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  23. <title>Guide To SME Loan In Singapore</title>
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  26. <dc:creator><![CDATA[Senior Editor]]></dc:creator>
  27. <pubDate>Fri, 02 Feb 2024 02:14:43 +0000</pubDate>
  28. <category><![CDATA[Business]]></category>
  29. <category><![CDATA[Credit Cards]]></category>
  30. <category><![CDATA[Loans]]></category>
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  33. <description><![CDATA[Finding a source of funds is an integral step in starting and expanding a business. This guide to SME business loan in Singapore will let you in on the best ways to do this.]]></description>
  34. <content:encoded><![CDATA[<div class="fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling" style="--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;" ><div class="fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap" style="max-width:1310.4px;margin-left: calc(-4% / 2 );margin-right: calc(-4% / 2 );"><div class="fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column" style="--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;"><div class="fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column"><div class="fusion-title title fusion-title-1 fusion-sep-none fusion-title-text fusion-title-size-two"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">A Beginner&#8217;s Guide On How To Find The Best SME Loan Singapore</h2></div><div class="fusion-text fusion-text-1"><p>Small and medium enterprises are among the most vulnerable sectors in Singapore, with most still facing repercussions due to the pandemic. This is why funding sources like SME loan Singapore are so crucial.</p>
  35. <p>Whether it’s dealing with temporary shutdowns, not having enough cash reserves, reduced work hours, or mass layoffs, the SME sector has gone through so many challenges. In the same way, aspiring SME business owners also need to get past many hurdles to make their dream come to life.</p>
  36. <p>So what should entrepreneurs in Singapore do to start a business, keep an existing business afloat, or expand their reach and operations? The answer is SME business loan.</p>
  37. </div><div class="fusion-title title fusion-title-2 fusion-sep-none fusion-title-text fusion-title-size-two"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">Here at OMY Singapore, you will discover the following:</h2></div><div class="fusion-text fusion-text-2"><ul>
  38. <li><a href="#Types-of-Business-Loans-in-Singapore">Types of Business Loans in Singapore</a>
  39. <ul>
  40. <li><a href="#Government-Assisted-Business-Loan-Schemes">Government-Assisted Business Loan Schemes</a></li>
  41. <li><a href="#Business-loans-from-banks">Business loans from banks</a></li>
  42. <li><a href="#Business-loans-from-Finance-institutions">Business loans from Finance institutions</a></li>
  43. <li><a href="#P2P-crowdfunding">P2P Crowdfunding</a></li>
  44. <li><a href="#Merchant-Cash-Advance">Merchant Cash Advance</a></li>
  45. <li><a href="#Invoice-Financing">Invoice Financing</a></li>
  46. <li><a href="#Business-Overdraft">Business Overdraft</a></li>
  47. <li><a href="#Business-First-Loan">Business First Loan</a></li>
  48. <li><a href="#Venture-Debt-Financing">Venture Debt Financing</a></li>
  49. </ul>
  50. </li>
  51. <li><a href="#Frequently-Asked-Questions">Frequently Asked Questions</a></li>
  52. </ul>
  53. </div><div class="fusion-text fusion-text-3" id="Types-of-Business-Loans-in-Singapore"><h2>Types Of SME Loan Singapore Options</h2>
  54. <p>To help you find the SME loans that fit your situation best, here’s our SME Loan in Singapore guide.</p>
  55. </div><div class="fusion-image-element " style="--awb-margin-bottom:30px;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);"><span class=" fusion-imageframe imageframe-none imageframe-1 hover-type-none"><img fetchpriority="high" decoding="async" width="1200" height="700" alt="SME Loan in Singapore" title="SME Loan in Singapore" src="https://www.omy.sg/wp-content/uploads/2022/09/SME-Loan-in-SIngapore.jpg" class="img-responsive wp-image-4926" srcset="https://www.omy.sg/wp-content/uploads/2022/09/SME-Loan-in-SIngapore-200x117.jpg 200w, https://www.omy.sg/wp-content/uploads/2022/09/SME-Loan-in-SIngapore-400x233.jpg 400w, https://www.omy.sg/wp-content/uploads/2022/09/SME-Loan-in-SIngapore-600x350.jpg 600w, https://www.omy.sg/wp-content/uploads/2022/09/SME-Loan-in-SIngapore-800x467.jpg 800w, https://www.omy.sg/wp-content/uploads/2022/09/SME-Loan-in-SIngapore.jpg 1200w" sizes="(max-width: 640px) 100vw, 1200px" /></span></div><div class="fusion-title title fusion-title-3 fusion-sep-none fusion-title-text fusion-title-size-three" id="Government-Assisted-Business-Loan-Schemes"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">1. Government-Assisted Business Loan Schemes</h3></div><div class="fusion-text fusion-text-4"><p>In 2020, different government-assisted SME loan Singapore schemes were introduced as a way for the government to keep supporting businesses that were affected by COVID-19. These SME business loan options are administered by Enterprise Singapore, as well as <a href="https://www.enterprisesg.gov.sg/financial-assistance/loans-and-insurance/loans-and-insurance/enterprise-financing-scheme/sme-working-capital/apply" target="_blank" rel="nofollow noopener">participating financial institutions</a>.</p>
  56. <p>This type of SME loan is extremely beneficial for entrepreneurs because it includes a government risk share of up to a staggering 90%. Enterprise Singapore offers 3 various credit facilities for SMEs.</p>
  57. </div><div class="fusion-title title fusion-title-4 fusion-sep-none fusion-title-text fusion-title-size-three" id="EFS-WCL-(SME-Working-Capital)"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">EFS-WCL (SME Working Capital Loans)</h3></div>
  58. <div class="table-2">
  59. <table width="100%">
  60. <thead></thead>
  61. <tbody>
  62. <tr>
  63. <td align="left">Maximum loan quantum</td>
  64. <td align="left">
  65. <ul>
  66. <li>S$300,000 per borrower</li>
  67. <li>S$500,000 per borrower (effective from 1 October 2022 to 31 March 2023)</li>
  68. <li>Borrowers are subject to an overall borrower group limit of S$5 million for EFS-WCL</li>
  69. </ul>
  70. </td>
  71. </tr>
  72. <tr>
  73. <td align="left">Maximum repayment period</td>
  74. <td align="left">
  75. <ul>
  76. <li>5 years</li>
  77. </ul>
  78. </td>
  79. </tr>
  80. <tr>
  81. <td align="left">ESG risk-share</td>
  82. <td align="left">
  83. <ul>
  84. <li>50%</li>
  85. <li>Young enterprises may receive a 70% risk share</li>
  86. </ul>
  87. </td>
  88. </tr>
  89. <tr>
  90. <td align="left">Interest rate</td>
  91. <td align="left">
  92. <ul>
  93. <li>Subject to PFI’s assessment of risks involved</li>
  94. </ul>
  95. </td>
  96. </tr>
  97. </tbody>
  98. </table>
  99. </div>
  100. <div class="fusion-title title fusion-title-5 fusion-sep-none fusion-title-text fusion-title-size-four"><h4 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:22;line-height:var(--awb-typography1-line-height);">SME business loan eligibility:</h4></div><div class="fusion-text fusion-text-5"><ul>
  101. <li>Must be a business entity that is registered and physically present in Singapore</li>
  102. <li>Must have at least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership</li>
  103. <li>Must have Group Annual Sales Turnover of not more than S$500 million</li>
  104. </ul>
  105. <p>*For this loan, the SME definition Singapore refers to businesses with a group revenue of up to S$100 million or maximum employment of 200 employees For more information, visit <a href="https://www.enterprisesg.gov.sg/financial-assistance/loans-and-insurance/loans-and-insurance/enterprise-financing-scheme/sme-working-capital/overview" target="_blank" rel="nofollow noopener">this</a> page.</p>
  106. </div><div class="fusion-title title fusion-title-6 fusion-sep-none fusion-title-text fusion-title-size-three" id="ETS-TL-(Enhanced-EFS–Trade-Loan)"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">ETS-TL (Enhanced EFS – Trade Loan)</h3></div>
  107. <div class="table-2">
  108. <table width="100%">
  109. <thead></thead>
  110. <tbody>
  111. <tr>
  112. <td align="left">Maximum loan quantum</td>
  113. <td align="left">
  114. <ul>
  115. <li>S$5 million per borrower</li>
  116. <li>S$10 million per borrower (effective from 1 July 2022 to 31 March 2023)</li>
  117. <li>Borrowers are subject to an overall borrower group limit of S$20 million for EFS-TL. There is an overall loan exposure limit of S$50 million per borrower group across all facilities.</li>
  118. </ul>
  119. </td>
  120. </tr>
  121. <tr>
  122. <td align="left">Maximum repayment period</td>
  123. <td align="left">
  124. <ul>
  125. <li>1 year</li>
  126. </ul>
  127. </td>
  128. </tr>
  129. <tr>
  130. <td align="left">ESG risk-share</td>
  131. <td align="left">
  132. <ul>
  133. <li>70%</li>
  134. <li>Young enterprises may receive a 70% risk share</li>
  135. </ul>
  136. </td>
  137. </tr>
  138. <tr>
  139. <td align="left">Interest rate</td>
  140. <td align="left">
  141. <ul>
  142. <li>Subject to PFI’s assessment of risks involved</li>
  143. </ul>
  144. </td>
  145. </tr>
  146. </tbody>
  147. </table>
  148. </div>
  149. <div class="fusion-title title fusion-title-7 fusion-sep-none fusion-title-text fusion-title-size-four"><h4 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:22;line-height:var(--awb-typography1-line-height);">SME business loan eligibility:</h4></div><div class="fusion-text fusion-text-6"><ul>
  150. <li>Must be a business entity that is registered and physically present in Singapore, and</li>
  151. <li>Must have at least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership, and</li>
  152. <li>Must have a Group Annual Sales Turnover of not more than S$500 million</li>
  153. </ul>
  154. <p>For more information, visit <a href="https://www.enterprisesg.gov.sg/financial-assistance/loans-and-insurance/loans-and-insurance/enterprise-financing-scheme/trade-loan/overview" target="_blank" rel="nofollow noopener">this</a> page.</p>
  155. </div><div class="fusion-title title fusion-title-8 fusion-sep-none fusion-title-text fusion-title-size-three" id="TBLP-(Temporary-Bridging-Loan-Programme)"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">TBLP (Temporary Bridging Loan Programme)</h3></div>
  156. <div class="table-2">
  157. <table width="100%">
  158. <thead></thead>
  159. <tbody>
  160. <tr>
  161. <td align="left">Maximum loan quantum</td>
  162. <td align="left">
  163. <ul>
  164. <li>S$3 million Per Borrower</li>
  165. <li>S$1 million Per Borrower (Effective From 1 April 2022 to 30 September 2022)</li>
  166. <li>Borrowers are Subject to an overall borrower group limit of S$20 million for TBLP. There is an overall Loan Exposure Limit Of S$50 million per borrower group across all facilities.</li>
  167. </ul>
  168. </td>
  169. </tr>
  170. <tr>
  171. <td align="left">Maximum repayment period</td>
  172. <td align="left">
  173. <ul>
  174. <li>5 year</li>
  175. </ul>
  176. </td>
  177. </tr>
  178. <tr>
  179. <td align="left">ESG risk-share</td>
  180. <td align="left">
  181. <ul>
  182. <li>70%</li>
  183. <li>Young enterprises may receive a 70% risk share</li>
  184. </ul>
  185. </td>
  186. </tr>
  187. <tr>
  188. <td align="left">Interest rate</td>
  189. <td align="left">
  190. <ul>
  191. <li>Capped At 5% Per Annum Until 31 March 2022</li>
  192. <li>Capped At 5.5% Per Annum From 1 April 2022 to 30 September 2022</li>
  193. </ul>
  194. </td>
  195. </tr>
  196. </tbody>
  197. </table>
  198. </div>
  199. <div class="fusion-title title fusion-title-9 fusion-sep-none fusion-title-text fusion-title-size-four"><h4 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:22;line-height:var(--awb-typography1-line-height);">SME business loan eligibility:</h4></div><div class="fusion-text fusion-text-7"><ul>
  200. <li>Must be a business entity that is registered and physically present in Singapore</li>
  201. <li>Must have at least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership</li>
  202. </ul>
  203. </div><div class="fusion-title title fusion-title-10 fusion-sep-none fusion-title-text fusion-title-size-three" id="Business-loans-from-banks"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">2. Business Loans From Banks</h3></div><div class="fusion-text fusion-text-8"><p>All major banks in the country offer this type of SME loan Singapore to local businesses, but entrepreneurs may be asked to present certain requirements to prove the legitimacy of their business.</p>
  204. <p>But how is a business loan different from a <a href="https://www.omy.sg/best-personal-loan-for-low-income-singapore/">personal loan</a>? Take a look at the table below.</p>
  205. </div>
  206. <div class="table-2">
  207. <table width="100%">
  208. <thead>
  209. <tr>
  210. <th align="left"></th>
  211. <th align="left">Personal loan</th>
  212. <th align="left">Business loan</th>
  213. </tr>
  214. </thead>
  215. <tbody>
  216. <tr>
  217. <td align="left">Loan amount</td>
  218. <td align="left">Lesser</td>
  219. <td align="left">Larger</td>
  220. </tr>
  221. <tr>
  222. <td align="left">Loan terms</td>
  223. <td align="left">Up to 7 years</td>
  224. <td align="left">Up to 5 years</td>
  225. </tr>
  226. <tr>
  227. <td align="left">Documents required</td>
  228. <td align="left">Personal salary records</td>
  229. <td align="left">Financial reports, ACRA records, and many more</td>
  230. </tr>
  231. <tr>
  232. <td align="left">Business age requirement</td>
  233. <td align="left">Minimum 6 months to 2 years</td>
  234. <td align="left">n/a</td>
  235. </tr>
  236. <tr>
  237. <td align="left">Processing days</td>
  238. <td align="left">Less than a week</td>
  239. <td align="left">Up to 2 weeks or more depending on bank</td>
  240. </tr>
  241. </tbody>
  242. </table>
  243. </div>
  244. <div class="fusion-text fusion-text-9"><p>Personal loans are a great choice for people who are just starting their business. Despite the smaller loan amount (usually only 6x your salary), it is easier to acquire and it can still be used as SME business loan.</p>
  245. <p>Want to know the best SME loan Singapore options offered by banks in Singapore? Take a look at this table below.</p>
  246. </div>
  247. <div class="table-2">
  248. <table width="100%">
  249. <thead>
  250. <tr>
  251. <th align="left">Loan</th>
  252. <th align="left">interest</th>
  253. <th align="left">tenure</th>
  254. <th align="left">Maximum loan</th>
  255. <th align="left">Eligibility</th>
  256. </tr>
  257. </thead>
  258. <tbody>
  259. <tr>
  260. <td align="left"><a href="https://www.dbs.com.sg/sme/financing/working-capital/business-term-loan/" target="_blank" rel="nofollow noopener">DBS Business Loan</a></td>
  261. <td align="left">To be assessed by the bank</td>
  262. <td align="left">1-5 years</td>
  263. <td align="left">Up to S$500,000 or depending on the bank’s assessment</td>
  264. <td align="left">
  265. <ul>
  266. <li>Open to all businesses, including ones that don’t qualify for government-assisted loans</li>
  267. </ul>
  268. </td>
  269. </tr>
  270. <tr>
  271. <td align="left"><a href="https://www.ocbc.com/business-banking/smes/loans/business-first-loan" target="_blank" rel="nofollow noopener">OCBC Business First Loan</a></td>
  272. <td align="left">To be assessed by the bank</td>
  273. <td align="left">Up to 4 years</td>
  274. <td align="left">S$100,000</td>
  275. <td align="left">
  276. <ul>
  277. <li>Business must be operating in Singapore between 6 months to 2 years</li>
  278. <li>Must have at least 30% local ownership</li>
  279. <li>Must have no more than 10 employees</li>
  280. <li>Must have S$1 million annual turnover</li>
  281. <li>At least 1 guarantor required</li>
  282. </ul>
  283. </td>
  284. </tr>
  285. <tr>
  286. <td align="left"><a href="https://www.uob.com.sg/business/finance/bizmoney-business-loan.page" target="_blank" rel="nofollow noopener">UOB BizMoney Loan</a></td>
  287. <td align="left">10.88% per annum</td>
  288. <td align="left">Up to 5 years</td>
  289. <td align="left">Up to S$350,000</td>
  290. <td align="left">
  291. <ul>
  292. <li>Sole proprietorship/ Partnership/Private Limited Company</li>
  293. <li>Must be registered and operating in Singapore for at least 3 years</li>
  294. </ul>
  295. </td>
  296. </tr>
  297. <tr>
  298. <td align="left"><a href="https://www.maybank2u.com.sg/en/business/local-enterprise/sme/grow-business/working-capital/business-term-loan.page" target="_blank" rel="nofollow noopener">Maybank Business term loan</a></td>
  299. <td align="left">To be assessed by the bank</td>
  300. <td align="left">Up to 5 years</td>
  301. <td align="left">Up to S$500,000 (for working capital)</td>
  302. <td align="left">
  303. <ul>
  304. <li>Must be established for at least 3 years</li>
  305. <li>Must have at least 30% local shareholding</li>
  306. <li>Must have S$ 300,000 minimum turnover per annum</li>
  307. <li>At least 1 guarantor required</li>
  308. </ul>
  309. </td>
  310. </tr>
  311. <tr>
  312. <td align="left"><a href="https://www.sc.com/sg/business-loans-and-working-capital/business-instalment-loan/" target="_blank" rel="nofollow noopener">Standard Chartered Business Instalment Loan</a></td>
  313. <td align="left">Up to 11% per annum</td>
  314. <td align="left">3 years</td>
  315. <td align="left">Up to S$300,000</td>
  316. <td align="left">
  317. <ul>
  318. <li>Sole proprietorship/Partnership/Private Limited Company</li>
  319. <li>Must be registered and operating in Singapore for at least 3 years</li>
  320. <li>Must have at least 50% local ownership</li>
  321. <li>Must have a minimum turnover of S$750,000</li>
  322. </ul>
  323. </td>
  324. </tr>
  325. </tbody>
  326. </table>
  327. </div>
  328. <div class="fusion-title title fusion-title-11 fusion-sep-none fusion-title-text fusion-title-size-three" id="Business-loans-from-Finance-institutions"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">3. Business Loans From Finance Institutions</h3></div><div class="fusion-text fusion-text-10"><p>Many financial institutions also offer lending options to SMEs. These SME loan Singapore choices are unsecured similar to banks. The only difference is that loans from financial institutions usually focus more on equipment loans, factoring, and other asset-based lending options.</p>
  329. </div><div class="fusion-image-element " style="--awb-margin-bottom:30px;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);"><span class=" fusion-imageframe imageframe-none imageframe-2 hover-type-none"><img decoding="async" width="1200" height="700" alt="Fastest Online SME Loans" title="Fastest Online SME Loans" src="https://www.omy.sg/wp-content/uploads/2022/09/Fastest-Online-SME-Loan.jpg" class="img-responsive wp-image-4933" srcset="https://www.omy.sg/wp-content/uploads/2022/09/Fastest-Online-SME-Loan-200x117.jpg 200w, https://www.omy.sg/wp-content/uploads/2022/09/Fastest-Online-SME-Loan-400x233.jpg 400w, https://www.omy.sg/wp-content/uploads/2022/09/Fastest-Online-SME-Loan-600x350.jpg 600w, https://www.omy.sg/wp-content/uploads/2022/09/Fastest-Online-SME-Loan-800x467.jpg 800w, https://www.omy.sg/wp-content/uploads/2022/09/Fastest-Online-SME-Loan.jpg 1200w" sizes="(max-width: 640px) 100vw, 1200px" /></span></div><div class="fusion-text fusion-text-11"><h4>Fastest Online SME Loans</h4>
  330. <p>Need an instant SME loan Singapore today? You may consider applying from Capitall Pte Ltd. If your application meets all eligibility and credit risk criteria, your application approval can only take hours.</p>
  331. <p>Also, when all the documents required and all information are submitted properly, you can receive your SME business loan within 24 hours of application.</p>
  332. <p>Apply for an <a href="https://capitall.com.sg/business-loan-singapore/" target="_blank" rel="noopener">SME loan</a> in Singapore. Also, they provide <a href="https://capitall.com.sg/hire-purchase-car-loan/" target="_blank" rel="noopener">auto financing</a>.</p>
  333. </div><div class="fusion-title title fusion-title-12 fusion-sep-none fusion-title-text fusion-title-size-four"><h4 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:22;line-height:var(--awb-typography1-line-height);">More Best Business Loans</h4></div><div class="fusion-text fusion-text-12"><p>Take a look at some of the best SME loan options offered by financial institutions below.</p>
  334. </div>
  335. <div class="table-2">
  336. <table width="100%">
  337. <thead>
  338. <tr>
  339. <th align="left"></th>
  340. <th align="left"><a style="color: white;" href="https://www.hlf.com.sg/sme-and-corporate/loans/local-enterprise-finance-scheme.html" target="_blank" rel="nofollow noopener">Hong Leong Finance Fixed Assets loan</a></th>
  341. <th align="left"><a style="color: white;" href="https://sfl.sg/pgnotfound.php" target="_blank" rel="nofollow noopener">Singapura Finance Inventory Loan</a></th>
  342. <th align="left"><a style="color: white;" href="https://www.sif.com.sg/machinery-loan/" target="_blank" rel="nofollow noopener">Sing Investments and Finance Machinery Loan</a></th>
  343. </tr>
  344. </thead>
  345. <tbody>
  346. <tr>
  347. <td align="left">Financing percentage</td>
  348. <td align="left">Up to 90%</td>
  349. <td align="left">Up to 80% of purchase price or valuation</td>
  350. <td align="left">Up to 90%</td>
  351. </tr>
  352. <tr>
  353. <td align="left">Interest rate</td>
  354. <td align="left">Fixed interest rate</td>
  355. <td align="left">n/a</td>
  356. <td align="left">Fixed repayment terms</td>
  357. </tr>
  358. <tr>
  359. <td align="left">Tenure</td>
  360. <td align="left">Up to 7 years</td>
  361. <td align="left">Up to 180 days</td>
  362. <td align="left">Up to 5 years</td>
  363. </tr>
  364. <tr>
  365. <td align="left">Best for</td>
  366. <td align="left">Purchase of new equipment, machinery, and other fixed assets</td>
  367. <td align="left">Purchase of new and used motorcar and commercial vehicles</td>
  368. <td align="left">Purchase of new or used machines</td>
  369. </tr>
  370. <tr>
  371. <td align="left">Eligibility</td>
  372. <td align="left">
  373. <ul>
  374. <li>Must be incorporated and operating in Singapore</li>
  375. <li>Must have a minimum of 30% local shareholding (Singaporeans or Singapore PRs)</li>
  376. <li>Must have Group&#8217;s annual sales turnover not exceeding S$100 million or group&#8217;s employment size not more than 200</li>
  377. <li>Maximum Borrower Group revenue cap at S$500 million for all enterprises</li>
  378. </ul>
  379. </td>
  380. <td align="left">
  381. <ul>
  382. <li>Must be a Singapore-incorporated company in motor vehicle trade for at least two years</li>
  383. <li>Alternatively, businesses may be a new set-up with your principal directors having at least two years active business experience in the auto trade business</li>
  384. <li>Must have a minimum paid-up capital of $30,000</li>
  385. <li>Must have personal guarantees of principal directors &amp; shareholders</li>
  386. </ul>
  387. </td>
  388. <td align="left">n/a</td>
  389. </tr>
  390. </tbody>
  391. </table>
  392. </div>
  393. <div class="fusion-title title fusion-title-13 fusion-sep-none fusion-title-text fusion-title-size-four"><h4 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:22;line-height:var(--awb-typography1-line-height);">Other loans to consider:</h4></div><div class="fusion-text fusion-text-13"><ul>
  394. <li>Sing Investments &amp; Finance Limited Commercial Property Loan</li>
  395. <li>Sing Investments &amp; Finance Limited Accounts Receivables/Invoice Factoring Loan</li>
  396. <li>Sing Investments &amp; Finance Limited COVID-19 Financial Assistance</li>
  397. <li>Singapura Finance Commercial &amp; Industrial Property Financing</li>
  398. <li>Singapura Finance Business Loan</li>
  399. <li>Bugis Credit Business Loan</li>
  400. </ul>
  401. </div><div class="fusion-title title fusion-title-14 fusion-sep-none fusion-title-text fusion-title-size-three" id="P2P-crowdfunding"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">4. P2P Crowdfunding</h3></div><div class="fusion-text fusion-text-14"><p>Whether your business has been operating for a few years and you need funds for expansion, or you simply need capital to start your dream business, you can take advantage of crowdfunding.</p>
  402. <p>For lending-based crowdfunding, individuals lend you money and you commit to repay the SME loan Singapore at a predetermined interest rate and period.</p>
  403. <p>Here are some of the best crowdfunding platforms you can take advantage of in Singapore.</p>
  404. </div>
  405. <div class="table-2">
  406. <table width="100%">
  407. <thead>
  408. <tr>
  409. <th align="left">Crowdfunding Platform</th>
  410. <th align="left">Highlights</th>
  411. </tr>
  412. </thead>
  413. <tbody>
  414. <tr>
  415. <td align="left"><a href="https://fundingsocieties.com/" target="_blank" rel="nofollow noopener">Funding Societies</a></td>
  416. <td align="left">
  417. <ul>
  418. <li>Over 25,000 registered investors in Singapore</li>
  419. <li>1-12 months loan tenor</li>
  420. </ul>
  421. </td>
  422. </tr>
  423. <tr>
  424. <td align="left"><a href="https://kapitalboost.com/" target="_blank" rel="nofollow noopener">Kapital Boost</a></td>
  425. <td align="left">
  426. <ul>
  427. <li>Islamic-based peer to peer platforms in Indonesia and Singapore</li>
  428. <li>No investor fees</li>
  429. <li>1-6 months tenor</li>
  430. </ul>
  431. </td>
  432. </tr>
  433. <tr>
  434. <td align="left"><a href="https://minterest.sg/" target="_blank" rel="nofollow noopener">Minterest</a></td>
  435. <td align="left">
  436. <ul>
  437. <li>Over S$298 million raised</li>
  438. <li>88% of deals funded in a day</li>
  439. </ul>
  440. </td>
  441. </tr>
  442. <tr>
  443. <td align="left"><a href="https://fundedhere.com/" target="_blank" rel="nofollow noopener">FundedHere</a></td>
  444. <td align="left">
  445. <ul>
  446. <li>S$20 million raised for 30 startups</li>
  447. </ul>
  448. </td>
  449. </tr>
  450. </tbody>
  451. </table>
  452. </div>
  453. <div class="fusion-title title fusion-title-15 fusion-sep-none fusion-title-text fusion-title-size-three" id="Merchant-Cash-Advance"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">5. Merchant Cash Advance</h3></div><div class="fusion-text fusion-text-15"><p>This <a href="https://easyfind.sg/business-loan/" target="_blank" rel="noopener">SME loan Singapore</a> is a type of financing option that F&amp;B businesses that use credit card terminals can take advantage of. The major criteria for this kind of credit facility include the SME’s credit card transactions for the past 6 months. Other factors include profitability, financials, and guarantors.</p>
  454. <p>When it comes to this type of SME loan Singapore, the advance amount is calculated by averaging the monthly <a href="https://www.omy.sg/best-credit-card-promotions-in-singapore/">credit card</a> transaction over the last 6 months. Then, it is multiplied 1.5-4 times. The repayment period for this type of loan is usually 6-9 months.</p>
  455. <p>Here are some merchant cash advance providers in Singapore.</p>
  456. </div>
  457. <div class="table-2">
  458. <table width="100%">
  459. <thead>
  460. <tr>
  461. <th align="left">Merchant Cash Advance</th>
  462. <th align="left">Highlights</th>
  463. </tr>
  464. </thead>
  465. <tbody>
  466. <tr>
  467. <td align="left"><a href="http://monetiumleasing.com.sg/merchant-cash-advance" target="_blank" rel="nofollow noopener">Monetium Leasing merchant Cash Advance</a></td>
  468. <td align="left">
  469. <ul>
  470. <li>Flexible repayment terms</li>
  471. <li>Best suited for bars and restaurants, retail stores, clinics, petrol stations, online shops, and beauty salons</li>
  472. </ul>
  473. </td>
  474. </tr>
  475. <tr>
  476. <td align="left"><a href="https://www.grab.com/sg/merchant/finance/hub/products/merchant-cash-advance/" target="_blank" rel="nofollow noopener">Grab Merchant Cash Advance</a></td>
  477. <td align="left">
  478. <ul>
  479. <li>Borrow up to S$100,000</li>
  480. <li>Loan tenure up to 6 months</li>
  481. <li>0% interest and late charges</li>
  482. </ul>
  483. </td>
  484. </tr>
  485. <tr>
  486. <td align="left"><a href="https://majestyfunding.com/mca-consolidation-lenders/" target="_blank" rel="nofollow noopener">Majesty Funding Merchant Cash Advance Consolidation &amp; Refinance</a></td>
  487. <td align="left">
  488. <ul>
  489. <li>For funds that require minimal documentation</li>
  490. <li>Cash amount up to 4 times monthly card sales</li>
  491. <li>24-hour turnaround time</li>
  492. </ul>
  493. </td>
  494. </tr>
  495. </tbody>
  496. </table>
  497. </div>
  498. <div class="fusion-text fusion-text-16"><p>Discover more about <a href="https://capitall.com.sg/merchant-cash-advance-guide/" target="_blank" rel="noopener">merchant cash advance</a>.</p>
  499. </div><div class="fusion-title title fusion-title-16 fusion-sep-none fusion-title-text fusion-title-size-three" id="Invoice-Financing"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">6. Invoice Financing</h3></div><div class="fusion-text fusion-text-17"><p>For this type of SME loan Singapore, invoices are used as collateral. To qualify for this loan, the customers of a business must show financial strength.</p>
  500. <p>When it comes to SMEs, they usually issue invoices after completing a sale. SMEs use invoices as collateral while they await payment for the sale. Once approved, they can collect up to 80% of the invoice value for each invoice until they reach their credit limit.</p>
  501. <p>To get approved for invoice financing SME loan, the borrower must provide a clean track record of their past transaction history and service performance. Businesses whose customers are multinational corporations or the government are preferred for this SME loan Singapore compared to usual SME customers.</p>
  502. <p>Here are some invoice financing providers in Singapore.</p>
  503. </div>
  504. <div class="table-2">
  505. <table width="100%">
  506. <thead>
  507. <tr>
  508. <th align="left">Invoice Financing</th>
  509. <th align="left">Highlights</th>
  510. </tr>
  511. </thead>
  512. <tbody>
  513. <tr>
  514. <td align="left"><a href="https://validus.sg/invoice-financing/" target="_blank" rel="nofollow noopener">Validus Invocing Financing</a></td>
  515. <td align="left">
  516. <ul>
  517. <li>Borrow up to S$625,000</li>
  518. <li>1-year loan tenure</li>
  519. <li>up to 10% interest rate</li>
  520. </ul>
  521. </td>
  522. </tr>
  523. <tr>
  524. <td align="left"><a href="https://www.ocbc.com/business-banking/smes/trade/invoice-financing-purchase" target="_blank" rel="nofollow noopener">OCBC Invoice Financing</a></td>
  525. <td align="left">
  526. <ul>
  527. <li>Must have a minimum annual turnover of S$250,000</li>
  528. <li>Must be operating for at least 6 months</li>
  529. <li>Must have at least one large customer (blue chip, publicly listed, MNC)</li>
  530. <li>24-hour turnaround</li>
  531. </ul>
  532. </td>
  533. </tr>
  534. <tr>
  535. <td align="left"><a href="https://www.invoiceinterchange.com/" target="_blank" rel="nofollow noopener">Invoice Interchange</a></td>
  536. <td align="left">
  537. <ul>
  538. <li>Must have a minimum annual turnover of S$250,000</li>
  539. <li>Must be operating for at least 6 months</li>
  540. <li>Must have at least one large customer (blue chip, publicly listed, MNC)</li>
  541. <li>24-hour turnaround</li>
  542. </ul>
  543. </td>
  544. </tr>
  545. </tbody>
  546. </table>
  547. </div>
  548. <div class="fusion-title title fusion-title-17 fusion-sep-none fusion-title-text fusion-title-size-three" id="Business-Overdraft"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">7. Business Overdraft</h3></div><div class="fusion-text fusion-text-18"><p>This option for SME business loan is usually used as an alternative to business term loans. It is recommended for businesses who need short-term working capital. Despite being used for the same purpose as an unsecured business loan, an OD facility provides SMEs with a line of credit instead of the lump sum amount they need. Considering this, the interest is only charged for the amount used up by the SME.</p>
  549. <p>To be eligible for this SME loan Singapore, the financial performance and bank statement records of a business must be evaluated. The personal credit records of the guarantors will also be considered.</p>
  550. <p>These two banks provide business overdraft which can be used as SME loan Singapore.</p>
  551. </div>
  552. <div class="table-2">
  553. <table width="100%">
  554. <thead>
  555. <tr>
  556. <th align="left">Bank</th>
  557. <th align="left">Highlights</th>
  558. </tr>
  559. </thead>
  560. <tbody>
  561. <tr>
  562. <td align="left">DBS Revolving Credit Line</td>
  563. <td align="left">
  564. <ul>
  565. <li>Secured or unsecured</li>
  566. <li>Gives immediate access to funds</li>
  567. </ul>
  568. </td>
  569. </tr>
  570. <tr>
  571. <td align="left"><a href="https://www.cimb.com.sg/en/business/solutions-products/loans-financing/corporate-loans-financing/overdraft.html" target="_blank" rel="nofollow noopener">CIMB Overdraft</a></td>
  572. <td align="left">
  573. <ul>
  574. <li>Easy access to funds to meet short-term financial obligations</li>
  575. <li>Only pay interest for amount used</li>
  576. </ul>
  577. </td>
  578. </tr>
  579. </tbody>
  580. </table>
  581. </div>
  582. <div class="fusion-title title fusion-title-18 fusion-sep-none fusion-title-text fusion-title-size-three" id="Business-First-Loan"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">8. Business First Loan</h3></div><div class="fusion-text fusion-text-19"><p>This type of unsecured loan is geared towards startups that have been operating in the country for 6 months to 2 years.</p>
  583. <p>Just like other unsecured loans, this SME loan Singapore doesn’t put heavy emphasis on financial history and performance because the business has only been operating for a limited time. The major factor in the evaluation process of this SME loan Singapore is the company’s directors or guarantor’s personal credit scores, as well as their declared incomes.</p>
  584. <p>Take a look at this table to learn more about OCBC’s Business First Loan.</p>
  585. </div>
  586. <div class="table-2">
  587. <table width="100%">
  588. <thead>
  589. <tr>
  590. <th align="left">Loan type</th>
  591. <th align="left">Highlights</th>
  592. </tr>
  593. </thead>
  594. <tbody>
  595. <tr>
  596. <td align="left"><a href="https://www.ocbc.com/business-banking/smes/loans/business-first-loan" target="_blank" rel="nofollow noopener">OCBC Business First Loan</a></td>
  597. <td align="left">
  598. <ul>
  599. <li>Must be at least 30% owned by Singaporean or Singapore PR</li>
  600. <li>Must have no more than 10 employees</li>
  601. <li>Must have an annual turnover not exceeding S$1 million</li>
  602. <li>No paperwork needed</li>
  603. <li>Online application</li>
  604. </ul>
  605. </td>
  606. </tr>
  607. </tbody>
  608. </table>
  609. </div>
  610. <div class="fusion-title title fusion-title-19 fusion-sep-none fusion-title-text fusion-title-size-three" id="Venture-Debt-Financing"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">9. Venture Debt Financing</h3></div><div class="fusion-text fusion-text-20"><p>Banks are unable to grant debt financing to unprofitable companies but recently, many startups have obtained multi-million venture investments while still not churning profits. Venture debt financing facilities were created to address these gaps.</p>
  611. <p>To be granted this financing option as SME loan Singapore, the financial institution will evaluate a company based on its equity obtained from venture investors, as well as its business model. Based on its SME definition Singapore, this option puts less emphasis on the financial performance and history since startups are not profitable. This is one of the reasons why a lot of people consider this SME business loan option.</p>
  612. <p>Take a look at this table below to learn about DBS and OCBC Venture Debt Financing.</p>
  613. </div>
  614. <div class="table-2">
  615. <table width="100%">
  616. <thead>
  617. <tr>
  618. <th align="left">Venture debt financing</th>
  619. <th align="left">Highlights</th>
  620. </tr>
  621. </thead>
  622. <tbody>
  623. <tr>
  624. <td align="left"><a href="https://www.dbs.com.sg/sme/financing/working-capital/venture-debt-financing" target="_blank" rel="nofollow noopener">DBS Venture Debt Financing</a></td>
  625. <td align="left">
  626. <ul>
  627. <li>Access DBS cross-border network</li>
  628. <li>Work with seasoned venture professionals</li>
  629. <li>Achieve balance between flexibility and dilution</li>
  630. <li>Enhance equity returns</li>
  631. <li>Extend cash runway</li>
  632. </ul>
  633. </td>
  634. </tr>
  635. <tr>
  636. <td align="left"><a href="https://www.ocbc.com/business-banking/smes/loans/sme-venture-loan" target="_blank" rel="nofollow noopener">OCBC SME Venture Loan</a></td>
  637. <td align="left">
  638. <ul>
  639. <li>Customised financing for your growth plan</li>
  640. <li>Up to S$8 million in financing</li>
  641. <li>Company must be incorporated and operating in Singapore</li>
  642. <li>Must have at least 30% Singaporean or PR shareholding</li>
  643. </ul>
  644. </td>
  645. </tr>
  646. </tbody>
  647. </table>
  648. </div>
  649. <div class="fusion-title title fusion-title-20 fusion-sep-none fusion-title-text fusion-title-size-two" id="Frequently-Asked-Questions"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">Frequently Asked Questions About SME Loan</h2></div><div class="fusion-text fusion-text-21"><p>Here are some commonly asked questions about SME loan Singapore.</p>
  650. </div><div id="rank-math-rich-snippet-wrapper"><div id="rank-math-faq" class="rank-math-block">
  651. <div class="rank-math-list ">
  652. <div id="faq-1" class="rank-math-list-item">
  653. <h3 class="rank-math-question ">What is SME definition Singapore?</h3>
  654. <div class="rank-math-answer ">
  655.  
  656. <p>Knowing SME definition Singapore is crucial when applying for any loan option. SMEs are companies with a group annual revenue of less than S$100 million. Another important part of SME definition Singapore is that these companies have less than 200 employees and have a minimum of 30% shareholdings by Singaporeans and Singapore PRs.</p>
  657.  
  658. </div>
  659. </div>
  660. <div id="faq-2" class="rank-math-list-item">
  661. <h3 class="rank-math-question ">What are the different government financing schemes in Singapore?</h3>
  662. <div class="rank-math-answer ">
  663.  
  664. <p>The different government financing schemes in Singapore are EFS-WCL (SME Working Capital), ETS-TL (Enhanced EFS – Trade Loan), and TBLP (Temporary Bridging Loan Programme).</p>
  665.  
  666. </div>
  667. </div>
  668. <div id="faq-3" class="rank-math-list-item">
  669. <h3 class="rank-math-question ">What are the documents needed to apply for an SME loan?</h3>
  670. <div class="rank-math-answer ">
  671.  
  672. <p>When applying for any SME loan Singapore option, you need to present documents that prove your positive track record. This includes:</p>
  673. <ul>
  674. <li>At least latest 2 years of financial statements and reports</li>
  675. <li>GST declaration</li>
  676. <li>6 months' bank statements</li>
  677. <li>Proof of your company's ownership (like ACRA records)</li>
  678. <li>Director’s NOA</li>
  679. <li>Account receivables &amp; payable ageing list</li>
  680. <li>List of existing banking facilities</li>
  681. </ul>
  682. <p>The documents needed for SME loan Singapore for startups are different. This usually focuses on personal income documents.</p>
  683.  
  684. </div>
  685. </div>
  686. <div id="faq-4" class="rank-math-list-item">
  687. <h3 class="rank-math-question ">What is the interest rate for SME loans?</h3>
  688. <div class="rank-math-answer ">
  689.  
  690. <p>The interest rate for SME business loan options depends on various factors such as whether it is a secured or unsecured SME loan, or what the credit risk grade of the borrower is.</p>
  691.  
  692. </div>
  693. </div>
  694. <div id="faq-5" class="rank-math-list-item">
  695. <h3 class="rank-math-question ">How long does a business loan get processed?</h3>
  696. <div class="rank-math-answer ">
  697.  
  698. <p>An SME loan Singapore usually takes 2 weeks to process since there is a lot of paperwork that needs to be examined and verified.</p>
  699.  
  700. </div>
  701. </div>
  702. <div id="faq-6" class="rank-math-list-item">
  703. <h3 class="rank-math-question ">Can I qualify for a loan to start a business?</h3>
  704. <div class="rank-math-answer ">
  705.  
  706. <p>You may be able to qualify for an SME business loan from a P2P lending/crowdfunding platform. However, businesses need to be registered or in operation for at least 6 months to qualify for other SME loans.<br />
  707. If you need urgent cash to start a business, try applying for a personal loan instead.</p>
  708.  
  709. </div>
  710. </div>
  711. <div id="faq-7" class="rank-math-list-item">
  712. <h3 class="rank-math-question ">What can SME loans be used for?</h3>
  713. <div class="rank-math-answer ">
  714.  
  715. <p>SME loan Singapore can be used for a variety of reasons such as refinancing existing debt, expansion, purchasing new properties or inventory, and many more.</p>
  716.  
  717. </div>
  718. </div>
  719. <div id="faq-8" class="rank-math-list-item">
  720. <h3 class="rank-math-question ">What is a government guaranteed loan?</h3>
  721. <div class="rank-math-answer ">
  722.  
  723. <p>This refers to an SME business loan where the government assumes the debt obligation if the borrower defaults.</p>
  724.  
  725. </div>
  726. </div>
  727. </div>
  728. </div></div></div></div></div></div>
  729. ]]></content:encoded>
  733. </item>
  734. <item>
  735. <title>COE quota for February-April quarter to experience slow growth</title>
  736. <link>https://www.omy.sg/coe-quota-for-february-april-quarter-to-experience-slow-growth/</link>
  738. <dc:creator><![CDATA[Senior Editor]]></dc:creator>
  739. <pubDate>Wed, 31 Jan 2024 03:48:27 +0000</pubDate>
  740. <category><![CDATA[News]]></category>
  741. <category><![CDATA[Lifestyle]]></category>
  742. <category><![CDATA[Personal Finance]]></category>
  743. <guid isPermaLink="false">https://www.omy.sg/?p=8749</guid>
  744.  
  745. <description><![CDATA[Singapore will experience a 2% increase in COE quota for the upcoming quarter. This a significant slowdown compared to the previous period's 27% surge.]]></description>
  746. <content:encoded><![CDATA[<div class="fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling" style="--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;" ><div class="fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap" style="max-width:1310.4px;margin-left: calc(-4% / 2 );margin-right: calc(-4% / 2 );"><div class="fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column" style="--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;"><div class="fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column"><div class="fusion-title title fusion-title-21 fusion-sep-none fusion-title-text fusion-title-size-two"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">14,707 COEs to be released in the next quarter</h2></div><div class="fusion-text fusion-text-22"><p>From February to April, the Certificate of Entitlement (COE) quota will see a marginal 2% increase. This is a huge contrast to the 27% surge observed in the November 2023 to January 2024 quarter.</p>
  747. <p>More from OMY: <a href="https://www.omy.sg/lta-expands-coe-quota-for-upcoming-quarter-starting-november/" target="_blank" rel="noopener">LTA Expands COE Quota for Upcoming Quarter Starting November</a></p>
  748. <p>A total of 14,707 COEs will be available for this period, with allocations increasing across categories A, B, and C, according to the Land Transport Authority (LTA).</p>
  749. <p>The quota for goods vehicles and buses (Category C) will see a 4% increase, offering 1,170 COEs.</p>
  750. <p>Category B, which includes larger cars, will have an available supply of 3,895 COEs, up by 3% from the previous quarter. For smaller mass-market cars in Category A, there will be 5,609 COEs, marking a 2% rise.</p>
  751. <p>The authority will also advance the deregistrations of five-year non-extendable Category D COEs.</p>
  752. <p>&#8220;The COE quota for Categories A, B, and C will continue to increase in 2024 before reaching the peak supply period from 2026, whilst Category D quota in 2024 is expected to remain comparable to 2023,&#8221; LTA stated.</p>
  753. <p>The bidding for COEs under this new quota is scheduled to start on 5 February, with the quota for the May to July 2024 bidding period to be announced in April.</p>
  754. <p>Following a significant drop, COE prices rebounded on 17 January, reaching levels not seen in almost two years in the previous exercise.</p>
  755. <p>The COE quota is composed of three parts: 25% of the replacement COEs from vehicles deregistered between January 2023 and December 2023, a provision for 0.25% annual growth for Category C based on the vehicle population as of 31 December 2023, and adjustments for changes in the taxi population, expired COEs, the Early Turnover Scheme for commercial vehicles, and redistribution from guaranteed deregistrations for Categories A, B, and D.</p>
  756. <p>More from OMY: <a href="https://www.omy.sg/best-car-loans-in-singapore/" target="_blank" rel="noopener">Best Car Loans in Singapore</a></p>
  757. </div></div></div></div></div>
  758. ]]></content:encoded>
  762. </item>
  763. <item>
  764. <title>Major expansion of Woodlands Checkpoint to begin in 2025, to be Completed by 2032</title>
  765. <link>https://www.omy.sg/major-expansion-of-woodlands-checkpoint-to-begin-in-2025/</link>
  767. <dc:creator><![CDATA[Senior Editor]]></dc:creator>
  768. <pubDate>Tue, 30 Jan 2024 10:25:11 +0000</pubDate>
  769. <category><![CDATA[News]]></category>
  770. <category><![CDATA[Business]]></category>
  771. <category><![CDATA[Technology]]></category>
  772. <guid isPermaLink="false">https://www.omy.sg/?p=8746</guid>
  773.  
  774. <description><![CDATA[Singapore's major checkpoint expansion project at Woodlands is set to start in 2025. This will improve not only its capacity, but also its efficiency.]]></description>
  775. <content:encoded><![CDATA[<div class="fusion-fullwidth fullwidth-box fusion-builder-row-3 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling" style="--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;" ><div class="fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap" style="max-width:1310.4px;margin-left: calc(-4% / 2 );margin-right: calc(-4% / 2 );"><div class="fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-flex-column" style="--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;"><div class="fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column"><div class="fusion-title title fusion-title-22 fusion-sep-none fusion-title-text fusion-title-size-two"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">Woodlands checkpoint to expand to five times its size</h2></div><div class="fusion-text fusion-text-23"><p>The Immigration and Checkpoints Authority (ICA) has announced the start of a significant expansion project for the Woodlands Checkpoint, beginning in 2025.</p>
  776. <p>This project will increase the checkpoint&#8217;s size by fivefold, with the initial phase focusing on extending the Old Woodlands Town Centre and Bukit Timah Expressway. The completion of this phase is expected to progress from 2028 onwards.</p>
  777. <p>The plan includes the demolition and integration of the Old Woodlands Checkpoint with the new extension, which is expected to be fully operational by 2032. This redevelopment is part of a broader 10 to 15-year strategy, involving land acquisition and reclamation, overseen by JTC Corporation.</p>
  778. <p>Despite the extensive nature of the works, ICA said that checkpoint operations will not be disrupted.</p>
  779. <p>Following detailed feasibility and technical studies, the need for land acquisition and reclamation was identified as essential to meet future demands.</p>
  780. <p>An ICA spokesperson shared that the redeveloped checkpoint, inclusive of the current facility, will cover approximately 95 hectares. This is more than double the size of the Marina South precinct. The present checkpoint covers an area of about 19 hectares.</p>
  781. <p>Land reclamation is expected to start in the third quarter of 2024, with completion targeted for 2029. This follows the finalisation of reclamation plans and consideration of feedback from an environmental impact assessment report conducted by JTC. The report suggested measures to mitigate environmental impact, leading ICA to anticipate no major environmental concerns from the redevelopment.</p>
  782. <p>The need for this expansion is driven by the surge in traveller volume at Woodlands Checkpoint, which has returned to pre-Covid-19 levels of approximately 300,000 daily travellers, often increasing during holidays and long weekends. This figure represents a significant increase from the 230,000 daily travellers recorded in 2000. By 2050, the number is projected to reach 400,000.</p>
  783. <p>Deputy Assistant Commissioner Jackson Tan, commander of Woodlands Checkpoint, highlighted the limitations of the current infrastructure in addressing traffic congestion. The redevelopment aims to reduce the average clearance time from 60 to 15 minutes during peak periods for all vehicle types. This will be achieved through increased automation, such as automated in-car immigration clearance systems, and the establishment of holding areas for vehicles within the checkpoint.</p>
  784. <p>The first phase will feature an extension at the Old Woodlands Town Centre, including 21 cargo lanes and 78 arrival car lanes, significantly improving clearance capacities. Additionally, these car lanes can be converted into 156 motorcycle lanes to manage peak-period traffic efficiently.</p>
  785. <p>To help peak-hour road congestion, a direct route to the Bukit Timah Expressway will be created, along with upgrades to surrounding road networks. To minimise ecological impact, the BKE extension will be aligned with Marsiling Park&#8217;s eastern edge. Noise barriers and traffic signage will also be implemented to decrease construction impacts on nearby residential areas.</p>
  786. <p>Local resident and consultant Nicholas Lai expressed concerns about the potential noise and dust from the construction but acknowledged the benefits of easing jams at the checkpoint.</p>
  787. <p>“The expansion is a good initiative, as the jams at the checkpoint and along the Causeway can be inconvenient when travelling to and from Johor Bahru. But 10 to 15 years is a long time to live with construction in the neighbourhood,” he said.</p>
  788. <p>The next phases of the redevelopment will include constructing new clearance facilities on the acquired and reclaimed land and retrofitting the current checkpoint, with further details pending the completion of design studies.</p>
  789. <p>The ICA also clarified that there are no current plans to upgrade the Causeway since it has sufficient capacity. During the 2023 Singapore-Malaysia Leaders’ Retreat, Singapore&#8217;s Prime Minister Lee Hsien Loong and Malaysian Prime Minister Anwar Ibrahim discussed the project, with Mr. Anwar expressing support and agreeing to facilitate land sales required for the redevelopment.</p>
  790. <p>In May 2022, ICA had announced the acquisition of nine Housing Board blocks in Marsiling Crescent and Lane for this project, offering residents comparable benefits to those under the Selective En bloc Redevelopment Scheme.</p>
  791. <p>More from OMY: <a href="https://www.omy.sg/hdb-adjusts-bto-launches-in-2024-to-three-aiming-for-larger-housing-supply/" target="_blank" rel="noopener">HDB adjusts BTO launches in 2024 to three, aiming for larger housing supply</a></p>
  792. <p>Image Source: Immigration &amp; Checkpoints Authority (ICA)</p>
  793. </div></div></div></div></div>
  794. ]]></content:encoded>
  798. </item>
  799. <item>
  800. <title>Monetary Authority of Singapore holds steady on Monetary Policy amid global uncertainties</title>
  801. <link>https://www.omy.sg/monetary-authority-of-singapore-holds-steady-on-monetary-policy-amid-global-uncertainties/</link>
  803. <dc:creator><![CDATA[Senior Editor]]></dc:creator>
  804. <pubDate>Mon, 29 Jan 2024 00:31:49 +0000</pubDate>
  805. <category><![CDATA[News]]></category>
  806. <category><![CDATA[Investments]]></category>
  807. <category><![CDATA[Personal Finance]]></category>
  808. <guid isPermaLink="false">https://www.omy.sg/?p=8735</guid>
  809.  
  810. <description><![CDATA[The Monetary Authority of Singapore has maintained its current monetary policy, highlighting stability in the face of global uncertainties.]]></description>
  811. <content:encoded><![CDATA[<div class="fusion-fullwidth fullwidth-box fusion-builder-row-4 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling" style="--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;" ><div class="fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap" style="max-width:calc( 1260px + 0px );margin-left: calc(-0px / 2 );margin-right: calc(-0px / 2 );"><div class="fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_1 1_1 fusion-flex-column" style="--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:0px;--awb-margin-bottom-large:20px;--awb-spacing-left-large:0px;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:0px;--awb-spacing-left-medium:0px;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:0px;--awb-spacing-left-small:0px;"><div class="fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column"><div class="fusion-title title fusion-title-23 fusion-sep-none fusion-title-text fusion-title-size-two" style="--awb-margin-bottom:30px;"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">MAS to remain digital to inflation and growth risks</h2></div><div class="fusion-text fusion-text-24 fusion-text-no-margin" style="--awb-font-size:19px;--awb-line-height:1.8em;--awb-text-transform:none;--awb-margin-bottom:30px;"><p><span style="font-weight: 400;">The Monetary Authority of Singapore (MAS) announced on 29 January that it will continue its existing exchange rate-based monetary policy, marking the third consecutive meeting without changes. </span></p>
  812. <p><span style="font-weight: 400;">This decision aligns with the predictions of market analysts and reflects the authority&#8217;s commitment to economic stability.</span></p>
  813. <p><span style="font-weight: 400;">MAS confirmed in its monetary policy statement that the &#8220;prevailing rate of appreciation&#8221; of the Singapore dollar nominal effective exchange rate (S$NEER) policy band will remain constant. Additionally, there will be no alterations to the width and central level of this policy band.</span></p>
  814. <p><span style="font-weight: 400;">More from OMY: </span><a href="https://www.omy.sg/mas-expected-to-maintain-policy-in-january-2024/"><b>MAS expected to maintain policy in January 2024, say experts</b></a></p>
  815. <p><span style="font-weight: 400;">This decision was anticipated by all 13 analysts surveyed by Reuters prior to this scheduled policy review. During the two reviews in 2023, MAS maintained the same monetary policy, with the most recent adjustment being a re-centering of the mid-point of its policy band in October 2022.</span></p>
  816. <p><span style="font-weight: 400;">Unlike many central banks that use interest rates to guide monetary policy, MAS uniquely manages its approach by controlling the local dollar&#8217;s value against the currencies of its major trading partners within a confidential range, known as the S$NEER. It achieves this through modifications to the slope, mid-point, and width of the policy band.</span></p>
  817. <p><b>Economic and Inflation Forecast</b></p>
  818. <p><span style="font-weight: 400;">Looking ahead, MAS provided an optimistic outlook for Singapore&#8217;s economy, predicting a gross domestic product (GDP) growth of 1% to 3%. This positive forecast is supported by a revival in the global electronics sector and expected easing of global interest rates, which are likely to boost the manufacturing and financial sectors.</span></p>
  819. <p><span style="font-weight: 400;">Additionally, growth in domestically-focused sectors is anticipated to return to pre-pandemic levels.</span></p>
  820. <p><span style="font-weight: 400;">On the inflation front, the central bank expects core inflation, which excludes accommodation and private transport costs, to remain high in the early part of the year. This is partly due to the &#8220;one-off&#8221; impact of a 1-percentage-point increase in the Goods and Services Tax (GST) and a rise in the carbon tax.</span></p>
  821. <p><span style="font-weight: 400;">In the second quarter, water prices are expected to increase as part of a phased approach to address higher production costs. Inflation in specific service areas, such as public transport and healthcare, will likely remain high as prices adjust to elevated cost levels.</span></p>
  822. <p><span style="font-weight: 400;">However, MAS anticipates that core inflation will gradually decrease, with a significant reduction expected by the fourth quarter and a further decline next year. The central bank forecasts core inflation to average between 2.5% and 3.5% for 2024, consistent with previous estimates. </span></p>
  823. <p><span style="font-weight: 400;">Excluding the GST rate increase, core inflation is predicted to be between 1.5% and 2.5%.</span></p>
  824. <p><span style="font-weight: 400;">“The sustained appreciation of the policy band will continue to dampen imported inflation and curb domestic cost pressures, thus ensuring medium-term price stability,” MAS stated.</span></p>
  825. <p><span style="font-weight: 400;">Nevertheless, the central bank has revised its overall inflation estimates downward to 2.5% to 3.5%, from the previous range of 3% to 4%. This adjustment reflects the decline in certificate of entitlement (COE) premiums since November and an increased COE supply this year compared to 2023. Excluding the GST rate impact, headline inflation is forecast at 1.5% to 2.5%.</span></p>
  826. <p><span style="font-weight: 400;">MAS acknowledges the potential for both positive and negative shifts in the inflation outlook. </span></p>
  827. <p><span style="font-weight: 400;">“Shocks to global food and energy prices or domestic labour costs could bring about additional inflationary pressures. However, an unexpected weakening in the global economy could induce a faster easing of cost and price pressures,” it stated.</span></p>
  828. <p><span style="font-weight: 400;">Economists from Mizuho Bank and ING said that MAS is likely to maintain its current policy settings for the foreseeable future, given the ongoing concerns about persistent inflation and external geopolitical uncertainties. </span></p>
  829. <p><span style="font-weight: 400;">Nicholas Mapa, ING&#8217;s senior economist, anticipates that the authority may hold its position for at least another meeting.</span></p>
  830. <p><span style="font-weight: 400;">“However, should inflation moderate towards the second half of the year as forecast, the MAS could consider adjusting policy settings at their third or fourth meeting of the year,” he added.</span></p>
  831. <p><span style="font-weight: 400;">This meeting marks the first January policy statement by MAS, following its transition to a quarterly review schedule, as announced last year. This change from a semi-annual to a quarterly review is seen as a strategic move to stay agile in an increasingly unpredictable global environment. The authority will now conduct policy reviews in January, April, July, and October.</span></p>
  832. <p><span style="font-weight: 400;">More from OMY: </span><a href="https://www.omy.sg/mas-maintains-unchanged-monetary-policy-expects-gradual-improvement-in-singapores-economy-next-year/"><b>MAS maintains unchanged monetary policy, expects gradual improvement in Singapore’s economy next year</b></a></p>
  833. <p>&nbsp;</p>
  834. </div></div></div></div></div>
  835. ]]></content:encoded>
  839. </item>
  840. <item>
  841. <title>Singapore&#8217;s SMEs set for growth in 2024 amid surge in foreign investments</title>
  842. <link>https://www.omy.sg/singapores-smes-set-for-growth-in-2024-amid-surge-in-foreign-investments/</link>
  844. <dc:creator><![CDATA[Senior Editor]]></dc:creator>
  845. <pubDate>Sat, 27 Jan 2024 00:32:41 +0000</pubDate>
  846. <category><![CDATA[Investments]]></category>
  847. <category><![CDATA[Business]]></category>
  848. <category><![CDATA[News]]></category>
  849. <guid isPermaLink="false">https://www.omy.sg/?p=8729</guid>
  850.  
  851. <description><![CDATA[Singapore's SME sector is set to grow in 2024, fueled by increasing foreign direct investments and technology transfers. Industry leaders at the DBS Market Outlook Series forum highlighted the Lion City’s potential for growth and expansion in this evolving economic landscape.]]></description>
  852. <content:encoded><![CDATA[<div class="fusion-fullwidth fullwidth-box fusion-builder-row-5 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling" style="--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;" ><div class="fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap" style="max-width:1310.4px;margin-left: calc(-4% / 2 );margin-right: calc(-4% / 2 );"><div class="fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_1 1_1 fusion-flex-column" style="--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;"><div class="fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column"><div class="fusion-title title fusion-title-24 fusion-sep-none fusion-title-text fusion-title-size-two"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">Firms with presence abroad to see massive growth in 2024</h2></div><div class="fusion-text fusion-text-25"><p>2024 is shaping up to be a promising year for Singapore’s small and medium-sized enterprises (SMEs), as they stand to gain from the growing influx of foreign direct investment (FDI) and the accompanying technology transfer. This was the consensus among industry experts at the recent DBS Market Outlook Series forum.</p>
  853. <p>More from OMY: <a href="https://www.omy.sg/initiative-launched-to-enhance-financing-for-msmes/" target="_blank" rel="noopener">Initiative launched to enhance financing for MSMEs</a></p>
  854. <p>Koh Kar Siong, the managing director and group head for corporate and SME banking at DBS, highlighted Singapore&#8217;s continuing magnet for substantial FDI. The city-state attracts foreign investments thanks to its reputation as a safe haven, its business-friendly climate, and its highly skilled workforce.</p>
  855. <p>The benefits of FDI are not just financial but also come in the form of technology, innovation, and technical expertise. This opens up numerous possibilities for SMEs to leverage these advancements.</p>
  856. <p>“When multinational corporations diversify and decarbonise their supply chains across Asia, SMEs with a sustainable edge would be in a prime position to support this expansion,” Koh shared.</p>
  857. <p>The outlook is not just optimistic but also expansion-oriented, as revealed in a survey presented by Ray Kwan, director of South Asia, Middle East, and Africa international business division at the Singapore Business Federation.</p>
  858. <p>Despite cautious business sentiment, half of the local businesses are optimistic about their opportunities to expand abroad.</p>
  859. <p>Kwan predicts a robust growth trajectory for SMEs that already have an international presence.</p>
  860. <p>In addition, DBS economist Chua Han Teng mentioned that the current easing in wage growth and a softer labour market could provide local enterprises with the much-needed breathing room to navigate through an economic environment still riddled with uncertainties.</p>
  861. <p>More from OMY: <a href="https://www.omy.sg/sme-loan-in-singapore/" target="_blank" rel="noopener">Guide To SME Loan In Singapore</a></p>
  862. </div></div></div></div></div>
  863. ]]></content:encoded>
  867. </item>
  868. <item>
  869. <title>S-REITs anticipate strong performance in 2024, next major S-REIT Rally to Happen in Q2</title>
  870. <link>https://www.omy.sg/s-reits-anticipate-strong-performance-in-2024-next-major-s-reit-rally-to-happen-in-q2/</link>
  872. <dc:creator><![CDATA[Senior Editor]]></dc:creator>
  873. <pubDate>Fri, 26 Jan 2024 00:32:37 +0000</pubDate>
  874. <category><![CDATA[Investments]]></category>
  875. <category><![CDATA[News]]></category>
  876. <guid isPermaLink="false">https://www.omy.sg/?p=8732</guid>
  877.  
  878. <description><![CDATA[Singapore's Real Estate Investment Trusts (S-REITs) are poised for a solid year due to positive economic conditions and anticipated interest rate cuts by the Federal Reserve. This offers a much-needed respite after a tough 2023.]]></description>
  879. <content:encoded><![CDATA[<div class="fusion-fullwidth fullwidth-box fusion-builder-row-6 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling" style="--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;" ><div class="fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap" style="max-width:1310.4px;margin-left: calc(-4% / 2 );margin-right: calc(-4% / 2 );"><div class="fusion-layout-column fusion_builder_column fusion-builder-column-5 fusion_builder_column_1_1 1_1 fusion-flex-column" style="--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;"><div class="fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column"><div class="fusion-title title fusion-title-25 fusion-sep-none fusion-title-text fusion-title-size-two"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">Positive economic forecast to inspire S-REIT revival</h2></div><div class="fusion-text fusion-text-26"><p>Singapore-listed Real Estate Investment Trusts (S-REITs) are expected to do well this year following a challenging 2023. Improved economic conditions and the Federal Reserve&#8217;s expected rate cuts are set to drive their outperformance, according to RHB.</p>
  880. <p><a href="https://www.omy.sg/retail-s-reits-set-for-strong-year-ahead-on-singapore-tourism-rebound-predicts-dbs/" target="_blank" rel="noopener">Retail S-REITs set for strong year ahead on Singapore tourism rebound, predicts DBS</a></p>
  881. <p>RHB equity analyst Vijay Natarajan anticipates the Federal Reserve to initiate benchmark interest rate cuts in the second half of the year.</p>
  882. <p>This development is seen as a positive driver for S-REITs. Natarajan also highlighted strong economic growth projections for Singapore, noting that S-REITs, especially those focusing on office and hospitality assets, are well-positioned for a robust recovery this year since it capitalises on the improving market conditions.</p>
  883. <p>“We continue to recommend investors to add on market corrections with a balanced mix of industrial REITs for stable yields, as well as a mix of office, hospitality, and retail REITs to ride on the recovery and rebound from the turn in the interest rate cycle,” he explained.</p>
  884. <p>The next major rally for S-REITs is expected to start from the second quarter onwards, following the Federal Reserve&#8217;s policy rate reductions. After a period of caution over the past two years, institutional investors are also projected to re-engage with the S-REIT market. This is set to influence the sector&#8217;s recovery later in the year.</p>
  885. <p>Natarajan predicts that S-REITs across various sectors will likely ramp up their acquisition activities in the latter half of 2024, facilitated by lower borrowing costs. In line with these positive forecasts, RHB maintains an “overweight” rating on S-REITs, with CapitaLand Ascendas REIT, Keppel REIT, AIMS APAC REIT, and CDL Hospitality Trusts identified as top picks.</p>
  886. <p>More from OMY: <a href="https://www.omy.sg/best-reits-in-singapore/" target="_blank" rel="noopener">Best REITS In Singapore</a></p>
  887. </div></div></div></div></div>
  888. ]]></content:encoded>
  892. </item>
  893. <item>
  894. <title>What Is Effective Interest Rate In Personal Loan?</title>
  895. <link>https://www.omy.sg/what-is-effective-interest-rate-in-personal-loan/</link>
  897. <dc:creator><![CDATA[Senior Editor]]></dc:creator>
  898. <pubDate>Thu, 25 Jan 2024 02:31:30 +0000</pubDate>
  899. <category><![CDATA[Loans]]></category>
  900. <category><![CDATA[Personal Finance]]></category>
  901. <guid isPermaLink="false">https://www.omy.sg/?p=7761</guid>
  902.  
  903. <description><![CDATA[Taking out a loan soon? Then you need to know what effective interest rate is. Discover how understanding what is EIR in loan can help you make smarter financial choices when seeking loans.]]></description>
  904. <content:encoded><![CDATA[<div class="fusion-fullwidth fullwidth-box fusion-builder-row-7 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling" style="--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;" ><div class="fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap" style="max-width:1310.4px;margin-left: calc(-4% / 2 );margin-right: calc(-4% / 2 );"><div class="fusion-layout-column fusion_builder_column fusion-builder-column-6 fusion_builder_column_1_1 1_1 fusion-flex-column" style="--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;"><div class="fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column"><div class="fusion-title title fusion-title-26 fusion-sep-none fusion-title-text fusion-title-size-two"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">Everything You Need To Know About EIR</h2></div><div class="fusion-text fusion-text-27"><p><span style="font-weight: 400;">When it comes to loans, it’s easy to be overwhelmed and tempted by super low advertised interest rates. However, there’s a hidden cost that these numbers do not account for: the </span><b>effective interest rate</b><span style="font-weight: 400;">.</span></p>
  905. <h2><span style="font-weight: 400;">But what is the effective interest rate meaning and how does it affect your payments?</span></h2>
  906. <p><span style="font-weight: 400;">To help you navigate this, we’ll break down everything you need to know about what is EIR and why it’s an </span><a href="https://www.omy.sg/personal-loan-what-to-consider-when-applying/" target="_blank" rel="noopener"><span style="font-weight: 400;">important factor to consider before taking out any type of loan</span></a><span style="font-weight: 400;">.</span></p>
  907. </div><div class="fusion-title title fusion-title-27 fusion-sep-none fusion-title-text fusion-title-size-two"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">Here at OMY Singapore, you will discover the following:</h2></div><div class="fusion-text fusion-text-28"><ul>
  908. <li><a href="#What-is-the-Effective-Interest-Rate"><span style="font-weight: 400;">What is the Effective Interest Rate?</span></a></li>
  909. <li><a href="#Is-EIR-the-same-as-the-Advertised-Interest-Rate"><span style="font-weight: 400;">Is EIR the same as the Advertised Interest Rate?</span></a></li>
  910. <li><a href="#Why-Is-It-Important-to-Consider-EIR"><span style="font-weight: 400;">Why Is It Important to Consider EIR?</span></a>
  911. <ul>
  912. <li><a href="#Loan-assessment"><span style="font-weight: 400;">Loan assessment</span></a></li>
  913. <li><a href="#Comparison"><span style="font-weight: 400;">Comparison</span></a></li>
  914. <li><a href="#Transparency"><span style="font-weight: 400;">Transparency</span></a></li>
  915. <li><a href="#Budgeting"><span style="font-weight: 400;">Budgeting</span></a></li>
  916. </ul>
  917. </li>
  918. <li><a href="#How-to-Calculate-Effective-Interest-Rate"><span style="font-weight: 400;">How to Calculate Effective Interest Rate</span></a></li>
  919. </ul>
  920. </div><div class="fusion-title title fusion-title-28 fusion-sep-none fusion-title-text fusion-title-size-two" id="What-is-the-Effective-Interest-Rate"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">What Is EIR in Loan?</h2></div><div class="fusion-image-element " style="--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);"><span class=" fusion-imageframe imageframe-none imageframe-3 hover-type-none"><img decoding="async" width="1200" height="700" alt="Effective Interest Rate (EIR)" title="Effective Interest Rate (EIR)" src="https://www.omy.sg/wp-content/uploads/2023/09/Effective-Interest-Rate-EIR-Singapore.jpg" class="img-responsive wp-image-7772" srcset="https://www.omy.sg/wp-content/uploads/2023/09/Effective-Interest-Rate-EIR-Singapore-200x117.jpg 200w, https://www.omy.sg/wp-content/uploads/2023/09/Effective-Interest-Rate-EIR-Singapore-400x233.jpg 400w, https://www.omy.sg/wp-content/uploads/2023/09/Effective-Interest-Rate-EIR-Singapore-600x350.jpg 600w, https://www.omy.sg/wp-content/uploads/2023/09/Effective-Interest-Rate-EIR-Singapore-800x467.jpg 800w, https://www.omy.sg/wp-content/uploads/2023/09/Effective-Interest-Rate-EIR-Singapore.jpg 1200w" sizes="(max-width: 640px) 100vw, 1200px" /></span></div><div class="fusion-text fusion-text-29"><p>Before knowing the other intricacies of effective interest rate, you first have to know what is effective interest rate.</p>
  921. <p>The effective interest rate means the true cost of borrowing, taking into account all the different fees and charges associated with a loan. The effective interest rate also takes into consideration compounding, which means that the interest is calculated not only on the principal amount borrowed but also on the accrued interest over time.</p>
  922. </div><div class="fusion-title title fusion-title-29 fusion-sep-none fusion-title-text fusion-title-size-two" id="Is-EIR-the-same-as-the-Advertised-Interest-Rate"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">Is EIR the same as the Advertised Interest Rate?</h2></div><div class="fusion-text fusion-text-30"><p>Compared to the advertised interest rate, what is EIR in loan gives a more accurate representation of the total cost of borrowing. This means that while the advertised interest rate may seem enticingly low, the EIR will give a clearer picture of what the loan will actually cost you in the long run.</p>
  923. <p>So, does this mean banks are being dishonest with their advertised interest rates? Not necessarily. The advertised interest rate is simply a starting point for how to calculate effective interest rate.</p>
  924. </div><div class="fusion-title title fusion-title-30 fusion-sep-none fusion-title-text fusion-title-size-two" id="Why-Is-It-Important-to-Consider-EIR"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">Why Is It Important to Consider EIR?</h2></div><div class="fusion-text fusion-text-31"><p>Now that you know what is EIR in loan, it’s time to learn why you should learn more about it. We’ve rounded up some reasons why considering the effective interest rate is crucial before taking out any loan:</p>
  925. </div><div class="fusion-title title fusion-title-31 fusion-sep-none fusion-title-text fusion-title-size-three" id="Loan-assessment"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">Loan assessment</h3></div><div class="fusion-text fusion-text-32"><p>As a loan applicant, you should assess whether you’ll be able to comfortably repay the loan, whether it’s a renovation loan, <a href="https://www.omy.sg/short-term-loan-in-singapore/" target="_blank" rel="noopener">short-term loan</a>, or car loan. Knowing the effective interest rate means you’ll have a realistic idea of what the loan will cost you over time. This can help you make a decision about whether the loan is worth taking out or not.</p>
  926. </div><div class="fusion-title title fusion-title-32 fusion-sep-none fusion-title-text fusion-title-size-three" id="Comparison"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">Comparison</h3></div><div class="fusion-text fusion-text-33"><p>What is EIR in loan can be especially useful when <a href="https://www.omy.sg/types-of-personal-loans-in-singapore/" target="_blank" rel="noopener">comparing different loan options</a>. While one loan may have a lower advertised interest rate, the EIR may reveal that it actually costs more in the long run due to additional fees and compounding interest. This is also why you should know how to calculate effective interest rate.</p>
  927. <p>For example, if Bank A and Bank B have the same advertised <a href="https://www.omy.sg/best-personal-loan-singapore/" target="_blank" rel="noopener">personal loan</a> interest rates, but Bank A has a higher effective interest rate due to additional fees, it may be more financially beneficial to choose Bank B instead.</p>
  928. </div><div class="fusion-title title fusion-title-33 fusion-sep-none fusion-title-text fusion-title-size-three" id="Transparency"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">Transparency</h3></div><div class="fusion-text fusion-text-34"><p>Understanding the effective interest rate can also help you avoid any surprises or hidden costs. By knowing the true cost of borrowing, you can make a more accurate budget and avoid any unexpected financial strain in the future. The law also requires loan providers to disclose the EIR to borrowers, so you have the right to know exactly what you’re getting into before signing any loan agreement.</p>
  929. </div><div class="fusion-title title fusion-title-34 fusion-sep-none fusion-title-text fusion-title-size-three" id="Budgeting"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">Budgeting</h3></div><div class="fusion-text fusion-text-35"><p>When you know the true cost of borrowing through what is EIR in loan, you can factor the loan repayment into your budget and adjust your spending habits accordingly. This can help you avoid defaulting on the loan or struggling to make ends meet while paying it off.</p>
  930. <p>In addition, the effective interest rate can also help you determine whether paying off the loan early would be financially beneficial or not. When you know what is EIR in loan, you can calculate how much interest you’ll save if you pay it off sooner.</p>
  931. </div><div class="fusion-title title fusion-title-35 fusion-sep-none fusion-title-text fusion-title-size-two" id="How-to-Calculate-Effective-Interest-Rate"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">How to Calculate Effective Interest Rate</h2></div><div class="fusion-text fusion-text-36"><p>Calculating the effective interest rate can be a bit tricky, but thankfully, all banks and financial institutions display this metric for all their loan products. However, if you want to know how to calculate effective interest rate, here’s the formula:</p>
  932. </div><div class="fusion-title title fusion-title-36 fusion-sep-none fusion-title-text fusion-title-size-three"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">EIR = (1 + r/n)^n – 1</h3></div><div class="fusion-text fusion-text-37"><p><span style="font-weight: 400;">Where:</span></p>
  933. <p><span style="font-weight: 400;">R:  annual interest rate</span></p>
  934. <p><span style="font-weight: 400;">N: number of compound periods</span></p>
  935. <p>To give you a better picture of what is effective interest rate, here’s an example. Imagine you take out a S$1,000 loan with 12 monthly instalments of S$87.5 each. The annual interest of this loan is 5%. To calculate the effective interest rate, divide the APR by 12 to get 0.417%. Then, fill in the formula:</p>
  936. </div><div class="fusion-title title fusion-title-37 fusion-sep-none fusion-title-text fusion-title-size-three"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">Effective Interest Rate = (1 + 0.0417%/12)^12 – 1 = 5.2%</h3></div><div class="fusion-text fusion-text-38"><p>So what does this mean? In total, the EIR is 5.2. According to the effective interest rate meaning, you will be paying S$1520 for your entire loan term duration.</p>
  937. <p>Considering the formula above, the loan term greatly affects the effective interest rate. A longer loan term tends to result in a lower effective interest rate. If you use the example above and switch out 12 months to 24 months, the effective interest rate will drop to 4.7%. However, it may also mean you end up paying more in total interest over the life of the loan.</p>
  938. <p>This is because, with longer terms, your monthly payments are lower, which can make the loan seem more affordable, but it also means you’re paying interest over a longer period.</p>
  939. <p>Conversely, shorter loan terms typically have higher monthly payments but lower overall interest costs, resulting in a higher effective interest rate. Therefore, choosing the right loan term is a balance between managing your monthly budget and minimising the total cost of borrowing.</p>
  940. </div><div class="fusion-title title fusion-title-38 fusion-sep-none fusion-title-text fusion-title-size-two"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">A Word From OMY</h2></div><div class="fusion-text fusion-text-39"><p>The concept of what is EIR in loan isn’t something borrowers should fear, but rather educate themselves on. Taking out a loan is a big decision, and understanding the real cost of borrowing can save you from financial strain.</p>
  941. <p>Don’t be lured in by low advertised interest rates without considering the effective interest rate and all associated fees and charges, and as always, make sure to assess your own financial situation and choose a loan with a manageable repayment plan that suits your needs. Furthermore, don’t skip the process of how to calculate effective interest rate. With the right knowledge, you can borrow responsibly.</p>
  942. <p>Ready to apply for a personal loan? <a href="https://omy.sg/get-personal-loan" target="_blank" rel="noopener">Get a tailored loan offer here</a>.</p>
  943. </div></div></div></div></div>
  944. ]]></content:encoded>
  948. </item>
  949. <item>
  950. <title>Welcoming the Year of the Wood Dragon: A Guide to Singapore&#8217;s Chinese New Year Festivities 2024</title>
  951. <link>https://www.omy.sg/a-guide-to-singapores-chinese-new-year-festivities-2024/</link>
  953. <dc:creator><![CDATA[Senior Editor]]></dc:creator>
  954. <pubDate>Tue, 23 Jan 2024 06:23:06 +0000</pubDate>
  955. <category><![CDATA[Lifestyle]]></category>
  956. <category><![CDATA[News]]></category>
  957. <guid isPermaLink="false">https://www.omy.sg/?p=8712</guid>
  958.  
  959. <description><![CDATA[Singapore welcomes the Year of the Wood Dragon with a spectacular array of Chinese New Year (CNY) 2024 festivities across the island, featuring dragon displays, cultural workshops, and parades.]]></description>
  960. <content:encoded><![CDATA[<div class="fusion-fullwidth fullwidth-box fusion-builder-row-8 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling" style="--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;" ><div class="fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap" style="max-width:1310.4px;margin-left: calc(-4% / 2 );margin-right: calc(-4% / 2 );"><div class="fusion-layout-column fusion_builder_column fusion-builder-column-7 fusion_builder_column_1_1 1_1 fusion-flex-column" style="--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;"><div class="fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column"><div class="fusion-title title fusion-title-39 fusion-sep-none fusion-title-text fusion-title-size-two"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">CNY 2024 celebrations expected to wow locals and international tourists</h2></div><div class="fusion-text fusion-text-40"><p>As the Year of the Wood Dragon approaches on 10 February, Singapore is set to celebrate Chinese New Year (CNY) with an impressive range of activities and events, reflecting the dragon&#8217;s symbolic power, strength, and fortune in the Chinese zodiac.</p>
  961. <p>The island is already filled with excitement as it plans to offer various experiences to mark this occasion.</p>
  962. <p>In the heart of Chinatown, the CNY mood is set with the theme &#8220;Soaring into the Auspicious Dragon Year.&#8221; Stunning dragon-themed dioramas light up major streets, creating a mesmerising spectacle from 19 January to 9 March, from 7pm to midnight.</p>
  963. <p>The festive atmosphere is further heightened by a bustling fair in Sago Street, Smith Street, Temple Street, Trengganu Street, and Pagoda Street, open daily until 9 February, and a countdown party at Kreta Ayer Square.</p>
  964. <p>For a hands-on experience, the Chinatown Business Association will offer workshops on traditional crafts at the Chinatown Visitor Centre. Visit <a href="https://chinatown.sg/" target="_blank" rel="nofollow noopener">Chinatown.sg to know more</a>.</p>
  965. <p>The library@chinatown in Chinatown Point is also having dragon-themed craft activities and Chinese calligraphy workshops. Everyone is invited to immerse themselves in cultural artistry. More information is available at <a href="https://www.eventbrite.com/cc/programmes-at-librarychinatown-2631629" target="_blank" rel="nofollow noopener">library@chinatown programs</a>.</p>
  966. <p>Chingay, Singapore&#8217;s beloved multicultural parade, also promises an extravaganza at the F1 Pit Building on 23 to 24 February. Themed “Blossom,” this year&#8217;s <a href="https://www.chingay.gov.sg/" target="_blank" rel="noopener">Chingay Parade</a> showcases 3,500 performers, community floats, and an unprecedented 230m interactive floor projection, the longest of its kind in Singapore. The event extends into the community with heartland performances and a caravan of floats starting February 25.</p>
  967. <p>Set against the backdrop of Gardens by the Bay from 8 to 17 February, the River Hongbao 2024 will mark its return with international performances. A breathtaking 140m-long dragon will be the centrepiece, accompanied by the God of Fortune and a grand display of firecrackers. The Flower Dome at Gardens by the Bay will also be transformed into “Dahlia Dreams,” featuring a majestic dragon among a vibrant array of dahlias.</p>
  968. <p>Resorts World Sentosa also invites visitors to experience the Starlit Dragon Spectacular, a stunning 88m LED dancing dragon, from 10 to 13 February and 16 to 18 February. The celebration continues with various activities and live performances at AVE8 and Gourmet Park. Head over to <a href="http://www.rwsentosa.com/en/events/chinese-new-year" target="_blank" rel="nofollow noopener">Resorts World Sentosa CNY Events for more details</a>.</p>
  969. <p>Meanwhile, The Singapore Chinese Cultural Centre and Singapore Chinese Orchestra plans to bring families together with the CNY Family Fun event from 26 to 28 January. During this time, guests can enjoy a range of activities and sights, including an art installation and an illuminated dragon dance at the SCCC’s roof garden. More details can be seen at <a href="https://singaporen.sg/festivals/chinese-new-year/familyfun/" target="_blank" rel="nofollow noopener">Singapore Chinese Cultural Centre CNY Family Fun</a>.</p>
  970. <p>Additionally, the Wan Qing Festival of Spring at the <a href="https://www.sysnmh.org.sg/" target="_blank" rel="nofollow noopener">Sun Yat Sen Nanyang Memorial Hall</a> will have workshops, performances, and the unique inflatable installation of Dino, a modern take on the dragon. This will be on 17 and 18 February.</p>
  971. <p>Finally, the Museum Roundtable Lunar New Year Hongbao Campaign until 9 February allows locals and tourists to collect special red packets featuring dragon designs by Colombian artist Carlos Puentes at 43 participating museums and galleries. To know more about this, check out <a href="http://go.gov.sg/MRHongbao2024" target="_blank" rel="nofollow noopener">Museum Roundtable Hongbao Campaign</a>.</p>
  972. <p>With such a diverse and exciting lineup of events, Singapore&#8217;s Chinese New Year celebrations promise to be a memorable experience, filled with cultural richness and festive joy.</p>
  973. <p>More from OMY: <a href="https://www.omy.sg/5-long-weekends-await-singaporeans-in-2024/" target="_blank" rel="noopener">5 long weekends await Singaporeans in 2024</a></p>
  974. </div></div></div></div></div>
  975. ]]></content:encoded>
  979. </item>
  980. <item>
  981. <title>Best Debit Cards in Singapore (2024)</title>
  982. <link>https://www.omy.sg/best-debit-cards-in-singapore/</link>
  984. <dc:creator><![CDATA[Senior Editor]]></dc:creator>
  985. <pubDate>Tue, 23 Jan 2024 02:03:39 +0000</pubDate>
  986. <category><![CDATA[Personal Finance]]></category>
  987. <category><![CDATA[Lifestyle]]></category>
  988. <guid isPermaLink="false">https://www.omy.sg/?p=6119</guid>
  989.  
  990. <description><![CDATA[With most establishments in Singapore encouraging cashless payments, debit cards have become a necessity. Compared to other bank cards, the best debit card Singapore options are very easy to get and it gives you a secure and convenient payment solution when making online or in-person purchases.]]></description>
  991. <content:encoded><![CDATA[<p><div class="fusion-fullwidth fullwidth-box fusion-builder-row-9 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling" style="--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;" ><div class="fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap" style="max-width:1310.4px;margin-left: calc(-4% / 2 );margin-right: calc(-4% / 2 );"><div class="fusion-layout-column fusion_builder_column fusion-builder-column-8 fusion_builder_column_1_1 1_1 fusion-flex-column" style="--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;"><div class="fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column"><div class="fusion-title title fusion-title-40 fusion-sep-none fusion-title-text fusion-title-size-two"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">Looking for the best debit card Singapore? Here are your best options</h2></div><div class="fusion-text fusion-text-41"><p>After the pandemic, Singaporeans have come a long way from heavily relying on cash to settle any type of purchase, to preferring cashless payment options like debit cards.</p>
  992. <p>If you don’t have the best debit card Singapore card yet, you’re definitely missing out. Having one can help you unlock tons of online and in-store purchases, as well as special features to help you maximise your money.</p>
  993. <p>If you are curious about the best debit card or student debit card Singapore, this guide is for you. Here, you’ll learn all about the ultimate debit cards you can use, as well as their perks.</p>
  994. </div><div class="fusion-title title fusion-title-41 fusion-sep-none fusion-title-text fusion-title-size-two"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">Here at OMY Singapore, you will discover the following:</h2></div><div class="fusion-text fusion-text-42"><ul>
  995. <li><a href="#What-is-a-Debit-Card">What is a Debit Card?</a></li>
  996. <li><a href="#Credit-card-vs-Debit-card-in-Singapore">Credit card vs Debit card in Singapore</a></li>
  997. <li><a href="#The-Best-Debit-Cards-in-Singapore-in-2024">The Best Debit Cards in Singapore in 2024</a>
  998. <ul>
  999. <li><a href="#Standard-Chartered-XtraSaver">Standard Chartered XtraSaver</a></li>
  1000. <li><a href="#Citibank-Debit-Card">Citibank Debit Card</a></li>
  1001. <li><a href="#HSBC-Premier-Debit-Card">HSBC Premier Debit Card</a></li>
  1002. <li><a href="#Paypal-Debit-Card">Paypal Debit Card</a></li>
  1003. <li><a href="#Bank-of-China-Debit-Card">Bank of China Debit Card</a></li>
  1004. <li><a href="#UOB-KrisFlyer-Debit-Card">UOB KrisFlyer Debit Card</a></li>
  1005. </ul>
  1006. </li>
  1007. </ul>
  1008. </div><div class="fusion-title title fusion-title-42 fusion-sep-none fusion-title-text fusion-title-size-two" id="What-is-a-Debit-Card"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">What Is A Debit Card?</h2></div><div class="fusion-text fusion-text-43"><p>The best debit card in Singapore gives you a way to spend money directly from your checking account. Unlike <a href="https://www.omy.sg/best-credit-card-promotions-in-singapore/" target="_blank" rel="noopener">credit cards</a>, you have no bill to pay later when you use this card. Debit cards are not only useful for buying products and services, but also for withdrawing cash from ATMs. Learning how to get a debit card in Singapore is so easy and you can do it entirely online.</p>
  1009. </div><div class="fusion-title title fusion-title-43 fusion-sep-none fusion-title-text fusion-title-size-two" id="Credit-card-vs-Debit-card-in-Singapore"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">Credit card vs Debit card in Singapore</h2></div><div class="fusion-text fusion-text-44"><p>While credit cards and debit cards are both widely accepted in Singapore, there are key differences between the two. Credit cards allow you to borrow money from the bank and pay it back later, whereas the best debit card Singapore allows you to spend money that you already have in your checking account.</p>
  1010. <p>If you&#8217;re looking for a budget-friendly payment option, a debit card is the way to go. With no interest charges or fees for late payments, you can avoid getting into debt and save money. Plus, you&#8217;ll have the added security of being able to monitor your spending in real-time.</p>
  1011. </div><div class="fusion-title title fusion-title-44 fusion-sep-none fusion-title-text fusion-title-size-two" id="The-Best-Debit-Cards-in-Singapore-in-2024"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">The Best Debit Cards in Singapore in 2024</h2></div><div class="fusion-text fusion-text-45"><p>Take a look at some great options for debit cards. Most of these can also be the best debit card for students and best miles debit card.</p>
  1012. </div><div class="fusion-title title fusion-title-45 fusion-sep-none fusion-title-text fusion-title-size-three" id="Standard-Chartered-XtraSaver"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">Standard Chartered XtraSaver</h3></div><div class="fusion-text fusion-text-46"><p><img decoding="async" class="cardImgMobo alignleft wp-image-6146 size-full" src="https://www.omy.sg/wp-content/uploads/2023/03/Standard-Chartered-Debit-Card.png" alt="Standard Chartered Debit Card" width="284" height="180" srcset="https://www.omy.sg/wp-content/uploads/2023/03/Standard-Chartered-Debit-Card-200x127.png 200w, https://www.omy.sg/wp-content/uploads/2023/03/Standard-Chartered-Debit-Card.png 284w" sizes="(max-width: 284px) 100vw, 284px" /></p>
  1013. <p style="text-align: left;">If you want a debit card that will help you maximise savings and rewards, look no further. The Standard Chartered XtraSaver is perfect for you. This interest-bearing card allows you to earn cashback on select purchases.</p>
  1014. <p>For instance, you can earn up to 15% cashback on petrol on top of the prevailing station discounts that you can enjoy. You can also get up to 3% cashback on your MasterCard transactions anywhere in the world.</p>
  1015. <p>This best debit card Singapore option does not have any minimum initial deposit. However, you will be charged S$5 per month if your average daily balance for the month falls below S$3,000 from the second month after you open your account. This card also has a S$2 monthly charge, as well as a S$20 debit card annual fee.</p>
  1016. <p>Application for this card only takes 10 minutes and you can do it entirely online. You can also enjoy a higher interest rate when you spend, save, credit your salary, and pay your bills with the app.</p>
  1017. <p>Want to know more about Standard Chartered Debit Card Singapore? <a href="https://www.sc.com/sg/save/current-accounts/xtrasaver/" target="_blank" rel="nofollow noopener">Click here</a>.</p>
  1018. </div><div class="fusion-title title fusion-title-46 fusion-sep-none fusion-title-text fusion-title-size-three" id="Citibank-Debit-Card"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">Citibank Debit Card</h3></div><div class="fusion-text fusion-text-47"><p><img decoding="async" class="cardImgMobo alignleft wp-image-6136 size-full" src="https://www.omy.sg/wp-content/uploads/2023/03/citibank-debit-card.png" alt="Citibank Debit Card" width="279" height="174" srcset="https://www.omy.sg/wp-content/uploads/2023/03/citibank-debit-card-200x125.png 200w, https://www.omy.sg/wp-content/uploads/2023/03/citibank-debit-card.png 279w" sizes="(max-width: 279px) 100vw, 279px" /></p>
  1019. <p>The Citibank Debit Mastercard is designed to bring you convenience both in Singapore and around the globe. Whether you need a card for bill payments for your daily purchases or cash withdrawals, this is an incredible option.</p>
  1020. <p>One of the advantages of this best debit card in Singapore is its multi-currency feature where you can access up to 15 various foreign currencies. This is a helpful advantage if you’re always overseas or you love international online shopping. You can also gain access to exclusive privileges such as social events, as well as discounts on car rentals and hotels.</p>
  1021. <p>Additionally, you can get exclusive and automatic cashback from participating overseas merchants with a wide range of cashback.</p>
  1022. <p>Curious about the CitiBank Debit Card Singapore? <a href="https://www.ipb.citibank.com.sg/english/deposits/debit-card.htm" target="_blank" rel="nofollow noopener">Check out this page</a>.</p>
  1023. </div><div class="fusion-title title fusion-title-47 fusion-sep-none fusion-title-text fusion-title-size-three" id="HSBC-Premier-Debit-Card"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">HSBC Premier Debit Card</h3></div><div class="fusion-text fusion-text-48"><p><img decoding="async" class="cardImgMobo alignleft wp-image-6137 size-full" src="https://www.omy.sg/wp-content/uploads/2023/03/HSBC-Premier-Debit-Card-1.png" alt="HSBC Premier Debit Card" width="300" height="190" srcset="https://www.omy.sg/wp-content/uploads/2023/03/HSBC-Premier-Debit-Card-1-200x127.png 200w, https://www.omy.sg/wp-content/uploads/2023/03/HSBC-Premier-Debit-Card-1.png 300w" sizes="(max-width: 300px) 100vw, 300px" /></p>
  1024. <p>This best debit card in Singapore is enhanced with Visa payWave, NETS contactless models of payment, and Apple Pay. This way, you can use it as a public transport card, for restaurants, other establishments, and online shops. With every transaction, all you need to do is tap the card. No signature is required every time you use the HSBC Premier Debit Card Singapore for purchases.</p>
  1025. <p>With this best debit card for students, you may also get cash from over 800 locations in Singapore such as Cold Storage, HSBC ATMs, atm5 Network, 7-Eleven, and many more. You may also withdraw cash in over 2.3 million Visa/Plus ATMs around the world with a S$0 fee on overseas cash withdrawal on HSBC ATMs.</p>
  1026. <p>This best debit card Singapore has a S$0 fee on overseas cash withdrawal at HSBC ATMs. You can also save up to S$40 if you buy movie tickets, and get 5% off your hotel booking with agoda. You can also use code “VISA8” to get 8% discount on hotel.com bookings.</p>
  1027. <p>Keep in mind that the HSBC Premier Debit Card Singapore has a S$25,000 limit for big-ticket purchases.</p>
  1028. <p><a href="https://www.hsbc.com.sg/debit-card/" target="_blank" rel="nofollow noopener">Head over to this page</a> if you want to apply for the HSBC Premier Debit Card.</p>
  1029. </div><div class="fusion-title title fusion-title-48 fusion-sep-none fusion-title-text fusion-title-size-three" id="Paypal-Debit-Card"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">Paypal Debit Card</h3></div><div class="fusion-text fusion-text-49"><p><img decoding="async" class="cardImgMobo alignleft wp-image-6142 size-medium" src="https://www.omy.sg/wp-content/uploads/2023/03/Paypal-Debit-Card-300x169.jpg" alt="Paypal Debit Card" width="300" height="169" srcset="https://www.omy.sg/wp-content/uploads/2023/03/Paypal-Debit-Card-200x113.jpg 200w, https://www.omy.sg/wp-content/uploads/2023/03/Paypal-Debit-Card-300x169.jpg 300w, https://www.omy.sg/wp-content/uploads/2023/03/Paypal-Debit-Card-400x225.jpg 400w, https://www.omy.sg/wp-content/uploads/2023/03/Paypal-Debit-Card-600x338.jpg 600w, https://www.omy.sg/wp-content/uploads/2023/03/Paypal-Debit-Card-768x432.jpg 768w, https://www.omy.sg/wp-content/uploads/2023/03/Paypal-Debit-Card-800x450.jpg 800w, https://www.omy.sg/wp-content/uploads/2023/03/Paypal-Debit-Card-1024x576.jpg 1024w, https://www.omy.sg/wp-content/uploads/2023/03/Paypal-Debit-Card-1200x675.jpg 1200w, https://www.omy.sg/wp-content/uploads/2023/03/Paypal-Debit-Card.jpg 1280w" sizes="(max-width: 300px) 100vw, 300px" /></p>
  1030. <p>If you’re looking for a student debit card in Singapore, this is a great choice because it has no monthly fee or credit check. It works like a prepaid debit card in Singapore.</p>
  1031. <p>The PayPal debit card Singapore lets you spend your PayPal balance wherever MasterCard is accepted. This card is also great for those who want to save since it lets you earn cashback on eligible purchases. With this card, you can check out securely in-person and in online stores with a swipe or tap. You can also withdraw cash worldwide, with no fees at over 37,000 ATMs.</p>
  1032. <p>Although withdrawal is free at MoneyPass ATMs and there are no US transaction fees, you need to account for the 2.5% foreign transaction fee and $2.50 fee for withdrawals at non-MoneyPass ATMs. This is a great student debit card Singapore because it has no monthly fee or credit check.</p>
  1033. <p><a href="https://www.paypal.com/sg/webapps/mpp/manage-my-paypal-account" target="_blank" rel="nofollow noopener">Click here to know more about Paypal Debit Card.</a></p>
  1034. </div><div class="fusion-title title fusion-title-49 fusion-sep-none fusion-title-text fusion-title-size-three" id="Bank-of-China-Debit-Card"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">Bank of China Debit Card</h3></div><div class="fusion-text fusion-text-50"><p><img decoding="async" class="cardImgMobo alignleft wp-image-6141 size-medium" src="https://www.omy.sg/wp-content/uploads/2023/03/Bank-of-China-Debit-Card-300x194.jpg" alt="Bank of China Debit Card" width="300" height="194" srcset="https://www.omy.sg/wp-content/uploads/2023/03/Bank-of-China-Debit-Card-200x130.jpg 200w, https://www.omy.sg/wp-content/uploads/2023/03/Bank-of-China-Debit-Card-300x194.jpg 300w, https://www.omy.sg/wp-content/uploads/2023/03/Bank-of-China-Debit-Card-400x259.jpg 400w, https://www.omy.sg/wp-content/uploads/2023/03/Bank-of-China-Debit-Card-600x389.jpg 600w, https://www.omy.sg/wp-content/uploads/2023/03/Bank-of-China-Debit-Card-768x497.jpg 768w, https://www.omy.sg/wp-content/uploads/2023/03/Bank-of-China-Debit-Card-800x518.jpg 800w, https://www.omy.sg/wp-content/uploads/2023/03/Bank-of-China-Debit-Card-1024x663.jpg 1024w, https://www.omy.sg/wp-content/uploads/2023/03/Bank-of-China-Debit-Card-1200x777.jpg 1200w, https://www.omy.sg/wp-content/uploads/2023/03/Bank-of-China-Debit-Card-1536x995.jpg 1536w, https://www.omy.sg/wp-content/uploads/2023/03/Bank-of-China-Debit-Card.jpg 1765w" sizes="(max-width: 300px) 100vw, 300px" /></p>
  1035. <p>Double currency cards are extremely helpful if you love travelling or transacting in different countries. With the Bank of China Singapore Debit Card, you can store SGD and RMB for easy access whenever, wherever. This card offers no currency exchange fees for all RMB transactions in your RMB account, plus you can also enjoy convenience through UnionPay, the largest payment network in China.</p>
  1036. <p>If your RMB balance is not enough for a transaction, the remaining amount will be deducted from your SGD account based on the real-time exchange rate.</p>
  1037. <p>Not only that but this best debit card for students also lets you have a 0.3% cash rebate for all your local and international transactions. You can also save because there’s no annual fee forever.</p>
  1038. <p><a href="https://www.bankofchina.com/sg/bcservice/bc1/201510/t20151021_5803811.html" target="_blank" rel="nofollow noopener">Click here if you want to know more about this debit card</a>.</p>
  1039. </div><div class="fusion-title title fusion-title-50 fusion-sep-none fusion-title-text fusion-title-size-three" id="UOB-KrisFlyer-Debit-Card"><h3 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:28;line-height:var(--awb-typography1-line-height);">UOB KrisFlyer Debit Card</h3></div><div class="fusion-text fusion-text-51"><p><img decoding="async" class="cardImgMobo alignleft wp-image-6144 size-medium" src="https://www.omy.sg/wp-content/uploads/2023/03/UOB-KrisFlyer-Debit-Card-300x190.png" alt="UOB KrisFlyer Debit Card" width="300" height="190" srcset="https://www.omy.sg/wp-content/uploads/2023/03/UOB-KrisFlyer-Debit-Card-200x127.png 200w, https://www.omy.sg/wp-content/uploads/2023/03/UOB-KrisFlyer-Debit-Card-300x190.png 300w, https://www.omy.sg/wp-content/uploads/2023/03/UOB-KrisFlyer-Debit-Card-320x202.png 320w, https://www.omy.sg/wp-content/uploads/2023/03/UOB-KrisFlyer-Debit-Card-400x254.png 400w, https://www.omy.sg/wp-content/uploads/2023/03/UOB-KrisFlyer-Debit-Card.png 500w" sizes="(max-width: 300px) 100vw, 300px" /></p>
  1040. <p>Are you a frequent flyer? If so, you may be looking for a miles debit card. Well, this is one of the most incredible options in the country. The UOB KrisFlyer Debit Card is a must-have. This debit account lets you spend and save on travel with no minimum spending required. With this debit card, you can earn KrisFlyer miles per S$1 spent on Scoot, Singapore Airlines, KrisShop, and Kris+ purchases.</p>
  1041. <p>With this miles debit card, you can also earn 0.4 miles on all your other spend, and up to 7 KrisFlyer miles per S$1 spent with your UOB debit card and account. Cardholders can also take advantage of exclusive privileges with Grab, Scoot, and ChangiWiFi.</p>
  1042. <p>The UOB Krisyflyer debit card also lets you enjoy attractive exchange rates for all your travel needs. You can skip the queues for money changes since these exchange rates are available in your UOB TMRW app. When it comes to the UOB Krisflyer debit card fees, you also don’t need to worry about any admin charges.</p>
  1043. <p>If you apply for this best debit card, you can get up to S$198 cash credit plus 3,000 welcome miles. This promotion will run from 1 January to 31 March 2024, and it’s only for the first 200 new or existing UOB Deposit customers per calendar month to credit their salary to their UOB Krisflyer debit.</p>
  1044. <p><a href="https://www.uob.com.sg/personal/cards/travel/krisflyer-debit-card.page" target="_blank" rel="nofollow noopener">Head over to this page to learn more about the KrisFlyer Debit Card Singapore</a>.</p>
  1045. </div><div class="fusion-title title fusion-title-51 fusion-sep-none fusion-title-text fusion-title-size-two"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">A Word From OMY</h2></div><div class="fusion-text fusion-text-52"><p>Without question, having the best debit card or student debit card Singapore can make your life so much easier – you don’t need to carry cash around, you can skip worrying about going over your credit card limit, and you can enjoy exclusive perks. Now that you know the best debit cards in Singapore, you can finally choose the best one for your needs.</p>
  1046. </div></div></div></div></div><div class="fusion-fullwidth fullwidth-box fusion-builder-row-10 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling" style="--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;" ><div class="fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap" style="max-width:1310.4px;margin-left: calc(-4% / 2 );margin-right: calc(-4% / 2 );"><div class="fusion-layout-column fusion_builder_column fusion-builder-column-9 fusion_builder_column_1_1 1_1 fusion-flex-column" style="--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;"><div class="fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column"><div class="fusion-text fusion-text-53"><p> </p>
  1047. </div></div></div></div></div></p>
  1048. ]]></content:encoded>
  1052. </item>
  1053. <item>
  1054. <title>Optimistic forecast for Singapore&#8217;s F&#038;B sector with robust growth, according to RHB Analysis</title>
  1055. <link>https://www.omy.sg/optimistic-forecast-for-singapores-fb-sector-with-robust-growth/</link>
  1057. <dc:creator><![CDATA[Senior Editor]]></dc:creator>
  1058. <pubDate>Mon, 22 Jan 2024 05:59:51 +0000</pubDate>
  1059. <category><![CDATA[Business]]></category>
  1060. <category><![CDATA[News]]></category>
  1061. <guid isPermaLink="false">https://www.omy.sg/?p=8715</guid>
  1062.  
  1063. <description><![CDATA[RHB analyst Alfie Yeo predicts a positive year for Singapore's F&amp;B sector with a 3% GDP growth. This is driven by strong consumer demand and global economic recovery.]]></description>
  1064. <content:encoded><![CDATA[<div class="fusion-fullwidth fullwidth-box fusion-builder-row-11 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling" style="--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;" ><div class="fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap" style="max-width:1310.4px;margin-left: calc(-4% / 2 );margin-right: calc(-4% / 2 );"><div class="fusion-layout-column fusion_builder_column fusion-builder-column-10 fusion_builder_column_1_1 1_1 fusion-flex-column" style="--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;"><div class="fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column"><div class="fusion-title title fusion-title-52 fusion-sep-none fusion-title-text fusion-title-size-two"><h2 class="fusion-title-heading title-heading-left fusion-responsive-typography-calculated" style="margin:0;--fontSize:36;line-height:var(--awb-typography1-line-height);">Coffee chain Kimly expected to overtake peers</h2></div><div class="fusion-text fusion-text-54"><p>Singapore&#8217;s downstream F&amp;B services sector is poised for a promising year, with expectations of heightened consumer demand and a stronger economic landscape, according to insights from RHB.</p>
  1065. <p>Equity analyst Alfie Yeo from RHB anticipates a leap in Singapore&#8217;s GDP growth to 3% this year, a significant rise from the previous year&#8217;s 1.5%.</p>
  1066. <p>Yeo attributes this growth to an increasingly favourable external environment, suggesting a positive impact on consumption and income.</p>
  1067. <p>“This should translate into more positive consumption and income from the workforce eventually, as domestic industries recover and benefit from a more robust global demand,” Yeo stated.</p>
  1068. <p>The sector, however, has been rated &#8220;neutral&#8221; by RHB, noting that the F&amp;B Services Index has surpassed its pre-pandemic levels. This surge is largely driven by the success of cafes, food courts, and other mass-market eateries that offer affordable dining options.</p>
  1069. <p>In the coffee chain segment, Kimly stands out, projected to excel among its peers due to its ongoing outlet expansion and a promising cafe market outlook.</p>
  1070. <p>Yeo expressed a preference for the resilience of coffee shops, especially in light of the recent distribution of S$250 Community Development Council (CDC) vouchers.</p>
  1071. <p>More from OMY: <a href="https://www.omy.sg/enhanced-2024-cdc-vouchers-introduced-to-help-local-spending/" target="_blank" rel="noopener">Enhanced 2024 CDC vouchers introduced to help local spending</a></p>
  1072. <p>“[We] prefer more resilient coffee shops over quick-service restaurant format… We expect consumption for coffee shops to remain elevated this year, especially with the recent issuance of $250 Community Development Council (CDC) vouchers,” Yeo explained.</p>
  1073. <p>On the other hand, Japan Foods might encounter hurdles in the coming year. RHB maintains a &#8220;cautious FY2025 profit outlook&#8221; for the company, foreseeing challenges due to high operational costs and limited manpower resources.</p>
  1074. <p>Consequently, while Kimly has earned a “buy” rating from RHB, Japan Foods has been given a more conservative &#8220;neutral&#8221; rating.</p>
  1075. <p>More from OMY: <a href="https://www.omy.sg/logistics-sector-to-drive-industrial-rental-growth-in-2024/" target="_blank" rel="noopener">Logistics sector to drive industrial rental growth in 2024</a></p>
  1076. </div></div></div></div></div>
  1077. ]]></content:encoded>
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