© 2019 by 80RR Fintech Hub SG

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Contents

 

 

  1. INDONESIA INVESTMENT UPDATES: A snapshot of the investment laws and regulations of Indonesia, with a particular focus on those applicable to foreign investments in the food and beverage industry
     

  2. Building & Construction Adjudication - 2019 Court of Appeal decision in Far East Square Pte Ltd v Yau Lee Construction (Singapore) Pte Ltd
     

  3. Changes to employment laws and related regulations for older employees
     

  4. Amendments to the Mental Capacity Act
     

  5. MAS launches sandbox express for insurance brokers, recognised market operators and remittance businesses
     

  6. Registration of precious stones and precious metals dealers
     

  7. A quick reference guide for companies in financial distress

 

 

INDONESIA INVESTMENT UPDATES: A snapshot of the investment laws and regulations of Indonesia, with a particular focus on those applicable to foreign investments in the food and beverage industry

 

A successful but hitherto principally agrarian nation, the Republic of Indonesia has enjoyed substantial growth in terms of GDP under the helm of President Joko Widodo at 5.0% in 2016, 5.1% in 2017, and 5.2% in 2018. The business, financial, and political press have expressed confidence in the prospects of the republic ever since Jokowi first assumed the presidency in 2014. Having been re-elected in April 2019, President Joko Widodo has obtained the archipelago’s mandate to develop the urban and digital infrastructure necessary to ensure that Southeast Asia’s largest economy is poised to capitalise on the disruption brought about by the fourth industrial revolution.

 

Building & Construction Adjudication - 2019 Court of Appeal decision in Far East Square Pte Ltd v Yau Lee Construction (Singapore) Pte Ltd

 

In the case of Far East Square Pte Ltd v Yau Lee Construction (Singapore) Pte Ltd [2019] 2 SLR 189 ("Far East"), the Court of Appeal considered whether the claimant had the right to apply for adjudication under the Building and Construction Industry Security of Payment Act ("SOP Act"). The construction contract, in that case, incorporated, with some modifications, the standard terms of the Singapore Institute of Architect’s Articles and Conditions of Building Contract (Measurement Contract) ("SIA Form Contract"). The claimant in the case served the relevant payment claims on the respondent after the architect had already issued a final certificate in accordance with the terms of the construction contract.

 

Changes to employment laws and related regulations for older employees

 

Prime Minister Lee Hsien Loong, in his National Day Rally speech on 18 August 2019, announced that pursuant to the recommendations made by the Ministry of Manpower's Tripartite Workgroup (the "Workgroup") on Older Workers, the Singapore Government will be: raising the retirement and re-employment ages from 2022; and increasing the central provident fund ("CPF") contribution rates for older workers.
 

Amendments to the Mental Capacity Act

 

What happens when a loved one loses mental capacity? Who is the right person to make decisions for his medical care and treatment? Do family members have the right to deal with his or her assets?

 

MAS launches sandbox express for insurance brokers, recognised market operators and remittance businesses

 

On 7 August 2019, the Monetary Authority of Singapore ("MAS) launched the Sandbox Express to provide a faster option for interested fintech companies to test innovative financial products and services in the Singapore market. Eligible applicants can begin market testing in the pre-defined environment of Sandbox Express within 21 days of applying to MAS to be admitted.

 

Registration of precious stones and precious metals dealers

On 17 September 2019, the Ministry of Law ("MinLaw) issued a press release to remind dealers of precious stones and precious metals ("Regulated Dealers") to register their business​ with the Registrar of Regulated Dealers ("Registrar") under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 ("PSPM Act") by 9 October 2019.

 

A quick reference guide for companies in financial distress

 

The Ministry of Trade and Industry's consecutive cuts to its forecast of Singapore's GDP growth and the Monetary Authority of Singapore's most recent quarterly brief signal that Singapore may be approaching a period of economic downturn. Statistics from the Ministry of Law indicate this to be so, as applications for corporate insolvencies have steadily increased since 2011.