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Scorpio Electric Clinched US$6.75 Million In Funding at Valuation of US$150 Million

  • Scorpio Electric secured US$6.75 million* investment at US$150 million valuation as the brand works towards the production of their first international product
  • The Scorpio Electric X1 will commence production and global deliveries in second half of 2023


SINGAPORE – Media OutReach – 13 January 2023 – Scorpio Electric Pte. Ltd. (the Scorpio Electric“) has successfully raised US$6.75 million to further develop and test its first electric motorcycle, the Scorpio Electric X1 (the “X1“). The funds will be used to manufacture the first batch of X1 pre-production prototypes. Mass production and global deliveries of the X1 are set to commence in the second half of 2023. To expand the future portfolio of vehicle model line-up, funds will also be allocated to develop new premium electric motorcycle models and variants that support the onward global march towards adoption of more sustainable energy alternatives.

Scorpio Electric is a smart electric vehicle company specialising in high-performance electric motorcycles. The X1 features a futuristic and unique design in a practical maxi-scooter form factor. The X1 delivers dynamic ride and handling capabilities, while equipped with the latest smart rider technology and connectivity.

Scorpio Electric has experienced significant breakthroughs throughout 2022, some of which include additional research and development of the future motorcycles’ models, crystallisation of production pipelines, and timelines. Scorpio Electric has seen its business develop rapidly, and anticipates many more lucrative opportunities to come their way. With the support of investors, Scorpio Electric will be one step closer to realising its vision of becoming a global brand in the electric mobility space.

Developing an international product of high standards is no meagre task, and our engineering team is working tirelessly to validate and test the X1.” Mr. Joshua Goh, the CEO of Scorpio Electric, commented, “The pandemic presented our business with plenty of hurdles. It was a contributing factor to our new production timelines. Moving into 2023, international travel has reopened and we are working closely with a Chinese conglomerate to assemble the X1. We have plenty of supporters and business partners who are anticipating eagerly. This year will be an exciting one!”

*An aggregate fund of US$6.75 million was raised from various investors. US$1.75 million was raised in May 2022 and US$5.00 million in January 2023. Please refer to Announcement dated 11 November 2022 and 12 January 2023 made by EuroSports Global Limited on the SGXNet.

Hashtag: #ScorpioElectric

The issuer is solely responsible for the content of this announcement.

About Scorpio Electric

Founded in 2017, Scorpio Electric is a Singapore-based electric motorcycle manufacturer focusing on design, performance, and technology. The Company is backed by EuroSports Global Limited.

Scorpio Electric aims to be a global brand and technology innovator in the two-wheel electric space, focusing on developing sleek electric motorcycles that share a symbiotic relationship with the user through smart capabilities as they seek to be at the forefront of new sustainable mobility adoption.

For more information, please refer to: https://www.scorpioelectric.com or their related social media platforms @scorpioelectric

About EuroSports Global Limited

Established in 1998, EuroSports Global Limited has a long history in the specialisation of distribution of ultra-luxury and luxury automobiles and provision of after-sales services. Its Automobile Sales business retails new ultra-luxury and luxury automobile brands and pre-owned automobile brands comprising of Lamborghini and Touring Superleggera.

EuroSports Global Limited has been the sole authorised dealer for Lamborghini in Singapore since 2002 and Indonesia since 2018, and the exclusive distributor for Touring Superleggera in Singapore, Malaysia, Brunei and Indonesia and non-exclusive distributorship in the PRC since October 2012.

EuroSports Global Limited is investing in Scorpio Electric to develop a sustainable mobility solution in the form of electric motorcycles.

This press release has been prepared by the Company and its contents have been reviewed by the Company’s Sponsor, RHT Capital Pte. Ltd. (the “Sponsor“), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the “SGX-ST“).

This press release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

The contact person for the Sponsor is Mr Mah How Soon, Registered Professional, 36 Robinson Road, #10-06 City House, Singapore 068877, sponsor@rhtgoc.com

Gender disparity exists at all levels in Hong Kong’s legal sector, finds a survey jointly launched by Mayer Brown and Women in Law Hong Kong

Industry representatives call for collaborative effort to redress the gender imbalance

HONG KONG SAR – Media OutReach – 13 January 2023 – Mayer Brown and Women In Law Hong Kong (WILHK) today announced the findings of a joint survey aimed at exploring gender biases in Hong Kong’s legal industry. The objective of the project is to examine the behaviours that women encounter at the workplace, including gender biases and micro-aggressions: the everyday, subtle, and often unintentional comments and interactions that may accumulate and contribute to gender disparity.

Amita Haylock, partner of Mayer Brown's IP & TMT group and Co-Chair of the Asia Women's Network, Alison Tsai, Chairlady of Women In Law Hong Kong and Helen Wang, counsel in the Corporate & Securities practice in Mayer Brown's Hong Kong office and Co-Chair of the Asia Women's Network (from left to right)
Amita Haylock, partner of Mayer Brown’s IP & TMT group and Co-Chair of the Asia Women’s Network, Alison Tsai, Chairlady of Women In Law Hong Kong and Helen Wang, counsel in the Corporate & Securities practice in Mayer Brown’s Hong Kong office and Co-Chair of the Asia Women’s Network (from left to right)

The findings of the survey, which drew responses from more than 360 women and men who are currently working or have worked in the Hong Kong legal sector, show that women in Hong Kong’s legal sector are facing systemic gender biases that exist at all levels, from the most senior levels to those starting out in the profession.

Half of the female respondents feel they have been treated differently to their disadvantage as a result of their gender in the Hong Kong legal sector. 23.7% of female respondents had been told to change their specialty in law or career path, five times more than male respondents. Moreover, 38.2% of female have felt left out of career-building opportunities because of their gender or care responsibilities. In several cases, female respondents reported their commitment or competence was questioned because of being a caregiver. Hence, many women are choosing to leave the legal profession, resulting in a gender imbalance at senior levels of private practice and in-house teams.

The findings also suggest that the legal sector needs to address its prevalent “boys’ club” culture, which involves men forming groups excluding women, therefore favouring men over women when it comes to promotions and professional development opportunities. Some female respondents also reported that they are too often ignored, interrupted or undermined in many workplace settings. Additionally, many women lawyers expressed their struggle to call out this behaviour without being seen as being difficult or not “part of the team”.

Women continue to receive unsolicited comments about their appearance or behaviour, with 26.1% of female respondents reporting negative experiences with receiving advice about the clothes they wear at work. Apart from comments on their appearance, many female lawyers received patronising remarks about how they should behave, in case of being viewed as too aggressive and assertive.

Alarmingly, women who do advance up the career path have found they are subject to more, rather than fewer, incidents of micro-aggressive behaviour, with 23.0% of female respondents in senior roles experiencing clients directing questions or queries to a more junior male colleague instead of them.

Amita Haylock, partner of Mayer Brown’s IP & TMT group and Co-Chair of the Asia Women’s Network, said, “If industry representatives make a collaborative effort and take these biases seriously, these issues can be addressed with real impact. Senior leadership need to walk the talk, and leaders need to take the initiative to respectfully challenge each other on gender bias issues. It is only through intentional and consistent action that an inclusive culture can be nurtured, and microaggressions will stop.”

Alison Tsai, Chairlady of WILHK added, “Research suggests that a lot of men and women have similar levels of ambition at the beginning of their careers. Negative experiences can do great damage to their ambitions and push them away from the workplace. However, positive experiences would encourage them to pursue leadership roles. If systemic changes are made in the legal industry, they can create such positive experiences and support the rise of female talent in Hong Kong’s legal sector.”

Vast bodies of research and examples across the globe have shown that gender equality in the workplace makes for good business. The survey suggests that law firms, barristers’ chambers and in-house legal functions can benefit from having the right policy in place as a minimum. They must also make the effort to ensure that the policy is actually practiced, as such actions can be tokenistic if a culture to support these policies is not nurtured. Other meaningful changes could include improving current HR systems and talent management practices with a D&I lens by remaining educated on unconscious biases at every stage of employment, including talent acquisition, performance management and succession planning. Firms may also offer dedicated coaching and training sessions on inclusivity to employees in leadership roles. A key performance indicator of the workplace environment should be established, measured by regular feedback and internal colleague engagement surveys.

Hashtag: #MayerBrown

The issuer is solely responsible for the content of this announcement.

About Women in Law Hong Kong

Women in Law Hong Kong (WILHK) is a society providing private practice lawyers, in house counsel and all other industry professionals a solutions-based approach to gender equity. WILHK is supported by many of Hong Kong’s leading firms and institutions and is one of the largest legal networks in Hong Kong. With over 1,500 members representing all genders, WILHK encourages a diverse exchange of ideas and collaboration.

About Mayer Brown

Mayer Brown is a distinctively global law firm, uniquely positioned to advise the world’s leading companies and financial institutions on their most complex deals and disputes. With extensive reach across four continents, we are the only integrated law firm in the world with approximately 200 lawyers in each of the world’s three largest financial centers—New York, London and Hong Kong—the backbone of the global economy. We have deep experience in high-stakes litigation and complex transactions across industry sectors, including our signature strength, the global financial services industry. Our diverse teams of lawyers are recognized by our clients as strategic partners with deep commercial instincts and a commitment to creatively anticipating their needs and delivering excellence in everything we do. Our “one-firm” culture—seamless and integrated across all practices and regions—ensures that our clients receive the best of our knowledge and experience.

Please visit for comprehensive contact information for all Mayer Brown offices.

Mayer Brown is a global services provider comprising associated legal practices that are separate entities, including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown (a Hong Kong partnership) and Tauil & Chequer Advogados (a Brazilian law partnership) and non-legal service providers, which provide consultancy services (collectively, the “Mayer Brown Practices”). The Mayer Brown Practices are established in various jurisdictions and may be a legal person or a partnership. PK Wong & Nair LLC (“PKWN”) is the constituent Singapore law practice of our licensed joint law venture in Singapore, Mayer Brown PK Wong & Nair Pte. Ltd. Details of the individual Mayer Brown Practices and PKWN can be found in the section of our website. “Mayer Brown” and the Mayer Brown logo are the trademarks of Mayer Brown.

© 2023 Mayer Brown. All rights reserved.

Julia Garner, Selena Gomez and Emma D’arcy Shine in De Beers Jewellers at the 2023 Golden Globe Awards

LOS ANGELES, US – Media OutReach – 13 January 2023 – De Beers Jewellers natural and responsibly sourced diamonds dazzled on nominees and actresses Julia Garner, Selena Gomez and Emma D’Arcy at the 80th Golden Globe Awards held at the The Beverly Hilton in Los Angeles.

Julia Garner, double nominee and winner for Best Performance by an Actress in a Supporting Role in a Musical – Comedy or Drama TV Series, radiated natural elegance in classic diamond designs including a statement Swan Lake High Jewellery diamond necklace and mismatched delicate diamond earrings.

Selena Gomez, nominated for Best Performance by an Actress in a TV Series – Musical Or Comedy, opted for sweeping Aden High Jewellery diamond drop earrings, Volute High Jewellery and Adonis Rose High Jewellery pear-shaped diamond rings.

Emma D’Arcy, nominated for Best Performance by an Actress in a TV Series – Drama, shined in Enchanted Lotus High Jewellery cocktail ring and Aura High Jewellery yellow diamond earrings.

Hashtag: #DeBeers #DeBeersHK #naturaldiamonds

The issuer is solely responsible for the content of this announcement.

About De Beers Jewellers

Founded in London, with a flagship store on Old Bond Street and a presence in the most exclusive locations around the world, De Beers Jewellers is the pinnacle of luxury diamond jewellery. Building on De Beers’ 130 years of expertise, the House glorifies the world’s most beautiful diamonds through creativity and craftsmanship in bold, distinctive designs.

De Beers is invested in ensuring all the diamonds it discovers create a lasting positive impact for people and the places where they are found. This comes with a pledge to build a better future – one that is fairer, safer, cleaner and healthier, in which communities thrive, ethical practices are maintained, and the natural environment is protected. We call this long-term commitment Building Forever.

De Beers Jewellers has 35 stores globally and ships to 15 markets via debeers.com.

FB: @DeBeers
IG: @debeersofficial

DBS Foundation partners ImpactHK on “The Kind Kitchen” community project to serve the city’s underprivileged with food support

Two-year partnership helps provide 210,000 meals to people experiencing homelessness and empowers them to build their own social capital

HONG KONG SAR – Media OutReach – 13 January 2023 – DBS Foundation, committed to championing social entrepreneurship and creating impact in the community, announced a two-year strategic partnership with ImpactHK to support The Kind Kitchen, a community kitchen to serve the underprivileged in need of food support. The Kind Kitchen will provide a total of 210,000 meals over the next two years to people experiencing homelessness. The partnership aims to create long-term impact on the Hong Kong communities in need by supporting people who experience homelessness and enhancing food resilience for the underprivileged.

(left) Jeff Rotmeyer, Founder & CEO of ImpactHK; (right) Amy Wu, Executive Director and Head of Group Strategic Marketing and Communications, DBS Bank Hong Kong
(left) Jeff Rotmeyer, Founder & CEO of ImpactHK; (right) Amy Wu, Executive Director and Head of Group Strategic Marketing and Communications, DBS Bank Hong Kong

Food accounts for one-third of all solid waste in Hong Kong, with 3,255 tonnes of food waste being sent to landfills every day. In addition, 1.6 million people in the city are living in poverty and struggle to have access to a hot, healthy meal everyday. There was also a 19% increase in the number of registered street sleepers between 2020-2021, with the total number reaching a 10-year high in 2022. As a result, there is a need to dial up the efforts to deliver greater food resilience to the underprivileged and empower the growing number of people experiencing homelessness to build their own social capital.

Launched as part of DBS Foundation’s Community Impact chapter, the partnership with ImpactHK’s The Kind Kitchen aims to save and redistribute 40,000 kilograms of surplus food to those in need. With DBS Foundation’s support, The Kind Kitchen will also be able to scale up its operation and share more food to the needy. In addition to tackling food waste and the food resilience concern, this partnership will also provide employment and training opportunities for people experiencing homelessness, helping them to build self-esteem and discover their life purpose and goals

Amy Wu, Executive Director and Head of Group Strategic Marketing and Communications of DBS Bank Hong Kong, said, “Sustainability has always been at the heart of DBS. To create impact beyond banking, we support social enterprises to scale up their business impact, and help community to improve life and livelihood and solve social challenges through DBS Foundation. By partnering with ImpactHK, we support The Kind Kitchen project to provide meals for underprivileged communities and create job opportunities for people experiencing homelessness. Through our partnership, we hope to build public awareness of social issues and activate our employees to drive change, impact, and serve the community.”

Jeff Rotmeyer, Founder & CEO of ImpactHK, said, “It is our pleasure to partner with DBS Foundation on this meaningful initiative. The partnership will not only provide meals to the people experiencing homelessness and underprivileged communities but create a more inclusive community by helping them build self-esteem and discover life purpose and goals. With DBS Foundation’s support, we can enhance our kitchen and scale up our ability to bring positive impact.”

The city we call home is more than just a place to live and work. Let us all work together to support our community.

For more information to support and donate to ImpactHK, please visit https://impacthk.org/donate/

For more information about DBS Foundation, please visit https://www.dbs.com/foundation/default.page

Hashtag: #DBS #DBSFoundation

The issuer is solely responsible for the content of this announcement.

DBS

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “” by Global Finance, “” by Euromoney and “” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “” by Euromoney and the world’s “” by The Banker. In addition, DBS has been accorded the “” award by Global Finance for 14 consecutive years from 2009 to 2022.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit .

ImpactHK

ImpactHK works with people experiencing homelessness to help them settle in a safe home, restore their mental and physical wellbeing, build their self-esteem and discover their purpose. To do this, it provides direct holistic support to people experiencing homelessness and empowers them to transform their lives. This includes employment training, education, food, shelter, emotional support and much more. At the same time the organisation builds community connections to increase collective understanding of homelessness and empathy towards the people who experience it.

DBS Foundation

DBS Foundation is focused on creating impact and improving lives through championing social entrepreneurship and preparing communities for the future.

The existing “Business for Impact” chapter was established when DBS Foundation commenced operations in 2014, and focuses on championing businesses and social enterprises with a dual bottom line.

In 2022, the DBS Foundation expanded the scope and scale of its operations with the formation of the new “Community Impact” chapter. The new chapter looks to supporting communities by equipping them with essential skills for a better future, specifically financial and digital literacy skills. It also aims to tackle climate change with a focus on food waste reduction.

For more information, please visit .

Huobi partners with Solaris to launch crypto debit card in Europe

SINGAPORE – Media OutReach – 13 January 2023 – Huobi, one of the world’s leading virtual asset exchanges, has announced a partnership with Solaris, to deliver a crypto-to-fiat debit card that will enable Huobi users to spend digital assets at the point-of-sale globally.

The Visa-approved program will be available to both new and existing users residing in the European Economic Area (EEA) from Q2 in 2023. They will be able to select and spend from a range of different digital assets linked to their card at the point of sale, via their Huobi trading account.

This card functionality will remove friction from the user experience, saving time for Huobi users when it comes to on/off ramp fiat and digital assets between accounts and cards. Huobi VISA card holders who pay with Huobi’s platform token Huobi Token (HT) will be rewarded with cashback benefits in accordance with their card levels. Solaris will be providing full end-to-end processing and issuing capabilities for the program, including Visa BIN sponsorship.

Justin Sun, a member of the Huobi Global Advisory Board, said: “Huobi highly values our user experience and continuously works to drive improvement for users. This partnership will help us deliver a better experience to our users.”

The Huobi-branded Visa debit cards will offer users a range of loyalty benefits and are powered by Solaris’s Buffer card issuing and secondary authorisation technology. Buffer enables cardholders to make payments via a primary fiat account by connecting to a wallet of value (e.g. digital asset) held in a secondary account to deliver a frictionless payment experience. In the future, the card will be deeply binded with Huobi’s platform token Huobi Token (HT) to offer more benefits to card holders.

Andrea Ramoino, Chief Strategy Officer at Solaris said: “We are excited to be partnering with a market-leading virtual asset exchange to deliver frictionless crypto- to-fiat point-of-sale spending to the Huobi community, through our market-leading Buffer technology. This is just the first step in our partnership as we look ahead to delivering more payment options to users in the EEA region and beyond.”

Hashtag: #Huobi

The issuer is solely responsible for the content of this announcement.

About Huobi

Founded in 2013, Huobi is one of the largest virtual asset exchanges in the world. Huobi serves millions of users across international markets. Since its establishment, Huobi has committed to providing first class virtual asset investment services. Huobi’s robust infrastructure, product innovation and capital strength provides a truly customer-centric and secure trading environment to help our international users to achieve their investment objectives. Please refer to Huobi’s official website for more information:

About Solaris
Solaris, provides award-winning B2B, banking and payment solutions. One of the FT1000: Europe’s Fastest Growing Companies in 2018, 2019 and 2020. Solaris has offices in the UK, Lithuania and India – and recently completed a merger with Berlin- based Solaris to become Europe’s undisputed leader in Banking-as-a-Service. Solaris benefits from a full license suite, including FCA and Bank of Lithuania e- Money Licenses which cover the EEA, and a full UK consumer credit license. Solaris is a Principal Visa and Mastercard member with full sponsorship and processing capability.

Redress Reignites Global Sustainable Fashion Movement To Accelerate The Change To A Circular Fashion Industry

The Redress Design Award 2023 global sustainable design competition opens with support from Create Hong Kong and VF Corporation, further cementing Hong Kong as Asia’s creative capital and the region to drive sustainability in the global fashion industry

HONG KONG SAR – Media OutReach – 12 January 2023 – Environmental NGO Redress opened the Redress Design Award 2023, the 13th cycle of the world’s largest sustainable fashion design competition at a prominent industry gathering in Hong Kong on 11 January, where fashion industry leaders with global influence gathered, just days after the resumption of normal travel between Hong Kong and the Mainland, to discuss the region’s opportunity to drive circular fashion globally.

319258-Open-Application-2500x792.jpeg

The Redress Design Award, which is supported by Create Hong Kong (CreateHK) of the Government of the Hong Kong Special Administrative Region (HKSAR) as the lead sponsor, educates and empowers emerging fashion designers about circular fashion, against the background that 80% of a product’s environmental impact is laid down at the design stage. Homegrown in Hong Kong since 2011, the educational competition’s global footprint attracts applicants from over 50 countries and enjoys support from over 150 universities globally, with thousands of hopeful designers over the competition’s history battling to finesse and showcase their innovative design skills on the global stage to win the chance of collaborating with leading fashion businesses.

Speaking at the Redress Design Award 2023 launch event in Hong Kong, Mrs. Lowell Cho, Assistant Head of Create Hong Kong, thanked Redress for organising the competition again and looked forward to seeing the 10 international finalists meeting in Hong Kong in person, which would be the first time after the outbreak of the pandemic.

The 2023 competition cycle is again partnering with VF Corporation, one of the world’s largest apparel, footwear and accessories companies of iconic brands including Timberland® and The North Face®. Following the Grand Final Fashion Presentation in September in Hong Kong, the first prize winner will join VF Corporation’s innovative business for a sustainable design collaboration.

Meanwhile, Timberland® of VF Corporation is unveiling their sustainable Lunar New Year 2023 collection designed in collaboration with previous winner, Taiwan designer Jessica Chang. Among the collection pieces, Jessica’s two-in-one jacket design features a workwear-inspired inner jacket and an all-over printed vest that can be worn in multiple ways, offering a versatile design with longevity in mind for consumers.

“Redress is galvanising the emerging designer sustainable design movement, creating change at the drawing board,” shared Mr. Sean Cady, Vice President of Global Sustainability and Responsibility, VF Corporation. “VF is passionate about magnifying the impacts of the Redress Design Award winners, and Timberland’s recent collaboration with Jessica demonstrates how the competition is positively influencing what’s available for consumers.”

“Redress has a bold vision: to build a world in which fashion is circular,” said Dr. Christina Dean, Founder of Redress, the Hong Kong-headquartered and Asia-focused NGO, at the official launch event of the Redress Design Award 2023. “Whilst the fashion industry has grappled with many challenging Covid-related supply chain impacts and a challenging economy, we can’t ignore fashion’s worsening environmental and waste crisis. Asia is the global fashion industry’s engine of production and, increasingly, consumption, and we must urgently raise our game and promote Asian innovation further. Together with emerging designers, academia, business, and government, we have great power to accelerate a circular fashion industry globally.”

Asia accounts for around 60% of global exports of garments, textiles, and footwear, and China is the world’s biggest fashion consumer market. Headquartered in Hong Kong, the heart of Asia and gateway to the Mainland of China, Redress is in a prime position to address the issue of waste within the fashion industry. The equivalent of one rubbish truck of textiles is landfilled or burned every second, global textile waste estimated to increase by 63% by 2030, and the fashion industry is responsible for 10% of global carbon emissions — more than all international flights and maritime shipping combined⁶.

From semi-finalists, finalists, to alumni

Online applications for the Redress Design Award 2023 are open from 12 January, and will close on 16 March 2023. Following semi-final judging, 10 finalists will be announced on 10 May, and those residing abroad will come to Hong Kong in September for the Grand Final Week activities.

The competition invites emerging fashion designers to pursue their dreams in community, being supported in their careers by their fellow designers and forging friendships along the way. Those who make it to the semi-finals or beyond will join the Redress Design Award Alumni Network, a community offering various career enhancement opportunities in sustainable design, with alumni achievements including fashion weeks, brand collaborations, and more.

The network boasts over 270 alumni from the competition from 45 countries, 42% of whom are residing in Asia, who are all pushing the movement forwards through launching their own sustainable brands or working at global brands to accelerate circular practices from all corners of the global fashion industry. Details of these alumni can be found on the Redress Design Award website at www.redressdesignaward.com/alumni/network.

Editor’s Notes

  • The Redress Design Award 2023 is open to applications from emerging designers and students with less than four years’ professional experience from around the globe, focusing on both womenswear and menswear original collection designs. Finalists will be announced on 10 May 2023.
  • The Redress Design Award is run by environmental NGO, Redress, and supported by Create Hong Kong of the Government of the Hong Kong Special Administrative Region (HKSAR) as the Lead Sponsor. Other key partners include VF Corporation, TAL Group, and UPS.
  • Judges for the Redress Design Award 2023 are Mr. Simon Au, Managing Editor of Vogue and Vogue Man Hong Kong; Ms. Orsola de Castro, Author, and Co-founder, Fashion Revolution; a representative from TAL Apparel Ltd to be named; Mr. Kévin Germanier, Creative Director, GERMANIER and Alumnus, Redress Design Award; Mr. Dorian Ho, Creative Director and CEO, Doriano International Ltd; Mr. Angus Tsui, Creative Director, Angus Tsui and Alumnus, Redress Design Award.
  • Read more about 2021 winner Jessica Chang and her collaboration with Timberland for Lunar New Year 2023 in an interview here.
  • Explore more of the issues underpinning the Redress Design Award here.

Hashtag: #TheRedressDesignAward

The issuer is solely responsible for the content of this announcement.

About Redress

()
Redress is a Hong Kong headquartered, Asia focused environmental NGO with a mission to accelerate the change to a circular fashion industry by educating and empowering designers and consumers so as to reduce clothing’s negative environmental impacts.

The Redress Design Award () is the world’s largest circular fashion design competition that educates and empowers emerging fashion designers about circular design strategies and techniques so as to reduce fashion’s negative environmental impacts. Organised by Hong Kong headquartered, Asia focused environmental NGO Redress since 2011, and with 150 global fashion university partners, it attracts designers from over 50 countries to win prizes that connect them with global-leading fashion businesses so as to accelerate the change to a circular fashion industry.

About Create Hong Kong ()
Create Hong Kong (CreateHK) is a dedicated office set up by the Government of the Hong Kong Special Administrative Region (HKSAR Government) in June 2009 to spearhead the development of creative industries in Hong Kong. From 1 July 2022 onwards, it is under the Culture, Sports and Tourism Bureau. Its strategic foci are nurturing talent and facilitating start-ups, exploring markets, and promoting Hong Kong as Asia’s creative capital and fostering a creative atmosphere in the community. CreateHK has been sponsoring the Redress Design Award (formerly the EcoChic Design Award) since 2011 to promote Hong Kong’s fashion design.

Disclaimer: The Government of the Hong Kong Special Administrative Region provides funding support to the project only, and does not otherwise take part in the project. Any opinions, findings, conclusions or recommendations expressed in these materials/events (or by members of the project team) are those of the project organisers only and do not reflect the views of the Government of the Hong Kong Special Administrative Region, the Culture, Sports and Tourism Bureau, Create Hong Kong, the CreateSmart Initiative Secretariat or the CreateSmart Initiative Vetting Committee.

KPMG proposes Budget 2023 measures to drive Singapore’s green and inclusive growth towards lasting paths for businesses

  • Green finance will be key to powering Singapore’s sustainability – spurring blended finance and transition finance ecosystems will be instrumental in intensifying green investments
  • Forging a fit-for-future ‘Forward Singapore’ social compact and catalysing capital to create new opportunities for enterprises and talents will be critical
  • In view of a potential economic slowdown, support measures for businesses to digitalise, transform, and embed ESG will need to be expanded

SINGAPORE – Media OutReach – 12 January 2023 – KPMG today announced its Singapore Budget 2023 Proposal for the Government, covering the three focus areas of: (i) Sustainability; (ii) Talent; and (iii) Digitalisation and transformation. Highlights are summarised below.

(1) Powering Sustainability (p. 4 of proposal)

(a) Implement a National Blended Finance Framework to spur green financing (p.6)

Singapore has taken steps on its climate commitments through its Singapore Green Plan and its recent appointment of a Government Chief Sustainability Officer. The key challenge ahead, particularly with economic headwinds expected worldwide, will be in financing the green agenda.

A strategy KPMG recommends is for the Government to implement a national framework to spur the growth of blended finance to address the trilemma of security, affordability, and sustainability. This framework can include broad-based schemes with low entry thresholds and targeted initiatives for emissions-intensive industries or transition projects.

Ong Pang Thye, Managing Partner, KPMG in Singapore said:

“A national blended finance framework can be pivotal for sustainable change to happen at-scale nationally and regionally. Countries and companies in the region are also keeping sustainable development on top of their agendas. However, securing funding can be challenging with individual countries facing ongoing economic headwinds, while dealing with domestic developments and priorities.

“As part of this framework, the Government could encourage financial institutions (FIs) to step up their involvement in the climate transition (through incentives) – this can involve FIs redirecting the necessary capital to areas with the highest needs. At the same time, authorities can also extend access to Singapore’s Sustainable Bond Grant Scheme to a wider audience of issuers that need financing for green projects. The successful implementation of such a blended finance framework in the longer term will position Singapore as a leading green finance hub to anchor ASEAN’s green and just energy transition.”

(b) Spearhead asset recycling mechanisms and alternate funding options (p.10)

Ajay Kumar Sanganeria, Partner, Head of Tax, KPMG in Singapore added:

“Singapore can lead the development and implementation of asset recycling frameworks to refinance brownfield infrastructure, while achieving Singapore and ASEAN’s broader Environmental, Social and Governance (ESG) objectives. These mechanisms will optimise private sector innovation, investment and efficiency in operating infrastructure assets, while freeing up capital that can be deployed to other priority greenfield infrastructure projects. An Energy Transition Mechanism involving early retirement of coal-fired power projects is one area with high potential and impact.”

(c) Intensify green investments (p.11)

To tap the potential of green bonds in energy transition, KPMG proposes to set frameworks for analysing a project’s qualification for green investments, including introducing a green credit scoring system with new environment and energy factors. As renewable energy technologies begin to mature in this decade, investments into green infrastructure projects and research and development (R&D) capabilities will be critical. The Government can consider pumping investments into large-scale alternative energy projects in ASEAN countries under a “generate and transfer model” to accelerate the nearshore import of renewable energy and decarbonise the grid at a quicker pace.

Other measures to further drive the decarbonisation agenda include:

  • Working with industry bodies to boost support for FIs, such as setting up a new subset of qualifying activities under the Financial Sector Incentive scheme which provides for concessionary tax rates, enhanced deductions or cash grant schemes
  • Extending consumer tax incentives, such as the EV Early Adoption Incentive and the Vehicular Emissions Scheme to further bridge price differentials between electric vehicles and internal combustion engine vehicles (p.14)
  • Incentives to bridge the green building demand-supply gap, including a 200 percent tax deduction on financing costs and rental of green properties, a 30 percent property tax rebate and a 50 percent exemption on taxable gains from green building sales. (p.13)

2. Opening Doors to Opportunity (p. 15 of proposal)

(a) Attract top talents to augment Singapore’s economy amid a talent war (p.18)

With a global war for talent and an ever-evolving business landscape, Singapore must continue to attract the best minds to its shore, while ensuring that policies to facilitate new ways of working remain robust. At the same time, these new challenges have prompted Singapore’s leaders to refresh the country’s social compact and foster renewed resilience, led by its Forward Singapore roadmap.

Ajay Kumar Sanganeria, Partner, Head of Tax, KPMG in Singapore, said:

“To be a global leader in attracting and retaining talent, Singapore should extend the tax exemption days for foreign employees working in priority sectors of the economy to 90 days. This will attract talents who may not wish to relocate but are still eager to be based in Singapore on a short-term basis.”

(b) Strengthen hybrid and remote working regime (p.18, 19)

As more Singapore businesses leverage talents overseas to grow, Singapore is likely to benefit from the higher corporate tax revenue generated. In step with this, Singapore should initiate at least an ASEAN-wide framework to address tax issues that may arise for Singapore companies with remote workers in another country. Potential challenges to be addressed under the framework include the creation of a Permanent Establishment in an overseas jurisdiction and the taxing rights over the salaries and related remuneration of remote workers.

Ajay Kumar Sanganeria, Partner, Head of Tax, KPMG in Singapore, said:

“Companies are building a future-forward workforce, where hybrid or remote work is now a long-term option for many. However, safeguards against income tax leakages need to be strengthened. This means reviewing underlying policies and setting the relevant guidelines for remote-working employees based in Singapore, to provide more clarity to foreign employers and employees.

(c) Catalyse private and public capital to build Singapore’s social compact (p.22)

Singapore has been reviewing its tax system to boost revenue generation potential, but any enhancements should be carefully considered in terms of rate and scope to remain fair and progressive. Alongside this, KPMG recommends for the Government to catalyse private and public capital for social spending through innovative blended finance structures and social bonds – as already seen in several Asia Pacific countries. Early-stage grants to support the design of social bonds as well as partial guarantees to bond holders to lower investment risks and bring in private investors should be explored. Additionally, platforms such as social stock exchanges can also attract new investment.

3. Strength in Adversity (p. 23 of proposal)

Singapore will need to demonstrate how it can bolster its fiscal resources while protecting prospects for growth as it enters challenging times. To stay ahead, the country should also step up its support for businesses to digitalise, transform and seize new markets.

(a) Decisive measures for Singapore to remain attractive to multinational corporations (MNCs) (p.25)

Ajay Kumar Sanganeria, Partner, Head of Tax, KPMG in Singapore, said:

“In the coming months, policymakers in Singapore will need to move more decisively to restructure its incentives to attract and retain investments from MNCs impacted by global tax developments that will gain momentum in 2023.

“KPMG proposes that a percentage of collections from Pillar Two measures be channelled into a pool of funds that would be used to attract and retain investments not just from global MNCs, but also local MNCs affected by the rules. This pool of funds can provide flexibility to economic agencies to provide targeted programmes to both global and local multinationals.

“There can also be an increase in the number of expenditure-based tax incentives (offered in the form of Qualified Refundable Tax Credits rather than enhanced tax deductions). These can take the form of expanding the list of intellectual property categories that can qualify for writing down allowances. Existing R&D tax incentives should also be redesigned to a Qualified Refundable Tax Credit scheme so that there will be minimal impact under the rules, alongside the increase in grant caps of existing programmes.”

(b) Boost Singapore’s digital asset ecosystems (p.29)

KPMG’s research has shown promising use cases and innovation of digital assets, including non-fungible tokens (NFTs) and Decentralised Finance (DeFi), to boost digital connectivity and economic integration. Singapore should carefully study the changing landscape and look at providing certainty on the regulatory and tax treatments of these new investment products to strengthen its digital asset ecosystems. To further fuel growth, Singapore should also promote the use of digital accelerators or hackathons that allow industry advisory boards to guide and sponsor fintechs to solve industry-wide problems.

(c) Targeted grants for GST-registered businesses (p.27)

Some businesses are likely to be impacted by the staggered Goods & Services Tax (GST) hike over the next two years, with top concerns on compliance costs. The Government can offer grants to specific businesses, such as small and medium enterprises (SMEs) which are more concerned about the cost of complying with the two-step GST rate hike.

(d) Provide certainty on new wealth taxes (p.27)

Ongoing speculations on whether Singapore will see new forms of wealth taxes have led to market uncertainty, in particular for the wealth management sector and high-net-worth individuals contemplating if they should move their assets here. The Government should clarify if it will be introducing wealth taxes in the near future, and what this might mean for the country.

Ajay Kumar Sanganeria, Partner, Head of Tax, KPMG in Singapore, said:

“Singapore has been raising the progressivity of its tax policies in a calibrated manner. However, the market continues to have concerns over the possibility of a new wealth tax or a reintroduction of estate duty or inheritance tax. Budget 2023 will need to be decisive in addressing these speculations.”

(e) Tax rebates and incentives to cope with rising costs

Amid concerns over inflation and rising costs, enterprises will benefit from support as they strive to be more innovative and future ready. We recommend the following measures:

  • A one-off 10 percent corporate income tax rebate and an increase in the number of installments that companies can take to pay their income tax liabilities (p.32)
  • Expand coverage of the enhanced R&D tax deduction to include costs incurred for overseas R&D activities, beyond its current scope of activities performed in Singapore only (p.32)
  • Help businesses invest in the local talent pool with an additional 100 percent deduction on training expenses, with similar conditions to the Productivity and Innovation Credit (PIC) scheme for qualifying training expenditure (p.32)
  • Increase Enterprise Development Grant support for overseas mergers & acquisition activities to up to 90 percent for SMEs and up to 70 percent for non-SMEs for an initial period of two years to drive internalisation efforts (p.31)
  • Up to 80 percent of funding support under the Productivity Solutions Grant for companies to adopt advanced manufacturing solutions, along with a two-year extension of the 100 percent investment allowance to encourage the sector to shift towards automation. (p.31)


(f) Enable businesses to transform supply chains and embed ESG
(p.30)

Ong Pang Thye, Managing Partner, KPMG in Singapore, said:

“Beyond economic factors, Singapore has also had to contend with climate change. However, even as carbon markets are set to expand significantly, carbon trading is not a long-term solution to reducing carbon emissions. Ultimately, large emitters will need to adopt greener and more cost-efficient solutions and the Government has a critical role in driving a mindset change.”

That said, in response to supply chain disruptions and the push towards ESG, more companies are looking to invest in digital transformation to be more efficient and sustainable, and could benefit from these measures:

  • Enhanced deductibility of expenses incurred on supply chain digitalisation and transformation
  • Special taxation regime and/or financing for companies involved in investment, development and trade of renewable energy, hydrogen and carbon credits.

A copy of our Budget 2023 proposal is available for download at this link.

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The issuer is solely responsible for the content of this announcement.

About KPMG

KPMG in Singapore is part of a global organization of independent professional services firms providing Audit, Tax and Advisory services. We operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

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