Simplifying Procurement for Greater Efficiency

The Ministry of Finance (MOF) is launching Tender Lite starting late April 2024. It's a simplified procurement process for new tender opportunities valued at $1 million or less for general goods and services. Tender Lite will expand to include ICT and construction tenders in the future. In the meantime, government agencies will waive Security Deposits for ICT and Construction tenders valued at $1 million or less.

Note: Look for the "Tender Lite" indicator on GeBIZ for eligible opportunities. Not all tenders meeting the criteria before the launch will be tagged as "Tender Lite."

Useful guides for suppliers:

• Government Procurement Guide for Suppliers
• Tender Lite Guide for Suppliers
  

Digitising Guarantee Processes for Government Agencies and Businesses

The eGuarantee@Gov initiative aims to streamline the issuance and discharge processes of banker's guarantees and insurance bonds for government agencies through digitalisation. With eGuarantee@Gov, businesses and individuals can provide guarantees to government agencies for their contractual or licensing obligations within a day. Paper guarantees will no longer need to be physically delivered to government agencies. Instead, guarantees will be securely and electronically issued to government agencies by Financial Institutions via Singapore Customs' Networked Trade Platform (NTP).

Click here to download eGuarantee infographic

When titans clash, can ASEAN gain?

The global stage is shifting. Economic security concerns are leading countries to prioritise national interests, impacting trade and investment patterns. The shift away from China presents new opportunities for ASEAN countries, with Singapore emerging as a key destination. While de-risking benefits the region, it could hinder global economic growth. SBF believes ASEAN has a critical role to play. In a recent Business Times opinion editorial by SBF CEO Kok Ping Soon, he called for ASEAN to take a proactive stance. By shaping global economic discourse, ASEAN can ensure a future that benefits all.

Emission Factors Registry launched to help businesses meet climate reporting needs

SBF has introduced the Singapore Emission Factors Registry to assist companies in accurately calculating their carbon emissions. SBF Chief Policy Officer Musa Fazal underscored the challenges faced by companies and emphasised the importance of using local emissions factors. The registry aims to simplify climate disclosures, particularly in relation to Scope 3 emissions. Training programmes will be provided alongside its launch, with support from government grants for sustainability reporting.

Latin America Awaits: Expand Your Reach with LATAM Conference 2024

Unlocking opportunities in agri-food, fintech, logistics, and e-commerce? LATAM Conference 2024 is your gateway to the booming Latin American market! Get the chance to connect with established Singapore companies thriving in this dynamic region, forge valuable connections with potential partners to expand your business reach, gain insights from industry leaders, and collaborate with experts shaping the future of Latin American business. Launch your Latin American adventure now!

Exhibit with SBF at the 7^th CIIE, the World's Largest Import Fair

The 7^th China International Import Expo (CIIE), the world's largest import trade fair, is happening this November in Shanghai, and SBF is inviting you to be a part of it! Join the Singapore delegation to exhibit in the 3 key halls: Trades in Services, Food and Agricultural Products, and Consumer Goods. Leverage SBF's experience and network to tap into China's massive import market. Connect with millions of potential customers and gain valuable exposure on a global stage. Register with SBF today! For more enquiries, email us at [email protected].

Local Expertise Meets Global Scale

How does a global giant like GlobalFoundries, the world's 3^rd largest chipmaker, keep its Singapore operations running smoothly? The answer: Local partnerships! This win-win partnership exemplifies how global leaders and local businesses fuel Singapore's growth engine. The Economic Development Board (EDB), Enterprise Singapore, A*STAR, and NAMIC Singapore actively foster partnerships between MNEs and local businesses. An earlier opinion editorial by SBF CEO Kok Ping Soon talked about how the enhanced Partnerships for Capability Transformation (PACT) scheme could maximise growth potential for SMEs.

SPF Advisory: Fake Bulk Order Scam

The Singapore Police Force advises businesses to stay vigilant against the fake bulk order scam, where scammers target owners across various industries by posing as representatives of reputable companies or schools. They request specific products/equipment/accessories that may not be readily available and direct victims to a fake supplier. Victims are shown a fraudulent screenshot of advanced payment made by the scammer before they make payments to the fake supplier. Subsequently, the scammer disappears, leaving the victim without any funds in their account.

For more information on scams, visit www.scamalert.sg to know more.

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