Preheat the oven to180°C or 350°F. Line a baking sheet with baking paper or anything for easy clean-up and set aside.
In a large bowl, mash the bread and water together until no large bread chunks remain, add the egg and blend together. Add the remain ingredients together and mix gently and carefully to combine.
Using moistened or wet hands, form the meat mixture into tablespoon-size round meatballs and place on the prepared rack. Bake for about 18 to 20 minutes, until just done and no longer pink.
Meanwhile, in a large pan, add oil and heat over medium heat. Add the ginger and garlic and sauté for about a minute or until fragrant. Add the other ingredients and mix to combine.
Add the baked meatballs to the sauce and stir to coat evenly. Simmer on low heat till the sauce is thickened and the beef meatballs are well coated with the sauce. Transfer the meatballs to a serving platter and garnish with spring onions if desired. Serve warm.
Make ahead: Prepare the meatballs, form into balls, arrange on the baking tray and store the unbaked meatballs in the refrigerator. For the glaze, sauté the ginger and garlic, add the remaining ingredients until just combined. When ready, bake the meatballs, lightly warm the glaze, add the baked meatballs and simmer gently to form a thick coating.