Daily Briefing: Zipmex closes latest funding with $7.98m; Twelve Cupcakes fined $119,500 for underpaying foreign employees

And fewer poly graduates employed within six months of graduation.

From DealStreetAsia:

Zipmex, a Singapore-based global digital assets exchange, has closed its latest funding round with a total corpus of $7.98m (US$6m) that was led by US-based venture capitalist Jump Capital, per an announcement.

Jump Capital invests primarily in data-driven tech companies.

The total amount raised in the current round has reportedly exceeded the initial target of $$5.32m (US$4m). In September 2019, Zipmex raised as much as $3.99m (US$3m) in its pre-Series A round. Subsequently, it raised $2.53m (US$1.9m) in its seed round in January 2019.

Read more here.

From ChannelNewsAsia:

Local cupcake chain Twelve Cupcakes was fined $119,500 on 12 January for underpaying seven employees of about $114,000 over two years.

The homegrown brand, which was founded by former DJ Daniel Ong and Jaime Teo in 2011 and later bought over by India-based tea company Dhunseri Group, had pleaded guilty in December to 15 charges under the Employment of Foreign Manpower Act.

Another 14 similar charges were taken into consideration.

The judge agreed with the prosecution that the offences were difficult to detect, as demonstrated by the considerable amount of time during which they were committed, and the company made substantial profits as a result.

The judge also noted that the company has repaid the employees the salaries they were owed.

Read more here.

From ChannelNewsAsia:

A new survey released on 12 January showed that 87.4% of polytechnic graduates were employed within six months of graduating in 2020, with the COVID-19 pandemic disrupting Singapore’s job market, down from 90.7% in the previous year.

Of those who were employed, 52% had full-time jobs, down from 61.1% in 2019, according to data from the annual Polytechnic Graduate Employment Survey, which gathered responses from 7,360 polytechnic graduates.

Jointly conducted by Nanyang Polytechnic, Ngee Ann Polytechnic, Republic Polytechnic, Singapore Polytechnic, and Temasek Polytechnic, the survey also showed that the proportion of graduates who were in part-time employment increased from 25.5% in 2019 to 31.6% in 2020.

Around a sixth of those in part-time or temporary employment were on the SGUnited Traineeships Programme, a government initiative launched in June 2020 to help job seekers find traineeships or attachments with host companies. Under the programme, traineeships last for up to 12 months.

Read more here.

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