Wednesday, November 08, 2017

Wasteful activities

I share this example of wasteful and unnecessary work that is carried out routinely each day in Singapore.

It adds to the cost of doing business and the price that consumers have to pay.

This is just one example of many similar situations. It seems that wasteful activities is quite common in Singapore.

I have also been horrified by the forms that need to be completed when I wish to put a fixed deposit with a bank, other than the bank that I have a current relationship.

The new bank requires me to go through a complicated "Know Your Client" process.

Perhaps they should carry out the tedious paperwork only for transactions above a certain amount, say $100,000?

Maybe, this is a way for the banks to lock in their existing customers and discourage them from placing deposits with another bank?

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