Singapore Airlines, Scoot to ban use and charging of power banks on flights

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SINGAPORE: From April, Singapore Airlines ( SIA ) and Scoot passengers will not be allowed to use&nbsp, power banks to charge their devices during flights.

They will also not be allowed to charge their power banks using the onboard USB ports, the airlines said in Facebook posts on Wednesday ( Mar 12 ).

People may deliver electricity businesses &nbsp, with a capacity of up to 100Wh without authorization, while those between 100Wh and 160Wh require acceptance. Energy lenders above 160Wh are never allowed on planes.

” The SIA Group complies with the International Air Transport Association’s ( IATA ) Dangerous Goods Regulations regarding the carriage of power banks, which are classified as lithium batteries”, said both airlines.

Energy banks must get carried in house cargo on all SIA and Scoot airlines. They are not permitted in checked bag.

Another companies, including&nbsp, South Korea’s Air Busan, have implemented similar actions.

Taiwan ship EVA Air has banned the use and paying of power businesses during airlines. It advised people to completely charge their gadgets before boarding.

Thai Airways announced on Monday that it would ban the use of electricity businesses onboard its aviation from Mar 15. This was to maintain the “highest level of safety for people and crew”, it added.

In 2023, a power banks caught fire on a Scoot trip bound for Singapore from Taipei. It had&nbsp, overheated while the plane was on the floor, Scoot said finally.

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Thai govt OKs third phase of B10,000 cash handout

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Prime Minister Paetongtarn Shinawatra chairs a meeting of a committee overseeing economic stimulus policies at Government House in Bangkok on Monday. The government approved the third phase of the digital wallet project targeting people aged 16 to 20. (Photo: Government House)
Prime Minister Paetongtarn Shinawatra chair a gathering of a commission overseeing monetary stimulus policies at Government House in Bangkok on Monday. The government approved the next phase of the modern budget project targeting people aged 16 to 20. ( Photo: Government House )

The state has approved the next step of the digital wallet program, which will deliver 10, 000 ringgit to 2.7 million people aged 16 to 20 as part of its monetary stimulus package.

Speaking after Monday’s gathering of the monetary stimulus committee chaired by Prime Minister Paetongtarn Shinawatra, Finance Minister Pichai Chunhavajira said the next step is expected to be rolled out in the second quarter of this year.

He said the funds may be distributed via the online finances system for the first time, allowing the government to monitor the participants ‘ spending and use the knowledge to develop future policies.

The first two phases covered welfare cardholders, people with disabilities and people aged 60 and above, with payments made via PromptPay accounts.

Mr Pichai said the programme is also expected to reduce household debt, which currently stands at 89 % of GDP.

He added that the stimulus committee also aims to accelerate economic growth beyond 3 % by expediting public investment, speeding up projects under the Board of Investment ( BoI ), increasing export growth to 4 %, and extending the length of stay for foreign visitors.

Deputy Finance Minister Paopoom Rojanasakul said the government’s decision to implement the digital wallet programme in phases was not due to budget constraints but to economic conditions.

He said the programme still has a budget of 150 billion baht, and the third phase will be rolled out in the second quarter because the second and third quarters are typically considered an economic low period. &nbsp,

He noted that the amount of money injected into the system is planned accordingly, and the 16-20 age group is more technologically adept. &nbsp,

It is unclear how many more handout phases there will be. &nbsp,

Finance Minister Pichai Chunhavajira speaks to reporters on Monday that the third phase of the digital wallet programme is expected to be rolled out in the second quarter of this year. Deputy Finance Minister Paopoom Rojanasakul, right, and Deputy Finance Minister Julapun Amornvivat, left, also give their remarks about the scheme. (Photo: Royal Thai Government)

Finance Minister Pichai Chunhavajira (centre ) speaks to reporters on Monday with Deputy Finance Minister Paopoom Rojanasakul ( right ) and Deputy Finance Minister Julapun Amornvivat ( left ). ( Photo: Royal Thai Government )

Deputy Finance Minister Julapun Amornvivat said recipients must spend the money within the registered district.

He added that those without smartphones can register via four state banks and other channels, with details to be announced later.

According to Mr Julapun, the remaining 150 billion baht allocated for the digital wallet scheme must be spent in the 2025 fiscal year, otherwise, it will be withdrawn.

He said that if part of the budget is used, the remaining funds can be carried over into the next fiscal year.

Meanwhile, opposition MP Sirikanya Tansakul has called the scheme a failure, claiming that it failed to boost the economy and the government lacks the necessary funds to support 20 million people.

Ms Sirikanya wrote on Facebook that the first two phases of the digital wallet failed to stimulate the economy, yet the government decided to continue.

She expressed doubts that the scheme would be rolled out in the second quarter as planned, citing a lack of coordination between the Digital Government Development Agency ( DGA ) and the Digital Economy and Society Ministry.

The People’s Party MP said while the DGA is responsible for developing the digital wallet system, the DES Ministry is tasked with implementing it, despite lacking the necessary experience and funds.

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North Korean hackers cash out hundreds of millions from .5bn ByBit hack

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21 days before
Getty Images bybit logoGetty Images

Hackers thought to be working for the North Korean regime have successfully cashed out at least$ 300m ( £232m ) of their record-breaking$ 1.5bn crypto heist.

The criminals, known as Lazarus Group, swiped the huge haul of digital tokens in a hack on crypto exchange ByBit two weeks ago.

Since then, it’s been a cat-and-mouse activity to observe and prevent the hackers from effectively converting the blockchain into useful money.

Experts say the infamous hackers team is working almost 24 hours a day- probably funnelling the cash into the government’s defense development.

” Every tiny things for the thieves who are trying to deceive the money road and they are incredibly powerful in what they’re doing”, says Dr Tom Robinson, co-founder of crypto authorities Elliptic.

Out of all the legal players involved in crypto money, North Korea is the best at fraud bitcoin, Dr Robinson says.

” I imagine they have an overall area of people doing this using automated equipment and years of experience. We can also see from their task that they only take a few hours break each day, probably working in shifts to get the blockchain turned into cash”.

Elliptic’s study tallies with ByBit, which says that 20 % of the funds have then “gone dark”, meaning it is unlikely to ever be recovered.

The US and supporters accuse the North Koreans of carrying out lots of tricks in recent years to finance the government’s defense and nuclear growth.

On 21 February the crooks hacked one of ByBit’s manufacturers to quietly change the digital wallet handle that 401, 000 Ethereum blockchain coins were being sent to.

ByBit thought it was transferring the money to its own digital bag, but otherwise sent it all to the thieves.

Getty Images Ben Zhou, ByBit CEOGetty Images

Ben Zhou, the CEO of ByBit, assured buyers that none of their money had been taken.

The company has since replenished the stolen currencies with money from investors, but is in Zhou’s thoughts “waging battle on Lazarus”.

ByBit’s Lazarus Bounty program is encouraging members of the public to track the stolen money and find them frozen where feasible.

All crypto deals are displayed on a public bitcoin, so it’s possible to record the income as it’s moved around by the Lazarus Group.

If the hackers try to use a conventional crypto company to attempt to change the coins into ordinary funds like dollars, the crypto coins can remain frozen by the company if they think they are linked to crime.

So far 20 people have shared more than$ 4m in rewards for successfully identifying$ 40m of the stolen money and alerting crypto firms to block transfers.

But experts are downbeat about the chances of the rest of the funds being recoverable, given the North Korean expertise in hacking and laundering the money.

” North Korea is a very closed system and closed economy so they created a successful industry for hacking and laundering and they don’t care about the negative impression of cyber crime”, Dr Dorit Dor from cyber security company Check Point said.

Another problem is that not all crypto companies are as willing to help as others.

Crypto exchange eXch is being accused by ByBit and others of not stopping the criminals cashing out.

More than$ 90m has been successfully funnelled through this exchange.

But over email the elusive owner of eXch- Johann Roberts- disputed that.

He admits they didn’t initially stop the funds, as his company is in a long-running dispute with ByBit, and he says his team wasn’t sure the coins were definitely from the hack.

He says he is now co-operating, but argues that mainstream companies that identify crypto customers are abandoning the private and anonymous benefits of crypto currency.

FBI Park Jin HyokFBI

North Korea has never admitted being behind the Lazarus Group, but is thought to be the only country in the world using its hacking powers for financial gain.

Previously the Lazarus Group hackers targeted banks, but have in the last five years specialised in attacking cryptocurrency companies.

The industry is less well protected with fewer mechanisms in place to stop them laundering the funds.

Recent hacks linked to North Korea include:

  • The 2019 hack on UpBit for$ 41m
  • The$ 275m theft of crypto from exchange KuCoin ( most of the funds were recovered )
  • The 2022 Ronin Bridge attack which saw hackers make off with$ 600m in crypto
  • Approximately$ 100m in crypto was stolen in an attack on Atomic Wallet in 2023

In 2020, the US added North Koreans accused of being part of the Lazarus Group to its Cyber Most Wanted list. But the chances of the individuals ever being arrested are extremely slim unless they leave their country.

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Tiffany Khoo hopes Locum Apps can be part of the answer to healthcare’s overworked workers

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  • Creating viscosity for occupation through flexibility and seize again control
  • A job enhancer accompanying medical staff across their whole career

Tiffany Khoo on the pain point that led her to creating Locum Apps: “I felt like I was basically wasting significant parts of my day, scrambling to find someone, anyone, to fill a short-term work gap."”&nbsp,” This problem wasn’t fresh, I only suffered through it”, said Tiffany Khoo, a leading scholar who left a legitimate career at Bank Negara Malaysia in late 2019 to become Human manager at iHEAL Health Sdn Bhd, a little medical centre in Kuala Lumpur, run by her father.

She immediately came up against the second biggest challenge facing all health institutions- made worse today with the serious shortage of skilled healthcare talent after the epidemic- trying to get freelance nurses to fill gaps in service when staff had to take emergency leave, went on vacation, left for greener pastures or took longer festive breaks. It was all a very time consuming matter, and difficult.

At that time, this was a manual approach involving calling part-timers to check if they were accessible to fill in. ” We had a list of independent midwives and I had to contact each person to ask whether they could complete a certain time slot. Maybe I would visit needing them for the same day”. It was not strange that freelancers may only get portions of a work change. It was a real pain. Not surprising that Tiffany described it as” a very unpleasant experience” to find and manage freelancers.

” I felt like I was basically wasting important parts of my time, scrambling to find one, people, to complete a short term work gap”.

It was all an new planet for the past Bank Negara interact legal counsel who reluctantly answered her husband’s SOS in late 2019 replacing his HR manager who suddenly left.

The irony was not lost on Tiffany that she took the role as an emergency fill-in herself. Her dad convinced her that she had sufficient legal experience and knowledge to handle the role. Unexpectedly, it was also Tiffany’s experience at Bank Negara that led to the solution to her problem.
 

Healthtech innovation lagging behind

Tiffany soon realised that other health centres and even hospitals had similar tedious staffing challenges. Thanks to the exposure she had at Bank Negara, she decided the staffing issue could be solved with technology. ” Fintech was all the rage when I was at Bank Negara where I had the opportunity to observe the fintech sandbox where various innovative ideas were tested”.

At iHEAL it struck her that healthtech was not keeping up. ” Healthtech innovation wasn’t a buzzword prior to Covid”.

One of the key challenges in healthtech was about public acceptance, especially when it comes to privacy of patient data in digital format coupled with fears of hacking. But she was reassured by the experience of banking. ” I recall the days when fintech was viewed with skepticism by banks which are conservative, but I could see that this had changed by 2020″.

This convinced her that innovation would be welcomed in the healthcare space and led to her launching WeAssist Sdn Bhd as a subsidiary of iHEAL and building Locum Apps which consisted of- Locum Apps User and Locum Apps Staff in May 2020.

In healthcare, getting temporary help is known as locum. Rooted in Latin, the actual phrase is “locum tenens” which means” to hold the place of” .&nbsp,

The two apps allowed iHEAL to connect with medical professionals, such as nurses, doctors and pharmacists, to fill temporary vacancies. Nurses make up over 90 % of the pool of talent in Locum Apps Staff which is for medical freelance workers who want to take up jobs on the platform. &nbsp,

Locum Apps User is for hospitals, clinics, &nbsp, medical centres to book the services of freelance workers.

A dead end with cold calling, snail mail to the rescue

Just launching an app didn’t mean healthcare facilities would discover it, much less adopt the service.

Initially, Tiffany tried cold calling CEOs from all over the country but quickly realised that it was not working. As a HR manager of a small medical facility with 18-beds, no one was going to put her through to their CEO. Then Tiffany had an idea.

They may not want to speak to her,” but they]CEOs ] will read your letters. So I wrote and mailed letters to CEOs all over the country, and that’s when I started getting calls from medical facilities, especially in the Klang Valley”, she said.

The first paying customer was a medical center in the Klang Valley in late 2020 that was owned by Sime Darby Australia. Tiffany declined to disclose the facility’s name. &nbsp,

With a business model of charging only the health facilities 15 % over the cost of the workers needed, WeAssist ended up hitting US$ 12, 534 ( RM55, 487 ) in GMV ( Gross Merchandise Value ) in 2020.

Not bad for an app that started out with Tiffany mapping the user interface on paper because she did not have a UX designer, and then opportunistically tapping her co-MC at a wedding function to use the app he had initially built for a limo service he was operating.

The cold reality check of being a female founder

Further validation of Locum Apps came in Sept 2021 when Tiffany won the pitch for SEADragon, a competition organized by the National ICT Association of Malaysia ( PIKOM) during the World Congress of Innovation and Technology (WCIT ).

However, it was at the same event that she got a cold reality check that made her realise the immense hurdles female founders faced. Many VCs posed questions about her commitment – whether she had plans of getting married and having children. It was a symptomatic problem she realised as Tiffany met many Malaysian female entrepreneurs who had the same bitter experience with VCs.

” At that point, it made me realize that we should try to do this on our own through bootstrapping. iHEAL then loaned US$ 67, 850 ( RM300, 000 ) to WeAssist”, she said.

It was a smart move not to give out equity as WeAssist went on to hit RM1.25 million GMV that year, a 4x growth.

]RM1 = US$ 0.226]

Faster, easier and safer

To be sure, building an app to solve the worker problem for healthcare facilities was not a novel idea. In her background research in 2019 Tiffany found similar solutions to Locum Apps. These were developed by doctors themselves and Tiffany quickly realised that none were suited for hospital use as they had had much narrower objectives. &nbsp,

For example, one doctor set up an app to help only doctors find jobs. But, it didn’t meet the needs of a hospital like having an invoicing feature. Another came with a subscription-based model but it lacked transparency regarding credentials of the freelance talent.

This transparency, i. e. verified credentials of the health practitioners, was a very critical feature for Tiffany as the healthcare sector dealt with lives, there was no room for error or lax standards here.

Seeing that there was no existing app that solved her problem, motivated her to build a better app. &nbsp,

Her first step was to get feedback from the medical community. ” I decided to use the data driven approach by creating a survey, and sending it out”, Tiffany said.

The survey sought to identify very particular pain points in the temp staffing of medical facilities across the board. ” Through the feedback, we landed on a formula that I felt was the solution, ie- faster, easier and safer”, Tiffany said.

Key feature- a timer system that keeps track of actual hours worked

One of the features built was a timer system that keeps track of shift times rather than relying on the clock-in-and-out system or even geolocation tracking. The timer system works by checking in with the nurse manager.

This also works for temporary doctors, where instead of the nurse manager, it would be the doctor in charge who they report to, or in the case of radiology, it could be the head of radiology or operations manager they report to. &nbsp,

” Ultimately, it’s a customisable multi-tier system. The medical facility can choose who would provide approval for the shifts put in”, Tiffany explained.

This feature was in response to an issue Tiffany faced where some temp nurses would either arrive late or stay beyond their assigned shift, which made it very complicated for her as a HR manager, because she had to pay them per-hour based on pre-agreed times and not actual time spent per shift. &nbsp,

But this came up against the reality of the job where no nurse or doctor will just stop work in the midst of helping patients just because their shift happened to end. &nbsp,

” Before Locum App, I frequently had to check the CCTV to confirm the shift times of freelance help, down to even analysing them by their hairstyle”, she said. This was during Covid when mask wearing was compulsory.

Locum Staff is a faster and a real-time approach as it’s done in-app.

” Clock-ins can be done on the phone, which can be verified by managers or any other approval authority in real-time, then clock-outs can be initiated by the locums or their managers”, she explained.

Post pandemic growth and buying&nbsp, IP for the app

Malaysia fully reopened its borders in April 2022 marking the country’s transition to Covid’s endemic phase.

Seeing strong growth possibilities, Tiffany decided to purchase the copyright IP of the limousine hailing app that formed the foundation for Locum Apps.

While Tiffany declined to reveal how much she paid, the purchase price was in the six figures.

This marked the next phase of Locum with a new version of the app. No wedding co-MC was roped in this time with Tiffany opting for an in-house software team.

” We chose to purchase the copyright rather than continue to license it because we wanted to own the rights to all derivatives of the code and were confident that the subsequent additions we made would be valuable”, Tiffany explained.

WeAssist more than doubled its growth to hit RM2.98 million GMV in 2022.

Pay-out excludes WeAssist's transaction fee, and other revenue from merchandise, advertising, full time job search, and other services to medical facilities. Locum Apps revenue makes up between 70% to 80% of WeAssist's annual revenue.

Reacting to market demand when offering services&nbsp,

2023 was another strong growth year when WeAssist hit RM8.15 million GMV ( 280 % increase over 2022 ) with 90 % of the transaction value going to nurses while the rest went to doctors. Tiffany attributed the exponential increase to the network effect and the country’s economic improvement.

Market demand also dictates the type of services WeAssist offers on Locum. ” We have opened and closed different service types when we felt there was demand”, Tiffany said.

For instance, in 2021, there was high demand for vaccination nurses and workstation staff, but those jobs couldn’t translate directly into clinical care. &nbsp,

” We ended up basically stopping those services and trying to convert them into different kinds like post-care, ward nurses and out-patient departments, so one of the ways that we do this is by credentialing through, not job titles, but by skill sets”, Tiffany explains.

However, in 2024, GMV fell to RM4.63 million. While she points to 2023 GMV as being an exceptional year, Tiffany attributes the lower revenue to a number of factors including falling demand for private healthcare and economic factors. &nbsp,

According to an MOH ( Ministry of Health ) survey in 2024 May, in 2023, 48.9 % of the public went to public health facilities while 51.1 % went to private health facilities. &nbsp,

” Apparently in 2024, the burden on public health facilities fell back to the historical 70 % with the private sector handling 30 % cases. This is why demand for private health dropped, and correspondingly, our revenue as well” .&nbsp,

Another reason was the shift in priorities among healthcare workers back toward stability over flexibility in 2024 with more taking on full time jobs in hospitals.

Tiffany quickly adapted to this trend with WeAssist now catering to those looking for full time roles with its weassistjobs.com.

” We now support healthcare workers as they move in and out of their careers, depending on their needs”.

Transitioning to a marketplace over next two years

Tiffany views Locum as a valuable career enhancer accompanying clinical staff ( those who treat patients or provide direct patient care ) across their entire career. &nbsp,

” All the way from submitting their credentialing (aka getting their training ), they can come on board and every year, renew their license. That’s part of clinical work, when you renew your license- nurses and doctors- by taking the CPD ( Continuing Professional Development ) or CME ( Continuing Medical Education )”, she said.

” We see ourselves also eventually being a marketplace where these clinical providers can kind of put all their services on the site, this is part of the plan for the next two years, and we are already speaking with some partners to do this”, she added.

Locum currently has 54 registered hospitals and clinics on board, including Penang and KL with 85 % being hospitals, while the rest are clinics, ambulatory care centres, and confinement centres. &nbsp,

Creating stickiness for the profession through flexibility

With the shortage of medical professionals, Tiffany envisions another key role for Locum ie keep medical personnel within the healthcare ecosystem by offering them flexibility.

Healthcare staffing shortages are a big concern, along with nurse burnout is a severe problem that plagues Malaysia. Clinical staff typically have strict schedules, which are tied to a roster, forcing them to sacrifice time with their family or for themselves.

Despite Covid being over, Tiffany says that the work life balance of clinical staff is still out of kilter with many working long hours and with nursing shortages still a pain point, which then puts pressure on full-time staff.

” They are trying to seize back some control, but everyone seems to have forgotten about them, so it’s very normal that they feel burnt out”, Tiffany explained.

Another challenge the sector faces is competition from startups.

” With health startups created by non-clinical people who try to poach doctors to have them work from home to do telemedicine, doctors and nurses are starting to feel the allure of other sectors, you’re starting to see clinical people move into non-clinical roles such as consulting or even banking”, she said.

While Tiffany does not see many leaving clinical care for full-time telemedicine in a significant way, there is a trend of clinicians leaving the profession for corporate jobs while doing telemedicine on the side. &nbsp,

Traditionally, freelance healthcare work would’ve been impossible to imagine, but Tiffany is confident that this kind of work style could provide more opportunities for clinical staff.

” If they wanted to look for other opportunities as well, our platform could easily extend that to them via full time work, or perhaps even refer them to international placements, hopefully via contract period so they can come back”, she said. ” What better way to keep them within the Malaysian ecosystem”.

” In clinical care, It’s not uncommon for workers to take a six-month freelancing contract between full-time jobs, then work full time for two years, and take a break again from full time work and freelance”, Tiffany said.

” Not only would freelance workers want this kind of lifestyle, I believe it is going to extend to full time staff as well”, said Tiffany who sees nurses and general physicians following this sort of lifestyle. On the other hand, she finds it unlikely that specialists will be attracted to Locum as they are already independent consultants, able to choose their hours. &nbsp,

Learning not to give in to&nbsp, knee-jerk reactions

Five years into her entrepreneurial journey, Tiffany doesn’t hesitate to share a key lesson she has learnt. Avoid knee-jerk reactions. ” Because I’ve made the mistake of trying to build something that no one really needed, I just thought that they wanted or needed it” .&nbsp,

There were many times where users would suggest a new feature, which was very tempting to follow, but there’s often a need to question what exactly they really want.

” Now when they ask for something, I would go back to the team and communicate directly to the user who suggested the feature and try to figure out their solution. Sometimes it’s not even a technological solution that they needed”, she said.

She also didn’t quite believe in networking in the past, but has learnt that it’s very important to genuinely build relationships with people with the interest in solving their problems. &nbsp,

Eye on Startups is a new column featuring startups that are under the radar and key startup ecosystem developments. &nbsp,

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‘Influencer’ who flaunted lavish lifestyle on social media admits to cheating, forgery, housebreaking

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SINGAPORE: For over two decades, a gentleman carried out a series of falsehoods aimed at cheating thousands of dollars from different parties, including a law firm, shopping plaza Atom Orchard, and luxury resort Amara Sanctuary Sentosa.

Chin Tung Sheng’s long list of crimes included developing many papers and receiving stolen property.

However, the 26-year-old led the higher life, sharing several photos of himself dressed in marketed clothes and attending pleasure company events on his Instagram account. Chin was likewise pictured with various known personalities on his social media page. &nbsp,

Called an influence by numerous media sources, Chin’s Instagram account has about 334, 000 followers. But his account appears inert, with his last article in November 2021. &nbsp,

According to a Yahoo Finance record in 2021, Chin was a personal investment working with businesses, owned an entertainment and property management firm, and was a chairman of Singapore-based Grey Solutions.

The Singaporean pleaded guilty to seven charges on Friday ( Mar 7 ), admitting to offences in a court document that spanned 16 pages and took a while to read out in court. &nbsp,

The seven charges constitute cheating, forgery, housebreaking and dishonestly obtaining services.

Another nine charges that also involve deception will be taken into consideration when he is sentenced. &nbsp,

FORGED DOCUMENTS

Chin cheated two business partners into thinking that he had connections to the Singapore government and had strong financial backing. &nbsp,

He also made them believe that he was the CEO of a company. This led to them starting a company to import and export COVID-19 test kits. &nbsp,

In 2020, Chin arranged to purchase millions of masks for hospitals in the United States.

As the transaction involved a large quantity of medical supplies, Chin had to show that his company had sufficient funds, in part by having a law firm prepare a letter of attestation. &nbsp,

To obtain this letter, Chin submitted forged documents to the law firm, including a bank statement and screenshot showing a balance of more than S$ 1 billion ( S$ 752 million ).

Another letter of reference he forged stated another bank account had a balance of nearly S$ 10 billion.

As part of the process, Chin also submitted a forged letter from the Prime Minister’s Office, thanking him for his efforts in helping Singapore provide medical supplies during the COVID-19 pandemic. &nbsp,

He had got this letter from his previous company, but changed its contents so that the letter was addressed to him. &nbsp,

Around six people lodged police reports against Chin over the deception. Some of them conducted checks that revealed discrepancies in what Chin had told them. &nbsp,

Chin was initially given a 24-month conditional warning on Jan 8, 2021 for these offences, but was prosecuted on them when he committed a subsequent crime. &nbsp,

CHEATED ION ORCHARD OF VOUCHERS

Between Aug, 30, 2020 and Apr 9, 2021, Chin redeemed vouchers from ION Orchard using fake receipts on at least 96 occasions. &nbsp,

He made use of a loyalty programme where registered members are rewarded with points when they spend at the mall. &nbsp,

Members could earn points by uploading a photo of a receipt showing the expenditure, and Chin used this method to cheat ION Orchard. &nbsp,

A staff member discovered suspicious receipts submitted across various member accounts, finding that the receipts were mostly from Louis Vuitton’s cash register, and were mainly high-value transactions. All were submitted through multiple new member accounts. &nbsp,

Closed circuit television footage&nbsp, of the voucher redemption process showed that 26 of the newly created member’s accounts were redeemed by the same person, and Louis Vuitton verified that no such sale transactions had taken place. &nbsp,

The 26 accounts were each linked to different email addresses and mobile numbers, but all were traced back to Chin. &nbsp,

In total, S$ 76, 984.80 worth of vouchers were dispensed to Chin and none were recovered. Investigations did not show whether Chin had used the vouchers. &nbsp,

CHEATED LUXURY HOTEL STAY

During his check-in process at Amara Sanctuary Sentosa, Chin forged a fictitious screenshot to show that he had paid S$ 13, 268.05 for a stay from Jul 19, 2022 to Jul 31, 2022. &nbsp,

The receptionist at the hotel took a photo of the edited image and passed the keys to Chin, who stayed at the room with his girlfriend. &nbsp,

On the second day of Chin’s stay, a finance manager at the hotel noticed that the payment had not gone through. &nbsp,

He spoke to Chin, who insisted that payment had been made. Chin provided a bank statement in support of his payment a few days later. &nbsp,

When payment still did not go through, the finance manager inspected the bank statement and found that it was doctored. &nbsp,

On Jul 27, 2022, after verifying that Chin was still in his hotel room, the finance manager called the police, who arrested Chin. &nbsp,

Separately, Chin also doctored an image of a PayNow transaction for a foodpanda delivery that cost S$ 62.98, on Jul 21, 2022. &nbsp, This was while Chin was still staying at the hotel. &nbsp,

The foodpanda delivery rider lodged a police report after he did not receive payment, and after foodpanda had deducted the sum from his e-wallet. &nbsp,

BROKE INTO SENTOSA PRIVATE PROPERTY

Chin also obtained Louis Vuitton items worth around S$ 80, 000 from a bungalow in Sentosa, which he expressed interest in renting. &nbsp,

Chin responded to an advertisement for the rental of the bungalow and arranged for a viewing on Oct 6, 2023. &nbsp,

Thereafter, Chin made use of a passcode at the front door or the backdoor that he had unlocked during a house tour to break into the house. &nbsp,

After his first visit, Chin arranged for others to collect Louis Vuitton merchandise that were kept in the property. &nbsp,

A man who collected a trunk paid S$ 14, 000 for it, and also bought two Louis Vuitton boxes. &nbsp,

He was spotted around the property outside viewing hours by workers engaged to conduct repair works. &nbsp,

Chin subsequently hired a private hire vehicle driver to help him load a Louis Vuitton trunk in his car. &nbsp,

This trunk was unloaded at another house along Ocean Drive which Chin also broke into. The item was then sold for S$ 12, 000 in December 2023. &nbsp,

In total, two trunks, two suitcases, two small boxes, and two rabbit displays went missing from the house. &nbsp,

A contractor engaged to repair the property lodged a report after discovering the items missing from a pyramid arrangement of Louis Vuitton suitcases he had to dismantle in order to conduct his work. &nbsp,

In court, Chin’s lawyer Suang Wijaya said his client had committed the crimes during a period when he was suffering an “extremely significant setback to his financial, economic situation and his career”. &nbsp,

He said his client had saved significant state and judicial resources by choosing to plead guilty. &nbsp,

Chin will be sentenced on Mar 19. He is currently in remand.

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Will AI threaten your bank job? Customer service, compliance roles at higher risk, recruiters say

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RISK AT RISK

ManpowerGroup Singapore’s Ms. Linda Teo, nation manager, noted how drastically AI and automation have advanced in performing monotonous and repetitive tasks.

Roles characterized by these things are more prone to effect from AI adoption, she said.

For instance, customer service representatives may be largely replaced by bots and digital assistants while data entry clerks are subject to robotics through AI-driven data processing tools. Some lender teller tasks may also be automated as online banking options become more complex.

Risk management tasks involving credit risk assessment and conformity security, according to Randstad Singapore’s Ms. Lim Chai Leng, are likely to be largely automated. &nbsp,

Additionally, Ms. Lim, who is general manager of finance, life sciences, building, and house at Randstad, said AI is playing a growing role in online sales, marketing, and finance automation, where tasks like data crunching and fundamental analysis may change.

WHY IS BANKING AT THE FUTURE OF AI Deployment

Due to their vast amounts of data, which included customer lifecycles and historical market trends, banks were able to follow and incorporate AI more quickly than other industries, according to Ms. Lim.

According to Ms. Amber Chang, interact director at Michael Page Singapore, financial corporations also have the resources to make substantial investments in AI systems.

Given the current advantages that AI is currently offering in terms of productivity and profitability, she said,” I think institutions will continue to invest more in AI compared to other sectors.”

According to Ms. Teo of ManpowerGroup, companies in the financial field are constantly integrating AI, and some consumers are willing to share information for more quickly and efficiently.

She said that the banking sector is at the forefront of AI adoption because of the large volume of financial transactions, the complex nature of risk modeling, and the strict regulatory requirements in place there.

She did, however, point out that the finance sector has a proven track record of being able to adapt to technological shift. People judgment is still a must in many roles, where complex decision-making, relationship management, and humane considerations are required.

Additionally, the Singapore state and financial institutions are funding mentoring efforts to better equip workers for an AI-driven potential.

According to her,” the proactive steps being taken suggest that the effects may be important, but not necessarily disproportionately but, in comparison to other industries.”

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US ‘concerned’ over Thai tech crime law

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Minister acknowledges the potential impact of large systems, but promises that protection will continue.

PUBLISHED: 5 Mar 2025 at 17: 06

Thai authorities disconnect electricity supplies to Myawaddy, across the border from Mae Sot district in Tak province, on Feb 5 as part of a stepped-up campaign to shut down online scam centres in Myanmar. 
As part of a stepped-up campaign to stop online fraud centers in Myanmar, Thai government cut off power to Myawaddy, across the frontier from Mae Sot region in Tak state, on February 5. &nbsp,

According to Prasert Jantararuangtong, the minister of digital economy and society, the United States has expressed concern about a new type of Thailand’s emergency order on tech violence, noting that it might have an impact on modern programs.

Following a letter from the US embassy regarding the draft, Mr. Prasert stated that the concerns did not prevent the law from being enforced on Tuesday.

A draft amendment to the order, which stipulates that banks and mobile operators must be jointly held accountable for consumer damage caused by engineering crime, was approved by the cabinet on January 28.

Additionally, the updated laws includes regulations for websites and social media platforms.

Mr. Prasert stated that he is aware that several of the most well-known digital platforms used everyday by Thais are based in the US and that they are used for searching for information, entertainment, or e-commerce.

He claimed that the government intends to hold a gathering with all parties to the law to foster understanding.

” Mobile operators and the Thai Bankers ‘ Association expressed concerns about the amended law and want to see the final details of the draft,” said Mr. Prasert.

In order to avoid campaigning during the writing process, the ministry has stated it won’t make the final changes to the draft public until enforcement begins.

The Council of State, the government’s legal expert body, is now reviewing the draft article.

The government had previously stated that it anticipated the draft’s publication in February’s Royal Gazette.

When the new regulations are put into effect, they should help to reduce damage to the people and stop engineering crimes and scams, according to Mr. Prasert.

Since Thailand cut electricity and online access to murder centers across the border in Myanmar, Laos, and Cambodia, the minister said the damage caused by online swindlers has been significantly reduced, from about 100 million baht per day to 33 million as of March 2.

The draft article contains 16 reports and five essential points. The former include joint responsibility for injuries that occur if the specified methods are not followed by financial institutions, mobile service providers, and social media platforms.

Additionally, telecom service providers have a responsibility to immediately stop using SIM accounts in connection with crimes.

The article also makes it easier for patients to receive refunds and gives officials more authority to take legal action against platforms involved in these crimes. Additionally, the order raises the civil penalties for specific data reporting.

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Call-scam losses halved to B50m a day, digital minister says

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Deals this week about the shared responsibility of businesses and service providers

PUBLISHED: 4 Mar 2025 at 15: 01

National Broadcasting and Telecommunications Commission workers examine internet cables in Nong Khai province, which borders Laos, late last month. (Photo: NBTC)
Late last month, workers from the National Broadcasting and Telecommunications Commission looked at digital cables in Laos ‘ Nong Khai state. ( Photo: NBTC )

According to Digital Economy and Society Minister Prasert Jantararuangtong, visit scam costs have decreased from about 100 million baht per day to less than 50 million baht per time.

The abrupt decrease came after the government made the decision to shut off supply of power, oil, and internet to nearby border towns that are home to call-scam gangs, Mr. Prasert said on Tuesday.

Initial reports of full restitution of around 100 million baht were made by accusers. &nbsp,

Reports of destruction decreased by 60 to 70 million baht&nbsp per day after the government established a special center and a 1441 scam complaints call in November of this year, he claimed. &nbsp,

He claimed that the particular center was currently receiving about 3, 000 fraud complaints per time.

The minister claimed that the reported losses had decreased below 50 million baht per day since the crude, power, and online cutoff. &nbsp,

Thai authorities were issuing warrants to detain suspected scammers and checking whether any additional online cables had been installed improperly to serve as a service to con gangs in neighboring countries.

He claimed that no one had verified the validity of 10 suspect online cables, which had been disconnected to date.

Mr. Prasert acknowledged that some Thai citizens were impacted by the restrictions on online access along the borders. That was being worked on by the authorities.

He added that officials had obtained warrants to apprehend about 100 feared call scammers.

Before year’s end, the minister said he would talk with media platform owners, telecoms operators, and banks about their shared responsibility in the event that they failed to protect customers from phone scams caused by silence.

Before the end of the month, he anticipated that steps to ensure shared role would be in place.

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Developing Asia in a Trump-tariff, China-dumping squeeze – Asia Times

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Asia’s officials are at a loss for what turmoil the Trump administration might unleash following due to a barrage of tariffs, hatred for international institutions, and disdain for democratic leaders.

Last week was a striking case in point. On a revenge tour, the US president turned his back on the NATO ally, caused a common dispute with Ukrainian President Volodymyr Zelensky, and doubled his tariffs on China to 20 %. Just days after the 25 % tax on all imports of cars was revealed.

Tariffs on international carmakers may include Japan and South Korea, previously Washington’s two best allies in Asia. With Trump’s burn-it-all-down plan, Asia’s developing markets are in a more precarious position.

Interest rates were cut by central bankers in Indonesia, South Korea, and Thailand over the past several months. But chances are the tax storm coming from Washington has only just begun. And it could swiftly rise in ways that Asian business leaders and politicians have not even begun to exploit.

Trump is currently active pursuing the European Union. Last year, he chided the EU, complaining it “was formed to lock the United States”. He claimed that as a result, US taxes” may be applied to cars and all other products.”

Trump cited the explanation as” they’ve actually taken advantage of us in a different way.” They don’t take our automobiles. They use all kinds of arguments as to why they don’t acknowledge effectively our plantation products.

Trump’s trade war is primarily about China, a goal that will undoubtedly returning to his attention first and frequently. That includes investigating Foreign artificial intelligence businesses and supersizing president Joe Biden’s limits on exporting high-end electronics and chip-making products to the island. Trump also strongly enticing US allies to impose harsh restrictions on Chinese bits.

All of this results in Asia becoming a miniature bubble. ” To say that President Trump has hit the ground running in his next word would be an understatement”, says economist&nbsp, Priyanka&nbsp, Kishore, founder of advisory Asia Decoded.

He has moved quickly on his campaign promises thanks to an expert and dedicated team in place. Just in the first 30 days, a record number of professional commands were signed, according to Kishore.

Consequently, Asia is preparing for the worst. Administrations are putting the brakes on Trumpian tumult by lowering costs and closing the doors.

That includes imposing macro-prudential restrictions, increasing foreign trade supply reserves, and imposing crisis fiscal stimulus to halt economic growth.

Businesses everywhere are finding themselves in harm’s manner. According to Jason Draho, mind of resource allocation for the Americas at UBS Global Wealth Management, companies are “likely dangerous” until Trump’s plans become more growth-focused.

In a note, Goldman Sachs analysts warn that “tariff increases may also boost production costs for some local producers, and may probably quick international retaliation against some US exports, both of which may negatively impact local production.”

Part of the problem is the uncertainty of Trump’s challenges. He threatens to impose large taxes on various nations and businesses the next day, but he backs it.

Trump’s win in the presidential election next November has only strengthened the doubt about the direction of US monetary policy, according to analysts at Capital Economics in a note.

Trump is doing it, they add,” with threats of large punitive&nbsp, tariffs&nbsp, and the potential overturning of traditional political alliances plunging the rest of the world into a condition of heightened uncertainty also. Uncertainty could have an impact on global investment and consumer spending for an extended period, especially if Trump frequently delays his tax dates.

Additionally, it appears as though it’s just a matter of time before Trump’s deeds irreparably harm the dollar and send shockwaves of financial shockwaves that increase risks Asia hasn’t already taken into account. For all the state’s attempt to wean itself off the US dollar, Asia remains much too dollar-centric for convenience.

That is a significant risk because of Trump’s policies ‘ significant risk to the reserve currency. Trump, for instance, has threatened to end the autonomy that gives the Federal Reserve, the country’s guardian of the dollar, such global authority and influence.

Trump has also mused at times about defaulting on US government debt as a means to settle scores with rivals. Or perhaps as a plot to get the US to renounce some of its debts.

While global credit rating organizations may disagree with plans for significant tax cuts. Already, the US debt is zooming toward US$ 37 trillion. And at a time when Trump and his de facto presidential rival Elon Musk are trying to demolish the IRS and other important financial institutions.

Alarm bells have rang out as a result of news that Musk and his associates were also given access to highly sensitive US Treasury Department data.

In a New York Times op-ed last month, Robert Rubin, Lawrence Summers, Timothy Geithner, Jacob Lew and Janet Yellen warned that” no Treasury secretary in his or her first weeks in office should be put in the position where it is necessary to reassure the nation and the world of the integrity of our payments system or our commitment to make good on our financial obligations”.

Any hint of the selective suspension of congressionally authorized payments will be a breach of trust, they claimed, and it will ultimately turn out to be a default. And once lost, our credibility will be challenging to regain.

That’s not to say Asian governments aren’t overdoing efforts to protect their economies from Trump’s trade wars. or that China’s attempt to stop deflation isn’t working for many countries, especially in Southeast Asia.

Trump’s 2017-2021 presidency and the current one’s are a direct result of the fact that China switched from exporting to the West to Global South countries. And at bargain-basement prices as the overcapacity pushing Chinese consumer prices lower spills over into developing Asia.

For instance, since 2021, the number of Chinese exports to the 10 Association of Southeast Asian Nations ( ASEAN ) members has increased by roughly 25 %. And at the worst possible time, prices are severely undermining Southeast Asia’s crucial export sectors.

At the same time, China’s trade surplus with ASEAN had doubled since Trump 1.0’s tariffs. It serves as a reminder that Asia’s hopes that China would be the growth engine the US was before the Trump era are untrue.

Since 1997, China’s net exports account for roughly one-third of the global GDP ( GDP ). This bookmark is worth considering as developing Asia worries Trump’s tariffs, coupled with Chinese deflation, might restore a 1997-like vibe to Asian markets.

Economica like Indonesia, Malaysia, the Philippines, and Thailand are now facing the specter of China-driven de-industrialization in ways that few people had anticipated. The Trump 2.0 tariff barrage is set to follow as a result of the avalanche of Chinese goods sweeping smaller economies at an epic scale.

Yet the answer isn’t imposing trade curbs on China’s dumping, which would merely treat the symptoms of developing Asia’s challenges, not the problems themselves.

These misguided actions toward China include enacting anti-dumping laws, targeting e-commerce platforms like Temu, imposing new import customs restrictions, and imposing levies on everything from clothing to irony.

Non-tariff barriers are most prevalent in China, India, Indonesia, the Philippines, and Thailand across Asia. South Korea also raises eyebrows in Washington for regulations and testing standards that could be seen as barriers to entry.

Sonal Varma, an analyst at Nomura Holdings, says that expanding the scope of the reciprocal tax reflects both the complexity and transparency of the process.

Maybe only as a temporary defense. But it’s far more important that developing Asia accelerate efforts to move upmarket into higher-value-added industries, particularly in services, to wean economies off of cheap exports.

That would significantly increase the share of tech “uniform” startups in economies, enabling them to reform rigid economic systems and create new good-paying jobs and wealth.

Developed Asia has plenty of problems of its own. Take Japan, which is currently at risk of collateral damage from Trump’s trade war and slowing China’s economy.

According to Stefan Angrick, head Japan economist at Moody’s Analytics,” A disappointing run of data this year suggests 2025 will be difficult for Japan’s economy.”

” Manufacturing and exports have struggled against a deteriorating trade outlook, production snags, weak external demand, and increased external competition”.

Sticky inflation, according to Angrick, “is pushing real wage growth into the distance, delaying a meaningful recovery in consumption.” While uncertainty over monetary and fiscal policy is an additional drag on things,

” With external and domestic demand unlikely to offer much support in the near term, the outlook for 2025 is deteriorating fast”, Angrick notes.

The impact might be greater for Asia’s remaining regions. Many economists are concerned that the trade war’s overall effects will be much greater than the Trump 2.0 White House’s predictions.

” Macroeconomics is the kryptonite of Trump’s reciprocal tariff plan”, says Yale University’s Stephen Roach. The proposal “displays disregard for facts, disregard for history, and places blame on others for problems that America’s own creation” ( p.

Trump may be trying his luck, according to Chang Shu, an economist for Bloomberg Economics. The restraint Chinese leader Xi Jinping has exercised so far on retaliation steps, she says,” could shift to a more strident retaliatory stance — and a much more damaging trade war”.

China has undoubtedly made it abundantly clear that Trump’s trade restrictions won’t go unchallenged. China may use potentially retaliatory measures, such as reducing US agricultural and food purchases.

Indeed, Xi may use the annual&nbsp, National People’s Congress, taking place in Beijing this week, to hit back harder at Team Trump and in doing so put the rest of Asia more in harm’s way.

Follow William Pesek on X at @WilliamPesek

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Singapore to consider caning scammers in more serious cases

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Singapore’s minister of state for home affairs and social and family development Sun Xueling stated on Tuesday ( Mar 4 ) that it will take into account caning scammers in some circumstances in light of the serious harm they cause.

In her speech outlining the Ministry of Home Affairs ‘ ( MHA ) spending plans for the year ahead, MP Tan Wu Meng ( PAP-Jurong ) suggested that she be doing so.

Dr. Tan had previously advocated for strict punishment for swindlers in obscene circumstances.

If you swindle our persons, make off with Singaporeans ‘ life savings, fraud Singaporeans, then we must do everything in our power to tell the scammers a lesson they won’t forget, he said.” We must give a clear message to swindlers, the cartels, and those who abet them.

Ms. Sun agreed that those who facilitate frauds should receive tight and warning sentences.

She noted that prison sentences have typically been imposed for crimes that facilitate schemes, going as high as 19 months in one circumstance, following the recent introduction of new guidelines by a punishment expert panel.

STRESS UP FOR Cash Horses

Additionally, Ms. Sun announced that this year’s efforts to better identify money mule activity will be intensified.

” We have been focusing on them because they are the primary means by which foreign scammers launder their illicit gains and move them out of Singapore,” she said.

She said the Singapore Police Force ( SPF ) will share more information with banks about known mule accounts to improve their fraud analysis and help them find new mule accounts, according to her.

” We will work with the industry to adopt cooling-off measures for some activities that are indicators of wealth mule activity,” she said.

Ms. Sun rebuked people who attempted to turn their SIM cards or bank accounts on to neighbors while “turning a blind eye” to the purposes for which they were used.

” Get specific, please. It is illegal to pass on your SIM cards or bank records to entice schemes, and you could face jail time. According to Ms. Sun,” clinging on does not get you off the hook.”

According to Ms. Sun, over 8, 000 money mules and swindlers were investigated last year as part of 25 island-wide SPF anti-scam protection operations.

Over 660 of them have been charged in court and are scheduled to spend time behind bars if found guilty, she said.

A money mule received RM1, 000 ( US$ 224 ) for accessing his internet banking account in a case that was concluded without taking “reasonable steps to ascertain the purpose of this arrangement,” according to Ms. Sun.

More than S$ 160 000 ( US$ 188, 989 ) of criminal revenues were afterwards deposited in the bank accounts. &nbsp,

According to Ms. Sun,” The wealth horse was found guilty and given a six-month prison sentence.”

Ms. Sun reaffirmed in her discourse that schemes are a major issue worldwide and that Singapore has been fighting against for years.

Despite efforts to protect against malware in banking apps and stop calls from known scam numbers, scams also totaled S$ 1.1 billion in 2013, according to her.

According to Ms. Sun, this was a 70 % increase over the previous month.

” The state is rightly concerned about this, and many people are.” She said,” We must and will redouble our efforts in this battle against schemes.”

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