6 Simple & Legit Ways To Earn Money In Singapore

As we abide to the social distancing protocols and the restrictions brought by the pandemic, many of us began relying on delivery services to get household essentials such as food and grocery. Due to the high demand for delivery services, it has become a lucrative sideline for many locals. If you are not able to drive a vehicle and are looking for ways to make money, you may try these legitimate alternatives.

#1: SELL USED ITEMS ONLINE

You can earn money by selling your used or unused clothes and other items online. Firstly, you may swap your belongings with your friends and loved ones. Secondly, you may offer your repairing services to others. Lastly, you may sell your clothes and other items online. You can sell virtually anything these days. From footwear to figurines as well as bags to plants, you can easily spot an item or two that someone else might want. Try selling these to numerous platforms such as Carousell, Shopee, Lazada, and Etsy.

#2: REDUCE YOUR FOOD WASTE

Consider making money by saving it. A major category that consumes most of your budget is food. Reduce your food expenses by cutting down your restaurant trips and by budgeting your groceries. An environmentally-conscious group called SG Food Rescue started a movement that aims to reduce food waste. This group rescues “unsellable” and edible food from vegetable and fruit sellers and brings them to charitable organizations. Being a part of the group means being able to consume fruits and vegetables that would otherwise get thrown away because they do not look aesthetically pleasing. It can save you about S$200 per month on groceries.

#3: OFFER TUTORIAL SERVICES

As a tutor, your rate will vary depending on your qualifications. If you have graduated with a Bachelor’s degree at a local university, you will likely enjoy higher rates for subjects such as Maths and English. Students may get the benefit of flexibility when hiring a freelance tutor. You can teach a student at their own pace. Tutoring from home means you can conduct your sessions via Google Meet or Zoom.

#4: TRANSLATE A MESSAGE

It is time to put your mother tongue lessons to good use! Consider translating a document or two for people online. This job can earn you about S$5 to S$100 per assignment. The quicker you clear out the assignments, the more you can earn. Find assignments from freelancing platforms such as Fiverr, Gengo, and Upwork. You may be asked to set up a PayPal account to receive your pay.

#5: BECOME AN INSTAGRAM INFLUENCER

Do you enjoy taking selfies and going live on Instagram? If you have a strong following, you can become an influencer. Share your interests with your content and build an audience as you become a paid influencer. You can earn money through ads and through linking back to an online store. You can earn about S$5 to S$150 per post through Partipost. Individual retailers may approach you for promotional posts too. This can range from S$50 to S$100.

#6: CONSIDER DROPSHIPPING

One of the simplest ways to venture into the e-commerce world without investing too much upfront is through dropshipping. Dropshipping is a retail fulfillment method where a store does not keep the products it sells in stock. Instead, it transfers the customer’s orders to the manufacturer or wholesaler who then ships the goods directly to the customer. The only downside is the upfront starting fees. However, you can earn more than S$3000 per month with the right strategy.

Image Credits: unsplash.com

Making money online does not have to be an unreachable dream. It is feasible to generate income online with the right tools and strategies. Use the above tips as inspiration. Then, feel free to choose which route to take.

Sources: 1 & 2

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2020 Trends In Consumer Behavior

Consumer behavior is the study of individuals, groups, or organizations and all the activities associated with the purchase, use and disposal of goods and services. It includes consumer’s emotional, mental and behavioral responses. In short, it answers the following questions: “How do people buy? What do they buy? When do they buy? And, why do they buy?”

The COVID-19 pandemic had an abysmal effect on the world as we know it. People are altering their lifestyles, are purchasing in different ways, and are thinking outside the box. Supply chains have been tested. Some retailers were forced to close. The pandemic caused the consumers to look at products and brands through a fresh lens.

On that note, here are the observable trends in consumer behavior this year.

#1: “I DESERVE IT” MENTALITY

The pandemic tested our physical and mental strength. Many have turn to self-care for solace at home. As the Yuletide season began, we saw a rise in self-gifting. This “I deserve it” mentality came about due to months of being locked down at home. Moreover, treating oneself is a way to ease the mental worries of an individual. Thus, retailers who fall under the “self-care” category such as Bath & Body Works (fragrance), Cotton On Body (loungewear), and Sephora (beauty) can see an increase in sales this season.

#2: CONSCIOUS MENTALITY

Consumers moved further towards sustainability and away from mass consumerism this year. They are more mindful of what they are buying. It is likely that this trend started to emerge pre-pandemic. However, it has accelerated during pandemic. More and more people are eager to purchase sustainable options such as cloth masks and bamboo toothbrushes. They are limit food wastes and shop more consciously.

#3: HEALTH-FOCUSED MENTALITY

Health is wealth. Brands that focused on health have seen an ever-increasing demand this year. Consumers are eager to find ways to support their healthy lifestyles. Having a “health-focused strategy” will be a strategic differentiator for the foreseeable future.

#4: LOCAL MENTALITY

There has been a growing love for local brands and products during the pandemic. The desire to shop local was reflected in both the way people shop (e.g. supporting community stores or online market sites) and what the people buy (e.g. locally sourced or artisanal). Many small and local businesses have effectively capitalized on tools and online platforms to sell their goods.

Image Credits: unsplash.com

People who are no longer commuting to town have began to shop locally. With consumers both willing to shop online and from independent retailers, now is the time for you to react and adapt to this ecommerce trend.

Sources: 1 & 2

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Changes to note as Singapore moves into phase 3 tomorrow (28 December)

Singapore residents crossing the road

We hope you’ve had a meaningful time spent with your loved ones over the Christmas break. As the Multi-Ministry Taskforce (MTF) announced earlier this month, Singapore will transition to phase 3 starting from Monday, 28 December.

Pre-conditions for moving into phase 3
safety measures in Singapore

Image Credits: The Straits Times

We have met the pre-conditions for moving into phase 3, including holding fast to safe management measures.

There are also enough testing capabilities now, specifically for the Polymerase Chain Reaction (PCR) test, where Singapore can do over 50,000 a day. Besides, rapid antigen tests are also in place for higher-risk events.

In addition, the news reported that Singapore had met its target of having more than 70 per cent of residents participating in the TraceTogether programme.

Minister-in-charge of the Smart Nation initiative Vivian Balakrishnan said: “We’ve gone past the 70 per cent participation rate in TraceTogether. There have been more than 2 million people who have downloaded the app and have registered and are using it.”

Changes to note in the activities from 28 December
Singaporeans in face masks

Image Credits: NUS News

  • Social gatherings

The number allowed for groups will be up from the current figure of 5 to 8. This also includes households where up to 8 visitors can be present at any point in time. Sport Singapore (SportSG) also announced recently that groups of up to eight people could gather for sports activities.

  • Marriage solemnisation

The hosting household can invite up to eight other people, not including members of the hosting family, the solemniser, and vendors.

  • Capacity limits of premises

In phase 3, malls and large standalone stores will increase their capacity limit from 10 square metres per person to 8 square metres per person. Attractions with approval from the Singapore Tourism Board (STB) can also increase their operating capacity to 65%.

  • Congregational and other worship services

With the successful pilots by selected Religious Organisations (ROs) since 3 October, all ROs can now raise their capacity to up to 250 persons. For congregational services, they have to segregate the community in zones of up to 50 persons each. ROs can also include live performance elements with proper safety management measures in place.

  • Live instrumental music for certain activities

Speaking of live performances, indoor marriage solemnisation, funerals, and funerary-related activities can also allow that. But there is currently a ban on wind instruments.

  • Regulations on live performances

Singapore residents can look forward to more indoor live performances of 250 persons in zones of up to 50 persons each in phase 3. Outdoor live performance pilots will also follow suit with the respective person and zone limits. Vendors must continue to manage performances and gathering of crowds safely.

Apart from the abovementioned activities, the MTF will continue trials on higher-risk projects such as karaoke, nightlife events, and busking & live performances in outdoor venues throughout phase 3.

“We must not become complacent and must continue to remain vigilant; otherwise, our individual and collective sacrifices over the past year will be in vain,” the Ministry of Sustainability and the Environment commented on 24 December.

singapore-phase-3-graphic

Image Credits: CNA

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UK travellers won’t be allowed entry to Singapore from 11.59pm today due to a highly infectious strain of COVID-19 in the UK

Changi Airport with people in masks

What a lead-up to Christmas. If you’ve been following the news daily, you should be aware of recent reports on a potentially more contagious strain of the virus happening in the United Kingdom.

On Sunday (Dec 20), British Health Secretary Matt Hancock noted that the coronavirus’s new strain was out of control. In response, our Ministry of Health (MOH) announced on Tuesday (Dec 22) that travellers with recent travel to the UK won’t be able to enter Singapore from 11.59pm today (Dec 23).

This newly set border measure applies to long-term pass holders, including short-term visitors who have been to the UK within the last 14 days. “To reduce the risk of spread to Singapore, we are putting in place new border restrictions for travellers from (the) UK for further precaution,” said MOH.

Singapore is not the only country who has taken the move. Hong Kong, India, and many European countries, including France, Germany, Italy, and the Netherlands, have also banned flights from the UK.

Recap on current rules
Manchester Airport

Image Credits: manchestereveningnews.co.uk

At the moment, all eligible travellers arriving from the UK have to serve a 14-day stay-home notice at a dedicated facility. Non-residents have to show proof of a negative COVID-19 swab test taken within 72 hours before their flight to Singapore.

Returning citizens and permanent residents
arrival hall of Singapore Changi Airport

Image Credits: sg.news.yahoo.com

Singaporeans awaiting their loved ones to touch down safely from the UK need not worry too much. Singapore citizens and permanent residents returning from the UK will still be able to enter. But they will have to take a COVID-19 polymerase chain reaction (PCR) test upon arrival here, at the start of their 14-day stay-home notice.

WHO cautioned against major alarm
World Health Organization

Image Credits: NPR

Citing the coronavirus’s new strain as a regular part of a pandemic’s evolution, the World Health Organization (WHO) urged against unnecessary fear. WHO officials added that there is no evidence yet that the variant is more deadly than the existing COVID-19, though they can’t deny that it seems to spread more quickly.

Latest updates on the COVID-19 variant
toddlers playing with letter cubes

Image Credits: unsplash.com

Scientists from the New and Emerging Respiratory Virus Threats Advisory Group (NERVTAG) said on Monday (Dec 21) that the new variant could mean children are as likely to become infected with it as adults.

“There is a hint that it has a higher propensity to infect children,” said Neil Ferguson, a member of NERVTAG and a professor and infectious disease epidemiologist at Imperial College London.

To this, Peter Horby, a professor of emerging infectious diseases at Oxford University and chair of NERVTAG, adds that they have immense confidence that this variant has a higher transmission rate than other virus variants in the UK.

But Ferguson states that they have yet to establish any causality on that, though the data shows it. “We will need to gather more data to see how it behaves going forward,” he remarked.

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A Singaporean’s Guide to P2P investments with Funding Societies & S$20 cashback up for grabs

What is P2P investment?

P2P investments or more commonly known as Peer-to-Peer (P2P) lending is a type of debt-based crowdfunding enabled by digital platforms that connect borrowers with investors without going through a traditional financial intermediary such as a bank. This concept will see investors lending to borrowers (i.e. SMEs) via the platform as a form of investment, and the interest earned from it will be their returns. Despite being a relatively new concept in Singapore, it has grown significantly over the years and has shown no signs of slowing down.

How does P2P investment work for investors?

For investors, it is a means for diversification into another asset class. As most P2P investments offer a frequent repayment schedule (monthly or within 90-120 days period), it can be considered a great supplement to more traditional long term asset classes like stocks or bonds. With interest rates on saving accounts heading south, investors can look for alternative ways to earn interest on their cash.

How much can investors earn?

Be it an individual or institutional investor, the reward on their investment will come in the form of the interest payments serviced by the borrower. At Funding Societies, investors can choose to participate across 6 different investment products with interest rates ranging from 3% – 18% per annum.

Risks and returns go hand-in-hand and the difference in interest rates range is tied to the risk associated with the product. For example, a guaranteed returns investment will yield an interest of between 3% – 5% p.a. while an unsecured business term investment can fetch between 8% – 18% p.a..

How much to invest in P2P investment?

There are no hard and fast rules on how much of one’s portfolio should be allocated to any particular investment assets, and this is the same for P2P investing. What is important is that investors should always consider diversifying across many notes and avoid concentration risk to create a healthy well balanced portfolio.

At Funding Societies, investments start from S$20 onwards and most products provide a periodic repayment of principal and interest. Jointly, it is a great recipe for investors to diversify and reinvest their investments.

P2P investment with Funding Societies

Funding Societies is Southeast Asia’s largest P2P lending platform with over S$1.7b in SME financing funded. In Singapore, the platform holds a Capital Markets Services (CMS) Licence and is regulated by the local authorities. Over the years, they have been able to raise several rounds of equity funding led by investors such as Sequoia India, Softbank Ventures Asia and SGInnovate to name a few. A few things to note when investing with Funding Societies:

  • Interest returns are exempted from tax: For interests earned in year 2020 onwards
  • Low barrier to entry: Investments start from $20 per note
  • Short tenor: Investment tenors ranges from 1 to 12 months
  • Returns on Investment: Interest rates usually range between 3% to 5% per annum for a Guaranteed Investment product, 6% to 8% per annum for a Property-backed investment and 8% to 18% per annum for Invoice financing and unsecured business term investments
  • Default Rate: The Singapore platform default rate is 1.89%

P2P investment products

As the investor base grew overtime, they needed to continuously innovate new products to meet the needs of a wider range of investor profiles. Having launched the first product back in 2015, Funding Societies has now grown to offer 6 different investment products with varying levels of risk-return profiles.

TL;DR: P2P Investment Products Overview

1. Property-backed Secured Investment

The Property-backed Secured Investment (PBSI) is a rather unique collateral-backed investment product launched to provide investors with an additional security in the form of a local Singapore property to back the investment. The property is pledged by the SME undertaking the financing.

Funding Societies holds first charge on the property on behalf of investors and it can be auctioned off to recover funds should the SME defaults.

To alleviate concerns on property value fluctuations, the percentage of financing amount varies as per the property types (residential/commercial/industrial) and in most cases is only up to 70% of the property value. The forced value of the property is also considered while arriving at the financing quantum. By doing so, Funding Societies maintains a buffer for fluctuation in property prices as well as for distress sale situations. The interest rate for this investment product is typically between 4% – 8% per annum.

2. Guaranteed Property-backed Investment

Launched in July 2020, Guaranteed Property-backed Investment (GPI) is an investment into a Property-backed Secured Investment with an additional effective guarantee of repayments to investors. Likewise to Property-backed Secured Investment, Funding Societies has the right to liquidate the property to recover the funds should the SME fail to fulfil their obligations.

Falling under the Guaranteed line of products means that both the principal & interest repayments are effectively guaranteed to the investor regardless of the SME’s status. The interest rate for this investment product is typically between 3% – 8% per annum.

3. Guaranteed Returns Investment

Guaranteed Returns Investment (GRI) is another investment product under the Guaranteed line of products. This product was first launched in August 2019 as a means to offer more investment opportunities to investors.

GRI is an investment into a micro financing with repayments effectively guaranteed. Similar to GPI, investors are effectively guaranteed to receive both the principal & interest repayments when they participate in this investment product. The interest rate for this investment product is typically between 3% – 5% per annum.

Please invest with the knowledge that while returns are effectively guaranteed by FS Capital Pte. Ltd., there may be a chance where we might not be able to fulfil the obligations under this arrangement. To mitigate this risk, a cash reserve buffer to allow for repayments to be made on time is maintained.

4. Invoice Financing Investment

The Invoice Financing Investment (IFI) product allows investors to invest into an invoice backed financing offered to SMEs. SMEs take this financing by pledging against the receivables of an invoice. By doing so, it helps to bridge the cash flow gap between actual sales and receipt of payments.

Due to the nature of the financing, investors in this product usually enjoy a relatively short tenor of 30 – 120 days. The short tenor enables investors to receive and reinvest their money relatively quickly. The interest rate for this investment product is typically between 8% – 18% per annum.

5. Revolving Credit Investment

If you own a credit card, you will probably be aware of how revolving credit or more commonly known as a line of credit works. Based on one’s credit standing, they will be issued a credit limit to draw down from over time. Likewise in the case of Revolving Credit Investment (RCI), it is an investment into a revolving credit line granted to SMEs. The SME can repay anytime within the approved tenor and draw down again so long as the amount outstanding is within the limit.

As an investor, you can participate in a single or multiple drawdowns, each with a tenor typically between 1 to 12 months with a chance of early partial or full repayments. The interest rate for this investment product is typically between 8% – 18% per annum.

6. Business Term Investment

Business Term Investment (BTI) was the first product offered alongside the launch of the Funding Societies platform back in 2015. It is an unsecured financing undertaken by SMEs as a means for working capital, expansion or bridging needs. The interest rate for this investment product is typically between 8% – 18% per annum.

Be it a way to diversify your investment portfolio or to beat the falling savings account interest rates, investors can consider to embark on their P2P investment journey with a platform like Funding Societies. If you have done your own due diligence and decided to invest with Funding Societies, they currently have a promotion for new investors. Sign up with promo code MDXMAS20 and make a total investment of S$200 by 31st Jan 2021 to get a S$20 cashback.


Terms and Conditions apply
Investors must sign up with the aforementioned promo code and make a total investment of at least S$200 by 31st Jan 2021 to be eligible for the $20 cashback. Cashback will be credited into the eligible investors’ accounts by the end of February 2021. Funding Societies’ investor T&Cs apply.

Funding Societies is the largest SME digital financing platform in Southeast Asia. It is licensed in Singapore, Indonesia and Malaysia, and backed by Sequoia India, Softbank Ventures Asia Corp and SGInnovate amongst many others. It provides business financing to small and medium-sized enterprises (SMEs), which is crowdfunded by individual and institutional investors. Investors can invest from as low as S$20 with a tenor of no more than 12 months. Depending on the investment product, interest rates can range between 2% to 18% per annum.

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