Dear Valued Clients,
Welcome to our E-Newsletter June 2019
We hope this email finds you well!
Last few months were the challenging period for the global economy in terms of the external environment. The recent flare-up over trade between China and US, the geopolitical tension, as well as the delay in Brexit until Oct 31 threw financial market into a prolonged economic uncertainty. In the first quarter, Singapore’s economic growth hit the lowest ground at 1.2%, a decade-low figure that is lower than Ministry of Trade and Industry’s (“MTI”) prediction at 1.3% growth. It is also the slowest quarterly growth due to the declined manufacturing caused by global trade tensions and an electronics slowdown. According to the recently released Economic Survey of Singapore, MTI has downgraded its full-year growth forecast to 1.5% to 2.5%, from 1.5%to 3.5% due to volatile market performance.
Although the rising China-U.S. trade war has weighed on Singapore’s trade-reliant economy, Singapore’s economy continued its growth momentum especially the information & communications sector – it is projected to progress steadily with the continued demand for IT and digital solutions. On the other hand, the education, health & social services segment is expected to keep up with its growth momentum while the construction sector will see a sustained turnaround after three years of contraction. All of these translate into a positive economy outlook of Singapore!
Singapore will join the latest wave of cities, for example, London, Mexico City and so on, to provide contactless card payments for seamless commuter experiences. Following the launch of SimplyGo with Mastercard® in April 2019, Singapore’s Land Transport Authority (“LTA”) is expanding the tap and ride service to include Visa – offering a seamless commuter experience with greater convenience and choice.
The tap and ride revolution will change the payment landscape in Singapore when rolls out in June – the new SimplyGo system will enable Singapore commuters to pay for their public transportation on buses and trains using their contactless credit cards or mobile phones from 6 June onwards. In other words, commuters will no longer need to top-up their cards. Their daily commutes will be made easier with a simple tap on the card reader using either their card or their mobile phones. SimplyGo will be linked to the credit or debit card directly to the transport providers and it is yet another crucial step towards Singapore’s Smart Nation and cashless goals.
Over the years, 3E Accounting Singapore made significant progress in many areas to ensure that our service remains nimble. We continued to maintain our leading player position and we will continue to pursue a disciplined and prudent strategy to grow our businesses. We remained committed to the highest standard of services and sustainable long-term customer relationship. Lastly, I would like to extend my heartfelt gratitude to all your support.
Read More in our E-Newsletter June 2019.