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Nearly 3,500 wealthy millionaires are expected to become Singapore citizens in 2023

Singapore is expected to attract around 3,500 high-net-worth individuals (HNWIs) with a net worth exceeding US$1m to become citizens in 2023, with most of them being wealthy individuals from China, according to New World Wealth’s Andrew Amoils. Each new citizen is expected to have an average investable wealth of at least US$6m. Singapore added 2,800 HNWIs in 2021, ranking fifth among the top 20 cities with the most millionaires worldwide, and is emerging as Asia’s top wealth management centre.

Grab plans to increase platform fee per ride to S$0.70 to combat driver shortage

Grab plans to increase its platform fee per ride to S$0.70 from S$0.30, effective from 5 May. The move aims to combat the driver shortage in Singapore’s ride-hailing sector by supporting new driver recruitment initiatives and technology-driven features. Grab also reintroduced GrabShare, enabling two passengers traveling in the same direction to share a ride and receive reduced fares. However, some customers expressed discontent over the price hike, citing poor rider performance and opting for other ride-hailing platforms.

Private banking industry group denies MAS directive on source of wealth inflows

The Private Banking Industry Group (PBIG) has denied claims made in a recent report by the Financial Times that the Monetary Authority of Singapore (MAS) had issued a “tacit directive” to banks instructing them to avoid discussing the sources of wealth inflows into the country. The report claimed that the directive was made during a meeting of an industry group comprising bankers and regulators on 20 February. However, in a statement issued on Friday, the PBIG said that the MAS has not instructed banks to “keep quiet” about the origins of wealth inflows into Singapore. The group said that at the 20 February meeting, it was noted that “while public commentary tended to focus on fund flows from China into Singapore, the sources of overall inflows into Singapore in fact remain diversified”. The increased fund flows into Singapore were from high net-worth individuals from different markets, said the group.

MPA says Singapore-flagged vessel boarded by pirates remains uncontactable

The Maritime and Port Authority of Singapore (MPA) reported on Thursday that the Singapore-flagged vessel, Success 9, which was boarded by pirates on Monday around 570km off the Ivory Coast, has been uncontactable by its owner.

Temus and AI Singapore partner to accelerate AI innovation in Singapore

Temus, a digital transformation services company, has partnered with AI Singapore (AISG) to accelerate AI innovation and adoption among companies in Singapore. The partnership aims to contribute to the National AI strategy and reinforce Singapore’s position as a global AI hub. Under the partnership, Temus and AISG will collaborate to promote AI adoption, develop new AI technologies, solutions, and applications for Singapore-based firms, and provide training, resources, and mentorship to nurture local AI talent. The collaboration will also encourage AI adoption and deployment among organizations under AISG’s flagship 100 Experiments program. The partnership will create new opportunities for businesses to harness the potential of AI and equip their leaders with the necessary tools to navigate the digital revolution.

Strides Taxi and Premier Taxis to merge, creating Singapore’s second-largest taxi operator

Strides Taxi and Premier Taxis are set to merge and create Singapore’s second-largest taxi operator, according to a news release from transport operator SMRT. The merger, effective from 1 May, will see the formation of a new joint venture company called Strides Premier, which will hold the merged business. With a fleet of around 2,500 taxis, Strides Premier will overtake Trans-Cab as the second-largest operator in Singapore, with ComfortDelGro maintaining the largest fleet.

Chinese Wealthy in Singapore: Spending lavishly, but not investing locally

Despite the surge in ultra-wealthy Chinese entrepreneurs moving to Singapore, money managers claim little investment is being made in local funds and private equity firms. Bloomberg reports that the tiny capital markets in Singapore and Southeast Asia, coupled with the time needed for tycoons to feel comfortable with advisers they barely know, have contributed to the reluctance. The limited investment is surprising, given the increase of Chinese tycoons setting up bases and spending loads of money on mansions, luxury cars, and golf club memberships in Singapore.

Australian finance company refuses hackers’ ransom demand

Australian consumer lending company, Latitude Financial, announced that it will not pay a ransom to hackers who stole millions of records of around 14 million Australian and New Zealand customers. The company received a ransom threat from the group behind the cyber attack but ignored it in line with government advice. The stolen data includes 7.9 million Australian and New Zealand driving licenses and 53,000 passport numbers, as well as other personal information such as names, addresses, and telephone numbers. The Australian government has warned that paying a ransom only encourages further extortion attempts.

Stallholders regret taking up stalls at Geylang Serai Ramadan Bazaar due to high rent, low traffic and heavy competition

Stallholders at Singapore’s Geylang Serai Ramadan Bazaar regret taking up stalls, citing high rent and low traffic. The consortium organising the bazaar on behalf of the People’s Association defends itself by saying its rates are “within market rental rates” and that they incurred additional costs to enhance visitors’ experiences.

Sembcorp Marine records losses for third consecutive year

Sembcorp Marine (SembMarine) has reported losses for three consecutive financial years as it moves forward with its merger with Keppel Offshore and Marine (Keppel O&M). The company’s latest results release shows a reduced loss of $261.1 million for the FY2022 ended Dec 31, 2022. The merged entity will be helmed by Chris Ong, Keppel O&M’s CEO, and has a combined orderbook of SGD18bn ($13.4bn) in value for delivery between 2023 and 2026. Despite the losses, SembMarine still meets the requirements to avoid being placed under the Singapore Exchange’s watchlist, with its latest six-month average daily market capitalisation standing at $4.77 billion as of March 31.