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Singapore Briefings 2021: Singapore unemployment drops to 3.3% in November 2020

Last updated on January 9th, 2021 at 02:38 am

09 Jan 2021

Singapore’s unemployment rate improved to 3.3% in November 2020, from 3.6% in October 2020 and 3.6% in September 2020 according to data from Singapore’s Ministry of Manpower. Resident (which refers to Singapore Citizens and Permanent Residents) and citizen unemployment rates improved as well from 4.8% to 4.6% and 4.9% to 4.7% respectively. 109,500 residents were unemployed in November 2020, including 94,000 citizens.

OCBC aiming to double users on payment app Pay Anyone

09 Jan 2021

OCBC Bank (SGX:039) is aiming to double the number of users on its digital payment app Pay Anyone this year, as the bank forges partnerships and expands offers to boost acceptance and usage.

Fintech startup GoBear shuts operations

05 Jan 2021

Singaporean fintech startup GoBear announced that it will cease business citing a difficult business conditions and the inability to “raise more funds to continue operations” as a result of the Covid pandemic. Founded in 2015, GoBear launched as a metasearch engine before transitioning towards financial services. GoBear last raised USD 17 million in May last year, from existing investors Walvis Participaties, a Dutch venture capital firm, and Aegon N.V., a life insurance and asset management provider. The last funding round brought the total amount raised to USD 97 million and was aimed at expanding its consumer financial services platform which had been available in major Asian markets including Singapore, Hong Kong, Indonesia, Malaysia, Philippines, Thailand, and Vietnam.

Singapore, Malaysia terminate High Speed Rail (HSR) project

02 Jan 2021

Singapore and Malaysia have announced their decision to scrap the a high-speed rail line between the two countries after negotiations collapsed. Malaysia is expected to compensate Singapore for costs incurred in implementing the project which Singapore claims exceeds SGD 270 million, including consultancy costs and manpower.