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Tag: Singapore

  • Teafolia closing down, Singapore’s latest victim of the virus outbreak

    Teafolia closing down, Singapore’s latest victim of the virus outbreak

    Singaporean bubble tea brand Teafolia has permanently ceased operations in the territory.

    A Facebook post announcing the closure cited the “current economic situation” as the reason for shuttering its outlets. The brand had traded in Singapore for the past three years.

    Teafolia temporarily closed two of its three outlets during Singapore’s circuit breaker period, a lockdown imposed to counter the spread of the coronavirus pandemic on the island. It permanently closed its Bedok Mall outlet for reasons of “economic circumstances” a fortnight ago.

    Teafolia was popular amongst locals for fruit teas, milk-based drinks, and slushies as well as bubble tea. Its website lists one store in Los Angeles, USA, although it remains unclear whether or not the brand’s sole international location remains in business.

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  • Two-Thirds of Singaporeans Lack Savings to Maintain Lifestyle

    Two-Thirds of Singaporeans Lack Savings to Maintain Lifestyle

    Two in three working Singaporeans lack the savings to last beyond six months without compromising their existing lifestyles should they lose their jobs now, according to a recent survey by OCBC.

    Around half of the respondents already claimed to have suffered wage cuts, prescribed no-pay leaves or reduction of commission-based earnings. More than half the respondents saw their savings shrink with just 20 percent able to maintain the same savings levels.

    Around 55 percent of respondents said they were worried about their current income and job security with 38 percent saying this would persist through to December.

    As a result of the financially troubling drivers fuelled by the coronavirus pandemic, many have also had to make adjustments to their financial plans.

    23 percent of those in their 20s who are invested in financial plans have indicated that they allocated more money to retirement. Two in five also plan to downsize their portfolios with around 16 percent seeking to cut investments by more than 20 percent.

    It is encouraging that some are doing the right thing to boost their financial health, by continuing to save, spending prudently and making sound investments, according to their risk appetite and financial circumstances, Tan Siew Lee, head of wealth management head at OCBC. But we also hope that those who are cutting back on these aspects, which are crucial to building a nest egg for retirement, will not despair.

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  • CapitaLand Singapore malls test new technology in virus fight

    CapitaLand Singapore malls test new technology in virus fight

    CapitaLand Singapore plans to roll out “innovative tech solutions” in its properties as the city-state prepares for phase one reopening tomorrow, June 2.

    Among the measures: anti-microbial coating for high-contact areas including lifts and lift buttons, door entrance buttons, handrails, touch screens, toilet cubicles and basins, family rooms and customer service counters; disinfected floor mats which clean shoe soles when walked on; and disinfection robots.

    “CapitaLand malls have continued to operate and serve the daily needs of Singapore throughout the circuit breaker period,” said Chris Chong, MD of retail at CapitaLand Singapore. “Now that the nation is gearing up for Phase 1 safe reopening, we are committed to take the necessary precautions to protect the health of our shoppers, tenants and employees as they gradually return to their workplaces.”

    The robots will be deployed to the basement floors and level one of Tampines Mall and Bukit Panjang Plaza, two of the company’s busiest centers, before being progressively rolled out at other CapitaLand properties.

    Meanwhile, PhotoPlasma air disinfection systems will be introduced in CapitaLand’s lift cars to “energize atmospheric air into a plasma state, in turn eliminating air-borne and surface microorganisms such as virus and bacteria”.

    Another technical innovation being used is automatic escalator handrail disinfection at The Atrium@Orchard. An Ultra UV device installed in the escalator system will disinfect handrails while the escalators are running.

    And two lifts at The Atrium@Orchard will also be fitted with a QR code registration device, allowing tenants and shoppers to scan a QR code and activate the lifts without contact with lift buttons.

    All visitors to the company’s malls will be required to undergo temperature checks upon entry and must wear masks at all times. Signs and queue markers will enforce safe distancing

    “With precautionary measures in place, we create a safe environment to welcome the community back to our malls upon the gradual easing of Singapore’s circuit breaker,” said Chong.

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  • Contactless Payments Gain Ground in Singapore

    Contactless Payments Gain Ground in Singapore

    With more than half of Singaporeans using mobile contactless payments, the city-state is one of the market leaders globally in terms of contactless payments penetration.

    Mobile contactless payments use among Singaporeans grew by 12 percent over the past year to 56 percent, with the most popular option being contactless card payments at 84 percent, according to a new study by Visa on consumer payments attitudes in Southeast Asia, conducted among 5,000 consumers in seven regional markets in October 2019.

    Reasons for the strong uptake in Singapore include state-of-the-art mobile security and stringent data privacy measures, the survey, published on Thursday, revealed. Supermarkets and quick service restaurants, along with contactless acceptance in new categories like public transport, were also key contributors, Visa said.

    Some 75 percent of respondents here said they do not feel their personal information is at risk when making mobile payments, and two in three believe that merchants, banks and third-party companies provide sufficient security to protect their transactions. The study also found that three in five Singapore consumers are willing to share location data with merchants in exchange for discounts, promotions and services.

    The use of contactless payments was given a boost in April 2019 with the introduction of contactless credit and debit card payments on public transport.

    The outbreak of Covid-19 has also spurred businesses to adopt mobile payments and prompted a rise in contactless payments to reduce the spread of the virus. Earlier this week, the Singapore Government said it was allocating S$500 million to support digital transformation and the adoption of e-payments by businesses. In announcing the package, Deputy Prime Minister Heng Swee Keat said the use of digital payments has «risen sharply,» with more than 50,000 businesses adopting Paynow Corporate since April.

  • SGX Reduces MSCI License Agreement

    SGX Reduces MSCI License Agreement

    The bourse said it will continue to broaden and deepen coverage of Asia by developing more derivatives products on its own or in collaboration with its partners.

    Singapore Exchange (SGX) will discontinue its license agreements with index provider MSCI for equity futures indices and futures contracts when they expire in February 2021, SGX announced on Wednesday.

    The two parties will retain their partnership on MSCI Singapore Index products and will both work to extend it well beyond 2021, the announcement said, noting that MSCI Singapore futures and options remain listed. SGX said it will work closely with the relevant stakeholders in managing their open interest during this period.

    While this may have a near-term impact on our equities derivatives open interest, our multi-asset portfolio shelf has reached a critical mass. SGX’s track record in derivatives positions us well to refresh and grow our suite of pan-Asian access products in a new direction, Loh Boon Chye, SGX chief executive, said.

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  • Job portal Mybrands launched in Singapore

    Job portal Mybrands launched in Singapore

    Retail-solutions consultancy IDA’SG is launching a niche job portal for fashion, beauty and lifestyle retail firms in Singapore.

    Called, MyBrands SG, the platform will launch on July 3 and is designed to enhance skill matching in the city’s retail industry.

    “With the launch of Mybrands.sg, we hope to help brands become more effective and efficient with managing all their hiring needs using a single touchpoint,” said IDA’SG MD Angeline Yap. “Our algorithm has been tried and tested in Japan and we are confident that it will produce results in Singapore as well. Essentially, we want our clients to be able to fill a role in the shortest time possible, with quality candidates who have the right skill sets for the job.

    “Mybrands will initially be launched in Singapore and we plan to expand the services across Asean and the rest of Asia Pacific region in the near future.”

    The platform features customizable resume templates for jobseekers and cash rewards for successful candidates who complete their probation as well as those who refer friends to the platform.

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  • Bulgari E-commerce platform launched in Singapore

    Bulgari E-commerce platform launched in Singapore

    Italian jewelry firm Bulgari has launched an e-commerce platform in Singapore prior to opening online services in its home territory. Korea will soon follow.

    The luxury brand is accelerating its digital program following the effect of the coronavirus pandemic on the industry, placing restrictions on the ability of shoppers to visit physical stores. It is planning to launch new online boutiques in seven countries over the next 90 days, beginning with the Singapore shop going live yesterday.

    The store features an AR function allowing shoppers to view products as they would appear in the real-world environment, as well as e-concierges and home delivery services.

    “E-commerce must be an engaging and exclusive 360-degree experience, offering the same service of excellence delivered in a Bulgari boutique,” said Bulgari CEO Jean-Christophe Babin.

    “Not to mention the complementarity of the website with the boutiques in terms of content and information.

    “With Covid-19, our e-shop has become our number-one store worldwide with a growth exceeding 100 percent and we believe it will reinforce its leading position after Covid-19, as it has been an accelerating factor.”

    Bulgari’s next e-shops are expected to launch in the UAE, Italy, France, Korea, Mexico and Brazil.

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  • GoJek and Deliveroo join forces in Singapore

    GoJek and Deliveroo join forces in Singapore

    Indonesian ride-hailing operator Gojek and Deliveroo, the food-delivery service, have joined forces in Singapore.

    Following a change in law allowing taxis to provide food and grocery deliveries – in response to increased demand during the Covid-19 lockdown – drivers will now have the option of making food deliveries around central Singaporean locations as a way to supplement their income, reports Channel News Asia.

    Many drivers on the platform have reported an income drop of up to 70 percent during the lockdown period, with some subsisting on grocery vouchers provided by a support fund established by the firm. Now they will be able to help ends meet by serving both GoJek and Deliveroo.

    “By strengthening Deliveroo’s supply of delivery riders, the company can better cater to the increased demand for food delivery during the current ‘circuit breaker’ period, when more people are eating at home,” said Gojek.

    The firm is also participating in a charitable effort to provide meals to vulnerable single-parent homes in the territory.

    Several competing ride hailers and taxi services are already providing food delivery solutions, with arch-rival Grab offering its own food platform. Gojek has its own food delivery platform in Indonesia.

    Gojek will “continue to find ways to look after our driver-partners and support the wider Singapore community,” said Singapore GM Lien Choong Luen.

  • OCBC Expects Branch Closures

    OCBC Expects Branch Closures

    The bank said branch closures during the Covid-19 «circuit breaker» has diverted traffic from physical branches.

    A surge in the adoption of digital baking services is prompting OCBC to rethink its branch network strategy while providing an impetus for the bank to continue its investment in technology and digitalization, said Samuel Tsien.

    The bank is expecting a higher net operating profit in the longer term as a result of reduced manpower costs and fewer physical branches and offices being open in the future, the bank’s chief executive officer said during its virtual annual general meeting on Monday.

    We do expect that the cost increase will be managed and the cost-income ratio of the bank would continue to improve,» Tsien said, noting that despite branch closures, the bank has not made overhead cost savings as its network of ATMs remains operational and continues to pay its branch staff in full.

    The bank closed 22 of its 46 branches in early April as part of Singapore’s stricter social distancing measures to contain the spread of Covid-19. OCBC Securities, its wholly-owned brokerage subsidiary, temporarily closed its Investors Hub and encouraged customers to use digital, email, and telephone channels as far as possible and minimize face-to-face interactions.

    According to OCBC Bank, there has been a huge acceleration in the take up of digital services, from new account opening to day-to-day transactions to investments.

    In the first quarter of the year, OCBC opened three times the number of SME accounts digitally compared to the year before and saw a sevenfold increase in the number of PayNow Corporate transactions. The share of SME loans applied digitally has also grown to 49 percent, up from 30 percent in 2019.

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  • Steelcase launches its first online store in Hong Kong and Singapore

    Steelcase launches its first online store in Hong Kong and Singapore

    US office furniture company Steelcase has launched online stores in Hong Kong and Singapore.

    The Steelcase online stores offer a wide range of office chairs, desks and accessories to help people working remotely adapt their homes for work, such as personal tables that slide in over a sofa to add a work surface.

    As many workers have to work from home during the Covid-19 pandemic, the demand for improving their working space has significantly increased. “As we worked to equip their remote teams, we saw an opportunity to make some of our products available to individuals, to improve their work-from-home experience,” said Samantha Giam, director of product marketing at Steelcase Asia Pacific.

    “We wanted to provide a simple way for our customers to access the most ergonomic products and will explore opportunities for further online stores in other cities across the region”, said Maria Bourke, communications director at Steelcase Asia Pacific.

    Founded in 1912, the US-based furniture company is globally accessible through a network of channels, including more than 800 retail dealer locations.

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  • DFS Group starts winding down Changi Airport liquor business

    DFS Group starts winding down Changi Airport liquor business

    DFS Group will close all of its stores at Changi Airport on June 8 as its 35-year tenure as wine and spirits concessionaire comes to an end.

    With two of Changi Airport’s four terminals now mothballed in the wake of the Covid-19 crisis, and the number of travelers passing through the remaining ones at a record low, DFS Group has taken to selling more than 200 wines and spirits online at iShopChangiWines.com, offering discounts of up to 70 percent off regular price. The company says it will absorb taxes and duties for customers, who do not have to travel to receive the discount.

    From now until May 22, daily flash deals will run on the site as well.

    “As one of DFS’ most esteemed allies for the last 35 years, we thank Changi Airport Group for their ongoing support and partnership,” said Aymeric Lacroix, DFS Group MD Asia South.

    “We will continue to serve our customers with the same passion for excellence that has distinguished us at Changi Airport until our official exit in June.”

    DFS Group opted not to bid to renew its concession at Changi Airport because it did not believe it could continue to trade there viably.

    “Our decision not to bid was based on our unique understanding of the business environment as the current operator of this concession at Changi,” chairman and CEO Ed Brennan said in a statement last August.

    The LVMH-owned group withdrew from Hong Kong International Airport as well, several years ago. At Changi, DFS Group will be replaced by South Korea’s Lotte Duty-Free.

    DFS Group’s Changi exit applies only to its high-profile liquor concession. The company will continue to operate its multi-label “Fashion Avenue” at Terminal 3 and various brand boutiques across all operating terminals.

    Since winning the Liquor and Tobacco concession in 1985, DFS Wines and Spirits opened numerous stores across Singapore Changi Airport, including in Terminal 2 (1990), the first of its kind Duplex store at Terminal 3 including the Raffles Long Bar (2015), the second Wines & Spirits Duplex store at Terminal 2 (2016) and the first ‘walkthrough’ retail concept store at Terminal 4 (2017).

    “For 35 years and over 300 thousand hours, DFS has been in operation at Changi Airport. Over three wonderful decades of memories and friendships later, it has become an iconic go-to stop for passengers leaving and arriving in Singapore, carrying more than 700 different wines and spirits brands, and selling more than 200 million bottles,” said Lacroix.

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  • Changi Airport further consolidates terminals

    Changi Airport further consolidates terminals

    Following the suspension of operations in Terminal 2, Changi Airport is to further consolidate operations and indefinitely close more retail stores.

    The airport will temporarily suspend Terminal 4 (T4) operations and move T4-based airlines to Terminal 1 and 3 instead. That means stores and restaurants in T4 will close its doors this week until the terminal resumes operation.

    According to the company, the move will help Changi Airport and its partners save on running costs such as utilities and cleaning.

    At Jewel Changi Airport, non-essential services, including Canopy Park and the HSBC Rain Vortex, are not allowed to operate until June 1.

    Restaurants and coffee shops in the shopping center remain open for takeaways only.

    Details of stores still open in the two terminals which continue to operate and at Jewel Changi can be accessed online.

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  • Singapore coffee chain Kimly boosts profit, despite Covid-19

    Singapore coffee chain Kimly boosts profit, despite Covid-19

    Singaporean traditional coffee shop operator Kimly has recorded a 5.3-per-cent year-on-year boost in half-year profit to SG$10.5 million (US$7.4 million).

    The result was achieved on a more modest 1-per-cent increase in sales to $107.4 million ($75.74 million) in the half-year ended March 31.

    The improved revenue was largely due to the brand’s five new coffee shops and eight food stalls opened since November.

    While the Covid-19 pandemic seriously and adversely impacted economic growth prospects in Singapore, Kimly’s coffee shops, canteens and food courts remain open for takeaway and delivery services throughout. Since the nation’s circuit breaker was introduced on April 7 footfall has fallen at these locations, the company said.

    “In line with the further tightening of circuit breaker measures recently, the group has suspended operations at its six Rive Gauche outlets and Cake Central Kitchen facility but the group does not expect the suspension to have any material impact on the group’s revenue.”

    The Kimly board said that besides placing focus on enhancing food offerings and operational efficiency in the upcoming year, “we remain committed to secure more long-term direct ownership of food outlets and food stalls in matured estates which is in line with our asset ownership strategy”.

    “We believe that there are still acquisition opportunities in the local market where we can tap on to further expand our presence in Singapore as well as enhance our profitability.”

  • Revolut Singapore Strengthens Leadership Team

    Revolut Singapore Strengthens Leadership Team

    The fast-growing digital bank has added a CEO, chief compliance officer and head of growth in Singapore, where it now employs over 30 people, it announced on Tuesday.

    U.K.-based fintech Revolut has appointed James Shanahan as its Singapore chief executive officer, who brings more than 25 years’ experience with large banks, insurers and third-parties, particularly in Asia.

    Shanahan, who joined Revolut in March, was previously Railsbank’s Southeast Asia chief of staff. Prior to that, he was chief operating officer for insurer Singapore Life, and held a variety of roles at Ataca, Avaloq, Axa, ANZ, and Standard Chartered. In his new role, he will be responsible for growing Revolut’s local business and expanding into wider Asian markets, a statement said.

    His appointment follows the appointment of Martin Gilbert, the former Standard Life Aberdeen co-chief executive who sat on the MAS International Advisory Panel until early 2020, as chairman of Revolut’s board.

    Compliance Risk Specialist Joins

    Revolut also appointed Rayson Tan as chief compliance officer, chief risk officer and head of legal. He brings more than two decades’ experience in the field, and was most recently a managing director in the Compliance & Regulatory Affairs department of Credit Suisse.

    Tan has also held various country, regional and global AML and sanction roles at Deutsche Bank and UBS.

    Business Development Hire

    Pam Chuang, the former vice president of sales and partnerships at GoBear, was appointed head of growth. She was part of the pioneer team at the Singapore-based financial supermarket, and was instrumental in scaling its reach across Southeast Asia and Hong Kong.

    Before that, Chuang held leadership roles for companies including AIA Group, ReMark International, Saxo Bank and Aon.

    Rapid Growth

    Founded in 2015, Revolut launched in Singapore in 2019, where it operates a multi-currency wallet. 

    In February, it announced a $500 million series D raise led by Silicon Valley venture capital firm TCV, which it said will be used to improve existing products and services as well as expand its outreach outside of its U.K. base.

    Earlier this month, Revolut announced that it had officially launched a bank in Lithuania, and will use the European banking license that it received for the operations there to start awarding loans, issue credit cards and open savings accounts.

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  • Deliveroo Singapore partners WeCare@MarineParade to deliver iftar meals

    Deliveroo Singapore partners WeCare@MarineParade to deliver iftar meals

    Deliveroo Singapore is partnering with WeCare@MarineParade to deliver iftar meals to vulnerable Muslim families to enjoy during Ramadan. As part of a joint partnership between WeCare@MarineParade, Islamic Restaurant Singapore and Deliveroo, Deliveroo riders will deliver 1,200 meals to 115 households and 428 beneficiaries nominated by WeCare@MarineParade between 4 May to 22 May. Generously donated by Mr Yusoff Rahman, the meals will be prepared by Islamic Restaurant Singapore, with delivery fulfilled by Deliveroo.

    WeCare@MarineParade is a community-based network that aims to help vulnerable residents in Marine Parade through community action and meaningful partnerships. Founded in 1921 by Mr Abdul Rahiman, Islamic Restaurant Singapore has been in the food business for nearly 100 years. Serving up halal dishes which utilise traditional cooking methods with modern twists, Islamic’s mission has always been to serve up quality comfort food including roti maryam, murtabak, curries and other mamak favourites.

    “Deliveroo Singapore is always seeking opportunities to give back to the communities we operate in,” said Sarah Tan, Director of Growth and Marketing and Interim General Manager, Deliveroo Singapore. “As a company which delivers great-tasting food to thousands of consumers’ doorsteps each day, banding together withWeCare@MarineParade and Islamic Restaurant to give back to those in need was an obvious partnership this Ramadan. As Singapore continues to do its part to stop the spread of COVID-19 together, we hope the food deliveries raise a smile for our Muslim friends at home.”

    “Amidst the Circuit Breaker, gathering volunteers to distribute food has been challenging. Thus, we are delighted to work with Deliveroo during this special time. Between 4 May to 22 May, Deliveroo riders will deliver local food to over 400 of our beneficiaries in Marine Parade. This would not have been possible without their kind sponsorship and move to bring favourite takeaways, delivered to people’s doorstep.” said Chan Jianhong, Head of WeCare@MarineParade.

    “I’m very grateful to receive this delicious iftar meal for me and my family to enjoy together during the holy month of fasting,” said Marine Parade resident, Mdm Sharifah Binte Hussein. “It’s difficult this year not getting to spend time with our extended family and friends during Ramadan, but little acts of kindness like this go a long way.”

    “I’m happy for the opportunity to do my part to help the less fortunate in our community and lift their spirits, especially during these challenging times. It means even more as we get to volunteer during our free time during fasting month. This is a truly meaningful initiative that I’m glad to be a part of. It’s really rewarding to see the smiles on their faces when we drop off the meals and I hope I can continue to participate in such initiatives like these,” said Nurul Astika, a Deliveroo rider who participated in this initiative.

    Deliveroo Singapore’s partnership with WeCare@MarineParade and Islamic Restaurant Singapore is the latest in a series of community focused tie-ups. Previous partnerships include TOUCH Community Services, where Deliveroo rallied customers, restaurants and riders to get behind the Meals-On-Wheels initiative, and social enterprise Glyph, which saw Deliveroo hosting quarterly Food & Cultural Exchanges and offering discounted Glyph membership fees for riders’ children.

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