Alvin Tan
Singapore
“And if our companies can use Johor as a complementary base to scale, serve larger markets and strengthen their regional competitiveness while retaining their core capabilities here, that is also additive integration.”
“Sir, I have answered the Member's questions specific to HDB car parks. Specifically, I think, with the provision of hose reels, fire engine access, natural and mechanical ventilations that will help in the event of a fire, and that the HDB carparks must comply with these technical specifications and safety requirements under Technical Ref…”
“Sir, all Housing and Development Board (HDB) car parks are designed and constructed in compliance with the prevailing Fire Code stipulated by the Singapore Civil Defence Force (SCDF). This includes provisions such as hose reels, fire engine access and natural or mechanical ventilation to disperse smoke and heat.”
“What was left unsaid was that in the emails and in the MP Appeal System (MPAS), the Member was informed that: one, he was aware of the fact that AVS had investigated the incident; he was aware of the processes; he was aware that AVS found no professional negligence or misconduct by the vet; he was aware and noted that AVS had found no rel…”
“As we have observed a growth in the range of animal-related services offered by non-vets that may pose a risk to animal health and welfare, Part 4 of the Bill will introduce various offences and penalties to safeguard against unlawful practice and misrepresentation by or about unauthorised persons.”
“Owners are responsible for providing for their pets' needs, including medical care. So, we strongly encourage prospective pet owners to thoroughly consider the full cost of raising a pet before committing to becoming a pet owner. Mr Deputy Speaker, Sir, vet professionals form an important pillar of our animal health and welfare system.”
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“It is double the number in 2022, and it includes four times the number of SMEs. So, it is not just the multinational companies (MNCs) and the large companies but also SMEs, and we have been encouraging that. All of these companies, regardless of their size, actively integrate social impact into their operations, and they give their time, talents, treasures – and it amounts to a combined total donation of around $323 million, and over 800,000 volunteer hours. We will encourage more companies to make doing good a core part of their business. Sir, to build regional giving, we launched the Philanthropy Tax Incentive Scheme last year and the Overseas Humanitarian Assistance Tax Deduction Scheme pilot this year to include others in the fold of our tapestry and to expand this tapestry. And one way we are expanding our tapestry is by connecting communities in an increasingly fractured world. That is why we are hosting the third edition of the International Conference on Cohesive Societies (ICCS) in June. Ms Joan Pereira asked how ICCS 2025 can facilitate deeper understandings of multiculturalism and interfaith harmony. Sir, we are gathering practitioners, community and youth leaders, and academics from over 30 nations. Over a quarter of our delegates will be below 35 years old. In fact, our youth leaders will join the working committee of the Young Leaders Programme at ICCS to facilitate breakout sessions and hold cultural sharings. I recently spoke to a group of youths about the importance of our precious, hard-won racial and religious harmony. I shared how Singapore, through our example and platforms like ICCS, can contribute perspectives on striving for harmony in an increasingly divided world.”
“This year, we will waive the first-tier Central Co-operative Fund contributions for co-ops. Co-ops contribute part of their yearly surplus to the Fund, which supports their development and growth in areas like education, training and research. This waiver that I just announced will help over 60 co-ops. They can choose to redirect these savings to enhance their social mission or to better cope with rising costs. And together with the Singapore National Co-operative Federation, we will also launch a consultation with the sector to develop a transformation roadmap for the next 10 years. This roadmap will help to extend our co-ops' social mission and impact, help them to develop talent and strengthen governance. Mr Chairman, just as we are tightening our weave through our co-op sector, we will also encourage this spirit of mutual care through philanthropy – questions that Mr Keith Chua and Ms Jean See had raised. Sir, over the years, donations received by our arts and heritage and our sports sectors have risen significantly. We will continue growing philanthropy through tax deductions and dollar-for-dollar matching grants like our Cultural Matching Fund and our One Team Singapore Fund. The Tote Board's Enhanced Fund-Raising Programme likewise supports fundraising efforts of all eligible Singapore-registered charities, while our SG Gives' matching grant encourages donations to support social and community programmes serving communities in need. These will all galvanise more donations and amplify the impact of giving on our charities and communities. And through National Volunteer and Philanthropy Centre's (NVPC's) Company of Good recognition system, we recognised 290 companies last year, in 2024.”
“Today, we have a much wider and a much richer landscape of co-ops. And they cover a diversity of needs, from daily necessities to seniors' recreation and to help individuals with special needs. Co-ops like the Runninghour Co-operative, which is an inclusive sports co-op that promotes the integration of persons with special needs through sports. Runninghour was founded in 2009 as a running club with just 10 members with special needs. Today, Runninghour has grown and has over 780 registered members, including persons with special needs, volunteers and more. They run weekly. Sir, Runninghour is special to me. A good friend I have known since we were teenagers who lost his sight in his 20s is an active member. This year, we celebrate the centenary year of our co-op movement. And over the past 100 years, many of our social needs have been better addressed. But others are emerging, including our demographic challenges. Our co-ops, too, now face a myriad of challenges; new, different challenges. They face greater competition, rapid digitalisation and changing consumer needs. Therefore, our co-ops must transform to attract and retain talent and to extend their reach. To do good, our co-ops must continue to do well. Sir, I spend a lot of time with our co-ops. I meet with them regularly to chat with them and to learn and to engage with them and to see how we can better support them as they continue to do good and continue to do well. In fact, over the last Saturday, I met with the Amalgamated Union of Public Employees Credit Cooperative. They were celebrating their 60th anniversary and we discussed how best to support co-ops like them, and I told them to listen out for today's COS debate.”
“Chairman, Mr Edwin Tong spoke of how our shared experiences weave a rich tapestry capturing the stories and dreams of our people and our nation. I experienced this recently at ART SG when weaving a small part of a 60-metre-long tapestry on display. This tapestry was made from upcycled fabrics by UBS employees, community partners and children from Care Corner in a bid to commemorate SG60. It is a great example of how arts and heritage and culture, in fact, bring Singapore and Singaporeans together to contribute to our rich culture, as Senior Minister of State Low has just described in her speech. It represents how we weave together diverse races, religions, generations and perspectives into a rich tapestry. Sir, we have two priorities at MCCY: tightening the weave of our social fabric and also expanding our vibrant tapestry. Sir, as a diverse nation with migrant roots, our Pioneers built a cohesive community for all Singaporeans, regardless of race, language or religion. And today, we benefit from the strong social fabric that they have woven. Like the generations before us, we must weave a stronger and tighter social fabric, pulling different threads together to contribute to this tapestry. And we have a long tradition of communities coming together to do well and to do good, a tradition that is older than our nation, of collective responsibility and mutual support which is a key thread in our social fabric. I am speaking, of course, of our co-operative societies, or "co-ops" for short. This year, we celebrate the centenary year of our co-op movement here in Singapore. Since 1925, our co-ops have played a critical role in building our nation and our social compact. In fact, our first co-ops were formed to help junior civil servants meet unexpected expenses.”
“Yes, Sir, rounding up. Sir, to balance the need to develop the local workforce with the importance of attracting high-quality global talent, MAS closely monitors the overall workforce profile of our financial sector as well as the workforce composition of key financial institutions. We regularly engage senior management of key financial institutions on their workforce needs and composition and on how we can work with them to develop local talent. The Ministry of Manpower's (MOM’s) Complementarity Assessment Framework (COMPASS) applications encourage firms to support local employment by awarding points based on locals’ share of professional, manager, executive and technician (PMET) roles in the firm. COMPASS also recognises and gives additional weight to global talent who bring in skills in shortage, while the Overseas Networks and Expertise Pass (ONE Pass) attracts and anchors top global talent from around the world. Finally, Mr Speaker, we will continue to strike a delicate balance, ensuring our financial institutions have access to high-quality foreign talent, while steadfastly developing our local talent pipeline. By maintaining this balance, we will attract more investments and provide good jobs, career choices and progression opportunities for our locals. 11.32 am”
“We work with training providers to develop relevant courses, subsidise these course fees and develop career conversion programmes with financial institutions for our mid-careers. At the senior-level, MAS supports the development of senior leaders through overseas postings, leadership programmes and by building leadership networks. Financial institutions also recognise the importance of growing and developing local talent to meet their manpower needs. For instance, in 2024, I had the opportunity to work with OCBC to launch “OCBC Ignite”, an accelerated career programme that comprises an internship and apprenticeship on full-time employment with the bank. OCBC Ignite aims to benefit 500 polytechnic students and graduates over three years. UBS also partnered the Government to develop the UBS-SUPER programme in 2020 and has trained over 400 fresh graduates and mid-career professionals. UBS has also doubled the number of Singaporeans sent on overseas postings, compared to pre-COVID-19 levels.”
“Sir, the Monetary Authority of Singapore (MAS) is committed to developing our financial sector’s local workforce while being open to complementary foreign manpower. Working closely with industry, we invest heavily in building skills and capabilities in our local workforce to enable our locals to take up good jobs in our financial sector. As a leading regional and global financial centre, Singapore must continue to attract high-quality talent, both locally and from abroad, in order to stay competitive. This balanced approach has been key to Singapore’s success as a global financial centre. We are now a leading financial centre in Asia and the third most competitive globally. We are home to over 2,500 licensed financial institutions and employ close to over 200,000 people. Over 80% of our financial sector workforce is local and the sector offers the highest median gross incomes amongst employed locals. Over 2018 to 2023, the financial sector workforce grew by more than 25,000, of which more than nine out of 10 of the net jobs created went to locals. To help locals acquire skills and capabilities to take on the good jobs in our financial sector, MAS has committed $400 million from 2021 to 2025 to support the training of local finance professionals at each stage of their careers. At pre-entry and entry levels, MAS provides funding for internships, apprenticeships and job rotation programmes to equip our polytechnic and university students and fresh graduates with the skills to take on the jobs that we have created in the financial sector. At the mid-career level, MAS provides opportunities for finance professionals to both upskill and reskill.”
“So, I encourage our SMEs to work closely with us, Enterprise Singapore, as well as our trade associations, like SBF, to fully utilise these FTAs.”
“Sir, I thank Ms Jessica Tan for her question. In fact, it is not just enough for us to expand our FTAs and sign these FTAs even in far flung countries, it is also important for us to work very closely with our business associations, like SBF and others, to take them there and show them what the business opportunities are. And also, while they are in Singapore, to give them the tools and the support for them to take up these advantages as they look at how to lower their costs and increase their business efficiency. There are a few things maybe I want to just share with Ms Jessica Tan. The first is we have a tariff finder tool now. That was developed by Enterprise Singapore, and the example that I gave earlier, SGProtein, can access, through this tariff finder tool, crucial information on import duties and formalities, FTA preferential duties and rules of origin for potential export market. So, it helps them to navigate this and then test how much they would have to pay, for example, or how they can increase their efficiency. SBF has been working very closely with us to provide companies like SGProtein with on-site guidance on, for example, how even to produce and prepare a manufacturing cost statement application. And this is a very crucial step because it helps to demonstrate local content and to qualify for FTA benefits. I also wanted to highlight that MTI and Enterprise Singapore also, again working with SBF, has launched a new Centre for Future of Trade and Investment (CFOTI) just last year. CFOTI helps businesses address issues related to trade compliance and also expands the capacity to benefit on trade agreements. There are also bespoke advisory support through this, for our SMEs to make the best use of FTAs.”
“For instance, Gardens by the Bay will launch an exclusive SG60 Wonder Blooms Pass for citizens and residents to enjoy over 60% discounts on unlimited visits to six stunning upcoming floral displays in our Flower Dome. Mandai Wildlife Reserve will also offer exclusive deals across its parks from May to August. We will launch these deals on our SG60 website today, so please book and visit our attractions and enjoy these amazing offers. Then let us also go on a cruise! Like on Disney Adventure cruise ship in Singapore, which is starting in December. It is the first-ever Disney Cruise Line ship to homeport in Asia. Many new cruise ships will also be calling in Singapore, including Resorts World Cruises' Star Voyager and the Ritz-Carlton Yacht Collection's Luminara. As cruise lead coordinator for ASEAN, we are working with our neighbours on new sailing itineraries, tapping the fast-growing potential of cruise tourism to attract even more visitors to visit Southeast Asia from Singapore. I discussed this with tourism ministers in Johor just in January 2025. Mr Chairman, I shared how we are connecting the world to Singapore through our robust flow of tourism and attraction offerings. Equally important is to connect Singapore to the world. That is why we are deepening our relationship with our trade partners globally.”
“I also opened Illumination's Minion Land just in time for the March school holidays and, later this year, we will open the Singapore Oceanarium, which will be three times the size of our current SEA Aquarium. In a few years, we will also open Super Nintendo World at Universal Studios Singapore. Let us now go from the South of Singapore to the North of Singapore in Mandai. Following the opening of Bird Paradise in 2023, new features in Mandai await all of us this year. I launched the public Mandai Boardwalk in January 2025, which offers breathtaking views of Upper Seletar Reservoir and the Central Catchment Nature Reserve. We are also opening Rainforest Wild ASIA, Singapore's fifth zoological park. It will be home to 29 iconic animal species. I visited a few weeks ago for a preview and Minister Grace Fu will officially open it next Wednesday. Then there is also Mandai Rainforest Resort by Banyan Tree, which opens next month. It blends architecture with nature, offering rooms, including tree houses, nestled in lush greenery. Next year, we look forward to opening the Rainforest Wild Africa. Mr Chairman, this flow of new offerings marks our 60th year of Independence and our tourism sector has come a long way since. I spend plenty of time with our tourism sector – our workers and our visitors. The amazing tourism offerings we enjoy today is testament to their work over the past 60 years. That is why I am happy to announce that our attractions are rolling out several deals in celebration of SG60. We are working with the Association of Singapore Attractions (ASA) and our tourism businesses to curate SG60 promotions, including family-friendly bundles and discounts.”
“Mr Edward Chia asked how we are working with local arts practitioners to create authentic tourism content. In January, Singapore Art Week (SAW) 2025 aggregated over 160 art events and featured many local artists. And for the third time, ART SG returned to Singapore as part of SAW, with 105 galleries from 30 countries and territories around the world. To Ms Usha Chandradas' question, signature lifestyle events, including music festivals, increases our appeal to global talent and visitors and this boosts tourism and economic spillovers. They also provide a stage for our local creatives to showcase their talent, like Kin Leonn and Iman Fandi. STB will continue working with stakeholders, including our National Arts Council (NAC) to create more opportunities for our local music ecosystem. We will continue to support these events, through financial and non-financial means, to build a diverse pipeline. And we welcome compelling music festival proposals that bring strong economic benefits to Singapore. For sports fans, we will host the National Basketball Association (NBA) Rising Stars Invitational in June, which will be the first regional youth basketball event in Asia. This comes after we hosted the Singapore Tennis Open and Singapore Smash just last month. Our Integrated Resorts will also unveil world-class tourism offerings as part of their ambitious expansion plans. When completed in 2029, Marina Bay Sands' upcoming fourth tower will redefine our iconic skyline. Over at Resorts World Sentosa, I broke ground for its new waterfront lifestyle development in November 2024, which will feature an exciting new promenade with entertainment, retail and dining experiences.”
“And true to our positioning as the World's Best MICE City, we have been Asia Pacific's Top Meeting City for an incredible 21 consecutive years. For the first time ever, Singapore also ranked second in the International Congress and Convention Association's worldwide city rankings in 2023 . We also partnered global world-class intellectual properties (IPs) to curate innovative experiences. For example, ArtScience Museum hosted The World of Studio Ghibli; and at Resorts World Sentosa, Harry Potter: Visions of Magic. We also lent support to the Louis Vuitton X Murakami pop-up in Joo Chiat. Building on these flows, the Singapore Tourism Board (STB) has been working with tourism and lifestyle enterprises on new and fresh opportunities. As Mr Neil Parekh highlighted, our vision for the Tourism 2040 (T2040) roadmap will drive the next chapter of our quality tourism journey. STB will share more about T2040 in the coming months. We also have a good flow of events and attractions lined up this year. In fact, this year we expect international visitor arrivals to reach between 17.0 and 18.5 million, bringing in approximately $29.0 to $30.5 billion in tourism receipts. Senior Minister of State Low Yen Ling, as Parliament's heartland guide, spoke about injecting vibrancy into our heartlands. As Parliament's tourist guide, let me take you through some of the new and rejuvenated offerings around Singapore. Mr Chairman, our flow of MICE events remains vibrant, reflecting strong business confidence from organisers and delegates. This year, we will host inaugural events like the Business Aviation Asia Forum and Expo. Bloomberg's New Economy Forum will also return to Singapore in November for the fifth time.”
“Chairman, the global trading system is coming under severe strain. We are entering uncharted waters, as Deputy Prime Minister Gan Kim Yong said, marked by heightened geopolitical tensions, rise of economic nationalism and supply chain disruptions. Historically, Singapore has been the gateway to global trade, symbolised by our Singapore River, just outside this chamber. It has shaped our nation's identity – open, connected and adaptable to shifting global tides. Our rivers thrive when its waters flow freely, so too must we keep our economic pathways flowing. We can do that by connecting Singapore to the world and connecting the world to Singapore. We must always connect the world to Singapore, and flow people, businesses and trade through our shores. Last year, we welcomed 16.5 million international visitors and our tourism receipts for the first three quarters of 2024 soared to a historic high of $22.4 billion. They were drawn by the new and refreshed experiences we curated. Our live entertainment scene sparkled last year, as we hosted international A-listers like Taylor Swift, Coldplay and Jay Chou. This year, we already have a few top acts, including Seventeen in January and G.E.M. over the weekend. We have a flow of exciting performances lined up this year as well, including our very own Stefanie Sun, KISS OF LIFE, BTS' j-hope's first solo concert and BABYMONSTER. We also saw strong flow on our Meetings, Incentives, Conferences and Exhibitions (MICE) front. Events like Singapore Airshow, Asia Pacific Maritime, and Food & Hotel Asia – Food & Beverage, all drew record numbers. I also hosted young leaders at last year's World Economic Forum's Young Global Leaders Annual Summit.”
“Sir, the answer was quite clear yesterday that our investment entities make professional investments decisions to take long-term orientation. And so, they invest in assets that are anchored to underlying economic fundamentals with the potential for long-term value increase. Cryptocurrencies do not fit this profile. 11.30 am”
“Sir, I thank Assoc Prof James Lim for his question. I think that that question has been answered yesterday as a written Parliamentary Question, about that position. I also wanted to clarify with the Member what is his, and as well as the party's position, on cryptocurrency in general.”
“But our message is clear, it is consistent: consumers should steer clear of cryptocurrencies.”
“Sir, I thank Mr Yip for his supplementary questions. I will start with the second one, and that is, the Government will continue to step up communications to warn consumers of all ages on the hazardous nature and the highly risky, volatile nature of cryptocurrencies. And that does not just apply to the youths, but it also applies to any consumer who deals with cryptocurrencies. On the broader perspective of what MAS' views are on cryptocurrency, MAS seeks to foster an innovative and responsible digital asset ecosystem. But this is very different, and there is a sharp distinction that we need to draw between growing an innovative and responsible digital asset ecosystem, and the distinction between that and speculation in cryptocurrency, which MAS has consistently discouraged to the retail public. With regard to the banning of cryptocurrencies, the Member would understand and realise that cryptocurrency trading and services are cross border in nature. And so, such a prohibition may be unlikely to be effective in limiting its harms. In fact, as the Member alluded to, imposing a prohibition could likely lead to some consumers turning to unlicensed cryptocurrency exchanges to access cryptocurrency services, where consumers might not be properly informed of the risks to make well-informed decisions. Therefore, to reduce the risk to consumers from speculative trading in cryptocurrencies, MAS requires that digital payment token service providers ensure proper business conduct and provide adequate risk disclosures. In fact, these regulatory measures are comprehensive to reduce consumer harm in Singapore. They include consumer access provisions, business conduct provisions, as well as technology risk provisions.”
“Broader to that, recently I was also at Koei Tecmo Singapore's 20th anniversary. They launched Three Kingdoms HEROES, which is on Apple Arcade, and they also worked together with our local Institutes of Higher Learning, for example, with Nanyang Polytechnic. So, I met with some of the developers who are doing a diploma in animation games and visual effects. There are two, for example, Goh Jia Hui and Lu Shi Ya, have been working on these games that these studios have been developing and are based in Singapore. So, I think, overall, we support this ecosystem. We have also seen the good flow-down impact on creating very new and exciting jobs on the game developer space and we will continue to do so.”
“Sir, I thank Mr Gerald Giam for his questions. As I mentioned, we cannot comment on individual company agreements. But I would say that for the claw-back mechanisms, companies may be subject to potential revocation of their existing incentives or claw back of its associated benefits in the event of breach of terms and conditions. But I wanted to assure the Member also that the Government ensures prudent administration of tax incentives through a rigorous process that includes those claw-back mechanisms but also a pre-approval evaluation and also regular monitoring. With regard to Ubisoft and the broader games sector, those are applied, but the Government has been supporting and, indeed, growing this ecosystem. With regards primarily to the question about building up local talent in this space, I thought it is useful to share a few nuggets. First, probably the Member knows, Ubisoft has been established for about 15 years. They have trained over 780 Singaporeans and Permanent Residents (PRs). There are local leaders who have been developed, and I have met a few of them. Paul Foo is a creative director who has been working at Ubisoft for many, many years. I met with Justin Ng, who is a producer, and their teams produced a few titles, including the upcoming anticipated title, Assassin's Creed Shadows. They have also onboarded about 150 interns over the last 15 years and have been producing content. I talked about Assassin's Creed Shadows. The local team of Ubisoft Singapore and local developers have been working on the games in two regions, as the game is featured in Japan in the samurai era. So, they worked on the Omi and Wakasa regions. And over 80 Ubisoft Singapore developers and members were involved.”
“Mr Speaker, the Government has a suite of economic incentives and tools to attract investments, and support companies to grow and transform their businesses. Companies that receive Government support are required to meet key outcomes, such as job creation and local employment, business spending, or fixed asset investment. The level of support and conditions vary depending on the nature of the project. The Government has mechanisms to claw back subsidies from companies that fail to meet the imposed conditions. We are unable to disclose the details of agreements with individual companies due to confidentiality clauses and commercial sensitivities.”
“Sir, I will discuss and share more about our tourism performance in the Ministry of Trade and Industry's Committee of Supply and how we continue to inject vibrancy into our tourism sector and our nightlife. But I wanted to assure the Member that we have indeed been working very closely with SNBA, through meetings. And we will be organising more later this month to factor in their feedback as well as their suggestions.”
“Sir, I thank Mr Yip for his supplementary questions. We have been working very closely with the Singapore Nightlife Business Association (SNBA) during COVID and during the period of recovery. So, for example, during COVID, we worked closely on providing support including financial support, grants and wage support as well. In the immediate post-COVID, there was a bump in nightlife businesses as restrictions were lifted and now, there are the challenges that Mr Yip had raised. And in fact, last night, I was speaking to the SNBA and we were discussing some of these challenges. They have raised what the Member had raised with regard to costs, wages, but as well as consumer behaviour trends that have been changed over the course of the COVID pandemic. That is not just confined to Singapore, but also in countries, such as the United States and Japan, where people are working from home more, they are a little bit more health conscious and they go online more for different entertainment options. So, these are some trends with regard to nightlife and also with regard to cost issues. At the same time, the Government is supporting on a few different fronts. The first is on making sure that the nightlife scene is vibrant. Second is on transformation. And third, is on workers. STB and Enterprise Singapore, for example, work on continually having new products and services to liven up and make our nightlife scene more vibrant. For the transformation of the sector, Enterprise Singapore works closely with SNBA and other players. And for workers, they have been working together with Workforce Singapore.”
“So, in short: regulator must play their part; industry must play their part; but so too borrowers must play their part.”
“Sir, I thank Mr Yip for his supplementary questions. I think we need to look at it in three parts. First, the responsibility of the regulator, in this case MAS, the responsibility of the industry and the responsibility of the individual borrower. On MAS' part, as the regulator, as I mentioned, MAS has provided guidance on the development of the BNPL Code. It has also worked with MoneySense, the financial education programme, to encourage users to spend within their means. MAS will continue to monitor the BNPL sector and its development, and review the regulatory framework, as appropriate. On the industry's part, the code has already been in place since 2023. I have mentioned that in previous Parliamentary replies, but I also wanted to highlight that there is also a BNPL credit bureau which shares information on customers' outstanding amounts and delinquency status. I also wanted to let the Member know that all four BNPL firms are now accredited to the BNPL Code and they must ensure customers that fail to pay on time are not able to use their BNPL services to make additional purchases. That is what the regulator can do. That is what industry can do. I think it is also important that borrowers and individuals also bear responsibility for their own individual purchases. There is a good CNA article about the BNPL issue and it spoke about the different purchases, particularly made by youths and young people in spending what they want and what they need. One big takeaway was this - many of the youths there who had BNPL purchases spoke of cost of living, but they also mentioned their choices of living in terms of expenditure and also living beyond their means.”
“First, it gives us the opportunity and impetus to build on where we are already strong, but it also gives us that impetus to make sure that what we already have, we must strengthen so that we continually have that competitive edge. Second, the JS-SEZ will also give us the opportunity to leverage on Johor's strengths to overcome our inherent weaknesses. The weaknesses or disadvantages are well-known to everybody – it is our land, it is our manpower, it is our natural resources. So, it gives us the opportunity to build on our strengths and also to leverage the SEZ's strengths to be able to increase our competitiveness. What is the final objective for this? The final objective is to attract new companies, new investors that hitherto may not have considered Singapore as an investment destination or potentially even maybe, Singapore is a little bit lower on their list of places to invest. It gives businesses a value proposition that hitherto may not have been there in the first place but are now then attracted to this value proposition. To the Member's question earlier on, as I mentioned in my original reply, there are already Singapore firms that are already there, they are sited there. In our discussions with many of the Singapore firms, they do intend to have operations on both sides. They are looking at the landscape and they will make those decisions in due time. But I think the value proposition, both for the SEZ as a whole, and the unique relative and complementary strengths for both Singapore and Johor, are quite evident.”
“Sir, I thank Mr Saktiandi Supaat for his questions. Indeed, these are views that we have also gotten on the ground in our frequent interactions with businesses across different sectors. I have met SBF very regularly, including last week when a lot of the same views that have been shared by the Member were also shared by SBF. I was also recently in Johor, visiting the zone, meeting with Malaysian leaders. So, the discussions are ongoing. More details will be released. And we are monitoring all the impact that the JS-SEZ will have on both sides. I wanted to take a step back and look at it from a bigger perspective and what the JS-SEZ has to offer. If we look at the global economic landscape, it is increasingly uncertain, it is dynamic, it is ever-changing. The global competition as we have seen over the last couple of weeks has intensified for talent, for trade and also for investments. So, it is imperative that if Singapore wants to be competitive, we need to be more nimble, we need to be more innovative, we need to enhance our competitive game. If executed well, the JS-SEZ will give us that additional competitive edge. It will give us the opportunity and in fact, it would give us the impetus to build on our inherent strengths. These inherent strengths are not that easy to replicate. These have been grown over decades. They are quite uniquely Singaporean. And they give Singapore that competitive edge. These traits are inherent. For example, the strong rule of law, regulatory and political stability, innovative mindset, talent, research and development, connectivity and a strong financial centre.”
“In that vein, we will continue to support businesses in Singapore through existing enterprise support schemes. Eligible Singapore companies investing in the JS-SEZ can seek support from schemes such as the Market Readiness Assistance Grant and Enterprise Financing Scheme administered by Enterprise Singapore. Malaysia has also announced an incentive package for the JS-SEZ, including special corporate and income tax rates for qualifying investments, and intend to announce more details when ready.”
“Mr Speaker, Sir, the Johor-Singapore Special Economic Zone (JS-SEZ) seeks to capitalise on the complementary strengths of Singapore and Johor to strengthen Singapore's competitiveness and to create good jobs for Singaporeans. Businesses across sectors including manufacturing, logistics and digital economy can benefit from the improved cross-border flow of goods and people, and ease of doing business in the JS-SEZ. Many Singapore-based companies already have twinning operations in Singapore and Johor. Firms could benefit from siting some of their operations in Johor to take advantage of the resources there, whilst focusing headquarters and research functions in Singapore, where we have relative strengths. For instance, South Korea's SPC Group, the parent company of Paris Baguette, operates its regional headquarters and innovation centre in Singapore, while its regional production base is in Johor. We can also jointly attract new investments to the JS-SEZ, which may establish operations in Singapore or tap on the services provided by Singapore. For example, Agrocorp, an agri-commodities and food ingredient firm headquartered in Singapore, recently expanded its downstream capabilities in plant protein extraction with a new plant with its Japanese partner in Johor. This plant will use protein extraction technology developed by Agrocorp and the Singapore Institute of Technology. These investments in Johor create value for the Singapore economy as our firms grow. I caught up with the Singapore Business Federation (SBF) recently and they told me that over 100 Singapore firms will be joining the SBF business mission to the JS-SEZ later this month. So, there is also considerable investment interest there.”
“Sir, I thank Ms Hany Soh for her suggestions. Indeed, the Government will take those into account. There are already a few existing plans: the Housing and Development Board is working with the neighbourhood centres, for example, to upgrade; and there are plans to upgrade Fuchun Neighbourhood Centre, for example. In fact, five neighbourhood centres in Woodlands have been upgraded under the Housing and Development Board's Remaking Our Heartland's programme. I also encourage the grassroots advisor, and particularly, Ms Hany Soh, to work with us to encourage the heartland enterprises to make use of many of the different schemes – heartland merchandising improvement schemes, placemaking grants, and in fact, also the Heartland Enterprise Centre Singapore – to increase their marketing ability and to increase their competitiveness.”
“Sir, I thank Ms Hany Soh for her suggestions. Indeed, the Government will take those into account. There are already a few existing plans: Enterprise Singapore is working with the neighbourhood centres, for example, to upgrade; and there are plans to upgrade Fuchun Neighbourhood Centre, for example. In fact, five neighbourhood centres in Woodlands have been upgraded under the Housing and Development Board's Remaking Our Heartland's programme. I also encourage the grassroots advisor, and particularly, Ms Hany Soh, to work with us to encourage the heartland enterprises to make use of many of the different schemes – heartland merchandising improvement schemes, placemaking grants, and in fact, also the Heartland Enterprise Centre Singapore – to increase their marketing ability and to increase their competitiveness. [Please refer to "Impact of Johor Bahru-Singapore Rapid Transit System Link on Singapore's Retail, Manufacturing and Commercial Rental Sectors and Job Market", Official Report, 8 January 2025, Vol 95, Issue 149, Oral Answers to Questions section.] [(proc text) Written statement by Mr Alvin Tan circulated with leave of the Speaker in accordance with Standing Order No 29(5): (proc text)] I wish to make the following factual correction to my reply given during Question Time at the Parliament Sitting of 8 January 2025, in response to Question No 18 for Oral Answer on the Order Paper for the Sitting. My reply should read as follows:”
“Sir, I thank Mr Lim Biow Chuan for his supplementary questions. Singapore is a geographically small country. Johor and Singapore have complementary strengths. Singapore has a strong financial centre, we have headquarters located here. Johor's complementary strengths are their workforce, as well as the larger hinterland, as well as the larger geographical area. So, this is not just confined, as Mr Lim Biow Chuan had mentioned, to the northern parts, but many of the initiatives, including heartland place-making grants, are available to all heartland enterprises across the country. That is one. Second, neighbourhood upgrading plans across the country, not just confined to the north, is also underway, and there will be more plans that Government will announce in due time. But, if you also look at the Community Development Council vouchers that we have launched and most recently last Friday, these are also meant to help supplement residents' spending needs, but also to help to augment businesses in the heartlands as well. So, we are looking at this comprehensively and we look forward to working with Members to enhance competitiveness for businesses, not just in the north, but across Singapore.”
“Sir, I thank Ms Hany Soh for her suggestions. Indeed, the Government will take those into account. There are already a few existing plans: Enterprise Singapore is working with the neighbourhood centres, for example, to upgrade; and there are plans to upgrade Fuchun Neighbourhood Centre, for example. In fact, five neighbourhood centres in Woodlands have been upgraded under the Housing and Development Board's Remaking Our Heartland's programme. I also encourage the grassroots advisor, and particularly, Ms Hany Soh, to work with us to encourage the heartland enterprises to make use of many of the different schemes – heartland merchandising improvement schemes, place-making grants, and in fact, also the Heartland's Enterprise Centre Singapore – to increase their marketing ability and to increase their competitiveness. [Please refer to "Clarification by Minister of State for Trade and Industry", Official Report, 8 January 2025, Vol 95, Issue 149, Correction By Written Statement section.] So, we thank Ms Hany Soh for her suggestions and we look forward to working with her on some of these in due time.”
“Sir, I refer the Member to the written response that Deputy Prime Minister Gan Kim Yong had issued yesterday to Mr Lim Biow Chuan's Parliamentary Question (PQ), Question No 72 listed in yesterday's Order Paper, which also addressed the matters raised in the PQ filed by Mr Desmond Choo. I would be happy to address any supplementary questions Members may have on the topic.”
“Advancing the green transition is not just a good to do. It is a must do, if we are to secure the survival of our island nation. Sir, I am proud that this House continues to stand together with our people and our businesses in our important mission to secure a competitive, low-carbon future for Singapore.”
“It is developing skills and training programmes in areas such as sustainability reporting and assurance. SSG is also working with the Institute of Banking and Finance to extend its accredited sustainable finance courses beyond financial institutions. This is to build sustainable finance capabilities among real-economy companies, particularly our SMEs. Enterprise Singapore and EDB also recently partnered the Nanyang Technological University to establish the Carbon Markets Academy of Singapore. This will offer courses to train 300 professionals to take on jobs in the carbon services and trading sector over the next three years. So, there is a comprehensive suite of training. These are examples of how we are preparing our people for this green transition. Mr Speaker, Sir, it is getting late. And it is really fitting that we close what is likely our last Parliamentary Sitting of the year on this very important issue. Why? Because it concerns the future of our island nation. Climate change, Mr Speaker, is an existential threat to Singapore. As an island, we are vulnerable to rising sea levels. And as a densely populated tropical city, we are vulnerable to severe heat stress. On our part, our Government will continue to set clear direction and build an enabling environment for the green transition. We will chart forward-looking decarbonisation pathways and partner industry to build green capabilities. But beyond government and businesses, we all too, as consumers, must also play an important role in this green transition. We could choose low or zero-carbon alternatives in our lifestyles, for example. Sir, advancing the green transition —”
“This particular grant helped a local company called Mlion Corporation to build an innovative B2B steel marketplace for pre-owned construction steel materials. Beyond opening up a new revenue stream, the platform has facilitated the use of pre-owned steel instead of new steel and helping this company, whom I have met before, save about 25,000 tonnes of carbon emissions in its first year. So, by using that, you are already seeing some savings. Beyond this funding financing is important. So, the Member's point about green finance is key. That is why we are catalysing private green capital to support companies in their transition, leveraging Singapore’s status as a sustainable finance hub. In fact, as the Member observed, Singapore is ASEAN’s largest market for green, social, sustainability and sustainability-linked bonds and loans, accounting for over half of the ASEAN market. And local companies can use MAS’ Sustainable Loan Grant and Bond Grant Schemes to obtain green and transition financing and to defray the cost of external reviews to validate the sustainability credentials of such loans and bonds. We have also recently expanded our Enterprise Financing Scheme – Green, which provides enhanced risk share to catalyse lending to SMEs, with around $350 million in green loans to date. Enterprise Singapore also recently launched programmes with DBS and United Overseas Bank to offer preferential financing rates for sustainability action, including decarbonisation and green initiatives. Finally, the Member talked about skills. Companies need talent to drive this low-carbon transition. That is why we are indeed reskilling and upskilling workers to take on these newly created roles. The Member mentioned the Green Skills Committee, which we launched last year.”
“In fact, Gprnt can help an SME automatically translate its day-to-day activities and data from local digital platforms, such as Myinfo Business and Corppass, into a basic sustainability report. With the company's consent, Gprnt can directly share this report with financing and supply chain partners, which will help these SMEs cut down their reporting time and costs. Beyond that, we are also helping companies as they chart and implement their decarbonisation strategy, working with industry players, such as the Sustainability Alliance, which comprises 18 TACs. TACs, such as the Singapore Logistics Association, have been working very closely with my colleagues at Enterprise Singapore to develop sectoral sustainability playbooks to guide companies on practical, sector-specific steps to the green transition. I launched this playbook with SLA in February. We also have "Queen Bee" companies, which are important. Companies, such as City Developments Limited and SingPost, are helping their suppliers build capabilities in emissions measurement as well as decarbonisation, to better meet their sustainable procurement criteria. The Member also talked about financing. Let me touch into funding and financing. The Government provides funding to help companies to implement green initiatives, with higher support levels for SMEs. Companies and SMEs can use the Energy Efficiency Grant and, for larger companies, the Resource Efficiency Grant for Emissions to implement energy efficiency projects and enjoy longer-term energy efficiency gains. They can also use the Enterprise Development Grant – Sustainability. This is a scheme which provides up to 70% support for sustainability projects, which is higher than for other project categories. Let me give an example.”
“For example, they may need to deploy new technology that is probably more expensive and less proven, and make adjustments to their processes with possible downtime in their production. Capital providers and clients are also increasingly demanding that companies report and reduce their emissions. Workers, as the Member mentioned, may also need different skills to take on new or transformed roles. All of these transitions take time. Therefore, we are supporting our companies at different stages of their sustainability journey, to build capabilities, develop their decarbonisation plans, access financing and to train, upskill and reskill our workers. We are working with our trade associations and chambers (TACs) and financial institutions in this endeavour. The Member talked about measurement and reporting. This is an important first step for a company to understand its baseline emissions and develop a decarbonisation strategy. Here are some ways we are helping; the Member enumerated some ways too. Companies under Singapore’s phased climate reporting requirements can get started early on their ISSB-aligned reports, by using the Sustainability Reporting Grant introduced by EDB and Enterprise Singapore, a point made by the Member. SMEs can also use our SME Sustainability Reporting Programme to prepare their first sustainability reports and this is much more affordably, with the help of appointed service providers. SMEs can also tap the Singapore Business Federation's Emission Factors Registry and the Monetary Authority of Singapore's (MAS') Gprnt to adopt digital solutions to smoothen their carbon accounting and reporting process.”
“We need to balance between that as well as the burden to our companies and to our people. The carbon price is scheduled to reach $50 to $80 per tonne of CO2-equivalent by 2030 which is aligned with our international climate commitment and sets a clear direction in our decarbonisation journey. The Member also talked a bit about our energy mix. Besides setting a price on carbon, we have also intensified our efforts to decarbonise our power grid, which will help all companies address their Scope 2 emissions. First, we are maximising our use of solar energy, which is the most viable source of renewable energy available to us. Second, as the Member knows, we have raised our ambition to import up to six gigawatts of low carbon electricity by 2035 up from the current four gigawatts. Third, we are exploring nascent low-carbon alternatives, such as hydrogen, geothermal energy and newer, nuclear energies and assessing how they can be applied to Singapore. Minister Tan See Leng talked about that earlier this morning. Fourth, we are also engaging industry players to address demand. Sir, these moves are important in our green transition. We recognise that companies in this world face both opportunities as well as challenges as we make this transition to net-zero together. First, the opportunities. More large corporates are setting science-based climate targets, including here in Asia. What does that do? Well, it generates higher demand for clean energy sustainability solutions and carbon credits for those hard-to-abate emissions. It also generates new green growth opportunities in areas, such as offshore wind and carbon services and trading. At the same time, we also acknowledge that companies face challenges to adopt these low carbon alternatives and operations.”
“Sir, I thank the Member for his Adjournment Motion and Members for staying up until almost 10.30 pm. Sir, the Government recognises the importance of encouraging all companies to decarbonise while also maintaining our economic competitiveness. This balance is key in every single decision we make to move Singapore towards a low-carbon future. Amidst international efforts to address climate change, Singapore must and in fact, we will do our part. We have set a clear direction to reach net zero by 2050. To meet our commitment, we must take, as the Member said, bold steps. But we must also pace ourselves carefully, consider global and technological developments and, of course, the impact to our companies and to our people. We have made decisive moves at the national level. Please allow me to touch on some of these moves. First, the carbon tax, which the Member raised. The carbon tax is a primary lever in our decarbonisation toolkit. It sends an economy-wide signal to our companies to decarbonise. I thank the Member and the Workers' Party for supporting our carbon tax and note that he had re-emphasised that the carbon tax that we have set is not quite high enough and still below the preferred rate for the Workers' Party. That said, we must be mindful and careful about the carbon tax rate. In fact, we were the first in our region to implement such a carbon price. Today, the carbon tax targets large direct emitters responsible for about 80% of our total carbon emissions. This coverage is one of the most comprehensive already in the world and it rises to 90%, if you account for excise duties on transport fuels. We are also striking a delicate balance between covering this final 10% of emissions and the added administrative burden, including of reporting and verification.”
“I thank Mr Melvin Yong for his supplementary question. As I mentioned earlier on, only financial advisory firms and their representatives who are regulated under the FAA are allowed to provide financial advisory services on investment products. Therefore, a finfluencer who provides financial advice will have to be appointed as a representative of a financial advisory firm. That said, we regularly advise the public to only deal with and invest through persons regulated by the MAS. We also list unregulated persons who may have been wrongly perceived as being licensed or authorised by MAS on our Investor Alert List. I want to assure the Member also that consumers who suspect any wrongdoing should lodge a complaint with MAS or the relevant financial advisory firms. MAS will review reports of breaches or misconduct and take the appropriate regulatory action against the relevant parties found to have breached MAS's regulations, including providing financial advisory services without the appropriate licences or disseminating non-compliant advertisements. 12.30 pm”
“I thank Mr Gerald Giam for his two supplementary questions. As I mentioned earlier on, the changes to the payment terms between the e-commerce platform and their merchants are commercial arrangements. However, MTI and Enterprise Singapore had gone the extra mile. We, in fact, contacted the feedback provider and thanked him for the feedback. We shared that Enterprise Singapore had, in fact, contacted the platform. We responded also to the feedback provider on the two issues that he had raised and also provided a point of contact to the platform provider. We also shared the feedback provider's feedback and suggestions to the platform. On his questions about how to better support small- and medium-sized enterprises (SMEs) and also merchants, there are a few ways. One, let me just be quite specific, it is not just specific to this platform but, for example, we collaborated with this platform and, in fact, others, with our Enterprise Singapore teams, on initiatives to uplift the overall ecosystem. Number two, we had programmes to help our SMEs internationalise and also to help them to kickstart their e-commerce journey. We are also supporting and helping partner with e-commerce platforms and heartland retailers to adopt e-payments and other digital commerce solutions. But for specific merchants who face cash flow difficulties, they can contact any of the participating financial institutions listed on Enterprise Singapore's website to apply for Enterprise Financing Scheme Working Capital Loan. So, these are all measures in which we can continue to support SMEs and merchants that are available particularly if they have cash flow issues. 12.30 pm”
“I thank Mr Yip Hon Weng for his suggestions. Indeed, seniors and the less tech-savvy are of great concern to Government, and that is why we are stepping out these outreach efforts on the upstream to explain what measures are available, but also to work with organisations like the Silver Generation Office as well as the People's Association to get that message out. We have also worked with the banks so that now they are taking a more forward-leaning approach with regard to goodwill payments. You will see that that has been happening as well. But as I mentioned to Mr Desmond Choo in response to his supplementary question earlier on, these are all suites of measures of which communication, particularly to the more vulnerable group, is a key part of our approach.”
“You have the reporting channel which is manned 24/7. You have kill switches available to customers. And also, you have the real-time fraud surveillance. But beyond that, banks have put in place the detection of the side-loading of apps containing malware – that has reduced malware scams significantly. We have MoneyLock, which we have discussed in this House. We have ScamShield, which we have now consolidated into the ScamShield suite. Also, thanks to many of the feedback, banks have also taken a more forward-leaning approach in assessing goodwill payments for customers affected by malware scams. Yesterday, Minister of State Sun Xueling mentioned about the Protection from Scams Bill, which will allow the Police to order banks to restrict potential scam victims' banking transactions. This is to better protect targets who refuse to believe they are being scammed. We are also being more forward-leaning. In fact, MAS is now studying stronger, out-of-band authentication solutions beyond the SRF to enhance defences against unauthorised phishing transactions. In all, MAS, MHA and the financial institutions, telcos, the ecosystem players will work together to mitigate the risks of other scam types like malware-enabled scams and that includes holding ecosystem players accountable where necessary. So, this is a broad measure. We are constantly evaluating different suggestions and proposals. You will see that we will put these together in our consolidated suite to tackle this scam scourge.”
“Sir, I thank Mr Desmond Choo for his supplementary questions. For the second question, with regard specifically to the fraud surveillance duty, as I mentioned earlier, the banks have to make a balance between what is convenient and what is doable. Setting a lower value could generate too many false alerts and result in inconvenience to consumers or customers who have legitimate transactions. But I take the Member's point that some seniors, for example, or maybe other customers, would have lower amounts in their accounts. In this case, the fraud surveillance duty for banks, the parameters are, in fact, taken as our baseline expectations. These are baseline expectations and, in fact, what they will be held to, as part of the SRF's fraud surveillance duty. Banks also have their own internal surveillance systems and parameters, and they may choose to go under this $50,000. But this $50,000 threshold is prescribed for the purpose of, as I mentioned earlier, the SRF's fraud surveillance duties, which if they do not meet as a baseline in a phishing scam, then the banks will have to pay out. So, this is a baseline. Banks have to meet this at the minimum. If they do not, if it is a part of phishing scam, they will have to compensate. To the first question by the Member, I think it is important to also take into account that there is a broad suite of measures – upstream and also downstream measures – that Government, financial institutions, telcos, as well as other players in this broad ecosystem, have progressively implemented to tackle scams. I thank the many Members here who have contributed to many of the suggestions that we have put together. Third, SRF is one of this suite of measures. There is a 12-hour cooling period. You have notification alerts now.”
“Sir, I will now address questions about operationalising the SRF. A victim who qualifies for a claim assessment under the SRF should contact his or her FI immediately and report the incident to the Police. In the case of a phishing scam within the SRF, FIs will coordinate their investigations with the telcos as necessary. Upon completion of any case investigation, including an SRF-related case, the FI will provide a written reply to the customer on the outcome of the investigation. If there is a breach of any SRF duty by the FI or the telco, the FI or telco is expected to provide payouts to the customer. If the customer does not agree with the investigation outcome, he or she may seek further recourse, such as via the Financial Industry Dispute Resolution Centre, or FIDReC. Raising public awareness remains key in the fight against scams, particularly for vulnerable groups. The Government recently consolidated anti-scam measures and resources into a one-stop portal, the ScamShield Suite, to equip members of the public with anti-scam resources. MAS and banks also partner other Government agencies, such as the Silver Generation Office and People's Association, to include anti scam-related content in their outreach to seniors. MAS and our banks will continue to step up these efforts to expand our outreach.”
“Thank you, Mr Speaker. Sir, Members asked about possible refinements to SRF duties, measures to help customers, particularly seniors or the less tech-savvy, to navigate and seek redress under SRF, as well as efforts to raise public awareness on scams. I will first respond to the question on the 12-hour cooling period upon activation of a digital security token. This is a minimum period that financial institutions (FIs) must apply to specified high-risk activities once a customer has activated a digital security token on his or her mobile device. High-risk activities are typically performed by scammers during an account takeover to transfer funds without a customer's knowledge and this 12-hour minimum period thus gives customers sufficient time to act on abnormal activities on their account, while balancing inconvenience to customers from the undue friction to legitimate activities. Next, on real-time fraud surveillance duty. In calibrating this threshold, we must strike a balance between protecting consumers and the inconvenience posed to consumers conducting legitimate transactions. SRF introduces a requirement to block or hold transactions above the prescribed perimeters. Setting a lower value could generate too many false alerts and result in inconvenience to the majority of customers. That said, the Monetary Authority of Singapore (MAS) expects banks to take into account other factors, such as a consumer's profile and potential vulnerability to scams, as well as their spending patterns, as part of their holistic approach towards fraud surveillance. These go beyond what is set out in the SRF, which is an accountability framework designed with discrete, objective and verifiable duties for FIs and telecommunication companies, or telcos.”
“Sir, I thank Assoc Prof Lim for his questions. For the DEI, as I mentioned, the economic agencies will assess that based on all of the different commitments and it has to be commensurate to those commitments under the qualifying activities. And again, the whole Bill was meant to ensure flexibility, so that, for example, if there are changes to the external environment, changes to the investment climate, the economic climate, it gives the economic agencies as well as the company itself, scope to negotiate and say, "Well, I am at this tier now, I can do more". Then, you adjust it, commensurate to the incentive. Or the company can say, "Oh, it's a bit challenging, I need more time". Then, you can tier up as well. So, that flexibility gives companies some certainty and it also allows for economic agencies to work closely with companies to invest in Singapore. 2.30 pm”
“We have very limited resources, we have constraints, land, labour, carbon and, for all the strengths that we have – a well-connected financial system, highly educated workforce and the likes – which I mentioned earlier on, these are things that are important strengths and levers that we have. But, at the same time, we cannot take for granted, because we are small, that MNCs which have a choice to invest their plants or their services or to situate their headquarters anywhere in the world, will choose Singapore. That is why we must be on the forward footing, we must continuously be agile-minded and agile-footed and amend, change, and be flexible with our suite of tools that are available to us to attract these investments into Singapore and to create good jobs for Singaporeans. With that, Mr Speaker, I thank Members for their strong support for this Bill and Sir, I beg to move.”