The COVID-19 (a.k.a. Novel Coronavirus from Wuhan, China) virus since the start of CNY 2020 has caused a lot of uncertainty and economic stress on all countries that are affected by it.
Businesses globally of various sizes are not spared. This is going to be the worst economic nightmare for all affected. And this is just the beginning.
Thankfully, in Singapore, our government has been on top of this virus since the start. Our governmental actions were fast and furious in tackling this virus. Take, for example, we came up with the virus test kit in a relatively short time by A*STAR. (https://www.straitstimes.com/singapore/health/coronavirus-made-in-singapore-diagnostics-test-implemented-at-hospitals-here)
Also, Harvard University mentioned that Singapore’s approach to the coronavirus outbreak is the “gold standard” for case detection, and as a benchmark, for other countries to follow. What a compliment from a prestigious university. (https://www.straitstimes.com/singapore/coronavirus-detection-in-singapore-gold-standard-for-case-detection-harvard-study)
WELL DONE SINGAPORE GOVERNMENT.
On the Other Spectrum
On the other spectrum, our nurses in Singapore were being ostracized by the public. When I saw the news, I was shocked and disturbed by such behavior exhibited by our Singaporeans. https://www.todayonline.com/singapore/nurses-wary-being-ostracised-public-as-work-takes-its-toll-during-wuhan-coronavirus-outbreak?cid=h3_referral_inarticlelinks_03092019_todayonline
I think we should show more empathy, compassion, and love for these front-line medical doctors, scientists, and nurses especially in a virus crisis like this. They are the ones who risk their very lives to save the lives of affected people and to find a cure for this virus.
They are our HEROES. Without them, the sick will continue to be sick, and the dying will continue to die.
WAKE UP you people who ostracized our HEROES. Someday you will get old and fall sick with illnesses, do you hope to have a good nurse to take care of you and a good doctor to help you cure your illness?
Use your brain and THINK.
Another anti-social behavior exhibited by Singaporeans is the hoarding of important items like Surgical Mask and Hand Sanitizer.
After the announcement that these 2 items are good in preventing further spread of the COVID-19 virus, these 2 items went into short supply at most pharmacies due to hoarding by Singaporeans.
Then, a few days later, you began to see people selling those exact 2 items on the social e-commerce sites at sky-high prices. I was so furious when I saw them. Such action is morally wrong and unacceptable. We must stand together as one in a crisis like this. Helping one another and NOT to profit from one another.
Based on actual experiences of close friends and relatives, many sellers on these sites are not ethical in their dealings. Many sell fake products and yet they use the real product as their sale catalog. Many sellers have disappeared after having received money from unsuspecting customers.
There is no proper registration for anyone to start selling their stuff at these social e-commerce sites. All it takes is a few minutes and you are good to go. These social e-commerce site owners also lack the social responsibility and integrity to tighten their policies to protect consumers and to prevent abuse of their sites by their sellers. This is because their intention is probably to build traction and data and then hopefully be acquired by a BIG TECH company in the future. Period. How unethical.
Lastly, how about taxation?
Do sellers on these social e-commerce sites pay tax on their sales income like all legitimate businesses and employees do? I doubt so. Then this would mean a huge tax revenue loss to our government. I think they are taking our government for a fool. I certainly hope our government will quickly plug this loophole soon. Doing so will put these social e-commerce sellers on the same level playing field as our brick and mortar retailers.
These are my personal reasons why I have never bought anything from these social e-commerce sites. They lack credibility, integrity, and responsibility to begin with.
Going forward, ALGOINSIGHTS PTE LTD will form our very own Corporate Social Responsibility (CSR) to help and inspire people in need and make their world a better world. Details will be announced at a later date. Stay tuned.
Lastly, as algorithmic traders, though we are not affected by the COVID-19 virus outbreak like most businesses and retailers do, we certainly hope our HEROES will find a cure to kill this virus soon. Together, we can overcome any crisis.
In the meantime, stay healthy. Be socially responsible for our health and the health of others around us. Avoid crowded places and events. Avoid fake news on social media. Follow https://go.gov.sg/whatsapp.
Thank you for reading this blog article.
CEO & Founder, ALGOINSIGHTS PTE LTD