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Photo: Unsplash
Cover Photo: Unsplash

September began with Binance being put on the Investor Alert List and Secretlab announcing that they will be hiring over 100 individuals in Singapore following their massive growth

This story was first published on September 3, 2021, and updated on September 6, 2021. 

We may only be a few days into September but it is already shaping up to be a very eventful month.

See also: The Business Digest: Nanofilm Shares Plunge, Mindfi Raises $1 Million From Investors

This week, Binance was put on the Investor Alert List and ordered to stop providing payment services in Singapore. They announced that they would be doing so on September 9.

At the same time, Secretlab announced that following its massive growth, it would be hiring 100 new employees in Singapore and investing $50 million into research and development over the next few years.

From the highs to the lows, Tatler Singapore rounds up all the biggest business news from this week that you need to read.  

See also: The Business Digest: Binance Hires New CEO, Blackstone in Talks to Acquire Interplex

Binance has been ordered to stop providing payment services in Singapore

Binance is one of the world’s largest cryptocurrency exchanges by trading volume and this week, its operator was ordered to stop providing payment services here and soliciting business from Singapore residents. This is a result of Binance not having an appropriate licence from the Monetary Authority of Singapore (MAS).

In a blog post on September 5, Binance said that it would be ceasing Singapore dollar trading pairs and payment options from September 9. They added that they would be removing the app from Singapore's iOs and Google Play stores as well.

According to a spokesperson responding to questions by the media, a regulator has also reviewed Binance.com’s operations. They have said that they “may be in breach of the Payment Services Act for carrying on the business of providing payment services to, and soliciting such business from Singapore residents without an appropriate licence.” 

MAS has also placed Binance.com on its Investor Alert List as of September 2. This list warns consumers that companies on it are possibly not regulated based on information MAS has at that point in time. 

This news comes just days after Binance Singapore announced that they appointed Mr Richard Teng as its new chief executive officer (CEO).

See also: 4 Things to Know About Richard Teng, Binance Singapore’s New CEO

Comfortdelgro is one of two winners in a pilot tender for electric vehicle charging points in carparks

On September 3, authorities announced that over 600 electric vehicle (EV) charging points would be set up across 200 car parks over the next 12 months.

Alongside this announcement, they also declared that Comfortdelgro Engineering and Engie South East Asia, were the winners of the public tender to build and operate this infrastructure in the central, west and east regions of Singapore.

Primech A&P, Charge+, Sunseap Group and Oyika won the tender for car parks in the north and north-east regions of Singapore. 

Singapore’s retail sales rose at a significantly slower pace in July

This week, it was announced that Singapore’s retail sales rose at 0.2 per cent in July on a year-on-year basis as a result of the Covid-19 restrictions that were in place in June last year. 

This growth is much slower than the previous month’s figure which was 26.0 per cent. Excluding motor vehicles, this figure is also lower than the 19.2 per cent increase in June, according to the Department of Statistics (Singstat) in a statement. 

Secretlab will hire over 100 employees in Singapore following their massive growth

Gaming chair manufacturer Secretlab has announced that it will be looking to fill over 100 jobs in Singapore after the company saw “massive growth” over the last few years.

The company is looking to expand its product team with about 80 engineers and designers as well as individuals for their marketing, public relations and global operational teams. These positions will mostly be based in Singapore with the exception of some roles which will require individuals to spend a significant time in China where Secretlab has its factory. 

“We are hiring across the board for almost every position. I would say that every team right now is extremely stretched. We’ve seen massive growth in the past few years,” co-founder and chief strategy officer Alaric Choo told reporters during a media visit to the company’s new global headquarters and research and development lab in Braddell.

He added that the company is planning to invest $50 million into research and development over the next few years in order to boost its product development and innovation capabilities. 

See also: Secretlab to Hire Over 100 Employees in Singapore After Seeing Massive Growth

Topics

Binance Secretlab investor alert list mas investor alert list investor alert list singapore binance mas mas binance sg binance singapore stop payment solicitation payment service provider payment services act investor Comfortdelgro
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