Imagine this: You've had a great meal. You pay for it contactlessly, through your smart watch. You've paid on credit, and when the bill arrives and you make payment, it's done with a few quick taps on your smartphone, without a single sheet of paper needing to be printed. That's what the future looks like — for now at least — with Singapore's new digital banks in the picture. The Monetary Authority of Singapore (MAS) has awarded four licenses so far, and more may follow in future. Hold on, you might be asking. That doesn't seem too different from what we have now, in 2020. So what's the big deal with digital banks, and what benefits might they bring, and what risks should we watch out for? We try to answer these questions. What is a digital bank? Existing banks in Singapore do already have comprehensive digital services, and many of its younger (or more tech-savvy) customers already do most of their banking online. But one of the requirements for these ... » Learn More about Fully-digital banks will launch in S’pore soon. Here are their potential risks & benefits.
Twelve Cupcakes has pleaded guilty on Dec. 10 to underpaying seven foreign employees of about S$114,000 over two years. A total of 14 similar charges will be taken into consideration for sentencing, according to The Straits Times . Offences discovered during MOM investigations In December 2018, the Ministry of Manpower (MOM) investigated Twelve Cupcakes after receiving information that it had breached labour laws. Under Singapore's Employment of Foreign Manpower (Work Passes) Regulations 2012 , employers are not allowed to pay less than the fixed monthly salary to foreign employees. Payment must also be made within seven days after the end of the salary period. Investigations revealed that Twelve Cupcakes had underpaid seven foreign employees — ranging from sales executives, customer service executives and a pastry chef — between December 2016 and November 2018. They were promised fixed salaries of between S$2,200 and S$2,600. However, they were given ... » Learn More about Twelve Cupcakes pleads guilty to underpaying 7 employees over 2 years, founders said to have done the same
Thai corporations are pushing forward carbon pricing as a cost-effective mechanism to facilitate lower carbon emissions to raise their environment, social and governance (ESG) performance and fulfil the country’s commitment under the Paris Agreement1 of cutting greenhouse gas emissions by one-fifth from the business-as-usual level within a decade. In this respect, the recently launched “Thailand Carbon Neutral Network” (TCNN) aims to build the capacity of members to participate in the carbon credit market which incentivise businesses to fight the climate crisis with investment in green technology such as energy efficiency enhancement, renewable energy and waste management, and support tree planting and forest conservation. One of TCNN’s core missions is to accelerate local businesses’ engagement in the Thailand Carbon Credit Exchange Platform, co-developed by the Thailand Greenhouse Gas Management Organization (TGO) and the Federation of Thai Industries in 2015. The platform ... » Learn More about CARBON PRICING: KEY DRIVER OF GREEN ECONOMY