts in ASEAN. As more Southeast Asian hospitals modernise, the city-state is slowly losing its appeal as a medical tourism hub. For instance, Indonesian healthcare providers are aggressively investing in new facilities and equipment, said Dr. Beng Teck Liang, Executive Director & Chief Executive Officer,Singapore Medical Group. This trend is among the culprits behind the sharp drop in Indonesian medical tourist arrivals, and has exacerbated the impact of the weak Indonesian rupiah. “It's a given. In markets like Indonesia and Vietnam, we're going to see a progressive improvement in the healthcare sector, which will result in fewer patients heading to Singapore,” Beng said. Beng noted that the hospital has seen declining numbers of medical tourists in the past couple of years, particularly those from Indonesia. While demand from Vietnamese patients remains strong, Beng believes that the trend of declining arrivals is not likely to be resolved in the near future.
Online health portal HealthHub to be upgraded by end of year The Straits Times 20th May 2016
SINGAPORE - Online health portal HealthHub will get an upgrade by the end of this year, said Health Minister Gan Kim Yong on Friday (May 20) morning. He did not give details, but said that some people have been asking for their children to have access to their medical records, for example. Speaking at the National Health IT Summit, which was held at the Singapore Expo, Mr Gan also said that technology will make Singapore's healthcare system better and smarter. This includes helping people keep closer tabs on their own health, as well as linking up healthcare institutions at different levels.
Philip’s APAC centre’s opening in line with S’pore’s growing healthcare sector TODAY Newspaper 19th May 2016
SINGAPORE — Philips, a significant early investor in Singapore, has opened an APAC centre to support its transformation to becoming a healthcare technology solutions provider. The strategy of the company, which has a long-standing partnership with Singapore for 65 years, is in line with the Republic’s future direction, guest of honour Minister for Trade and Industry (Industry) S Iswaran said at the opening ceremony on Thursday (May 19).
Singapore's first Zika patient has recovered The Straits Times 18th May 2016
Singapore's first and thus far only Zika patient has made a full recovery, and was discharged from the Communicable Diseases Centre at Tan Tock Seng Hospital yesterday. Blood tests confirmed the 48-year-old man to be negative for the Zika virus, which means he will not transmit it even if he is bitten by an Aedes mosquito, according to a joint statement by the Health Ministry and National Environment Agency.
Health Ministry: No restriction to go to Singapore despite Zika virus incident The Malay Mail Online 17th May 2016
KUALA LUMPUR - Although there has been a reported case of the first Zika virus incident in Singapore, the Health Ministry has not issued any restriction to Malaysians to go in and out of the neighbouring country. Deputy Health Minister Datuk Seri Dr Hilmi Yahaya, however, advised Malaysians who wished to visit the country to always be alert, especially if faced with symptoms like fever. “The Malaysian and Singaporean governments are always cooperative when doing screening tests on individuals who have visited Latin America countries such as Brazil, Venezuela and others, especially within the period of last week,” he told reporters at the Parliament lobby.
Singapore's new R&D facility aims to find cures for new-age infectious diseases like Zika The Straits Times 13th May 2016
SINGAPORE - A new, S$100-million global research and development (R&D) centre, aimed at finding cures for new infectious diseases - such as the Zika virus, will open here. Invested by Mundipharma, a global player in the pharmaceutical industry, the facility will be the world's first betadine consumer's health hub that will combine R&D, manufacturing and distribution in one, 7300-square metres area along Tuas south. A key focus of the hub would be on finding new ways to combat new infectious diseases. It aims to discover new treatment options in diverse fields such as pain, oncology, ophthalmology and respiratory disease. The new plant will also be manufacturing Betadine, a disinfectant with medicated uses ranging from treating minor wounds to preventing the spread of major infectious diseases.
A*Star, NTU shine in cancer and semiconductor research The Straits Times 13th May 2016
Nanyang Technological University (NTU) and the Agency for Science, Technology and Research (A*Star) have once again been ranked among the best in semiconductor and cancer research, respectively. A*Star was ranked fifth in Asia for its cancer treatment innovations. From 2011 to last year, it filed 74 patents, after the likes of Samsung and Seoul National University. Among the patents filed were those for drug candidate ETC-159, by the agency and Duke-NUS Medical School. If clinical trials are successful, ETC-159 could emerge as Singapore's first cancer blockbuster - used to target a number of cancers, such as ovarian cancer. Mr Philip Lim, chief executive of Exploit Technologies, A*Star's commercialisation arm, said the ranking reflects A*Star's capabilities and expertise in research on cancer, which is the top cause of mortality in Singapore.
Singapore reports first imported Zika case Channel News Asia 13th May 2016
The Ministry of Health (MOH) and National Environment Agency (NEA) reported Singapore's first imported case of Zika on Friday (May 13). In a joint statement, MOH and NEA said: "The patient is a 48-year-old male Singapore Permanent Resident who had travelled to Sao Paulo, Brazil from Mar 27 to May 7. The patient developed fever and rash from May 10 and was admitted to Mount Elizabeth Novena Hospital on May 12 and isolated. "The patient tested positive for Zika virus infection on May 13. He will be transferred to the Communicable Diseases Centre at Tan Tock Seng Hospital for treatment and isolation to minimise the chances of being bitten by mosquitoes and spreading the infection in the community. The patient is currently well and recovering. He will only be discharged upon being tested negative for the Zika virus." The statement added that MOH is screening the patient's household members, and that the patient's residence at Watten Estate is not an active cluster. It said that NEA has intensified vector control operations to control the Aedes mosquito population in the area, and that MOH and NEA would actively alert residents in the vicinity to seek medical attention should they develop symptoms of fever and rash. MOH and NEA nevertheless stated: "We advise residents of Watten Estate, Hillcrest Arcadia, The Arcadia and Watten Hill Condominium to monitor their health." There have been no reports of outbreaks in Asia, although sporadic cases of local Zika infection have been detected in several countries in Southeast Asia, including Cambodia, Indonesia, Philippines, Malaysia and Thailand previously.
IBM, A*STAR team discover new way to fight viruses Channel News Asia 12th May 2016
NEW YORK, SINGAPORE: Scientists from IBM and Agency for Science, Technology and Research's Institute of Bioengineering and Nanotechnology (IBN) have found a breakthrough in the battle against viruses - a large molecule with "triple-play action" that can prevent infection and drug resistance. The macromolecule was tested on viruses from various categories - including Zika, Ebola, dengue, influenza, and herpes simplex - and scientists have not found any resistance after early testing. With the discovery, the researchers said that in the short term, the macromolecule can be used for applications such as an anti-viral wipe or detergent. A small amount of it dispersed in water could potentially neutralise an entire room infected with Ebola, they added. Potential long-term uses include the development of a new mode of vaccination that could prevent a large number of viral infections.
More Aussie degrees and qualifications to be recognised in Singapore AsiaOne 7th May 2016
Singapore has agreed to recognise postgraduate medical degrees from the University of Queensland and the Australian National University. This is in addition to recognising 15 more allied health qualifications in occupational therapy, physiotherapy and speech therapy from a number of Australian universities. The Republic will also recognise the Juris Doctor (JD) degrees awarded by 10 Australian universities, including the universities of Western Australia and Sydney, whose law degrees are already approved. There were an estimated 10 to 20 Singaporeans pursuing JD degrees in those universities last year, according to the Ministry of Law. Under a new agreement - announced by the Ministry of Foreign Affairs in a statement yesterday - to strengthen the ties between the two countries, Australia will reciprocate. It will recognise the law and JD degrees of Singapore universities, subject to applicable conditions in the Singapore-Australia Free Trade Agreement. The JD programme is a postgraduate course for students who have a bachelor's degree in another discipline. The agreement, which will allow both countries to co-operate more closely in other areas such as security and trade, also includes a pilot programme that aims to give 100 Singaporeans studying in Australia more opportunities to work with leading Australian companies.
ICT
Tata Communications Sells 17 Data Centers for $633 Million Bloomberg.com 19th May 2016
Tata Communications Ltd., part of India’s biggest conglomerate, announced the sale of 74 percent stake in its data center business to a unit of Temasek Holdings for an enterprise value of $633 million to raise funds for expansion and pare debt. Singapore Technologies Telemedia Pte. is buying the majority stake in 14 data centers in India and three Singapore facilities while Tata Communications will retain the remaining 26 percent. The transaction is expected to close “in the coming weeks” and the proceeds will go toward new investments, according to Rangu Salgame, Tata Communications’ chief executive officer for growth ventures. “The sale will bring in cash which will improve our balance sheet,” Salgame said in a phone interview. “It will also help us invest in newer areas such as cloud and e-commerce. The new partner will co-invest and help in expanding the data center business.” Shares of the Mumbai-based company fell 1.5 percent on Thursday to 444.10 rupees, following a 4.2 percent rally the previous day when the company had said in an exchange filing that it would update investors about the sale status. The benchmark S&P BSE Sensex dropped 1.2 percent on Thursday. It will likely report financial results in the next 10 days as the audit process couldn’t be completed, it told bourses today. The enterprise value for the Indian unit is 31.3 billion rupees ($465 million) and S$232.4 million ($168 million) for the overseas facilities, according to an exchange filing.
Singapore MP: 'The digital revolution will benefit those who understand it' IT Pro 18th May 2016
The digital revolution in artificial intelligence (AI), the internet of things (IoT) and robotics will most significantly benefit the lives of those who understand and embrace it, said the Republic of Singapore's minister for foreign affairs. Speaking at the InnovFest unBound conference in Singapore on Tuesday, Vivian Balakrishnan spoke about the digital challenges facing the world and the ways in which the Singapore government is attempting to increase innovation and improve the lives of its citizens with technology. He said: "The world is going through a rough time, there's gloom and doom in many parts of the world. There's a lack of opportunities and there are anxieties. Actually, the real diagnosis is that we are living through a digital revolution and this revolution is going to give huge opportunities to those who get it and understand it."
Singapore, Philippines central banks move to tighten cyber security Reuters 17th May 2016
Singapore's central bank has asked banks to maintain a high level of security for their critical IT systems following recent cyber attacks using the SWIFT financial messaging system. In the Philippines, the central bank was crafting more regulations to help banks and other financial institutions fend off cyber heists and minimize damage after any systems breach, a senior official said. The actions come after Vietnam's Tien Phong Bank said earlier this week it had interrupted an attempted cyber heist that involved the use of fraudulent SWIFT messages, the same technique at the heart of February's massive theft from the Bangladesh central bank.
Singapore start-up scene gets boost after govt awards $40m to 4 firms Asia One 17th May 2016
Singapore's start-up scene received a boost on Thursday, after the government said it will provide funds to four large local enterprises to match their investments in fledgling local companies. Vivian Balakrishnan, Singapore's Minister of Foreign Affairs announced the National Research Foundation (NRF), a department within the Prime Minister's Office, will commit S$40 million in total to match the investments made by each of the four companies: Property giant CapitaLand, agribusiness group Wilmar International, tech company DeClout and logistics player YCH Group.
SingTel Discusses $2 Billion Potential IPO of Broadband Unit The Wall Street Journal 11th May 2016
SINGAPORE—Singapore Telecommunications Ltd., Southeast Asia’s largest telecom company, is in early discussions with investment banks on plans for a potential initial public offering of its high-speed broadband unit that could raise at least $2 billion, according to people familiar with the situation. The IPO of the unit, NetLink Trust, which provides service to residential and nonresidential customers in Singapore, is likely to take place next year, the people said.
Singapore blazing the mobile workforce trail: EIU study Digital News Asia 10th May 2016
THERE is a big difference between companies that can considered mobile ‘pioneers’ versus those that are not, according to a recent Economist Intelligence Unit (EIU) study commissioned by Aruba Networks. And out of the small selection of countries the study covered, Singapore is pretty much blazing the trail. The EIU study surveyed over 1,800 employees from nine countries, the others being Australia, France, Germany, Japan, New Zealand, United Arab Emirates, the United Kingdom, and the United States. Six out of 10 respondents in Singapore described their employers as ‘pioneers’ or ‘good at using mobile technology’ – more than any other country in the survey.
Singtel launches all-in-one m-payments platform Telecom Paper 10th May 2016
Singapore Telecommunications (Singtel) has introduced a new version of its mobile payments app dubbed 'Singtel Dash'. The launch of the upgraded Singtel Dash service comes in conjunction with the launch of the Singtel Transit NFC SIM. Singtel Dash is an all-in-one mobile payments platform, offering secure transit payments and top-ups, in-store and online retail payments, as well as local and overseas money transfers. All customers in Singapore can access the Singtel Dash platform for their payments needs, regardless of mobile operator or device. Singtel says the Singtel Transit NFC SIM transforms NFC phones into ez-link cards. Via the Singtel Dash app, customers can check and top up their ez-link balances on the go.
MAS, NTU to help firms combat threat of cyberattacks TODAYonline 19th May 2016
With companies here losing billions of dollars each year to cyberattacks, the Monetary Authority of Singapore (MAS) is working with a university and several industry players to comprehensively address the growing threat and help firms shore up their defences against illicit cyber activities. The three-year Cyber Risk Management (CyRiM) project was launched yesterday by the Nanyang Technological University (NTU). It is supported by MAS, the Cyber Security Agency of Singapore (CSA) and a host of industry partners — the Aon Centre for Innovation and Analytics, Lloyd’s, MSIG Insurance, SCOR and TransRe. Amid low take-up rates for cyber insurance especially among small and medium enterprises (SMEs), the project aims to bring about lower premiums and standardisation of insurance policies. Among other things, it will also develop best practices and recommend policies to the Government to guard against increasingly sophisticated cyberattacks. Globally, less than 10 per cent of SMEs have cyber insurance. The adoption rate varies by sector, with manufacturing firms having a take-up rate of less than 5 per cent. For firms in financial services, technology and telecommunications, the proportion is higher, at between 35 and 42 per cent. The adoption rates are understood to be similar for Singapore.
SAS launches a Smart Nation Sandbox Environment in Singapore MIS Asia 13th May 2016
To encourage innovation in Smart Nation solutions and capabilities, SAS and Temasek Polytechnic (TP) have jointly launched a Smart Nation Sandbox Environment. Supported by the Infocomm Development Authority of Singapore, the Smart Nation Sandbox Environment platform constitutes of SAS' data management and analytical architecture. TP will host the platform architecture and set forth the participation of end-users. The platform will allow local technology companies, end-users and tertiary institutions to co-develop Smart Nation solutions as well as anticipatory services for the Water, Air, Health, Environment/Energy management (WAHE) and Urban Solution sectors. Such services include smart crowd management, smart health management, smart habitat and smart energy management for both government agencies and enterprises. As part of this initiative, IDA will facilitate the introduction of local technology companies to SAS for joint collaboration to leverage the platform for their development of Smart Nation solutions, and support local technology companies for such product development efforts.
Singapore’s TechSkills Accelerator to help train ICT professionals Enterprise Innovation 13th May 2016
Technology Skills Accelerator (TeSA), a flagship initiative in Singapore that brings together key employers and industry partners to help ICT professionals get better jobs, vowed to help industries develop core ICT and business sector-specific skills of employees. Minister for Communications and Information, Dr. Yaacob Ibrahim, announced the TeSA framework at the Nanyang Polytechnic School of Information Technology (SIT) graduation ceremony. Its framework will be broadly structured into two focus areas: TeSA Core and TeSA Sector. TeSA Core will feature training programs that focus on ICT core skills which can be applied across all businesses, including emerging areas like cybersecurity, software development, networks and infrastructure, and data analytics. TeSA Sector, on the other hand, will focus on ICT professionals who already have tech skills, with further training in specific domains such as Finance and Healthcare
S$44.3m cyber security lab to be set up TODAY Newspaper 13th May 2016
SINGAPORE – A S$44.3 million cyber security lab will be set up by August following the inking of a partnership between Singapore Technologies Electronics (ST-Electronics) and the Singapore University of Technology and Design (SUTD). Jointly funded by the National Research Foundation (NRF), SUTD and ST Electronics, it will be the first corporate lab to focus on cyber security under the Corporate Laboratory@University scheme, which supports the setting up of corporate laboratories through public-private partnerships. It will have three main research areas: cyber security big data analytics, development of trusted monitoring and mitigation techniques, as well as the development of innovative methods for detecting malicious and deceived insiders in an organisation.
Singapore leads Asia in connectivity and economic digitisation ComputerWeekly.com 9th May 2016
Singapore was named the top Asian country in connectivity and digital transformation using ICT, according to Huawei’s Global Connectivity Index 2016 (GCI). The index found that average national connectivity levels are 5% higher than they were in 2015. The report highlighted the Singaporean government’s efforts to bring fibre broadband to needy households. Singapore’s government is also trying to provide better cloud services by opening up the broadband market to new suppliers, which resulted in a slew of innovative broadband packages at competitive prices for cloud access. It also introduced the multi-tier cloud security (MTCS) framework for software-as-a-service (SaaS) providers in Singapore. According to the report, nations such as Singapore with high GCI scores tend to be more competitive and innovative, and are more mature in the adoption of cloud, big data and internet of things (IoT) technologies.
New TechSkills Accelerator to help Singapore develop 'world-class' ICT workforce The Business Times 6th May 2016
Singapore - The TechSkills Accelerator (TeSA), a skills development and job placement initiative introduced during this year's Budget, will be the "umbrella framework" for information and communications technology (ICT) related training programmes and career development for all ICT professionals - and will help Singapore develop a "world-class ICT workforce". The TeSA framework will be broadly structured into two focus areas - TeSA Core and TeSA Sector - Minister for Communications and Information Yaacob Ibrahim announced on Friday. TeSA Core will focus on core or foundational ICT skills such as cybersecurity and data analytics that can be applied across all industries. TeSA Sector will focus on providing ICT professionals - who already have tech skills - with further training in specific domains starting with finance and health care. TeSA programmes will be conducted in partnership with major employers including Singtel, Mediacorp, ST Electronics, Integrated Health Information Systems, DBS and UOB. To "institutionalise" this, a TeSA Governing Council comprising key hirers from the industry and TeSA Sector Committees comprising the main employers from that particular sector will be formed, said Dr Yaacob.
Manufacturing
Launch of DuPont Thermal Testing Unit in Singapore The Straits Times 19th May 2016
A unit to test the effectiveness of flame-resistant materials, and to further their development, was launched Wednesday (May 18) at DuPont's facility in Tuas. The first in Asia Pacific, the testing unit is also one of five facilities worldwide, including those currently operating in the United States, Switzerland, the United Arab Emirates and Brazil. Ms Cindy Koh, Director, Energy & Chemicals, EDB, said that investments like DuPont's facility reinforced Singapore's value as a strategic base, saying "Companies can leverage Singapore's research ecosystem and geographical proximity to their customers to quickly develop solutions and tackle complex problems."
NTU launches 3D-printing centre to groom next generation TODAYonline 18th May 2016
Nanyang Technological University (NTU) yesterday launched a new 3D-printing centre in Singapore. Named Singapore Centre for 3D Printing, it has already attracted S$41 million in funds from industry and Government partners, and will receive S$42 million over 10 years from the National Research Foundation’s medium-sized centre grant. The centre will develop innovative solutions in 3D printing, also known as additive manufacturing, where materials such as metal, plastic or resin are printed by layers until a solid object is formed. Professor Bertil Andersson, NTU’s president, said: “We aim to groom the next generation of 3D-printing engineers so as to grow the much-needed manpower for this rapidly developing sector.”
Singapore’s first 3D printing centre launched by NTU Channel News Asia 17th May 2016
The first 3D printing centre in Singapore was launched by Nanyang Technological University (NTU) on Tuesday (May 17). The Singapore Centre for 3D Printing will receive funding of S$42 million over 10 years from the National Research Foundation's Medium-Sized Centre Grant, as well as another S$41 million from industry and government partners. The centre will be equipped to print customised concrete structures for buildings, such as rooms, beams and pillars. This is expected to be more cost-effective and environmentally friendly than current casting methods. NTU will partner ST Engineering, Keppel Offshore & Marine Technology Centre, Sembcorp Design and Construction, and Emerson Process Management to collaborate and undertake research in 3D printing.
Chart of the Day: Services rescue Singapore as manufacturing falters Singapore Business Review 16th May 2016
Modern services have become the key driver of Singapore's economy as trade-related sectors such as manufacturing falter. This chart from the Monetary Authority of Singapore show that overall growth was supported by a buoyant modern services cluster and steady expansion in the domestic-oriented sectors, offsetting the deterioration in the trade-related industries. The financial sector is a particularly strong economic driver, with growth surging by 34.1% quarter-on-quarter in Q1. In contrast, the trade-related industries languished amid persistent weakness in the external environment.
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