| Regional Affairs
Singapore firms wary about rushing into Myanmar AsiaOne 16th Nov 2016
Chief executive of logistics firm Keyfields, Mr Tan (in glasses), moved into Myanmar after feeling his firm lost out from entering the Shanghai market late. The expected wave of investment from Singapore firms venturing into Myanmar following the nation's reforms has not occurred, mainly due to wary companies waiting for clearer policy direction. Many thought the rise to power of Ms Aung San Suu Kyi's National League for Democracy (NLD) a year ago would trigger the piling of investors into the once closed-off nation. Singapore Business Federation chief executive Ho Meng Kit said results from its National Business Survey released in January showed that Myanmar was the most popular market for Singapore companies wanting to venture overseas.
Indonesia-Singapore business council will open up more investment opportunities: PM Lee Channel NewsAsia 14th Nov 2016
TheIndonesia-Singapore Business Council will provide a framework for companies to look for more investment opportunities, said Prime Minister Lee Hsien Loong in his wrap-up interview with Singapore media after the leaders’ retreat on Monday (Nov 14). The setting up of the business council was announced by Mr Lee during the leaders’ retreat at a joint press conference with President Joko Widodo. Mr Lee said the council, which will allow businesses from both countries to network and understand opportunities on both sides, would get the private sector to look and assess the viability investment projects. “It's the government that provides the framework, but the private sector must make them work and assess where it is viable, where it is attractive, what is the best way to proceed with it,” he said. He added that having the business council is timely as Singapore already has a similar structure with other countries. “We think that the best way to do that is for our business people to get together and meet one another regularly, and a business council, I think, is well-justified.”
Singapore 'disappointed' TPP may not be ratified after Trump win: PM Lee Channel NewsAsia 14th Nov 2016
Singapore is “disappointed” that the Trans-Pacific Partnership (TPP) agreement may not be ratified before US President-elect Donald Trump takes office, said Prime Minister Lee Hsien Loong on Monday (Nov 14). “We feel disappointed that the TPP looks very unlikely or will not be passed now, ratified now, before Jan 21 when the new president swears in,” said Mr Lee in a wrap-up interview with Singapore media after a leaders’ retreat with Indonesian President Joko Widodo. His comments came days after US President Barack Obama's administration suspended efforts to win congressional approval for the Asian free-trade deal. “I do not know what the new president's position will be,” Mr Lee added, but he noted President-elect Trump had stated his position clearly during his campaign trail and that he had "no sympathy" for the TPP. The 12 countries that signed the TPP will meet at the Asia-Pacific Economic Cooperation (APEC) summit in Peru this week to discuss the situation, he said. Asked about the possibility of revising the terms of the deal to exclude the US and include countries such as China, Mr Lee said that would not be easy. “We spent five, six years negotiating the TPP. Finally we got this very elaborate, carefully balanced deal, several thousand pages of texts. It's not so easy to say 'We change the terms',” he said.
Singapore, Indonesia sign MOUs to boost tourism, infrastructure cooperation Channel NewsAsia 14th Nov 2016
Singapore and Indonesia will expand cooperation in various sectors such as tourism, hospitality and infrastructure after four memorandums of understanding (MOUs) were signed on Monday (Nov 14) on the sidelines of Prime Minister Lee Hsien Loong’s leaders’ retreat with President Joko Widodo. The deal on tourism aims to further strengthen cooperation between the two countries. Areas of collaboration include developing the cruise sector, tourism marketing and MICE (meetings, incentives, conventions and exhibitions). According to the Singapore Tourism Board (STB), activities may include destination and port development, human resource development, tourism investments and private sector cooperation. The agreement was signed by Minister for Trade and Industry (Industry) S Iswaran and Minister of Tourism for the Indonesia Ministry of Tourism Dr Arief Yahya. Mr Lee and Mr Widodo witnessed the signing which was held at Wisma Perdamaian, the Central Java governor's function hall and complex. The collaboration is expected to last for five years but it may be extended if there is a mutual agreement between both countries. The new agreement is different from the existing bilateral MOU on tourism, which was signed in 1994 to promote and develop mutual cooperation between the two countries in the particular sector. An agreement to enhance the capabilities of the tourism and hospitality sector was also signed on Monday. The deal signed by Republic Polytechnic and Indonesia's Tourism Ministry involves developing a two-year programme to train about 150 Indonesians from the four National Tourism Institutions. Other MOUs that were signed on the sidelines of the retreat include developing smart city solutions for Makassar City in Indonesia. The partnership between International Enterprise (IE) Singapore and Makassar City Government will see the city-state complementing the Indonesian government’s efforts in driving a digital economy.
More Indonesia-Singapore Partnerships Expected After PM Lee Meets Jokowi Jakarta Globe 14th Nov 2016
President Joko "Jokowi" Widodo expressed his hopes for more partnerships with Singapore during a visit by the city-state's Prime Minister, Lee Hsien Loong, to Central Java on Monday (14/11). The leaders discussed future economic opportunities between the two countries at Wisma Perdamaian in Semarang, the capital of Central Java. "The discussion was very open, very productive; we've agreed to pursue more economic partnerships," Jokowi told reporters after the meeting.
Singapore seeks stronger economic ties with US Singapore Business Review 11th Nov 2016
Prime Minister Lee has written congratulatory letter to US President-elect Donald Trump. Here's full text of PM Lee's letter to Donald Trump. Dear President-elect Trump, Please accept my warmest congratulations on your election as the 45th President of the United States of America. The American people have elected you at a time when the United States is facing many challenges. I offer my best wishes as you lead your country forward and build a better future for the American people. Singapore and the United States share strategic interests and an excellent, longstanding partnership. We have long supported America’s presence in the region, which has underwritten regional peace and stability for decades, and enabled the Asia-Pacific to grow and prosper. Our two countries enjoy substantive and multifaceted cooperation across the economic, defence and security fields, underpinned by a Strategic Framework Agreement and an Enhanced Defence Cooperation Agreement. We are collaborating to tackle emerging threats in cyberspace and to counter terrorism and violent extremism. On the economic front, the United States-Singapore Free Trade Agreement has doubled trade between our countries to reach US$64 billion over the last decade. The United States has consistently maintained a trade surplus, which now stands at almost US$20 billion. Investments by Singapore companies in the United States, combined with America’s exports to Singapore, have created some 240,000 jobs for American workers. Your extensive business experience sets you in a unique position to tap into Asia’s growth. I look forward to working with you and your Administration to further enhance our bilateral partnership and strengthen the United States’ engagement in the Asia-Pacific for years to come. I wish you every success in your new appointment and hope to welcome you to Singapore at your earliest convenience. LEE HSIEN LOONG
National Affairs
Elected Presidency: Amendments to Constitution passed in Parliament Channel NewsAsia 9th Nov 2016
Changes to the Elected Presidency have been set in motion after a Bill to amend the Constitution was passed in Parliament on Wednesday (Nov 9), with 77 Members of Parliament (MPs) giving their approval. All six MPs from the opposition Workers' Party (WP) voted "no". Under the constitutional changes, an election will be reserved for a particular racial group if no one from that group has been president for five continuous terms. The Government will start counting from the term of Dr Wee Kim Wee, who was the first president to be vested with the powers of the Elected Presidency. This means the next Presidential Election, due in 2017, will be reserved for candidates from the Malay community, as announced by Prime Minister Lee Hsien Loong in Parliament on Tuesday. Over an intense three-day debate, several MPs spoke in support of the Bill, in particular, backing the inclusion of a mechanism to ensure multiracial representation in the Presidency. This issue presented the most difficult question "because it goes right to the core of our fundamental belief in a multi-racial society", said Mr Lee on Tuesday. He pointed out that as the head of state, the candidate must represent all Singaporeans and the office must be multiracial. In rejecting the proposed changes to the Elected Presidency, the WP on Tuesday called for a national referendum on the matter and a Senate to absorb the custodial role of the president, with the primary role of safeguarding the country's reserves. The proposal was the subject of heated debate, with several MPs pressing the WP for details on how such a Senate would work and how its members would be selected. What both sides of the political divide agreed on were two fundamental principles: That the President should not be an alternative centre of power with the potential to undermine the authority of the Government, and that Singapore's reserves need to be safeguarded by a body that should be elected.
Customs
Singapore Post opens new e-commerce logistics hub Nikkei Asian Review 16th Nov 2016
Singapore Post opened a new logistics center dedicated to e-commerce in the east of Singapore on Tuesday. The center, costing 182 million Singapore dollars ($130 million), will serve as a hub for sorting and shipping out merchandise ordered online to Southeast Asia and beyond. The logistics hub of about 51,300 square meters will employ automation that will sort up to 100,000 parcels a day for delivery to worldwide destinations. The time required for picking, packing and sending the parcels to loading docks is 5-10 minutes, according to the company. In an opening ceremony on Tuesday, SingPost Chairman Simon Israel revealed plans to upgrade the facility with more advanced technology. "We have designed this facility to be able to meet the future demands ... through adoption of automation and soon, the use of robots," Israel said, adding that a postman in the future may be "a programmer of driverless vehicles, a controller of robots ... or a flier of drones."
4,500 cartons of contraband cigarettes seized at Jurong Port checkpoint The Straits Times 8th Nov 2016
A 31-year-old man was arrested on Friday (Nov 4) for attempting to smuggle 4,500 cartons of duty-unpaid cigarettes into Singapore from Jurong Port, the Immigration & Checkpoints Authority (ICA) said in a release on Tuesday (Nov 8). At about 10pm on Friday, an ICA officer at the Jurong Scanning Station directed a Singapore-registered prime mover for further inspection after noticing anomalies in the scanned images of the 40 foot container, which the driver claimed was empty. During the inspection, officers found 4,500 cartons of contraband cigarettes, worth over $460,000 in potential duty and Goods and Services Taxes, concealed in a modified compartment of the container. The driver, a Chinese national, and the container were handed over to Singapore Customs for further investigations.
Singapore’s Poor Score on the “Illicit Trade Index” Lexology 7th Nov 2016
The Economist Intelligence Unit (EIU) published a study on the state of illicit trade in 17 countries across Asia and the Pacific. While there is no surprise in seeing Australia and New Zealand scoring highly in this “ Illicit Trade Environment Index”, and developing countries such as Lao or Myanmar scoring poorly, an intriguing finding is the relatively poor performance by the city-state of Singapore which shares 7th place with Taiwan. Rather than conducting a quantitative comparison inherently complicated due to the nature of illicit trade, the EIU focus on four qualitative indexes. Intellectual property enforcement was the first pillar of the index. Secondly, transparency in trade was defined as the effects of government’s regulations, and cooperation with stakeholders. The third category was the customs environment, its ability to facilitate trade while conducting inspections, and low corruption. Finally, the EIU studied governmental efforts to suppress the supply and demand for illicit trade. The IP laws and enforcement efforts in Singapore are strong and it has the highest scoring customs environment of all the countries included in the study, with high efficiency and low corruption. The government actions were deemed one of the most conductive to curtailing illicit trade, only behind Hong Kong and New Zealand. So why did Singapore only come 7th out of 17 on the illicit trade index, below Malaysia and Hong-Kong? The explanation lies in its particularly poor rating regarding transparency, on which only Cambodia, Myanmar and Laos did worse. As one of the world’s busiest ports, Singapore hosts major Free Trade Zones (FTZs) over which the authorities exercise very little oversight, and in which they are likely to intervene only when dangerous materials such as guns are transiting. The study also found that authorities considered by experts as generally uncooperative with international stakeholders such as intellectual property rights owners wishing to seize infringing goods while they are transiting through Singapore.
Defense & Security
Road turned into runway for Singapore fighter jets The Straits Times 14th Nov 2016
Fighter jets roared down Lim Chu Kang Road and into the skies yesterday morning as part of the Republic of Singapore Air Force's (RSAF) Exercise Torrent. The road had been converted into a runway in 48 hours, for the exercise, which demonstrated the RSAF's capability to swiftly assemble air power to counter any threat. "Because Singapore is a small country, we must always protect our airspace," said Defence Minister Ng Eng Hen, who spoke to reporters after the event. "It shows that we can convert a highway to an airstrip and it gives us a lot of confidence that we'll be able to protect our skies under all conditions." The exercise saw 12 fighter jets taking off and landing across four runways - Lim Chu Kang Road and three others in Tengah Airbase - in quick succession.
Singapore-US defence ties should continue to strengthen: Ng Eng Hen Channel NewsAsia 13th Nov 2016
Defence Minister Ng Eng Hen said Singapore should be able to continue strengthening defence ties with the US - including the incoming Donald Trump administration - based on past experiences and traditionally strong institutional links with both Republican and Democratic parties. Speaking to reporters on the sidelines of a Republic of Singapore Air Force (RSAF) exercise on Sunday (13 Nov), Dr Ng said Singapore will continue to work with the US "as with other countries within the ASEAN Defence Ministers' Meeting-Plus framework". These include China, India, Japan and South Korea. His statements come after the US Presidential Elections earlier this week saw Mr Trump voted into power, with campaign promises that included walking away from defence agreements with NATO and Asian allies seen to be not pulling their weight. Dr Ng said any such agreement that Singapore enters into is made "on the basis of mutual benefit". "For the US, we are doing a lot with them, and for them - we welcome their planes and their ships through our airbases and Changi Naval Base, where there is a confluence and alignment of interests - for example anti-terrorism. "We've served in Afghanistan and now we are working towards diminishing Islamic State's ability to radicalise Singaporeans here. We allow their Littoral Combat Ships passage through here. Recently we allowed their P-8s to also transit through here," said Dr Ng. "So I would say that we've been doing a lot for our defence partners like the US. So I think on that score we've already been doing a lot, and I don't see that as any reason it should diminish ties with the US."
MINDEF signs contracts to acquire new helicopters Channel NewsAsia 7th Nov 2016
The Ministry of Defence (MINDEF) has signed contracts to acquire new medium- and heavy-lift helicopters. In a press release on Monday (Nov 7), the ministry said the new H225M and CH-47F will replace the Republic of Singapore Air Force's (RSAF) Super Pumas and older Chinooks. They have been in service since 1983 and 1994 respectively, and are going to be obsolete. MINDEF said both helicopters were selected after a rigorous evaluation process. The contract for acquiring the H225M - a medium-lift helicopter - was awarded to Airbus Helicopters, while the heavy-lift CH-47F will be provided by The Boeing Company. “The H225M and CH-47F possess better lift and reach capabilities, and will enable the RSAF to meet the Singapore Armed Forces’ lift requirements more efficiently with fewer helicopters and less manpower,” said MINDEF.
Economics
Singapore to release final Q3 GDP figures on Nov 24 The Straits Times 17th Nov 2016
SINGAPORE - The Ministry of Trade and Industry (MTI) will release the third quarter economic survey of Singapore on Nov 24 at 8.00am. The report will give the final growth figures for the economy for the July-September quarter, including detailed information on sectoral performance, sources of growth, inflation, employment and productivity. The advance estimate of third quarter gross domestic product (GDP) released on Oct 14 showed Singapore's economy grew a meagre 0.6 per cent from a year ago, sharply lower than economists' median forecast of 1.7 per cent growth. Compared to the previous quarter, the economy contracted by 4.1 per cent, the biggest slump since 2012. Since then, MAS forecasters have downgraded their economic projections for this year and next, expecting 2016 growth to come in at the lower end of their 1 to 2 per cent forecast, and "only slightly higher" in 2017.
Singapore's exports slump 12% in October Channel NewsAsia 17th Nov 2016
Exports in Singapore slumped further in October, falling 12 per cent following a 5 per cent decline the previous month, according to figures released by International Enterprise (IE) Singapore on Thursday (Nov 17). Non-oil domestic exports (NODX) were hit by a decline in both electronic and non-electronic exports, the trade agency said. Electronic shipments fell 6 per cent, following a 6.6 per cent decline the previous month. The contraction was largely due to ICs (-5.1 per cent), disk drives (-47.7 per cent) and telecommunications equipment (-19.9 per cent). Non-electronic exports plunged 14.6 per cent, after a 4.2 per cent contraction the previous month. The decline was led by pharmaceuticals (-47 per cent), petrochemicals (-7 per cent) and civil engineering equipment parts (-40.7 per cent), IE Singapore said. Overall, shipments to the majority of Singapore’s top 10 markets fell, with the European Union, Japan and Indonesia leading the decline. Bucking the trend were exports to Taiwan, Hong Kong and South Korea, which rose between 1 per cent and 19.4 per cent. Non-oil re-exports (NORX) declined 8.9 per cent last month, compared to the 1.2 per cent growth in September, with declines in both electronic and non-electronic re-exports. One analyst attributed the decline in key exports to weak global growth. "This is not just weakness from the US. It's weakness from key markets in the region, like Malaysia and Indonesia, coming up at their slowest growth rates in many years this year," said Mr Miguel Chanco, the lead ASEAN analyst at the Economist Intelligence Unit. Global demand conditions aside, observers say overall trade recovery is threatened by rising anti-globalisation sentiment, as reflected in the recent Trump victory in the US and the Brexit vote in the UK.
Singapore Home Sales Climb to Highest in More Than a Year Bloomberg 14th Nov 2016
Singapore home sales rose to the highest in more than a year in October as developers marketed more projects on pent-up demand from homebuyers. Developers sold 1,252 units last month, compared with 509 units in September, according to data released Tuesday by the Urban Redevelopment Authority. That’s the biggest monthly sales tally since July 2015, the data showed. Developers launched 1,467 units last month in Singapore, more than three times the number in September. The largest sales came from the Forest Woods project by Serangoon Green Pte which sold 364 units of the 519 marketed. The Alps project by MCC Land sold 334 of 626 units launched for sale.
Chart of the Day: Guess which sector make up the bulk of layoffs in Singapore Singapore Business Review 9th Nov 2016
Preliminary estimates showed that overall unemployment rate in September 2016 was unchanged from June 2016, figures from Ministry of Manpower revealed. However, there is still a significant number of Singaporeans being subjected to redundancies. Based on preliminary estimates, some 4,100 workers were made redundant in the third quarter of 2016, down from the 4,800 in the previous quarter. However, the number of redundancies was higher than the 3,460 a year ago, amid subdued global economic conditions and internal economic restructuring. By sectors, redundancies fell over the quarter in services and manufacturing, while it increased in construction. Services continued to form the bulk of redundancies (59%) in the third quarter of 2016, followed by manufacturing (27%) and construction (15%).
Most SMEs struggle to upgrade staff's skills Singapore Business Review 4th Nov 2016
Most SMEs are investing in skills training for their workforce despite eight in 10 saying they are hindered in doing so. This is one of the key findings of the 2016 SME Development (SMED) Survey conducted by DP Information Group (DP Info), Singapore's leading provider of business intelligence and credit analytics. The SMED Survey is the definitive research on Singapore's SME community, with 2,513 SMEs taking part. The survey found 68 per cent of Singapore SMEs invested in manpower development programs to improve the skills of their workforce. Construction firms were the most likely to spend on skills training (88 per cent) followed by SMEs in the Infocomm sector (75 per cent). Wholesale (56 per cent) and Retail (62 per cent) were the least likely to spend on skills training. Of the companies that do invest in skills training, 66 per cent spend up to $500 per employee per year, including 18 per cent that spend up to $100 per employee per year. According to the survey, 85 per cent of SMEs are hindered in their efforts to upgrade the skills of their workforce. Manufacturing companies face the most obstacles to skills development (90 per cent), while retail firms face the least (74 per cent). Mr Lincoln Teo, Chief Operating Officer of DP Info said upgrading the skills of their employees will be a major challenge for SMEs in the next few years. “Cost is always an issue which limits how much SMEs are prepared to invest in training. With the majority spending less than $500 per employee per year, it appears SMEs are doing the training they have to do, rather than the training they might want to do,” he said. Overall, majority or 66% only spent less than $500 (48% spent over $100-$500 while 18% only invest up to $100).
Energy
Singapore builds giant floating solar platform GovInsider 14th Nov 2016
Singapore has built an enormous floating solar platform to test the potential of solar energy in the island state. The platform, measuring 1 hectare (10,000 square metre) in size, will be used to test the performance and cost-efficiency of 10 different photovoltaic systems over the next six months, it has been announced. The study will “determine the optimal system for Singapore and to study the environmental impact of such systems on our water bodies”, said Minister for Environment and Water Resources, Masagos Zulkifli, in October. The two best systems will be chosen for the second phase of the trial. “If this pilot successfully establishes the economic viability and environmental sustainability of floating solar PV systems, Singapore will explore the large-scale deployment of these systems,” he added. The country has already set aside large swathes of land for water reservoirs.
PM Lee spells out plans for energy sector The Straits Times 12th Nov 2016
Prime Minister Lee Hsien Loong yesterday mapped out Singapore's action plan to take full advantage of the changing energy landscape, in which oil prices are low and the cost of producing clean energy is falling. Mr Lee charted three paths that will help the country to stay ahead in the energy and chemicals sector, which makes up one-third of manufacturing output. It also provides good jobs for more than 25,000 people, about 70 per cent of whom are professionals, managers, executives and technicians (PMETs). Singapore is working on reducing its carbon emissions, transforming the energy and chemicals industry, and upgrading its workforce. Singapore's target is to stop further increases to its greenhouse gas emissions by around 2030. It also pledged to be greener economically, by reducing the amount of greenhouse gases emitted to achieve each dollar of gross domestic product - by more than a third. Another measure he highlighted was giving priority to reducing emissions that are least costly, like mandating minimum energy efficiency standard for new buildings and home appliances like refrigerators and air conditioners. Singapore is also working with the biggest carbon emitters, like the petroleum refining, chemicals and semiconductor sectors, which collectively contribute more than three-quarters of manufacturing emissions. Identifying new technologies and capabilities to invest in would also help make Singapore an innovation hub.
Singapore working to reduce emissions, transform energy sector, PM says at Shell's 125th anniversary dinner The Straits Times 11th Nov 2016
SINGAPORE - Prime Minister Lee Hsien Loong on Friday (Nov 11) mapped out Singapore's action plan to take full advantage of the changing energy landscape, in which oil prices are low and the cost of producing clean energy is falling. Mr Lee charted three paths that will help the country to stay ahead in the energy and chemicals sector, which makes up one-third of manufacturing output. It also provides good jobs for more than 25,000 people, about 70 per cent of whom are professionals, managers, executives and technicians (PMETs). Mr Lee held up these challenges facing the sector at a dinner organised by energy giant Shell to celebrate its 125th anniversary in Singapore. He noted that Shell is transforming itself into an energy solutions company.
Indonesia eyes electricity exports to neighboring countries The Jakarta Post 9th Nov 2016
Indonesia plans to sell electricity to Malaysia, Thailand and Singapore as the government is targeting greater profitability from several coal mine-mouth power plants that are anticipated to soon be completed in Sumatra. National Development Planning Board (Bappenas) head Bambang Brodjonegoro said the plan was feasible as the power plants would have excess capacity. "We can sell the electricity abroad via underwater cables," the former finance minister said during the ASEAN G2B Infrastructure Investment Forum in Jakarta on Tuesday. Bambang said electricity demands were huge in peninsular Malaysia and southern Thailand, where Indonesia could meet those demands at competitive prices. "As long as Sumatra’s electricity needs are fulfilled, we can export the excess capacity," he added. President Joko “Jokowi” Widodo’s administration is targeting to complete its ongoing 35,000 megawatt (MW) electricity procurement program by 2019. Of the target, 7,800 MW will be supplied from mine-mouth power plants.
Singaporeans using less electricity, water The Straits Times 6th Nov 2016
People here may be armed with mobile phones, tablets and cameras, but they are using less electricity now when compared with a decade ago - a trend similar to Singapore's water consumption pattern. Figures from the Energy Market Authority showed that last year, each household used a monthly average of 468.4kWh of electricity. This is down from the 469.0kWh monthly average in 2006. The decline could be due to smaller households - there were just 3.4 people in each household last year. About a decade ago, it was 3.6. But estimated per capita consumption rates also reflect a similar downward trend. In 2006, each person used a monthly average of 115.7kWh of electricity at home. This dropped to 108.7kWh last year, according to calculations made by Mr Allan Loi, energy analyst at the National University of Singapore's Energy Studies Institute.
Government exploring ways to improve monitoring and reporting of big industrial energy users' emissions The Straits Times 4th Nov 2016
SINGAPORE - The Government will be exploring new ways of reducing carbon emissions, including enhancing the monitoring and reporting requirements for big industrial users of energy, said Deputy Prime Minister Teo Chee Hean on Friday (Nov 4). This comes even as a Paris climate agreement came into force on the same day. Mr Teo, who is also chairman of the inter-ministerial committee on climate change, was speaking at JEM auditorium in Jurong East during the award ceremony for the National Climate Change Competition, a students' video competition organised by the National Climate Change Secretariat (NCCS). Industrial companies that use 54 or more terajoules of energy per year are already required by Singapore's Energy Conservation Act to appoint an energy manager, monitor and report energy use and greenhouse gas emissions and submit energy efficiency improvement plans annually.
Financial Services
Banks in Singapore must give cyber security high priority: ABS, ministry The Straits Times 17th Nov 2016
Industry and government leaders on Thursday (Nov 17) urged financial institutions to step up cybersecurity efforts even as they seek innovation and digitise, at a technology risk conference by the Association of Banks Singapore (ABS) and the Monetary Authority of Singapore (MAS). ABS chairman Wee Ee Cheong told the audience at the Sands Expo and Convention Centre that the focus is no longer just to defend against cyber threats, "but to respond promptly". The idea is to use tools such as machine learning and big data analytics to aid in such efforts, "to be agile in responding to cyber threats" and move from being reactive in defence to being proactive. Mr Aubeck Kam, Permanent Secretary of the Ministry of Communications and Information, said the Government is already working on its cyber security strategy, and hoped this would encourage financial institutions to deepen their own plans. He noted that even as the industry embraces innovative fintech solutions, it has to give thought to keep security on top of the organisation's agenda, especially when the financial sector plays an important role here.
MAS to grant FinTech trials up to S$200,000 in funding Channel NewsAsia 17th Nov 2016
The Monetary Authority of Singapore (MAS) has unveiled a new scheme where it will fund 50 per cent of the costs of Singapore-based FinTech trials, at a maximum of S$200,000 per project. Announcing the initiative at the FinTech Awards night on Thursday (Nov 17), MAS chairman and Deputy Prime Minister Tharman Shanmugaratnam said: "Money is not the key issue, but it's helpful for the startups and helpful before ideas have been proven in the market." He added: "This grant scheme is not (just) aimed at trials for the benefit of the individual institution, but it's aimed at ideas that can benefit the financial system at large, be it in Singapore or abroad." In his speech, Mr Tharman noted that the financial sector needs to build new capabilities and that its jobs landscape should not just be about "jobs being replaced and new jobs being created", but it should be about the "transformation of existing jobs". Mr Tharman said MAS has been working with local polytechnics to review and enhance their curricula, including injecting skillsets such as agile software development, mobile application development, cloud application deployment and data analytics. Additionally, MAS has been working with the institutions to increase the number of FinTech internships offered. MAS has achieved its October targets of securing 100 FinTech mentors and 100 internships for 2017. Next year, the central bank will launch MAS Tech Talks, a series of lectures in which FinTech professionals will share their experiences so students can have a better understanding of the industry. Ten FinTech firms were awarded S$1.15 million in total at the inaugural FinTech Awards organised by MAS. Top winners include BioCatch, fastacash, Tookitaki, and CashRun.
Singapore eyes luring British FinTech talent post-Brexit Singapore Business Review 17th Nov 2016
Britain leaving the European Union is opening up an opportunity for Singapore to recruit talent for its ambitious plans to become a leading financial technology hub, said the chief FinTech officer of the city-state's central bank. "First thing after Brexit happened, we talked about talent - talent coming out of the UK," said Sopnendu Mohanty of the Monetary Authority of Singapore at a panel discussion at Singapore's first FinTech festival. "I agree they have a huge pool of talent and it's good to have something like that so we can take some talent out. Britain's economic secretary to the treasury Simon Kirby, one of the officials in attendance, told the audience that London will remain a leading financial center, though he acknowledged that Singapore might be able to lure some of the talent.
Compliance specialists in demand amid tougher bank regulations Channel NewsAsia 17th Nov 2016
While the finance industry has seen its fair share of layoffs recently, global banks operating in Singapore are still hiring. In particular, banks are on the lookout for specialists in the field of compliance amid increasingly strict regulations, recruitment experts told Channel NewsAsia. Certainly, this demand for compliance professionals is not new. Since the rise in regulatory scrutiny after the global financial crisis of 2008, compliance recruitment has increased steadily, with banks doubling or even tripling the size of their teams based in Singapore. But as the Monetary Authority of Singapore (MAS) looks set to step up on enforcement action following the shutdown of Swiss private banks BSI and Falcon, compliance experts will become even more in demand here, industry observers say. However, recruitment of compliance professionals has not been easy due to the small talent pool in Singapore, banks and recruitment agencies told Channel NewsAsia. According to Singapore Management University’s (SMU) finance professor Annie Koh, the lack of compliance-related modules in the local undergraduate programmes and certification courses offered by recognised institutions is a contributing factor. To solve the chronic lack of experienced professionals in this field, SMU’s Professor Koh said educational institutions can draw up shorter-term certification courses offering compliance-centric training, while targeting displaced PMETs (professionals, managers, executives and technicians) from the banking sector. Meanwhile, some banks have taken proactive steps to groom their own talent. Credit Suisse, for one, set up a Compliance Academy five years ago to “grow its own pool of compliance professionals” given the limited number of experienced talents in the industry, said the academy’s global head Alice Ng.
Singapore to launch blockchain project for interbank payments the star 16th Nov 2016
SINGAPORE: In a major move to explore the use of digital currency in Singapore, the city-state's central bank plans to launch a pilot project with the country's stock exchange and eight local and foreign banks to use blockchain technology for interbank payments. Cross-border foreign currency transactions will also be reviewed under the pilot as Singapore's central bank looks to position the financial centre as an important Fintech hub. The effort is supported by the R3 blockchain research lab and BCS Information Systems, Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said at the Singapore Fintech Festival. "Under the pilot system banks will deposit cash as collateral with the MAS in exchange for MAS-issued digital currency," Menon said on Wednesday.
Singapore Working on Interbank Payments Blockchain Bloomberg.com 15th Nov 2016
The Monetary Authority of Singapore is poised to become the latest central bank to test its own digital currency, which it will use in a trial of a blockchain-driven system for interbank payments. The “proof-of-concept” project, which also involves the city’s stock exchange and eight banks, is aimed at simplifying the payments process and reducing transaction costs, Managing Director Ravi Menon said in a speech Wednesday. It may include cross-border transactions with the participation of another central bank in the future, he said. The project is the latest sign that a long-discussed development for the banking industry -- the adoption of blockchain to speed up and simplify interbank deals -- is gaining traction after years of debate and warnings about possible safety breaches. The MAS plan involves an internally-created digital currency. It’s a similar approach taken by the Bank of Canada, which said in June it’s running experiments on interbank payment systems using blockchain-type technology. Singapore will also create a national “know-your-customer” platform that will help banks avoid redundancy in customer data collection and reduce compliance costs, Menon said. The “basic building block” of that system will be the government’s MyInfo service, which collects personal details of Singaporean residents, he said during an event at the Singapore Fintech Festival.
Helping start-ups venture abroad is next big focus: MAS Chief FinTech Officer Channel NewsAsia 15th Nov 2016
Helping FinTech start-ups to venture abroad is the next big focus in Singapore's push towards becoming a smart financial centre, according to Monetary Authority of Singapore’s (MAS) Chief FinTech Officer Sopnendu Mohanty. In an interview with Channel NewsAsia on Monday (Nov 14), he outlined priorities for the coming year – including improving global market access for Singapore start-ups, building up talent, and giving FinTech developers better access to funds. Mr Mohanty said the main initiative so far has been around defining the parameters of a smart financial centre and identifying the various roles of different industry participants. “We can’t expect the Government to be doing innovation,” he said. “That’s not our job. Our job is to facilitate innovation.” To do just that, policy frameworks have been simplified, said Mr Mohanty. He cited efforts by MAS to update outsourcing guidelines, open up the use of cloud services and provide "sandboxes" to experiment with technology. Looking ahead, he said a big focus next year will be on helping start-ups access markets abroad. “You cannot have a sustainable FinTech industry if you do not have access to the market. Singapore is not the market. The market which exists is outside of Singapore,” he said.
Singapore’s central bank has backed its first fintech startup Tech in Asia 14th Nov 2016
Singaporean fintech startup SoCash is the first fintech startup to receive backing from the Monetary Authority of Singapore, it announced today. The grant is part of the Financial Sector Technology & Innovation Scheme for proof of concepts, which MAS announced in June 2015. We have reached out to SoCash for more details on the grant. MAS said at the time it would commit US$159 million over the next five years to create a “vibrant ecosystem for innovation.” Funds committed under the scheme are aimed at convincing financial institutions to open innovation centers in Singapore. The scheme is also meant to support the creation of “industry-wide technology infrastructure” for new products and services, a category that includes fintech startups.
MAS kicks off inaugural Fintech Fest Singapore Business Review 14th Nov 2016
The Monetary Authority of Singapore kicked off the inaugural week-long FinTech Festival in the city-state. The event, which was in partnership with The Association of Banks in Singapore, is aiming to connect the global FinTech community. In a statement, MAS noted that close to 11,000 participants from more than 50 countries have pledged their participation for the series of events comprising conferences on FinTech, Tech Risk, and RegTech; the Global FinTech Hackcelerator; the FinTech Awards; visits to innovation labs; as well as community and networking events. MAS Chief FinTech officer Sopnedu Mohanty said this is an important initiative that allows to bring the global FinTech community together. "The Festival will foster the thriving FinTech ecosystem in Singapore and beyond, as we strive towards establishing Singapore as a Smart Financial Centre and a world-class FinTech hub,” he said. Meanwhile, ABS Director Ong-Ang Ai Boon noted how the festival is the first of its kind globally. "The Festival offers a conducive environment for the FinTech community to connect, exchange ideas and preview what the future holds for the financial industry, and the possibilities and opportunities that await us. FinTech is the way forward and we are delighted that the Festival will create new value and position Singapore as a future-ready financial centre," she explained.
Investment banking activity in Singapore in downward spiral Yahoo Singapore Finance 13th Nov 2016
Singapore’s investment bankers are going through a difficult time. A slowdown in economic activity in the region has resulted in a contraction in the number of deals. The problem is compounded by the rise of Chinese investment banks which are becoming increasingly aggressive in capturing market share. According to a recent Reuters report, the total value of merger and acquisitions transactions in the Asia-Pacific region in the current year stands at US$572.9bil. In the same period last year, the value of M&A deals stood at US$745.7bil. This contraction has led to massive layoffs in the investment banking sector. Goldman Sachs’ investment banking revenues have been falling continuously for several years now. Consequently, it has initiated a cost-cutting exercise that will lead to US$700mil in savings per year. Most of the bank’s employees in the region are located in Hong Kong, Singapore, and China and it is in these countries that the cuts will take place. Goldman is not the only investment bank facing a contraction in business volumes. Bank of America also has plans to reduce its investment banking staff in the Asian region. Layoffs are expected in Hong Kong, Singapore, and Japan. According to a report, BofA’s net income in Asia declined by 3% in 2015. While the business volume of American investment banks is shrinking, their Chinese competitors are making significant inroads into their territory. A study by Dealogic, a financial market analytics and technology firm, has found that the top five investment banking companies in the Asian region, excluding Japan, are Chinese. The same ranking reveals that of the 12 largest firms by M&A revenues in the region, eight are from China. As recently as 2014, Goldman Sachs held the premier position. Investment banks based in Singapore are suffering as the total volume of business available has dropped. While there is a certain amount of M&A activity in China, this is being snapped up by Chinese investment banks.
MAS eyes bigger funding landscape for Singapore startups Singapore Business Review 11th Nov 2016
The Monetary Authority of Singapore is now reviewing its regulatory regime for venture capital (VC) managers to grow more VC activity in the efforts to create an innovation village. In a speech, Deputy Prime Minister Tharman Shanmugaratnam said MAS is looking to significantly simplify and shorten the authorisation process for new VC managers. This is in part of working alongside with the VC industry to grow the funding landscape for start-ups in Singapore and the region. "...to the extent that there are contractual safeguards to provide sufficient protection to a VC’s sophisticated investor base, MAS is also looking to exempt VC managers frombusiness conduct requirements that are currently applied to asset managers in general," the deputy prime minister said. He also noted that MAS is studying whether existing incentives for funds and fund managers are suitable to anchor VC funds and VC fund managers in the city-state. "We recognise that VC funds and fund managers are typically smaller in size and headcount than traditional asset managers. But they contribute in a different way, by supporting entrepreneurship and innovation in Singapore and the region," he explained. MAS will be facilitating a public consultation on its proposals in January next year, and targets to introduce changes by July 2017.
World's largest fintech hub opens in Singapore Singapore Business Review 10th Nov 2016
Asian investment private group Marvelstone cut the ribbons for Lattice80, dubbed as the world's largest fintech hub. The 30,000 sqft. hub is located in the Central Business District, close to financial institutions, the stock exchange and regulators. According to Marvelstone Chairperson Joe Seunghyun Cho Singapore has the what a global fintech hub needs to prosper. "Singapore, being a traditional financial and trading hub, has the legal infrastructure and access to global investors that budding fintech companies would look for," Cho explained. The launch was to help fintech startups prototype, develop and expand their business models overseas. It also aims to support existing companies and financial institutions in their adoption innovation. More so, the move to establish Lattice80 is in line with the city-state's overarching Smart Nation Vision, which is aimed at empowering people and businesses through increased access to data, innovative ideas and solutions, and utilising technology to better serve citizens' needs. "Singapore can be the best test bed for smart city solutions. Financial technology is one of the most important components of a Smart Nation, and can serve to power further innovation," cho stated.
Singapore's new insurance businesses dip 1% in 3Q Singapore Business Review 9th Nov 2016
The Life Insurance Association Singapore (LIA Singapore) announced industry results for the period January to September 2016 (YTD 3Q2016). On an annual basis, data from LIA show total weighted new business premium dropped1% to $808.2m during the July-Sept period from last year's $813m. Compared with 2Q, total weighted new business sales fell 4% to $808.2m from $844.9m. Overall, the life insurance industry in Singapore continues to report steady progress with an eight percent increase in total weighted new business premiums for the first nine months. Total weighted new business premiums amounted to S$2,331 million for the first three quarters of the year.
IBM to focus on trade solutions using blockchain Singapore Business Review 8th Nov 2016
Together with Singapore Economic Development Board, IBM brings the first research-led innovation centre to incubate new solutions and produce new digital businesses based on blockchain. The blockchain platform will be designed and developed in Singapore to help upgrade the city-state as a smart financial centre. Such projects will involve global banks and fintech companies as well as the Money Authority of Singapore and Singapore's Central Bank. The center will employ research scientists and engineers locally and worldwide. Additionally, it will also engage with small and medium-sized enterprises (SMEs) to create new applications and grow new markets in finance and trade. Through blockchain, it will help bring dramatic changes across the entire business ecosystem to reduce costs and risks, but will increase accessibility to services that could help SMEs completely change the business landscape. Robert Morris, vice president of Global Labs of IBM Research, also exemplified that their goal is to design, develop, and test blockchain technology for key industries such as finance, trade and commerce. As a research hub, the IBM Center for Blockchain Innovation is looking forward to working with academes and higher learning institutions that develop competence in blockchain and cognitive technologies. “We aim to help make Singapore a top destination for innovation in finance, trade, and commerce and establish it as a global center of deep competence, expertise and industry leadership in enterprise Blockchain and cognitive technologies,” Morris ended.
Don’t get left behind – embrace the e-payment systems in Singapore Yahoo Singapore Finance 6th Nov 2016
Much of our transactions, like paying bills and even shopping, are done digitally. Singapore is well ahead of its neighbouring countries in ASEAN when it comes to e-payments. You almost don’t need cash for your day-to-day transactions in Singapore anymore because of its fantastic contactless payment systems in place. These systems are spurring the use of mobile wallets. DBS Bank has invested S$200mil in its digital banking segment and launched its DBS digibank app earlier this year. DBS has also introduced programmes like DBS PayLah, DBS SMS Banking and DBS FasTrack. The bank has the biggest number of online and mobile banking customers here, with around 2.5mil and 1.25mil users in each respect. These numbers are impressive considering Singapore’s population of 5.39mil. Recently, the Association of Banks in Singapore (ABS) and the Banking Computer Services (BCS) have been in talks to link bank account numbers to user mobile numbers to allow for faster banking transactions. And for businesses, the Unique Entity Number (UEN), registered with the Accounting and Corporate Regulatory Authority (ACRA) will be used for business transactions. The plan’s expected to hit sometime next year.
Health & Life Sciences
Singapore scientists part of breakthrough in autism research TODAYonline 16th Nov 2016
Similarities uncovered in how DNA is ‘packaged’ in the brains of autistic individuals that distinguish them from non-autistic people SINGAPORE — In a breakthrough that could pave the way for drugs to be developed to treat autism, scientists have discovered common patterns in the way DNA is “packaged” in the brains of autistic individuals that distinguish them from non-autistic people. There are no drugs now to treat autism as its causes are poorly understood, and help is usually in the form of behavioural therapy. The complex condition comprises several brain disorders, although people with autism generally display repetitive behaviour and have difficulty socialising and communicating. In general, autism affects an estimated 1 per cent of the population.
GE Healthcare, Valneva delivers optimized cell culture medium for vaccine production Bio Spectrum 15th Nov 2016
Singapore: GE Healthcare's Life Sciences business and Valneva SE, vaccine biotech company, are sharing the results of a successful collaboration to optimize virus productivity in Valneva's EB66 cell-line, a proprietary technology for the production of a wide variety of vaccines, including human and animal health vaccines. Viral production in EB66 cells encompasses secreted viruses, such as measles, alphaviruses, influenza A and B strains, and intracellular viruses, such as the Modified Vaccinia Ankara (MVA) virus. The collaboration has resulted in the creation of a commercial cell culture medium, HyClone CDM4Avian, developed specifically to address the challenges of media variability. The new medium supports efficient and predictable virus production for manufacturers utilizing EB66 cells, helping to increase production reliability and improve end-product quality.
Changi Airport Group strengthens pharmaceutical supply chain in Singapore PharmaAsia 9th Nov 2016
Changi Airport is the first airport in Asia to join Pharma.Aero as a strategic member, together with partner Singapore Airlines Cargo who comes on board as a full member. Both parties envisage that this effort will raise pharmaceutical handling capabilities at Changi Airport. An organization comprising stakeholders of air cargo supply chain from around the world, Pharma.Aero is dedicated to achieving excellence in end-to-end air transportation for pharma cargo.Pharmaceutical cargo is among the fastest growing segments at Changi Airport, growing 19 percent year-on-year for the first nine months of 2016, and registering a five-year compounded annual growth rate (CAGR) of 13 percent from 2010 to 2015.
10,000 more healthcare workers needed in next 3 years The Straits Times 6th Nov 2016
Some 10,000 healthcare workers are needed in the next three years to look after the swelling ranks of ageing Singapore residents. More than one-third of the vacancies will be for professional, managerial, executive and technical (PMET) jobs such as doctors, nurses, facility managers and administrative staff, the Ministry of Health (MOH) tells The Sunday Times. The ministry last month announced it needed 30,000 healthcare workers overall by 2020, and has now updated this to state that of these, 10,000 are required for the eldercare sector alone. The vacancies will be filled by both local and foreign workers, says a ministry spokesman. Asked how this will be achieved, MOH says: "We are ramping up efforts to build a stronger local core in the healthcare sector, such as investing in skills training and job redesign so that our healthcare workforce can do more at each level."
ICT
Banks in Singapore must give cybersecurity high priority: ABS, ministry The Jakarta Post 17th Nov 2016
Industry and government leaders on Thursday urged financial institutions to step up cybersecurity efforts even as they seek innovation and digitize, at a technology risk conference by the Association of Banks Singapore (ABS) and the Monetary Authority of Singapore (MAS). ABS chairman Wee Ee Cheong told the audience at the Sands Expo and Convention Centre that the focus is no longer just to defend against cyber threats, "but to respond promptly". The idea is to use tools such as machine learning and big data analytics to aid in such efforts, "to be agile in responding to cyber threats" and move from being reactive in defense to being proactive. Aubeck Kam, Permanent Secretary of the Ministry of Communications and Information, said the Government is already working on its cyber security strategy, and hoped this would encourage financial institutions to deepen their own plans.
Solar-powered smart bins that act as Wi-Fi hot spots launched at Orchard Road The Straits Times 15th Nov 2016
"Smart" bins that act as Wi-Fi hot spots and which send alerts for them to be cleared when they are almost full, now line a small stretch between two Orchard Road malls. Ten of these bins have been placed along the 500m outdoor pedestrian walkway between Wisma Atria and Mandarin Gallery. A three-month pilot trial of these bins was launched on Tuesday (Nov 15) by technology firm Terra Sol and the Orchard Road Business Association (Orba) after a year of planning. The bins, called Bigbelly smart bins, will be fully operational by the end of the week. These intelligent bins have sensors that detect how full they are and can later send e-mail or text message alerts to the cellphones of cleaners. The bins also have a compactor that can crunch rubbish so that the capacity of the smart bins can be eight times more than that of a normal bin.
Singapore is beating the rest of Asia on one key measure CNBC 14th Nov 2016
Singapore is better positioned than any other Asian country to cash in on an increasingly digital world, which should help protect it as trade takes hits from all directions, a new report says. The Enabling Digitalization Index, compiled by trade credit insurer Euler Hermes, ranks countries on their level of "digitalization" - that is, how a country uses technology to digitize businesses and facilitate the cross-border flow of data. The index also takes into account a country's quality of digital connectedness, logistics performance and ease of doing business. Singapore was ranked 6th out of the 135 countries in the index, released exclusively to CNBC, and was the only Asian country in the top 10. The top three were Germany, the Netherlands and Sweden. Japan placed 15th and China was 44th. The report accompanying the index estimated that digitalization currently contributed 9.4 percent to the world's economic output.
Singapore plans to grow data centres by 25% Singapore Business Review 10th Nov 2016
Citywide sensors are also being studied. There is a high potential for mature telecoms markets in the Asia Pacific Region to advance IoT development, leveraging strong ICT fundamentals, access to skilled labour, and more robust regulatory and legal frameworks, BMI Research said in a report. Key markets include Singapore, Japan, South Korea,Taiwan, Australia, China. "A strong consumer appetite for advanced technology and devices in the APAC region will bode well for the uptake of consumer IoT products. However, enterprise will be the first adopter, implementing cost-saving measures while smart cities will emerge first in city-states such as Singapore," the firm noted. In Singapore, the government plans to expand datacenters by 25% and install citywide sensors under its "Smart Nation" initiative.
Singapore launches trial of self-driving e-scooter Channel NewsAsia 17th Nov 2016
A four-wheel self-driving electric scooter smaller than a golf buggy might help bring Singaporeans from their homes to the nearest bus stop or train station in the future, according to researchers. A prototype of the vehicle, now open for public trials, was unveiled on Thursday (Nov 17) at the Singapore-MIT Alliance for Research and Technology (SMART) Future Urban Mobility workshop at the National University of Singapore (NUS). Weighing about 50kg, the device runs on battery power and travels at a maximum speed of 6kmh - "walking speed", according to researchers. Each e-scooter costs about S$15,000 to develop, SMART said. As a safety measure, the device has laser sensors to detect obstacles up to 2.5m in front and 10cm at the sides, allowing it to slow down and come to a stop when approaching obstacles. It works both indoors and outdoors even in poor lighting, but SMART said the device is meant to "complement the existing transportation system", and works best in car-free areas instead of roads. SMART added that the technology provides mobility to "people who cannot, should not, or prefer not to drive" including the elderly, youth and people with disabilities. Personal mobility devices and self-driving technology are part of the Government’s push towards a car-lite society by reducing commuting time in the first- and last-mile part of journeys.
Singapore is world's second best country for digital connectivity Singapore Business Review 17th Nov 2016
Singapore is ranked top Asian country in terms of connectivity and digital transformation, based on recent study by Huawei. With a score of 72 in the Global Connectivity Index 2016, Singapore trails behind global top ranking US which scored 74. Now on its third year, the report measures nations' progress when it comes to digital transformation using 40 indicators covering the supply, demand, experience, and potential of five technology enablers: broadband, data centers, cloud, big data, and IoT.
New Cables to Boost Internet Service In Five Asean Nations AEC News Today 13th Nov 2016
Internet users in five Asean member countries will soon be experiencing faster and more reliable Internet services with three submarine fibre optic cable projects scheduled to be completed over the next 12 months. The three underwater cable projects are the: Malaysia-Cambodia-Thailand (MCT) submarine cable expected to go online in early 2017; the Singapore-Malaysia-Indonesia SeaX-1 subsea cable system expected to be operational before the end of next year; and the 15,000km- (9,320 mile) long SEA-US cable due for completion before years end. Although Internet speeds and services in the five countries are generally reasonable there are still areas throughout the Asean Community (AC) that don’t have access to Internet, or are saddled with insufficient bandwidth resulting in slow internet speeds. The new submarine cables are expected to help fuel the development of one of the world’s most economically dynamic regions that also includes the Philippines, Lao PDR, Brunei, Vietnam, and Myanmar. The $70 million, 1,300km (808 mile) MCT internet cable project commenced in 2014 as a partnership between Cambodia’s Ezecom, Malaysia’s Telekom Malaysia, and Symphony Communications of Thailand
Singapore’s brand new GovTech has landed – what will it do for the public sector? Yahoo Singapore Finance 12th Nov 2016
GovTech, a brand new government department, has been set up with the aim to transform the public sector. The innovation lab for digital services is all part of the realisation of Singapore’s Smart Nation dream, utilising technology to advance the nation and lives of its citizens through harnessing the power of data. The Government Technology Agency of Singapore, or GovTech for short, is far from the average boring and prosaic government office one might picture. Through the use of data science, analytics, artificial intelligence and machine learning, GovTech will partner with public agencies, industry and citizens to transform and improve public service delivery. MyInfo already exists as a consent-based personal data platform. It stores things like names, addresses, phone numberes and NRIC numbers from a number of government agencies. Those include the Inland Revenue and the Immigration and Checkpoints Authority. The potential of expanding MyInfo to the financial sector will be a priority for GovTech, who will join forces with the Ministry of Finance and the Monetary Authority of Singapore to scope the potential for this. What it would mean for citizens is a simplified application process with no need to show physical documents for verification. If successfully implemented in the financial sector, it could expand elsewhere. This new service will run trials at five undisclosed schools starting in November, to gauge the benefits of improving efficiency for things such as paying school fees and signing consent forms. Like many of GovTech’s proposed projects and initiatives, it’s all about streamlining services and improving convenience. An added advantange to the digitisation of the process is that it is much greener than the current paper procedures and save printing costs. The National Trade Platform will aim to streamline transactions between businesses and the government. Ultimately, it is hoped the NTP will become the sole platform for commerce information management, supporting companies with things like trade, logistics and more. Existing platforms like TradeNet and TradeXchange will, in time, be replaced by the NTP.
IMDA to facilitate joint-industry Li-Fi trials in Singapore Channel NewsAsia 10th Nov 2016
The Info-Communications Media Development Authority (IMDA) will facilitate joint-industry Li-Fi trials in Singapore by removing some of the regulatory barriers, Minister for Communications and Information Yaacob Ibrahim announced on Thursday (Nov 10). Li-Fi, which stands for Light Fidelity technology, uses visible light for data transmission and is said to be up to 100 times faster than Wi-Fi, which uses radio waves. The lightning-speed technology "has the potential to complement existing wireless networks to cater to society’s growing demand for higher Internet connection speeds," said Dr Yaacob at the National Infocomm Awards Gala Dinner. Unlike Wi-Fi, Li-Fi cannot travel through walls, and connected devices need to be under direct light. However, it could be useful in areas where Wi-Fi cannot be used because of signal interference, experts have said.
Mandatory scheme to be introduced for telcos to settle disputes with customers Channel NewsAsia 10th Nov 2016
A dedicated, independent platform to settle disputes between local telcos and their subscribers will be set up in Singapore, said Communications and Information Minister Yaacob Ibrahim in Parliament on Thursday (Nov 10). According to Dr Yaacob, the participation in the Alternative Dispute Resolution (ADR) scheme will be made mandatory for service providers. Consumers will have the flexibility to resolve their disputes through the scheme, or via other avenues such as the Courts or Small Claims Tribunal. “As such disputes may relate to specific billing and contractual issues, having a dedicated scheme that is familiar with the technicalities of service plans and packages will ensure a smoother process for all parties involved,” said the minister. He added that under the scheme, subscribers will have to pay a nominal fee to dissuade them from making frivolous claims. And outcomes will be "binding" when settlements are reached. In 2015, approximately 400 disputes were escalated to the IMDA. Dr Yaacob said the number is "likely to be higher" as some subscribers may have given up on pursuing their disputes. A Bill has been tabled to empower the newly formed Info-communications Media Development Authority (IMDA) to establish the ADR framework. As this is the first time such a scheme is being rolled out here, Dr Yaacob said IMDA will learn from other jurisdictions with similar programmes, and consult affected stakeholders. The Government body will hold a public consultation exercise on the operational design of the scheme once the framework is in place.
Singapore CIOs face IT skills shortage Singapore Business Review 8th Nov 2016
A new study by Robert Half shows that while 95% of chief Information Officers (CIOs) are implementing measures to boost innovation in their company over the next 12 months, hiring skilled IT staff remain a key challenge. According to the study, the overall majority of Singaporean companies are taking measures to boost innovation with an approach that consists of a combination of both technology and people. Data infrastructure tops the list with more than half (55 per cent) of the Singaporean CIOs planning to build more data centres to leverage data more efficiently. Human capital comes in second as almost half (47 per cent) plan to hire new IT talent with unique skills for the purpose of building a more innovative business. In boosting human capital however, all of the Singapore CIOs surveyed said that it is challenging to find skilled IT staff. To address this, having an innovative corporate culture could serve as a point of difference to attract and retain top IT talent. “Singapore's skilled IT professionals are keen for opportunities where they can have a meaningful impact by developing and driving innovation so they are more attracted to companies who are expertly communicating their focus on innovation. Given the current IT skills shortage, companies with a visibly innovative culture therefore have an advantage over their competitors in attracting and retaining the best IT employees,” said Matthieu Imbert-Bouchard, Managing Director Robert Half Singapore.
IMDA delays assessment of the potential fourth telco Singapore Business Review 7th Nov 2016
Singapore's Infocomm & Media Development Authority (IMDA) has delayed the completion of its assessment for the three expressions of interest submitted by MyRepublic, airYotta and TPG Telecom by another 20 business days, a report by UOB Kay Hian said. The assessment on who gets to participate in the spectrum auction has been extended for the second time by IMDA. Initially, the decision should have been announced by October. The brokerage firm noted that with the extension, IMDA may announce the pre-qualified candidates by end-November, and the new entrant spectrum auction could be conducted in December, at the earliest. In previous reports, the authority stressed that it would consider applicants' track records among many other criteria before allowing their participation in the upcoming spectrum auction. For UOB, the entry of a new company would shake up the telco scene in Singapore, shattering the cosy oligopoly the industry has become. "The mobile industry has been unaccustomed to free competition. The entry of a fourth mobile operator would cause major disruption," UOB stressed.
Infrastructure
Govt to employ new models for private sector involvement in development plans Channel NewsAsia 17th Nov 2016
The Government will employ new partnership models as part of efforts to increase private sector involvement in its development plans, said National Development Minister Lawrence Wong on Thursday (Nov 17). Speaking at the Real Estate Developers' Association of Singapore's (REDAS) 57th anniversary dinner, Mr Wong said this is part of the Government's strategies to keep Singapore in the premier league of global cities. In his speech, Mr Wong laid out one such partnership model - the "master developer" model, citing the development plans at Marina Bay as an example. Previously, only smaller plots were put up for tender, building by building, but the Government put out significantly larger land parcels for private development at Marina Bay. This approach allowed developers to optimise different uses and build in a more integrated manner. Mr Wong said the authorities were considering implementing this approach when developing newer districts as it has worked in other countries such as London's Canary Wharf. Mr Wong also revealed that Business Improvement Districts (BID) would be set up as another partnership model. That BIDs are business-led and business-funded bodies formed to improve a defined commercial area, he said. Property owners and retailers would be represented and have a say in what they want for the BID area, according to Mr Wong. They would also contribute funds which would be ring-fenced for use in the BID area.
World's top rail operators in Singapore to exchange ideas Channel NewsAsia 16th Nov 2016
SINGAPORE: The world's top rail operators are in town this week (Nov 14 to 17) for the Community of Metro Annual Meeting (CoMET). Local operator SMRT and Singapore is hosting the annual forum for the very first time. The yearly closed-door affair allows members - operators with a ridership of more than 500 million passenger trips a year - to share best practices and assess the standards of their metros. "I think this is where it comes in very useful for us," said SMRT Train's managing director Lee Ling Wee on the exchange of information at CoMET. "Otherwise we'll be just be doing ... blind, without knowing what are the best practices that are out there and whether we've invested enough in a certain area at the expense of other areas."
Khaw leads Singapore team for Asean transport ministers meeting in Manila The Straits Times 16th Nov 2016
Singapore - Asean transport ministers will meet in Manila, Philippines, on Nov 17 and 18 for their annual gathering. Topics for discussion include regional co-operation and initiatives in air, land, and sea transport, Singapore's Transport Ministry said on Tuesday. The Singapore team which includes officials from the Transport and Foreign Affairs ministries, the Civil Aviation, Land Transport and the Maritime and Port authorities of Singapore, is being led by Coordinating Minister for Infrastructure and Transport Khaw Boon Wan. Asean transport ministers will also meet their counterparts from China, Japan and South Korea in Manila.
Singapore, Malaysia likely to sign agreement on high-speed rail next month TODAYonline 15th Nov 2016
Early next month, Singapore and Malaysia are expected to sign the bilateral agreement on developing the highly anticipated high-speed rail (HSR) that will link the two countries. “We are working towards signing the bilateral agreement on the Kuala Lumpur-Singapore high-speed rail at the next leaders’ retreat on Dec 5, 2016,” a spokesperson from Singapore’s Transport Ministry said yesterday. The rail project was first announced in 2013 by Malaysian Prime Minister Najib Razak and Singapore Prime Minister Lee Hsien Loong. Both are scheduled to witness the signing of the agreement at their annual leaders’ retreat in Johor Baru, diplomats told Malaysia’s The New Straits Times. The signing of the agreement will pave the way for construction to start in 2018, and the HSR is targeted to begin operations by 2026.
High speed rail agreement expected to be signed next month AsiaOne 15th Nov 2016
Prime Minister Lee Hsien Loong and his Malaysian counterpart Najib Razak look on as the High Speed Rail MOU is signed by Transport Minister Khaw Boon Wan and Malaysia's Minister in the Prime Minister's Department Abdul Rahman Dahlan on July 19, 2016. SINGAPORE - An agreement on the upcoming High Speed Rail (HSR) project linking Singapore and Kuala Lumpur will probably be signed next month. The Ministry of Transport said in a statement on Monday (Nov 14) that "Singapore and Malaysia are working towards signing the bilateral agreement'' on the project at the Leaders' Retreat on Dec 5.
Manufacturing
‘Sky’s the limit’ in Singapore’s bid to become a drone hub Channel NewsAsia 11th Nov 2016
The recent surge in public and private sector demand for unmanned aerial vehicles (UAVs) - or drones - provides merely a small glimpse of the market’s largely untapped potential here, according to experts. Last week, the Ministry of Transport awarded a master contract to render drone services to agencies like the National Environment Agency (NEA) and Land Transport Authority (LTA), which have been toying with the use of UAVs since mid-2015. In October last year, a SingPost drone delivered mail from the mainland to offshore Pulau Ubin; while local dining establishment Timbre announced plans to deploy “waiter drones” at its restaurants. These examples demonstrate the receptive nature of local companies to exploring the use of drones, and are the result of a big push locally to improve productivity and reduce manpower usage, said Dr Foong Shaohui, an assistant professor at the Singapore University of Technology and Design (SUTD), who deals with UAVs as part of his engineering specialty. “This has provided a platform for the local drone industry to develop. Singapore is already an aviation hub. Perhaps we also can be a UAV hub as well,” he suggested. Ms Lim HY, the owner of online store 65Drones, concurred. “With the rise in the demand for drone services, and the need for trained professionals with specialised skills in operating UAVs... Singapore could position itself as a hub in Southeast Asia,” she said.
Singapore PMI slips to 50.5 in October Singapore Business Review 7th Nov 2016
While Singaporean private sector output continued to expand in October, the rate of increase slowed considerably from the previous month, with headline PMI slipping to 50.5 during the past month. According to Nikkei Singapore PMI by IHS Markit, this was the weakest increase in output for three months. The recorded PMI was in contrast with the 19-month high record at 52.9 in September. Likewise, growth in total new orders eased since September, although the rate of expansion remained above the average for 2016 so far. Economist Bernard Aw said both output and new orders expanded at slower rates despite new foreign sales rising at the fastest rate since January. "Softer growth in business activities contributed to companies becoming more cautious with regard to employment and inventories. Payroll numbers fell for the first time in three months, while the ongoing drawdown of pre-production inventories accelerated to a record high," Aw noted. He added that this came as greater average cost burdens led firms to raise their selling prices for the fourth month in a row. "If client demand shows further signs of cooling in the coming months, Singapore's private sector will face some tough times ahead,” the economist furthered. In contrast, growth in new export sales quickened to a nine-month record. This had helped to support total new business inflows. Meanwhile, softer expansions in activity and new work contributed to renewed job cuts across the private sector, albeit at a marginal pace. Some survey respondents commented on having fewer part-time workers.
Electronics PMI signals a turnaround for Singapore manufacturing Singapore Business Review 7th Nov 2016
Singapore's October manufacturing purchasing managers' index (PMI) remained in expansion mode. Although the headline number dipped by 0.1 to 50, this was the second month of expansion for the sector. This may well be because of the improvement in electronics cluster. According to DBS Group Research, the said cluster is undergoing a healthy run, with its PMI recording a reading of 50.8 in October, up from 50.3 in September. PMI sits at 50.8, up from 50.3 in the preceding month. Singapore's October manufacturing purchasing managers' index (PMI) remained in expansion mode. Although the headline number dipped by 0.1 to 50, this was the second month of expansion for the sector. This may well be because of the improvement in electronics cluster. According to DBS Group Research, the said cluster is undergoing a healthy run, with its PMI recording a reading of 50.8 in October, up from 50.3 in September. "Despite lower electronics prices, new orders, production and inventory stocks have all marched further northward. Indeed, this is consistent with the recent robust showing in electronics production," the brokerage firm stated. More so, the electronics output expanded by 15.9% in September. For DBS, this could be the initial sign that US consumers are loosening their purse strings on the back of improvements in the labour market. "Positive wealth effects from the run-up in China's property market may have also contributed to better electronics exports and production," DBS noted. The firm furthered, "If the manufacturing sector can sustain the growth momentum for another one to two months, then it will be safe to assume that the worst may be behind us for the manufacturing sector." However, DBS stressed that this will depend on global outlook, which is still dotted with pockets of risks.
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