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dmvnow To Lazada’s credit, it has put in place measures to push sellers to comply with tax laws over the past few years. For instance, Lazada sellers whose annual gross sales exceed Php 3 million (US$60,760)—the threshold for VAT filing—must become “corporate sellers” and submit: A certificate of registration from BIR a bank account that matches … Read more
The last time BIR issued a circular, Lazada was a year old and Southeast Asia’s e-commerce was exploding. The 2013 circular ordered online sellers and e-commerce platforms to register with the bureau, file income taxes and withhold VAT on sales. Shopee entered the market in 2015—first as a consumer-to-consumer play then eventually rivalling Lazada—and soon, … Read more
And there’s a lot that’s taxable. The Philippine e-commerce industry’s gross merchandise volume was forecast to grow by a compound annual rate of 36% to US$12 billion in 2025 – from US$500 million in 2015, according to a report led by Google. Online marketplaces—Lazada, owned by Chinese internet giant Alibaba, and Shopee, owned by Singapore-based … Read more
The Singapore-based company, which specialises in QR code payment solutions, rapidly expanded out into the rest of Southeast Asia in the last five years. It now has over 10,000 clients and has been appointed an authorised partner of Chinese super app WeChat. FOMO Pay even counts major regional brands such as international hotpot chain HaiDiLao, … Read more
Now, it’s spinning a similar web in Singapore. The island nation has long rivalled Hong Kong as the region’s pre-eminent financial hub. But with civil unrest sweeping Hong Kong and China looking to clamp down on the city-state’s autonomy, Singapore has emerged the clear favourite. In fact, Hong Kong dropped three places to sixth, just … Read more
In a post-Covid world, micro-insurance addresses flexibility in cash flow, says Income’s chief digital officer Peter Tay. A product like SNACK can lower the entry barrier for consumers to build up their insurance portfolio, despite diverse financial backgrounds. In addition, the top three banks in Singapore by total assets—DBS Bank, OCBC Bank, United Overseas Bank … Read more
“Growing an insurance business will need continuous capital over time and our current shareholders are fully on board with that” The investment into technology, and expansion into the Philippines and another new market, though, is eating into Singlife’s profits. 2020 will be another investment year for the company, which is in its growth phase and … Read more
Singlife recorded a profit of S$5.2 million (US$3.7 million) in the year ended December 2018, but lost S$47 million (US$33.7 million) the following year. It had to reinvest its profits in order to grow across the region. In early 2020, it received a green light to operate in the Philippines, although the launch has been … Read more
While this makes WhatsApp a great alternative for online retail, it could also be a downside. A personalised experience means companies have to entice customers to reach out to them since sharing promotional messages on WhatsApp is not allowed. WhatsApp is also not a discovery platform like Amazon and Flipkart, where people could just browse … Read more
“Jewellery shopping is not like shopping for clothes in a mall where you just pickup clothes, try them out and go to the billing counter. When a customer comes to buy jewellery they come with their family and spend at least two hours,” said Ramesh Kalyanaraman, executive director, Kalyan Jewellers. As more people get married … Read more