Singapore Morning News For July 6

Singaporeans are the most picky e-commerce customers in Southeast Asia
The latest study by the iPrice Group revealed that Singaporean consumers are amongst the hardest to impress especially for e-commerce players.
— Singapore Business Review

Singapore restoring reputation dented by 1MDB scandal, says MAS MD Menon
Ravi Menon, managing director of the Monetary Authority of Singapore, figures that the enforcement action taken against the banks and individuals found to have been involved in the international money laundering scandal surrounding 1Malaysia Development Bhd has helped restore Singapore’s reputation as a global financial centre.
— The Edge Markets

Singapore IPO activity this year poised to surpass 2016 levels
There was quite a number of successful Initial Public Offerings (IPO) in Singapore for the first half of the year, and this could spell a stellar overall IPO activity for 2017. According to the latest figures by PwC Singapore, IPOs for 1H17 raised US$329m.
— International Business Times

Singapore seeks to level playing field for SMEs to tap into functional foods trend
New guidelines have been launched in Singapore for food manufacturers seeking to develop food products with approved health and nutrition claims.
— FoodNavigator Asia

COEs for large cars, goods vehicles rise in latest bidding
Certificate of Entitlement (COE) premiums inched up or remained unchanged in the latest bidding exercise on Wednesday (Jul 5).
— Channel NewsAsia

PM Lee to visit Germany, attend G20 Leaders’ Summit
Prime Minister Lee Hsien Loong will make a working visit to Germany from Jul 6 to 11, at the invitation of Chancellor Angela Merkel.
— Channel NewsAsia

Singapore joins HK, Australia in postponing bank capital rules by a year
Singapore’s banking regulator has told lenders it will delay by a year the implementation of global rules designed to rein in trading risks – the latest sign that the post-crisis overhaul of the world’s banking system may be stalling.
— Business Standard

Singapore firms recognise cybersecurity importance, but not armed for it
The majority of organisations in Singapore recognise the importance of cybersecurity, but fewer are adequately prepared to deal with incidents or have the necessary response plan in place.
— ZDNet

SIA launches HighFlyer rewards scheme for SMEs
In an effort to bridge its gap in the corporate rewards segment, Singapore Airlines has introduced a new rewards programme aimed at smaller companies.
— Singapore Business Review

IIX closes $8m Women’s Livelihood Bond for SEA, to seek listing on SGX
Impact Investment Exchange (IIX) has closed its $8 million Women’s Livelihood Bond (WLB), a debt security designed to impact the lives of over 385,000 women across Southeast Asia.
— DealStreetAsia

Mango loses attempt to block TheFaceShop trademark registration
Spanish fashion retailer Mango lost its attempt to block Korean skincare brand TheFaceShop’s trademark registration for the latter’s Mango Seed range of products in Singapore.
— Channel NewsAsia

Manpower Ministry defends call for partners to develop mobile app for foreign workers
The Ministry of Manpower (MOM) has defended its call for partners to develop a mobile app for foreign workers, following online criticism that it was “asking for free labour”.
— Channel NewsAsia

The chatbot will see you now: Singapore banks turn to ‘bots
The next time you are looking to talk with a banker about a home loan, you may just end up being redirected to an online chatbot instead. OCBC has launched two bots; Emma who does home loans and Buddy who is an internal HR chatbot.
— Singapore Business Review

UberEATS wants to add more hawker options
One year after launching UberEATS in Singapore, the food-delivery platform is now available island-wide, and the company says it’s keen on going “island-deep”.
— The New Paper

Brunei, Singapore reaffirm ‘special and close’ bilateral ties during Sultan’s state visit
The leaders of Brunei and Singapore reaffirmed their “special and close” bilateral relationship during the Sultan of Brunei Hassanal Bolkiah’s two-day state visit, Singapore’s Ministry of Foreign Affairs (MFA) said on Wednesday.
— Channel NewsAsia

New notes mark 50 years of currency accord with Brunei
A SET of special $50 notes to commemorate the Currency Interchangeability Agreement between Singapore and Brunei was launched on Wednesday as the two countries celebrated 50 years of bilateral cooperation.
— The Business Times

Singtel gets URA nod for hotel project on Hill Street site
SINGTEL has received provisional permission to redevelop its Hill Street property into a hotel, setting the stage for the sale of the asset.
— The Business Times

MAS joins other regulators in delaying Basel’s trading risk rules
IN line with regulators of some other economies, the Monetary Authority of Singapore (MAS) has reportedly told lenders here that the implementation of global rules to tackle trading risks could be delayed beyond the initial start date of end-2019, Reuters reported this week,
— The Business Times

Singaporeans still cautious about tech adoption
A CAUTIOUS attitude towards technology adoption still remains within Singaporeans – especially in banking, despite the belief that it will improve life, and foster more openness to new and innovative technology, according to a HSBC report this week.
— The Business Times

Key tender for HSR draws strong global interest
An industry briefing held on Wednesday (July 5) for firms interested in bidding for a key tender for the Kuala Lumpur-Singapore High-Speed Rail (HSR) drew almost 400 participants from 165 international and local organisations, reflecting the keen interest in the mega project.
— Today Online

Travellers to get insurance claim payments ‘instantly’ under new system
MSIG Insurance and DBS Bank have launched Singapore’s first “instant” electronic payment service for travel insurance claims.
— Today Online

Agtech, the new farming tool to boost food security
Modern farming depends on technology such as seed, fertiliser, pesticides, water, and machinery. These have formed the basis of the world’s food production systems for staples.
— Today Online

Propelling banks’ credit card push
With millennials making up 22 per cent of Singapore’s resident population, it is no surprise that businesses are finding themselves under pressure to rethink everything, from the way their products and services are marketed to how talent can be recruited and retained.
— The New Paper

The Ascot hikes stake in Quest to 80%, acquires Brisbane property
CapitaLand’s wholly-owned serviced residence business, The Ascott Limited (Ascott), is acquiring an additional 60 per cent stake in Quest Apartment Hotels (Quest) for A$180 million ($137 million), increasing its stake to 80 per cent and positioning it as the largest serviced residence provider in Australasia.
— DealStreetAsia

Citi warns that Singapore’s oil and gas sector is not out of the woods yet
Even as Singapore faces brighter economic prospects this year, one sector could remain a sticking point for the export-reliant country.
— CNBC

Feature photo Atelierdreiseitl
Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

Singapore morning news by AEC News Today is your one stop source for Singapore news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies not politics.

Singapore Morning News For July 6 added by Leakhena Khat on July 6, 2017
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Leakhena Khat

Leakhena is a junior journalist at AEC News Today who is also currently studying International Relations, which she finds adds perspective to her work reporting on the Asean Community.

“I love what I am doing so much as it gives me a lot of great experience and provides challenges to my mind.