PayPal will be opening its new office for its International Headquarters in Singapore. PayPal plans to double its presence in Asia by end of 2010, which includes the expansion of its IHQ here. The decision is a strong endorsement of Singapore’s growing role as a Global-Asia Hub for international businesses to tap on opportunities offered by a rising Asia. PayPal’s expansion of its product development team also reflects Singapore’s ability to host innovation intensive activities and augments our drive to grow our Internet industry.