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Thunderbird School of Global Management at Arizona State University Announces Global Initiative to Educate 100 Million Learners by 2030

The Francis and Dionne Najafi Global Initiative is a one-of-a-kind inclusive, innovative, impactful global initiative that will advance the United Nations Sustainable Development Goal 4, Quality Education for all. Goal is for 70% of participants to be women.

PHOENIX, US – News Direct – 20 January 2022 – Thunderbird School of Global Management, home of the world’s No. 1 ranked Master’s in Management at Arizona State University (ASU), ranked No.1 for innovation in the U.S., announced today a transformative new global initiative to educate and empower 100 million learners by 2030. The announcement coincides with the World Economic Forum’s State of the World sessions.

 

Thanks to a historic $25 million donation from the Francis and Dionne Najafi Global Initiative, Thunderbird will offer an accredited online Global Management and Entrepreneurship Certificate, consisting of five world-class courses in 40 different languages. Of the 100 million learners the program will reach worldwide, it is estimated that 70% will be women and young women. Never before has such an ambitious global higher education program been launched. The certificate will be covered by full scholarships and thus no cost to students because of the philanthropic support undergirding the initiative.

 

The Francis and Dionne Najafi Global Initiative has been made possible through a generous initial gift of $25 million from prominent Phoenix businessman and Thunderbird alumni F. Francis Najafi ’77 and his wife Dionne Najafi ’06. “Our lives were transformed by access to quality education at Thunderbird and we wanted to extend that same transformative experience to people around the world who lack access to quality education,” said the Najafis. “We are excited and deeply humbled to be part of such a bold initiative.”

 

The United Nations estimates that the COVID-19 pandemic has erased 20 years’ worth of educational gains and digital online education has accelerated and expanded dramatically to fill the gap. In addition, the uncertainty and disruption that has come to characterize this era of rapid technological change has displaced many workers and professionals all over the world, increasing the need for upskilling and reskilling in order to seize the immense opportunities of the Fourth Industrial Revolution.

 

“Thunderbird is the most global and digital leadership and management academy in the world and has touched over two million learners in its renowned 75-year history. Over the last four years, we have engineered the greatest turnaround in higher education history.  At Thunderbird, our vision is a world of sustainable and equitable prosperity, and as part of Arizona State University – the #1 school for innovation seven years running – we measure success not by whom we exclude, but rather by whom we include,” said Thunderbird Director General and Dean, Dr. Sanjeev Khagram. “As a refugee of Idi Amin’s Uganda, my life was transformed by having access to world-class education, so this is deeply personal for me. The Najafi Thunderbird Global Initiative is educational inclusion, innovation, and impact at a worldwide scale!”

 

The learners in the Francis and Dionne Najafi Global Initiative will receive a badge for each course they complete and a 15-unit accredited certificate upon successful completion of all five courses. They will gain 21st century skill sets to catapult their professional careers. They will also have an almost limitless number of lifelong learning options and alternative educational pathways through Thunderbird and ASU, or will be able to transfer the credits to other universities worldwide. Providing these opportunities over the long-term ensures that the Global Initiative will continue to pay dividends well into the future, breaking down barriers and opening new educational opportunities for individuals across generations worldwide.

 

“Access to higher education and the need for equity and inclusion is one of a global scale. One of the reasons Arizona State University is so pleased to have Thunderbird as part of our enterprise is because it is a school that has been focused on sustained prosperity worldwide for decades,” said ASU President Michael Crow. “The commitment made to the school by Francis and Dionne Najafi will impact communities around the world and be a force that brings all of us closer together. We are grateful for their commitment to a borderless expansion of the opportunities that come with higher education.”

 

Educating 100 million learners by 2030 will require a strategic, phased approach. In year one, the Global Initiative aims to reach learners in Iran, Kenya, Mexico, Indonesia, Egypt, India, Senegal, Brazil, and Vietnam in their native languages. By year two, the program will be expanded across Africa, the Middle East, Asia and Latin America to at least 25 languages. By year four or earlier, the Global Initiative will have expanded to Europe and Central Asia and 40 total languages – thus available for learners worldwide. Eventually, the initiative will be available for learners worldwide, reaching our goal of 100 million learners.

 

The Francis and Dionne Najafi Global Initiative will provide millions of people with the global management and entrepreneurship skill sets that are not only imperative to accelerate personal success and economic prosperity but also to address persistent poverty and increase inequality worldwide. Interested individuals can request additional information and pre-register at: https://thunderbird.asu.edu

 

About F. Francis and Dionne Najafi

F. Francis Najafi is the American Dream come to life. He came to America from Iran to get an education and earned four degrees from three universities. In 1982 he founded Pivotal Group, a real estate opportunity fund with uncanny market timing and wisdom. Later he broadened Pivotal Group’s mandate successfully investing in private equity and growth venture opportunities. As his success grew, so did his philanthropy: Mr. Najafi has given millions of his own money to an incredibly wide range of causes, headlined by his recent $25 million donation to Arizona State University.

 

About Thunderbird School of Global Management

Thunderbird School of Global Management is a unit of the Arizona State University Enterprise. For more 75 years, Thunderbird has been the vanguard of global management and leadership education, creating inclusive and sustainable prosperity worldwide by educating global leaders capable of tackling the world’s greatest challenges. Thunderbird’s Master of Global Management was ranked #1 in the world for 2019 by the Wall Street Journal/Times Higher Education. ASU is ranked No. 1 “Most Innovative School” in the nation by U.S. News & World Report for five years in succession. To learn more visit thunderbird.asu.edu.

 

About Arizona State University

Arizona State University Arizona State University has developed a new model for the American Research University, creating an institution that is committed to access, excellence and impact. ASU measures itself by those it includes, not by those it excludes. As the prototype for a New American University, ASU pursues research that contributes to the public good, and ASU assumes major responsibility for the economic, social and cultural vitality of the communities that surround it. For more information, please visit ASU.edu.

 


#Thunderbird choolofGlobalManagement

Mead Johnson Nutrition Hong Kong’s Omnichannel Consumer Engagement Wins HKB Greater Bay Area Enterprise Award

Mega launch of Enfa A+ NeuroPro upgraded formula receives wide recognition for successful online to offline consumer engagement

HONG KONG SAR – Media OutReach – 20 January 2022 – Mead Johnson Nutrition Hong Kong (MJNHK) gained industry-wide recognition for its Greater Bay Area consumer engagement efforts for the Enfa A+ NeuroPro upgraded formula at the recent Hong Kong Business (HKB) Greater Bay Area Enterprise Awards. It was the only company to receive the award in the Infant and Child Nutrition category, underscoring its success in exploring business opportunities for the newly-launched infant and child formula and raising category nutrition awareness in the Greater Bay Area.

 

“Grounded in a century of nutritional science, at Mead Johnson, we care for the growth of every child. The award recognises our success in offering quality products and comprehensive support for parents, and we can only do that with the tremendous support from our business partners. We are glad to join hands with our partners to present the Enfa A+ NeuroPro upgraded formula to consumers through a diversified range of touchpoints, as well as adding value to their parenting journey with professional and science-based knowledge. Despite various challenges from the coronavirus pandemic, I am proud that the MJNHK team found innovative ways to realise our vision of nourishing children’s best start in life,” said Mr. Pankaj Agarwal, General Manager, Hong Kong, Taiwan & Cross Border of Mead Johnson Nutrition (Hong Kong) Limited. 

 

The award marks the successful launch of the Enfa A+ NeuroPro upgraded formula, and MJNHK’s continuous efforts in driving the development of the infant and child nutrition category in the Greater Bay Area, as well as providing safe, high-quality, and innovative products that support children’s holistic development.

 

A solid cross-border consumer engagement strategy that integrates online and offline channels played a crucial role in achieving the milestone. The omnichannel approach effectively built product awareness, earned consumer trust, and fueled the sales performance of the Enfa A+ NeuroPro upgraded formula. More than 80% of interviewees said in a May 2021 consumer survey that they would use the product after trial and found its key ingredients, such as HMO and MFGM, satisfactory.

 

Strategic partnerships with leading e-commerce platforms were the key in driving this strategy. MJNHK established partnerships with Tmall, JD, Kaola, VIP, Yunji, O’Mall, as well as popular offline customer touchpoints such as brick-and-mortar mother and baby stores that operate in free trade zones. In addition, it featured the upgraded formula in the Children Baby Maternity Expo (CBME) China, the world’s largest trade fair for child, baby, maternity products and services, in mid-July, successfully connecting with thousands of potential consumers and opening up limitless business opportunities.

 

Dedicated to supporting parents in every stage of their childcare journey, the launch of Enfa A+ NeuroPro went far beyond product selling – it engaged 410,000 consumers via different touchpoints and communication channels and created emotional intimacy with them. Through partnerships with healthcare experts, MJNHK equips parents with essential nutrition and parenting knowledge that spans across different aspects of parenting and child development, from prenatal and postnatal nutrition to the physical wellness of newborns and the mental wellness of parents. The professional and science-based knowledge that is highly relevant to parents’ childcare journey, helped build trust and meaningful connections between the brand and the consumers.

 

These efforts resulted in deep consumer conversations that earned positive word-of-mouth (WOM) and consumer recommendations for the upgraded formula on WeChat, Xiaohungshu, Tik-Tok, and many more vertical social platforms. The product was among the top three brands in the infant and child nutrition HMO segment in August 2021 and one of the top five brands named T-mall Global’s Most Recommended Product in 2021, outcompeting over 100 mother and baby brands.

Watch the interview to know more about the winning project: https://bit.ly/33MtsEq  

About Mead Johnson Nutrition (Hong Kong) Limited

Mead Johnson Nutrition has been established for more than a century since 1905. As the world’s renowned infant and child nutrition brand, Mead Johnson Nutrition has led the way in developing science-based pediatric nutrition products, guided by the mission to nourish the world’s children for the best start in life. Currently, Mead Johnson Nutrition provides more than 70 products in over 50 countries.

 

With excellent quality, Mead Johnson Nutrition has earned the trust of nutritionists and parents. Its dedicated and rigorous attitude, continuous innovation, tireless pursuit of excellence, and caring feedback to the community have also helped it establish a good brand image.

 

Mead Johnson Nutrition (Hong Kong) Limited has landed for half a century, providing Hong Kong parents with high-quality, science-based products, various parenting information, and professional advice, gaining trust and support from parents.

 

Mead Johnson Nutrition’s scientists and healthcare professionals are focusing on a formula for children with special nutrition needs. It is also one of the very few brands that insist on producing formulas for children with metabolic disorders, giving hope to them.

 

For more information: http://www.meadjohnson.com.hk/

#MeadJohnsonNutrition

About Hong Kong Business

Hong Kong Business (HKB) is the only English-language business magazine dedicated to Hong Kong and China. Essential coverage includes the economy, investment, manufacturing, technology, travel and trade, plus special overseas features with in-depth reporting on bilateral economic ties with Hong Kong. With an experienced and dedicated team of seasoned journalists and expert opinions from market leaders, Hong Kong Business is the definitive magazine for Hong Kong’s business elite with a monthly circulation guaranteed at 15,000 copies reaching 60,000 readers.

About HKB Greater Bay Area Enterprise Awards

Organised by Hong Kong Business, the HKB Greater Bay Area Enterprise Awards recognise companies based in Hong Kong or Macau who are making their investments in the Greater Bay Area to foster mutual co-operation, investment, and development with projects demonstrating deeper integration or coordinated economic development between Hong Kong and the Greater Bay Area, as well as successful economic impact for the development of the Greater Bay Area. Awarded companies are deliberated based on judging criteria including investment and commitment, effectiveness and impact and dynamism. 

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

Axion Global Asset Management secures regulatory approval to manage cryptocurrency funds

The Smart Beta Fund provides secure and diversified exposure to “Large-cap” Cryptocurrency Opportunities

HONG KONG SAR – Media OutReach – 20 January 2022 – Axion Global Asset Management Limited (“AGAM” or the “Company”), a subsidiary of Edvance International Holdings Limited (SEHK stock code: 1410.HK), is set to launch the Smart Beta Fund SP (“Smart Beta Fund”) after receiving approval from the Securities and Futures Commission in Hong Kong (“SFC”) to manage portfolios that invest up to 100% in virtual assets.

The Company’s new flagship product, the Smart Beta Fund, enables Professional Investors1 to invest confidently in the fast-growing cryptocurrency market via a secure investment vehicle that is managed by a SFC regulated manager.  The Fund seeks to provide superior risk-adjusted returns by tracking the Axion Global Smart Beta Liquidity Index.  The Index has consistently outperformed industry benchmarks and is comprised of the ten most highly valued qualified cryptocurrencies weighted by proprietary investment factors. The Company plans to reach US$100 million in AUM for this Fund.

The launch of the Smart Beta Fund follows the recent launch of the Axion Global Innovations Fund that invests in early-stage digital asset ventures in the burgeoning blockchain and digital assets ecosystem.  As a specialist asset management company that focuses on digital assets and related blockchain opportunities, the Company expects to roll out more products in the future with different strategies to capture returns for investors.

‘We saw the opportunity to create the Smart Beta Fund that will inspire confidence and win the trust of professional investors by combining crypto investment expertise with high governance and operational standards.’ said Mr. Scottie Siu, Investment Director of Axion Global Asset Management Limited. ‘Not only that, we work with best-in-class and regulated custodians and trading platforms such as BitGo Trust, Coinbase and OSL, market leading legal advisors Baker McKenzie and Mourant Ozannes, and expert virtual assets fund administrator Ascent Fund Services to operate the fund in accordance with the highest industry and regulatory standards. The AGAM team was also supported by Sidley Austin, the leading legal advisor, during the approval process with the SFC.’

 

Mr. Gavin Ho, Strategy Director of Axion Global Asset Management Limited commented, “We are thrilled for Axion Global Asset Management to receive regulatory approval as a virtual assets manager and are delighted to have the backing of our parent company Edvance International, who has been a leader in the cybersecurity space for over 20 years, with whom we share a common vision to innovate and be one step ahead in sectors that we operate in.  We see tremendous potential and demand for innovative digital asset products and offerings in the future.’  

 

[1] The term “professional investor” has the meaning as defined under the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and its subsidiary legislations.

About Axion Global Asset Management Limited

Axion Global Asset Management Limited (AGAM) is an investment management company and an indirect non-wholly owned subsidiary of Edvance International Holdings Limited (SEHK stock code: 1410.HK). It develops investment products focusing on digital assets and blockchain opportunities. AGAM holds a license approved by the Securities and Futures Commission of Hong Kong to engage in Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities. (CE Number: BMG243)

 

#AxionGlobalAssetManagement

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

JWA Dubai unveils inaugural panel of judges

HONG KONG SAR – Media OutReach – 20 January 2022 – In line with its goal of recognising the growing importance of the gemstone and jewellery trade in the Middle East, JWA Dubai has named the judges for its inaugural edition.

 

Nirupa Bhatt, a Business Coach and Strategic Advisor to the gems and jewellery industry, has served as managing director of GIA India and the Middle East. “The Middle East is a very unique and interesting region that caters to local and international consumers. I would like to extend my compliments to the JWA team for launching JWA Dubai in recognition of these outstanding businesses,” said Bhatt.

 

While DMCC Executive Chairman and CEO Ahmed Bin Sulayem, has grown a business that currently has over 20,000 member companies from 180 countries since 2003. “It is a tremendous honour to have been invited into the judging panel of JWA Dubai, which trains the spotlight on the UAE and the opportunities its world-class jewellery sector brings,” added Bin Sulayem, also the Chairman of the Dubai Diamond Exchange (DDE) and the DGCX.

 

Bhatt and Bin Sulayem lead the judging panel as principal judges.

 

CIBJO President Gaetano Cavalieri is also a judge. “In less than two decades, Dubai has evolved into a key innovator in the industry as a city whose name has become synonymous with design excellence — just as the Middle East has become one of the most important markets in the global trade,” said Cavalieri.

 

Italian Exhibition Group S.P.A (IEG) Global Exhibition Director Marco Carniello, who has also worked in strategy consultancy with Accenture and Bain & Co, also joins the panel. “Dubai continues to grow as a strategic gateway for jewellery businesses in the Middle East and beyond. Hosting the trade events further affirms its role in the industry today,” he shared.

 

Rounding off the panel is Chairperson and Founder of JWA at Informa Markets Jewellery (IMJ) Letitia Chow. “It is our honour to have the support of various industry experts to join the judging panel of JWA Dubai. We are ready to recognise individuals and companies who contribute immensely to the region’s burgeoning trade,” added Chow, who also chairs JWA Dubai’s judging panel.

 

Organised by IMJ and IEG, the first edition of JWA Dubai is supported by Official Partner DMCC, along with Title Sponsors Chow Tai Fook Jewellery Group and Jawhara Jewellery. The awards ceremony will be held at JGT Dubai on Monday, 21 February.


#JewelleryWorldAwards #JWA

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

Bybit Announces Launch of NFT Platform With Mystery Boxes of Monster Galaxy NFTs, Exclusive Artworks Curated by ONBD and REALY Apparel

SINGAPORE – Media OutReach – 20 January 2022 – Bybit, one of the world’s fastest growing cryptocurrency exchanges, announced the launch of the Bybit NFT Marketplace, a non-fungible token (NFT) platform that aims to streamline digital ownership and support the development of blockchain gaming and the metaverse.

The Bybit NFT Marketplace is set to become a one-stop shop that brings together artists, creators and collectors. Bybit users will not be required to link their personal wallet addresses to the platform. Instead, they can buy, sell or trade NFTs on the Ethereum ERC-721 standard through their Bybit spot accounts — opening the door to digital ownership to collectors of all knowledge and skill levels.

The Bybit NFT Marketplace also allows users to conduct multi-chain transactions, making it easy for everyone to participate in the exciting NFT, GameFi, and metaverse marketplaces. Bybit’s secure and reliable infrastructure means that NFT collectors can verify the authenticity and the chain of custody of their favorite NFTs, making it easy for users to authenticate its origin and value.

Bybit NFT Marketplace Opens Its Doors With Monster Galaxy NFTs, Artworks Curated by ONBD and REALY Apparel

To further spur interest among the community, Bybit is launching campaigns featuring exclusive NFTs from Monsters Galaxy, ONBD and REALY as its debut into the NFT world.

 

Inspired by crowd favorites like Pokémon and Monster Hunter, Monsters Galaxy is a social role-playing mobile game developed by Gaia Online that allows players to participate in epic monster battles with their teams of monsters, or capture wild monsters. So far, it has attracted over 25 million players across the globe to be part of its fanbase.

As a curatorial brand and incubator focused on discovering, conceptualizing and realizing NFT projects, ONBD collaborates with crypto-native artists and traditional artists alike to onboard them to the metaverse. The first series from ONBD on the Bybit NFT Marketplace features more than 100 unique NFT artworks from nine artists from around the world.

 

The REALY Metaverse, also known as KOOOLA virtual city, is a lively metaverse inspired by street culture where users can meet, trade and play games in a fully immersive experience. Players will get to interact with real-life brands and scenarios in the virtual world as avatars (e.g. purchase and wear virtual clothing by real world brands).

 

What to Expect From Bybit’s NFT Marketplace

 

Whether you’re new to digital collectibles or an NFT collector, Bybit’s NFT marketplace promises one of the best collections available, along with reliability, stability and a seamless user experience.

 

Other than partnerships with Monsters Galaxy, ONBD and REALY, Bybit will be curating and releasing exclusive unique NFTs of high value from up-and-coming artists, renowned celebrities as well as athletes, with mystery boxes up for grabs. Artists and creators can look forward to the deep liquidity and access to over 5 million Bybit users. More collaborations will be announced in coming weeks.

 

“While some may be skeptical of the investment value of NFTs, it remains a fact that NFTs not only make it possible for everyone to participate in and appreciate digital ownership, but also enable artists and creators to exercise control over the ownership of their work,” said Ben Zhou, co-founder and CEO of Bybit. “We are excited to provide a premier NFT platform for Bybit users, so they can be part of the creation of a new marketplace and new world called the metaverse.”

“The Monster Galaxy series has a rich legacy and an established fanbase in mobile gaming. Our aim is to nurture and grow this community, as we lead them into a blockchain enabled Web 3.0 ecosystem. Bybit’s NFT Marketplace is focused on creating a seamless user experience for new users of crypto, backed by their robust infrastructure and deep exchange liquidity which make them the ideal partners for our maiden NFT collection drop. We look forward to working closely with their team,” said James Cao, founder and CEO of Monster Galaxy.

“ONBD is proud to be building a strong Web 3.0 community of dedicated artists and collectors of the highest caliber. We are very excited to be working with Bybit and their new world class NFT Marketplace to engage with their community and introduce our internationally renowned artists to a new audience,” said Eva Ren, founder and CEO of ONBD.

“REALY’s goal is to be at the forefront of the street culture metaverse and we are very excited to achieve this milestone with Bybit, which is known for their deep liquidity and their no-down-time commitment. The Bybit NFT Marketplace is a clear choice for us to debut our street culture NFTs,” said George Yang, founder and CEO of REALY.

About Bybit

Bybit is a cryptocurrency exchange established in March 2018 to offer a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class.

 

For more information please visit: https://www.bybit.com

For updates, please follow Bybit’s social platforms on

https://discord.com/invite/bybit

https://www.facebook.com/Bybit

https://www.instagram.com/bybit_official/

https://www.linkedin.com/company/bybitexchange/

https://www.reddit.com/r/Bybit/

https://t.me/BybitEnglish

https://www.tiktok.com/@bybit_official

https://twitter.com/Bybit_Official

https://www.youtube.com/c/Bybit


#Bybit

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

Joyas Joins Hands with Splendid Powerful to Venture into The Fintech and NFT Sector

SINGAPORE – Media OutReach – 20 January 2022 – Joyas International Holdings Limited ( “Joyas“), currently listed on the Catalist board of Singapore Exchange Securities Trading Limited (stock code: E9L), announced that its wholly-owned subsidiary Asiapac Growth Holdings Limited (“Asiapac“) entered into a joint cooperation agreement (the “JC Agreement“) with Splendid Powerful Limited (“Splendid Powerful”), being owned as to 60%- by Silver Map Holdings Corporation Limited (“Silver Map“), pursuant to which a new entity, namely Meta Technology International Limited (“Meta“), will be incorporated in Hong Kong Special Administrative Region (“HKSAR“).  Meta will be beneficially owned as to 60% by Asiapac and as to 40% by Splendid Powerful.

Meta is principally engaged in the provision of financial technology solutions and services to clients including:

1.       assisting clients to digitalize of their artworks such as paintings, sculptures, photos and music

into non-fungible tokens (“NFTs”) using blockchain technology;

2.       arranging and designing unique promotion campaigns for the NFTs;

3.       assisting clients to tokenize tangible and intangible assets into security tokens and listing the

security tokens on decentralized security token exchanges; and

4.       assisting clients to trade their NFTs on the NFT marketplaces.

 

Mr Vincent Cheung, The Executive Director and Chief Executive Officer of Joyas, said, ” We are pleased that the Group is joining force with Splendid Powerful to form a new entity – Meta. This joint venture will not only allow Meta to explore more growth prospects in the Fintech and NFT markets, it will also give us a competitive advantage in supporting our clients entering into a high-growth potential area. With that, we can achieve balanced development and qualitative prosperity, hence generating decent returns to our shareholders.”

 

Mr Alfonso Chu, Director of Splendid Powerful , said, “We are excited about this milestone partnership with Joyas. Leveraging Joyas’s leading position in the financing sector, our collaboration can further enrich client’s investment portfolio and meet the growing demand for fintech services. We look forward to growing with Joyas and bridging the opportunities to Meta to deliver digitalised investment products.”

About Joyas International Holdings Limited

Joyas International Holdings Limited and its subsidiaries (together the “Group“) is primarily engaged in the financing business in the PRC and HKSAR. The Group cointinually seeks opportunities for the development and growth of the Group’s business and operations.The JC Agreement is a strategic opportunity for the Group to venture into the Fintech and NFT industry and is in line with the Group’s strategy of diversifying its revenue streams.

 

About Splendid Powerful Limited

Splendid Powerful, incorporated in the British Virgin Islands, is principally in the business of providing financial technology (“Fintech“) services and investing in investments such as securities token offerings (“STO“) and non-fungible tokens (“NFT“). Silver Map Holdings Limited owns 60% of the issued share capital of Splendid Powerful and the remaining 40% of the issued share capital of Splendid Powerful is owned by Euasia Development Company Limited. The management team of Splendid Powerful comprises a group of experts in real estate, financial market, blockchain, Fintech, entertainment, contemporary and classic art.

About Silver Map Holdings Corporation Limited

Silver Map Holdings Corporation Limited is a company specialises in investing in income generating properties in South East Asia. Silver Map has successfully tokenised 10 apartments into MAMI Tokens, which is traded on “Crytosx” (www.Cryptosx.io), a digital exchange licensed in the Philippines.

 

To learn more about Silver Map, please visit Silver Map’s website at www.silvermapholdings.com

 

#Joyas

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

Splendid Powerful Establishes A Joint Venture with Joyas to Enter into The Fintech and NFT Sector

HONG KONG SAR – Media OutReach – 20 January 2022 – Silver Map Holdings Corporation Limited ( “Silver Map“), the majority shareholder of Splendid Powerful Limited (“Splendid Powerful“), announced that Splendid Powerful entered into a joint cooperation agreement (the “JC Agreement“) with Asiapac Growth Holdings Limited (“Asiapac“), a wholly-owned subsidiary of Joyas International Holdings Limited’s (“Joyas“) which is currently listed on Catalist board of the Singapore Exchange Securities Trading Limited (stock code: E9L). A new entity, namely Meta Technology International Limited (“Meta“), will be incorporated in Hong Kong Special Administrative Region (“HKSAR“). Splendid Powerful will own 40% of the issued share capital of Meta while Asiapac will own 60%.

 

Meta is principally engaged in the provision of financial technology solutions and services to clients including:

1.       assisting clients to digitalize of their artworks such as paintings, sculptures, photos and music into non-fungible tokens (“NFTs”) using blockchain technology;

2.       arranging and designing unique promotion campaigns for the NFTs;

3.       assisting clients to tokenize tangible and intangible assets into security tokens and listing the

security tokens on decentralized security token exchanges; and

4.       assisting clients to trade their NFTs on the NFT marketplaces.

Mr Alfonso Chu, Director of Splendid Powerful , said, ” We are pleased to join together with Joyas. Combining our leading-edge blockchain technology with their unparalleled financing industry expertise, the collaboration can help clients better diversify their investment portfolios and meet the growing demand for fintech services. We look forward to expanding the relationship with Joyas and creating the potential for Meta to offer digital investment products.”

 

Mr Vincent Cheung, The Executive Director and Chief Executive Officer of Joyas, said, ” We are excited to partner with Splendid Powerful to form a joint venture. The joint venture will not only enable Meta to pursue more growth opportunities in the Fintech and NFT areas, but will also provide us a competitive edge in assisting our clients in joining a high-growth potential industry. This enables us to achieve balanced development and qualitative prosperity, while providing our shareholders with reasonable returns.”

About Splendid Powerful Limited

Splendid Powerful, incorporated in the British Virgin Islands, is principally in the business of providing financial technology (“Fintech“) services and investing in investments such as securities token offerings (“STO“) and non-fungible tokens (“NFT“). Going forward, Splendid Powerful intends to set up a NFT marketplace and organise NFT project events under the names “V Gallerier” and “V. Market”, and “V. World” respectively. V Gallerier is intended to be a virtual art display centre for Asian contemporary art and ancient art, and endeavours to evolve into a unique marketplace for art collectors and lovers alike. V. World will operate project events while V. Market will operate as NFT marketplace. Splendid Powerful will invite Meta’s clients to participate in such NFT marketplace and NFT project events.

Silver Map Holdings Limited owns 60% of the issued share capital of Splendid Powerful and the remaining 40% of the issued share capital of Splendid Powerful is owned by Euasia Development Company Limited. The management team of Splendid Powerful comprises a group of experts in real estate, financial market, blockchain, Fintech, entertainment, contemporary and classic art.

About Silver Map Holdings Corporation Limited

Silver Map Holdings Corporation Limited is a company specialises in investing in income generating properties in South East Asia. Silver Map has successfully tokenised 10 apartments into MAMI Tokens, which is traded on “Crytosx” (www.Cryptosx.io), a digital exchange licensed in the Philippines.

 

To learn more about Silver Map, please visit Silver Map’s website at www.silvermapholdings.com

 

About Joyas International Holdings Limited

Joyas International Holdings Limited and its subsidiaries are primarily engaged in the financing business in the PRC and HKSAR. Joyas cointinually seeks opportunities for the development and growth of the its business and operations. The JC Agreement is a strategic opportunity for Joyas to venture into the Fintech and NFT industry and is in line with the its strategy of diversifying its revenue streams.

 

#Silver

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

KPMG’s Singapore Budget 2022 proposal highlights ESG, global tax and enterprise support measures to build lasting companies on a fragile planet

  • S$1b Green Energy Investment Fund, Green Financing Bank and laws against greenwashing among proposals for Singapore to be key ESG hub
  • Also proposed are measures to boost Singapore’s competitiveness ahead of new global tax rules
  • Other recommendations include supporting businesses post COVID-19, building supply chain agility and driving the nation’s 5G roll-out
  • These proposals are part of a 3C framework devised by KPMG for Singapore to “Catch the Sun”, “Chart New Orbits” and “Strengthen the Nation’s Core”

SINGAPORE – Media OutReach – 20 January 2022 – With several priorities for Singapore at the fore – from economic recovery to climate change, KPMG in Singapore proposes that Budget 2022 takes Singapore in bold directions to become Asia’s environmental, social and governance (ESG) leader and a destination of choice for multinational corporations amid an evolving global tax landscape. With sustainability a top priority, we are calling for a green financing bank to fund sustainable infrastructure projects in Singapore and Asia , more investments into alternative sources of renewable energy and tougher laws against greenwashing. KPMG’s ‘3C framework’ (Catching the Sun, Charting New Orbits and Strengthening our Core) for Budget 2022 is also a response to the new global tax rules and its impact on businesses. The proposed global tax policies aim at raising Singapore’s business competitiveness and drive continued growth, including a refundable R&D tax credits scheme for companies and incentive packages for those multinational corporations (MNCs) and high-growth businesses which are still eligible to enjoy such benefits under the rules of the Organisation for Economic Co-operation and Development’s (OECD’s) Base Erosion and Profit Shifting (“BEPS”) Pillar Two rules.

 

Alongside these, supporting enterprises in their post-pandemic efforts to transform and grow remains critical. This includes measures to tackle immediate cash flow issues concerns, as well as ways to boost the mergers and acquisitions (M&A) landscape and position Singapore as a place for nurturing of unicorns. To become a resilient, purpose-driven and growth-oriented economy in the new normal, Singapore will also need to strengthen its supply chain agility and resilience, chart robust strategies for trade and tourism, while building on its core strengths in wealth and asset management, and technology innovation (which includes the 5G rollout).

 

Mr Ajay Kumar Sanganeria, Partner, Head of Tax, KPMG in Singapore, said: “Budget 2022 will need to address several upcoming challenges. Climate change has become a top priority for countries and companies; the impending global tax could affect multinational corporations’ decision to locate in Singapore, while supply chain concerns and border restrictions will still be top of mind. Yet, Singapore needs to continue to innovate to stay attractive, and it has to position itself as a choice destination for green finance, wealth and asset management, as well as technology. KPMG’s Budget 2022 proposal takes a practical look at all these competing demands, suggesting both immediate incentives and longer-term measures that Singapore’s fiscal policy could consider. In the near future of work, Singapore’s focus will need to involve building a progressive economic and tax structure that allows the country to take bold steps to grow, while mitigating transition pains and ensuring that no one is left behind. This will be the recipe for building lasting success in an economic sunrise.”

 

Appended, please find an executive summary of KPMG’s Budget 2022 Proposal, divided into the following sections.

 

Catching the Sun

1.    Advancing Singapore’s ESG agenda

2.    Harnessing global tax opportunities

 

Charting New Orbits

3.    Building supply chains for the future through resilience and agility

4.    Setting a course of recovery for trade, travel and tourism

 

Strengthening our Core

5.    Fuelling enterprise expansion and attracting unicorns

6.    Singapore’s rise as a wealth and asset management hub

7.    Driving technology innovation in a future shaped by 5G

 


(1) Advancing Singapore’s ESG agenda (page 6 of proposal)

ESG has become a top priority among governments and corporates around the world. Securing Singapore’s future as a leading global ESG player will require the country to establish itself as a sustainable finance hub in Asia, while demonstrating its determination to go net zero and combat greenwashing.

 

a) Getting tough against greenwashing

To steer companies towards effective and reliable ESG disclosures amid increasing stakeholder expectations, we recommend that authorities implement legislation requiring independent assurance of ESG data that are material to investors. This could take the form of large-scale verification processes embedded in open digital platforms with the costs borne by the government and corporates.

 

b) Financing the region’s sustainable infrastructure projects

A key lever for becoming a sustainable finance hub in Asia is the country’s ability to provide green finance, and for the Singapore Exchange (SGX) to become a preferred issuer of green bonds.

 

KPMG recommends that Singapore sets up a green financing bank to fund sustainable infrastructure projects in the region. Even though most banks and multilateral agencies have started lending with an ESG lens, it will still take a few years before their portfolios decarbonise, given the nature of their lending to various sectors of the old economy. To plug the gaps, a green financing bank set up can develop a framework to identify and qualify projects to be supported. It can also develop a research and development line of credit to help fast track innovation and pilot use cases in emerging areas of storage, hydrogen and energy efficiency. Finally, the green financing bank can also drive more ESG investments by facilitating capability building and knowledge sharing across industry verticals.

 

The Singapore Exchange also needs to become the preferred location for the issuance of green bonds. Benchmarks from different issuers in Singapore could attract more regional players here. The Singapore government can further stimulate green lending by defraying issuance costs for green bonds for a period of 12 months to fast-track issuance by infrastructure companies. In addition, authorities can provide a 10 per cent concessionary rate of tax for financial institutions on interest income from loans for acquiring and developing green properties, coupled with tax exemptions for investors on income derived from green bonds.

 

c) Invest in alternate energy sources

The recent global energy crisis has signalled an urgency for Singapore to seek out alternate sources of energy supply. KPMG proposes setting up a S$1 billion Green Energy Investment Fund to drive green innovation and low carbon tech adoption through to 2030. This will incorporate multiple initiatives in these areas to strengthen Singapore’s energy security and help scale its net-zero ambitions.

 

The proposed fund will be a step up from the S$10 million that Singapore has already pumped into low carbon research and the S$55 million for projects in hydrogen and carbon capture, utilisation and storage. The new S$1 billion fund could be in the form of partnership with the government and the private sector, with strong involvements from academic institutions and research agencies.

 

d) Encourage landlords to have green buildings with up to 200 per cent tax deductions

To step up the push for green buildings, we propose tax deductions of as much as 200 per cent and loans to spur both supply and demand of green buildings. Many landlords have been hesitant to retrofit older buildings to make them more energy efficient, especially since the pandemic has led to cash flow concerns. With green leases currently present in a limited capacity in the commercial and industrial sectors, we propose a 200 per cent tax deduction on financing costs and a property tax rebate of 30 per cent for commercial, industrial and residential property owners if they enter into green leases with tenants, occupy green properties or use these properties for business purposes themselves.

Other proposed measures aimed at property owners and developers:

  • 50 per cent exemption on taxable gains from the sale of green buildings
  • GST rebates on imported green related equipment and raw materials
  • 200 per cent tax allowance on capital expenditure (including professional fees) on green initiatives to retrofit existing buildings
  • Extension of the Building Retrofit Energy Efficiency Financing scheme beyond its expiry in 2023

2. Harnessing global tax opportunities (page 12 of proposal)

The new international tax rules could have a significant impact on Singapore since the country offers a range of tax incentives, which primarily results in reduced corporate income tax rate below the prevailing statutory corporate tax rate of 17 per cent, for a range of qualifying activities. Many MNCs also use Singapore as a regional or global hub. There are, however, opportunities to attract MNCs to relocate operations from other foreign jurisdictions with high-taxed profits into Singapore so as to blend in with any pre-existing low-taxed profit pools. This might result in simplified group structures or transaction flows, while preserving the benefits of pre-existing Singapore tax incentives.

 

Separately, shoring up on factors to attract MNCs and manufacturing giants will become more critical. This will include developing special incentive packages targeted at these companies with clear tax and non-tax measures. These serve to promote Singapore as a regional headquarters of choice and a location for factories of the future. The OECD’s BEPS Pillar 2 proposals target large multinationals and not all businesses will be affected. Hence, Singapore should do more to lure and anchor Asian high-growth businesses that fall below the €750 million threshold, so as to build a new engine of growth for the country.

 

a) Refundable R&D tax credits, writing-down allowance for intangible assets and expanded M&A allowance scheme to boost Singapore’s competitiveness

Amid intensifying competition in a post Covid world, businesses are unlikely to step back from R&D and innovation efforts. Replacing the existing R&D enhanced tax deductions with a refundable R&D Tax Credits scheme would cushion the impact of the global tax rules while ensuring that such efforts continue. R&D Tax Credits, which are offered in some European countries, may not have an adverse impact on the calculation of effective tax rates. Another initiative would be to mirror the ability to claim writing down allowances for corporate tax purposes on a broader range of intangible assets, such as goodwill, marketing, and other similar exclusive contractual rights.

 

b) Enhanced Regional HQ incentive for MNCs

Expanding the current range of incentives and offering new grants will ensure that MNCs see continued benefits in locating offices in Singapore. KPMG is proposing an Enhanced Regional HQ incentive which includes concessionary tax rates of 10 per cent for income from regional HQ functions for businesses that still benefit from tax incentives. With a greater use of artificial intelligence (AI) and automation, the package should include grants for investments into regional HQ function transformation efforts and the establishment of Centres of Excellence for core capabilities.

 

With hybrid work becoming a norm, employees who may be based outside of Singapore should be considered as full-time employees in evaluating whether a company meets the incentive milestone commitment, as long as certain specific conditions are met.

 

c) Incentive packages to attract high-growth companies and ‘factories of the future’

Businesses, in considering their investment locations, will factor in the available incentives in a country in their cost-benefit analysis. Singapore should ensure that the financial grants and tax incentives it offers are easily communicated to potential investors. This can take the form of specialised, targeted packages with both tax and non-tax measures. Our proposal comprises a High-Growth Incentive package led by the Enterprise Singapore and the Economic Development Board for promising companies that show clear scalability for the international market. This package includes:

–       Concessionary tax rates of 10 per cent for qualifying income

–       Grants to anchor R&D activities in Singapore

–       R&D enhanced tax deductions for R&D performed outside Singapore (currently the scheme is only available for R&D carried out here)

Double tax deductions for overseas marketing, promotion and set-up costs

 

Another package aimed at transforming the local manufacturing scene is the “Factory of the Future” incentive. Singapore businesses are increasingly turning towards cutting-edge technologies to improve their processes and produce high-value goods. Meanwhile, global tax changes are also prompting businesses to speed up their supply chain realignments. To anchor advanced manufacturing or pilot plants here, we propose:

  • Enhanced (100 per cent) investment allowances for businesses in industries that tend to be capital expenditure heavy. They tend to be loss-making in their early years and unable to benefit from concessionary tax rates.
  • Grants to invest in pilot plants, cutting-edge equipment, state of the art logistics systems and Industry 4.0 automation plants and property tax exemption for related capital expenditure costs incurred on such machinery
  • Land Intensification Allowance for investments in construction and building costs regardless of the industry or gross plot ratio as long as productivity enhancement benchmarks are met

 

3. Building supply chains for the future through resilience and agility (page 19 of proposal)

Global supply chains are still reeling from the impact of shipment delays, container shortages and constrained production capacity. Meanwhile, rising costs for raw material, shipment, labour and fuel have placed increasing pressure on companies. As a key port in the Asia Pacific, Singapore will have to take the lead in the global recovery. Demand worldwide is likely to fluctuate as the virus situation evolves, and Singapore will have to be armed with strategies to protect and diversify its supply chains.

 

a) Setting up Cognitive Decision Centres for supply chain visibility

Investing in Cognitive Decision Centre that tap predictive toolsets will allow Singapore to boost its visibility of supply chain, identify potential shortfalls and react quickly. To incentivise global and regional companies to set up such centres here, we propose extending grants for feasibility studies to be conducted and SkillsFuture grant support to help them build their capabilities at the centres.

 

b) Accelerating digital transformation for sectors hit by global disruptions

More support through tax incentives and dedicated programmes to nudge companies towards accelerating supply chain digital transformation will also be needed, alongside the need to recruit talent that can drive technological change. Micro and small enterprises will benefit from having shared digital platforms to boost their productivity. Meanwhile, a higher percentage of financial support, such as enhanced tax deductions, can be offered to companies that wish to acquire new Enterprise Resource Planning (ERP) systems as part of their transformation. The manufacturing sector, in particular, will be looking for the extra boost as they are among the industries most exposed to global supply chain disruptions. A higher percentage of financial grant support and enhanced deduction can be considered for companies most affected by the pandemic.

 

c) Grants and loans for companies to tap just-in-case principles in improving supply chain agility

Historically, supply chains have relied on minimal inventory and lowest material cost with the use of “just-in-time” methodology. But increasingly, adopting a “just-in-case” agile methodology will be crucial to build flexibility and resilience. This will require companies to increase their inventory levels and source materials from more expensive locations, which means a need for more working capital. To improve ease of access to credit and relieve the cost pressures on businesses, we are calling for the government to offer these companies financial grants and working capital loans.

 

4. Setting a course of recovery for trade, travel and tourism (page 24 of proposal)

Singapore is well-poised to recover from the COVID-induced setback to hard-hit sectors such as travel, trade and tourism. However, the acceleration towards digital adoption and seismic shifts in consumer behaviour amid the pandemic have left some businesses in the retail and consumer sectors behind. Many find that they are unable to deliver omni-channel success, as significant investments in infrastructure are needed.

 

a) Tax incentives to spur business recovery in hard-hit sectors; extending property tax rebate and rental support packages

As Singapore makes progress on its economic recovery, the government can consider measures to help businesses with expenses for international market expansion and investment development activities, such as through enhancing the Double Tax Deduction Scheme for Internationalisation (DTDi). The DTDi could be expanded to include (i) additional categories of expenses, such as COVID-19 travel related costs and (ii) enhanced 400 per cent deduction on existing qualifying expenses for businesses in trade, travel and tourism sectors. Currently, the scheme offers a 200 per cent tax deduction on eligible expenses. In addition, extending property tax rebate and rental support packages will help to alleviate the cash flow concerns for badly hit businesses.

 

b) Enhance capital allowance and tax deduction claims for digitalisation initiatives

To encourage businesses to step up digitalisation efforts and expand their service offerings, the government can alleviate their cash tax burden by enhancing the capital allowance and tax deduction claims on such initiatives. Enabling the use of digital ecosystems will foster resilience and set businesses on the right path to recovery. The Singapore Tourism Board could also set up a one-stop shop online marketplace for tourism and hospitality players to sell travel packages to tourists. This not only helps tourists book packages easily but also helps local businesses get more publicity and visibility.

5. Fuelling enterprise expansion and attracting unicorns (page 27 of proposal)

In the immediate term, cash flow will remain a focus for businesses amid increasing costs on all fronts and manpower limitations. These factors are expected to impact businesses and their ongoing transformation efforts to become more productive and sustainable. Despite this, many are eager to capitalise on M&A and organic growth strategies to seize new opportunities. It will be key to provide more targeted financial support, with a more gradual phasing out of these measures when the economy picks up. The recent introduction of the Singapore Exchange’s SPACs listing framework is a positive step towards attracting fast-growing companies here. Singapore will need to continue to support unicorns to thrive, as this will not only add vibrance to the entrepreneurial ecosystem but also bring benefits to the economy.

 

a) Financial support measures to relieve immediate cash flow issues for businesses

Financial support from the government in the form of rent relief, cash grants, wage support and temporary bridging loans continue to be effective measures to relieve cash flow issues. Some measures that could help alleviate tax outlays are an extension of corporate tax rebates with special rules allowing carry forward of unutilised credits to future years. The government could also explore allowing tax deferral on application by companies whose cashflow are adversely affected by the pandemic. For example, the payment of corporate income tax may be deferred by six to 12 months, coupled with longer instalment plans.

 

Other measures include allowing a deferral of distribution of taxable income by S-REITs and the carry back of tax losses to pre-COVID-19 periods. Accelerating capital allowance claims for the next two years of assessment will allow companies to minimise their tax liabilities during this difficult period.

 

b) Enhance M&A support schemes to help local enterprises grow and expand

In the wake of the pandemic, government agencies can play a more active role to facilitate discussions on M&A and enable deals to take place. This includes providing support for M&A activities in targeted sectors. Facilitating successful M&As would enable companies to gain bigger financial strength and capabilities to succeed locally and regionally. We are proposing to enhance grants for M&A deal evaluation costs, including financial, tax, legal and commercial due diligence fees as well as those for post-deal integration costs. Tax deductions on abortive deal costs and other related costs should also be considered. Other measures that could spur enterprises towards expansion include allowing group relief and carry back of M&A allowances, bringing back stamp duty reliefs on qualifying M&A transactions and enhancing fund incentives schemes to facilitate capital investments.

 

c) Make Singapore the place for unicorns to invest and set up their base through targeted grants and tax incentives

Currently, fast-growing companies in some of the “hot sectors” may find that they do not necessarily fall within various government programmes, incentives and schemes. Many thus face challenges in getting the support they need. We recommend creating a closer public and private collaboration to bridge this gap and extending these schemes to non-Singapore companies if they contribute sufficiently to Singapore’s GDP. Doing so will help to create employment and upskill the Singapore workforce.

 

The government can encourage investments in potential unicorns through more targeted grants and consider providing tax deductions or tax rebates for private enterprises with failed investments in these unicorns. These will support the entrepreneurial scene and entice both local and overseas entrepreneurs.

 

6. Singapore’s rise as a wealth and asset management hub (page 31 of proposal)

COVID-19 has fuelled the rise of digital ecosystems, including highly integrated apps that offer a one-stop-shop for a range of financial services. Financial institutions will continue to see high returns especially in wealth management and personal banking, as digital innovation breaks down the barriers for services most often traditionally reserved for high-net-worth individuals. At the same time, wealth managers are benefitting from higher transaction revenues as customers look to protect their financial investments amid COVID-19 uncertainties.

 

On the asset management and fund domiciliation front, Singapore will have to continue to find ways to convince investors and fund sponsors to shift over from established locations. One way it can do so is through incentives to encourage the adoption of Singapore fund vehicles other than the variable capital company (VCC).

 

a) Driving growth for challenger banks

Challenger banks, which describe new banking players that have emerged since the Global Financial Crisis, play a crucial role in the democratisation of wealth management for mass market. With the entrance of digital banks and continued support for digital innovation, challenger banks will continue to shape the offering of wealth management services. Wealth managers will look to partner these new entrants to improve their overall client experience. Hence the government may need to step in to regulate by building structures to ease collaboration between challenger banks and wealth managers, while reviewing competition rules to keep players motivated. Introducing government controls and regulations would assist in increasing investor confidence and allow smaller providers to gain some market share from traditional wealth managers.

 

b) Positioning Singapore as the choice location for domiciling funds

Singapore is already an established asset management hub. However, for Singapore to also become the default go-to location for global funds to be set up here, it will be important to find ways to convince investors and fund sponsors to shift over from established locations. One of the biggest issues is investor familiarity. The recent promotion of Singapore as a funds domicile has almost exclusively centred around the launch of the VCC. While the continued process of promotion is certainly a good thing, it is arguable that this could be expanded to include incentives to encourage the adoption of Singapore fund vehicles other than the VCC. This includes the limited partnership which has a largely untapped potential as a master pooling vehicle for Singapore. Some funding could be made to advisors based in Singapore to help with the promotion of the full suite of Singapore fund vehicles internationally.

 

The continued promotion of the VCC has increased the profile of Singapore as a place to establish a fund. However, there is room to help both fund sponsors and cornerstone investors defray the costs of exploring the use of Singapore structures more generally. Currently, a fund is able to recover a significant proportion of its establishment costs, but an investor who may incur additional legal expenses to understand exactly what the VCC is and how it works has to bear those costs himself. Tweaks to the existing grant scheme to include foreign tax and legal costs incurred by a cornerstone investor will be beneficial. The scheme could also be expanded beyond the VCC to pique interest in new fund vehicle and could be used to encourage the adoption of the Singapore limited partnership and even unit trusts and companies as well.

 

While Singapore has had a limited partnerships law since 2009, the government should explore a more nuanced and flexible limited partnerships law that addresses concerns that a foreign investor may have going into these structures. These include the tax position around a transfer of partnership interests and the relationship between partners in questions of conflicts of interest and fiduciary obligations.

7. Driving technology innovation in a future shaped by 5G (page 38 of proposal)

 

Singapore is poised to roll out 5G by 2025 and there is significant market opportunity to ramp up 5G innovations with the help of both local firms as well as foreign direct investments, along with infocomm talent across industries. These efforts should be undergirded by a reliable and progressive network infrastructure.

 

a) Boosting network reliability by reducing mobile taxation and encouraging network sharing between service providers

Having reliable network infrastructure is a critical need in any country that goes digital. One way network issues can be mitigated is via network sharing between 5G service providers as this expands the capacity of networks while avoiding the high costs of doing so, which would ultimately translate to better coverage and reduced costs for users. Similar to other parts of the world, the government can incentivise network sharing by promoting common or shared infrastructure and incentivising applications and software development, especially in the initial stages of deployment. Singapore could benefit from regulatory guidelines that would encourage the adoption of this approach among telcos, while balancing possible concerns over competition.

 

Mobile taxation can also be reduced for service providers, since industry trends show that good infrastructure availability tends to be lower in markets where operators have to make higher tax payments. Therefore, as payments for spectrum rights and licences are not deductible for corporate tax purposes in Singapore, KPMG hence proposes providing tax depreciation or writing down allowances for spectrum rights payments, which will mirror the tax treatment in other countries. Without claimable tax deductions on such payments, there will be significant additional costs for telcos which may also be passed on to consumers. A stable tax regime supporting investments can help a country’s mobile infrastructure to develop at a faster rate while encouraging investments.

 

b) Building the business case for 5G innovations and encouraging more developments for global competitiveness

To enhance monetisation and scalability around the 5G use cases generated within key sectors, KPMG proposes the setup of a ‘digital community centre’ which facilitates sharing of best practices and ideas, while measuring outcomes and targets of use cases to strengthen the business case. The government could also explore the potential of open-source technology applications in driving speed to market and reducing costs.

 

To encourage 5G innovation development and adoption, the government’s 5G innovation grant administered by the Infocomm Media Development Authority can be extended to new sectors such as healthcare, fintech and agri-tech, while being expanded to include subsidies for talent development and skills training. Refundable R&D tax credits can be introduced to enhance the effectiveness of the current R&D tax incentive for smaller technology players that have yet to generate profits. Offering refundable tax credits of up to 42.5 per cent of qualifying R&D and innovation costs can help support these smaller enterprises which are known for being nimble and with fresh ideas.

 

Greater collaboration can be fostered in industry ecosystems with government support taking the form of grants to set up collaborative teams or partnerships between businesses in the technology, media and entertainment, and telecommunications sector. This could include offsetting costs for engaging consultancy firms to provide their expertise. While there could be difficulties in getting competitors to share their data, the government can explore how consumers can play a greater role in facilitating information sharing, along with the balancing of data protection, transparency and security priorities, and an increased focus on ethics in AI.

 

A copy of the Singapore Budget 2022 proposal ‘Is an economic sunrise on the horizon?‘ is enclosed.

About KPMG

KPMG in Singapore is part of a global network of independent professional services firms providing Audit, Tax and Advisory services. We operate in 146 countries and territories and in FY20 had close to 227,000 people 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.

For more information, visit kpmg.com.sg.

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