This article was contributed by the Inland Revenue Authority of Singapore (IRAS) As the year comes to a close, companies are gearing up for the Corporate Income Tax (CIT) filing for the Year of Assessment (YA) 2023. In this article, the Inland Revenue Authority...
Global small business platform Xero has revealed that a total of S$4.1 billion worth of invoices were paid late to small businesses in Singapore in 2018. Data from the platform also indicated that last year only 39% of payments to Singapore small businesses...
Green Link Digital Bank (GLDB) commences banking business, seeking  to serve Micro-Small-Medium-Enterprises (MSMEs) with banking and financial services through their supply chain financing and technological solutions.  GLDB seeks to leverage their experience in supply chain financing and technological solutions to provide accessible commercial banking,...
The Monetary Authority of Singapore (MAS) has launched a report on the foundational digital infrastructure necessary for an inclusive digital economy and seamless cross-border transactions around the world. The rapid growth of digital solutions has helped enhance the economic and social well-being of millions...
Talk of a global recession has been hogging headlines and conversations. In Singapore, the latest data from the Ministry of Trade and Industry showed the local economy shrinking 0.4% from the previous quarter, triggering comments from analysts that a potential technical recession is on the way. 
Advancing Singapore’s trade digitalization agenda, DBS Bank, in collaboration with Audi Singapore (Audi) and Audi’s local distributor, Premium Automobiles (Premium), completed in early February 2020 the first trade financing transaction on Singapore’s Networked Trade Platform (NTP). The inaugural trade relates to a SGD3.5 million...
The Asian Development Bank (ADB) has received $12.6 million of funding for 2018 to 2020 from the Women Entrepreneurs Finance Initiative (We-Fi) to generate more resources for Sri Lankan women-led businesses. The grant—one of three awarded under the inaugural call for proposals—enhances ADB’s support...
Good news for SMEs in Singapore. The government has set aside an additional S$100 million (US$74 million) for small and medium-sized enterprises (SMEs). This was announced by finance minister Heng Swee Keat in Parliament during his annual budget speech. The fund, dubbed SME Co-Investment Fund III, will...
Small and medium sized enterprises (SMEs) which make up the backbone of Singapore’s economy are increasingly turning to digital transactions to collect money from their customers.DBS has seen a 70% increase in digital transactions from its SME customers and 25% increase in transaction value since the bank...
Recognising the important role that social enterprises (SEs) play in creating positive impact in society – whether by hiring disadvantaged members of society or solving societal problems – DBS has announced a slew of proactive measures to beef up support for this sector. They...