Dear Valued Customers,
A warm welcome to our April newsletter! It has been a very fast-paced year for all of us here at 3E Accounting. There are several exciting updates that we can’t wait to share with you.
Let’s catch up with what’s happening in Singapore:
More Than 110,000 Local Jobseekers Hired
26,000 companies have hired 110,000 local job seekers under the Jobs Growth Incentive Scheme. The Ministry of Manpower (MOM) Singapore says more than half of those hired are aged 40 and above. MOM added that retail, food services, construction, professional services, and wholesale trade were the top hiring sectors.
New Requirement for Dependent Pass Holders
MOM recently announced that Dependent Pass holders would have to apply for a Work Pass to work in Singapore. The change was introduced to ensure that all dependent workers are at the same standard of employment as that applied to the country’s foreign workers. Previously, only a Letter of Consent (LOC) was needed to be legally employed in Singapore for the spouse or family member of a foreign worker.
Meanwhile, check out what’s happening in Malaysia:
Sufficient Reserves in Central Bank
More good news in Malaysia because as of 15 February 2021, Bank Negara Malaysia’s International Reserves are up to US$109.7 billion. This is an increase from the previous US$107.8 billion in January 2021. This means that the central bank has enough reserves to finance 8.6 months’ worth of retained imports, and the equivalent of 1.2 times the total of short-term external debt. The main contributors to the reserves are foreign currency reserves, the Special Drawing Rights, other reserve assets, gold, and its International Monetary Fund reserves.
Southeast Asia’s First 5G Cybersecurity Test Lab to Launch in Malaysia
Southeast Asia’s first 5G Cybersecurity Test Lab is set to launch in Malaysia. This lab is a joint venture between CyberSecurity Malaysia (CSM), Celcom Axiata Bhd and Huawei Technologies (M) Sdn Bhd. It will cover a comprehensive testbed 5G ecosystem, and it will serve as a model for end-to-end cybersecurity.
The lab will carry out multiple cybersecurity scenarios and offer services that include hardware evaluation and mobile applications. The ecosystem will cover the Edge network, cloud application, and 5G radio access network (RAN). The announcement of the test lab was made during a virtual forum in Shanghai that was hosted by Huawei in conjunction with the Mobile World Congress 2021 (MWC21).
Here are the updates on what’s happening on the Hong Kong front:
Adopting Robotics Technology to Power The Future
3E Accounting is the first SME accounting firm in the Asia Pacific to adopt robotics technology. This follows a 15-month business transformation roadmap based on the firm’s Digital Master Plan. Impressively, all this was accomplished amidst a pandemic.
All business processes are now 100% digital, and this gives the firm a strong edge over the competition, especially with the development and deployment of remote processing and machine learning algorithms to support client services. In this new VUCA (volatility, uncertainty, complexity and ambiguity) operating environment, the only constant is change.
Adapting to Innovative Business Models
It is imperative that businesses can adapt to technological change. The need for change became more apparent during the COVID-19 pandemic when businesses had to establish an online presence at very short notice following a shift away from conventional physical stores after national and global lockdown restrictions. Those who were armed with a robust business plan remained, whilst many others who did not were made redundant.
Business model innovation has endless possibilities. Organisations must take advantage of technological growth to improve business processes and unlock greater value for their businesses. Companies who are further along in the digitalisation journey are more resilient during the pandemic. This is why 3E Accounting continues to invest in the development of new technological growth areas like Robotic Process Automation (RPA), Machine Learning (ML) and Artificial Intelligence (AI), all to support you, our clients’ growth and expansion.
Until next time, stay safe everyone!
Founder, 3E Accounting Group
Read More in our E-Newsletter April 2021