At this year’s National Day Rally on 20 August, when Prime Minister Lee Hsien Loong spoke about the most important challenges and opportunities facing Singapore, the Smart Nation initiative was at the top of his agenda.
Following the recommendations by the Committee on the Future Economy (CFE), the Monetary Authority of Singapore recently announced that it will relax some of its rules on finance companies to make it easier for small- and medium-sized enterprises (SMEs) to obtain financing.
With Singapore continuously strengthening its position as a global financial hub – now ranked third in the current Global Financial Centres Index – government bodies like the Monetary Authority of Singapore (MAS) are increasingly looking to technology to not only support and expedite growth in the financial sector, but also to protect it.
While the Risk-Based-Capital (RBC) framework has served Singapore insurers well over the last 12 years, the Monetary Authority of Singapore (MAS) is driving a major overhaul on a new capital regime (RBC2) in light of evolving market practices and global regulatory developments.
After the global downturn that followed 2008, Small and Medium Enterprises (SMEs) emerged as one of the pillars of the economy, withstanding turbulent times whilst banking titans collapsed around them.
Warren Buffett famously said, "Only when the tide goes out do you discover who's been swimming naked."
That's true in volatile markets like those experienced in emerging markets this year in anticipation of a Fed rate hike.
In the world of small business, the value of successful peer role models and shared best practices can't be overstated: already facing challenging odds of success (about 50% of new companies fail in their first five years), the keys-to-success wisdom shared by a fellow entrepreneur can make the difference between your chances of failure or flourishing.