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Tech-related jobs grow to 208,300; 70% held by locals

Jewel Stolarchuk
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Tech-related jobs grow to 208,300; 70% held by locals

SINGAPORE: Singapore’s technology industry has shown resilience and growth, even amid a cautious hiring environment.

According to the latest Singapore Digital Economy Report by the Infocomm Media Development Authority (IMDA), technology-related jobs in Singapore rose to 208,300 last year, reflecting a 3.4% increase year-over-year.

This growth means that technology roles account for over 5% of the nation’s total employment.

The report highlights that the surge in technology positions was primarily driven by sectors outside the core Infocomm industry, which saw a job increase of 5% compared to a slower 1.4% growth rate within the Infocomm sector itself.

These findings indicate the expanding demand for tech skills across diverse industries, contributing to job creation beyond traditional tech fields.

Singaporeans and permanent residents filled over 70% of these tech roles, indicating strong local participation in the sector.

Notably, technology jobs continue to offer high remuneration, with the median monthly salary for local tech professionals reaching $7,000 last year.

This figure significantly outpaces the median monthly salary of $4,550 for the broader resident workforce, reflecting the competitiveness and appeal of tech roles within Singapore’s economy.

The high salaries commanded by tech professionals in Singapore can be attributed to several key factors.

There is a growing demand for specialized digital skills such as data analytics, cybersecurity, artificial intelligence, and software development, which are essential for organizations navigating digital transformation.

With rapid advancements in technology, companies across industries increasingly seek out talent who can develop and manage complex digital solutions, making experienced tech professionals highly valuable.

Further, the competition for skilled tech workers is intense locally and globally, driving salaries up as employers strive to attract and retain top talent.

Tech roles also often require continuous learning and adaptation to emerging technologies, which adds to the expertise and high value of professionals in this field.

As Singapore advances its digital economy, demand for skilled tech professionals will likely remain robust, even as firms maintain a measured approach to recruitment.

Singapore’s “Buy Now, Pay Later” market set to triple to almost $5B, driven by youth demand and flexible terms

Jewel Stolarchuk
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0
Singapore’s “Buy Now, Pay Later” market set to triple to almost $5B, driven by youth demand and flexible terms

SINGAPORE: Singapore’s Buy Now, Pay Later (BNPL) industry is on track to experience significant growth over the next decade.

According to a recent report by fintech company ROSHI, the sector is projected to expand from SGD 1.6 billion (USD 1.2 billion) in 2022 to SGD 4.9 billion (USD 3.7 billion) by 2032, with increasing adoption driven by favourable financing terms and shifting consumer preference away from traditional credit options.

The report reveals that transactions through BNPL services have surged, with average purchase amounts now 70% higher than typical credit card purchases.

Among consumers, 42.1% cited BNPL’s favourable terms as their primary reason for using the service, compared to just 17.5% for credit cards.

The findings point to a broader shift in payment habits among Singaporeans, particularly younger consumers who appreciate the easier access and minimal credit checks that BNPL services provide and a general aversion to incurring traditional credit card debt.

In 2022, Singapore’s BNPL market reached a user base of 1.9 million, with forecasts projecting a steady 3% growth by 2027.

This rise mirrors trends seen across Southeast Asia, where demand for flexible payment solutions is reshaping consumer finance.

“We’re seeing similar trends across Southeast Asia, indicating a broader regional shift in consumer financing preferences,” said Trịnh Mai Thanh, lead researcher at ROSHI.

However, ROSHI’s report also highlights a growing need for responsible lending practices.

As BNPL options become more widely available, it urges providers to implement financial literacy programs to ensure consumers make informed borrowing decisions.

This focus on sustainable growth, combined with financial education, will be crucial to the BNPL sector’s continued success in Singapore’s competitive financial landscape.

NUS, NTU launch nationwide initiative to boost Singapore start-ups

Jewel Stolarchuk
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0
NUS, NTU launch nationwide initiative to boost Singapore start-ups

SINGAPORE: Deputy Prime Minister Heng Swee Keat has announced the launch of a new national platform to foster start-up companies developed by local universities and research institutions.

Known as the National Graduate Research Innovation Programme, this initiative is a joint venture by the National University of Singapore (NUS) and Nanyang Technological University (NTU), designed to bridge the gap between research and commercial viability.

The programme will begin next year and aims to support early-stage start-ups from all Singapore autonomous universities and research institutes, including the Agency for Science, Technology, and Research (A*STAR).

Over 12 months, participants will be given opportunities to refine their initial ideas, gauge market demand, and establish viable business models.

With a commitment of $50 million in financial and in-kind support from NUS and NTU over five years, this platform will provide essential resources and guidance to drive innovation and commercialization of new technologies.

The initiative will bring together aspiring entrepreneurs, researchers, and innovators, tapping into Singapore’s diverse strengths in science, engineering, business, and design.

By combining NUS’s Research Innovation Programme with NTU’s Lean Launchpad, the platform leverages past success; NTU’s Lean Launchpad alone has fostered over 400 start-ups and 160 spin-offs to date.

This collaborative effort seeks to nurture up to 300 start-up teams by 2028 to create more than 150 spin-offs by 2030.

NUS to pump $120M into synthetic biology investment

Jewel Stolarchuk
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0
NUS to pump $120M into synthetic biology investment

SINGAPORE: The National University of Singapore (NUS) has announced a strategic commitment of approximately S$120 million to be invested over the next six years into the development of synthetic biology.

This substantial investment is part of an initiative to position synthetic biology as a central pillar within NUS’s innovation ecosystem and to support Singapore’s transformation across various sectors.

Synthetic biology, a rapidly growing field, allows scientists to design and engineer biological systems, or “factories,” for sustainable and efficient production.

Traditional manufacturing processes, especially within the petrochemical industry, rely heavily on petrochemical products—major contributors to climate change.

By leveraging synthetic biology, NUS aims to drive greener and more sustainable practices within the chemical industry and beyond, offering a path toward reduced environmental impact and increased production efficiency.

As part of the initiative, NUS intends to cultivate a vibrant synthetic biology ecosystem on campus, collaborating with national and international research bodies.

This commitment aligns with Singapore’s broader goals to secure resource resilience and address climate change through innovation.

In addition to the financial investment, NUS will lead a national program that brings together researchers from diverse disciplines across local universities and institutions.

This collaborative approach will focus on designing engineered cells with specialized biomanufacturing functions, which could benefit various industries, particularly chemistry and materials.

NUS also plans to partner with leading global institutions in synthetic biology, reinforcing its vision to transform Singapore into a hub for sustainable biotechnological advancements.

Throwback Giggles: SHINee’s Minho unveils hilarious trainee days tales with Super Junior’s Donghae and Eunhyuk

Lydia Koh
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Throwback Giggles: SHINee’s Minho unveils hilarious trainee days tales with Super Junior’s Donghae and Eunhyuk

KOREA: As reported by Allkpop, SHINee’s Minho recently shared stories about his trainee days with Super Junior members Donghae and Eunhyuk on a YouTube video.

The video, titled “Minho exposes Super Junior (Crazy reveals, please return),” was uploaded on Oct 28.

Minho said, “I believe it was back in middle school,” recalling his first meeting with Donghae and Eunhyuk.

“At first, my parents were against me joining SM Entertainment, so I had to quit. After about a year and a half, I returned, and I had grown taller than before.

When Donghae saw me again, he playfully hit me and said, ‘Why did you get taller?’”

Laughing, Donghae responded, “I must have been so envious of you,” while Eunhyuk added, “You really did grow all of a sudden.”

Mom was fond of Minho

Eunhyuk shared how they ended up sharing a dorm with Minho, as there was no one else to room with him.

Donghae remembered, “My mom didn’t like it when I stayed out overnight, but she was very fond of Minho. I didn’t want to be away from him, so I asked my parents if he could stay with me.”

Minho then revealed more about his parents’ views on his early career days, adding humorously, “My parents liked nearly every celebrity, but they weren’t thrilled when these guys debuted.

They were strict about sleepovers, but Donghae and Eunhyuk kept promising to take good care of me. One night turned into many, and while I enjoyed it, my mom wasn’t as happy about it.”

Multi-talented

Choi Minho is a South Korean rapper, singer, composer, and actor who goes by Minho. He is best known as a member of the popular boy group SHINee, which debuted in 2008.

Minho is well-known for his captivating charisma, impressive rap abilities, and commanding stage presence. He has contributed to SHINee’s numerous hit songs, including “Ring Ding Dong,” “Lucifer,” and “Sherlock.”

Brewing Love: Kim Se Jeong and Lee Jong Won stir up their romance! — Release date, cast, plot, and how to catch the magic included

Lydia Koh
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0
Brewing Love: Kim Se Jeong and Lee Jong Won stir up their romance! — Release date, cast, plot, and how to catch the magic included

KOREA: As reported by PINKVILLA, Brewing Love is an upcoming South Korean romantic comedy starring Kim Se Jeong and Lee Jong Won, directed by Park Seon Ho, known for works like Business Proposal and Suspicious Partner.

The show is written by Lee Jung Shin.

Release Date and Streaming

Set to premiere on Nov 4, 2024, Brewing Love will air every Monday and Tuesday at 10:00 p.m. KST on the South Korean network ENA and will be available on Genie TV in South Korea.

International audiences can watch it on the streaming platform Viki, with English subtitles for select regions. The series is slated for 12 episodes in total.

Genre and Plot Overview

This romantic comedy, with a touch of drama, explores complex relationships.

The narrative centres on Chae Yong Ju, a former member of the special forces who is now a top salesperson for a spirits firm and is renowned for her resilience and upbeat personality.

Behind her bright personality, Yong Ju hides her true emotions, especially as her branch faces the threat of closure.

To save it, she’s tasked with promoting a new beer crafted by Yun Min Ju, a sensitive brewmaster and CEO of a small brewery.

Min Ju, who enjoys a quiet life in a rural town to perfect his craft, finds his world disrupted by Yong Ju’s energetic and bold nature.

As they work together, their connection grows, leading to unexpected changes in their lives.

Cast

Kim Se Jeong, known for roles in Business Proposal and The Uncanny Counter, leads the cast as Yong Ju.

Opposite her is Lee Jong Won, who is recognized for his performances in Golden Spoon and Hospital Playlist Season 2, and he plays Min Ju.

Supporting cast members include Shin Do Hyun, Baek Sung Chul, Baek Hyun Joo, and others, bringing depth to this engaging romantic comedy.

China’s spooky shutdown: Police ghost Halloween festivities in Shanghai, boo-ting out merrymakers

Jasmime Kaur Darshan
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China’s spooky shutdown: Police ghost Halloween festivities in Shanghai, boo-ting out merrymakers

CHINA: Known as one of the most liberal places in China and a cultural hub, it appears Shanghai is not what it used to be as police crackdown on cultural and public gatherings in the city.

According to a BBC report, police were seen getting rid of crowds of costumed merrymakers who had donned Halloween costumes on the streets of Shanghai.

Although the police have not given official notice banning Halloween celebrations, rumours of a possible crackdown on the festival were circulating online.

This was likely because last year, many Halloween revellers wore costumes mocking the Chinese government and its policies.

Some of last year’s costumes include people dressing up as giant surveillance cameras, COVID testers, and censored Weibo posts.

This year, however, people wore non-controversial outfits such as comic book characters like Batman and Deadpool, yet they were still escorted out into police vans.

So, no one is clear on what sort of costume the police have been targeting.

The incident occurred on Julu Road in downtown Shanghai, where a large number of police officers and police cars appeared, asking people dressed up in various costumes to leave the scene.

One Shanghai local told the BBC, “Every time someone new showed up on the scene, everyone would go, ‘Wow, that’s cool and laugh. Policemen were on the sidelines, but I felt they also wanted to watch.”

The eyewitness said that, however, around 10 pm, a new group of policemen arrived and began cordoning off the park.

“We were told to remove our headgear as we left the park. We were told everyone leaving from that exit could not be costumed.”

According to another resident, the number of police officers in the park outnumbered the number of merrymakers. The police officers were taking down the personal details of every person dressed in a costume.

“Shanghai is not supposed to be like this. It has always been very tolerant,” said the Shanghai resident.

New Delhi’s pollution crisis worsens: Air quality has now reached toxic level

Jasmime Kaur Darshan
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0
New Delhi’s pollution crisis worsens: Air quality has now reached toxic level

INDIA: The air quality in India’s capital, New Delhi, has become super polluted in the last few days. The pollution level is now 25 to 30 times worse than what the World Health Organization (WHO) recommends as safe.

According to a BBC report, experts say the situation will likely worsen in the next few days as crop burning occurs in neighbouring states and Diwali is celebrated with firecrackers.

The air pollution situation in Delhi is a yearly affair, with reports of extreme levels often occurring between October and January. The situation also adversely affects schools and offices, which are issued mandatory shutdowns.

Data from the government website Safar states that the levels of tiny particulate matter (called PM 2.5) reached as high as 350 micrograms per cubic meter in parts of the city on Monday.

This particulate matter can go deep into the lungs and cause various diseases.

The website states that PM 2.5 levels of between 300 and 400 are considered very poor, and between 400 and 500 is considered severe.

India’s capital is often enveloped in smog in winter due to smoke, dust, low wind speed, vehicular emissions and crop stubble burning in nearby states of Haryana and Punjab.

These agricultural states burn crop stubble in November and December to clear their fields. Farmers say they would stop the burning if they had financial and technical help from the government to find other ways to clear their crops.

In addition, the smoke from firecrackers during Diwali celebrations further compounds the problem. This is despite the government having banned the sale, manufacture, and use of fireworks.

The state government has also implemented the Graded Response Action Plan (GRAP), which was formed to tackle pollution.

GRAP bans all activities which use coal or firewood and diesel generators for non-emergency services.

Authorities in Delhi have issued a warning to everyone to stay indoors as much as possible. Construction work in the city has also been halted.

Money matters made fun for kids aged 7 to 15: How one game-changing financial app is teaching SG parents to empower their kids

JARA CARBALLO
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Money matters made fun for kids aged 7 to 15: How one game-changing financial app is teaching SG parents to empower their kids

SINGAPORE: In an era of increasingly prevalent digital transactions, cashless payments are now the norm for everyday activities such as dining and transportation.

A recent study by Yahoo Singapore and Milieu Insight, reported by The Straits Times, highlights this trend, revealing that 38% of Gen Z Singaporeans prefer mobile e-wallets and digital payment services.

In comparison, 41% of millennials favour contactless credit or debit cards.

With the minimum age to open a bank account in Singapore typically set at 16, younger generations—especially Gen Alpha, those born after 2009—are growing up in a world where digital technology is woven into the fabric of daily life.

For these children, mastering cashless systems and managing finances digitally is becoming a vital skill.

OCBC has launched the MyOwn Account to support this financial literacy journey, specifically designed for children aged 7 to 15.

This innovative account allows kids to manage their own bank accounts through an app, all under parental supervision.

With features that include digital payments, QR code scanning at merchants, and access to PayNow, young users can navigate the world of finance while learning responsible money management.

Real experiences

To better understand the impact of this initiative, The Straits Times spoke with parents who have trialled the app with their children.

Review #1: Fostering financial independence

Jassmin Peter-Berntzen, a mother of 10-year-old Andreas, shares her insights on using the MyOwn Account.

“Until now, my son’s experience with money was limited to cash I handed him for snacks and lunches.

With OCBC’s MyOwn Account, I saw an opportunity to help him learn to manage his own money while I maintained oversight.”

Jassmin found the account setup process straightforward, using her existing OCBC app to get started. Andreas created his login and learned about password security, which made him feel mature and responsible.

The app’s intuitive design made it easy for him to navigate.

A standout feature for Jassmin was the automatic weekly spending cap, allowing her to set a recurring pocket money transfer.

This gives Andreas the freedom to manage his spending and simplifies Jassmin’s role in providing his allowance.

“Real-time push notifications keep me updated on his transactions, and I can monitor his spending through a mirrored dashboard on my app,” Jassmin explains.

This oversight has sparked valuable discussions about prioritizing needs over wants, empowering Andreas to think critically about his spending decisions.

The account also includes engaging educational comic strips about budgeting and digital banking, which Jassmin appreciates as tools for deeper conversations about money with her son.

“One suggestion is to add a pie chart feature to visually categorize spending, which could help Andreas understand where his money goes,” she said.

Review #2: Teaching teens to budget wisely

Terence Lim, the father of 14-year-old Ryan, expresses a different perspective.

“Initially, I preferred my son to use cash until he was ready for his own debit card.

But with the evolving landscape of banking, the OCBC MyOwn Account provides a practical introduction to managing real money.”

Terence finds the app user-friendly for transferring pocket money. Currently, Ryan receives $150 monthly for lunches and transportation, with flexibility to adjust as needed for school-related expenses.

As Ryan matures, Terence plans to increase his allowance and encourage more financial independence.

“The dashboard allows Ryan to track his spending, teaching him valuable budgeting skills that will be essential as he plans for larger expenses in the future,” Terence notes.

“I want him to be financially savvy, whether it’s saving for a graduation trip or a future car,” he added.

Like Jassmin, Terence appreciates the mirrored dashboard feature, which allows him to monitor Ryan’s financial activities.

The app’s security features, such as a Money Lock and a ‘kill switch’ for emergencies, provide additional peace of mind.

“I’d love to see a ‘virtual piggy bank’ feature where kids can set savings goals, fostering a culture of regular saving and financial discipline.”

Teaching about financial responsibility

As cashless payments become integral to daily life, initiatives like OCBC’s MyOwn Account are crucial for teaching young generations about financial responsibility.

By empowering children with the tools to navigate digital banking, parents can help shape financially savvy adults who are well-equipped to thrive in a cashless society.

Rentvesting trend in Singapore: Renters are now investing in homes they’ll never call home

Gemma Iso
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Rentvesting trend in Singapore: Renters are now investing in homes they’ll never call home

SINGAPORE: In today’s challenging housing market, many renters are finding a clever workaround — investing in properties outside their expensive cities while continuing to live in their rental apartments.

This strategy, known as “rentvesting” allows individuals to build equity without sacrificing their current lifestyle.

The appeal of ‘rentvesting’

A South China Morning Post (SCMP) report states that as home prices soar—up over 51% since pre-pandemic levels, with median starter home prices reaching $250,000—many prospective buyers are left feeling priced out.

According to Danielle Hale, chief economist at Realtor.com, this trend makes sense for renters who have extra cash but wish to remain in high-cost areas.

Instead of buying a home in an unaffordable market, they are looking to more budget-friendly regions where their savings can go further, allowing for a substantial down payment.

New wave of homeownership

Take Cole Flynn, for example. A Long Island renter in his early 20s, Flynn co-owns a townhouse in Tampa, Florida, with two friends.

They leveraged their bonuses and partnered with Nestment, a company that helps first-time buyers navigate the market, to purchase the property for $357,000 last year.

Flynn shares, “We’re building equity in a home right now before we turn 25,” something he thought was impossible given New York’s sky-high prices.

With an expected 16% annual return on their investment—factoring in rental income and property appreciation—Flynn and his friends are reaping the benefits of this innovative approach to homeownership.

Rising trends among small investors

The trend is gaining momentum nationwide. Small investors—those owning up to 10 properties—accounted for nearly 63% of investor purchases earlier this year, according to Realtor.com.

This marks a significant shift, with more individuals seeking creative ways to enter the real estate market.

Challenges of remote property management

However, rentvesting isn’t without its challenges. Managing a rental property can be demanding, especially from afar.

As rent prices stabilize in some areas and operational costs rise—like homeowners’ insurance—landlords must be prepared for the realities of property management.

Flynn and his friends handle maintenance through Taskrabbit, ensuring that their first tenants, who signed a one-year lease, have a smooth experience.

Renting in Singapore

A Reddit user said that young Singaporeans do this to “Live with parents in their landed property to benefit from the spacious environment and save on the expenses of hiring a helper while renting out their BTO for extra income.”

Likewise, Today Online recently highlighted an ERA Realty White Paper highlighting a significant trend — the increasing number of young Singaporeans, particularly those aged 26 to 35, investing in new private properties.

This shift is primarily attributed to rising incomes and the desire of these young buyers to circumvent the age and income restrictions associated with acquiring new public flats.

Many young Singaporeans believe that purchasing private property is a valuable investment.

A real estate expert pointed out that while property prices have risen in line with income growth, additional factors influence this trend.

Notably, compared to public flats, the greater availability of condominiums launched in recent years may also be crucial in driving this shift toward private property ownership.

As the housing landscape evolves, aspiring homeowners must embrace innovative strategies like rentvesting to achieve their dreams.

This approach allows them to build equity and helps them stay connected to the vibrant urban lifestyles they love.

As it is, creativity is key in a market where traditional pathways to homeownership have increasingly become difficult.

Read also: Singaporean says, ‘After I pay for the house for 30 years, it’s still not mine because when 99 years are up, I have to return it. Then why even buy it?’

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