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…
MOM Unveils the New Singapore Workplace Fairness Legislation In a significant move to bolster workplace discrimination protection, Singapore’s Ministry of Manpower (MOM) has unveiled new details about forthcoming workplace fairness legislation addressing this pressing issue. The proposed legislation seeks to enhance worker protection, promote fairness, and reinforce equitable employment practices. Current Framework The Tripartite…
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…
What You Need to Know About AI and Data Analytics Talent Development Programme Singapore’s financial sector is embarking on an exciting journey of innovation and growth with the launch of the Artificial Intelligence and Data Analytics (AIDA) Talent Development Programme. As part of the National AI Programme in Finance, the AIDA will help to address…
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…
Visa-Free Travel Deal in the Works Between China and Singapore China and Singapore are in talks about a visa-free travel deal arrangement to boost arrivals from the city-state. Singapore had 3.6 million Chinese visitors in 2019. This is far more than any country, and the total spent combined by these visitors was S$4.1 billion. With…
What is the New Point-Based Work Pass in Singapore and How Does it Work? Singapore has taken a significant step in revolutionizing its approach to immigration and employment by introducing a point-based work pass system. The new system called the Complementarity Assessment Framework (COMPASS), aims to attract highly skilled professionals and prioritize individuals who can…
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…
Paid Paternity Leave Doubles in Singapore, Reaches 4 Weeks Fathers of children born on or after 1 January 2024 can enjoy more time at home with their newborn as paid paternity leave doubles, reaching 4 weeks in Singapore. The additional two weeks will be on a voluntary basis to begin with. Employers will be reimbursed…