Shaping Tomorrow - Making e-commerce work for every Singaporean
Shaping Tomorrow
In the past decade, how we shop has changed rapidly. Shopee vice president Ian Ho shares how the platform supported local sellers with livestreaming tools, families with fast delivery and seniors with digital vouchers that made shopping easier.
Shaping Tomorrow
About the show:
SG60: Shaping Tomorrow is a compelling video series that brings to life the Singapore stories of our most cherished brands. Through their journeys, they reflect on their past, celebrate their present achievements, and reaffirm their commitment to shaping the future of our Little Red Dot. Join us as we honor the legacy, embrace the now, and build tomorrow—together.
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Straits Times
17 minutes ago
- Straits Times
RHB Bank's Singapore unit to drive Malaysia lender's regional growth under new 3-year roadmap
Find out what's new on ST website and app. Singapore is part of RHB's group international business arm, which also covers Cambodia, Thailand, Laos and Brunei. SINGAPORE – The Singapore unit of Malaysian lender RHB will lead the bank's drive to expand in Asean in the next three years. Speaking on July 18 at the unveiling of the bank's new three-year roadmap for regional growth, the bank's managing director of group international business Danny Quah said that Singapore is a key growth engine to its international business arm. 'We will use Singapore as a growth engine, because we have been doing well here, and we have built enough fundamentals to be strong on its own to continue growing. It is also strong to be a strategic hub to the four countries that we have,' he said at a media briefing. Singapore is part of RHB's group international business (GIB) arm, which also covers Cambodia, Thailand, Laos and Brunei. GIB accounted for 12 per cent of the group's total income in 2024, with RHB Singapore contributing about 80 per cent of GIB's total income, said Mr Quah. 'RHB Singapore has been designated the group's regional hub due to its strong and consistent contribution to GIB, mature capabilities and strategic proximity to both customer networks and capital flows,' he added. Profit before tax for Singapore in 2024 nearly doubled, reaching $98.7 million, a 95.6 per cent jump from a year earlier. Meanwhile, slower growth was observed from other Asean businesses. Top stories Swipe. Select. Stay informed. Singapore 30% of aviation jobs could be redesigned due to AI, automation; $200m fund to support workers: CAAS Singapore HSA looking to get anti-vape cyber surveillance tool with AI capabilities Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Singapore NTU upholds zero grade for student who used AI in essay; panel found 14 false citations or data Singapore Character counts as much as grades: Desmond Lee tells students after a class on race and culture Singapore Residents in South West District get help to improve employability, find career opportunities Life Kinokuniya opens third bookstore at Raffles City, weeks ahead of schedule Business DBS shares rally to a new record as STI clocks yet another high The Singapore unit also expanded its sustainable financing portfolio by 40 per cent to $972 million. Mr Goh Ken-Yi, chief executive of RHB Singapore, said that the bank is targeting the larger commercial banking clients here, of which some are listed companies, by supporting them in investment banking. The bank has also been supporting Singapore-based clients' expansions into Malaysia with financing and advisory services. 'We've also helped Singapore-based clients or international private equity firms with financing and M&A (mergers and acquisitions) advisory solutions to invest into Malaysia. In fact, we are actually marketing Malaysia and Singapore as a single hub to support our private equity and larger corporate clients,' he said. RHB is also optimistic about expanding its cross-selling within Singapore, and will make efforts to market to corporate investment banking clients, especially the C-suite clients, its retail banking experience, said Mr Goh. The lender is planning on expanding its secured lending approach and continuing efforts to move away from non-performing loans. 'When I joined RHB about 10 years ago, there was an active effort to pivot the business away from some of the industries and sectors that were hurting us and causing us a fair bit of non-performing loans, to one where we did a lot more secured financing, specifically in the real estate space,' Mr Goh said. Currently, about two-thirds of the bank's Singapore loan book is made up of real estate-related loans and it hopes to deepen its support for other sectors such as healthcare and construction, he added. Under the three-year roadmap, RHB aims to achieve a return on equity of 12 per cent by 2027, up from 10 per cent in 2024. It also targets to reduce cost-to-income ratio, which measures operational efficiency, to below 44.8 per cent, down from 46.7 per cent in 2024. It further aims to maintain a gross impaired loan ratio not exceeding 1.3 per cent by 2027, down from 1.47 per cent in 2024.
CNA
17 minutes ago
- CNA
China quietly issues 2025 rare earth quotas, sources say
China has quietly issued its first 2025 rare earth mining and smelting quotas without the typical public statement, sources with knowledge of the matter said this week, another sign of Beijing tightening its control over the crucial sector. The quotas are closely monitored as a barometer for the global supply of rare earths, a group of 17 elements used in electric vehicles, wind turbines, robots and missiles. China is the world's largest producer of the minerals and the government typically issues them twice a year to state-owned companies but they have been delayed this year. The government issued the first set of quotas for the year only last month, without the usual public statement, said the sources, with one of them saying the companies were told not to share the numbers for security reasons. These details are being reported here for the first time. The sources did not give the quota volumes. China is increasingly sensitive about rare earths and its control over the supply, which it has been willing to assert amid its trade discussions with the US and European Union. Beijing added several of the elements and related magnets to its export restriction list in retaliation for US tariff hikes, cutting off supply and forcing some automakers outside China to partially shutter production. In the previous four years, China's Ministry of Industry and Information Technology issued the first batch of quotas in the first quarter of the year in an announcement on its website. The Ministry did not immediately reply to a request sent by fax for a comment on why the information has not been publicly issued. Last year, China issued two batches of mining quotas for 270,000 metric tons, with annual supply growth slowing to 5.9 per cent from 21.4 per cent in 2023. The smelting and separation quota in 2024 was also in two batches, totalling 254,000 tons, up 4.2 per cent from 2023. Beijing has used the quota system, first introduced in 2006, and corporate consolidation to tame the industry and give officials control over output. Beijing has narrowed access to the quotas, with only two state-owned groups - China Rare Earth Group and China Northern Rare Earth Group High-Tech - eligible last year, down from six previously. The quotas were delayed this year partly because of a proposal in February to add imported ore into the quota system, which sparked opposition from companies that rely on imports and were concerned they could lose access to feedstock, according to the two sources and an additional source with knowledge of the matter.
CNA
17 minutes ago
- CNA
Books Kinokuniya opens new Raffles City outlet ahead of previously announced date
Good news for folks who were eagerly awaiting Books Kinokuniya's third outlet: The Japanese bookstore chain opened its new Raffles City outlet on Friday (Jul 18), ahead of schedule by weeks. Books Kinokuniya previously announced that the outlet would open in August. Its Raffles City store joins Books Kinokuniya's flagship store at Takashimaya, which was reconfigured and "right-sized" early this year, and its other store at Bugis Junction as the remaining Books Kinokuniya outlets in Singapore. According to Books Kinokuniya, the change in the opening date was because "renovations and preparations progressed ahead of schedule". View this post on Instagram A post shared by Books Kinokuniya 🇸🇬 (@kinokuniya_singapore) Books Kinokuniya Raffles City at located on the third floor of the mall and takes over the space previously used by electronics chain Challenger. The store spans 3,433 sq ft and boasts a reading room with deep blue shelves. There's also store-exclusive stationery and merchandise here, including cat-themed products from Matsuo Miyuki and rare Pickles The Frog items. Interestingly, in the lead up to Books Kinokuniya Raffles City's opening, the bookstore chain's Instagram account appeared to allude to the possibility of a new outlet at Jewel Changi as well as the revival of its JEM store, which was closed in 2022. Responding to fans' comments on the Instagram Story, Books Kinokuniya said: "Please keep us in business. And hopefully these will be a reality one day." In response to queries from CNA Lifestyle, a spokesperson from Books Kinokuniya clarified that the two suggested potential outlets were "actually suggestions put forth by customers" in April. "At this moment, these projects are not in the works, but responses from our customers do contribute to our strategic planning," said the spokesperson. When asked about its decision to open an outlet in Raffles City, Books Kinokuniya said that the mall was a "natural choice" due to its central location and strong foot traffic. 'We saw it as an ideal space to introduce a refreshed retail concept and engage with a broader community of readers and customers. With the move to rebrand our sister company, NBC's Raffles City outlet to Books Kinokuniya, we aim to continue serving stationery lovers and book lovers at the new outlet."
