Daily Briefing: $320m set aside to extend foreign worker levy rebates; Measures released for Singapore-Malaysia cross-border travel

And Diginex launches new Singapore crypto exchange.

From ChannelNewsAsia:

Another $320m has been set aside to extend foreign worker levy rebates for firms in the construction, marine shipyard and process sectors, said the Ministry of Manpower (MOM) in a press release.

The move follows feedback that the majority of about 15,000 firms in these sectors are still facing financial difficulties, as they are unable to resume work due to COVID-19 measures.

"This situation is likely to persist until the foreign worker dormitories are fully cleared in August and their workers are progressively allowed to resume work thereafter," said MOM.

As of Tuesday, about 85% or about 262,000 of foreign workers have either recovered or been tested to be free from COVID-19, up from the 247,000 reported last week, according to an update by MOM.

Many of them are staying in cleared dormitories or blocks for recovered workers and can only resume work once dormitory operators, employers and workers have made the necessary preparations to help minimise the risk of new infections.

Read more here.

From ChannelNewsAsia:

Malaysia citizens and permanent residents with Singapore work passes who are eligible to enter Singapore under the Periodic Commuting Arrangement (PCA) must serve a stay-home notice of at least seven days and take a COVID-19 swab test.

These were among the measures detailed on the Immigration and Checkpoints Authority of Singapore (ICA) website , following an agreement between the two countries to open applications for cross-border travel on 10 August.

The PCA will allow Singapore and Malaysia residents who hold long-term immigration passes for business and work purposes in the other country to enter that country for work.

They have to remain in the destination country for at least 90 days before returning for home leave.

Travellers under this arrangement can only enter or exit via the two land checkpoints, Woodlands or Tuas.

Read more here.

From DealStreetAsia:

Nasdaq-hopeful Diginex launched a new cryptocurrency exchange focused on derivative products in Singapore, where it has applied for license.

The new exchange EQUOS.io, will be based on Singapore rather than Hong Kong, from where Diginex operates much of its other business.

Diginex chief executive Richard Nyworth said that Southeast Asian city state’s regulatory environment made it a more suitable location for the exchange. The new exchange will provide cryptocurrency spot trading as well as more complex products.

Diginex is also in the process of listing on the Nasdaq through a $412.56m (US$300m) reverse merger with the acquisition vehicle 8i Enterprises.

Read more here.

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