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☆ Singapore's digital economy – from e-commerce to social media – nearly doubled in five years
▼ + stars: | 2023-10-10 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

The study, published Friday, revealed that the economic contribution of the digital economy to Singapore's GDP nearly doubled to 106 billion Singapore dollars ($77.5 billion) in 2022, up from SG$58 billion in 2017, according to CNBC's calculations. The digital economy is divided into two parts: the information and communications sector; and digitalization in the rest of the economy. One-third of the digital economy was driven by the information and communications sector and two-thirds by digitalization in the rest of the economy. "The expansion of the digital economy has come on the back of increasing adoption of digital technologies by enterprises, which in turn contributed to the robust growth of tech manpower," IMDA said in the report. Comparatively, Singapore's digital economy performed better, contributing to 16.7% of its GDP in 2020.

Persons: Joseph Nair, IMDA Organizations: Central Business District, Getty Images, Media Development Authority, Singapore, digitalization Locations: Marina, Singapore, SINGAPORE, Estonia, Sweden, United Kingdom

☆ CNBC Daily Open: Israel-Hamas war will have a limited effect on markets
▼ + stars: | 2023-10-10 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets shook off fearsU.S. stocks rose Monday despite a 4% spike in oil prices caused by the Israel-Hamas war. Booming digital economySingapore's digital economy contributed 106 billion Singapore dollars ($77.5 billion) to the economy last year, comprising more than 17% of gross domestic product. "Despite the recent tech sector lay-offs, the demand for tech jobs is likely to remain resilient," said the country's Infocomm Media Development Authority.

Persons: Russell, Goldman Sachs, Goldman Organizations: New York Stock Exchange, CNBC, Japan's Nikkei, Palestinian, Hamas, United Nations, Hong Kong, Singapore, Media Development Authority Locations: New York City, Israel, Asia, Pacific, Shanghai, Gaza

☆ UK, Singapore partner to boost economic growth, strengthen security
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

Companies Atomico (UK) Partners LLP FollowSept 8 (Reuters) - The British government has signed a partnership with Singapore to grow its economy and enhance shared security, Downing Street said on Friday, adding it was the UK's first treaty since leaving the European Union. They said the partnership will give Singaporean companies more confidence to invest in Britain and vice-versa, while also creating jobs. The British government added that the partnership will strengthen security cooperation, science and technology innovation, and research and development, including countering cyber threats, through a partnership between Singapore's Digital and Intelligence Service and Britain. "This new agreement with Singapore will take us even further in delivering our priorities and ensure that, as we map the future of the world economy, we are doing so alongside our closest partners," Rishi Sunak said. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Downing, Rishi Sunak, Lee Hsien Loong, Rishabh, Josie Kao Organizations: Atomico, Partners, British, European Union . British, Singapore's Digital, Intelligence Service, Britain, Thomson Locations: Singapore, India, Britain, New Delhi, Bengaluru

☆ Singapore's digital banks dangle incentives to win new customers — is it sustainable?
▼ + stars: | 2023-02-21 | by ( Sheila Chiang | ) www.cnbc.com time to read: +7 min

Singapore's new digital retail banks are offering lower fees, more incentives and waiving minimum account balances to win over customers from traditional banks. Bloomberg | Bloomberg | Getty ImagesSINGAPORE — Digital retail banks in Singapore are pulling out all stops to win new customers. Unlike traditional banks — like DBS , OCBC and UOB — which operate physical branches and automated teller machines, digital banks operate entirely online. Singapore's new digital banksThe city-state gave out four digital bank licenses in December 2020. The other two digital wholesale bank licenses were bagged by Ant Group's ANEXT Bank and Green Link Digital Bank, catering to small-and-medium enterprises and other non-retail segments.

☆ Singapore's digital wealth platform Endowus acquires HK'S Carret Private
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Oct 16 (Reuters) - Singapore-based digital wealth advisor Endowus has acquired a majority stake in Hong Kong-based wealth manager and multi-family office Carret Private Investments Limited, it announced on Monday. With the acquisition, total assets under management of the Endowus group - comprising Endowus' licensed companies in Singapore and Hong Kong, as well as Carret Private - stands at over $4 billion across tens of thousands of clients as at the end of the first half this year. The group, through Carret Private’s minority shareholding, will also have a partnership with Singapore-based wealth advisor and multi-family office Lumen Capital Investors. Lumen is founded and led by Wilfried Kofmehl, former CEO of Bank Julius Baer Singapore. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rae Wee; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

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