{
  "id": 18201222,
  "title": "Postal service here to stay, but has to continually reinvent itself: SingPost CEO",
  "url": "https://urgent.news/2026/11/04/postal-service-here-to-stay-but-has-to-continually-reinvent-itself",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-04T23:00:00.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/companies-markets/postal-service-here-to-stay-but-has-to-continually-reinvent-itself-singpost-ceo"
  },
  "original_language": "en",
  "account": "Singapore Post chief executive Mark Chong asserts that the postal service remains essential in Singapore despite shrinking letter volumes and the rise of digital communication. Chong acknowledges that the growth of e-commerce has provided postal agencies with hope for serving parcels, as SingPost has done. However, the decline in postal volumes has affected the company's network of post offices and the main building, the SingPost Centre in Paya Lebar.\n\nChong remains firm that the SingPost Centre will not be sold, despite its potential value, as it provides valuable revenue streams and will generate rental income through leasing to other tenants. The building's lease is currently occupied by various organizations, including the General Post Office on the ground floor and mail processing and office spaces on two additional floors.\n\nTo maintain its relevance, SingPost is transforming its postboxes, including 750 street-side letterboxes, to have a single slot for all letters and parcels, making it more convenient for people to return goods. The company also introduced digital stamps in October, allowing users to send mail without physical stamps or postage labels, further reducing the need for users to visit post offices.\n\nChong emphasizes that while physical deliveries will likely always be necessary, the postal service must change to remain relevant. This includes downsizing post office spaces, leveraging technology, and exploring regulatory flexibility to manage costs. Competition in parcel delivery is intense, with some e-commerce players offering free delivery, making it crucial for SingPost to maintain profitability while competing in the market.",
  "summary": "Digitalisation and convenient services like SingPost@MyBlock help free up post office space to be rented out.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}