Changes are occurring in countries day by day. Singapore is trying to expand and move forward in their economy by investing in technology and adding more investments in the business sector. However, as positive as this may sound, the country has recently met a lot of setbacks indicated in the business sector which might cause a huge problem.
To begin with, a new survey conducted by Refinitiv has shown that almost 82% of all companies in Singapore that has taken their survey has been subjected to financial crimes in the past year alone. This number is huge making it an observed problem in the finance sector. It was well-noted that Singapore is facing currently a problem in finance talents throughout the country. However, this should not lead to financial crimes instead.
This number was compared to the number of financial crimes conducted in the Asia-Pacific area as a whole which was surprisingly lower with a difference of 7%. The report goes on revealing that 42% of these financial crimes are due to employees in the company who were not aware or are committing fraud individually.
As huge as this number is the government has decided to invest a total of 46% more than the budget invested to help ensure lowering this number and saving businesses from committing such fraud. Claims show that companies are moving towards this direction as they have problems securing certain technologies for their business.