Commentary

Singapore is facing an inherent 30% talent shortage, particularly in the industries of Fintech, where the government set the goal of adding 1,000 jobs per year and pledged to invest S$225 million over five years, and manufacturing, as the development of smart technologies demands an evolving skill set from engineers.

It’s been almost a year since Singapore’s Ministry for Manpower launched the Tripartite Standard on Flexible Working Arrangements. Arguably enough time to take a step back and assess the impacts of this initiative and more broadly, how flexible working is taking root in Singapore.

One of the great economic challenges of the 21st century is defining the role and scope of intellectual property (IP) in the economy. This may sound like a nonsensical proposition – after all everyone agrees that IP is a driver of economic growth and prosperity.

In a world plagued with a deficit of dependency, Singapore reaffirmed the relevance and usefulness of its nation-brand by proving how it can be counted upon as a friend to all.

When does Singapore feel proud of their sports stars and realise the amazing economic potential of them? There now seems to be two answers:

Social media has developed into a mainstream communications channel, which has given rise to today’s empowered consumer. The business to consumer paradigm has forever shifted and it has massive implications across the enterprise.

Globalisation has undoubtedly bolstered positive economic growth, but the world’s increasing interconnectivity is coming at a high price. Amidst heightened efficiency requirements and stringent quality standards, many companies are struggling to adequately finance their supply chain operations to meet the growing global demand. As one of the world’s most innovative and technology-forward countries, Singapore is leading the charge in exploring how blockchain, the same technology underpinning cryptocurrencies like bitcoin, can streamline burdensome supply chain processes and breathe new life into the commercial ecosystem.

Unlike its journey from third world to first where model economies abound, Singapore must today boldly chart its own course into an era dubbed by World Economic Forum’s (WEF) chief Dr Klaus Schwab as the Fourth Industrial Revolution. 

Singapore businesses are facing several significant legal changes on the horizon which will impact how many companies work day-to-day.

The historic Singapore summit between Mr. Donald Trump, President of the United States of America, and Mr. Kim Jong-Un, Chairman of the Workers' Party of Korea, Chairman of the State Affairs Commission of the Democratic People's Republic of Korea and Supreme Commander of the Korean People's Army, concluded on Tuesday June 12th 2018, with the signing of a joint statement which Mr. Trump called “comprehensive” and “committed to provide security guarantees to North Korea” while at the same time Mr. Kim “reaffirmed his firm and unwavering commitment to complete denuclearisation of the Korean Peninsula”.

China’s e-commerce giant Alibaba ran its first global course in Singapore earlier this year. A highly anticipated event on the retail calendar, more than 2,000 participants took part to arm themselves with the knowhow to maximise their online sales.

Singapore is seeing the possibilities and benefits of adopting smart city initiatives and infrastructures. In line with the milestones set in place by Singapore’s Smart Nation Initiative in late 2014, the government has been putting in the effort and resources to meet their timeline.

How did you reserve your most recent hotel booking? Did you call the hotel’s front desk, or did you power up an app on your mobile to book your stay? If your answer is the latter, you reside with 52% of Singaporean users who make travel plans through their mobile devices. 

In 1942, Austrian economic prophet Joseph Schumpeter coined the term “creative destruction.” Schumpeter envisioned innovation to be the key driver by which industries are “destroyed” and replaced with newer, more creative ones. This force is seen rapidly transforming the world of finance – from the legacy of branches, tellers and vaults to the future of data, algorithms and money.

The pending EU General Data Protection Regulation (GDPR) is already significantly impacting businesses across Asia. Slated for mandatory compliance by May 2018, the GDPR will drive significant requirements across all companies dealing with Europe to closely manage and track personal data information. The rules affect every entity that holds or uses European personal data both inside and outside of Europe – including Asia. Organisations need to take action now to make certain they are adequately capturing, integrating, certifying, publishing, monitoring and of course, protecting their data to ensure GDPR compliance. 

In today’s landscape of rapid changes and innovative technologies, modern organisations need to take on a new approach that will help them meet the demands of the digital world. More than ever, organisations today are under immense pressure to digitise and automate all aspects of their operations, including vital business processes that often require long hours of manual data entry.