Monday, September 04, 2017

Reduce our cost of doing business

Some people commented that the high cost of doing business in Singapore is due to rental, transport (COE) and water rates, and not due to the processing of payments.

I agree that rental, transport and water are adding to the cost of doing business. They have to be dealt with as well.

The inefficient payment system is also adding to the cost. We hve to deal with this matter as well.

The objectors pointed that vendors do not like cashless payments because it is costly to install payment devices, and to connect them to the banks.

This observation is also true. We have been adopted the wrong approach in the past.

There is a low cost and efficient way to adopt cashless payment. AliPay and Wechat has shown how this can be done, and they have done it successfully in China. We need to wake up and follow them.

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