“Singapore and the overwhelming retail onslaught”
by Jamie Brown
Celebrating 50 years as a sovereign nation, Singapore has global appreciation and a welcoming ecosystem when it comes to business. For Retailers, the re-newed city-state remains an attractive destination to promote and incorporate profitable companies. With several new shopping malls, two integrated resorts and stores everywhere, there has been a drive in retail growth, which is driven by the rise of visitors.
Singapore’s obsession for shopping almost rivals its obsession with food. Barely a year goes by without a vast array of Retail giants rushing to open their doors. And why not- clothing as well as other merchandise is cheaper than in most western states. Compared to July 2015, retail sales increased 2.8% in July 2016. The total retail sales value in July of this year was estimated at 3.7 billion, higher than the 3.6 billion last year. Although US Retail Sales increased by 4.23% on average, over the same time period, Singapore with only 5.5 Million people is still a force to be reckoned with.
Rising incomes, a fast growing demand for consumer goods and services are creating rich opportunities for Retailers. Singapore is becoming a single, global powerhouse! As the market continues to rise, Retail innovation will be required to fully capture the opportunities there. They understand the importance of ‘Promoting integration of ‘Retailer innovations.’ Online shopping is on the rise in Singapore and coordinating payment systems is vital.
And what about Regulations in Singapore? According to the country’s Ministry of Finance (MOF), Singapore’s corporate regulatory policy focuses on “development and facilitation rather than control”. This has ranked Singapore as the easiest place in the world to do business. The Transparency International Corruption Perceptions Index [TICP] rates Singapore as the least corrupt Asian country with one of the lowest crime rates in the world.
In fact, the World Intellectual Property Office [WIPO] was so impressed by Singapore’s reliable IP environment that it decided to set up its first Asian regional office there. This directly supports our findings in the “What US Fintech Companies don’t know, BUT NEED TO” article, where we discuss Singapore’s commitment to being the Hub for IP Protection for the ASEAN and Asia Regions.
At Lillii RNB, we assist retailers with their Point of Sale, Payments and Retail IT needs. As a Fintech startup in Atlanta which is the hub for Fintech in the US, we can assist retailers who are considering the ASEAN as their next destination. Lillii RNB works with the US Commerce Services department, the Monetary Authority of Singapore [MAS] and Spring Singapore. Innovation Incubators, Innovation centers including the Visa Innovation Center; Singapore Banks, World Banks headquartered in Singapore are also a part of the Lillii RNB portfolio. Our experienced team of Retail Consultants are Subject Matter Expert’s in Managing, Designing and Developing Retail and Payment solutions. At Lillii RNB, our goal is to ensure that your move to Singapore and the ASEAN region is a success!
In our next article, I will discuss why Singapore is a great place for FinTech start-ups from around the world.