CNA938 Rewind - A Letter to Myself: From finance to indoor farming — Grobrix's Mathew Howe letting your passion find you
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Business Times
10 hours ago
- Business Times
MAS-backed association releases extra guidance on how banks can use Singapore's taxonomy
[SINGAPORE] A sustainable finance industry association backed by the Monetary Authority of Singapore has released additional guidance on how financial institutions can make use of the Singapore-Asia taxonomy to structure green and transition financing. There are guidelines on how financiers and corporates can reference the taxonomy for business activities that are not fully aligned with the taxonomy. This includes situations where the non-alignment is due to reasons beyond the borrower's control; or where the assets enabling and value-chain activities supporting green and transition efforts are not set out in the taxonomy. In such cases, the guidance states that the financier can still consider funding such assets and projects within their green or transition financing frameworks, if they can be green by the sunset date, or if they will enable significant greenhouse gas emissions in the short term. Sunset dates refer to pre-determined deadlines or time limits set on activities that are transitioning to be greener. Transition activities, which are categorised as amber in the taxonomy, have sunset dates among one of their criteria. These dates are used to ensure that the financing is temporary as the activity eventually becomes green. Traffic-light system In a move similar to its South-east Asian neighbours, Singapore's sustainable finance taxonomy has adopted the use of a traffic-light system, with the introduction of an amber category to represent transition activities. A green category refers to businesses that are environmentally sustainable, while a red category consists of activities that are harmful to the climate. The Singapore-Asia taxonomy was finalised in December 2023 after four rounds of consultations, and is said to be the first globally to lay out criteria for transition activities. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Sustainable finance taxonomies set criteria and thresholds for a range of economic activities that would be considered eligible for sustainable and transition financing. Green financing is typically used for economic activities or companies that are already green, while transition financing is for carbon-intensive businesses that are looking to decarbonise. The guidance, which is published by the Singapore Sustainable Finance Association (SSFA), also lays out what banks can do when there is a lack of data on transition activities with a forward-looking screening criteria. 'Through this publication, SSFA seeks to encourage wider adoption of the Singapore-Asia Taxonomy and strengthen sustainable finance practices in the region, supporting capital mobilisation towards a more inclusive, resilient and net-zero future,' it said in a statement.
Independent Singapore
13 hours ago
- Independent Singapore
Singaporean man hits multimillionaire status after years of saving and investing, asks what's next
SINGAPORE: A Singaporean man who recently became a multimillionaire after years of investing and working in the government sector took to social media to ask what he should do now that he's achieved financial freedom. Posting on the r/singaporefi subreddit on Friday (July 11), the man shared that he had spent the last decade in the public sector earning about S$130,000 annually, while also building a solid investment portfolio that has delivered average returns of 15% per year. 'All my life, I had this clear goal: become a millionaire. Then, once I hit that, it morphed into being a multimillionaire. And, well, I did it. I actually hit both those targets,' he wrote. However, now that he's financially set, the man admitted he's feeling a little lost. 'Here's the thing, though – now what? It feels like I just beat the Elite Four in Pokémon Red, and suddenly there's no more map to explore,' he said, adding that his job now feels 'pointless' and that his investment returns far outpace his salary. See also Loans: Exploring the Good vs the Ugly To add to his financial cushion, his elderly father recently informed him that he would be transferring a 'significant sum' of money to him. 'So yeah, I'm definitely going to have more money than I could ever possibly spend,' he said. Seeking advice from others in the community, he asked, 'Has anyone else here hit this point? Where your financial freedom is basically locked in, and you're left wondering what to do with all this time and lack of external motivation? How did you spend your time after FIRE if your journey looked anything like mine?' 'Go find what you enjoy doing and do just that.' In the comments, one Singaporean Redditor recommended, 'Quit your job, buy a ticket to Iceland, rent a van, and enjoy your life. Buy mountaineering equipment, and climb a mountain with your friends. Go see animals in the wild, swim in a cold river, stand underneath a waterfall, and skydive.' Another shared, 'Not at FIRE yet, but I'd say, go find what you enjoy doing and do just that. Many of us have our jobs as our whole life until we one day wake up from the trance and then find ourselves lost as to what to do with our time.' A third commented, 'I'm not a millionaire, but if I ever hit that amount, I will not want to quit my job. I'd continue working, and knowing my future is secure, I'd be more inclined to just cruise by at work. At the same time, do some charity work or volunteer work to help the less fortunate. Time to give back to society. Or if you are feeling more adventurous, go start a business.' In other news, a nurse who recently left her job at a home care company took to social media to share her frustration after her former manager allegedly failed to reimburse her S$1,500 in approved transport claims. In a post on the r/askSingapore forum, the nurse, who has eight years of experience, explained that she had been verbally assured from the start that Grab fares for house visits would be fully reimbursed. Read more: Nurse says ex-manager didn't return S$1.5k in approved transport claims, seeks advice on Reddit See also Why the Cheapest Car Insurance Plan Isn't Always the Best Featured image by Depositphotos (for illustration purposes only)
Independent Singapore
15 hours ago
- Independent Singapore
‘All MCQs with answers given?' Employee doubts manager's degree and credibility, says he was promoted unfairly
SINGAPORE: An employee at a local med-tech firm has raised concerns online after learning that his foreign manager may have earned his degree under questionable circumstances. In a post on the r/askSingapore forum on Saturday (July 12), the employee shared that his manager recently revealed he 'did not have to attend any classes' to complete his degree programme. 'The school offered something called distance education degree program,' the employee said. 'All he [my manager] had to do was attend the exams, which were in multiple-choice question (MCQ) format, and the answers were provided to him beforehand.' The employee wrote that he found this 'extremely ridiculous,' especially since he knows how difficult it is to earn a degree in Singapore. 'I did not have the luxury to be able to get a degree… But I have friends who slogged years in both local and private universities,' he said. 'Is this normal? Did my manager 'fake' his degree? How is it acceptable to be able to 'cheat' your way through to the extent that a local firm accepts the degree?' The employee also pointed out that the degree was a contributing factor in the manager's promotion, which he felt was unfair. He went on to say that, beyond the questionable qualification, the manager has made his work life difficult. According to him, the manager is disorganised, micromanages staff, and writes emails in such poor English that they are often hard to understand. He also claimed the manager does not respect work-life boundaries. 'For example, work for me ends at 5:30 p.m., but if I walk out of the door at 5:30 p.m., he is not happy,' he said. 'We were also allowed to work from home once a week previously, but he has since removed it.' Unable to change jobs at the moment, the employee turned to the online community for advice. 'What would you do if you were in my shoes? I do not have any intention to ruin his rice bowl,' he said. 'Don't be nice since he's being a bad manager to you.' In the comments section, many Singaporean Redditors urged the employee to take action and report his manager to the authorities. One Redditor suggested going straight to the Ministry of Manpower (MOM), saying, 'There's no point reporting to the company; even if they run a background check, it's going to turn up valid unless it's listed as a degree mill by the local country or Singapore itself.' Another commented, 'If you suspect his degree is fake, you could report this MOM, as it would be kept confidential. You mentioned you do not wish to ruin his rice bowl…why not??? If he is trying to ruin yours, why not do the same to him?' A third remarked, 'Ruin his rice bowl. Please. Don't be nice since he's being a bad manager to you.' Still, not everyone agreed with the idea of reporting the manager. One Singaporean Redditor expressed, 'I think what you should be looking at is how competent your boss's hiring manager and HR processes of your company are and make your own judgement call. If you think your boss is not competent because you can do a better job as a manager, then prove it to your boss's boss through your work and make him look bad. However, if work-life balance is what you are seeking, then I suggest you start searching for a new job.' See also 28yo man earning S$12/h asks, "What other jobs can I apply for?" Penalties for lying about qualifications Lying about qualifications in Singapore is not something to be taken lightly, especially for foreign workers. Under Section 22 of the Employment of Foreign Manpower Act (EFMA), submitting false or misleading educational information to the Ministry of Manpower (MOM) can result in a fine of up to S$20,000, up to two years in jail, or both. Employers can also be penalised. If they know or suspect that a foreign employee has submitted fake qualifications and choose not to report it, they may face a fine of up to S$10,000, up to one year in jail, or both. Read more: Nurse says ex-manager didn't return S$1.5k in approved transport claims, seeks advice on Reddit Featured image by Depositphotos (for illustration purposes only)
