Singapore Morning News For May 15

Two Singaporean online marketplace startups raise fresh funds
Singapore’s Carousell, a classifieds marketplace, said on Monday that it raised $85 million in funds from investors including DBS Group Holdings Ltd, the city-state’s biggest lender.
— Reuters

Singapore releases best practice papers to combat money laundering and financial crime
On 14 May, the Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP) in Singapore has published two best practice papers for financial institutions to guard against trade-based money laundering and the misuse of company structures for illicit purposes.
— Open Gov Asia

Singapore company emerges as market leader in cryptocurrency offerings
Singapore’s PLMP-Fintech is becoming the service provider of choice among ICO candidates after proving its ability to launch ten new ICOs in a single month.
— The Nation

Singapore’s GIC buys stake in Brazilian gym chain Smartfit
Singapore’s sovereign wealth fund GIC is investing 100 million reais ($27.9 million) in Brazilian gym chain Smartfit Escola de Ginastica e Dança SA (SMFT3.SA), Smartfit said in a securities filing.
— Reuters

Singapore car marketplace Carro scores US$60m in Series B funding
CARRO, a Singapore-based car marketplace startup, has raised US$60 million in Series B funding.
— The Business Times

Singapore-Brunei Security Ties in Focus with Presidential Visit
This weekend, Singapore President Halimah Yacob paid her first state visit to Brunei. Though her visit had a wide-ranging agenda, the recent high-level interaction between the two Southeast Asian states also featured the defense aspect of their ties.
— The Diplomat (paywall)

Social divide, inequality take centre stage in MPs’ response to President’s Address
Social divide and inequality in Singapore were a big focus among People’s Action Party backbenchers as they debated the President’s Address in Parliament on Monday (May 14).
— Channel NewsAsia (video)

Singapore not joining US, Japan-led free and open Indo-Pacific for now: Vivian Balakrishnan
Singapore will not be signing on for now to the free and open Indo-Pacific strategy being touted by the United States, Japan, India and Australia, said Foreign Minister Vivian Balakrishnan at a lecture on Monday (May 14).
— The Business Times

Singapore commodities companies head to South America
U.S.-China trade tensions are causing Singaporean agriculture conglomerates Olam International and Wilmar International to import from South America to avoid higher taxes.
— Nikkei Asian Review (paywall)

Singapore Tourism Board chief Lionel Yeo to step down end May
Singapore Tourism Board (STB) Chief Executive Lionel Yeo will step down on May 31 to join the private sector after 22 years of public service, the Ministry of Trade and Industry (MTI) said on Monday (May 14).
— Channel NewsAsia

Singapore and Brunei Darussalam enhance cooperation in financial innovation
On 12 May, the Monetary Authority of Singapore (MAS) announced that it has signed a FinTech Cooperation Agreement (CA) with the Autoriti Monetari Brunei Darussalam (AMBD) to foster innovation in financial services between Brunei Darussalam and Singapore.
— Open Gov Asia

Singapore deputy prime ministers congratulate Wan Azizah on appointment, election victory
Singapore’s deputy prime ministers Teo Chee Hean and Tharman Shanmugaratnam on Monday (May 14) called their Malaysian counterpart Dr Wan Azizah Wan Ismail to congratulate her on her appointment as Malaysia’s deputy prime minister.
— Channel NewsAsia

Staid Singapore prepares for historic Trump-Kim summit
Singapore, a highly manicured city-state shaped by skyscrapers and luxury hotels, is preparing for perhaps the most crucial international diplomatic event of the decade.
— News Observer

As a small state, Singapore must remain neutral and principled: Chan Chun Sing
Singapore, as a small state, must continue to be principled and neutral in its dealings with other countries as it looks to remain relevant to the outside world, Trade and Industry Minister Chan Chun Sing said on Monday (May 14).
— Channel NewsAsia

New guidelines to fight money laundering and financial crime in Singapore
TO LAUNDER money through round-tripping, a South Asian conglomerate used 10 subsidiaries to swiftly shift funds of no more than US$20 million each time over just two months between these units.
— The Business Times

MP suggests changing valuation method for ageing flats to raise demand
With owners of older HDB flats worried about the value of their homes as their leases shorten, Ms Cheryl Chan, Member of Parliament for Fengshan constituency, proposed taking a “multi-prong” approach to help sellers and buyers by changing the valuation method for ageing units and extending the lease for flats in mature towns of selected precincts.
— Today Online

New system to show commuters crowd levels on trains
A new system that can help channel commuters to less crowded train cars is being piloted along the Downtown Line by the Land Transport Authority (LTA) starting on Monday (May 14).
— Channel NewsAsia

HSA issues alert on 2 health products from Malaysia containing steroids
A woman was admitted to the intensive care unit (ICU) and a man developed Cushing’s syndrome, after consuming two health products found to contain prohibited Western ingredients.
— Asia One

Outbreak of dog flu in Pasir Ris Farmway shelters
More than 500 dogs at shelters in Pasir Ris Farmway have been hit by dog flu, in what is the worst contagious disease outbreak here in recent years.
— The Straits Times

Malaysian leaders slam The Straits Times for ‘fake news’ that aims to “drive a wedge” between new coalition govt and the people
One of the parties in the new coalition government of Malaysia has slammed The Straits Times for publishing “completely fabricated and false” claims that they believe is an attempt to “drive a wedge” between their party, the new ruling Pakatan Harapan coalition and the people.
— The Independent Singapore

Singapore must have strongest leadership team for others to ‘take us seriously’: Chan Chun Sing
Singapore must have the strongest leadership team possible for others to “take us seriously and be willing to work with us”, Trade and Industry Minister Chan Chun Sing said on Monday (May 14) during the debate on the President’s address.
— Channel NewsAsia

Civil defence NSF drowns after celebration gone wrong
A Singapore Civil Defence Force (SCDF) full-time national serviceman (NSF) died after he was found unconscious inside a pump well at Tuas View Fire Station on Sunday.
— The Straits Times

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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 May 15 added by Leakhena Khat on May 15, 2018
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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.