Bankruptcy applications reach 18-year high in Singapore; innovative retail concepts launched.

Here’s a summary of the significant events from January 22, 2024:

Bankruptcy Applications Surge in Singapore:
Individual bankruptcy applications in Singapore hit an 18-year high in 2023, with nearly 4,000 people filing for bankruptcy. Alongside this, applications for the compulsory liquidation of companies also increased. Individuals and businesses unable to repay debts exceeding S$15,000 may face bankruptcy or liquidation.

SMRT Unveils Innovative Retail Hub:
Singapore’s SMRT launched a new retail innovation hub showcasing 10 futuristic retail concepts. Highlights include a store operated by a robotic arm and a 7-Eleven store where customers can make purchases without bringing items to a register, exemplifying the push towards automation and seamless shopping experiences.