Startups & Bitcoins -- Hot Topics Among Young Singaporeans on Social Platforms: ThoughtBuzz Releases YOUNG SINGAPORE Report for the BFSI Industry

SINGAPORE, April 11, 2014 /PRNewswire/ -- ThoughtBuzz's "YOUNG SINGAPORE" series' latest report on the BFSI Industry, revealed that stocks (26%), insurance (21%) and startups (20%) were hot topics discussed by young netizens across the country. The report, based on research by ThoughtBuzz, the social media analytics' arm of TO THE NEW, analyzed the social media conversations around banking, financial services and insurance sectors.

Startups & Bitcoins -- Hot topics among Young Singaporeans on social platforms

Singapore being a regional financial and investment hub, majority of the netizens discussed stocks and foreign currency investments. Discussion about Bitcoin trading is seen as a rising trend, where the conversations revolved around Bitcoin trading activity and tax eligibility in Singapore.

Earlier this year, The Inland Revenue Authority of Singapore (IRAS) announced that Singapore-registered companies that buy and sell Bitcoins or exchange the virtual currency for other goods and services must pay taxes for these transactions. Many short and medium term investors welcomed the move and shared their opinions on the vulnerabilities of Bitcoin trading across social channels.

Singapore government's efforts in promoting Singapore as a startup hub are generating good interest. Conversations around startups make up 20% of the social discussions. Netizens shared news and information about operations and managing business functions within a startup. Startups in Singapore are particularly interested in the crowd-funding model, incorporating E-Commerce in their services or creating an innovative tech product.

Commenting on the report finding, Ashok Patro, COO, ThoughtBuzz said, "Companies in the BFSI sector cannot operate in the traditional way anymore. They need to listen, understand and engage with customers across social channels to tap Young Singapore. As our study reveals, players that are not embracing social channels are losing the opportunity to learn about their customers. These constitute major indicators for consumer needs, opinions on existing products and services, overall market sentiment and missing out on this is simply asking to fail."