Proposed Law May Help Singapore’s Small Firms That Have Been Affected by the Pandemic A new law in Singapore may help small firms by allowing them to renegotiate deals and exit contracts without penalties, depending on the situation. This is because the business landscape has completely changed this year due to the Covid-19 pandemic. The…
Plans in Place to Strengthen the Laws That Regulate Virtual Payment Service Providers Singapore will be stepping up its measures against terrorist financing and money laundering. Changes to the law will strengthen regulations on virtual payment service providers. The Bill will improve the current regulatory framework that is in place for (Virtual Asset Service Providers…
Skies Reopened With Hong Kong – Singapore Travel Bubble In the COVID-19 next normal, ‘travel bubble’ and ‘travel corridor’ are the new buzzwords. More and more countries have started to join in the talks of making pacts and establishing travel bubbles. For Hong Kong and Singapore, these plans are about to become a reality, and…
Strengthening Data Protection Standards in Singapore Strengthening Singapore’s data protection standards with mandatory notification and stiffer penalties for data breaches. Minister for Communications and Information Mr S. Iswaran recently presented a proposed amendment to the Personal Data Protection Act. The Personal Data Protection (Amendment) Bill is amongst four Bills that were introduced in Parliament recently.…
Safeguarding Digital Sphere in Singapore Businesses can now stay safe online with the Safer Cyberspace Master Plan 2020, which utilizes Artificial Intelligence towards safeguarding Singapore’s digital sphere. Singapore recently revealed the Safer Cyberspace Master Plan 2020, at the partially virtual opening of the Fifth Annual Singapore International Cyber Week. It was unveiled by Deputy Prime…
Singapore Jumpstarts Local Tourism with $100 SingapoRediscovers Vouchers The tourism industry in many countries – including Singapore, has been adversely affected by the closure of borders to prevent further spread of COVID-19. Amid global travel restrictions, Singapore’s government formulated a creative method to jumpstart local tourism with $100 SingapoRediscovers Vouchers. This initiative will help to…
Singapore’s Debt Restructure – Micro and Small Businesses The Simplified Insolvency Programme aims to streamline Singapore’s debt restructuring for micro and small businesses. The Insolvency, Restructuring and Dissolution (Amendment) Bill was recently introduced in Parliament to streamline Singapore’s debt restructuring for micro and small businesses. The amendment proposed a Simplified Insolvency Programme to enable such…
Streamlining Singapore’s International Arbitration Structure – The Amendments Amendments to the International Arbitration Act seeks to firmly entrench Singapore as the preferred location for international arbitration. The latest amendments to the International Arbitration Act have made essential changes that will further facilitate and streamline the arbitration process. According to Mr Edwin Tong, second Minister for…