Singapore Morning News For August 3

Singapore’s manufacturing sector expands for 11th straight month in July
Singapore’s manufacturing sector expanded for the 11th straight month in July, according to data released by Singapore Institute of Purchasing and Materials Management (SIPMM) on Wednesday (Aug 2).
— Channel NewsAsia

Work visa scheme for foreign entrepreneurs enhanced
THE EntrePass scheme – a work visa for foreign entrepreneurs keen to start a business in Singapore in areas such as deep technology – will be enhanced to attract global startup talent.
— The Business Times

New Payments Council to plot S’pore’s cashless drive
THE Monetary Authority of Singapore (MAS) has roped in representatives from several tech companies into its newly formed payments council, as its members look at how to build a cashless society in Singapore.
— The Business Times

High costs, labour crunch will test Amazon Singapore: Analysts
While it comes with a big reputation, Amazon may struggle to fully replicate in Singapore a business model that has brought the country much success in various parts of the world, experts say.
— Today Online

LaunchPad attracts more high-tech start-ups
Some 14 per cent of firms based at Singapore’s start-up hub JTC LaunchPad @ one-north have shut down and another 47 per cent have “graduated” and relocated, found a study by the National University of Singapore (NUS) Entrepreneurship Centre.
— Today Online

Singapore fintech investment rises despite drop in deal volume
The past quarter has seen fintech investment in Singapore rise to reach US$61.5m as investments globally doubled to US$8.4b.
— Singapore Business Review

Fewer workplace fatalities, injuries in first half of 2017
Fewer workers died in workplace accidents in the first half of the year, and the number of injuries also fell, according to official figures released on Wednesday (Aug 2).
— Channel NewsAsia

Singapore regtech startup targeting trade finance
A Singapore-based company is aiming to cut the time it takes big banks to conduct investigations on suspicious trade finance transactions.
— Global Trade Review

Singapore to enhance EntrePass scheme in entrepreneurial push
Singapore has broadened the evaluation criteria for its EntrePass scheme with the aim to attract startup founders, entrepreneurs, innovators, and investors to the city-state and building itself up as an entrepreneurial hub in the Indo-Asia Pacific.
— DealStreetAsia

GIC-linked China lending platform to sell US consumer debt in Asia
ARMED with a fresh US$220 million injection from Singapore’s sovereign wealth fund GIC and a group of investors, Chinese peer-to-peer lending platform Dianrong plans to launch a global platform to sell US consumer debt to Asian investors via offices in Singapore and Hong Kong.
— The Business Times

Firms need to cooperate to build industry-wide capabilities: Heng Swee Keat
To be competitive, firms need to build not only capabilities specific to themselves, but also industry-wide capabilities, Finance Minister Heng Swee Keat said on Wednesday (Aug 2).
— Channel NewsAsia

AXS ‘monitoring’ reports of scam at its stations
AXS is “monitoring” reports suggesting that a scam is allegedly being conducted at its stations islandwide, it said on Wednesday (Aug 2).
— Channel NewsAsia

Singapore dollar surge leaves market expecting pullback in H2
HAS the Singapore dollar (SGD) gone up too much? Yes, say analysts, who believe that it would start to retrace against the US dollar in the second half of this year.
— The Business Times

Build up capabilities to ride the waves of changes ahead: Heng Swee Keat
THE best chance for Singapore to roll with the waves of changes up ahead lies in building strong corporate and human capabilities, Finance Minister Heng Swee Keat said on Wednesday.
— The Business Times

Half of Singapore consumers can only last one day without mobile data
Half of Singapore consumers would only be able to only last one day without using mobile data, according to a survey of over 900 respondents.
— NetworksAsia

Singapore ‘can help set standards’ for the jungle of green bonds
AS THE global economy shifts from spending trillions of dollars a year in subsidies for fossil fuels, Singapore can play a leadership role in standardising the issuances of green bonds, said a top economist from Amundi Asset Management.
— The Business Times

Six arrested, S$150k worth of drugs seized in CNB bust
The Central Narcotics Bureau (CNB) arrested six suspected drug offenders and seized about 2.1kg of heroin, ice and Erimin-5 on Tuesday. The seizure is estimated to be worth about S$150,000.
— Today Online

Amazon’s strategy: Fast delivery first, profits later
E-commerce giant Amazon’s move to pay drivers here up to S$30 an hour to deliver goods ordered through its Amazon Prime Now service may not make much business sense at first glance, but it is a tactic the company has adopted in many countries for years.
— Today Online

E-bike registration to start on Aug 14
Owners of power-assisted bicycles, or bicycles equipped with electric motors and known as e-bikes, will have to ensure that their bicycles have been approved by the Land Transport Authority (LTA) and get them registered by Jan 31 next year.
— The New Paper

Nigeria, Singapore sign agreement to curb double taxation
Nigeria’s federal government on Wednesday signed an agreement with Singapore that would help companies operating in the two countries avoid double taxation in their different bases.
The agreement clearly spells out taxing rights of the two countries in respect of different incomes derived from each country.
— Business Day Online

Feature photo Craige Moore
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 August 3 added by Leakhena Khat on August 3, 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.