The Committee on Future Economy (CFE) published a report on how the country intends on maintaining its sustained economic growth. The CFE noted that Singapore was in an “era of rapid technological change.”Regarding alternative finance, the CFE says that the government must design a regulatory environment that supports innovation and risk taking. By leveraging Fintech sandboxes, Singapore will be able to test and prove new financial products and services. “Singapore should strive to become a global leader in fostering innovation and the pervasive use of Fintech.” Stated CFE. The document also states:“Electronic payments, crowdfunding platforms, and distributed ledgers will transform the financial services landscape, while the digitalisation of business processes and information will transform all industries.” Continue reading
Notwithstanding the multiple risk factors including geopolitical uncertainties, protectionism, and anti-trade sentiments that confront the world economy, to remain agile and competitive, local business must continue to have an eye on seizing opportunities for growth. In the article, Chai Wai Fook ,the Partner and Emerging and Private Enterprise Tax Leader, Tax Services at Ernst & Young Solutions LLP proposed new changes in the taxation scheme to help SMEs acquire enough capital for innovation. Besides, new solutions in Fintech industry are also providing fast and liable working capital loan in the industry to help the SMEs in their Research & Development.