MAS Strengthening AML Framework for Single Family Offices in Singapore In a bid to close AML loopholes and standardize licensing exemption criteria for Single Family Offices (SFOs), the Monetary Authority of Singapore (MAS) has proposed a new AML framework. This move comes as SFOs witness strong growth in Singapore, prompting concerns about potential money laundering…
Singapore Avoids Technical Recession with Sufficient Economic Growth After growing slightly in the second quarter of this year, Singapore avoids technical recession by a narrow margin. The slowdown in the second quarter was because China’s global demand weakened, impacting trade flows. Seasonally, Southeast Asia’s economy grew 0.3% (quarter-on-quarter). This was followed by a 0.4 contraction…
Supply Chain Management Talents Growing Rapidly in Singapore Supply chain management talents are rapidly growing in Singapore, with 700 new jobs and training initiatives to be launched by 2025. The aim is to position Singapore as the supply chain management (SCM) hub manufacturers want to be. Professionals, managers, executives, and technicians (PMETs) will stand to…
CAD and ISCA Agree to Increase Financial Forensic Experts An MOU to meet the demand for financial forensic experts in Singapore was signed by the Commercial Affairs Department and Institute of Singapore Chartered Accountants (ISCA). Between 2017 and 2021, authorities investigated a total of 18,700 cases of white-collar crime. These cases of white-collar crime, which…
Singapore Retains its Position as World’s Best Business Environment for 15th Consecutive Year Singapore remains the world’s best business environment for the 15th consecutive year, based on EIU’s recent business environment rankings. Canada and Denmark were a close second. Strong political and economic stability contributed to these rankings. Singapore is one of the most business-friendly…
Singapore to Sign a Digital Trade Agreement Following Talks with Europe Singapore to sign a digital trade agreement to drive its digital economy The European Free Trade Association (EFTA) is pursuing a stronger and more collaborative digital future in Asia. The EFTA is in talks with Singapore to hammer out a digital trade deal to…
Funding Boost for Singapore Global Enterprises Initiative to Enhance Competitiveness Bridging gaps with a funding boost for Singapore Global Enterprises initiative Singapore has excellent news for both small and medium enterprises (SMEs) and large local enterprises (LLEs). The Government’s Budget 2023 aims to benefit these enterprises by increasing available capital for businesses. Under the budget,…
Enterprise SG and IFC Partnership to Guide Institutions and Businesses Emphasis on supply chain finance for Enterprise SG and IFC Partnership Enterprise Singapore (Enterprise SG) and the International Finance Corporation (IFC) have penned a new Memorandum of Understanding (MOU). It creates an Enterprise SG and IFC partnership that aims to bring change to the Singapore…