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U.S.-North Korea Summit Provides Boost to Singapore’s Soft Power and International Reputation as Mediator
The historic June 12 summit between U.S. President Donald Trump and North Korean leader Kim Jong Un shone an international spotlight on Singapore. While the true economic benefits of hosting the summit are difficult to quantify, the less tangible benefits include a boost to Singapore’s global reputation, especially its reputation with the United States, and its capacity to punch above its weight diplomatically. Most importantly, the successful conclusion of the summit has raised Singapore’s profile with the Trump administration and likely afforded it some valuable credit at a time when ASEAN must compete with other parts of the Indo-Pacific for the administration’s attention.
Much attention has been paid to the S$20 million (US$15 million) price tag of the summit, half of which went towards security. Prime Minister Lee Hsien Loong of Singapore defended the price tag by pointing out that it was going towards supporting an endeavor that is “in [Singapore’s] profound interest,” even if there was no easily quantifiable direct monetary benefit to Singaporeans. On the whole, the cost of the summit was approximately 13% of what Singapore spends each year to host the Formula One race, past editions of which have cost S$150 million (US$111 million). The summit’s cost is also a minuscule amount of the S$80 billion (S$60 billion) in expenditures included in Singapore’s 2018 budget.
More consequential than any economic benefits derived from the summit was the boost it provided to Singapore’s international standing as neutral diplomatic broker and, as a consequence, the country’s soft-power. The Trump-Kim summit is not the first high-profile meeting that Singapore has hosted. In 2015 the city-state hosted a meeting between Chinese President Xi Jinping and Ma Ying-jeou, who was the President of Taiwan at the time. In 1993 Singapore hosted the Wang-Koo summit. A meeting between the semi-government Straits Exchange Foundation of Taiwan and its Chinese counterpart, the Association for Relations Across the Taiwan Straits, the Wang-Koo summit was the highest-level between China and Taiwan since 1949.
The United States and North Korea chose Singapore because it is one of the few countries that maintains diplomatic ties with both countries. Singapore has cultivated deep economic and defense ties with Washington, DC, but has also maintained relations with North Korea while still abiding by strict international sanctions against Pyongyang. Analysts have often referred to Singapore’s foreign policy as omni-directional, emphasizing the city-state’s ability to leverage its small size to play a neutral, mediating role, akin to Switzerland or Norway. The fact that the summit concluded without any security incidents further underscored Singapore’s already strong international reputation as a safe and secure venue for such high-profile events.
Beyond bolstering Singapore’s international reputation in this regard, the summit is also likely to have raised the country’s profile with he Trump administration as an important partner in the Indo-Pacific. According to Dr. Euan Graham, Director of the International Security Program at the Lowy Institute, an Australia-based think tank, Singapore is likely to have earned “some valuable credit with the Trump administration, given that Southeast (Asia) must compete with other parts of the Indo-Pacific region for attention, and (with) Singapore’s status as a close security partner rather than a treaty ally.” With Singapore also serving as ASEAN Chair for 2018, President Trump's visit to the city state for the U.S.-North Korea summit leaves open the possibility that he may opt not to attend the U.S.-ASEAN summit in November, especially since he already held a bilateral meeting with Prime Minister Lee before his meeting with Kim. If there is an indication of this, Singapore is likely to try to use some of the goodwill that it earned with the success of the summit to convince President Trump to return to the city-state in November.
MAS Aims to Attract Private Capital Investment in Regional Infrastructure Projects with Newly Created CLOs
At the Nomura Investment Forum Asia 2018 in Singapore on June 5, Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), announced that MAS is establishing a debt facility and creating a set of benchmarks with the express purpose of attracting private capital investment into Southeast Asian infrastructure projects. In his speech, Menon specifically cited two trends in Southeast Asia as the reason for needing to open the infrastructure sector to financing by institutional investors. These trends are the degree to which demand for infrastructure financing is exceeding countries’ funding capacities, and the fact that country governments in Asia more broadly currently provide more than 90% of all infrastructure financing. To ensure that financing can keep up with demand, MAS, in collaboration with industry partners, is working to create collateralized loan obligations (CLO) out of a pool of brownfield regional project finance loans from banks.
MAS intends for the investment benchmarks to allow investors to compare returns from the privately-held infrastructure debt to other asset classes. Overall, MAS hopes that, with the benchmarks and the anticipated pipeline of infrastructure projects in region in the years to come, the CLOs will prove an attractive and effective means for institutional investors, including insurers and pension funds, to invest in infrastructure debt. Thus far, around S$679 million (US$500 million) in assets from several key project finance banks have been transferred into the pool to kick-start the CLO fund. Thirty-seven project loans spread across multiple industries in the energy and transportation sectors will make up the fund. Australia will account for the largest proportion of the assets in the fund, approximately 20% overall. Both Indonesia and Vietnam will account for 14%, while the rest will come from other countries, including Singapore and Oman. A copy of Menon’s speech can be found here.
Although the CLO approach is expected to make infrastructure financing more liquid and less risky, it remains unclear if it will actually attract institutional investors. In response to the proposal, some bankers have highlighted the challenge of creating such a fund, given the significant disparities between national economies, markets and legal systems in Southeast Asia. However, Menon remains bullish on the prospect, saying that the diversity in transport and energy sectors across ASEAN countries will help to spread out the risk arising from these disparities. MAS’s plan follows on from a consensus reached during this year’s ASEAN Finance Ministers' and Central Bank Governors' Meeting in April to expediate infrastructure development by mobilizing private capital and transforming privately-held infrastructure debt into a mainstream asset class.
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After Trump-Kim summit, North Korea invites Singapore firms to visit the country TODAYonline 20th Jun 2018
Coming on the heels of the historic Trump-Kim summit, North Korea has invited Singapore companies to visit the hermit kingdom and pave the way for future business opportunities and tie-ups. The invitation from the Korea Committee for the Promotion of International Trade – a copy of which was seen by TODAY and dated June 13, a day after the summit – came despite United Nations sanctions being in force between Singapore and North Korea. It was addressed to Dr Michael Heng, a former Nanyang Technological University associate professor who now heads a business consultancy firm. Speaking to TODAY on Tuesday (June 19), Dr Heng said he will be facilitating a business mission which is set to take place from September 18 to 22. Singapore had trade links with North Korea for many years until last November, when the Republic cut economic ties with North Korea in line with toughened UN sanctions. In 2015, Singapore was North Korea's sixth largest trading partner, with bilateral trade reaching US$29 million (S$39 million). But last year, the total amount of trade between the two countries amounted to just S$700,000.
The Big Read: Forget dollars and cents. Trump-Kim summit’s real value is in affirming Singapore’s place in the world Channel NewsAsia 19th Jun 2018
It was a surreal moment last Tuesday morning (June 12) when United States President Donald Trump and North Korean leader Kim Jong Un shook hands in front of a global audience, heralding a remarkable thaw in ties between two of the world's fiercest adversaries. History was made, and Singapore, as the host, would be noted for its small contribution to world peace and security. In the days leading up to and after the summit, many headlines were focused on the quid pro quo for the host nation of staging an event that the world's spotlight would be trained on. That, said analysts, is just scratching the surface, and the key benefit for Singapore is something less tangible, but much more important: Another example of the country's oft-cited ability to punch above its weight, the value of even-handed, straight-talking diplomacy, and a buttressing of its soft power.
Trump-Kim summit will strengthen strong ties between US and Singapore: American business group The Business Times 11th Jun 2018
THE American Chamber of Commerce in Singapore (AmCham) has thrown its support behind the summit between US President Donald Trump and North Korean leader Kim Jong Un. It said the meeting would further strengthen the "very strong ties between the US and Singapore".
Singapore-North Korea trade can grow if UN sanctions are lifted, says PM The Business Times 11th Jun 2018
Singapore may be North Korea's seventh-largest trading partner on paper, but in reality the total amount of trade between the two countries amounted to just S$700,000 in 2017. "Because of the UN (United Nations) Security Council's sanctions on North Korea, our trade with North Korea has substantially diminished. It has really reached a negligible level last year," said Prime Minister Lee Hsien Loong at an interview with the local media on Sunday. He was responding to a question from The Business Times on what it would take for Singapore to consider lifting the suspension of its trade relations with North Korea.
Hosting Trump-Kim summit says something about Singapore's standing internationally, says PM Lee Channel NewsAsia 10th Jun 2018
Hosting the Trump-Kim summit will give Singapore publicity and says something about the country's standing in the international community, Prime Minister Lee Hsien Loong said on Sunday (Jun 10). Speaking to Singapore media at the International Media Centre ahead of the planned Trump-Kim summit on Tuesday, Mr Lee said: "In terms of direct impact, (hosting the summit) gives us publicity. "The fact that we have been chosen as the site of the meeting, we did not ask for it ... it says something about Singapore relations with the parties ... and our standing in the international community," he added.
Malaysia and Singapore Investigators Meet on 1MDB Probe Bloomberg.com 31st May 2018
Malaysia said it’s working with Singapore to recover money believed to have been embezzled from its state investment company 1MDB, as Prime Minister Mahathir Mohamad’s administration acts on a pledge to cooperate with probes underway around the globe. Investigators on both sides met near Kuala Lumpur on Thursday, where they also discussed collecting evidence, identifying Singapore witnesses and mapping a money trail to detect funds and assets that still exist, according to a statement from a Malaysian task force overseeing 1MDB probes. Singapore has seized hundreds of millions of dollars in assets and jailed bankers over transactions linked to the scandal-plagued fund.
National Affairs
Singapore back in the top 20 list of world's priciest cities for expats The Business Times 12th Jun 2018
Singapore swung back into the top 20 list of the most expensive cities in the world for expatriats, due in part to a strengthening currency. The city-state squeezed back into the final spot in the top 20 last year after having fallen to 24th place in 2017, according to the latest cost of living survey published by data provider ECA International. This is still below Singapore’s peak in 2016, when it ranked 18th in the world. Lee Quane, regional director – Asia at ECA International, said: “The price of goods and services included in our basket has only seen a modest increase in Singapore over the past 12 months, in line with other similar economies in Asia.
Hiring intentions in Singapore hit a three-year high Singapore Business Review 12th Jun 2018
Employers in Singapore are reporting their strongest hiring intentions in nearly three years, according to the latest ManpowerGroup Employment Outlook Survey. According to the report, 17% of Singapore employers expect increased staffing levels whilst only 5% intend to let go of their employees. Amongst the 670 respondents, 70% anticipate no change at all. Finance, insurance, and real estate sector employers look into more expansion in their force with a Net Employment Outlook of +26% which is its strongest outlook in three years. Meanwhile, steady workforce rise is anticipated by the transportation and utilities sector (+13%), the manufacturing sector (+12%), the public administration and education sector (+12%), and the services sector (+10%), the survey noted.
Two senior civil servants to step down, including incoming SMRT CEO Neo Kian Hong Channel NewsAsia 4th Jun 2018
SINGAPORE: Two senior civil servants will retire in the coming months, announced the Public Service Division (PSD) on Friday (Jun 1). Mr Neo Kian Hong, Permanent Secretary (Defence Development) at the Ministry of Defence, will retire on Aug 1, after 35 years of service in the Singapore Armed Forces (SAF) and Administrative Service.
Customs
Faster customs clearance for goods exported by Singapore firms to Australia The Business Times 31st May 2018
Companies that have been certified by the Singapore Customs for adhering to robust security practices can now enjoy a faster customs clearance process for goods that they export to Australia, the agency for trade facilitation and revenue enforcement said on Thursday. In addition to the faster clearance process, certified Singapore firms will also be subject to reduced documentary and cargo inspections. The same will be applied to Australian companies that are certified by the Australian Border Force (ABF) for goods that they export to Singapore.
Defense & Security
Singapore, Malaysia agree to boost bilateral defence ties The Straits Times 4th Jun 2018
Defense Minister Ng Eng Hen and his newly minted counterpart from Malaysia Mohamad Sabu agreed yesterday to strengthen bilateral defence ties. During their first official meeting, which took place on the sidelines of the Shangri-La Dialogue, the pair affirmed the warm and longstanding defence relations between their countries, Singapore's Ministry of Defence said in a statement. The ministers noted the good progress made in bilateral defence relations, such as the recent conduct of a new exercise between the two countries' air forces.
Singapore signs enhanced defence cooperation pact with Germany The Straits Times 2nd Jun 2018
Singapore and Germany have deepened defence ties with an enhanced agreement that provides for cooperation against new forms of threats such as cyber-attacks and hybrid warfare. Defence Minister Ng Eng Hen and his German counterpart Ursula von der Leyen on Saturday (June 2) signed an enhanced Defence Cooperation Agreement on the sidelines of the ongoing Shangri-La Dialogue, building on a pact signed in 2005. The new agreement consolidates key areas of existing cooperation between the two countries and paves the way for future cooperation particularly in non-conventional security areas, said Singapore's Ministry of Defence in a statement.
Economics
Singapore exports jump 15.5% in May, well above forecasts Channel NewsAsia 18th Jun 2018
Singapore's exports grew at their fastest pace in seven months in May, thanks to a continued surge in pharmaceutical exports, official data showed on Monday (Jun 18). Non-oil domestic exports (NODX) rose 15.5 per cent in May from a year earlier, data from the trade agency Enterprise Singapore showed, accelerating from an 11.8 per cent surge the month before. This was significantly better than the 4.7 per cent increase predicted by economists in a Reuters poll.
Over 4 in 5 economists worry trade frictions could heat up Singapore Business Review 13th Jun 2018
But their forecasts for Singapore GDP remained at 3.2%. The expectations of Singapore’s economists for 2018 GDP and economy growth remained unchanged at 3.2% and 3%-3.4%, respectively, The Monetary Authority of Singapore (MAS) revealed. However, its Survey of Professional Forecasters noted that the implementation of trade tariffs by the US and subsequent responses from the affected economies continue to dominate the economists’ list of risks. About 84% of respondents expect the escalation of trade frictions to present a significant downside risk. Meanwhile, the possibility of a slowdown in China from domestic stresses is comparatively more subdued, with 21% of responses, down from 53% previously.
US bond yields are going up, and here's what it means for Singapore Singapore Business Review 12th Jun 2018
The yield for 10-year Singapore government bonds also jumped 58 bps YTD to 2.58%. The recent rise in government bond yields around the world may be a US-centric phenomenon, and Singapore is riding the wave, UOB Kay Hian said.
Singapore GDP growth risks slowdown to 3% over weaker exports Singapore Business Review 8th Jun 2018
Singapore's GDP growth is expected to slow down from 3.6% in 2017 to 3% in 2018 as export growth moderates from 2017’s strong acceleration, The Institute of Chartered Accountants in England and Wales (ICAEW) said. According to a report, GDP expanded 4.3% YoY (up from 3.6%) driven by a 10.1% surge in manufacturing activity and a strong performance by the service sector. However, the construction sector fell for the seventh consecutive quarter as the correction in the housing market continues to weigh on activity. Moreover, the growth in goods export volumes slowed to 1.9% in Q1, the weakest annual rate in more than a year. "Whilst base effects have exaggerated the slowdown in recent trade data, a deceleration in growth is expected this year. This reflects a normalisation in the global electronics cycle and softer import demand from China," ICAEW said. That said, overall growth in world trade, as measured by the import demand of Singapore’s trade partners, is still expected to rise by 6% in 2018. "This is much higher than the average for the period 2012-2016, albeit down from 7.9% in 2017," it added.
Asia could learn to manage digital economy from Singapore Singapore Business Review 31st May 2018
It imposed the 7% GST on cross-border digital services. In order to even the playing field between local and foreign digital service providers, Singapore included the implementation of a Goods and Services Tax (GST) for foreign digital services in its Budget 2018 policies. Previously, Singapore consumers only paid the 7% GST on local digital services. Now, they will also pay taxes for cross-border downloadable digital content, subscription-based media, software programs: software, drivers, website filters, and electronic data management services. Rob Koepp, Economist Corporate Network director, cited a study from AlphaBeta before the implementation of the digital GST that said Singapore is the only government that comes out as having all positive marks in terms of tax policy ranking. “One of the main things to look out for is not having these special taxes that discriminate against the digital sector. Every other economy has an issue with that. Singapore is the only one that does pretty well with that,” he told Singapore Business Review.
Energy
New $14 million centre will aim to improve maritime safety The Straits Times 20th Jun 2018
A Centre of Excellence in Maritime Safety (CEMS) will open at Singapore Polytechnic (SP) later this year at a cost of $14 million. Announced at the third International Safety@Sea Conference on Wednesday (June 20), it is being launched by the Singapore Maritime Institute and SP, and will collaborate with the industry and research community to develop technological solutions and training systems to help reduce maritime incidents. It will be operational by the fourth quarter and also focus on maritime navigation and operations on-board vessels. The guest of honour at the conference, Senior Minister of State for Transport and Health Lam Pin Min, said CEMS' training programmes will make use of augmented and virtual reality, and focus on new modelling and simulation tools that enhance navigational safety, in tandem with the development of Maritime Autonomous Surface Ships.
Financial Services
Singapore: New guide for auditors to identify cybersecurity risk in financial statement audits Asia Insurance Review 13th Jun 2018
The Institute of Singapore Chartered Accountants (ISCA) has launched a publication to provide a guide for auditors on assessing cybersecurity risk in a financial statements audit. This is the first publication in Southeast Asia that provides guidance on this matter, said the ISCA in a recent statement. With cybersecurity posing immense challenges to entities in the current business environment, and the severity and frequency of cyber attacks escalating over the years, auditors will have to consider their client’s cybersecurity risk when planning and performing audit.
Singapore readies first infra CLO Reuters 8th Jun 2018
- Singapore is preparing to launching a collateralised loan obligation (CLO) consisting of dozens of project financings across Asia Pacific in a bid to boost institutional investment in Asian infrastructure. According to a banker familiar with the matter, several key project finance banks have transferred assets totalling slightly under US$500m into the pool to kick-start the CLO fund, which is denominated in US dollars.
Singapore: Adding to the alphabet soup of accountability regimes Lexology 8th Jun 2018
Australia has its BEAR (Banking Executive Accountability Regime), Hong Kong its MCR and MAI (Manager-in-Charge Regime and Management Accountability Initiative) and the UK its SMCR (Senior Managers and Certification Regime). To this alphabet soup of accountability regimes will be added Singapore’s Guidelines on Individual Accountability and Conduct (Guidelines). Financial institutions doing business in two or more of these jurisdictions will need to be deft in deciphering how the different regimes will apply to their business and operations. Senior managers and employees in material risk functions will be especially impacted.
MAS partners IFC to spur green bond market in Asia The Business Times 7th Jun 2018
THE Monetary Authority of Singapore (MAS) and IFC, a member of the World Bank Group, are partnering up to boost the growth of the green bond market in Asia. In a memorandum of understanding signed on Thursday, the two agencies said that would encourage green bond issuances by financial institutions in Asia by raising awareness and knowledge of finance professionals on green finance issues. They also plan to promote the use of internationally recognised green bond standards and frameworks. “Addressing climate change will require innovative, high impact financial solutions that mobilise the private sector,” said Vivek Pathak, IFC’s director for East Asia and the Pacific in a media statement.
Singapore: New report aims to guide businesses in shaping an effective risk culture Asia Insurance Review 6th Jun 2018
Several Singapore institutes have jointly produced a report on developing good risk culture, which addresses how companies can shape organisational behaviour and attitudes about risk management. The “Risk Culture: How to Get it Right” report includes contributions by business leaders on practices that have shaped risk culture in their organisation. It was produced by the Institute of Singapore Chartered Accountants (ISCA), EY, The Chartered Institute of Management Accountants (CIMA), with Aberdeen Standard Investments as a knowledge partner.
E-payment, digital signature options for all government services by 2023 Channel NewsAsia 5th Jun 2018
SINGAPORE: A Digital Government Blueprint was launched by Deputy Prime Minister Teo Chee Hean on Tuesday (Jun 5), and in it, a target to offer electronic payment and digital signature options for all Government services by 2023.
New accounting standards pose risks to Singapore banks' profitability Singapore Business Review 5th Jun 2018
Lenders face higher credit reserve requirement under the FRS109. The adoption of the local equivalent of the new accounting IFRS 9 standard, FRS 109, could negatively impact the profitability of Singapore banks, according to credit rating agency Moody’s, although lenders remain well-capitalised to withstand steeper credit provisions. The FRS 109, coupled with MAS 612, is actually more stringent than the international standard, as banks are required to hold a higher amount of credit reserves, a concept absent in IFRS 9.
Food & Agriculture
Coming to a supermarket near you: Made-in-Singapore strawberries TODAYonline 20th Jun 2018
In what is touted as a first in the country and the region, a Singapore start-up Sustenir has managed to produce strawberries on a commercial scale, in a controlled indoor environment. Buoyed by its success, the enterprise has set its sights on made-in-Singapore grapes and even wine. The fruit is produced using patented technology, which allows Sustenir to maximise its output in land-scarce Singapore, to grow more with less. For example, a traditional farm can grow an average of 140 tonnes of leafy greens in one hectare of land, but Sustenir can produce 2,100 tonnes in the same space using 95 per cent less water. A typical farm also takes about seven to eight weeks to grow strawberries from the plant stem using regular farming methods, but Sustenir can do so in under six weeks. Its vertical farm at Sembawang — which is certified under the food safety management systems scheme, ISO 22000 — has been cultivating other non-native vegetables such as kale and arugula (rocket) since 2014, and can now produce about 800kg of strawberries monthly all year round. Plans are afoot to double the size of its 54sqm strawberry farm.
More drinking points and possible sugar tax on the cards as war on diabetes ramps up The Straits Times 18th Jun 2018
Imagine a Singapore where there is drinking water wherever you go - whether it is at a park connector or shopping centre - and you pay a sugar tax on your packaged drinks.That is what might happen as Health Minister Gan Kim Yong ramps up the war against diabetes. He wants to saturate the country with readily available drinking water to wean people off sweetened drinks. About 100 million cans of sweetened soda are sold here every month. Sugar, whether in drinks or food, raises the risks of obesity, heart disease and type 2 diabetes.
Health & Life Sciences
Virtual reality injects life into medical training at NUS The Straits Times 31st May 2018
Virtual reality (VR) has been hyped as the future of gaming, but the National University of Singapore's Yong Loo Lin School of Medicine (NUS Medicine) has been using it for more educational purposes. Since last September, it has been fine-tuning a system called Virtual Interactive Human Anatomy (VIHA) which allows students wearing a VR headset to delve into the anatomy of a human body by freely manipulating and looking inside different parts and structures, using a controller in their hand. Self-narrating modules help them to learn about what they are looking at.
NTU embarks on 20-year study to help Singaporeans prevent chronic diseases The Straits Times 18th Jun 2018
Nanyang Technological University (NTU) has embarked on a 20-year study to better predict and prevent chronic diseases among Singaporeans, one that aims to become a landmark in studying the health of Asians. The longitudinal health study will be the first comprehensive, large-scale one for people of Asian heritage, said its lead investigator John Chambers, who added the study may involve as many as 100,000 to 200,000 Singaporeans eventually.
Philips, Singapore Institute of Advanced Medicine open oncology centre in Singapore The Business Times 6th Jun 2018
HEALTH technology company Philips and the Singapore Institute of Advanced Medicine Holdings opened a new oncology centre on Wednesday to provide specialised treatment to the rising number of people diagnosed with cancer in South-east Asia. Built with an investment of close to S$100 million, the 40,000 square feet Advanced Medicine Imaging (AMI) centre in Biopolis is equipped with a range of Philips’ imaging and clinical informatics systems to provide timely and accurate diagnoses of cancer. It is part of the Dutch company’s global expansion plans into healthcare innovation.
Smoking rate target of under 10% by 2020 The Straits Times 31st May 2018
he Government is aiming to bring the smoking rate to below 10 per cent by 2020, Mr Amrin Amin, Senior Parliamentary Secretary for the Ministry of Health, said yesterday. The rate was 18.3 per cent in 1992, dropping to 12 per cent in 2004. Since then it has hovered at 12 to 14 per cent. Last year, it was down to 12 per cent, the lowest rate so far. The 2020 target had been set at 10 per cent in 2012, but was revised to 12 per cent in 2014.
Changes to the Medical Device Regulatory Regime to take effect from 1 June 2018 Lexology 31st May 2018
On 22 May 2018, the Health Sciences Authority ("HSA") announced that regulatory legislation will be enhanced to facilitate faster access for certain lower risk medical devices and standalone mobile applications. The HSA will also provide greater clarity to existing policies and requirements for telehealth devices and high risk devices for the modification of appearance or anatomy. These changes will take effect from 1 June 2018. In summary, under these enhanced regulations: Class A sterile medical devices (e.g. sterile examination gloves and intravenous sets) will not need to be registered with HSA. However, importers / manufacturers will be required to list all their Class A medical devices on the HSA's public online database; Class B medical devices with (a) no safety issues globally; and (b) two independent regulatory agencies' approval or one reference agency's approval and 3 years of marketing history, will be eligible for immediate market access under the immediate registration route; and Class B and C standalone mobile medical applications (e.g. those for insulin dosage calculation or live monitoring of electrocardiograms) that are approved by at least one reference regulatory agency without safety issues globally will be eligible for immediate market access under the immediate registration route.
MOH releases Summary of Key Feedback and Responses to Healthcare Services Bill Lexology 31st May 2018
We previously discussed the Healthcare Services Bill (the "Bill") which will replace the current Private Hospitals and Medical Clinics Act ("PHMCA"), and the public consultation for the Bill held between 5 January 2018 and 15 February 2018. Our earlier client alert on this topic can be found here. On 24 May 2018, the Ministry of Health ("MOH") released its Summary of Key Feedback and Responses received during the public consultation (the "Public Consultation Summary"). The Public Consultation Summary underscores MOH's intent for the Bill to put in place better safeguards for patient safety and well-being, and to strengthen continuity of care. As previously discussed, the Bill modifies the regulatory regime for healthcare services from a "premises-based" to a "services-based" form of licensing, and mandates contributions to the National Electronic Health Record ("NEHR").
ICT
Singapore requires “geofencing” for all bike-sharing firms in the city South China Morning Post 4th Jun 2018
Singapore has directed all dockless bike-sharing service providers in the city state to modify their mobile apps and adopt “geofencing”, a system designed to address the problem of illegally parked and misplaced bicycles. Regulator the Land Transport Authority (LTA) has made geofencing a mandatory feature for bike-sharing services by the end of this year, while also requiring providers to apply for a licence before July 7 to continue operations in the city, according to a report by Chinese language Singaporean newspaper Lianhe Zaobao.
40,000 cyberattacks hit Singapore during Trump-Kim summit: report Singapore Business Review 19th Jun 2018
Most targeted were VoIP phones and IoT devices. Singapore was the top target of cyberattacks around the world during the Trump-Kim summit over 11 to 12 June, security firm F5 Networks and data analysis firm Loryka revealed. Their data revealed that there were 40,000 cyberattacks launched on Singapore which targeted voice-over-IP (VoIP) phones and Internet of Things (IoT devices). About 92% of those were reconnaissance scans looking for vulnerable devices, whilst the other 8% were exploit attacks.
2 in 5 cyberattacks hit SMEs in 2017 Singapore Business Review 19th Jun 2018
They involved phishing attacks and ransomware. Nearly 40% of the 146 cases of reported cyberattacks involved businesses, particularly small to medium enterprises (SME), related to phishing attacks and ransomware, the Cyber Security Agency of Singapore (CSA) revealed. According to its report, cyberattacks also hit Singapore’s Critical Information Infrastructure (CII) sectors. “CII sectors such as Banking & Finance and Government remain prime targets for cyber-attacks, because of the sensitive information held by organisations in these sectors,” CSA said. It cited an incident in September 2017 wherein the website of a Singapore insurance company was breached, compromising the personal data of 5,400 customers, including their e-mail addresses, mobile numbers, and dates of birth.
Singapore to develop code for ethical use of AI and personal data Financial Times 13th Jun 2018
Singapore has corralled the public and private sector to develop what it hopes will become a voluntary governance code for the ethical use of artificial intelligence and personal data, as the country pitches to become a hub for the fast-developing technologies. The rapid rise in the use of AI and big data in everything from financial advice to driverless cars has run far ahead of regulation worldwide.
Singapore government to regulate eSIM technology ComputerWeekly.com 10th Jun 2018
The Singapore government is planning to regulate embedded SIM (eSIM) technology that lets consumers switch telcos without the need to change their SIM cards. The eSIM technology, which allows a SIM module to be permanently embedded in devices, supports over-the-air service provisioning of mobile services.
Singapore to spend up to $2.6b on ICT projects Singapore Business Review 8th Jun 2018
The Singapore government is expecting to invest $2.4b to $2.6b on Information and Communications Technology (ICT) projects in 2018, GovTech chief executive Kok Ping Soon said alongside the launch of the Digital Government Blueprint (DGB) this week. According to a press release, it will focus on technology domains such as communications infrastructure, data analytics, robotics, and cybersecurity, whilst small and medium enterprises (SME) are expected to get a majority of the investments. Last year, they accounted for almost two-thirds of the total number of ICT contracts awarded by the government.
All of Singapore’s government services will go digital by 2023 South China Morning Post 5th Jun 2018
By 2023, Singapore’s citizens and businesses will be able to access all Government services anytime, anywhere on an Internet-enabled device. Citizens will also be able complete 90 to 95 per cent of transactions entirely on government websites.
Singapore shares technological readiness crown with Australia and Sweden Singapore Business Review 5th Jun 2018
The government sustained tech investment buoyed the lion city to the top spot. Singapore has topped The Economist Intelligence Unit’s global technological rankings for 2018-2022, a spot it shares with Australia and Sweden. Sustained government investment will provide the necessary boost for global tech readiness in the next five years, the report noted, an aspect Singapore has been leaps ahead of its global peers amidst its concerted Smart Nation push.
Singapore beats Hong Kong in open banking readiness Singapore Business Review 31st May 2018
Strong regulatory support from MAS buoyed the lion city to score the APAC crown. Singapore easily beat Hong Kong and Australia in its readiness for open banking, according to a report by the International Data Corporation. The report assesses a country’s readiness for open banking based on five factors including support of the regulatory environment, level of adoption of partner and external APIs, state of digital transformation in banks, level of security preparedness of banks, and supporting fintech/third-party (TPP) ecosystem.
Infrastructure
Singapore to see financing spurt amid Asian growth The Straits Times 6th Jun 2018
The expansion of Asian enterprises and demand for infrastructure development in the region will drive financing and capital-raising activities in Singapore, Monetary Authority of Singapore (MAS) managing director Ravi Menon said yesterday. Speaking at the Nomura Investment Forum Asia 2018 at the Ritz-Carlton Millenia Singapore, he noted that more Asian companies are expanding regionally and globally. The need to fund this expansion has led to a surge in capital-raising in Asia and increased the depth and diversity of Asian assets.
Singapore develops facilities to lure investment into Asian infrastructure Singapore Business Review 5th Jun 2018
Singapore is developing two initiatives to help the take-off of Asian infrastructure financing, Monetary Authority of Singapore (MAS) managing director Ravi Menon said. According to a speech, the MAS is developing a pool of brownfield regional project finance loans from banks into a collateralised loan obligation that institutional investors, including insurance companies and pension funds, can invest in. The infrastructure debt distribution facility is supposed to help crowd-in institutional investors, Menon said. The central bank is also working on the creation of investment benchmarks to make infrastructure an investable asset class. “This will allow investors to compare the returns of privately-held infrastructure debt and equity against other asset classes,” Menon added.
Singapore seeks to lure investors for Asia's infrastructure Reuters 5th Jun 2018
Singapore is setting up a debt facility and creating investment benchmarks to attract institutional investors who can provide the billions of dollars needed for the region’s infrastructure projects, the central bank chief said on Tuesday.
Travel & Tourism
Broker's take: CGS-CIMB says Trump-Kim and 3,000 reporters a boon for hospitality The Business Times 12th Jun 2018
CGS-CIMB said in a report this week that the upcoming Trump-Kim summit puts Singapore in the spotlight as a key arbitration hub, which should boost hospitality, services and office sectors in the medium term. That being said, the brokerage said its channel checks with the hospitality S-Reits suggested that hotel bookings have not shown significant increases or cancellations ahead of the summit scheduled for June 12.
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