Singapore, 6 July 2023 – Singapore Post Limited (SingPost), as both a public postal licensee and a commercial entity, is reviewing its postal business amidst the rapid digitalisation and structural decline in mail volume. With the average consumer sending less than one letter per month, SingPost has undertaken a strategic approach to strike a balance between commercial sustainability and providing essential postal services for Singapore.
SingPost will work with Infocomm Media Development Authority (IMDA) to review costs and its operating model, including the optimisation of the post office network. This collaborative effort aims to enhance efficiency and effectiveness, while maintaining commercial viability for SingPost to continue delivering quality postal services to the community.
Additionally, SingPost will be seeking IMDA’s approval for additional postage rate adjustments to better reflect the true cost of the letter mail business. SingPost will also work with IMDA towards a framework for long-term sustainability and commercial viability of the domestic postal service.
“We are committed to working closely with IMDA to address the evolving needs of Singapore's postal landscape and ensure the provision of sustainable postal services. Through this structural review, SingPost seeks to balance the interests of our stakeholders as the public postal licensee and ensure its commercial viability,” said Vincent Phang, Group CEO, SingPost.
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