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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.

LinkedIn: linkedin.com/company/kpmg-singapore

#KPMG

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

Thorium – A new abundant energy source

HANOI, VIETNAM – Media OutReach – 20 January 2022 – At the “Science for Life” symposium launched on January 19, ahead of the VinFuture Prize Award Ceremony, Professor Gérard Albert Mourou who won Nobel Physics in 2018 said that he is researching thorium, an abundant resource that could help humans solve the energy problem for up to 20,000 years.

Panelists discussing the future of energy during the VinFuture Sci-Tech Week in Vietnam

 

Thorium – Future energy?

The professor, who is also a member of the VinFuture Prize Council, said that Thorium was being studied to replace Uranium in nuclear power production. If successful, this will be an effective solution for the depletion of energy sources.

 

According to Prof. Mourou, Thorium has three advantages. The first is its abundance in nature. “Compared to other power production’s inputs, if Carbon is one unit, Uranium is five, then Thorium is up to 1 million units,” he said.

 

Second, Thorium produces much less waste than Uranium. And thirdly, the life cycle of toxic materials of Thorium is very short compared to Uranium.

 

“That is why it is an opportunity for us in the field of nuclear energy. This is an area that we had never explored before and we can now. The energy source can meet the needs of 10 billion people for a period of 10,00-20,000 years,” Prof, Mourou said.

 

Study on new energy sources is now an urgent mission. This is one of the reasons ahead of the VinFuture Prize Award Ceremony, there was a session on new energy, with the participation of many leading scientists.

 

Attendees included Professor Richard Henry Friend (University of Cambridge, UK), Chairman of the VinFuture Prize Council, Professor Nguyễn Thục Quyên (University of California, US), Co-Chair of the VinFuture Prize Pre-Screening Committee, Professor Antonio Facchetti (Northwestern University), Professor Gérard Albert Mourou, winner of the 2018 Nobel Physics Prize, and Sir Kostya S.Novoselov, winner of the 2010 Nobel Physics Prize.

 

Excited from solar power solution 

At the event, Professor Sir Richard Henry Friend said that the mission was an extremely necessary and difficult task, emphasizing the importance of new energy.

 

Fortunately, it is something science and technology can solve, he added.

 

“Ten years ago, the message to reduce net carbon emissions to zero by 2050 was considered as nonsense. But now, with the advancement of science and technology, it is possible,” Professor Friend said. 

 

“Science and technology have reduced costs. Back in 2010, the cheapest form of energy was coal and nuclear power, and a small part was wind power. 

 

“Ten years later, the costs of solar power reduced sharply, much more than the most optimistic person ever thought.”

 

Solar power is also an energy source attracting the attention of many scientists at the talk. If Professor Antonio Facchetti was excited with solar energy, Professor Sir Kostya S.Novoselov, the winner of the 2010 Nobel Physics Prize, turned his attention to storage options to improve the efficiency of renewable energy sources.  

 

Of which, graphene – the material that brought Professor Novoselov the 2010 Nobel Physics Prize – is one of the optimal solutions.

 

“Solar power integrated with storage batteries can be optimally exploited, greatly impacting on energy efficiency,” the professor said. 

 

“Modern batteries have complex structures and designs, but their efficiency depends on power generation. Our research is not limited to this metamaterial (graphene) but many other materials.”

 

Meanwhile, Professor Nguyễn Thục Quyên (University of California, US) said that each country must use its own strengths to create its own energy source.

 

“For example, Việt Nam has a long coastline, with a lot of sunshine in the Central region, which has the advantage of wind power, so this is a strength to take advantage of,” said the Chairman of the VinFuture Prize Pre-Screening Committee.

 

At the “Science for Life” symposium held on January 19, there were two more sessions on the Future of Health and the Future of Artificial Intelligence, with the participation of many leading scientists in the world, notably Professor Katalin Kariko, who built the foundation for the COVID-19 vaccine’s mRNA technology, greatly contributing to the global fight against the pandemic.

 

At 8:10pm local time on January 20, the Inaugural Award Ceremony of the Global Science and Technology VinFuture Prize will be held at the Hà Nội Opera House. The Ceremony is to be streamed live on VTV1, digital platforms of VTV and VinFuture, and international media platforms such as CNN, CNBC, Euronews and TechNode.

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

Laos Sees Trade Deficit of USD 80 Million in December

Laos records trade deficit in May
Laos trade (Photo: Greater Mekong Subregion Secretariat)

Laos reported a trade deficit of USD 80 million in December 2021 with imports and exports totaling approximately USD 1.18 billion.

Thailand to Resume Test And Go Travel Scheme

Thailand could reopen by October

Thailand has announced it is to resume the Test and Go travel scheme from 1 February.

Jasa Sarjana introduces rebranded ACTIV-e Film by ICE-μ for Mazda Cars in Malaysia

KUALA LUMPUR, MALAYSIA – Media OutReach – 20 January 2022 – Jasa Sarjana Sdn Bhd continues to bolster its line-up of window tint products, with its rebranding of the official window film for Mazda cars, as official supplier to Bermaz Motor Sdn Bhd.

With the recent rebranding exercise, Skytint – the solar and security film distributed by Jasa Sarjana exclusively for Mazda vehicles in Malaysia – is now known as ACTIV-e Film by ICE-μ. This new product moniker reflects the recent induction of ICE-μ into the technology stable of Riken Technos Corporation of Japan, the leading plastic film and automotive parts manufacturer in Japan with a presence in dozens of countries around the world.

Jasa Sarjana welcomes their continuing role as the official supplier of window films to Bermaz Motor while maintaining the same innovative technology of ICE-μ, which is the window film with the highest clarity in the market.

The features of ICE-μ are now better reflected in the new name of the rebranded product.

  • ACTIV-e Film is designed to actively block ultraviolet and infrared waves, reducing interior degradation and heat transmission while letting in visible light.
  • Whereas the “e” designation in its name stands for “electrons,” representing the advanced nanotechnology at the molecular level that is built-in to the film’s superior Ultra Nano Particles.
  • And because it blocks heat, less energy is used for air conditioning, resulting in a smaller carbon footprint, giving the “e” in ACTIV-e an ecological focus as well as providing better fuel economy.

As an exclusive private label from Jasa Sarjana, ACTIV-e Film by ICE-μ is available only preinstalled in Mazda cars sold in Malaysia.

To know more about ACTIV-e Film or ICE-μ, the technology behind ACTIV-e, please visit: www.ice-u.com.my/activ-e

#JasaSarjana

Reckitt’s Survey Uncovers HK Couples’ Attitude Towards Intimacy and Home Hygiene

Men and women concerned over completely opposite topics, with about 40% had conflicts over ‘intimate relationship’ or ‘home hygiene’

HONG KONG SAR – Media OutReach – 20 January 2022 – When couples enter into a new stage of life such as marriage and becoming parents, how do these changes in identities and responsibilities affect the relationship? To understand how Hong Kong couples get along in terms of ‘Intimate Relationship’ and ‘Home Hygiene’, Reckitt Benckiser (Hong Kong) Limited (Reckitt) surveyed more than 1,000 unmarried and married couples in Hong Kong between November and December 2021[1] for ‘Hong Kong Wellness in Action Index’, the company’s ongoing series of health insights launched in early 2021. 




The survey unveils yawning gaps in couples who are unmarried, married or parents, over their expectations and communications on ‘intimate relationship’ and ‘home hygiene’, hinting at an urgent need to forge better communications among couples.

Polarising priorities between couples widens the communication gap


While synchrony between couples is important in maintaining a healthy relationship, the survey findings suggest that male and female respondents placed a completely opposing level of emphasis on ‘intimate relationship’ and ‘home hygiene’, with nearly 40% of them having had conflicts with their partners over these topics (39%). The polarising views could liken communications to casting pearls to swine, and eventually lead to major disputes.

The survey results indicate that nearly 80% of male respondents think that consensus with their partners on ‘intimate relationship’ was very important in maintaining their relationship (78%), but only 65% of female respondents feel the same. On the contrary, almost 85% of female respondents believe that getting consensus over ‘home hygiene’ is important (84%) while only 75% of male respondents share the same thought.

Gender dominance in conversations is putting partners ‘on mute’     

The fact that men and women are placing differing levels of emphasis on these topics further affects how proactive they are when communicating with each other. The survey found that discussions related to ‘intimate relationship’ were mostly raised by male (45%) – over six times more common than women (6%). The story is flipped when it comes to discussions on ‘home hygiene’, female respondents (48%) were over four times more likely to initiate such discussion than male (9%).

Meanwhile, the ‘more passive gender’ on certain topics showed little desire to communicate more. For example, male respondents (34%) were twice as less interested than female respondents (61%) in having more conversations with their partners on ‘home hygiene’ issues. However, avoiding difficult communications doesn’t mean that conflicts are not occurring. On the contrary, failing to balance the ‘power in discourse’ between couples could result in long-term adverse impacts on the relationship.

Dissatisfaction grows as relationship length increases and parents are twice as likely to argue

As couples step into different stages of the relationship, their expectations and satisfaction levels for ‘intimate relationship’ and ‘home hygiene’ gradually changed, resulting in more frequent conflicts, especially when it comes to ‘intimate relationship’. While 82% of unmarried couples rated the quality of their sexual life as “quite- to very-satisfying”, only 57% of parents said the same, marking a 25% satisfaction gap. The survey also indicated that parent respondents are twice as likely to get into an argument with their partners on ‘intimate relationship’ than those without children.

‘Home hygiene’ has become the ‘conflict trigger’ of married couples – more than half of parents reported that they have had disputes with their partners over ‘home hygiene’ issues (51%) – triple that of unmarried couples (16%), and nearly 30% parents interviewed said they have blamed their partners on the lack of hygiene awareness (29%). These figures may suggest that there is a bigger expectation gap among parents, leading more readily to conflict.

Establishing positive communications and pragmatic expectations have always been the key to building a stronger and healthier relationship. Check out Reckitt’s Wellness Lifehack and learn from Sexuality Educator on the tips of enhancing positive and effective communications among couples, such as initiating a ‘weekly intimate conversation’ with your partner to add romance to your relationship.

The challenge of maintaining hygiene awareness       
The survey found that almost 80% of interviewed couples believe that the pandemic has changed the hygiene habits of themselves and their partners (79%). However, respondents showed a lack of confidence in whether they and their partners can maintain good hygiene habits – one in six respondents felt that their partners’ hygiene awareness had dropped, comparing to last year when the pandemic was more severe.

Although the pandemic showed signs of abating towards the end of 2021, and hygiene awareness of some of the public may have slackened, the pandemic situation has consistently threatened the community recently. Refer to the ten tips that enable individuals to become the best hygiene partner for their loved ones.

Mr. Boudewijn Feith, Reckitt General Manager Hong Kong/Taiwan, added “Reckitt has always existed to protect, heal and nurture in the relentless pursuit of a cleaner and healthier world. Last year, we launched the first ‘Wellness in Action Index’ which offered tips for the public from different age groups to build a healthier lifestyle under the pandemic. This year, we are leveraging the insights obtained from our new survey, and our product brands such as Dettol, Durex and Vanish, to encourage intimacy and improve hygiene protection among couples under the new normal, with an aim to making every moment that couples share together a lovely and happy one.”

 

Reckitt commissioned an independent research firm to launch the “Hong Kong Wellness in Action Index” in 2021, to initiate better in-depth discussion of various health-related topics on a regular basis and develop a better understanding on citizens’ overall wellness levels. As of today, more than 2,000 Hong Kong citizens have been polled, for details, please visit www.reckittwellnessindex.hk.


[1] FRC (Hong Kong) Ltd, an independent research firm, was commissioned to conduct the survey between 22 November to 3 December 2021. There were 1,010 randomly selected respondents, including 303 unmarried individuals who are in a relationship and have a plan to get married, 309 respondents who are married without child and 398 individuals who are married and have children.

 

About Reckitt

Reckitt* exists to protect, heal and nurture in the relentless pursuit of a cleaner, healthier world. We believe that access to the highest-quality hygiene, wellness and nourishment is a right, not a privilege.

Reckitt is the company behind some of the World’s most recognisable and trusted consumer brands in Hygiene, Health and Nutrition, including Air Wick, Calgon, Cillit Bang, Clearasil, Dettol, Durex, Enfamil, Finish, Gaviscon, Harpic, Lysol, Mortein, Mucinex, Nurofen, Nutramigen, Strepsils, Vanish, Veet, Woolite and more.

Every day, more than 20 million Reckitt products are bought globally. We always put consumers and people first, seek out new opportunities, strive for excellence in all that we do and build shared success with all our partners. We aim to do the right thing, always.

We are a diverse global team of more than 43,000 colleagues. We draw on our collective energy to meet our ambitions of purpose-led brands, a healthier planet and a fairer society. 

Find out more, or get in touch with us, at Reckitt.com

About ‘Hong Kong Wellness in Action Index’, please visit: www.reckittwellnessindex.hk

* Reckitt is the trading name of the Reckitt Benckiser group of companies

#Reckitt

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