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Singapore’s GDP Exceeds Expectations in 2024: What’s Next for 2025? 🇸🇬📈 Singapore’s economy grew by a strong 4% in 2024, beating the trade ministry’s earlier forecast of 3.5%, according to PM Lawrence Wong’s New Year message. This growth underscores the nation’s resilience and ability to navigate global challenges effectively. What does this mean for 2025? A robust economy provides a solid foundation for real incomes to continue rising, outpacing inflation and supporting higher living standards. With median incomes growing by 2.2% above inflation annually over the past decade, Singapore is well-positioned to maintain its trajectory of economic and social progress. As businesses and individuals look ahead, the focus will likely shift to sustaining this growth through innovation, investments, and fostering global partnerships. Singapore’s ability to adapt and thrive remains a key driver of its success.

🌟 Singapore Inflation Eases: What It Means for Businesses and Policy 🇸🇬 Singapore’s core inflation rate slowed to 1.9% in November, the smallest rise in nearly three years and below economists’ forecasts of 2.1%. Headline inflation also eased to 1.6%, giving the Monetary Authority of Singapore (MAS) some breathing room to consider its next policy move. While analysts speculate that MAS could ease monetary policy as early as January 2025, others suggest it may wait, especially with global factors like incoming U.S. policy shifts under President-elect Donald Trump. For now, Singapore's economic outlook remains strong, with GDP growth forecasts for 2024 upgraded to 3.5% after a robust Q3 showing. For businesses, slowing inflation means better predictability for costs and potential opportunities as the central bank navigates this new environment.

As the year winds down and the bells chime clear, We pause to thank you for another great year. At Kimbocorp, our journey’s been bright, Thanks to you, our partners, our guiding light. Through challenges faced and goals pursued, Your trust and support have kept us renewed. Building businesses, big and small, Together we’ve risen, standing tall. So here’s to you, our valued friends, For the milestones shared, the joy that never ends. This holiday season, we wish you cheer, A Merry Christmas and a prosperous New Year! 🎅🎁

Good governance isn’t just for large corporations—it’s the backbone of any successful business, regardless of size. The Wates Corporate Governance Principles offer a framework specifically designed for private companies, emphasizing transparency, accountability, and long-term value creation. Here are the six key principles of the Wates Model: 1️⃣ Purpose and Leadership: A clear purpose and strong leadership guide the company towards sustainable success. 2️⃣ Board Composition: An effective, balanced board ensures sound decision-making and diversity of thought. 3️⃣ Director Responsibilities: Directors must uphold high standards of conduct and accountability. 4️⃣ Opportunity and Risk Management: Identifying opportunities while managing risks keeps the company agile and resilient. 5️⃣ Remuneration: Fair and performance-linked remuneration motivates employees and aligns with company values. 6️⃣ Stakeholder Relationships and Engagement: Building trust through effective engagement with employees, customers, and the community. Why adopt it? The Wates Principles offer a flexible and scalable approach, ensuring that governance isn’t a one-size-fits-all solution. By embedding these principles, companies can enhance trust, attract investment, and build a strong foundation for sustainable growth. Good governance isn’t just a compliance exercise—it’s a strategy for success.

Starting a new business is exciting, but it’s crucial to lay the groundwork with the right legal documents. These agreements protect your business, define key relationships, and set a strong foundation before you dive into major investments. Here are the top 5 documents every new business should prioritize: 1️⃣ Non-Disclosure Agreement (NDA) Protect your business ideas and sensitive information when working with partners, contractors, or investors. 2️⃣ Employment Contracts Clearly define roles, responsibilities, and compensation to avoid misunderstandings and ensure compliance with labor laws. 3️⃣ Shareholder or Partnership Agreement If you have co-founders or investors, this document outlines profit sharing, decision-making, and how to handle exits or disputes. 4️⃣ Service Level Agreement (SLA) Ensure clarity with service providers by defining quality, timelines, and responsibilities for seamless operations. 5️⃣ Terms and Conditions (T&Cs) For businesses operating online, this sets the rules for using your products or services and limits your liability. These agreements protect your business and stakeholders, giving you the confidence to grow and scale!

🌟 Singapore’s Crypto Journey: From Winter to Resilience 🚀 Back in March 2022, homegrown fashion brand Charles & Keith made headlines by accepting crypto payments. Little did they know, it marked the beginning of the Crypto Winter—a period of turbulence triggered by Terraform Labs’ collapse and the downfall of FTX. Yet, Singapore persevered. Through the slump, the city-state built out infrastructure and aligned its ecosystem. Today, about 30 licensed payment firms—including big names like Coinbase and Ripple—are authorized to provide digital token services under Singapore’s progressive regulations. Now, with support from regulators, banks, and service providers, crypto adoption is becoming mainstream. Even Gen-Z and Baby Boomers are warming up to it, spurred by innovations like US-approved spot ETFs. In fact, 40% of Singaporean investors now own crypto, according to a survey by Independent Reserve. Singapore is proving that with the right infrastructure and vision, crypto has a bright future. Are you ready to embrace it? 🌍💡

ACRA Disables Controversial People Profile Search Function 🚨 In a surprising turn of events, ACRA recently enabled a People Profile search function that allowed users to look up individuals who were officers or shareholders of companies registered with ACRA. By entering a surname, the search could return up to 250 results, complete with identification numbers visible—a feature that understandably caused public concern. Some searches even revealed the details of individuals who had passed away. Following significant public outcry, ACRA has now disabled the function. While the feature was part of a broader upgrade to modernize their filing system, this oversight raised serious questions about privacy and data sensitivity. We fully support efforts to upgrade systems for today’s dynamic environment, but privacy and common sense must always take precedence. Hopefully, this serves as a reminder that even well-intentioned updates need thoughtful implementation to protect the people they aim to serve.

The Long Road to Success: A Story of Perseverance 🚀 I have a friend—a German client of mine—whose journey in business has been nothing short of inspiring. When he started his company years ago, he focused on selling products, but the market wasn’t kind. For 4-5 years, he faced continuous losses, even periods of zero revenue, and burned through more than €500,000 without seeing a profit. But he didn’t give up. He pivoted. First, he moved into consulting and engineering services, using his expertise to create value. Then, he took an even bolder step—building project companies around the world. It wasn’t easy, and as a director and corporate secretary of his company, I’ve seen the sheer grit and resistance it took to keep pushing forward when most would have given up. Today, he’s finally achieved something incredible: a net profit before taxes. It’s a small but meaningful milestone, proving that perseverance and adaptability can turn a loss-making venture into something sustainable and full of potential. This story isn’t just about his financial turnaround—it’s a reminder that success often comes from taking risks, learning from failures, and refusing to quit. Whatever you’re building, stay resilient. The rewards are worth it. #Entrepreneurship #Perseverance #BusinessSuccess #Resilience #LessonsInLeadership

The Quest for Meaning at Work: Perspectives from All Sides 🌟 According to the Quest for Meaning at Work report, 97% of Singaporeans say having a sense of meaning in their careers is important. Employees are looking for better working conditions—flexible hours, comprehensive health insurance, and equal pay top the list. But what does this mean for the different players in the workforce? As a company owner, I think about meaning in terms of impact. Building a company where employees feel valued, supported, and fulfilled isn’t just good ethics—it’s smart business. Happy employees are productive employees. But balancing this with operational goals, especially as startups need everyone to do more with less, is a tough line to walk. From a worker’s perspective, the desire for flexibility is real. They want to work smarter, not harder, while also balancing personal commitments. It’s about building a career without sacrificing life outside work. But I also hear the concerns of employers. They want people in the office, collaborating, building culture, and solving problems face-to-face. So, how do we bridge this gap? The solution lies in finding a hybrid approach—one that respects employees’ need for flexibility while fostering a culture of collaboration and purpose. Meaning at work is possible when both sides feel they’re seen, heard, and supported.