by Ferry Bayu | Sep 26, 2023 | Business
In the ever-evolving world of gaming, game developers and studios should understand the intricacies of different markets around the world. The more you know about local consumer behaviors and needs, the more you increase your chance for global growth. Emerging as a leading hub within the video game industry, the Singaporean gaming market offers increasingly lucrative potential for game developers to expand their reach to a tech-savvy audience, as well as their revenue within a robust gaming ecosystem.
“Potential of Singapore gaming market” quoted by Adrian Eng, Xsolla Country Manager of Singapore.
“The Singapore gaming market is a trove of growth potential and opportunity, fueled by innovation and a robust payments landscape that is propelling the industry towards a new era. We recognize the limitless possibilities and are helping to carve a path for our partners in this expanding horizon.”
To make the most of this opportunity and level up your gaming business’ success in Singapore, Xsolla’s global gaming experts have created this guide to game launches in the Singaporean market that will help you understand vital details about the region, including its payment landscape, its most popular local payment methods, and how to leverage these to craft your strategy for entering the market.
Singapore’s Payment Landscape
There are more than 1.5 billion tech-savvy gamers in the Asia-Pacific region, and Singapore is on the trajectory of becoming the area’s gaming capital and, ultimately, the world’s. This opens up a new avenue of opportunity for developers who want to launch their games in a receptive, welcoming market. From its explosive growth to its steady transition into a cashless society, here are some key factors that highlight the evolving payment landscape in Singapore:
High Growth Potential
With the exponential increase of gamers in the region driven by advancing tech and shifting customer preferences, Singapore’s payment industry has witnessed a rapid evolution. As a tech-embracing nation, Singaporeans have readily adopted digital payment methods, with approximately 40% of the population transitioning to online payments in the last few years.
Singapore’s market is characterized by its innovative payment strategies. Efforts from the government, financial authorities, and banks have joined forces to ensure a robust and almost fully banked population, education and understanding of electronic payments, and an evolving payments infrastructure that all encourage consumers to utilize digital payment methods for their day-to-day transactions. This has resulted in a rise in contactless payments, a surge in credit card usage, and the increased use of e-wallets.
Global Leader in Digitizing Payments
Driven by the increasing adoption of e-commerce and mobile payments, as well as the surge in contactless payment methods, Singapore’s digital payments market is currently experiencing a surge in growth. This trend is only further accelerated by Singapore’s government’s and financial authorities’ initiatives to promote digital payments in an effort to create an inclusive and innovative e-payments society.
Due to the convenient and secure solutions that enable seamless digital transactions, the rise of digital wallets and mobile payment apps like PayPal, Venmo, and Cash App have significantly contributed to the surge in popularity of digital payments. Other factors, like the growth of fintech startups and the integration of blockchain technology into payment systems, have also contributed to this region’s digitized payments market.
High Bank Account Penetration
Singapore ranks amongst the countries leading the rest of the world in its residents’ openness towards digital banking alternatives. With a remarkable rate of financial inclusion, Singapore stands out for its impressive percentage of banked individuals, surpassing 98% of adult residents who possess bank accounts, according to the Monetary Authority of Singapore (MAS).
This pervasive adoption of banking services significantly influences the prominence of card-based payments. When it comes to payment methods, credit cards reign as the top payment method, preferred for their convenience and ability to provide gamers with a secure payment experience.
Gamer Spending Habits
Singapore’s gaming community exhibits a strong inclination toward investing in in-game purchases, mirroring the global gaming population that engages in video games not only for entertainment but also as a means of social interaction and stress relief. Leveraging its game-focused audience of avid spenders, Singapore presents a significant opportunity to bolster your game’s global revenue strategy.
“Singapore’s gaming community offers a thriving platform for global revenue strategy. As Xsolla’s Country Manager of Singapore, I witness the vast potential this market holds for developers and publishers seeking to tap into a game-focused audience of avid spenders. Together, we forge a partnership that leverages the gaming ecosystem’s social engagement to unlock success in the industry.”
The country’s lower Consumer Price Index also reflects its stable economic condition and reduced inflation, creating a favorable environment for consumer spending on mobile games, in-game purchases, physical and digital game copies, portable game consoles, and more. With a positive economic outlook and a highly developed internet infrastructure, Singapore’s gaming appetite is expected to remain robust for the foreseeable future.
Payment Options & Gamer Preferences
Unlocking the full potential of entering the Singaporean gaming market requires embracing and adopting local payment methods. By incorporating localized payment options, you can eliminate barriers between players and your game and offer a frictionless payment experience as they make in-game purchases.
So, what are the most common payment methods used in Singapore, and which of these should you focus your payment strategies on?
Unsurprisingly, credit cards are the most preferred payment method, with widespread adoption among Singaporeans. We attribute the universal usage of cards for gaming-related payments to Singapore’s highly banked population.
Visa cards lead the way, accounting for 34% of all card transactions in e-commerce, followed closely by Nets at 33% and Mastercard at 26%. This wide acceptance of various card brands provides game developers with a vast potential customer base.
E-Wallets
Digital wallets have gained significant traction in Singapore, gradually catching up to traditional payment methods like credit cards and cash. Market research predicts that digital wallets will overtake credit cards by 2024, capturing nearly one-third of the market share – and Singapore ranks among the top three e-wallet markets in the Asia-Pacific region.
There are currently more than ten local digital wallets in Singapore. The most commonly used are PayNow, GrabPay, DBS Paylah, FavePay, and Singtel Dash – with PayNow and GrabPay backed by local banks and super-apps, giving them an advantage over their competitors. The popularity of e-wallets can be attributed to ease of use and promotional benefits, especially since consumers can do any financial transaction via a smartphone application.
“Local payment methods Xsolla provide in Singapore,” quoted by Adrian Eng, Xsolla Country Manager of Singapore
“Embracing local payment methods is paramount for game industry success in Singapore. Xsolla leads the way by providing seamless integration of popular options like PayNow, GrabPay, DBS Paylah, FavePay, and Singtel Dash, unlocking the full potential of in-game purchases for developers and players alike.”
Fund Transfer
Singapore has well-established real-time payment systems that enable seamless inter-bank fund transfers. Platforms like eNETS, operated by NETS, a consortium of Singapore’s top three largest banks (DBS, UOB, and OCBC), facilitate secure and efficient transfers for both consumers and businesses. This capability opens up opportunities for game developers to offer diverse payment options to their customers, catering to their preferences.
Strategies for Success in Singapore
Since entering a new market requires a well-defined strategy to capture the attention and loyalty of gamers, here are some things to keep in mind to help you position your game for success in the Singaporean gaming market:
Games that resonate with local culture and language have a higher chance of success. By adapting your game to the preferences of the Singaporean audience, you can create a more immersive and engaging gaming experience.
Adopt Local Payment Methods
Singapore boasts a diverse range of preferred payment methods. By accounting for the region’s popularity for credit cards, e-wallets, and funds transfer payments, you can offer gamers convenient and seamless payment experiences.
Stay Updated on Market Trends
The gaming industry is dynamic, and staying updated with market trends is essential for success. By staying attuned to market trends, you can adapt your strategies, introduce new features, and stay ahead of the game.
With a combination of favorable economic conditions and a thriving gaming community, Singapore is a valuable market with a trove of opportunities to tap into. Xsolla’s expertise and comprehensive payment solutions enable seamless integration with the local payment landscape, empowering game developers to capture a larger audience and maximize their revenue growth.
From supporting localization and distribution to publishing and legal, including paying taxes and global compliance with privacy laws, we’re consistently working to expand our payments portfolio, empowering you to enable Singapore’s popular local payment methods and turn more global gamers into customers. And with our deep understanding of the local landscape, we can help game developers navigate this dynamic payment ecosystem seamlessly.
Whether you’re a current Xsolla partner or want to accelerate your game’s global reach, start exploring Xsolla’s range of payment solutions by visiting our website, xsolla.com. Or, contact an expert from our team and set up a time to discuss how we can help you turn Singapore into a cornerstone of your global growth strategy.
About Xsolla Xsolla is a global video game commerce company with a robust and powerful set of tools and services designed specifically for the video game industry. Since its founding in 2005, Xsolla has helped thousands of game developers and publishers of all sizes fund, market, launch, and monetize their games globally and across multiple platforms.
As an innovative leader in game commerce, Xsolla’s mission is to solve the inherent complexities of global distribution, marketing, and monetization to help our partners reach more geographies, generate more revenue, and create relationships with gamers worldwide.
Headquartered and incorporated in Los Angeles, California, with offices in Berlin, Seoul, Beijing, Kuala Lumpur, Tokyo, and cities around the world, Xsolla supports major gaming titles like Valve, Twitch, Roblox, Ubisoft, Epic Games, Take-Two, KRAFTON, Nexters, NetEase, Playstudios, Playrix, miHoYo, and more.
For additional information and to learn more, please visit xsolla.com.
Derrick Stembridge
Global Director of Public Relations, Xsolla
d.**********@****la.com
by Ferry Bayu | Sep 26, 2023 | Business
VRITIMES Announces Strategic Partnership with ThailandBusinessNews.net to Distribute English-Language Press Releases in Southeast Asia
VRITIMES, a leading press release media distribution platform, is thrilled to announce its strategic partnership with ThailandBusinessNews.net, a prominent news portal in the region. This collaboration aims to enhance the distribution of English-language press releases across Southeast Asia.
Under the terms of the partnership, VRITIMES will supply ThailandBusinessNews.net with press releases in English, catering to the growing demand for international news and updates in the Southeast Asian market. This alliance is expected to amplify the reach of businesses, organizations, and individuals looking to communicate their news to a broader audience in the region.
“We are excited about this collaboration with ThailandBusinessNews.net,” said Ferry Bayu, Co-Founder / CEO of VRITIMES. “Our mission has always been to provide comprehensive media distribution services, and this partnership will further our reach in the Southeast Asian market. We believe that by working together, we can offer unparalleled exposure to our clients and contribute to the growing information exchange in the region.”
Both VRITIMES and ThailandBusinessNews.net are dedicated to ensuring that this partnership benefits their clients and readers by offering timely and relevant news updates. The collaboration is set to commence immediately,
VRITIMES (https://www.vritimes.com/sg/service) is a media technology startup company, established in Tokyo in August 2022. We specialize in press releases, functioning both as a media platform and a distributor to our media partners. Users can create and distribute press releases through VRITIMES, then use our analytics feature to review their results – all within one solution. By making it easy and affordable to distribute press releases, we aim to facilitate a more valuable flow of information in the world, serving as the infrastructure that ensures this information reaches the media and consumers.
Media Relations
Email: ma*******@******es.com
by Ferry Bayu | Sep 26, 2023 | Business
Eos Streamlines Employment of Expat or Local Talent in Singapore with Affordable EOR Solutions
Who: Eos Global Expansion, a global leader in employment, immigration, and payroll solutions
What: Eos announces a campaign to support companies looking to expand into Singapore. They offer an Employer Of Record (EOR) solution where clients’ staff are hired under Eos’ local entity, making it easy and cost-effective to onboard staff in Singapore without setting up a subsidiary. They also provide visa sponsorship for expat talent.
When: The campaign is ongoing, and the limited-time discounted service fees are valid until December 31, 2023.
Where: Companies seeking to expand into Singapore.
Why: Eos aims to help businesses overcome the challenges of international expansion by providing seamless solutions, cost-effective hiring, visa sponsorship, and personalized benefits. They have a 100% success rate for visa applications and a strong track record of supporting companies in global expansion.
How: Interested parties can learn more and take advantage of the campaign by visiting Eos Global Expansion’s official website at eosglobalexpansion.com or contacting Andrew Lee at an********@****************on.com. Eos offers free consultations to understand each company’s expansion vision and demonstrate how EOR can benefit them.
Singapore, September 26, 2023: Eos Global Expansion, a global leader in employment, immigration, and payroll solutions, is excited to announce its campaign aimed at supporting companies seeking to expand into Singapore. Under Eos’s bespoke Employer Of Record (EOR) solution, clientschosen staff are hired under Eos own local entity, so that companies can onboard staff in Singapore in days without setting up their own Singapore subsidiary – all for as little as $280 per month. By acting as a visa sponsor for expat talent, Eos enables companies to overcome limitations faced by many start-ups or companies lacking the local staff levels required to qualify as visa sponsors. This strategy provides businesses with a seamless and cost-effective solution to overcome the challenges of international expansion.
Singapore, September 26, 2023: Eos Global Expansion, a global leader in employment, immigration, and payroll solutions, is excited to announce its campaign aimed at supporting companies seeking to expand into Singapore. Under Eos’s bespoke Employer Of Record (EOR) solution, clientschosen staff are hired under Eos own local entity, so that companies can onboard staff in Singapore in days without setting up their own Singapore subsidiary – all for as little as $280 per month. By acting as a visa sponsor for expat talent, Eos enables companies to overcome limitations faced by many start-ups or companies lacking the local staff levels required to qualify as visa sponsors. This strategy provides businesses with a seamless and cost-effective solution to overcome the challenges of international expansion.
As part of this campaign, Eos is offering free consultations to understand each company’s unique expansion vision and explore how EOR can be the key to its success. During these consultations, businesses will gain valuable insights into the comparative benefits of employing through an EOR vs. establishing a local subsidiary, allowing them to make informed decisions and gain a competitive edge in the market.
One of the key challenges when expanding into a new country is navigating the complex immigration process. Eos Global Expansion recognizes this, and to address it, the company offers Employment Pass (EP) sponsorship for foreign talent. With the guidance of immigration professionals, Eos ensures a smooth and hassle-free visa application process. Through this service, Eos is uniquely positioned to secure EPs for large teams of foreign workers, enabling companies to tap into a global talent pool without facing excessive administrative burdens.
To further incentivize companies to take advantage of this opportunity, Eos Global Expansion is offering discounted service fees for a limited time. This campaign, valid until the 31st of December 2023, provides businesses with an additional cost-saving opportunity when expanding their operations into Singapore.
“We are thrilled by the response so far to our campaign aimed at supporting companies looking to expand their operations in Singapore,” said Chris Alderson, COO of Eos Global Expansion. “. Chris shared about the challenges faced by companies expanding globally when he set up his first few companies around APAC 25 years ago. Based on that experience, Eos was founded back in 2010 with the goal of empowering growing businesses to overcome these obstacles and enabling them to thrive. Eos supports them from their first employee, scaling with them as their team grows. By providing the local payroll, tax, and labor expertise needed throughout the employment cycle from hiring to termination we free the client to focus on their core business. Clients have loved the model, so Eos has expanded over the years, first covering all of Asia, and now providing services anywhere across the globe. Through our tailored solutions, customizable benefits, and expert immigration support, we strive to make the process smooth and cost-effective for companies of all sizes.
Eos Global Expansion has a strong reputation for its expertise and commitment to providing businesses with reliable and efficient EOR solutions. They boast a 100% success rate for visa applications globally and proudly note that in their 15-year history in the industry, no client has ever left Eos to move to a competitor. With a global network of seasoned professionals, local expertise, and a client-centric approach, Eos has successfully supported hundreds of companies in achieving their global expansion goals.
For more information and to take advantage of this campaign, interested parties are encouraged to visit Eos Global Expansion’s official website at eosglobalexpansion.com or contact Andrew Lee at an********@****************on.com.
Eos Global Expansion is a global leader in Employer of Record (EOR) services. With a team of professionals spanning the globe, Eos offers companies innovative solutions to simplify the complexities of global expansion. From entity setup to HR, payroll, and compliance management, Eos delivers comprehensive support tailored to each client’s unique needs. Through its extensive network of in-country experts, Eos ensures businesses can navigate new markets with confidence, efficiency, and compliance. For more information, please visit eosglobalexpansion.com.
Andrew Lee
+60102369574
an********@****************on.com
by Ferry Bayu | Sep 25, 2023 | Business
Security Leaders Convene for the 15th PROTECT Conference: “Doing Business Amidst New Threats”
On September 28-29, the 15th PROTECT Conference series on “Doing Business Amidst New Threats” is set to convene local and global security leaders for 2 days to discuss the most critical security issues facing both businesses and the nation. The conference will provide a platform for dialogue and collaboration on multifaceted challenges. National Security Advisor Eduardo Año is the Keynote Speaker.
The agenda of the conference encompasses an array of pressing concerns that demand collective action. Chief among these is the ever-evolving landscape of cybersecurity, with spotlight on how it impacts businesses across various industries. Chief Justice Alexander G. Gesmundo will keynote this session entitled “Cyberspace – The New Battleground; Economic warfare is now a threat to National Security”.
The conference will also delve into the persistent biological threats amplified by recent global health crises, exploring strategies to fortify our preparedness. DOH Secretary Teodoro J. Herbosa will keynote this session.
A key focus of the PROTECT 2023 conference is cross-border crimes. Criminal elements, empowered by sophisticated technologies, are increasingly targeting businesses. A panel of discussants will engage in comprehensive discussions and strategize on how to safeguard businesses from these evolving threats.
A session will dissect the intricate developments in the South China Sea region, offering insightful perspectives on their implications and potential consequences.
The final session on “Looking Ahead” is a look at the very fast – developing future, in terms of technological developments, climate change and socio- geopolitical developments— inflexion points that may require unexpected changes in strategic planning for security and for business. All sectors of industry are encouraged to actively engage in this enlightening session, as it promises valuable insights into future challenges and opportunities.
In today’s interconnected world, security is a paramount concern for individuals, businesses, and governments alike. For registration and additional information, please visit https://protect.leverageinternational.com or contact the PROTECT 2023 Secretariat at le******@*******************al.com or call +(632) 8810-1389 or +(632) 8519-7578.
Leverage International (Consultants) Inc. is a Philippine company organized in 1975. It provides a comprehensive range of research, planning, technical and management services to public and private organizations. Recognizing that trade fairs and exhibitions are effective conduits for international trade, investments and technology transfer, Leverage organizes specialized trade exhibitions and business fora and conferences.
Leverage collaborates with other international organizers for international exhibitions in Europe the Middle East and South Africa. It is the Philippine representative of the Hong Kong Trade Development Council for major shows in Hong Kong. Leverage also represents various international shows in Asia.
Leverage is the organizer of major energy events. It has been organizing the ASEAN Energy Business Forum in the countries of ASEAN (Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, and Vietnam) in collaboration with the ASEAN Centre for Energy. This international conference and exhibition is held in conjunction with the annual ASEAN Ministers of Energy summit. In the Philippines, Leverage organizes the regular POWERTRENDS series and other important energy and energy-related events in cooperation with the Department of Energy, among which have been the POWERTRENDS Business Forum, the Natural Gas Summit, the Coal Business and Policy Forum and others.
by Ferry Bayu | Sep 25, 2023 | Business
vivo to unveil V29 with most crystal-clear display yet, offering breathtaking visuals
vivo, one of the leading smartphone manufacturers, is proud to announce the upcoming launch of the vivo V29 5G, a smartphone that promises to redefine your visual experience.
With its cutting-edge features and stunning design, the vivo V29 5G is set to captivate Filipinos with its crystal-clear display and advanced eye protection on September 25, 2023.
Crystal-clear display for cinematic experience
At the heart of the vivo V29 5G is its remarkable 120Hz 1.5K AMOLED display, boasting a massive 6.78-inch full high definition (FHD) screen with a mesmerizing 3D curved design.
This combination makes vivo V29 have the clearest display in the history of the V Series, providing users with a larger viewing area. It makes every visual element come to life with astonishing clarity and vividness.
The vivo V29’s display supports an astounding 1.07 billion colors and an almost cinema-grade 100% DCI-P3 wide color gamut, ensuring your content is displayed in rich and natural colors. With a pixel density of 452 pixels per inch (PPI), you’ll discover new details in your favorite videos and images that you never knew existed.
The HDR10+ certification takes your visual experience to the next level by presenting videos with a high dynamic range, resulting in breathtaking contrasts and lifelike imagery.
The 120Hz screen refresh rate is perfect for gaming enthusiasts, offering an accelerated pace that surpasses screens with lower refresh rates.
Additionally, the 1000Hz instant touch sampling rate enhances your mobile gaming experience with quicker response times, accurate touch control, and faster visual displays for a smoother gaming experience.
Genuine eye protection for your comfort
We understand the importance of eye protection in this digital age, and the vivo V29 5G takes it to heart. The outstanding hardware specifications of this device effectively reduce harmful blue light and screen flickering, making it the perfect companion for prolonged usage without straining your eyes.
But that’s not all; vivo has also invested in advanced software to enhance your viewing experience. The vivo V29 5G offers delicate color and brightness adjustments, ensuring that your eyes stay comfortable in various lighting conditions.
With perceivable auto optimization, the phone adapts to your surroundings, increasing eye comfort in different scenarios.
The vivo V29 5G is a visual masterpiece that cares for your eyes. Filipinos, get ready to experience the future of smartphone displays and prepare to embrace a new era of excellence.
Stay tuned for more updates on the vivo V29 5G by following vivo Philippines on website, Facebook, Instagram, YouTube, Twitter, and TikTok.
Singapore’s gaming community exhibits a strong inclination toward investing in in-game purchases, mirroring the global gaming population that engages in video games not only for entertainment but also as a means of social interaction and stress relief. Leveraging its game-focused audience of avid spenders, Singapore presents a significant opportunity to bolster your game’s global revenue strategy.
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