Simple Solution Systems (SIMSYS) is a leading digital transformation provider committed to delivering user-centred software solutions that help clients thrive in the digital age. Guided by the principle of ‘Doing IT Right’, we focus on quality and precision in software development, ensuring technology meets real-world needs.
Based in Singapore, our diverse team fosters innovation and helps address complex challenges from multiple perspectives.
Ethical governance is at our core. We uphold transparency, integrity, and accountability in all our operations, building partnerships based on mutual respect and delivering projects that meet the highest responsibility standards.
SIMSYS In Numbers
SIMSYS's Sustainability Governance
At SIMSYS, our unwavering commitment to sustainability is at the core of everything we do. We have designated several sustainability champions across various business functions to spearhead these efforts. This dedicated team is led by Taufik Rahim (Account Manager) alongside Audrey Ng (HR Manager), Justine Go (Business Analyst), Eric Chai (Technical Team Lead), Anurax Lian (Managing Director), and Tiong Yan Hao (Project Manager).
Our initiatives are driven by passionate leaders dedicated to embedding sustainable practices throughout our operations. From advancing our environmental initiatives to deepening community engagement, their commitment to environmental stewardship and social responsibility ensures that our sustainability goals are both ambitious and achievable.
Policies, Guidelines and Frameworks
This section outlines the key international, regional, and national policies, standards, guidelines, and regulations related to sustainability and ESG pertinent to SIMSYS. It includes a comprehensive overview of relevant frameworks such as the International Financial Reporting, the Personal Data Protection Act (PDPA) and the Cybersecurity Act.
Understanding these policies and regulations is crucial for ensuring compliance and staying ahead in sustainable practices. This section will be tailored to reflect the legal and ethical obligations relevant to our company's industry and geographic location.
International Financial Reporting Standards
On 7 March 2024, the Singapore Exchange Regulation (SGX RegCo) issued a consultation paper on incorporating the ISSB standards into its sustainability reporting requirements. This initiative underscores Singapore's commitment to aligning with global best practices and enhancing the quality and comparability of sustainability disclosures. For us at SIMSYS, this development is particularly significant, as it indicates that compliance with ISSB standards, International Financial Reporting Standards (IFRS) S1 and S2, may soon become a regulatory expectation in Singapore. This further reinforces the importance of adopting these standards to ensure that we remain ahead of regulatory trends and are well-positioned to meet current and future reporting requirements.
The IFRS S1 and S2 standards shape sustainability reporting and climate- related disclosures. IFRS S1 provides a framework for general sustainability disclosures, while IFRS S2 focuses on climate-related disclosures. These standards aim to enhance transparency and comparability in sustainability reporting, ensuring companies provide relevant and reliable information about their sustainability performance.
For SIMSYS, compliance with IFRS S1 and S2 is essential for aligning our reporting practices with international standards. These standards require us to disclose information related to sustainability and climate risks, which is crucial for stakeholders seeking insights into our environmental impact. Non- compliance could lead to reputational risks and hinder our ability to attract environmentally conscious clients.
To align with IFRS S1 and S2, we will continue to review our current sustainability reporting practices thoroughly. We will identify gaps in compliance with the standards and develop a roadmap for aligning our reporting with IFRS requirements.
The Personal Data Protection Act (PDPA)
The Personal Data Protection Act (PDPA) is a comprehensive data protection law in Singapore that governs organisations' collection, use, and disclosure of personal data. It establishes a framework for ensuring that individuals' personal information is handled responsibly and securely. The PDPA requires organisations to obtain consent from individuals before collecting their data, implement measures to protect it, and ensure that it is used only for the purposes for which it was collected.
For our company, compliance with the PDPA is paramount, especially given our focus on digital solutions that often involve handling sensitive user data. Non-compliance could result in significant fines and reputational damage. Therefore, we must ensure that all our processes, particularly those involving user data, are aligned with PDPA requirements.
To comply with the PDPA, we thoroughly review our data handling practices. This includes assessing how we collect, store, and use personal data. We also implement robust data protection measures, such as encryption and access controls, to safeguard personal information. Regular training sessions for our employees on PDPA compliance and data protection best practices will also be conducted to ensure everyone understands their responsibilities.
The Cybersecurity Act
The Cybersecurity Act is a key piece of legislation in Singapore that aims to enhance the country's cybersecurity framework. The Cybersecurity Act plays a pivotal role in bolstering Singapore's cybersecurity framework. It provides a legal framework for preventing, managing, and responding to cybersecurity threats and incidents. The Act mandates that critical information infrastructure (CII) sectors comply with specific cybersecurity measures to protect against cyber threats.
As a digital transformation solution provider, we operate in an industry where cybersecurity is paramount. The Cybersecurity Act impacts us by requiring adherence to stringent cybersecurity standards to protect our systems and client data from cyber threats. Non-compliance could result in significant legal and reputational risks.
To address these challenges, we are proud to hold ISO 27001 certification, a globally recognised standard for information security management. This certification reflects our commitment to implementing best practices in IT security, ensuring that our processes and systems meet stringent requirements to mitigate risks effectively.
We will continue to adhere to the Cybersecurity Act by implementing robust cybersecurity measures, including firewalls, intrusion detection systems, and regular security audits. Additionally, we will establish incident response protocols and conduct regular cybersecurity training for our employees to help us stay vigilant against potential threats.
Key Carbon Pricing Impact
Singapore Carbon Tax
In 2019, Singapore introduced a pioneering carbon tax at S$5 per tonne of greenhouse gas (GHG) emissions, marking a significant step in the nation's commitment to climate action. This tax is set to increase progressively, reaching S$25 in 2024 and escalating further to S$45 by 2026/2027. Projections indicate the tax could rise between S$50 and S$80 by 2030. This trajectory reflects Singapore's dedication to achieving net-zero targets and addressing climate change through effective mitigation strategies.
The increasing carbon tax presents challenges and opportunities for us at SIMSYS. As a small to medium-sized enterprise (SME), we may face higher operational costs due to the rising tax rates. However, this also incentivises us to innovate and adopt more sustainable practices. The carbon tax encourages businesses like ours to transition towards greener alternatives, fostering a culture of sustainability within our operations. The carbon tax creates a unique opportunity for us to position ourselves as leaders in sustainability. By leveraging the tax as a catalyst for innovation, we can develop new products and services that align with Singapore's green initiatives.
This helps us comply with regulations and enhances our market competitiveness. In conclusion, while the carbon tax poses challenges, it also presents a pathway for sustainable growth and leadership. We are committed to strategically navigating this landscape, ensuring we meet compliance requirements and thrive in a changing business environment. Through innovative solutions and a focus on sustainability, we aim to mitigate the financial impact of the carbon tax and contribute positively to Singapore's net-zero journey.
Direction for SIMSYS
In response to the increasing carbon tax in Singapore, our company is unwaveringly committed to adapting its operations strategically. This commitment involves thoroughly assessing our current practices and identifying areas to optimise efficiency and reduce carbon emissions. We are implementing measures to streamline our processes and enhance operational efficiency, ensuring we remain competitive despite rising costs. By embracing innovative technologies and sustainable practices, we aim to mitigate the financial impact of the carbon tax while maintaining our commitment to delivering high-quality services.
The carbon tax landscape presents a unique opportunity for our company to position itself as a leader in sustainability within the digital transformation sector. We recognise that the transition towards greener alternatives is not just a regulatory requirement but a strategic advantage. By leveraging the carbon tax as a catalyst for innovation, we are actively exploring new products and services that align with Singapore's green initiatives. This proactive approach ensures compliance and enhances our market competitiveness, allowing us to stand out in a rapidly evolving business environment.
Looking ahead, our company is dedicated to future-proofing its operations by anticipating and preparing for potential changes in regulations and sustainability standards. We closely monitor developments related to the carbon tax and other environmental regulations to ensure we remain compliant and well-prepared. However, our commitment to sustainability extends beyond compliance; we are actively working towards obtaining relevant certifications and integrating sustainability into our core business practices. By taking these proactive measures, we aim to enhance our resilience and competitiveness in the long run, positioning ourselves as a forward-thinking and environmentally responsible business in the digital transformation industry.
To find out more on our Sustainability practices please click here to download our Sustainability Report