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Associated Press
08-07-2025
- Business
- Associated Press
ISCA and SHICPA Sign MOU to Strengthen Support for Accountancy Professionals and Firms in Shanghai
SINGAPORE - Media OutReach Newswire - 8 July 2025 - The Institute of Singapore Chartered Accountants (ISCA) and the Shanghai Institute of Certified Public Accountants (SHICPA) have signed a Memorandum of Understanding (MOU) today to advance the international development of the accountancy profession and foster deeper collaboration between the accounting communities of Singapore and China. Through this collaboration, ISCA and SHICPA aim to promote the development of the accounting profession in Shanghai and Singapore, with a strong focus on professional competencies of accounting professionals and international business practices. As part of efforts to build a robust pipeline of globally attuned professionals equipped to meet the evolving demands of today's dynamic business landscape, both institutes will jointly organise a delegation of more than 20 accounting practitioners from Shanghai to participate in the 'Singapore Intensive Training Programme', conducted by ISCA in Singapore. The programme aims to: The MOU is part of ISCA's broader efforts to further its global footprint and collaborations with other professional accountancy bodies and universities worldwide. Earlier this year, ISCA signed MOUs with Xi'an Jiaotong-Liverpool University and Nanjing University of Finance & Economics. This partnership with SHICPA marks a significant step in deepening mutual cooperation and knowledge exchange between Singapore and China – two important hubs in the global financial landscape. The MOU was signed today by Ms Judy Ng, Vice President of ISCA, and Mr Fang Yifeng, Vice President of SHICPA, during an official delegation visit by SHICPA to Singapore. Ms Judy Ng, Vice-President of ISCA, said: 'This collaboration with SHICPA reflects ISCA's ongoing commitment to raising professional standards and strengthening global ties within the accountancy profession. By sharing knowledge and expertise across borders, we not only support the development of individual professionals, but also contribute to the resilience and competitiveness of our firms and economies.' Mr Fang Yifeng, Vice-President of SHICPA, said: 'We are pleased to partner with ISCA to offer our members the opportunity to gain global perspectives and practical insights in Singapore. This programme represents a meaningful step in strengthening people-to-people ties and fostering professional exchange between Shanghai and Singapore, which are both important financial centres in the region.' Hashtag: #ISCA #Accountancy #Accounting #DifferenceMakers #MOU The issuer is solely responsible for the content of this announcement. Institute of Singapore Chartered Accountants (ISCA) The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore with over 39,000 ISCA members making their stride in businesses across industries in Singapore and around the world. ISCA members can be found in over 40 countries and members based out of Singapore are supported through 12 overseas chapters in 10 countries. Established in 1963, ISCA is an advocate of the interests of the profession. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession. ISCA administers the Singapore Chartered Accountant Qualification programme and is the Designated Entity to confer the Chartered Accountant of Singapore – CA (Singapore) – designation. ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries. For more information, visit
Arabian Post
08-07-2025
- Business
- Arabian Post
ISCA and SHICPA Sign MOU to Strengthen Support for Accountancy Professionals and Firms in Shanghai
SINGAPORE – Media OutReach Newswire – 8 July 2025 – The Institute of Singapore Chartered Accountants (ISCA) and the Shanghai Institute of Certified Public Accountants (SHICPA) have signed a Memorandum of Understanding (MOU) today to advance the international development of the accountancy profession and foster deeper collaboration between the accounting communities of Singapore and China. Through this collaboration, ISCA and SHICPA aim to promote the development of the accounting profession in Shanghai and Singapore, with a strong focus on professional competencies of accounting professionals and international business practices. As part of efforts to build a robust pipeline of globally attuned professionals equipped to meet the evolving demands of today's dynamic business landscape, both institutes will jointly organise a delegation of more than 20 accounting practitioners from Shanghai to participate in the 'Singapore Intensive Training Programme', conducted by ISCA in Singapore. The programme aims to: ADVERTISEMENT Enhance the professional competencies and global perspectives of participating accounting professionals Promote financial and accounting sector exchanges between Singapore and China Encourage cultural integration and the development of soft skills Support cross-border investment cooperation and contribute to global sustainable development goals The MOU is part of ISCA's broader efforts to further its global footprint and collaborations with other professional accountancy bodies and universities worldwide. Earlier this year, ISCA signed MOUs with Xi'an Jiaotong-Liverpool University and Nanjing University of Finance & Economics. This partnership with SHICPA marks a significant step in deepening mutual cooperation and knowledge exchange between Singapore and China – two important hubs in the global financial landscape. The MOU was signed today by Ms Judy Ng, Vice President of ISCA, and Mr Fang Yifeng, Vice President of SHICPA, during an official delegation visit by SHICPA to Singapore. Ms Judy Ng, Vice-President of ISCA, said: 'This collaboration with SHICPA reflects ISCA's ongoing commitment to raising professional standards and strengthening global ties within the accountancy profession. By sharing knowledge and expertise across borders, we not only support the development of individual professionals, but also contribute to the resilience and competitiveness of our firms and economies.' Mr Fang Yifeng, Vice-President of SHICPA, said: 'We are pleased to partner with ISCA to offer our members the opportunity to gain global perspectives and practical insights in Singapore. This programme represents a meaningful step in strengthening people-to-people ties and fostering professional exchange between Shanghai and Singapore, which are both important financial centres in the region.' Hashtag: #ISCA #Accountancy #Accounting #DifferenceMakers #MOU The issuer is solely responsible for the content of this announcement. Institute of Singapore Chartered Accountants (ISCA) The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore with over 39,000 ISCA members making their stride in businesses across industries in Singapore and around the world. ISCA members can be found in over 40 countries and members based out of Singapore are supported through 12 overseas chapters in 10 countries. Established in 1963, ISCA is an advocate of the interests of the profession. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession. ISCA administers the Singapore Chartered Accountant Qualification programme and is the Designated Entity to confer the Chartered Accountant of Singapore – CA (Singapore) – designation. ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries. For more information, visit
The Sun
08-07-2025
- Business
- The Sun
ISCA and SHICPA Sign MOU to Strengthen Support for Accountancy Professionals and Firms in Shanghai
SINGAPORE - Media OutReach Newswire - 8 July 2025 - The Institute of Singapore Chartered Accountants (ISCA) and the Shanghai Institute of Certified Public Accountants (SHICPA) have signed a Memorandum of Understanding (MOU) today to advance the international development of the accountancy profession and foster deeper collaboration between the accounting communities of Singapore and China. Through this collaboration, ISCA and SHICPA aim to promote the development of the accounting profession in Shanghai and Singapore, with a strong focus on professional competencies of accounting professionals and international business practices. As part of efforts to build a robust pipeline of globally attuned professionals equipped to meet the evolving demands of today's dynamic business landscape, both institutes will jointly organise a delegation of more than 20 accounting practitioners from Shanghai to participate in the 'Singapore Intensive Training Programme', conducted by ISCA in Singapore. The programme aims to: --> Enhance the professional competencies and global perspectives of participating accounting professionals --> Promote financial and accounting sector exchanges between Singapore and China --> Encourage cultural integration and the development of soft skills --> Support cross-border investment cooperation and contribute to global sustainable development goals The MOU is part of ISCA's broader efforts to further its global footprint and collaborations with other professional accountancy bodies and universities worldwide. Earlier this year, ISCA signed MOUs with Xi'an Jiaotong-Liverpool University and Nanjing University of Finance & Economics. This partnership with SHICPA marks a significant step in deepening mutual cooperation and knowledge exchange between Singapore and China – two important hubs in the global financial landscape. The MOU was signed today by Ms Judy Ng, Vice President of ISCA, and Mr Fang Yifeng, Vice President of SHICPA, during an official delegation visit by SHICPA to Singapore. Ms Judy Ng, Vice-President of ISCA, said: 'This collaboration with SHICPA reflects ISCA's ongoing commitment to raising professional standards and strengthening global ties within the accountancy profession. By sharing knowledge and expertise across borders, we not only support the development of individual professionals, but also contribute to the resilience and competitiveness of our firms and economies.' Mr Fang Yifeng, Vice-President of SHICPA, said: 'We are pleased to partner with ISCA to offer our members the opportunity to gain global perspectives and practical insights in Singapore. This programme represents a meaningful step in strengthening people-to-people ties and fostering professional exchange between Shanghai and Singapore, which are both important financial centres in the region.' Institute of Singapore Chartered Accountants (ISCA) The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore with over 39,000 ISCA members making their stride in businesses across industries in Singapore and around the world. ISCA members can be found in over 40 countries and members based out of Singapore are supported through 12 overseas chapters in 10 countries. Established in 1963, ISCA is an advocate of the interests of the profession. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession. ISCA administers the Singapore Chartered Accountant Qualification programme and is the Designated Entity to confer the Chartered Accountant of Singapore – CA (Singapore) – designation. ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries.
Yahoo
09-06-2025
- Automotive
- Yahoo
Motor insurance premiums likely to continue to rise as claims and costs surge
SINGAPORE – Motor insurance premiums are expected to continue rising as insurers grapple with mounting losses and rising claims, said industry experts. Latest industry statistics from the General Insurance Association (GIA) seen by The Straits Times show that in the first three months of 2025, gross written premiums for motor insurance rose by 9.4 per cent to $368.2 million, compared with the same period in 2024. Underwriting losses were up by about 14 per cent from $11.6 million to $13.3 million. For the full year of 2024, underwriting losses widened significantly to $33.8 million, from $7.7 million in 2023 and $21.6 million in 2022. This marked a sharp reversal from the underwriting profits of $49.7 million in 2021 and $104.5 million in 2020. Meanwhile, gross written premiums rose 11.3 per cent to $1.21 billion in 2024. Several factors are driving this trend. Insurers grappling with more accident claims and rising repair costs in a competitive market is one reason, said Ms Judy Ng, partner of financial services consulting at KPMG in Singapore. Global inflation, which has pushed up the cost of vehicle parts, and the growing presence of electric vehicles (EVs) which are more expensive to repair are also contributing to mounting expenses. 'Insurers have incurred higher costs of motor claims due to their efforts to fulfil a rising number and cost of motor accidents amid market competition,' said Ms Ng. 'An increase in the number of electric vehicles is another factor, as it can be costlier to repair EVs.' Even leading insurers are not immune to the pressures. GIA's industry rankings for the first quarter of 2025 showed that Income Insurance retained its top spot with a 25 per cent market share. Its gross written premiums rose by $6 million, but its underwriting profit nearly halved, dropping from $9.4 million in the first three months of 2024 to $4.5 million in the same period in 2025. Liberty Insurance stood out for posting the largest improvement in underwriting results, bouncing back from a $567,000 loss in the first quarter of 2024 to a $2.1 million profit in 2025. Allianz Insurance Singapore, on the other hand, saw the sharpest contraction in gross written premiums, falling 18.6 per cent from $26.4 million to $21.5 million. Mr Timothy Jude Fu-Tien Wimala, chief executive of insurance broker Anika, noted that among the six major motor insurers which collectively hold about 65 per cent of the market, AIG and Liberty stood out for achieving strong organic growth from strategic increases of premiums for existing policies being renewed. He said: 'AIG impresses with strong organic growth, leading to a gross written premium increase of more than 17 per cent, while keeping its market share flat. Essentially, AIG has found a way to increase its pricing while persuading its customers to stick around. 'Liberty, however, has beaten everyone in the Big Six by increasing its gross written premiums by more than 21 per cent and still keeping its customer base with market share essentially unchanged.' The Big Six motor insurers in Singapore – ranked by gross written premiums, from highest to lowest for January to March 2025 – are Income, MS First Capital, AIG, India International Insurance, Allianz and Liberty. Generally, insurers that failed to raise premiums lost ground, and even those with meaningful increases saw only marginal share gains. 'This illustrates how the costs of claims and operations are escalating premium growth and customers will carry the load of these increases,' said Mr Wimala. 'Unless insurers can better control claims and manage operating expenses, the only direction for motor premiums is up.' On the consumer end, car owners are already feeling the pinch. Car dealer Fed Wu said one of his customers, a luxury sedan driver with a clean claims record, experienced a 25 per cent hike in his insurance premium after four years with the same insurer – from $1,200 to $1,500. He eventually switched to another insurer, buying a new policy online for $1,101. 'With prices so high, many customers just pick the insurer that offers the lowest premium,' said Mr Wu. While the current pricing pain may eventually ease, some volatility remains. 'Premiums could stabilise over time as insurers adjust to higher claims costs, and more accurately estimate and reflect these rising costs in their prices,' said Ms Ng of KPMG. 'However, some level of increase can still be anticipated in the future to cater for general claims inflation and other emerging factors.' In the meantime, the message is clear: As long as claims stay high and repair costs keep climbing, insurers are likely to say they have little choice but to pass those costs on to consumers. Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
