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Tag: Singapore

  • Singapore’s IMDA plans Li-Fi trials

    Singapore’s IMDA plans Li-Fi trials

    The Infocomm and Media Development Authority (IMDA) of Singapore has invited companies to participate in planned trials of Light-Fidelity (Li-Fi) technology.

    The authority will waive frequency fees associated with Li-Fi trials, and will offer companies interested in conducting the trials the ability to use an existing technical trial framework.

    Li-Fi is being developed as a potential Wi-Fi alternative capable of delivering speeds up to 100 times faster than the radio technology. The technology uses the visible light portion of spectrum between 400-THz and 800-THz.

    But unlike WI-Fi, Li-Fi cannot penetrate objects such as walls, so it would most likely serve as a complementary rather than a replacement technology.

    IMDA said there is a growing awareness of and interest in the technology in Singapore. In July, Temasek invested in Edinburgh-based pureLiFi, and companies including StartHub are working with pureLiFi to explore bringing the technology to the city state.

    As well as the potential in home and enterprise networking, Li-Fi opens up significant location-based advertising and navigational opportunities for businesses, IMDA said. Users of future Li-Fi enabled devices would be able to be beamed relevant information based on their locations.

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  • Dyson plans to enter India

    Dyson plans to enter India

    UK company Dyson, known for its innovative vacuum cleaners and air purifiers, plans to open its own retail stores in India by the middle of next year.

    It has already sought permission from the Department of Industrial Policy and Promotion (DIPP) to import and sell products in India.

    “If we get the permit, we’ll set up middle of next year,” says founder James Dyson, in New Delhi for the India-UK Tech Summit.

    “Over the first five years, we’ll invest about £154 million [US$190.8 million] in India. Our investment will be in building infrastructure (retail), taxes (to the government), marketing and promotions.”

    India will be the 76th market for Dyson, which in its last overseas foray entered China three years ago.

    “India is an interesting market, but it may take time to develop – unlike China, which has emerged as the third-largest market for Dyson after the US and Japan,” says Dyson.

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    The company’s plan is to set up a retail store in each of the top 20 cities in India, as well as selling through other retailers and online shopping portals.

    “Online helps our business,” Dyson says. “We sell through Amazon in some countries and may sell through Amazon in India as well.”

    The company will import products from Malaysia, Singapore and Philippines for the Indian market. Depending on volume, Dyson may look at making products in India after a few years.
    As well as vacuum cleaners, the company will also look at the beauty and hygiene market with hair dryers and hand dryers, as well as LED lighting products.

    Dyson is a family-owned technology company that employs more than 7000 people globally—a third of whom are engineers and scientists.

    “India produces 1.3 million engineers every year – that’s very exciting. We’ll look at working with Indian universities soon,” Dyson says. The company spends £5 million a week in research, design and development, and has more than 200 live technology projects and 50 active research programs with 40 universities around the world.

    Dyson’s revenue rose 26 per cent to £1.7 billion last year while profit increased 19 per cent to £448 million.

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  • Singtel Q2 revenue falls 2.3%

    Singtel Q2 revenue falls 2.3%

    Singtel has reported a 2.3% decrease in group revenue for its fiscal second quarter to S$4.08 billion (2.89 billion), as the company felt the impact of regulatory changes in Australia.

    Australian competition regulator ACCC’s decision last year to cut termination rates from 3.6 to 1.7 cents per minute impacted the performance of Singtel’s wholly-owned Australian subsidiary Optus. Excluding this impact, revenue would have grown 2% to S$4.28 billion.

    The impact of the rate cut contributed to Singtel reporting an 8% decline in its group consumer revenue, covering both Singapore and Australia. In Singapore, revenue fell 3% due largely to lower handset sales and a rise in penetration of lower-priced Android handsets.

    Group enterprise revenue by contrast grew 5% on the back of strong demand for cyber security and international data services.

    Net profit fell 6% year-on-year to S$972 million, due to exceptional gains recorded by Indian mobile affiliate Airtel in the previous corresponding quarter.

    Underlying net profit by comparison was stable for the quarter and up 3% for the first half of the financial year.

    Regional mobile associates’ pre-tax profit contributions grew 7% to S$679 million as a result of strong operating results from Airtel and Indonesia’s Telkomsel. The latter’s pre-tax profit jumped 22% as it reaped the results of investments in its voice, data and digital businesses.

    The group’s total customer base – including its mobile affiliates – grew 3% to 629 million subscribers.

    Singtel is currently projecting a low single digit decline in group operating revenue but stable ebitda for the full year.

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  • Singapore Post launches eComm Log Hub

    Singapore Post launches eComm Log Hub

    Singapore Post has launched its Regional eCommerce Logistics Hub (eComm Log Hub) at Tampines Logistics Park.

    Costing S$182 million (US$131 million), the hub is SingPost’s largest eCommerce logistics investment in Singapore to date.
    Officially opened by Singapore’s deputy-Prime Minister and Co-ordinating Minister for Economic and Social Policies Tharman Shanmugaratnam, the three-storey hub comprises two warehousing floors, 150 simultaneous loading bays and an office block. The total built-up area covers 553,000 sqft (51,375 sqm).

    On the ground floor is a fully automated parcel-sorting unit that can handle up to 100,000 packages a day, while the second floor has the automated warehouse. End-to-end sorting, shipping and returns management capabilities enable quicker order fulfilment.
    The eComm Log Hub will process parcels for delivery within Singapore and those to be shipped internationally.
    “The opening of our Regional eCommerce Logistics Hub is another milestone in the expansion of SingPost’s eCommerce logistics network, which now spans 19 markets across Asia Pacific, Europe and the US,” says SingPost chairman Simon Israel. “Singapore’s regional connectivity makes it ideally positioned to be a centre for eCommerce.”

    He says everything in the new building is scalable, “which means we can keep upgrading it to meet the needs of the future”.
    Also at the opening ceremony, SingPost launched its Centre of Innovation (COI). This was set up last year with support from the Economic Development Board to research logistics and postal services and products, in collaboration with research institutions.
    Initiatives from the SingPost COI include:
    * Enhancements to the eCommerce logistics platform to help support smart logistics;
    * A new version of the Self-service Automated Machine (SAM) platform to enhance customer experience and provide a seamless omni-channel experience encompassing the kiosk and the digital postal office;
    * Taking the online and offline world of retail shopping to the SingPost mall, allowing retailers to experiment with customer interaction;

    • Digitally transforming the post office so customers can conduct transactions faster and easier;
    • Innovating last-mile delivery options through building next-generation PopStations and experimenting with drone delivery.
  • StarHub launches device leasing service for SMEs

    StarHub launches device leasing service for SMEs

    StarHub has launched a new service that provides SMEs with the devices, software and technical support necessary to meet their IT needs at a monthly flat fee.

    The “device subscription service” was designed to help SMEs seeking to make a successful start quickly, raise productivity with an IT upgrade, or scale up operations by adding employees.

    StarHub has partnered HP to provide desktop and notebook PCs, as well as print devices for the new Device Subscription Service.

    SMEs can choose from a variety of price plans to access the right combination of devices that best address their needs over 24 or 36 months. All new and existing StarHub Business Fibre Broadband or Business Mobile customers can enjoy a limited-time offer of S$15 ($10.60) monthly savings for every Device Subscription Service plan subscribed.

    After this discount, the Office User plan charges S$43.00 per month for the use of an HP desktop while the Mobile User plan, priced at S$48.00 per month provides access to an HP notebook. A printing plan can also be selected for S$22 or S$35.00 per month depending on device.

    SME customers can subscribe to Device Subscription Service on top of StarHub’s Smart Office Suite, to enjoy a bundle consisting of fiber broadband, mobile connectivity, office phone service, and related hardware, software and IT support.

    All HP devices from Device Subscription Service will come pre-installed with Windows 10 Pro, McAfee internet security software and the option to subscribe to business productivity tool, Office 365, allowing customers to start sending emails and enjoying protection from cyber malware right from the point they turn on the devices, alleviating the hassle of purchasing and installing the software separately themselves.

    Device Subscription Service provides a dedicated technical helpdesk as well as next business day, on-site technical support for devices. This will also save customers the hassle of sending faulty devices to a service center for repair, allowing them to fully focus on their core business.

    “Rising business costs and hiring difficulty remain top concerns among local SMEs. With Device Subscription Service, StarHub can help SMEs manage these challenges effectively by lowering upfront IT investment as well as taking away the complexity of maintaining an IT team,” StarHub vice president of enterprise solutions, services and delivery Sebastian Tan said.

    “As the IT spending is incurred as a monthly expense rather than an upfront capital investment, SMEs will be able to better allocate resources towards growing their core business.”

  • Retail space vacancy expands 8.4% in Q3

    Retail space vacancy expands 8.4% in Q3

    It is the highest vacancy level since 1Q11.

    Island-wide, overall vacancy for retail spaces rose 8.4% in 3Q16, recent figures from Urban Redevelopment Authority showed. According to CIMB, this has been the highest level since 1Q11.

    The brokerage firm noted that well-positioned malls integrated with major transport nodes will continue to withstand this waning demand for retail spaces.

    CIMB noted that this was manifested by the portfolios of CapitalLand Mall Trust, Fraser Centrepoint Trust, Mapletree Commercial Trust and SPH REIT.

    “We expect retail landlords to focus on F&B and retail-tainment/lifestyle offerings to combat the drop in consumers’ purchasing power,” the firm argued.

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  • SIA delays launch of Jakarta-Sydney route after Indonesia withdraws approval

    SIA delays launch of Jakarta-Sydney route after Indonesia withdraws approval

    Flag carrier Singapore Airlines (SIA) said on Wednesday (Nov 9) it has delayed plans to launch a new route linking Singapore, Jakarta and Sydney, after Indonesia withdrew its approval due to runway maintenance work.

    The airline had earlier announced that it planned to launch the thrice-weekly Singapore-Jakarta-Sydney route on Nov 23. SIA said Indonesia’s civil aviation authorities had issued written approval, and the airline had secured the necessary airport slots.

    However, Indonesian authorities have informed the airline that they are now unable to approve the flights due to runway maintenance work at Jakarta’s Soekarno-Hatta International Airport, SIA said. The runway work also affects other airlines, it added.

    In response to media queries, the Civil Aviation Authority of Singapore (CAAS) said it was aware of the delay in the launch of the new route.

    “SIA’s new service will enhance air connectivity between Singapore, Jakarta and Sydney, which will facilitate people and trade flows between these cities,” CAAS said.

    “We hope the Indonesian civil aviation authorities can give approval for this new service as soon as possible so that it can be launched.”

    SIA said it will contact customers with bookings on the route and transfer them to other flights. “The airline apologises for the inconvenience caused to our customers,” it said.

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  • Singapore’s retail forex market becomes overcrowded on back of many new entrants

    Singapore’s retail forex market becomes overcrowded on back of many new entrants

    The forex and contracts for difference (CFDs) market in Singapore is becoming increasingly overcrowded as a result of the inflow of new market participants in the recent past, citing a report by investment researcher Investment Trends. One in seven Singaporean forex traders placed in 2016  a trade through brokers that have only recently appeared to participate in the market, but most of these clients also operate accounts with local brokers as a risk mitigation measure.

    Despite the large number of new forex brokers, the market continues to be led by UK forex brokerages PhillipCapital, IG Group and CMC Markets. PhillipCapital is a strong market leader, while in the recent years the gap between IG Group, CMC Markets and Oanda has been shrinking.  In addition, Interactive Brokers also saw its market share growing in the past year.

    “The largest brokers are successfully maintaining their strong position in the market, and they are growing,” said Irene Guiamatsia, research director at Investment Trends, as cited by the media. “This is in line with the flight to quality that has been witnessed globally in the aftermath of the Swiss Franc crisis,” she added.

    The share of traders who switched from one forex/CFD broker to another halved to 7% from a year earlier. Oanda was ranked as the best broker based on clients’ overall satisfaction. CMC Markets was first in several categories – customer service, value for money, mobile platform, and education materials, while Saxo Capital Markets, part of Saxo Bank, was the broker with the highest customer rating in terms of offered platform features.

    “Increasing customer loyalty is the outcome of a combination of factors, and certainly a testament of high client satisfaction levels across the industry,” Guiamatsia said.

    The statistics shows that, since the witching activity in Singapore was very low, competition was predominantly for new traders. However, the total number of investors in Singapore who placed at least one trade in forex or CFDs in the past 12 months shrank to an estimated 22,300 from 24,500 in 2015.The decline comes from the CFD segment, since the forex segment managed to hold its own. One reason for the decline is the intense market volatility. Nearly half of the previously active traders did not place any trade over the course of the year, suggesting the level of volatility was too great for their appetite.

    Investment Trends’ report is based on the responses of more than 13,000 Singaporean investors from a survey conducted in August 2016.

    Singapore is one of the leading forex markets on a global scale. The country’s total turnover from forex and OTC derivatives trading jumped 35% on a tri-annual basis to $517 billion in April 2015, making it the third largest market after the UK and the US, according to data from the Bank for International Settlements (BIS).

  • Singaporean middle-income earners spend the most online

    Singaporean middle-income earners spend the most online

    Check out what do Singaporeans buy based on monthly income.

    On average, shoppers spend S$155 a month, or S$1,860 a year, on retail purchases and travel bookings online. Those with monthly salaries between S$4,000 and S$5,000 spend the most at S$194 a month, which is 20% more than those earning S$5,000 – S$6,000.

    These are some key findings from a study by Personal finance comparison site SingSaver.com.sg and online shopping rewards portal ShopBack.

    Together, they polled 1,979 Singaporeans aged 21 to 60 about their online shopping habits and how they save money at digital stores.

    Fashion is a number one spend category for shoppers with a monthly income under S$6,000. Electronics is the next most popular category for those earning S$3,000 – S$5,000 a month, and Health & Beauty for those earning less than S$3,000 a month. Only shoppers earning S$4,000 – S$5,000 a month count travel as part of their top 3 online expenditures.

    Meanwhile, respondents who earn over S$6,000 a month spend more on online groceries than fashion purchases and electronics.

     

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  • Zalora partners with Calvin Klein Asia

    Zalora partners with Calvin Klein Asia

    Zalora has partnered with Calvin Klein Asia to launch Calvin Klein Jeans, Calvin Klein Underwear and Calvin Klein Performance at Zalora.com.

    The partnership significantly expands the distribution of Calvin Klein presence in five key markets including Singapore, Hong Kong, the Philippines, Taiwan and Malaysia.

    Zalora will launch the Fall 2016 season, offering more than 300 assorted products spanning womenswear, menswear, underwear, bags and small leather goods.

    Parker Gundersen, CEO of Zalora Group said Calvin Klein enjoys tremendous appeal across Asia.

    “With strong partners like Calvin Klein, we remain well ahead of the competition in terms of product assortment and ability to serve the millions of consumers throughout Asia seeking trusted and convenient access to fashion online,” he said.

    The shop has its own dedicated address and the products are also available on Zalora’s app.

  • Toys R Us Singapore plans two new stores

    Toys R Us Singapore plans two new stores

    Toys R Us Singapore plans two new stores, despite the current downturn in the retail market.

    Country manager Raymond Burt told Channel NewsAsia the first will open before Christmas and a second will follow in early 2017.

    The announcement came at the opening of the chain’s latest store at VivoCity, its ninth store in the city state.

    The locations of the new stores were not revealed although it is believed the new VivoCity outlet, with 30,000 sqft of floor space, will remain the largest in Singapore.

    “We will continue to grow here as we still see Singapore as a growth market,” Toys R Us APAC president Andre Javes said.

    “We don’t want to make decisions just based on the current economic situation which is tough… but this market has been a good one for the past 32 years and we have no issues investing more.”

    Javes, who described the toy category as “recession-proof” said he expects the company to benefit from a raft of branded merchandise opportunities related to Hollywood blockbuster movies scheduled for release in coming years.

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  • Huawei launches IoT accelerator in Singapore

    Huawei launches IoT accelerator in Singapore

    Huawei has teamed up with the National University of Singapore (NUS) to launch its first IoT-focused accelerator in Singapore.

    The vendor will work with NUS’ entrepreneurial arm NUS Enterprise to provide start-ups with mentorship, access to investors, access to industry-grade test beds, and global co-marketing opportunities.

    Known as i5Lab, the accelerator seeks to support the development of Singapore’s next unicorn company by nurturing promising start-ups with Huawei’s real network environment and open platform as well as its global Go-to-Market channel capability.

    Huawei said i5Lab will follow the model of established Huawei collaborations with leading software and industry partners to develop solutions that will build a competitive industry ecosystem.

    As a global leading ICT player in 170 countries, Huawei works with 45 of the world’s top 50 telecommunications providers that provides connection to two-thirds of the world’s population.

    Start-ups will be able to leverage Huawei’s global partner ecosystem, and will also be invited to participate in joint marketing through Huawei’s Customer Solution Innovation & Integration Experience Center (CSIC), and large-scale events such as NUS Enterprise’s flagship event InnovFest unbound and CommunicAsia.

    “With one of the most connected societies, open data sets and high-skilled ready talent, Singapore is an excellent test bed to nurture IoT ideas that will bring us closer to a smarter future. We hope that start-ups will make full use of this collaborative platform and leverage on accumulated knowledge of industry-leading technology and expertise from Huawei and our global partners,” Huawei CMO for Southern Pacific Lim Chee Siong said.

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  • OCBC Bank is first local bank to win top honours

    OCBC Bank is first local bank to win top honours

    OCBC Bank marked another milestone in its journey towards ever-greater performance and business excellence by earning the World Class Award – the highest award tier – at the 2016 Global Performance Excellence Awards (GPEA), under the “Large Service” organisation classification. The GPEA is administered by the Asia Pacific Quality Organisation (APQO), an autonomous, scientific and technical organisation that brings together professional quality organisations from countries in Asia and the Pacific, including Singapore. For 16 years now, it has given out the Global Performance Excellence Awards – which are the only internationally-recognised honours for performance and business excellence.

    To be even considered for an Award, stringent criteria must be met. An organisation must start by being a winner at its own country’s national quality awards. Then, within two years, it must be recommended as a candidate for the GPEA by that country’s national quality award organising committee. OCBC Bank qualified by first being conferred the prestigious Singapore Quality Award by SPRING Singapore in 2014, following rigorous assessment of OCBC Bank’s consumer financial services business, and then by being recommended by SPRING Singapore for the GPEA.

    The organisations are reviewed by an international team of experienced examiners who assign scores and summarise the results of their assessment. The results and recommendations are then submitted to an international ‘Jury of Judges’ who make the final decision on which Award category each organisation wins.

    Mr Dennis Tan, Executive Vice President and Head of OCBC Bank’s Consumer Financial Services Singapore, said: “This award is an honour for all of us at OCBC, and is testament to our commitment to high standards of service quality. This is a key milestone in our journey towards organisational excellence. Since we embarked on our Business Excellence journey in 2001, we have tightened and enhanced our processes to deliver customer-centric, useful, fast, friendly and simple service to customers. This has earned us local recognition, with our 2014 Singapore Quality Award win, but we have not stopped there. We have continued to pursue even greater heights of business excellence – and this has culminated in our earning the Global Performance Excellence Award. While the team is very encouraged by this, achieving recognition is never a means in itself. We continue to consistently and relentlessly deliver quality products and services to meet our customers’ needs. Chasing excellence is a constant journey, never a destination.” 

    Mr Harnek Singh, President of the APQO, said: “Singapore has established itself as a leading financial centre. OCBC was amongst the first banks to win Singapore’s pinnacle award – the Singapore Quality Award – recently. This speaks volumes about the visionary leadership and well-entrenched, effective systems and processes that steer OCBC’s business excellence journey. With technology and innovation being increasingly a key competitive advantage, OCBC has successfully leveraged on technology and innovation as an enabler to offer innovative customer-centric offerings, cut costs, respond to changing customer expectations and create the agility needed to capitalise on opportunities in the market. OCBC has successfully offered a slew of award-winning, innovative products and services.” 

    OCBC Bank’s strengths in performance and business excellence are underscored by a focus on customer centricity and a competency in mining customer data through analytics to deliver intelligent customer experiences. OCBC was the first bank in Singapore to offer banking facilities at branches on Sundays, developed the ground-breaking OCBC 360 account (a deposit account that rewards customers with higher interest rates for banking more with OCBC Bank) and grew its youth segment – FRANK by OCBC – through intensive data analytics and research on how youths behave and desire to be engaged.

    OCBC Bank is also a leader in banking digitalisation. Over the past three years, it has introduced numerous first-to-market innovations in digital and mobile banking in Singapore to meet customers’ needs. Many of the bank’s customer touch points have been digitalised: Voice biometrics has replaced traditional identity verification when customers call its Contact Centre, the OCBC Open Account app now enables customers to apply for the popular OCBC 360 Account via their mobile phones or tablets without ever visiting a branch, and OCBC OneTouch uses fingerprint recognition to give customers quick and easy access through their mobile devices to their account balances and transactions. OCBC Bank has also launched a mobile application – OCBC One Wealth – that is a one-stop wealth management app providing customers with convenient access to market information, investment ideas, personalised alerts about their existing investments and even the ability to directly purchase unit trusts using their mobile devices.

    Mr Patrick Lim, Director of Business and Service Excellence at SPRING Singapore said, “OCBC Bank’s Consumer Financial Services Division was awarded the Singapore Quality Award in 2014 for having developed innovative new banking products and customised channel delivery, enabling it to be among the top banks in the highly competitive financial sector. Its recent GPEA win highlights the bank’s dedication to achieving business excellence. Recognition at GPEA proves the bank’s ability to demonstrate outstanding management capabilities while delivering superior performance and results.”

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  • Standard Chartered and IBM back Byte Academy’s Singapore fintech school

    Standard Chartered and IBM back Byte Academy’s Singapore fintech school

    Standard Chartered Bank, IBM, Insead, Thomson Reuters and Microsoft are backing a fintech school at New York-based Byte Academy’s first international venture, in Singapore.

    The firms have come together to form a fintech skills charter that will guide Byte Academy’s 12-week and eight-week courses for students focussing on fintech and software development.The 12-week full-time courses will provide the fundamentals for students to work on real, industry-specific problems and allow for interaction with industry partners to prepare for direct placement and job matching upon graduation. Students that graduate receive guaranteed job placements at the bank and tech partners.

    Shameek Kundu, global head, data, architecture and innovation, Standard Chartered, says: “The establishment of Byte Academy is another progressive initiative which will help to fuel Singapore’s Smart Nation ambitions by adding to the country’s great ecosystem of financial institutions, technology companies, universities and research organisations.”

    Nobuhiro Ito, director, developer experience and evangelism, Microsoft Singapore, adds: “Byte Academy’s presence here in Singapore will help accelerate skills development that will help contribute to a more vibrant FinTech ecosystem and build a stronger Singapore core.”

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  • John Little to close last store by year end

    John Little to close last store by year end

    After 174 years, John Little is closing its last department store in Singapore.

    The remaining outlet at Plaza Singapura will shutter by the end of next month.

    In a statement on Friday, Robinsons Group – which manages John Little, the oldest department store in Singapore – said that the decision was made “after evaluating the relevancy and sustainability of the John Little brick-and-mortar business”.

    But it does not mark the end of the John Little brand. Robinsons Group said that John Little will “evolve as a brand into a pop-up format, which is in line with the global trend for retail businesses”.

    John Little’s new format will be revealed next year.

    The closure is part of consolidation efforts to focus on businesses that are growing within the group, the statement said.

    The Al-Futtaim Group – the Dubai-based owner of Robinsons Group, Royal Sporting House and other retail brands – announced plans earlier this year to shut 10 loss-making outlets here.

    John Little had seven branches in 2002, including its flagship store at Specialists’ Shopping Centre, which it vacated in 2007, after more than 20 years.

    Its outlet at Jurong Point shopping mall shut its doors earlier this year.

    Staff affected by the closure of John Little have been briefed and will be deployed to other businesses within the organisation, which includes Robinsons and Marks and Spencer, Robinsons Group’s statement said.

    John Little Plaza Singapura will be holding a moving-out sale offering discounts of up to 90 per cent until it closes.

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