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Finance

A new Orchard Road on the horizon, says Senior Minister Chee Hong Tat

Orchard Road is in line for a revamp, says Senior Minister of State for Ministry of Trade & Industry Chee Hong Tat at ITB Asia 2018 on 17th October. As part of the latest strategies to attract tourist to Singapore, Mr Chee said that plans are being made to transform Singapore’s famed Orchard Road into more than just a shopping …

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UnionPay cards issued outside mainland China, exceeds 100 million

UnionPay International announced on Thursday that the number of UnionPay cards issued outside the Chinese Mainland has exceeded 100 million. The volume of transactions made with these overseas-issued UnionPay cards has grown by over 40% during the first three quarters of this year. In some markets outside mainland China, over 90% of the transactions made with locally-issued UnionPay cards happen …

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Making connections: SME interview series with Minterest

by ValueChampion Minterest has ambitious goals as a young startup. The business hopes to connect underserved businesses with a variety of loan products in order to boost Singapore's economy. So far, the company is off to a good start, raising more than S$30 million in crowdfunded business loans for local SMEs. Founded in 2016 by three experienced finance professionals, Minterest seeks to empower …

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When home ownership is a religion

Our Prime Minister said home ownership is Singapore’s key national policy. A high homeownership rate of 90 percent has improved the lives of Singaporeans significantly. It allows us to enjoy the fruit of the country’s economic growth. It also gives us a stake in the country and something to fight for. Did our leader have to emphasize this if all …

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Top seven myths Singaporeans believe about critical illness insurance

by SingaporeLife Here’s a sobering fact. The Life Insurance Association of Singapore (LIA) 2017 Protection Gap Report found that Singaporeans require an average of 3.1 times of their annual income to adequately meet critical illness (CI) protection needs. This is after accounting for hospital and treatment fees covered by Medisave. Why are Singaporeans hesitant to acquire enough CI cover? Could it be because of …

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Three ways to avoid becoming a victim of a crowdfunding scam

by ValueChampion After hearing crowdfunding horror stories, such as the SME that cheated investors out of S$6.9 million, individuals may be hesitant to invest using crowdfunding platforms. What do these investors need to know in order to safely earn high returns without losing their funds to fraudsters? Earlier this year SME director Choy Peiyi was sentenced to 10 years in jail for creating …

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Temasek pays US$250m for 3-yr-old Israeli cybersecurity firm when original investor only put in US$4.3m

Reuters reported yesterday (16 Oct) that Temasek Holdings is buying Israeli cybersecurity technology and services provider Sygnia. Financial details were not provided but a source with knowledge of the deal, who asked not to be named, told Reuters that Temasek is paying US$250 million. Sygnia, which has offices in Tel Aviv and New York, will maintain its operational independence while …

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Singapore’s GDP grew by 2.6 percent in the third quarter of 2018

The Singapore economy grew by 2.6 percent on a year-on-year basis in the third quarter of 2018, moderating from the 4.1 percent growth in the previous quarter based on advance estimates. The Ministry of Trade and Industry (MTI) announced on last Friday that the economy expanded by 4.7 percent, faster than the 1.2 percent growth in the preceding quarter on …

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What extent is the liability of a personal guarantee for business loan

There are countless reasons why SME owners would apply for a business loan. It may be because you want to take advantage of a business opportunity that rarely comes by and you have to grab that chance. You may also need emergency funds to bail you out of a potential cash flow problem. It’s also possible that your business plans …

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