As Channel News Asia reports, the Republic is Asia Pacific's second-most popular destination, with 11.81 million international visitors in 2015, according to a MasterCard index.
Bangkok clinched the top spot with 21.9 million visitors and Tokyo narrowly came in third behind Singapore with 11.76 million visitors.
The annual Asia Pacific Destinations Index ranks 167 destinations from 22 countries in the region - including island resorts as well as towns and cities - by their total number of international overnight arrivals, cross-border spending and the total number of nights spent at each destination, MasterCard said in a news release on Wednesday (Jan 27).
The study showed that the highest number of tourists coming to Singapore were from Indonesia (16.1 per cent), China (13.9 per cent) and India (7.3 per cent).
As TODAY reports, Singapore retained its status for a 10th consecutive year as the easiest country in which to do business, while emerging markets such as China and India moved up the rankings, according to the World Bank.
The World Bank’s annual Doing Business report ranks 189 countries based on 11 indicators such as the ease of starting a business, dealing with construction permits, getting electricity and obtaining credit.
The 30 best performers stand out because they have rules that allow “efficient and transparent functioning of businesses and markets”, not because they have little regulation, the Washington-based development lender said in the latest report.
Contributing to Singapore’s high scores was its “high-quality judicial processes”.
“Resolving a commercial dispute through the Singapore District Court takes just 150 days, the shortest time recorded worldwide, and costs 25.8 per cent of the value of the claim.
Efficient dispute resolution is paired with good institutions (such as specialised courts), effective case management and sophisticated court automation tools,” the report said.
As Ecns reports, the Industrial and Commercial Bank of China (ICBC) Singapore completed its first clearing of 35 million yuan via the Cross-border Interbank Payment System (CIPS) on Thursday as a major step to internationalize its currency.
The transaction, which was a trade settlement payment from Singapore's Raffemet Pte Ltd to Baosteel Resources in Shanghai, marked the first in Asia to be cleared through the newly-launched system.
The CIPS system was developed and administered by China's central bank. It enables market participants outside China to clear yuan transactions with their Chinese counterparts directly from during any working day under a coding format in line with international practice.
The CIPS will process a broad range of cross-border RMB transactions, including settlement of RMB trade and capital projects, as well as settlement of remittance transactions, ICBC Singapore said.
"The launch of CIPS represents a turning point in the internationalisation of the yuan. As the yuan continues to rise as a popular choice among world payment currencies, CIPS will accelerate global use of the currency, with the extended operational hours and greater efficiency," said Zhang Weiwu, General Manager of ICBC Singapore.
Nine Dragons Blog
The latest news & trends online! Don't miss anything by subscribing to our Newsletter!