AI is shaping financial outcomes for Singaporeans

● Nearly nine in 10 Singaporeans use digital platforms, including AI-powered chat tools, to manage or seek information about their personal finances. 

● Almost one in five Singaporeans who use AI tools for financial purposes have made financial decisions based primarily on AI-generated advice. 

● Despite high digital adoption, trust gaps still exist, and human supervision and expertise remain crucial.

 
Singaporeans are increasingly using digital tools not only to manage their money, but also for AI-generated advice to guide their financial decisions, according to a recent survey by MDRT, an association of financial professionals. 

Nearly nine in 10 (89%) are using at least one platform, such as mobile banking apps, financial websites or AI-powered chat tools, to manage their finances or seek financial information. Among these users, more than a third of Singaporeans (35%) now use AI tools for financial purposes, from information gathering to real-world financial actions, signalling a growing shift towards AI-assisted financial management. 

Source: MDRT infographic. Singaporeans are using AI to build financial literacy and compare different products.

Of those who have acted on AI-generated advice or used it as a starting point, 60% say it has influenced their savings or budgeting habits:

- Almost half (47%) have used it when choosing or switching financial products, such as loans, credit cards or insurance plans

- Four in 10 say it has informed major financial decisions, including large investments or property purchases 

- Nearly one in five AI users (19%) even rely primarily on AI-generated advice when making financial decisions

“Singaporeans are increasingly comfortable using technology in their everyday lives. I’m seeing more people use AI to better understand financial concepts or prepare for financial conversations, which is helpful. 

"However, AI is only as effective as the information it receives. It may not identify gaps in our thinking or ask follow-up questions that uncover important aspects of our financial situation. The risk is that decisions made based on incomplete information or narrowly framed questions may overlook critical considerations,” said Laura Hoi, a 22-year MDRT member with six Court of the Table qualifications. Court of the Table is an accolade given to MDRT members who have achieved specific milestones. 

While AI tools are gaining traction, established digital platforms remain the most commonly-used among Singaporeans, led by banking websites and mobile apps (52%), government financial portals (43%) and financial comparison websites (30%). 

That said, 29% use generative AI chat tools such as OpenAI’s ChatGPT and Google’s Gemini, while 14% turn to AI-powered chatbots offered by banks or financial institutions. They mainly do so to better understand financial concepts such as mortgages, investing and taxes (54%), as well as to compare financial products such as loans, credit cards and insurance (51%). 

The appeal lies largely in convenience (57%) and cost accessibility (52%), alongside the ability to simplify complex information (40%) and the freedom to ask follow-up questions (37%), MDRT said. 

Usage patterns reflected different levels of engagement with emerging digital tools across generations. Millennials and Gen Z are more likely to use AI to actively manage their finances, including budgeting and financial planning, while Gen X and baby boomers tend to use it primarily as a source of information. 

Despite AI's growing role in personal finance, most Singaporeans (81%) remain measured in how they use these tools, turning to them primarily to build knowledge and explore options rather than replace professional advice. Among those who have not acted or would not act on AI-generated advice (36%), the top concerns were the lack of human oversight or reassurance (45%), the fear of bias or errors (36%), and the risk of generic or automated responses (36%). 

Only 37% of Singaporeans who use AI tools are comfortable using them for personalised financial advice, and just 31% would use AI to review long-term financial plans, suggesting a strong preference for human guidance in financial decision-making. Those who currently work with a financial advisor show a similar preference, indicating that AI is seen more as a complement, rather than a replacement, to the client-advisor relationship. 

Face-to-face interaction is still highly valued. While digital communication is now widely accepted, around four in 10 Singaporeans who work with financial advisors still prefer meeting in person, particularly when discussing complex financial topics (42%), making important financial decisions (41%) or reviewing long-term financial plans (38%). 

In-person engagement becomes even more crucial during periods of market volatility or financial uncertainty, with half (50%) favouring face-to-face meetings with their advisors, highlighting the enduring importance of personal guidance and reassurance that direct human interaction provides when navigating critical financial decisions.

“AI can provide answers based on a snapshot of information, but financial planning goes beyond that. It’s about knowing the questions to ask, understanding each individual’s unique circumstances, and helping clients adapt their financial plans as their lives and goals evolve. 

"I believe the future is about combining the speed and accessibility of AI with the empathy, judgment, and long-term perspective that only trusted human relationships can provide to help people make more informed and confident financial decisions,” said Hoi.

*The survey was conducted online by market research and insights agency Opinium between April 6 and April 9, 2026. The Singaporean survey was fielded in English among a sample of 2,000 Singaporean adults, weighted to be nationally representative based on age, race and gender.

Confidence among APAC accountants is up in Q2

- Confidence in Asia Pacific is now meaningfully above average after a sharp Q2 recovery, but it remains weak in North America and Western Europe.

- Economic pressures returned as the top risk priority among accountants in Q2 (22%), ahead of geopolitical instability (20%) and cybersecurity (14%).

Seven in 10 (72%) respondents expect inflation in their country to increase over the next three months.

Confidence among Asia-Pacific accountants and finance professionals rebounded sharply in Q226, according to the latest ACCA and IMA Global Economic Conditions Survey (GECS), reversing a Q1 decline and pushing the region's confidence and New Orders indices above their historical averages. This is a stronger recovery than seen in North America and Western Europe, where confidence remains weak by historical standards.

The fallout from the Middle East conflict continues to impact the results the survey, which was conducted between 3 and 17 June, before the renewed fighting and resumption of the US naval blockade.

While the region is very exposed to developments in the Middle East, hopes of a potential resolution of the conflict and the relative resilience of the global economy have likely been factors boosting sentiment, as well as the global AI boom, of which the region’s exporters are major beneficiaries.

Over three-quarters of accountants globally reported increased operating costs in Q2 – above the previous record set in the aftermath of Russia’s invasion of Ukraine – amid soaring commodity prices and supply chain disruptions resulting from the conflict. Over eight in 10 (83%) CFOs globally experienced increased costs, following a record-breaking rise of over 20 percentage points from Q1. This is close to series peaks recorded in 2022 and 2023.

Cost pressures also rose in the Asia-Pacific region, with the proportion of respondents reporting increased costs jumping nine percentage points to 66% in Q2, well above the survey's historical average. However, this remains notably less severe than in Western Europe (83%) and North America (74%), where cost pressures are close to record highs.

Despite soaring costs, there was some recovery in confidence among accountants globally in Q2, from what was close to a record low in Q1. While they remain quite downbeat by historical standards, the improvement likely reflects the relative resilience of the global economy and signs at the time of the survey of movement towards a potential resolution of the conflict, which may have reduced fears of worst-case scenarios.

That said, globally declines in the Global New Orders, Capital Expenditure and Employment indices point to some slowing in global growth, likely reflecting headwinds from increased private sector caution, rising inflation, and tighter-than-expected monetary policy, although they do not appear to be signalling a major economic slowdown.

Economic pressures returned as accountants' top risk priority in Q226 (22%), ahead of geopolitical instability (20%) and cybersecurity (14%). Respondents described how understanding today's risk landscape extends beyond traditional economic cycle management, pointing to the converging effects of prolonged wars, rising cybercrime and policy uncertainty. AI featured prominently, with comments focusing on sustainable value, cyber resilience and accountability.

Survey respondents in Singapore echoed these concerns. A Singapore CFO in professional services said: "The inability of economic analysts to forecast the future, and the reaction time of the government when dealing with unforeseen economic shocks are underestimated economic risks."

Another Singapore respondent added: "Increasing operating costs will result in many small businesses going out of business and demand for professional services will accordingly continue to decline."

Alain Mulder, Senior Director, Europe Operations & Global Special Projects at IMA said: "The AI boom is providing major support to the global economy and financial markets, but developments in the Middle East over coming months will be crucial. If progress can be made in resolving the conflict, that would clearly be supportive for global growth as we progress through the second half of 2026. But downside risks would quickly build if there were a return to major hostilities and surge in energy prices."

Jonathan Ashworth, Chief Economist, ACCA said: "Sharply rising costs were unsurprisingly a major issue for firms in Q2. If they increasingly try to pass these on to the consumer, this would significantly raise the risk of policy tightening by the world’s major central banks. That said, policymakers will be hoping for favourable developments on the diplomatic front, and a return of oil prices to around pre-crisis levels, potentially allowing them to sit on their hands for the rest of 2026."

Ashworth concluded: "Despite some improvement in confidence, accountants globally remain very cautious, likely in part reflecting the uncertain and unpredictable operating environment which has become the 'new normal' in recent years."

Details

Read the GECS Q2 2026 report at https://www.accaglobal.com/gb/en/professional-insights/global-economics/gecs-q2-2026.html

Returning to work calls for travel and expense adjustments

Business processes had to undergo dramatic changes with lockdowns, but it's not a matter of 'business as usual again' when companies return to work, says Andy Watson, SVP & GM, Asia Pacific Japan & Greater China, SAP Concur.

According to Watson, examples of travel and expense-related changes that were made at the beginning of work-from-home mandates include:

- A slowdown in international business travel and its associated expenses.

- Temporarily ending expensed meals for business lunches, dinners, or in-office meetings.

- Increase in office expenses like monitors and chairs as employees furnish their home offices.

- New expenses to consider like Internet and mobile phone bills for employees who must work from home.

"New policies and processes need to be put in place to accommodate travel restrictions and changes in expenses. While finance managers need to stay flexible as the business environment continues to evolve, spend control and compliance should still be a high priority," Watson said.

Some questions that he suggested finance managers ask as they prepare for return to work to help keep control and compliance top of mind include:

What will travel look like for the company?

"Finance managers must work with travel and HR counterparts to determine the need for employee travel, if at all, and how to keep employees safe. A recent SAP Concur business traveller study found that 91% of Asia Pacific (APAC) business travellers feel concerned about resuming travel. They are especially worried getting sick themselves (55%) or infecting their family (51%)," Watson pointed out.

"Clear guidelines should be developed, even if they are temporary or evolving, so it’s clear who can travel, when they can travel, and how they can travel. Duty of care plans should also be re-evaluated and businesses should ensure they know at all times where employees are traveling for business and how they can communicate with them in the event of an emergency."

Watson also cautioned that organisations that are not proactively protecting employee wellbeing on business trips could risk consequences. "Fifty-one percent of APAC business travellers told the same study they would ask to limit travel if their company does not implement the measures they want. About 14% would look for a position that does not require travel – including 5% who would consider a position at a different company," he said.

Who needs to approve travel and expenses?

"While it may be temporary, businesses may have to implement a more stringent approval policy for travel and other expenses. Due to health concerns related to travel and the need to conserve cash flow, business leaders like CFOs may want to have final approval over all travel and expenses until the situation stabilises," Watson observed.

"To help ensure new approval processes don’t cause delays and inefficiencies, finance managers should implement an automated solution that streamlines the process and allows business leaders to review and approve travel requests, expenses, and invoices right from their phones."

What types of expenses are within policy?

Watson noted that prior to social distancing, employees may have been allowed to take clients out for entertainment. Additionally, in-person team meetings held during the lunch hour may have included expensed lunches. "As employees return to work, finance managers need to determine if these activities and expenses will be allowed again. Clear guidelines must be put in place and expense policies need to be updated to reflect any changes," Watson said.

What happens to home office items that were purchased?

"While new office equipment may have been purchased for employees’ home offices, they remain the business’s property and what to do with them as employees return to work needs to be determined," Watson highlighted.

"Perhaps employees will continue to work from home a few days a week and need to keep the equipment to ensure productivity. However, if a full return to work is expected, finance managers have options that can maximise their asset investment and possibly save the company money, like replacing old office equipment with the new purchases, reselling to a used office furniture company, or donating to a non-profit. Such considerations will become increasingly relevant, with a recent SAP Concur finance study revealing that 71% of employees in APAC want their organisations to subsidise or fully pay for the expenses needed to create a productive home working environment. Employer provision of IT peripherals is widely expected," he elaborated.

How can cost control be ensured?

"For many businesses, cashflow will be tight for the foreseeable future. Spend needs to be proactively governed and managed to help ensure recovery and stability. An important aspect of controlling costs is having full visibility of expenses throughout the company," Watson said.

"Some organisations have experienced the pressing need to deal with paper invoices that are continuing to be mailed to their largely empty offices. Invoice digitisation and automation will let firms take control of the accounts payable process. With control and real time visibility into their liabilities, they can accurately forecast their cash positions and make better business decisions."

Watson recommends implementing an automated spend management solution that integrates expense and invoice management as it brings together a business' spend, simplifying finance managers’ work and giving them a better understanding of where they can save, where to renegotiate, and where to redirect budgets based on plans and priorities.

"Once finance managers have asked themselves the questions above and determined how they want to approach travel and expense procedures, it’s vital they create guidelines and communicate clearly to employees. Compliance can only be ensured if employees have a clear understanding of what has and has not changed with travel and expense policies, and what’s expected as they return to work," he concluded.

Acronis and Minterest offer cybersecurity, financing to Singapore businesses

Acronis, a global player in cyberprotection, is now offering Singapore businesses financing through a partnership with Minterest, a Singapore-based online financial services solutions provider. The two have joined forces to launch Acronis #CyberFit Financing, Powered by Minterest to provide Singapore-based businesses with financing support to remain resilient and #CyberFit during the COVID-19 pandemic.

Through this partnership, Acronis and Minterest hope to empower businesses by providing easy access to customised financing solutions to tide them through this difficult period while building their cybersecurity capabilities to ringfence their businesses.

The COVID-19 pandemic has forced businesses globally to operate remotely and people to work from home, Acronis observed. Very often, they work with unsecured digital networks and are vulnerable to cyberattacks. As a cyberprotection company, Acronis is dedicated to helping organisations safeguard their data, applications, and systems so they can remain productive and avoid costly downtime. During the COVID-19 outbreak, essential services will need cyberprotection to be #CyberFit, ensuring their IT infrastructure remains protected and operational.

Serguei Beloussov, Founder and CEO of Acronis, said: “Cybercriminals are ruthless— they see the coronavirus pandemic as an opportunity to target new vulnerabilities such as those caused by many staff migrating to home offices. Now more than ever, cyberprotection should be a key concern for every business, as a data breach that costs a company valuable data can cripple even large organisations.

"Acronis Cyber Protect Cloud is a solution we have developed to combat this global threat. Acronis is dedicated to doing our part to help businesses both in the digital and the real world. With support from our capable partners at Minterest, we hope to provide streamlined access to vital funding to ensure business continuity for as many Singapore businesses as possible.”

Beyond the heightened cybersecurity risk, businesses often face urgent cash flow issues. Minterest is able to bring speed to lending, as it is able to process and approve loan applications within 48 hours, upon full submission of necessary documents.
Charis Liau, CEO of Minterest, commented: “The COVID-19 outbreak has sent shock waves throughout the global economy and many companies are facing deteriorating business conditions and cash flow liquidity crunches. We are pleased to partner with Acronis to accelerate the access to financial aid for Singapore-based firms. We want to be here for them; not just get through the pandemic, but beyond that as well.”

Source: Acronis. The new Acronis #CyberFit Financing, Powered by Minterest initiative is a partnership between Acronis and Minterest.

Details:

All companies and limited liability partnerships registered in Singapore can sign up for Acronis #CyberFit Financing, Powered by Minterest

Hashtag: #CyberFit

ICBC term deposits offered via Alipay

The Industrial and Commercial Bank of China (ICBC), the world’s largest bank in terms of assets, is now offering three-year term deposit services via Alipay, the digital lifestyle platform.

Alipay and ICBC have been collaborating since 2005 to offer online payment services to users. In January 2020, ICBC launched a one-year term deposit service via Alipay, enabling customers to purchase one-year term deposits directly through the platform. As of May, the bank has witnessed a sevenfold increase in the scale of the service.

The new three-year term deposit service has an annual interest rate of 3.79% and can be found on the Alipay platform under the name of Anxin Cun (Secure Deposits). The font size of the landing page has also been enlarged to ensure the service is easily accessible to elders.

ICBC is accelerating its digital transformation process to integrate more use cases for its users and provide more comprehensive services. In December 2019, ICBC, Alibaba Group and Ant Financial Services Group sealed a partnership to deepen their cooperation in fintech and financial services. Under the agreement, the three parties will work together more closely and improve the quality of fintech offerings by using smart technologies and product innovation.

Fitch Learning partners Golden Education to offer quantitative finance certificate in China

Fitch Learning has engaged Golden Education, a Chinese financial education provider, to offer the Certificate in Quantitative Finance (CQF) to professionals across the country. The CQF is increasingly recognised in China, with enrolment by Chinese delegates growing 55% in 2019 over 2018.

The CQF consists of six modules, two chosen advanced electives, three exams and a final project. Quantitative finance uses mathematical modelling to analyse financial markets and securities. Two of the modules concern data science and machine learning. More than 5,000 professionals in over 90 countries worldwide have completed the programme. 

“The CQF is highly sought-after by financial institutions including hedge funds, quantitative or artificial intelligence (AI)-driven money managers seeking skill sets ranging from algorithmic trading, risk management and programming. The programme is for anyone who wants an efficient and cost effective way to develop practical mastery of quant finance and machine learning, while earning a globally-recognised qualification,” said Dr Randeep Gug, MD – Public Courses and CQF, Fitch Learning. 

“We are pleased to expand our footprint in China and play a major role in the country’s professional training and development. We hope our training will close the skills gap in China and significantly raise the career mobility of those working in finance, business, engineering and sciences,” said Andreas Karaiskos, CEO, Fitch Learning.

Part of Fitch Group, Fitch Learning delivers learning and development solutions for the financial services industry. In the APME region, it has centres in Singapore, Dubai and Hong Kong. 

Explore:

Apply for the course. The qualification may be earned part-time online. Students may take up to three years to complete their studies.

World Capital Markets Symposium 2018 focuses on growth

Global leaders in politics and finance will convene at the 5th World Capital Markets Symposium 2018 (WCMS 2018) in Kuala Lumpur, Malaysia, on 6 and 7 February 2018 to discuss challenges, opportunities and the future of financial markets. Malaysia has made a concerted effort to drive financial and capital market innovation and through this, begin to enable new developments in sustainable financing. 

Hosted by the Securities Commission Malaysia and themed Renaissance of Capitalism: Markets for Growth, WCMS 2018 focuses on the re-orientation of markets for growth, the ways in which positive outcomes can be achieved for present and future generations, and the role innovation and technology must play in supporting inclusive and sustainable growth. 

Discussions at the event will centre on how good governance is becoming more critical in enabling organisations to manage and sustain growth, and the importance of having various segments of society play a part in achieving greater societal well-being. The symposium will also discuss the role of women and youth in shaping social, economic and environmental development.

Since its debut in 2009, the biennial WCMS series has attracted over 1,000 delegates from global markets. Led by the world’s most influential thought leaders, policy makers, regulators, market practitioners and industry experts, it examines and discusses current issues relating to geopolitical risks, socioeconomic developments and digital innovation that are impacting the world today.

This year's symposium is no different. It will feature a keynote address by the Prime Minister of Malaysia, a special video message by HRH The Prince of Wales and other notable speakers, including Helen Clark, former Prime Minister of New Zealand; Yanis Varoufakis, former Greek Finance Minister; Jin Liqun, President of Asian Infrastructure Investment Bank; Fareed Zakaria, host of CNN’s Fareed Zakaria GPS; Douglas Flint, former Group Chairman of HSBC; Sean Kidney, CEO, Climate Bonds Initiative; Dr Steve Waygood, Chief Responsible Investment Officer of Aviva Group; as well as George Kell, Founder of United Nations Global Impact. 

Details:

World Capital Markets Symposium 2018 

Mandarin Oriental Kuala Lumpur
Kuala Lumpur City Centre

Malaysia

6 and 7 February 2018

Register

VAT arrives in KSA

The KSA General Authority for Zakat and Tax has launched a value-added tax (VAT) mobile app on December 30 2017, ahead of the VAT launch on January 1 2018. The app contains important information on the tax and enables consumers to find out if the business they are dealing with is indeed registered for VAT.

The application has a ‘check’ function which allows consumers to see whether or not the business is registered in VAT by scanning the barcode on the VAT registration certificate, or by entering the business' Commercial Registration Number or the 15-digit VAT identification number mentioned on the invoice. Other features include a calculator to compute the correct VAT amount due on invoices, and the ability to flag businesses which are in violation of the VAT laws.

Source: General Authority of Zakat & Tax. VAT explained.

KSA released final VAT regulations in late August 2017. Businesses with annual revenues between SAR 375,000 and SAR1,000,000 are required to register for VAT. Registration is optional for businesses with annual revenues between SAR 187,500 and SAR 375,000, while businesses with annual revenues less than SAR 187,500 are exempted from registration.

The penalty for failure to pay VAT on time is 5% of the VAT amount due for each month. Failure to file VAT return on time will result in a fine not less than 5% and not more than 25% of the VAT amount due. In addition, VAT due on late registered businesses will be calculated from the date of VAT implementation on 1 January 2018, as all penalties and fines will be effective from this date.

Explore:

Call the General Authority for Zakat and Tax's local hotline for VAT enquiries at 19993 with complaints, including if an invoice which does not mention the basic required information such as tax identification number or tax amount.

Download the app on the Apple and Google app stores  

Visit the KSA VAT portal

Deloitte has also prepared a free VAT in the GCC Guide mobile app, which can be downloaded on the Apple and Google app stores

Read PwC's discussion on VAT and the movement of goods between UAE and KSA

A number of businesses have already made statements online about VAT, including bank Emirates NBD, e-marketplace Souq.com, logistics firm TNT, and Zain Saudi Telecommunications Company.

UAE introduces VAT

The government of the UAE have introduced value-added tax (VAT) on goods and services at 5% of their prices as of 1 January 2018. The Executive Regulations for Federal Decree-Law No. (8) of 2017 on Value Added Tax was signed in late November 2017.

In a media briefing on 12 December 2017 HE Younis Haji Al Khoori, Undersecretary of the UAE Ministry of Finance said: “Value-added tax plays a key role in achieving the leadership's vision of reducing oil dependency and building a sustainable knowledge economy. This will contribute to advancing development by providing additional sources of income for the expansion of infrastructure projects.

“VAT was introduced in the UAE after in-depth studies indicating that there would be no impact on the business sector and the investment environment in the country, nor would it affect the country’s position and competitiveness should it be implemented. In fact the UAE will implement the lowest VAT tax rate on a global level, with the aim of reaching the highest levels of happiness within the UAE community.”

Tourists will also pay VAT, but foreign businesses may recover the VAT they incur when visiting the UAE.

Businesses with turnover below AED375,000 are not required to register for VAT, but voluntary registration is accepted if the turnover exceeds AED187,500 and is below AED375,000.

Several products and services are exempt from value added tax, namely: the supply of certain financial services as specified in the Executive Regulations, the supply of residential (non-zero-rated) buildings either by sale or lease, the supply of bare land, and the supply of local passenger transport. In early December, the UAE Federal Tax Authority stated that selected sectors that will be assigned zero-rated tax, such as education, healthcare, oil and gas, transportation and real estate.

Examples provided by the Tax Authority include:

Education VAT rate	VAT rate
Private and public school education (excluding higher education) and related goods and services provided by education institution	0%
Higher education provided by institution owned by government or 50% funded by government, and related goods and services	0%
Education provided by private higher educational institutions, and related goods and services	5%
Nursery education and pre-school education	0%
School uniforms	5%
Stationery	5%
Electronic equipment (tablets, laptops, etc.)	5%
Renting of school grounds for events	5%
After school activities for extra fee	5%
After school activities supplied by teachers and not for extra charge	0%
School trips where purpose is educational and within curriculum	0%
School trips for recreation or not within curriculum	5%

Healthcare	VAT rate
Preventive healthcare services including vaccinations	0%
Healthcare services aimed at treatment of humans including medical services and dental services	0%
Other healthcare services that are not for treatment and are not preventive (e.g. elective, cosmetic, etc)	5%
Medicines and medical equipment as listed in Cabinet Decision	0%
Medicines and medical equipment not listed in Cabinet Decision	5%
Other medical supplies	5%

Oil and gas	VAT rate
Crude oil and natural gas	0%
Other oil and gas products including petrol at the pump	5%

Transportation	VAT rate
Domestic passenger transportation (including flights within UAE)	Exempt
International transportation of passengers and goods (including intra-GCC)	0%
Supply of a means of transport (air, sea and land) for the commercial transportation of goods and passengers (over 10 people)	0%
Supply of goods and services relating to these means of transport and to the transportation of goods and passengers	0%

Real estate	VAT rate
Sale and rent of commercial buildings (not residential buildings)	5%
First sale/rent of residential building after completion of construction or conversion	0%
First sale of charitable building	0%
Sale/rent of residential buildings subsequent to first supply	Exempt
Hotels, motels and serviced accommodation	5%
Bare land	Exempt
Land (not bare land)	5%
UAE citizen building own home	5% (recoverable)

Financial services	VAT rate
Margin based products (products not having an explicit fee, commission, rebate, discount or similar)	Exempt
Products with an explicit fee, commission, rebate, discount or similar	5%
Interest on forms of lending (including loans, credit cards, finance leasing)	Exempt
Issue, allotment or transfer of an equity or debt security	Exempt

Investment gold, silver and platinum, jewellery	VAT rate
≥99% pure and tradable in global markets	0%
<99% pure	5%
Jewellery	5%

Insurance and Reinsurance	VAT rate
Insurance and reinsurance (including health, motor, property, etc)	5%
Life insurance and life reinsurance	Exempt

Food & Beverages	VAT rate
Food and beverages	5%

Telecommunications and electronic services	VAT rate
Wired and wireless telecommunications and electronic services	5%

Government activities	VAT rate
Sovereign activities which are not in competition with the private sector undertaken by designated government bodies	Considered outside VAT system
Activities that are not sovereign or are in competition with the private sector	VAT rate dependent on good/service ignoring provider

Not for Profit Organisations	VAT rate
Activities of foreign governments, international organisations, diplomatic bodies and missions acting as such (if not in business in the UAE)	Considered outside VAT system
Charitable activities undertaken by societies and associations of public welfare which are listed by Cabinet Decision	Considered outside VAT system
Activities of other not for profit organisations (not listed in Cabinet Decision) which are not business activities	Considered outside VAT system
Business activities undertaken by the above organisations	VAT rate dependent on good/service ignoring provider

Free zones	VAT rate
Supplies of goods between businesses in designated zones	Considered outside VAT system
Supplies of services between businesses in designated zones	VAT rate dependent on service ignoring location
Supplies of goods and services in non-designated zones	VAT rate dependent on good/service ignoring location
Supplies of goods and services from mainland to designated zones or designated zones to mainland	VAT rate dependent on good/service ignoring location

Other	VAT rate
Export of goods and services to outside the GCC implementing states	0%
Activities undertaken by employees in the course of their employment, including salaries	Considered outside VAT system
Supplies between members of a single tax group	Considered outside VAT system
Any supplies of services or goods not mentioned above (includes any items sold in the UAE or service provided)	5%
Secondhand goods (e.g. used cars sold by retailers), antiques and collectors’ items	5% of the profit margin

In late December 2017 the Federal Tax Authority also clarified that diplomatic missions and international organisations that do not conduct business will be registered in a system that does not require a tax registration number (TRN). International organisations that do conduct business, import and export on regular basis should however register for VAT.

WAM, the Emirates news agency, also reported on 1 January the Ministry of Finance's assurance that the Federal Financial System is ready to manage all financial transactions related to VAT. The Federal Financial System is an integrated financial system that enables the ministry to finance federal entities, manage and govern financial procedures, and monitor the spending of federal entities.

Explore:

Ministry of Finance FAQ on VAT

Useful links for VAT

Deloitte has prepared a free VAT in the GCC Guide mobile app, which can be downloaded on the Apple and Google app stores

Read PwC's discussion on VAT and the movement of goods between UAE and KSA

Some businesses have already made statements online about VAT, including insurance firm AIG, telco Etisalat, e-marketplace Souq.com, and logistics firm TNT.

PwC calls on Singapore businesses to improve cash management

Businesses in Singapore need to focus on improving their cash management to mitigate risks, fund their day-to-day operations and finance their growth plans. 

The Singapore Working Capital Study 2017* by PwC Singapore and SPRING Singapore has found that over the last three years, businesses in the city state saw an average 2.6% decrease in revenue year-on-year. There has also been a year-on-year increase of 3.5 net working capital (NWC) days** over the past three years, reaching 41.5 NWC days in FY16.

Said Wee Tze Wee, Deals Strategy and Operations Partner, PwC Singapore: “Working capital is akin to the lifeblood of a company. Optimising working capital is crucial as failure to manage it properly can have serious implications on the success of a business – from funding day-to-day operations to its ability to fund growth.”

This year’s results show that 50% of sectors saw their working capital performance deteriorate year-on-year (YoY). This performance was driven by an increase in the time taken to collect cash from sales (days sales outstanding) and an inventory increase (days inventory outstanding), partially offset by an increase in the time to pay creditors (days payables outstanding) that might not be sustainable in the long term.

Very large companies perform best with the highest ratio of working capital to sales at only 8%, followed by small companies at 14% and large companies at 15%***.

Medium-sized companies are the ones struggling the most in managing their working capital with the highest ratio at 18%. Their cost for growth is higher, increasing their difficulty in accessing funding at favourable rates. They find themselves battling for cash while having little negotiating power. Inadequate proficiency in managing a growing business coupled with lagging tools and systems can also add to poor performance, PwC said.

By the nature of their size, very large companies can leverage economies of scale and have easier access to capital at more attractive rates. On the other hand, small companies tend to have less complicated operations, making working capital management more straightforward.

In addition to the cash benefits of funding day-to-day operations, effective working capital management can help businesses improve business performance and revenue growth. Companies that have been able to achieve top quartile working capital performance have outperformed their peers across various key metrics, PwC said.

Some top performers are clearly ahead with higher investment rates, getting paid 40% faster than bottom performers and holding four times less inventory. Top performers are better positioned for growth as they can self-finance part of their investments or secure funds more easily by displaying healthier financial reports.

Leading players ‘stress test’ their working capital process, striving to balance the trade-off between cash, cost and service. They measure compliance with terms, processes and policies with key performance indicators (KPIs) to monitor working capital; and they benefit from top management sponsorship and clear accountability for working capital management.

Based on the findings, PwC says businesses in Singapore need to focus on cash management, specifically working capital, to better position themselves for funding and investments, and to allow them to create greater business value.

Chew Mok Lee, Assistant Chief Executive, Capabilities and Partnership Group, SPRING Singapore said, “Cash flow management has consistently surfaced as a challenge in local small and medium sized enterprises (SMEs) and SMEs do need help in this area. With this joint benchmarking study with PwC Singapore, SMEs can now see how their working capital performance is against their industry peers, tackle shortcomings in their cash collection cycles and find ways to improve their financial health for sustainable growth.”

*The Singapore Working Capital Study 2017 is a joint report by PwC Singapore and SPRING Singapore. The study looked at over 1,000 public and private companies across 15 industries in Singapore, including marine and offshore businesses that were reviewed separately in the sector analysis in the third chapter of the report. 

**Net Working Capital (NWC) days measure the liquidity of a business and how long it takes to convert its working capital into revenue. The longer the cycle is, the longer a business is tying up capital in its working capital without earning a return on it. Therefore, companies strive to reduce their working capital cycle by collecting receivables quicker, improving their inventory management or sometimes stretching their accounts payable. This key performance indicator (KPI) should be considered in the context of the industry that the company operates in.

NWC days is calculated by taking sales (days sales outstanding – DSO) and inventory (days inventory outstanding – DIO), offset by the time to pay creditors (days payables outstanding – DPO).

Calculation of NWC days: NWC days = DSO + DIO - DPO 

***Company sizes refer to companies by revenue, defined as:
Small-sized companies: less than S$10 million
Medium-sized companies: S$10 million to S$100 million
Large-sized companies: more than S$100 million but less than S$500 million
Very large-sized companies: more than S$500 million

IMF says AML/CFT crucial for financial sector stability in Kyrgyz Republic

• Growth accelerated towards the end of 2016, reaching 3.8% with 0.5% deflation due in part to exchange rate appreciation of about 9% percent.
• Consolidation efforts should continue to meet the 2017 fiscal deficit target of 3% of GDP.
• The passage of the anti-money laundering and counter finance of terrorism law is vital for the stability of the financial sector.

An IMF mission led by Edward Gemayel visited Bishkek from February 9 to 15 to take stock of the latest economic developments, discuss progress on economic reforms, and prepare for the upcoming combined Article IV consultation and fourth review under the ECF programme planned for April. At the conclusion of the visit, Gemayel issued the following statement:

“With external pressures subsiding, economic indicators have improved, but the recovery remains modest. Growth accelerated towards the end of 2016, reaching 3.8% with 0.5% deflation due in part to exchange rate appreciation of about 9%. Despite a shortfall in tax revenue, the 2016 deficit was contained to 4.5% of GDP due to restrained spending on non-priority items and the rephasing of some investment projects.

“Consolidation efforts should continue to meet the 2017 fiscal deficit target of 3% of GDP. It is important to continue to implement revenue and expenditure measures announced last year, including the elimination of the value added tax (VAT) exemption on flour, rationalising the public sector wage bill, and streamlining spending on goods and services. Resisting spending pressures will be critical in the run up to the presidential election. Developing a credible and transparent fiscal rule will help maintain fiscal discipline."

Gemayel added, “The passage of the anti-money laundering and counter finance of terrorism (AML/CFT) law is vital for the stability of the financial sector. The law is necessary to keep the Kyrgyz Republic on the white list of the Eurasian Group on AMl/CFT. Failure to pass the law could lead to loss of correspondent banking relations and cut the financial sector off from the outside world.”

PwC launches APAC research centre for asset and wealth management

Source: PwC. PwC is to open an Asset & Wealth Management Asia-Pacific Research Centre in Singapore.

PwC has launched its Asset & Wealth Management (AWM) Asia-Pacific Research Centre, which will be headquartered in Singapore. With the support of the Singapore Economic Development Board, the AWM Asia-Pacific Research Centre aims to build capability in AWM in Singapore and across the region.

As an extension of PwC’s Global Market Research Centre based in Luxembourg, the AWM Asia-Pacific Research Centre will help to address the asset and wealth management industry’s market research needs such as identifying new market opportunities through its dedicated market-entry reports, help asset and wealth managers assess their competitiveness, improve their visibility in the market and monitor key trends.

This will be done through the development of in-depth analytical reports to support players in developing their strategy. It will also provide guidance for new players' market-entry aspirations across the Asia-Pacific region and engage in dialogue with regulators and governments in Asia-Pacific through policy papers.

“We are at the beginning of the Asian decade as global economic power and wealth shifts from west to east. The financial services industry in Asia-Pacific is at the cusp of re-engineering and consolidating. PwC’s AWM Asia-Pacific Research Centre will provide clients and other financial institutions with tools to expand their footprint in this region through the provision of market intelligence and supporting thought leadership,” says Justin Ong, Asia-Pacific Asset and Wealth Management Leader at PwC Singapore.

Barry Benjamin, PwC Global Asset and Wealth Management Leader adds, “The impacts of globalisation, technology advances and changing demographics are leading to dramatic shifts in how people accumulate, manage and distribute their wealth. The Centre will play an integral role in advancing research as well as developing perspectives on these challenges.”

The centre aims to build the analyst and research team to 12 over the next five years.

IndianMoney.com develops more financial education content

IndianMoney.com, India's largest financial education company, has in association with Kannada news channel Suddi TV launched a series for personal finance education called Money Maathu (Money Talk). The eight to 10-minute episodes, of which 35 have been produced to date, aim to educate the public on various aspects of personal finance.

CS Sudheer, Founder and CEO of IndianMoney.com said, "This short programme will offer one quick and crisp dose of personal finance to the common man daily and (is) aimed at making them capable enough to make wise financial decisions."

IndianMoney.com has also launched a half-hour interactive TV programme, Dudde Doddappa (Money is Godfather) on personal finance during weekend prime times on Suddi TV, and aims to offer similar programmes in other Indian languages soon.

Fingerprint security available for new OCBC Securities app, Android OCBC app

Source: OCBC. The iOCBC TradeMobile 

app allows detailed technical analyses on 

stocks using common indicators.

OCBC Securities has launched the iOCBC TradeMobile app for iPhones. OCBC Securities customers with an online account are now able to view their stock portfolios, as well as market information on the stocks they hold, with the touch of a finger using Apple’s Touch ID technology. The OneTouch fingerprint authentication feature offers OCBC Bank and OCBC Securities customers greater convenience in accessing banking and brokerage information, without compromising the security of their accounts.

The iOCBC TradeMobile app features stock charting, a customisable home page and a dual language function that enables users to view content in English or Chinese. It was designed to provide a more intuitive user experience, helping customers access market information and perform trades seamlessly. 

The OneTouch fingerprint authentication feature has also been extended to more banking customers. It has been supported in the Android version of the OCBC Mobile Banking app since early April, making OCBC the first bank in Singapore to offer a banking app with a fingerprint authentication feature for smartphones running on the Android operating system. Customers who own selected Samsung phone models that are equipped with the recognition feature and run on the Android 4.4 KitKat operating system or newer now enjoy instant fingerprint access to their balances for all their banking accounts, credit cards and investments, as well as credit card details such as rewards, due dates and credit limits. 

The innovations further underscore the OCBC Group’s commitment to the digitalisation of financial services, to promote access and convenience for customers as well as optimise the user experience. Raymond Chee, Managing Director of OCBC Securities, said, “With the new iOCBC TradeMobile app, our customers now have detailed, real-time information about the markets and about their portfolios at their fingertips, which will undoubtedly help them make better investment decisions. In the past three years alone, the number of trades per month that our customers perform through our mobile app has almost doubled. This makes it all the more important for us to keep driving digital innovations to enhance our customers’ mobile experience.” 

Since its launch a year ago, the OCBC Mobile Banking app for iPhones has been accessed through the OneTouch feature about five million times. Yvonne Cheong, OCBC Bank’s Head of Internet and Mobile Banking, Singapore, said, “Our customers love the ease and speed of accessing their banking accounts on the go, be it to check their incoming salary credits or to track outgoing payments. Usage has grown rapidly by over five times since its launch. We are excited to extend the OCBC OneTouch service to Android phone users for the first time in Singapore, demonstrating our commitment to using smart digital innovation to make banking simpler and more accessible than ever for our customers.” 

Interested?

The new iOCBC TradeMobile app is now available for download for free on the Apple App Store. Customers using the iPhone 5s, 6, 6 Plus, 6s and 6s Plus models will be able to enjoy the OneTouch feature. OCBC Securities is working on a version of the new app for iPad and Android models, to be released later this year

The OCBC Mobile Banking Android app is available for download for free on the Google Play Store. Customers can enjoy the OneTouch function on the following Samsung Galaxy models running on the Android 4.4 KitKat

Hashtags: #ocbcbank, #ocbcsecurities, #iocbctrademobile, #ocbconetouch

Labuan IBFC emphasises focus on compliance and transparency for business activities

In the wake of the Panama Papers expose, the Labuan International Business and Financial Centre (Labuan IBFC) has emphasised that it continues to play a facilitative role for cross-border trades and investments, particularly in the ASEAN region, but also ensures rigorous transparency and high regulatory requirements for the business activities undertaken by players.

The centre has continuously enhanced its regulatory framework and supervisory regime in conformity with international standards and practices on transparency and regulatory compliance, said the organisation in a statement.

“The current issue relating to the information leakage has heightened the demands for greater transparency and effective exchange of information across all international financial centres,” said Danial Mah, CEO, Labuan IBFC, the marketing arm for Labuan Financial Services Authority (Labuan FSA).

Considering that Labuan has attractive value propositions and is strategically located to investors to establish their businesses in this region, there is a need to ensure that the laws and regulations are robust to govern the centre and ensure that it operates in a sound, prudent and transparent manner.

He added that “the business activities in Labuan IBFC are conducted under a strong set of rules and regulations that ensure the orderly establishment and operations of Labuan business entities including the licensing of financial institutions”. 

Labuan FSA, as the regulatory authority, supervises and regulates the various financial institutions including trust companies which are responsible for the registration of Labuan entities. They are required by regulations to have proper due diligence process in place when dealing with potential customers and maintain records and accounts of their clients in Labuan.

Labuan IBFC as part of Malaysia is committed to the global standards and requirements on transparency and exchange of information. In the area of taxation, Labuan IBFC’s tax laws are in compliance with the internationally agreed tax standards under the OECD Global Forum on Tax Transparency and Effective Exchange of Information.

Malaysia including Labuan have been cooperating with other countries in exchange of information under the various multilateral and bilateral agreements including the Double Tax Agreements signed by Malaysia with more than 75 countries. The Labuan Business Activity Tax Act 1990 was amended in 2010 to provide for accessing and sharing of information with other regulatory and competent authorities. Labuan IBFC is also committed to the reporting requirements under the Foreign Account Tax Compliance Tax Act and Common Reporting Standards for Automatic Exchange of Information (CRS-AEOI).

Mah reiterates “in fact, Malaysia (including Labuan) is among the countries that made early commitment to adopt the OECD standards on exchange of information”. Furthermore, Labuan is a full signatory to the International Organization of Securities Commission’s Multilateral Memorandum of Understanding (MOU) that enhances regulatory cooperation with other Securities Commissions on capital market activities. It has also signed bilateral MOUs with other regulatory authorities to further reinforce cross-border cooperation on regulatory and supervisory activities.

In addition, the jurisdiction requires its players and service providers to be in compliance with the laws and guidelines pertaining to Anti Money Laundering and Combating Financing of Terrorism (AML/CFT). Malaysia (including Labuan) was one of the early jurisdictions to undergo the international mutual evaluation exercise under the new methodology in 2014 and the admission of Malaysia as a member of the FATF in February 2016 is a testament of the commitment to standards and practices in AML/CFT.

Mah concluded that Labuan IBFC will continue to play a positive role in providing the synergy and connectivity for financial linkages and businesses in the region, particularly among the ASEAN countries. “We welcome legitimate and genuine businesses and players that want to operate in Labuan IBFC’s cost-efficient and well-regulated environment.” he said.

Malaysian Institute of Accountants publishes book on MPERS standard

To assist members in the implementation of the Malaysian Private Entities Reporting Standard (MPERS) Framework in Malaysia, the Malaysian Institute of Accountants (MIA) has unveiled a book on MPERS, Illustrative MPERS Financial Statements, with Commentaries.

The book has been prepared by the Institute to guide members in their transition to the MPERS Framework. The book covers all 35 sections of MPERS, including the transitioning requirements.

MIA President Dato’ Mohammad Faiz Azmi said that private entities can no longer apply the Private Entity Reporting Standards (PERS) framework. These entities have to now make a choice of either migrating to the full blown Malaysian Financial Reporting Standards (MFRS) Framework or the MPERS framework, which is tailormade for them.

“The accounting requirements and treatments in MPERS are substantially different from those in the previous PERS Framework used by private entities in some areas,” he said.

“There are also some complex and highly technical areas, such as accounting for business combinations, consolidation, financial instruments and agriculture that require sufficient knowledge not just in accounting per se, but also in finance and economics.”

MPERS is an adaptation of the International Financial Reporting Standards (IFRS) for Small and Medium-Sized Entities issued by the International Accounting Standards Board (IASB) in 2009. By adopting the MPERS Framework, private entities in Malaysia would be able to bring their financial reporting to be in tandem with the current global financial reporting. The MPERS Framework is effective for financial statements beginning on or after 1 January 2016.

Disney is the world's most powerful brand: Brand Finance Global 500 2016

· Four of the 10 fastest growing brands are Chinese

· Disney is the world’s most powerful brand, thanks to Star Wars’ record-breaking success

· Despite slowing sales, Apple is the world’s most valuable brand, up 14% to US$145.9 billion

· Volkswagen brand value falls by US$12 billion following emissions scandal

· Strongest brands’ shares outperform the S&P 500 average


Brand valuation and strategy consultancy Brand Finance puts thousands of the world’s top brands to the test annually, determining which are the most powerful* and which are most valuable in its Brand Finance Global 500. For 2016:

Source: Brand Finance.

Disney in hyperdrive

Disney is the world’s most powerful brand, Brand Finance reveals, the result of acquisitions and the brands under its control. "ESPN, Pixar, the Muppets and Marvel are all now Disney owned, but perhaps its most important acquisition of all has been Lucasfilm, and thus Star Wars," Brand Finance notes.

Brand Finance has estimated the value of the Star Wars brand to be US$10 billion, buoyed by the performance of Star Wars Episode VII: The Force Awakens and Star Wars toys.

Lego loses lead

Lego has lost its position at the top of the power branding table, rocked by a fine from German regulators for attempting to prevent retailers from discounting its products. It was also accused of colluding in censorship for trying to prevent dissident Chinese artist Ai Wei Wei from using Lego in his work (Lego has since reversed its policy of restricting purchases to be used for political ends). It is currently No. 2 on the value rankings.

Source: Brand Finance.

Using its Brand Strength Index assessment, Brand Finance also determines a royalty rate for each brand, which is then applied to revenue information to calculate the brand’s value.

Apple maintains leadership

In terms of brand value, Apple is top. Brand value is up 14%, thanks to the success of the iPhone 6 and recently-released iPhone 6s. Revenue for Q4 of the fiscal year 2015 was a record-breaking US$51.5 billion with profits at US$11.1 billion while revenues for the year were US$233.7 billion. Brand Finance says that with 74.8 million handsets sold in the last quarter in a saturated market, and Apple Pay beginning to generate traction, "assertions that Apple has gone rotten are premature".

Eight of the world's top 10 most valuable brands are technology or cloud-related. Google is No. 2, Samsung is No. 3, and Amazon is No. 4. Microsoft is in No. 5 place, Verizon is No. 6, and AT&T is No. 7. The 9th and last tech brand in the table is China Mobile.

Vokswagen (VW) in reverse

VW is one of the year’s worst-performing brands, dragged down by revelations that it programmed its diesel vehicles to activate their optimal emission-reduction settings only when being tested and that, driven under normal conditions, they would emit up to 40 times the more nitrogen oxide. Brand value is down by US$12 billion, to US$18.9 billion leading to a fall in rank from 17th to 56th.

Emirates is world’s most valuable airline brand

Emirates said its brand value grew 17% over last year to reach US$ 7.7 billion, and that it has risen up the ranks for the fifth year running to be placed at No. 171, 47 places above the next closest airline brand. Emirates’ brand value has more than doubled since 2009, when it first appeared on the Brand Finance Global 500 report.

Boutros Boutros, Divisional Senior Vice President Corporate Communications, Marketing & Brand for Emirates said: “We invest strategically in building our brand and it is reflected in everything we do. We have differentiated the Emirates brand not only through our marketing and sponsorship initiatives, but also through our competitive combination of quality products and services, and technology-driven customer initiatives that our teams deliver everyday both on the ground and on board. We work hard to identify, anticipate, and meet the ever-changing needs of our diverse global audiences, as we firmly believe that this will position us to outperform in our industry now and in the future.

Brand Finance CEO David Haigh said: “Emirates continues to soar, adding 17% to its brand value this year. Brand Finance’s analysis shows that Emirates is more popular than ever– its brand equity scores for consumer factors such as familiarity, consideration, preference, satisfaction and recommendation are up across the board. Emirates’ growth this year, which builds on impressive historic trends, suggests that by 2020 it could become the first Middle Eastern brand to enter the top 100 of our ranking."

China’s fantastic growth

Four of the top ten fastest-growing brands are Chinese, Brand Finance says, highlighting WeChat and Evergrande Real Estate as two of them. WeChat's user base grew over 40% between late 2014 and late 2015 and is now over 650 million, with 70 million outside China. While it is often compared to WhatsApp, WeChat goes beyond messaging to offer videogaming and payment services. Brand value is up 83% to US$6.5 billion.

Evergrande Real Estate is the fastest growing brand this year, having added 112% to its brand value between 2015 and 2016. It is now rated No. 375 in brand value, and was not in the rankings in 2015. Brand Finance notes that the presence of a real estate brand at the top of the list could be "grist to the mill of those claiming that China’s property market is overheated and its economy as a whole set for a shock".

A number of Chinese brands have joined the most valuable brand ranking from being unplaced last year: Dalian Wanda Commercial Properties at No. 264 in value; Shenzhen Development Bank (No. 269, now called Ping An Bank), Poly Real Estate (No. 305), China Everbright Bank (No. 345), China Railway Group (No. 359, abbreviated to CREC), Air China (No. 364), China Railway Construction Corporation (no. 394, abbreviated to CRCC), Netease 163.com (No. 430), a gaming company which also provides the 163.com information portal; China Eastern Airlines (No. 464) and Hangzhou Hikvision Digital Technology, the world's largest supplier of video surveillance solutions (No. 489).

Brand Finance rankings are a better measure of future share price

In December of 2015 Brand Finance took a retrospective look at the share price of the world’s most valuable brands and the subsequent stock market performance of the businesses that own them. The findings suggest that highly branded businesses and those with strong brands can outperform the market.

Between 2007 and 2015, the average return across the S&P was 49%. However by using its data, investors could have generated returns of up to 97%, Brand Finance said. Investing in companies with a brand value to enterprise value (BV/EV) ratio of greater than 30% would have generated returns of 94%. Investing exclusively in the 10 companies with the highest BV/EV ratios would have resulted in a 97% return.

More than a hundred (115) of the top 500 brands in the 2016 list fall into the same category, Brand Finance notes. The selection includes luxury goods businesses that one might expect to be highly branded such as Burberry, Gucci and Ralph Lauren, well-known consumer brands such as Audi, Land Rover, Dove, Ikea and Nestle, but also financial and B2B brands such as Korea's Shinhan bank and Fujitsu.

Interested?

View the Brand Finance Global 500 2016

Read the WorkSmart Asia blog posts on Wanda's hotel launches in Inner Mongolia and Chengdu, China

Read the WorkSmart Asia blog posts on Emirates' expansion of flights to Istanbul, Turkey and Ningxia as well as Henan in China

Read the TechTrade Asia blog post on Netease and its vision for gaming

*Based on factors such familiarity, loyalty, promotion, marketing investment, staff satisfaction and corporate reputation. Read about the methodology