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SG e-money transactions to reach $22.7b in 2024

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SINGAPORE: Analysts at UnaFinancial predict impressive growth in the electronic money sector, with transactions reaching $246.3 billion by 2024 in Southeast Asia. In particular, Singapore e-money transactions are projected to reach $22.7 billion in 2024, making a significant contribution. This growth is attributed to several key factors, including the increasing popularity of e-wallets, QR codes and the rising levels of digitalization in the region.

The study, conducted by UnaFinancial, focused on electronic money transactions, including payments and transfers via QR codes, electronic wallets, and non-bank payment systems. The analysis includes several Southeast Asian countries, including Singapore, Indonesia, Thailand, the Philippines, Vietnam, and Malaysia.

Trends in Southeast Asia’s e-money market

Since the start of 2018, the electronic money market in Southeast Asia has experienced consistent monthly growth, averaging a 2% increase.

In 2022, the market’s estimated worth had reached $187 billion.

  • Indonesia accounted for the largest share at $72.1 billion
  • Thailand at $29.1 billion
  • Philippines at $28.5 billion
  • Vietnam at $20.5 billion
  • Malaysia at $19.5 billion
  • Singapore at $17.2 billion
SE Asia e-money 2022
Photo: Statista

However, Singapore boasted the highest volume of electronic money per capita at $2,867, significantly surpassing Malaysia’s $567, Thailand’s $405, Indonesia’s $259, the Philippines’ $242, and Vietnam’s $207.

Singapore also stands out for having the lowest ratio of cash to electronic money, with electronic money surpassing the volume of cash by the end of 2022. In contrast, the rest of Southeast Asia had cash volumes exceeding electronic money by 18 times in December 2022, though this trend has been declining. In early 2018, cash outpaced e-money by 34 times in the region.

The circulation of non-cash dollars in Southeast Asia remains relatively low, with just four out of every 1,000 non-cash dollars in circulation. This may seem surprising given the upward trend in electronic payments, but the sheer volume of non-cash money supply can explain it.

Over time, however, e-money has been gaining ground. From the beginning of 2018 to the close of 2022, the share of electronic money in the total volume of non-cash funds grew threefold in Thailand and Singapore and 2.5 times in Indonesia.

What’s next?

UnaFinancial’s analysts expect the electronic money sector in Southeast Asia to continue its upward trajectory, reaching $213.3 billion in 2023 and climbing to $246.3 billion in 2024.

In Singapore, the market is expected to expand to $19.7 billion in 2023 and further to $22.7 billion in 2024. Singapore will maintain its lead in e-money per capita, reaching an impressive $3,783.

e-money transactions per capita
Photo: UnaFinancial

Several factors contribute to this growth. The rising popularity of e-wallets in Singapore is a significant driver. Additionally, central banks in many countries are committed to accelerating the transition from cash to online transactions by introducing national QR code systems. Indonesia, Thailand, Philippines, Malaysia, and Singapore have also entered agreements to enhance cross-border payments.

Southeast Asia presents tremendous potential for the development of the e-money market. The region boasts high levels of digitalization, with approximately 75% internet penetration and a 76% smartphone adoption rate, facilitating widespread online access to financial services.

Singapore leads the way in terms of digitalization, with a significant share of fintech users (73%) and high levels of smartphone (94%) and internet penetration (91%).

These factors contribute to high volumes of digital transactions per capita and create a conducive environment for the growth of the electronic money market in the country.

About UnaFinancial

UnaFinancial is a group of companies that develop user-friendly digital financial solutions in the Middle East, Asia, and Europe. They leverage AI-based, machine learning, and data-driven technologies and processes, providing precise and comprehensive risk management, convenience, and speed for their customers. In 2022, the group earned $139.1 million in revenues, with net profits increasing significantly to $13.1 million as of Dec 31, 2022.

SG Red Cross: Give blood near your home

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SINGAPORE: The Singapore Red Cross has called upon the community to step forward and donate blood as they prepare for two upcoming community drives aimed at bolstering the local blood supply. In a recent Facebook post, the organisation extended their gratitude to the public and urged them to be patient as they work diligently to meet the increasing demand for blood donations as part of the SG Red Cross Give Blood Near Your Home program.

To make the donation process as convenient as possible, the Singapore Red Cross has announced two community drives scheduled for the upcoming weekend, welcoming potential donors from various regions of Singapore. The first community drive will take place in the eastern part of the city on Saturday, Oct 28, at the Tzu Chi Foundation’s premises, located at Level 1, 9 Elias Road, Singapore, 519937. The event is set to commence at 9am and run until 2pm.

The second opportunity to donate blood will be in the western region, specifically at the Taman Jurong Community Club on Sunday, Oct 29. Those interested in contributing can visit Level 3, Banyan Room (308-310) at 1 Yung Sheng Road, Singapore 618495, between 10am and 4pm.

The Singapore Red Cross has encouraged potential donors to make appointments for these community drives to facilitate the donation process and manage the flow of volunteers. The organisation has provided a dedicated hotline for scheduling appointments: “Call us at 6220 0183 to make an appointment for community drives near you.”

The Singapore Red Cross actively promotes its blood donation campaign through hashtags #GiveBloodSaveLivesSG and #SGUnited. These community drives are integral to the Singapore Red Cross’s ongoing mission to maintain an adequate and sustainable blood supply.

As Singaporeans prepare for the weekend, the call to donate blood by the Singapore Red Cross remains a call to action for the community. By coming forward to donate blood, community members can play an active role in saving lives and contributing to Singaporean’s overall well-being.

Man making S$25K/month wants to split all expenses equally with partner earning S$5K

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SINGAPORE: A woman earning about S$5,000 a month took to social media asking for advice because her future husband wanted to split all expenses equally.

In an anonymous post to popular confessions page NUSWhispers, the woman wrote that her partner made S$25,000 monthly. In her post, she asked: “If I make 5k/month and my partner makes 25k/month, would it be fair to split all expenses 50-50?” The woman explained that they were planning to get married the year after, and they had many large expenses coming up, such as the wedding, home renovations, honeymoon, car and children. She said that her partner insisted that they split everything equally, but she disagreed and was looking to gain some perspective.

Netizens who commented on the post told her to rethink her relationship.

One said: “If is hubby earning 25k I would honestly expect hubby to pay everything. Wife can pay some meals when dinning out and contribute in her way. If wife is earning 25k I would expect the wife to be understanding and have things example utilities bill or mgmt fee, meaning a proportion for hubby to pay so its fair.

The hubby is at least contributing minimum 35% of his income to the family? Or have hubby give 50% of his earning and wife pay for everything else. Subsequently increase responsibility upon him increasing his salary over years.What the wife should be looking at is the responsibility of the hubby not the earning. It depends on what are his fix expense and etc if hubby is the one earning lower.

A relationship if need to talk about money do it before marriage. Set and align expectation. If RS is gonna be tiring and calculative before marriage then actually is a signal not to continue. Because in marriage everything is money”.

Earlier this year, another woman took to social media after calculating how much it would take to start a family. In an anonymous post to popular confessions page SGWhispers, the woman said that she deserved better than her current partner. “There’s this guy I met online. He’s my age and he cooks steak and shares my faith.I mean the only reason I hold on is because I feel like he’s nice, shares my faith and my wishes and taste. Plus he can cook and clean”, she wrote.

However, the woman added that the man did not give her security or assurance when it came to the topic of cheating. “He’d give me that giggle like he’s hiding something. Weird”, she wrote. She also added that her friend told her that all married men cheat behind their wives’ backs. Because of this, the woman was hesitant to marry but said she did not want to be alone either. “I calculated that it would take $20k to start a family of 2 kids. I feel that somehow, I deserve a better guy. I earn more than my current partner. I earn close to $10k. I can cook, I clean, I can grow plants too”, she wrote, asking netizens if she deserved better in a partner. /TISG

Maid tells her employer she can’t look after pets, but employer gets 3 pets anyway

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SINGAPORE: A foreign domestic helper took to social media asking for advice after her employer decided to get three pets despite her saying that she was not keen on looking after them. In a post to a support group for domestic helpers and employers alike, the woman wrote: “… How will you react when your employer is buying pets one after another, despite saying during interview that you are not keen to look after pets and employer said, they don’t have plans of getting any”.

She explained that during her interview for the job with her employer, she expressed that she did not want to take care of pets. However, a month after she started working for her employer, the latter proceeded to buy a dog, a hamster and a cat. The maid added that she would often have to forgo her usual day off to look after the pets. “But just 1 month after joining in, employer bought a dog, then a hamster then a cat. Because of the pets, helper need to forgo her usual day off n can only take time off when family are away. Otherwise, the house will be a mess when the pets are left too long”, the maid wrote in her post.

She asked others in the group for advice on whether she should leave or stay and take the situation as part of the job. Some helpers who commented said that it was a no for them. Others said that she should be a bit flexible but should not give up her days off.

One wrote: “I think taking care of pets isn’t the issue, it is the forgoing of the day off that is unacceptable. How can it be that having some pets prevents the helper from taking a day off? It makes no sense. Family circumstances change. One of my helpers joined when we had one child and by the time she left we had three”.

Another voiced similar sentiments: “I think it’s fair that you try to cope and be flexi with the additional job scope. It depends on how much you dislike the role of care giving towards pets. Just like at work, our boss will give additional task as we progress in our role. If it’s bearable and within limits i would give it a try. Hope you manage to find your answer. Most importantly, you do not dread doing it. Otherwise, give advance notice and move on”. /TISG

NEA to discontinue daily haze advisory

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SINGAPORE: On Tuesday, Oct 24, NEA announced that they will discontinue the daily haze advisory due to improved conditions and a low likelihood of transboundary haze affecting Singapore for the remainder of 2023. This decision follows an update from the ASEAN Specialised Meteorological Centre (ASMC) that lowered the haze alert level from Level 2 to Level 1 for the southern Southeast Asia region.

Over the past week, Singapore and the surrounding region have experienced showers, while hotspot counts over Sumatra have remained low and stable. This has resulted in no significant transboundary haze affecting Singapore in recent times.

The region’s weather outlook for the coming weeks also looks promising as Singapore transitions into the inter-monsoon season from the end of October. This transition is expected to bring increased rainfall, accompanied by light and variable winds throughout November and December. Consequently, the likelihood of transboundary haze affecting Singapore is minimal for the rest of the year.

On their Facebook page, NEA shared, “We expect more rainfall to the region with light and variable winds in Nov and Dec.”

As NEA stated, “With the improved conditions and low risk of haze, the National Environment Agency will cease the daily haze advisory from today. We will, however, continue to closely monitor the situation and will resume daily advisories if necessary.”
NEA emphasized the importance of staying informed through their various platforms. Singaporeans can find updates and information through various NEA platforms, including the haze microsite, NEA website, MSS website, mobile app myENV, and NEA’s social media channels on Facebook and Twitter(@NEAsg). Information on the distribution of hotspots detected over the past fortnight in the region can be found on the ASEAN Specialised Meteorological Centre (ASMC) website.

Public Service Division: New round of personnel redeployments for permanent secretaries

SINGAPORE: The Public Service Division (PSD) has revealed a series of personnel redeployments for permanent secretaries that will take effect in the coming months.

Several high-ranking officials will see changes in their roles and responsibilities from Jan 1, 2024.

Mr Jeffrey Siow Chen Siang, Managing Director and Chief Operating Officer at Enterprise Singapore, will take on a new role as Second Permanent Secretary of the Ministry of Manpower.

Mr Siow, 45, has an extensive background in public service, with previous appointments at various government ministries, including the Ministry of Manpower, Public Service Division, Civil Service College, Ministry of Education, and the Ministry of Transport. Notably, he served as the Principal Private Secretary to Prime Minister Lee Hsien Loong from 2017 to 2021.

Ms Teoh Zsin Woon will assume the role of Permanent Secretary at the Ministry of Culture, Community and Youth. She will continue concurrently as Permanent Secretary (Development) at the Public Service Division.

Ms Teoh, 49, has had a diverse career in public service, including positions at the Ministry of Defence, the Ministry of Manpower, the Workforce Development Agency, and the Ministry of National Development. She served as Deputy Secretary (Development) at the Ministry of Health in 2013 and, more recently, as Second Permanent Secretary of the Ministry of National Development and the Public Service Division.

Ms Tan Gee Keow will relinquish her position as Permanent Secretary of the Ministry of Culture, Community and Youth. However, she will continue to serve as Permanent Secretary of the Public Service Division.

Ms Tan, 48, has held roles in various government ministries, such as the Ministry of Finance, Public Service Division, Ministry of Defence, and Ministry of Education. She was appointed as Permanent Secretary of the Ministry of Culture, Community and Youth in 2018 and later as Permanent Secretary of the Public Service Division in October 2023.

Former Chief of Defence Force, Mr Melvyn Ong Su Kiat, the current Permanent Secretary (Defence Development) at the Ministry of Defence, will be concurrently appointed as Permanent Secretary (Development) at the Ministry of National Development.

Mr Ong, 48, has a distinguished career with the Singapore Armed Forces (SAF) and has held significant command and staff positions. Aside from his role as CDF, he has been seconded to the Civil Service as Deputy Chief Executive of the Early Childhood Development Agency, Ministry of Social and Family Development, between 2013 and 2014.

Mr Chng Kai Fong, the current Permanent Secretary (Development) at the Ministry of Communications and Information (MCI) and Permanent Secretary (Development) (Cybersecurity) at the Prime Minister’s Office, will undergo a redesignation.

Starting from Nov 1, 2023, he will become Permanent Secretary (Information and Development) at MCI while retaining his role as Permanent Secretary (Development) (Cybersecurity) in the Prime Minister’s Office.

Mr Chng, 44, has served in various government departments and was previously Principal Private Secretary to the Prime Minister. He was Managing Director of the Economic Development Board in 2017 and took on roles within the Smart Nation and Digital Government Group (SNDGG) and MCI in 2021 and 2022, respectively.

The reshuffle is expected to enhance the public service’s efficiency and capabilities in delivering essential services to the nation.

HDB to invite 8.6K residents to share about their needs & aspirations

SINGAPORE: The Housing and Development Board (HDB) of Singapore has launched the Sample Household Survey (SHS) 2023/24, a study to gather feedback from residents about their public housing experience and evolving needs.

About 8,600 households and single occupiers residing in HDB towns and estates across the island will be invited to participate in the survey, which will run from October 2023 to April 2024.

The SHS, conducted every five years since 1968, has provided valuable insights into housing preferences and satisfaction levels of Singaporean residents. The latest SHS, the 12th iteration, will introduce three main focus areas: household and singles needs and aspirations, social well-being, and physical living environment.

The SHS 2023/24 aims to gather views from a diverse range of HDB residents, including families, single homeowners, elderly citizens, and rental households. A key highlight of this year’s survey is the inclusion of singles, specifically those aged between 21 and 54, residing in HDB flats but not owning one. This survey will explore their views on marriage, housing needs and aspirations, sense of belonging, and outlook on life.

The survey also promises to thoroughly examine the well-being of HDB residents on personal, family, and community levels, focusing on both physical and mental well-being.

Against the backdrop of the ongoing COVID-19 pandemic, SHS 2023/24 is expected to be instrumental in understanding the concept of community resilience and how physical and social infrastructure can support communities in bouncing back from shocks and stresses.

The quality of the physical living environment is crucial in influencing housing aspirations and determining residents’ mobility for work, leisure, and education. This section of the survey will evaluate residents’ satisfaction with the various facilities available within their HDB estates and their housing preferences and aspirations.

Notification letters will be sent out in batches to HDB residents, inviting them to participate in the survey. The survey can be conducted face-to-face or online, ensuring maximum accessibility to residents.

To conduct the surveys, HDB has commissioned an external vendor, Media Research Consultants (MRC) Pte Ltd, whose representatives will carry their company’s identity pass and HDB’s Authorisation Letter during their fieldwork. Residents invited to participate in the survey are encouraged to actively share their views, ultimately playing a crucial role in shaping their home and community.

The results for SHS 2023/24 are expected to be available in 2025, offering valuable insights into the evolving housing needs and well-being of Singapore’s residents.

15K+ people from across the globe to attend SG’s Tech Innovation Week

SINGAPORE: More than 15,000 tech enthusiasts, entrepreneurs, and innovators from across the globe are set to converge on Singapore for the upcoming Singapore Week of Innovation and Technology (SWITCH), organized by Enterprise Singapore.

The event which is considered a leading startup festival and is expected to feature a wide range of activities, from in-depth discussions on sustainable development to groundbreaking advancements in healthcare. The event is gearing up to foster cross-border collaboration, co-innovation, and in-depth discussions in the tech sector.

This year’s SWITCH will set new records, with over 15,000 attendees and an impressive lineup of over 300 speakers and 350 exhibitors from nearly 20 countries. These figures demonstrate the growing importance of Singapore as a hub for tech innovation and development.

A noteworthy addition to this year’s programme is the outdoor event, “SWITCH @ one-north”, where start-up companies and innovation infrastructure in Singapore’s bustling tech ecosystem will be showcased.

Key Highlights at SWITCH

SWITCH Beyond will be the sectoral thought leadership stage, where industry heavyweights will discuss prominent issues, focusing on generative artificial intelligence (AI) and its applications across various industries.

The first day of the conference will concentrate on “Accessible Healthcare in Asia,” featuring discussions led by global business leaders, healthcare providers, and academic industry experts, including Dr Charles Bruce from Mayo Clinic and Mr Lim Wai Mun from teledoctor platform Doctor Anywhere.

On the second day, SWITCH will shift its focus to “The Green Transition and Net-Zero in Asia”, with experts from multinational corporations and industry practitioners discussing decarbonizing supply chains and Asia’s path toward achieving its Green Transition goals.

The SWITCH Global stage will feature Market Access sessions covering 14 markets, offering insights on market-specific trends and business collaboration opportunities. With close to 30 global exhibition booths, participants can network and establish new market-access partnerships.

The SLINGSHOT stage will feature dedicated content for tech startups, with startup founders sharing their experiences and investors providing insights on capturing new opportunities in the tech landscape.

SWITCH 2023 introduces a Play Zone, offering participants an immersive experience of the metaverse through Web 3.0 and Extended Reality gaming. Leading technology and gaming companies will showcase how technologies like generative AI and blockchain are shaping the future of gaming.

This year, SWITCH @ one-north offers a hands-on and interactive experience of Singapore’s innovation ecosystem. Participants can interact with more than 25 startups and explore robotics, drones, and Web 3.0 solutions.

SWITCH will also host ten co-located partner events, covering various aspects of technology and innovation, fostering new collaborations and discussions in AI governance, circular economy, sustainable urban living, and more.

SWITCH 2023 is poised to be a game changer, solidifying Singapore’s position as a global tech hub and fostering international collaboration in the ever-evolving world of technology. With record-breaking attendance, an array of discussions, and innovative showcases, this year’s event promises to be a remarkable experience for technology enthusiasts and industry leaders.

NCCS raises more than S$41M to improve cancer care

SINGAPORE: With cancer incidence on the rise in Singapore, generous contributions from philanthropic foundations and individuals are helping to bolster comprehensive care at the National Cancer Centre Singapore (NCCS). This influx of support comes as Singapore grapples with a growing number of cancer cases.

At the NCCS charity gala dinner held at The Ritz-Carlton, Millenia Singapore hotel on Sunday (October 22), three benefactors announced donations exceeding S$27 million, reinforcing the commitment to improving the lives of cancer patients and their families. Additionally, NCCS’ Cancer Fund has been actively raising funds for cancer patients and research. In 2023 alone, the fund raised more than S$14 million between April and September. The fund plays a critical role in supporting around 26,000 cancer patients annually, funding essential research, patient care, and cancer education programmes.

Between 2017 and 2021, Singapore reported over 84,000 new cancer cases, and experts predict that this trend will continue in the coming years. Recognizing the importance of community involvement and philanthropy in enhancing cancer care and support, these substantial donations have the potential to make a significant impact.

The highlight of the evening was a whopping S$20 million donation by 81-year-old Mrs Margaret Lien, the wife of the late philanthropist Lien Ying Chow. This donation was used to establish the Lien Ying Chow Endowment Fund, a pledge that underscores her commitment to improving the lives of cancer patients and their families.

The Lien Ying Chow Endowment Fund is poised to address a crucial gap in financial assistance for vulnerable cancer patients by providing financial and psychosocial support. It aims to alleviate the emotional and financial burden on patients and caregivers, ultimately enhancing their quality of life. This initiative will also assist patients in acquiring essential medical equipment.

The Goh Foundation and New Century Foundation also pledged substantial donations of S$6.35 million and S$1 million, respectively.

Goh Foundation’s commitment is geared towards establishing the Goh Foundation Innovation in Supportive and Palliative Care Programme. This programme will enhance palliative care services, offering counselling and health management for patients and their families.

Meanwhile, the New Century Foundation’s contribution will be instrumental in supporting clinicians and researchers in leveraging innovative technologies to advance cancer research and improve the overall quality of care at NCCS.

In his speech, Deputy Prime Minister Heng Swee Keat, the guest of honour at the event, addressed the growing cancer prevalence in Singapore. He pointed out that one in four people in Singapore is affected by cancer, with nearly 16,000 new cancer cases diagnosed annually.

While acknowledging that cancer survival rates have improved, rising from 19.5 per cent in the 1970s to nearly 60 per cent today, Mr Heng stressed the multifaceted challenges that cancer poses to survivors and their families. He said, “Cancer care has therefore become more multifaceted, not just treatment, but also post-treatment support and care.”

Prevention and early diagnosis, investment in research, and community support have been identified as the three essential pillars of improving cancer care. Mr Heng said that government subsidies and financial assistance are in place but also underscored the role that community support, exemplified by the National Cancer Center Cancer Fund, plays in the holistic approach to tackling cancer in Singapore.

Authorities find body of kayaker who went missing in Sentosa waters

SINGAPORE: The authorities confirmed yesterday (Oct 24) that the body of a 33-year-old woman who went missing while kayaking off Sentosa Island on Sunday (Oct 22) has been discovered. The Singapore Civil Defence Force (SCDF) made the tragic discovery in the waters near Sentosa Island at 3 pm. Preliminary investigations have ruled out homicide, and the case remains under investigation.

The woman kayaking with a friend disappeared on Sunday after her kayak capsized and was swept away by the strong currents. The SCDF received a call for assistance at approximately 10:25 am on the same day, reporting a kayaker missing off the coast of Sentosa Island. Simultaneously, the Maritime and Port Authority (MPA) also received a report of the missing kayaker and initiated search and rescue operations in collaboration with the Police Coast Guard and SCDF.

MPA dispatched patrol boats to conduct searches and issued radio broadcasts to alert nearby vessels to report any sightings related to the incident. The SCDF deployed a sea rescue vessel and Disaster and Rescue Team (DART) divers to assist in the search.

The woman was attempting to aid her friend, who was kayaking with her when their boats capsized. Friends of the kayaker, who revealed that the incident occurred between 9.30 am and 10 am, said that a male kayaker’s boat capsized first, and when the woman attempted to assist, her kayak also capsized, leading to both of them being swept away by the strong currents.

Two other fellow paddlers at the scene witnessed the incident and immediately sought assistance from the Coast Guard. Fortunately, the male kayaker was later rescued by a passing ship. But the woman’s whereabouts remained unknown, leading to an extensive search operation by the authorities.

Efforts to locate the missing woman involved multiple agencies before ultimately concluding with the tragic discovery of her body. Investigations are ongoing.