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International Coffee & Tea Industry Expo 2018

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International Coffee & Tea Industry Expo 2018

Date: March 22-24, 2018

Cycle: one year

Location: Singapore


Description

The 2018 Asian Coffee Industry Exhibition and the International Coffee and Tea Exhibition is a large-scale coffee and tea industry gathering and a perfect one-stop platform for industry professionals. Participants  present their Equipment, machinery, additional products, and various supplies and products. In addition, the 2018 Asia Coffee Industry Fair and the International Coffee and Tea Industry Fair will provide exhibitors and visitors with flexible b2b resources and purchasing platforms, allowing participants to explore new opportunities for cooperation. The exhibition  provide catering industry professionals, entrepreneurs and sellers unparalleled convenience conditions to help them better understand the development and prospects of the local coffee industry.


Photo Gallery

Singapore International Coffee and Tea Exhibition 2018

Singapore International Coffee and Tea Exhibition 2018

International Coffee & Tea Industry Expo 2018

The Singapore International Food & Hotel Supplies Exhibition (FHA) 2018

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The Singapore International Food & Hotel Supplies Exhibition (FHA) 2018

Date: April 24, 2018 – April 27, 2018

Location: Singapore Expo Center

Related Industry: Food, hotel supplies


Description

The Singapore International Food & Hotel Supplies Exhibition (FHA), sponsored by SingaporeExhibitionServices, is a well-known international food hotel exhibition in Asia. Since its founding in 1978, it has been known as an important food and hospitality event in Asia. Not only can we not see such an exhibition in China, but it can also be regarded as an outstanding exhibition in the food industry throughout Asia.

FHA gathers 60,478 people from all over the world, including your potential customers, partners, and competitors. Exhibitors from 68 countries, 2,696 companies, of which 56 were set up. 80% of exhibitors come from overseas. The total exhibition area reached 87.000 square meters.

There will be tens of thousands of hotel and restaurant members from Asia, Africa, Europe, the United States and other regions of the world to visit the event, providing businesses with a good platform for communication and exchange. This exhibition is a perfect trading and communication platform for this rapidly developing and multifaceted industry.


Photo Gallery

FHA

FHA 2

FHA 3

FHA

FHA5

 

 

TWG Tea: Less than 10 years,How to create a fashion statement in the teahouse?

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TWG tea

TWG Tea, a Singaporean tea brand, a brand founded in 2008. In nine years, how has it become a global premium tea brand?

9 years ago, It was not known by the world; now, It become a great popularites.

In just a few years, TWG Tea, founded in Singapore, has stores and sales networks throughout the United Kingdom, the United States, Australia, and other countries around the world;

The first-class cabins provided by the Singapore Airlines,and All Nippon Airways’s onboard flights serves drinks selected from TWG Tea;

Airport transit areas in Singapore, Bangkok, Kuala Lumpur, Sydney and Doha also have its presence;

High-end department stores such as Harrods and Takashimaya have also thrown offers to it, and it even became a tea sponsor of the Shanghai Film Festival.

The development of TWG Tea is a living example of the birth of a “luxury tea product”.

TWG tea store

TELL TEA STORIES IN SINGAPORE

Founded in 2008, the main founders of TWG Tea are Maranda Barnes from the United States and Taha Bouqdib from Morocco.

Interestingly, however, the country where the brand was founded did not select any of them. Instead, it is set in a country where the agricultural output value accounts for less than 0.1% of the national economy, and with neither tea output nor special tea culture.

In response, Maranda Barnes stated that there are three main reasons for choosing Singapore as a brand creation location:

First, Singapore has always played an important role in the world’s trading ports by virtue of its geographical location. Since the 19th century, Singapore has established its unique position as a tea trading hub.

Secondly, because Singapore is not the origin of tea, when it comes to Singapore, people do not just think of certain types of tea. Choosing such a place as a place for brand creation gives the brand more possibilities, which is in keeping with our vision of collecting and selecting high-quality tea for our customers globally.

Third, Singapore is a multicultural country. The cultural tolerance are consistent with the brand philosophy that TWG Tea insists.

In addition, since tea is so serious and has a historical texture, in order to adapt to local culture, the 1837 TWG Tea brand logo is also intended to celebrate Singapore’s commitment to becoming a tea, herbal, and luxury leisure boutique since that year. That great history.

TURN THE TEAHOUSE INTO A LUXURY STORE

TWG Tea has a clear brand positioning. Since the beginning of its establishment, it has determined to create “TWG Tea The Finest Tea in the World.” In the nine years of its development, this brand concept was instilled in the entire process of its production and operation, collecting good teas from around the world, carrying out R&D innovations, and promoting in a timely manner, thus making the brand image quickly established and recognized by consumers.

twg teas  rose tea

In order to meet this position, TWG Tea used tea as a luxury product and opened a tea shop as a luxury store.

Exquisite storefront decoration combines traditional and modern elements:

Salons and boutiques are warm with timeless mahogany, clear brass,  and a low-key mirrored marble floor…

According to Maranda Barnes, TWG Tea will redefines consumer’s stereotypes about the teahouse, not only in the sense of taste, but also in the visual and tactile sense to give customers a sensual feast.

In addition to store design, most TWG Tea salons and boutiques are located in high-end shopping centers.

At present, TWG Tea has opened 63 branches in 18 countries around the world, covering Singapore, Australia, Belgium, Cambodia, Canada, China, Mexico, the United Kingdom and other countries and regions.

twg tea stores

In mainland China, there are 6 stores, which are located in Beijing, Shanghai, and Guangzhou. In December 2016, TWG Tea successfully opened its first boutique and salon in North America. Maranda Barnes said that TWG Tea will also plan to start operations in North Asia, the Middle East and Europe.

TWG Tea not only rapidly expands its stores in the world, but also has become a global tea supplier for high-end hotels, fine dining restaurants, and international airlines. Through first-class cabins, airports and other channels, TWG Tea has reached out to high-end consumer strata and its footprint has covered 42 countries around the world.

 

USE INTERNET FOR BRAND BUILDING

With the development of the Internet by leaps and bounds, physical businesses have been challenged, and in order to seek breakthroughs, physical businesses are trying to combine the advantages of the Internet and enhance the sense of experience of the stores through various creative tricks.

TWG Tea has captured the trend of digitization and timely adapt to the trend. Early in 2013, TWG Tea became the first international tea brand involved in mobile applications. At the same time, the brand official website also provides a platform for consumers in certain countries to better browse, select, and purchase products.

 

 

Singaporeans: Sorry, Amazon, We Still Prefer Shopping in Physical Stores.

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amazon in singapore

Amazon has officially entered the Southeast Asian market and established a new company in Singapore, but the home appliance giant is facing some difficult obstacles in Singapore.

Although Singapore’s e-commerce development time is not short, people in Singapore like to shop in air-conditioned shopping malls, which has almost become a “national sport”.

For the consumers of this island nation, physical stores or shopping malls are usually only a few minutes away.

In fact, Singapore now has too many stores. After years of over-expansion, mall operators are reducing their business. Although physical retailers blamed the economic weakness and the increase in e-commerce shopping, in the area of ​​e-commerce, the country with a population of 5.6 million falls behind most developed countries. According to Euromonitor, last year, e-commerce sales in Singapore accounted for only 4.6% of total retail sales. In the United Kingdom and the United States, this ratio was 15% and 10% respectively.

“Singapore is a very small city-state, so shopping is one of the favourite pastimes for all Singaporeans,” said Chan Hock Fai, a fund manager at Calyon Asset Management. He said that compared to emerging retail and e-commerce markets, retailing is a more mature market in Singapore, so it will be even harder to achieve growth.

shopping mall in singapore

Amanda Ip, spokeswoman for Amazon Prime Now, said: “We have launched Prime Now in 50 cities in 9 countries. Singapore is the largest release we have ever made. We are grateful to our customers for their excited response.”

Jin-Yan Ang, 29, an Amazon Prime member, decided to buy a Go-Pro sports camera on Amazon two days before his vacation. He also bought some iced wine and other daily necessities for the party. Ang said: “One thing is not good is that Amazon Prime Now needs to increase the diversity of products now.” He is also a purchasing manager.

In terms of scale, Lazada surpasses Amazon in its scale, with the former providing more than 30 million products. In contrast, Amazon Prime Now is now only tens of thousands of products. Lazada was originally founded by the German incubator startup Rocket Internet SE in 2011 and has more than 6.6 million unique visitors per month. Since 2016, the number of orders has tripled.

Although the retail development of e-commerce in Singapore is relatively short, Singapore consumers have been shopping online for many years.

Also they will directly shop from the United States, China and other places. According to ComScore’s data, in August this year, lazada’s desktop visitors reached 988,000 unique visitors, followed by Amazon’s 668,000, and Qoo10’s 442,000.

“Although online shopping is really convenient, I prefer to buy things in physical stores. Shopping in Singapore is very convenient and everything is within reach. I will only buy things online if they are not available in physical stores.“ said Lisa Tan, a 32-year-old small business owner.

NEED OFFLINE CHANNELS TO WINE MORE SINGAPORE CUSTOMERS?

For e-commerce sellers, the attractiveness of opening a physical store to meet the Singapore shopper’s needs cannot be ignored. Sportswear brand Vivre Activewear was launched online for the first time in April 2014 and the brand decided to open an offline store two years ago. According to its co-founder, Kevin Chia, Singapore customers prefer to see “real things.” Now, 80% of the brand’s revenue comes from offline store sales.

“No matter when your customers are ready to shop, you have to be there at all times,” said Ali Potia, head of the Asia Consumer Insights Center at McKinsey.

Lazada has partnered with Singapore real estate operator CapitaLand Ltd to allow people to shop online and pick up goods at nearby shopping centers. Lanternier said: “This will break the online-to-offline loop and provide customers with a complete shopping experience.”

Amazon’s purchase of Whole Foods for $13.7 billion indicates that it is becoming more open to the establishment of offline stores. In India, Amazon recently acquired a 5% stake in Indian retail giant Shoppers Stop. Amazon plans to open an experience center in the retailer’s store to allow customers to try products sold on the Internet.

The reason why consumers continue to choose to shop in physical stores is mainly due to the fact that some of the shopping experience in the store can’t be replaced by e-commerce. “Tan Yong Kee, general manager of AsiaMalls, a company which operates six shopping centers in Singapore.

 

 

3 Things You Need To Know About Singapore Wine Market

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1.MATURITY OF THE WINE INDUSTRY

All shops in Singapore have no exaggerated luxury design

The wine stores are all of medium size. Each business district is densely distributed and very community-oriented. It is easy to buy wine in Singapore and many stores are professionally displayed. Unlike Chinese community stores, there are many cigarettes, liquor, and drinks. This can also reflect the professionalism of the Singaporean wine consumer market.

The preservation of wine here is still very important

Because Singapore is a tropical country, outside it’s very hot, while inside with conditioner it’s cold. The wines go bad easy if you are not careful. Many people are very knowledgeable. Therefore, the preservation of wine here is still very important. Many stores have air-conditioners at all times. There are also many constant temperature and humidity cabinets. This is similar to the situation in Hong Kong.

How about the price of wines?

In many wine stores, their retail prices are reasonable. The variety of products are sold in many different stores, with close retail prices. There is no significant spread. On the contrary, in China, the retail price of many stores have big differences. Because many Chinese liquor sellers like to label with very high prices, then discount them.

These characteristics are all related to Singapore’s mature wine consumption.

wine store in singapore

2. FEW LOW-END COMMERCIAL WINES

The entire Singapore market did not deliberately pursue any big brands, unlike in Hong Kong where many wine shops can see a large number of famous Bordeaux and Burgundy wineries. The product is displayed in the most prominent position. In the wine stores in Singapore, although there were some famous wines, they would not occupy such a large shelf and would not be placed in a particularly prominent position. On the contrary, most of the stores sold here are wineries and fine wines from around the world.

why?

First of all, because Singapore is deeply influenced by British culture, people’s lifestyle is quite “westernized,” which makes the country’s wine consumption market extremely mature. In addition, Singapore is a developed country, and it has reached 100% urbanization. People’s income is high, and social welfare is at the forefront of the world. Therefore, the preferences of consumers in the wine category here do not appear to be confusing. Wine merchants do not sell low-end commercial wines like Chinese wine sellers.

3. TARIFFS MAKE PRICES UNATTRACTIVE AND WINE RETAILING MAINLY TARGETS LOCAL CONSUMERS

The general unpopularity of low-end wines may be linked to Singapore’s wine import duties.

Singapore’s taxation standards will look at the degree of alcohol, and high tariffs with high alcohol content. Spirits such as whiskey have a higher tariff. Therefore, there is no advantage in cheap wine tariffs. In addition, Singapore’s rent and labor costs are relatively high. Even cheaper wines here have no advantage over China.

So most of the customers who consume wine in Singapore are locals. This is a big difference between Singapore and Hong Kong. In Hong Kong people will buy alcohol because of zero-tariffs, including people from many surrounding economies in mainland China.

E-commerce In Singapore? 4 Insights You Don’t Want To Miss!

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lazada

Singapore is a small and rich city country with a well-developed digital infrastructure and is one of the regions with the highest Internet penetration rates in Southeast Asia. In terms of e-commerce, by 2025, Singapore’s e-commerce market is expected to reach US$5.4 billion.

top products bought by digital shopper in singapore

1. PRODUCT PREFERENCE

According to Nielsen’s 2015 report, “Singapore is one of the most active online shopping consumers in the world and buys a wide range of goods and services.” 41% of Singaporeans like to browse online and then buy online and offline channels. , 17% rely entirely on online shopping.

According to Criteo and Edelman, the top three most common digital purchase categories in Singapore are travel products (64%), apparel and shoes (57%), entertainment products (48%). Followed by 38% of beauty products, 32% of electronic equipment, and 31% of books.

2. PAYMENT METHOD

Credit cards are the preferred payment method for most online shoppers in Singapore.

Singapore’s credit card penetration rate has reached 38%, and on average, everyone has 3.9 circulation cards. Surveys by SingSaver and ShopBack show that as many as 79% of Singapore’s digital buyers prefer to use credit cards for digital purchases; followed by PayPal, accounting for 12%.

Only 3.8% of respondents said they prefer local payment services eNETs (similar to China UnionPay); while cash on delivery and bank transfers account for 2.3% and 2% respectively.

Business data for February 2017 from aCommerce, an e-commerce solution provider in Southeast Asia, shows that 99.4% of Singapore’s digital purchases on this platform were completed through credit cards, and COD only accounted for 0.6%.

3. LOCAL LOGISTICS

Singapore Post, YCH (Ye Yongfu Group), Keppel (Keppel Logistics), the three major logistics companies currently handle nearly 60% of local courier orders. Singapore Post is still the main leader in local express delivery. According to the 2016 Singapore Post survey report, 40% of local express delivery is still in the file category, followed by  35% of the e-commerce express delivery.
 
singapore post
 

4. LOCAL E-COMMERCE

Among the top 10 e-commerce platforms, 7 are local brands from Singapore. They are: Lazada, EZBuy, Zalora, Shopee, Reebonz, Love, Bonito and Forty Two.For local e-commerce brands, their cultural sensitivity to urban consumer trends have enabled them to dominate Singapore.

e-commerce in singapore

Lazada has been operating in Singapore since May 2014 in Indonesia, Thailand, Vietnam, Malaysia and the Philippines. It was launched in Singapore in May 2014. It is one of the mainstream online shopping sites in Southeast Asia and has Facebook fans numbering 18 million. According to the SimilarWeb data survey, Lazada’s average monthly visits were 4.3 million.

EZBuy, formerly 65daigou, ranked third with an average of 2.2 million monthly visits. In the March 2016 Series B round of financing, EZBuy received US$20 million in financing. EZBuy allows users to purchase goods from overseas online stores. The platform handles everything from purchasing goods to shipping and importing goods.

Zalora, the shopping platform for fashion and beauty products, ranks fifth, with an average of 1.2 million visits per month. After selling its business in Thailand and Vietnam, Zalora concentrated its efforts on high potential, high growth markets such as Indonesia and Singapore.

Founded in 2015, Shopee is the largest e-commerce platform in the Pan-Asian and Southeast Asian market and currently covers seven countries and regions, including Indonesia, Taiwan, Vietnam, Thailand, Philippines, Malaysia and Singapore. It also has offices in Shenzhen, Shanghai and Hong Kong. Shopee has been on the line for only two years and the annualized GMV has exceeded US$5 billion, making it the fastest growing e-commerce platform in the region.

 

The Macallan: The Most Precious Whiskey In Singapore

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the macallan

Macallan, ” Rolls Royce in Malt Whiskey “

Macallan Single Malt Whisky, founded in 1824, was produced at the Macallan Winery with more than 300 years of winemaking history. It is one of the earliest licensed wineries in Speyside in the Highlands of Scotland. It is known as “the world’s most precious whisky” for its long history and exquisite craftsmanship.

macallan tasting

THE INHERITANCE OF THE SPIRITUAL HOMELAND

Built in 1700, the home of James I of Elchies Castle, is considered as the spiritual home of McAllen.

macallan double cask

THE SMALLEST DISTILLER

The use of the smallest copper distiller on the Speyside to stabilise the internal temperature, creatS a higher quality and aristocratic identity.
 
macallan distillery

THE ESSENCE OF THE WINE

According to the ancient method of distillation, only 16% of the best essence of the wine after the second distillation is kept. As the brand with the lowest percentage of alcoholic beverages in all Scottish wineries (generally up to 30%) has created a stunning quality wine.

BEST EUROPEAN OAK BARRELS

They persist in using the highest grade of Shirley oak barrels to add a rich fruit aroma while retaining the malt whisky character.

macallan cask

PURE NATURAL COLOR

Macallan is the only Scotch whisky brand that does not use any artificial additives. The natural effect of wine and oak barrels is intact to maintain the natural color and taste of whiskey.

macallan

BEST QUALITY OF WINERY

The Macallan winemaker, with many years of experience, selects oak barrels from each of the best peaks of the year to make new wines, which are then bottled when the wine matures. Each bottle of McAllen is a product from skillful  winemakers.

Singapore Asia International Wine Trade Fair

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Singapore Asia International Wine Trade Fair

Date: April 24-27, 2018

Cycle: Two years

Location: Singapore


Description

ProWineASIA of the Asia (Singapore) International Wine and Spirits Show 2018 was held in Singapore from April 24th to April 27th, 1818. The ProWein International Wine Exhibition organized by Düsseldorf Exhibition Group is the world’s top wine and One of the spirits fairs played an important role in the wine trade industry. Until 2016, it has been held every two years and it has been successfully held 16 sessions. ProWineAsia was held annually in Hong Kong and Singapore.

Market analysis

As coffee sales increase in Asia, more and more people are pursuing the perfect brewing and appreciation process. Coffee culture is gradually turning the coffee industry into a handicraft industry, focusing on quality and raw material sources. It is estimated that the annual growth rate of the global coffee market will reach 4.7% between 2015 and 2019. In February 2015, Singapore’s coffee, tea, cocoa and spices imports increased from S$12,863 million to S$130.78 million. The annual consumption of coffee is 500 billion cups, worth 100 billion US dollars, and South-East Asia will consume 28 million to 30 million packs of coffee, and by 2020 it will account for 50% of the total coffee consumption in the world. In addition, there are various publicity and promotion activities, with the media driving more than S$3 million in total sales.


Photo Gallery

Singapore Asia International Wine Trade Fair2

Singapore Asia International Wine Trade Fair2

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Singapore Asia International Wine Trade Fair4

Heineken’s brand strategy:Fresh and Elegant !

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heineken branding freshness

Heineken Group, its third generation heir is an expert in the operation of advertising. Bourgeois-like advertising ideas have made “Heineken” the first choice for yuppies, which is totally different from bold Budweiser and traditional Guinness. Unique original export policies, high pricing strategies, and unique sports sponsorship policies have also helped the establishment of an elegant brand image. The flexible brand policy has also won many European customers.

Heineken brand

 

THE FIRST CHOICE FOR YUPPIES IN SINGAPORE

Heineken follows differentiated marketing, emphasizing differences in hedonicity, and striving to create high-end brand perceptions of Heineken. From packaging to advertising, from public relations to promotion, they are distinguished from other beer brands. Has always maintained its unified brand image: Grass green tone, natural casual feeling.

In the Singapore market, Heineken’s brand positioning was very clear from the very beginning and it was highly targeted: positioning itself as an imported high-end beer in terms of price and packaging; in the consumer’s lifestyle, it was to strengthen the quality of life, natural and leisure. The targeted consumer group is Singapore’s middle and high income groups and white-collar workers.

At the same time, Heineken places its sales breakthrough on “night clubs” (bars, nightclubs, taxis, and other places) and “spots” to drive ordinary consumption.

 “AS NATURAL AS HEINEKEN”

Under the increasing laws and regulations governing the control of alcoholic beverages around the world, Heineken has unified the global advertising campaign, completely abandoned the image of drinkers, and returned the performance objects to the “green bottle”.

However, unlike the “wearing bottle campaign” adopted by the elegant “absolute” vodka and the fantasy-diagonal “Simulu”, Heineken hopes to cater to young consumers love, and friendship through the story of wine bottles.

Love and fun, just like the atmosphere, show the natural and casual style that the Heineken brand pursues.

Heineken ads

VIBRANT BRAND BUILDING

Beer marketing is now guided by brands and consumers. Different people will choose different brands to reflect different tastes. People drink Budweiser beer is to feel upright; drink Corona is to enjoy noble; drink Heineken may be elegant feelings. Therefore, beer manufacturers continue to convey different demands through different advertising performances and brand promotion.

ALLIANCE WITH SPORTS FOR BRANDING

As people’s consumption levels increase, prices are no longer the primary factor for consumption. Consumers also hope to reflect their personal taste in the processshape your city of consumption.

Beer consumption will increasingly become more sophisticated, personalized, and branded. Brand promotion and sports alliance is one of the popular methods used by beer giants. Heineken has preference for the aristocratic sport: tennis. In the past it was limited to sponsoring such first-class events as the Australian Open, the US Open, and the Davis Cup. It now hosts its own tennis tournament and sponsors golf for years.

 

TIGER BEER

In 1930, the Tiger Brand was born and was the representative brand of Singapore Asian Pacific Brewery Group (APB). APB is a joint venture between Heineken and F&N, the leading beverage company in the Asia-Pacific region and Heineken Group.

On May 19th, 1997, Hainan Asia-Pacific Brewery, a joint venture established by Heineken, APB and Hainan Brewery Co., Ltd., was completed and officially put into production. The first annual production capacity was 130,000 tons of beer, and the final production scale was 350,000 tons. Production of tiger beer and Lijia beer, which is suitable for southern flavours, is the third joint venture brewery outside Heineken Brewery in China. 

Tiger brand is positioned in the world’s top brands, and Lijia is a mid-range beer brand. Different brand positionings have led to different sales strategies: Tiger has established sales networks in Shenyang, a city in the north of China, Shanghai in the Yangtze River Valley, Chengdu in southwestern China and Guangzhou in the south, to promote domestic beer markets. The Lijia beer is dominated by the southern market and adopts the strategy of carpet bombing to first seize Hainan Island. The two brands pulled each other and looked at each other.

 

 

Alipay Plans To Realize ZERO-COST in Singapore Food Market !

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Alipay in Sigapore

ARE YOU FAMILIAR WITH ALIPAY?

Ant Financial Services Group, the online payment platform under Alibaba Group Holdings Ltd., the leading company of China’s e-commerce, hopes to expand Alipay online payment service in Singapore and plans to reduce the cost of food trade and the retail trade cost of small retailers to as low as zero.

In some large cash trading industries, we work hard to make it competitive – to a zero-cost level, which helps increase profitability.

At the press conference, Ant Financial announced that it had partnered with local payment company CCPay to promote Alipay in some of the oldest shopping malls in Singapore’s Chinatown since August 25.

CCPay’s owner, founder and director of CC Financial Services, Jerde Huang, said on Tuesday that the cost of installing and using Alipay in food stalls is free. Most small Singapore merchants only trade in cash, partly because of the high transaction costs of credit and debit cards.

Ooi said Alipay has about 20,000 business users in Singapore. By motivating small merchants and giving them competitive advantages, “We hope that small shops have no reason not to accept Alipay,” Ooi said.

 

 alipay in singapore

 

At present, Chinese tourists promote Alipay’s urban business.

According to the Singapore Tourism Board, 1.3 million Chinese people visited China in the first five months of this year.

Currently, only Chinese citizens can use Alipay in Singapore, but Ooi said that the local consumer’s mobile wallet will be promoted to the central market in the entire region. Alipay services for locals are already available in India, Indonesia and the Philippines.

Alipay’s expansion plan is closely related to Singapore’s embrace of technology. Singapore Prime Minister Lee Hsien Loong emphasized in his annual policy speech on August 20th that it is necessary to establish a “smart country” through the adoption of new scientific and technological means to quickly adopt unpaid bills and information technology.

FALLEN BEHIND?

Singapore Prime Minister Lee Hsien Loong expressed concern that Singapore is falling behind from other countries including China in the introduction of cashless payment methods.


In his speech, Premier Li said: “In China’s major cities, cash is outdated. “Everybody is using WeChat to pay or Alipay, so when tourists from China discover that they must use cash here, they will certainly wonder: Singapore. Why is it so backward?

As one of the most developed countries in Asia, Singapore has technological means and hardware infrastructure to achieve large-scale cashless payment services. The country ranks first in the Asia-Pacific region in the Digital Evolution Index published by MasterCard and Fletcher College of Tufts University, and is ranked sixth in the world.