Singapore Morning News For June 28

Singapore to let banks move into e-commerce
Singapore is changing its regulations to make it easier for banks to move into non-financial but complementary business areas such as e-commerce.
— Finextra

Singapore sees cargo surge
Singapore’s Changi airport registered double-digit cargo shipment growth in May over the prior year
— Fruitnet

1.57 million Singaporeans to benefit from GST Vouchers, Medisave top-ups
A total of 1.57 million citizens will receive notifications about their 2017 GST Vouchers (GSTV) and Medisave top-ups, the Ministry of Finance said on Tuesday (June 27).
— Today Online

Medical tourism growth easing in Singapore
Medical tourism growth here is expected to slow down amid stiffer regional competition, especially from the Malaysian healthcare market, according to UOB Kay Hian.
— The Star Online

New service PayNow to allow interbank transfers using mobile phone numbers
Customers of seven banks in Singapore will soon be able to transfer funds from one bank to another, using just the recipient’s mobile phone number or identity card number.
— Channel NewsAsia

BEENEXT launches $75 million plus VC fund
BEENEXT, a Singapore-based venture capital firm investing in early-stage technology companies, today announced the launch of its latest fund – a $75 million plus vehicle – and the VC firm also said it was forming its own asset management company
— Deal Street Asia

Exclusive: Alibaba increases stake in Lazada to over 90%, buys out all existing investors except Temasek
Alibaba Group Holding Ltd. that bought a controlling stake in Lazada Group SA last year, has increased its stake in the Singapore based e-commerce site to about 95%, by availing the option to buy out remaining shares from almost all of Lazada’s investors, an executive with direct knowledge of the development told this portal.
— Deal Street Asia

E-scooter sharing services to launch in one-north
Local firm Telepod and German start-up Floatility will launch their dockless e-scooter sharing service in one-north by this Friday (Jun 30), the district’s master planner JTC said on Tuesday.
— Channel NewsAsia

Singapore doctors on the horns of a dilemma
The Singapore Medical Council (SMC) last Friday warned that doctors working with Third-Party Administrators (TPAs) who charge administrative fees based on medical services or consultation fees will get into trouble for running afoul of its new ethical guidelines.
— Today Online

Singapore stocks rise on Asian cues
Singapore stocks rose Tuesday as investors tracked gains in other Asian markets after an extended weekend.
— Nikkei Asian Review

Singapore banks to be allowed to invest in digital consumer platforms
THE Monetary Authority of Singapore (MAS) will let banks in Singapore invest in digital consumer platforms such as Carousell and Qoo10, so that they can have stakes in such “permissible non-financial businesses” related to or which complement their core financial businesses.
— The Business Times

Singapore sovereign wealth fund to get tax refund
THE Court of Tax Appeals (CTA) has ordered the Bureau of Internal Revenue (BIR) to refund P127 million to Republic of Singapore-owned GIC Private Limited for its interest income on its investment in Philippine Treasury bonds (T-bonds).
— BusinessWorld

muru-D Singapore opens applications for third cohort, adopts SAFE
TELSTRA-backed accelerator muru-D Singapore announces that applications are open for its third cohort. muru-D will be recruiting ten technology startups for its six-month accelerator programme, which begins in September 2017.
— Digital News Asia

NetLink IPO to raise between S$2.3b and S$2.7b, biggest on Singapore Exchange
IN what is probably the biggest listing on the Singapore Exchange, Singapore Telecommunications (Singtel) owned NetLink Trust will issue a public offer for around 2.9 billion units with an offer price ranging between 80 Singapore cents and 93 Singapore cents to raise between S$2.3 billion and S$2.7 billion. The public offer will open after 5pm on July 10 and will close at 12 noon on July 17. Trading will commence from 3pm on July 19.
— The Business Times

R/GA Singapore wins global digital account with Nikon
R/GA Singapore has been named global digital agency-of-record for Japanese camera manufacturer Nikon following a competitive pitch.
— Mumbrella Asia

Chinese premier Li Keqiang to make official visit to Singapore
Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam urged greater cooperation with China and extended an invitation for Chinese Premier Li Keqiang to make an official visit to Singapore.
— Today Online

Harassment over LGBT views unacceptable, says Shanmugam
In the run-up to Pink Dot this Saturday (July 1), Law and Home Affairs Minister K Shanmugam has spoken out against the harassment of any group due to their support for or opposition to the lesbian, gay, bisexual, and transgender (LGBT) lifestyles.
— Today Online

NSL signalling tests to last for months, delays expected
The trials of the new signalling system for the North-South Line (NSL) — which started on March 28 — may take a “few more months”, SMRT and the Land Transport Authority (LTA) said on Tuesday (June 27).
— Today Online

GIC to confront complaints in sale of GLP
Bloomberg Reported that the litany of complaints about the biggest Asian buyout deal became so bad that Singapore’s sovereign wealth fund decided to act.
— Singapore Business Review

Why UOL’s swap deal with Haw Par is strategic
UOL recently announced an option agreement with Haw Paw Corporation under which it will issue additional shares for the latter in exchange of increased stakes in UIC.
— Singapore Business Review

Big push for digital payments with new p2p fund transfer
SEVEN major retail banks in Singapore are set to launch a peer-to-peer transfer service that promises a seamless way to split the cheque or make home-tutor payments using mobile numbers, with the fund-transfer service potentially extended into commercial transactions as soon as a year’s time.
— The Business Times

Allegations from my siblings ‘mostly inaccurate’: PM Lee
Prime Minister Lee Hsien Loong on Tuesday (Jun 27) said the allegations that his siblings continue to make about him are “mostly inaccurate”.
— Channel NewsAsia

Feature photo tee_eric
Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

Singapore morning news by AEC News Today is your one stop source for Singapore news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies not politics.

Singapore Morning News For June 28 added by Leakhena Khat on June 28, 2017
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Leakhena Khat

Leakhena is a junior journalist at AEC News Today who is also currently studying International Relations, which she finds adds perspective to her work reporting on the Asean Community.

“I love what I am doing so much as it gives me a lot of great experience and provides challenges to my mind.