Derrick Goh
Singapore
“Are there plans to tighten regulations on the sale and use of non-compliant or non-original AMD batteries, which are key contributors to the risk? How can enforcement and inspection measures at retail points and online marketplaces be strengthened to deter the sale of unsafe devices and components?”
“Mr Speaker, the question to the Minister to State would be in two parts. The first question is, although the numbers may not be significant, would the Minister of State clarify if, in dollar terms, the Bill would have a significant impact and therefore, reduction to the current scams amount that happens every year?”
“Mr Speaker, Sir, my question to the Minister of State is on his point relating to the considerations of stronger regulations by MAS. Would those considerations include requiring BNPL players to report to the Credit Bureau for data so that all players, including banks and financial institutions, could use those data?”
“Mr Deputy Speaker, I welcome Minister's Statement on blocking the proposed deal and the Government's emphasis that at the heart of this decision is about NTUC Income being able to serve its social mission.”
“Thirdly, whether we can build a more comprehensive support ecosystem for SMEs, such as by (a) synergising the roles of SME Centres and TACs with the enhanced Partnerships for Capability Transformation Scheme for SMEs to connect more easily to learn digital and green strategies; (b) deepening collaborations with Institutes of Higher Learni…”
“Two, how can MHA be even more proactive in leveraging trends and insights for smarter deployment of anti-scam resources, to pre-empt and mitigate exploitative scam types?”
The complete record
Every one of 171 lines we hold for Derrick Goh, in date order, each linked to its source. Free to read, in full, without an account. Page 3 of 4.
“I agree that this is important to align our regulations with the standards set by the Financial Action Task Force (FATF) to guard against money laundering and terrorism financing risks. MAS had in response to a recent Parliamentary Question stated that non-fungible tokens (NFTs) are currently not regulated by MAS, given that the underlying assets are predominantly art and other collectibles, with MAS taking a technology-neutral stance as it “looks through” to the underlying characteristics. Nevertheless, given the rising popularity of NFTs as a store of money and, hence, its susceptibility to being a vehicle for money laundering, such risks can tarnish Singapore’s reputation as a financial hub if uncurbed. Therefore, will MAS consider having oversight of NFTs in this Bill or other existing legislation soon? Mdm Deputy Speaker, in conclusion, the success of our financial sector is premised upon its integrity and resilience, upheld by sound regulatory oversight. In building a strong local banking system, MAS has adopted a pragmatic approach to manage risks and to foster trust without stifling innovation. I am confident that this Bill will continue to strengthen oversight of our financial sector. I stand in support of this Bill.”
“As the risk of any activity is a collective effort of everyone in the value chain from junior staff to senior management, how will MAS assess culpability of a misconduct across the ranks? I am encouraged that this Bill has instituted safeguards to balance MAS' increased powers. As a person’s appeal must be referred by the Minister to an Advisory Committee selected from a Panel, can the Minister clarify the considerations for independence of the Committee and/or Panel? I ask this as those in the financial industry often share close networks. And section 14 of the Bill provides for panel members to be eligible for re-appointment. Also, in addition to the right of appeal to the Minister, may a person who has been issued with a PO bring his or her appeal case to Court? Mdm Deputy Speaker, I will now move to the second key aspect of this Bill related to technology risk management. Given the intense competition from fintechs, FIs have themselves been transforming and digitalising their businesses by a combination of outsourcing as well as adopting cutting-edge technologies, such as Software as a Service. In cases where third party cloud-based solutions, such as Amazon Web Services or Google Cloud, are being adopted, it is known as an industry norm that FIs have no ability to conduct independent audits on such providers despite these services being critical. Given these limitations, how will MAS weigh the accountability on FIs should negligence fall on the part of such providers? On the enhanced regulation for Virtual Asset Service Providers (VASPs), the Bill will plug the gap in regulating entities created in Singapore but providing VA services overseas.”
“On this note, can the Minister clarify if there will be a retrospective application of such assessments for persons with past misconduct that might not have been caught under the three statutes, but who may be deemed as not fit and proper under the new test? If so, will prohibitions commence from the point of misconduct? In addition, Singapore has a considerable number of foreign talents partnering our local workforce to deliver cutting-edge financial products and services. Given this, can the Minister clarify if existing and incoming foreign talent will also be subjected to the same due diligence as that for local staff? If so, will there be clearer guidelines on how background checks will be conducted? The reason for this question is that since the misconduct in critical functions could be non-regulated activities, it, therefore, may not be captured in overseas registries. This could impact the effectiveness of the fit-and-proper test for foreign talents. Three, this Bill has broadened the scope of MAS to issue POs covering activities beyond MAS-administered Acts. This would now include serious misconduct in activities, such as funds management, risk and technology management per section 7(2) of the Bill, which were previously not covered, and for all roles beyond senior management or material risk takers. This puts the Bill and, therefore, all on notice that everyone has a role to play in managing risks. Can the Minister clarify the severity thresholds of a misconduct and how proportionality of misconduct and the prohibitions will apply, since this can be subjective, given different activities?”
“Mdm Deputy Speaker, Singapore has established itself as a leading global financial centre. Global reputation aside, our financial sector provides good jobs for over 170,000 residents and has led to many spin-off benefits in our local economy. With digitalisation speeding up the pace of Financial Sector transformation, it is important for MAS to continue to refresh our regulations to preserve trust and confidence in Singapore’s financial industry. Given the above, I believe that the new provisions contained in the Financial Services and Markets Bill are timely and sound. It is on this basis that I would like to seek some clarifications on how this Bill will be implemented for the clarity of the public and those in the industry. On the Harmonised and Expanded Power of MAS to Issue Prohibition Orders (POs) to bar persons in the financial industry. One, presumably, POs will, generally, be issued only if a person has a former, existing or prospective nexus to the financial industry. As the provision of financial services is complex, with many ecosystems, partners, how will proximity be assessed to define nexus? For example, will staff from a financial institutions' (FIs) service providers such as IT vendors, and ecosystem partners, such as e-commerce platforms, be subjected to a PO? Two, while the basis for streamlining the disparate grounds for issuing POs under the Security and Futures Act (SFA), Financial Advisors Act (FAA) and Insurance Act (IA) into a single fit-and-proper test under section 188 of the Bill is sound, the effectiveness of such a test hinges on how it will be applied.”
“The process may, therefore, result in more friction and deteriorate relationships further. Therefore, it is important to ensure that parties engaging in the legal process will be able to ensure quick and effective justice at a lower cost. [Deputy Speaker (Ms Jessica Tan Soon Neo) in the Chair] Experts and businesses have said that this hybrid model of working and learning from home is here to stay, even if the pandemic ends. I look forward to the Minister's plans on how the Government can strengthen existing solutions to counter the growth in community disputes, so as to preserve our social cohesion and harmony. Community Disputes Resolution Framework”
“Mr Chairman, one major lifestyle change arising from COVID-19 has been about more residents working or learning from home. Along with this trend, we are seeing a rise in the number of disputes within the community. For example, last year, HDB reported around 38,400 cases of noise-related feedback, a 25% increase from 2020, while the Community Dispute Resolution Tribunal (CDRT) also saw higher applications. When community disputes arise, grassroots volunteers and on-the-ground agencies, such as HDB, Town Council or Police, are often the first responders to help engage the parties. Those of us who have helped to mediate a dispute will know that they are never easy. With the number of conflicts between neighbours on the rise, our first responders will be strained with more cases. Given this, can the Minister share if MCCY will dedicate more resources, such as improving training for our first responders, to help our communities be more effective in managing such conflicts? The Community Mediation Centre (CMC) also plays an integral role in resolving neighbour disputes. Mediation at the CMC is an informal and voluntary process, conducted by professionally-trained mediators who are volunteers from all walks of life. Cases referred to the CMC have seen relative success. Can the Minister share more on CMC's effectiveness and will the Government consider mandating mediation for community disputes? Lastly, a legal avenue for resolving disputes is the CDRT. My constituents gave feedback that those who have engaged with the CDRT have not found it to be easy, as they faced long battles which are often adversarial in nature, usually as a result of counter parties raising evidence or allegations haphazardly during proceedings.”
“SMEs, therefore, worry about potentially getting locked into contracts and losing control of key business data as well as IT systems. How can MTI provide better assurance to SMEs with such concerns? The Association of Trade and Commerce also fed back that some SMEs feel that support can be a lot more holistic because, as beginners, they may not be clear of the holistic roadmap for a successful digitalisation, such as the need for online marketing after developing a sales channel. SMEs hence found themselves underestimating the costs and time required to build a digital channel. On this note, how can MTI provide more comprehensive support for SMEs to digitalise? Digitalisation and Innovation”
“While the industry deeply appreciates the Government's support schemes that enabled many to stay afloat, the association has given feedback that the demand aggregation (DA) procurement mechanism used by VITAL to improve Government procurement efficiency has locked out SMEs even though Mr Sharma himself and his company are on the panel. Those who are not on the panel of vendors, he describes, are unable to compete for Government jobs for the few years related to the DA contract. As the digitalisation of procurement processes has made it efficient, can the demand aggregation model be reviewed to improve openness so as to enhance business competition for Government contracts? On this note, what other non-financial measures can MTI further implement to support SMEs in their recovery? Supporting SME Digital Transformation Mr Chairman, digitalisation is an imperative for SMEs to thrive in our new economy. Nonetheless, I mentioned in my Budget speech that what weighs on the minds of SME owners is the certainty of cost increases against the uncertainty of the benefits related to digitalisation. While the Government has embarked on the journey to provide a nurturing ecosystem for SMEs to digitalise, there are still inertia and doubts that deter SMEs from taking that first step. I recently spoke with Mr Jimmy Goh, the owner of an SME 500 Awardee Sin Chwee Mini Mart who successfully digitalised his father's 30-year-old traditional seafood business with the help of an SME Centre. His feedback was about the heavy reliance on outsourced solution providers, noting that SMEs owners like him are not technologically savvy and have to go through a lot of trial and error.”
“Higher energy prices and supply chain disruption continue to push business costs up. Locally, our tighter wage policies relating to foreign labour have been structured to help our local workers and can also, therefore, translate into higher expenses for SMEs. The recent crisis in Ukraine has compounded these worries, as it has exacerbated the rise in energy cost. Oil prices are now expected to stay way higher than US$100 a barrel and business prospects looks a lot cloudier, when it looked a lot brighter, just a few weeks ago. While the business support packages in Budget 2022 are generous and with digital transformation, productivity and trading schemes, can the Minister explain what short-term measures will the Government further provide for SMEs to cope with the yet higher energy prices? Will the Government consider further extending the availability of the Temporary Electricity Contracting Support Scheme (TRECS) to all SMEs which wish to subscribe, given that it is reviewed monthly? Against the backdrop of a prolonged energy crisis worsened by the Ukraine situation, which is still unfolding, will the Government consider further extending TRECS beyond May? Beyond navigating higher business costs with funding support, the Government can also consider boosting non-financial measures to help our SMEs recover and grow. More than handouts, SMEs are eager for opportunities to get back on their feet. Sir, the most inspiring stories of grit can be found in our worst-hit sectors such as our SMEs in the MICE industry. 7.45 pm Mr Dylan Sharma, Vice President of the Singapore Association of Convention and Exhibition Organisers and Suppliers, or SACEOS, told me about pivots that MICE SMEs took and described that online became their lifeline.”
“Thank you, Mr Chairman. On the strengthening of TACs to help SMEs, even as the Government has catered for significant resources to help SMEs in our pursuit of a digital and green economy, SMEs still see transformation as a cost, rather than a strategic investment or advantage. Intensifying outreach to proactively engage SMEs was a point that Minister Gan Kim Yong made in his speech at the Budget debate recently. To accelerate our SMEs' growth in the new economy, there is room to do more to spark that mindset shift and marshal them towards the right resources, shape role models in different industries and to sustain partnerships in their transformational journey. In these aspects, I believe that the trade associations and chambers of commerce (TACs) can step up to play a bigger role and better define a role in partnering the Government. With their extensive networks, TACs can be an effective bridge between agencies and our businesses and are able to galvanise members as agents of change. TACs can also play a role in encouraging knowledge sharing amongst their members, so that businesses can learn about successes and pitfalls faster in their journey for growth. Therefore, can MTI share how it can better incentivise and equip TACs to encourage them to step up their efforts in this area? Measures to Further Support SMEs In the next cut on measures to further support SMEs, Mr Chairman, the economic improvement in Singapore in 2021 is a testament to both the effectiveness of the Government's support measures for our SMEs, as well as the resilience of our local businesses. Although we are not yet out of the woods in this pandemic, our SMES can be cautiously optimistic as the world progressively opens up. That said, there are concerns, given significant economic headwinds.”
“In our fight against scams, a vigilant and discerning public is the first and foremost important line of defence, as are those in the value chain such as online marketing places, telcos, fintech and banks. All stakeholders have a role to play. On this basis, what are the Home Team's new plans to develop and deepen the engagement and set minimum standards across the payments ecosystem to defend against digital crimes? Madam, the Police must be better resourced to maintain its effectiveness in a more complex digital world. Minister of State Desmond Tan had previously mentioned in this House that Police investigators are stretched, given more workload. As such, beyond an increase in manpower, we also need to equip investigators with the right cyber and commercial crime expertise. In noting the modest 1.8% increase in MHA's 2022 Budget, can the Minister clarify if the expenditures have planned for additional manpower as well as capabilities so that our Police can be more effective in stemming the growth of scam cases to keep Singapore safe and secure? Lastly, given the recent media reports and commentaries, can the Minister provide the Government's views on the Court of Appeals' judgment on the constitutional challenge to section 377A of the Penal Code.”
“Mdm Chairman, combating scams urgently was a topic I raised in my previous Budget speech. In 2021, crimes related to scams have increased significantly. SPF reported over 46,000 crimes, the highest in the decade, driven by scam cases being four times that in 2017. Last year, scam victims lost a total of $635 million. This is sizable and more than the $500 million Jobs and Business Support Package or the $560 million Household Support Package. If scams are not curbed safely and resolutely, coupled with the looming threat of more complex cyber crimes, our national efforts towards creating a safer digital economy may be derailed. While our agencies have stepped up, cases show that scammers are innovative and brazen and appear to be a step ahead. Scam typologies consistently evolve to exploit different weaknesses along the payments value chain, testing every link of the digital ecosystem and generally, originate from overseas. SPF has established the Anti-Scam Centre, which has proven effective in our fight against scams. This partnership with stakeholders across the payments value chain seems to have borne fruit, with 24,000 bank accounts frozen and over $160 million in scam proceeds recovered. Similarly, MHA also needs to enhance cross-jurisdictional cooperation to cripple foreign scam syndicates to effectively recover lost monies. On this note, how will MHA step up partnerships with both public and private stakeholders in the digital ecosystem? Can the Minister elaborate on MHA's strategy to foster stronger partnerships with foreign agencies? Community engagement is equally core to SPF's crime prevention strategy.”
“Mdm Chairman, Singapore's zero-tolerance approach towards drugs is well-established today. CNB has been effective in countering illicit drugs and drug offenders, particularly traffickers. While the drug situation in Singapore remains largely under control, the proportion of new youth abusers is concerning. CNB reported that youth aged under 30 continued to form around 60% of new abusers in recent years. We are also starting to see a trend of youths becoming more liberal towards illicit drugs as they become more exposed to alternative lifestyles on social media. Two key trends are notably concerning that complicate matters. One, drugs in the form of new psychoactive substances are on the rise and these are not easy to detect or as straightforward to regulate or enforce from a legislative standpoint. Two, drug traffickers and youth abusers utilise e-commerce services and encrypted messaging apps like Telegram, enabling them to transact swiftly and anonymously in the digital space. To this end, what new measures will the Home Team take to address this trend? The National Committee on Prevention, Rehabilitation and Recidivism reported that youths who had a household member with a history of substance abuse will be more likely to abuse drugs than those who did not. In other words, influences from the lived and learning environment matter. As youths spend more time with parents at home and friends as well as teachers at school, how can MHA leverage this ecosystem to identify at-risk youths for more timely intervention?”
“An equally worrying trend is that of drug abuse by youths. We owe much thanks to CNB's effectiveness in seizing illicit drugs and apprehending offenders, particularly traffickers, to keep our community safe. Notwithstanding this, youths aged 30 continue to form about 60% of new abusers in recent years. This could be due to the more liberal attitudes they have towards drugs and the advent of new psychoactive substances could make this trend worse. We know that along with drug addiction come many social ills. We cannot allow the lives of youths, who are our future, to be marred by drugs. Therefore, more could be done in a concerted effort to engage youths and teachers at schools, as well as parents at home to deal with at-risk youths for timely intervention. There is no silver bullet to solve these challenges. We have to act swiftly and resolutely to protect our citizens. [Deputy Speaker (Mr Christopher de Souza) in the Chair] In conclusion, Sir, I am optimistic that the Budget is poised to pivot Singapore as we move towards a post-pandemic world. While challenges remain, we can take heart in the resilience and the unity they have propelled us forward and we can look ahead with renewed confidence. I support Budget 2022 and the plans in charting Singapore's new way forward together.”
“One angle is for the Government to rope in trade associations and chambers of commerce, or TACs, to contribute more as an effective bridge between our agencies and SMEs. So, I am glad Minister Gan just raised this point earlier and I hope to hear more details on this at the coming Committee of Supply debate. If we do this right, SMEs can really benefit and be ahead of the curve against regional competitors in the new economy. Sir, as important as the Budget is focused on economic progress, is the strengthening of our social resilience. This includes keeping our country safe and secure. I note that Budget 2022 has provided for modest 1.8% increase in MHA's plan expenditure. I hope that it has catered for the expending resources and capabilities to deal with evolving crime trends. At last year's Budget debate, I called for more action and resources to curb the rise of scams. For 2021, SPF reported over 46,000 crimes. While physical crimes have plunged, scams quadrupled from 2017 and victims lost over $633 billion last year. This is more than the $500 million jobs in the Business Support Package or the $560 million Households Support Package (HSP) to help our young and old. As we battle scams, it is not difficult to worry that more sophisticated cybercrimes that have emerged in other countries, such as ransomware where perpetuators steal monies and our data can also impact us. Given the above, we need to dedicate more resources, both skilled staff and capabilities, to Singapore Police Force (SPF) to build on the initial success of the Anti-Scam Centre and leverage its partnerships with other stakeholders in the digital ecosystem. We need more public engagement with both individuals, as well as businesses. Everyone has a role to play in this multi-layered strategy.”
“While the digitalisation journey was rewarding, he shared the uncertainties that could deter SMEs, such as the heavy reliance on outsourced solution providers and, therefore, the worry of the loss of control of key business data and IT systems. Another feedback provided to me by the Association of Trade and Commerce noted that SMEs amidst the journey are unclear of the road map to digitalise, such as the need for online marketing after developing a sales website. SMEs found themselves underestimating the cost and time required to build new digital channels. As we speak about a greener future, what has hogged the media and public conversations has been above the line carbon tax increases. Looking forward, the focus for SMEs should really be about how to remain competitive and in fact capture more opportunities that are ahead. Increasingly, MNCs and governments will require SMEs to be ESG-compliant to continue to be on their panel of tenders. These standards are not easy to implement and sometimes confusing so it is no wonder that many SMEs do not quite know where to start and how to measure and report compliance. While there are different resources available to help businesses in our pursuit of a digital and green economy, SMEs still see transformation as a cost rather than a strategic investment or advantage. This is where the challenge is not about funding alone, but it is about how our Government can play a bigger role in actively engaging our SMEs. More can be done to spark a mindset shift in SMEs, to marshal them towards the right resources, shape role models in different industries and to sustain partnerships in their transformation journey.”
“Headwinds remain. SMEs expect higher business costs for macro-economic risks, such as rising energy and commodity prices, worsening geopolitical conflicts and supply chains disruptions. Locally, the Progressive Wage Model (PWM) and tighter foreign labour policies instituted will help uplift lower-wage workers and boost the hiring of residents respectively, but they translate to even greater expenses for our SMEs. I, therefore, welcome the $500 million Jobs and Business Support Package. This provides payouts to SMEs most affected by COVID-19 restrictions on top of the extension of other financing schemes. Budget 2022 is clear in its push for SMEs to strengthen its capabilities: $200 million for digitisation schemes, $600 million to expand the Productivity Solutions Grant and $100 million to company skills training. All in, support for SMEs to transform and thrive in the new economy is sizeable. Nevertheless, what may weigh on the minds of SME owners are the certainty of cost increases against the uncertain benefits of transformation. Therefore, beyond funding, what is key to realise our plans for a new economy is good execution. The Government can consider more active role to engage and transform our SMEs quicker. Mr Jimmy Goh, owner of an SME500 awardee, Sim Chwee Mini-mart, recently told me how grateful he was for the support provided by the Productivity Solutions Grant and advice from an SME Centre. This helped him to take the bold step to successfully digitised his father's traditional seafood trading business of over 30 years.”
“Mr Speaker, Sir, we are in the midst of navigating the COVID-19 pandemic. We have fared collectively well so far and I attribute this to the leadership of our Government, in the trust and cooperation of our citizens. I applaud the Government for boldly putting forward a holistic and expansionary Budget of $102.4 billion. Taken as a whole, the Budget is not only fairer, greener and more inclusive for individuals and businesses. Importantly, it tackles existing challenges and yet, prepares Singapore for opportunities that are before us. Budget 2022 is a clear step forward as it demonstrates the Government's commitment towards a fairer society, where the better off amongst us contribute more with a progressive and resilient tax system. The GST hike, higher carbon taxes and wealth tax increases as sources of funds are not immediate and this Budget has provided more clarity and certainty for individuals and firms to plan ahead. For the above reasons, this Budget, aptly titled "Charting A New Way Forward Together" resonates with me. Our plan is to ensure that no one – individual or business – will be left behind as we ride the wave into a more complex, more digital and greener world. To achieve that, I would like to highlight two areas which we will need to focus on: one, supporting and accelerating our SMEs in their recovery and growth in the new economy; and two, redoubling our efforts to tackle escalating crime trends, specifically to safeguard our citizens against digital crimes such as scams as well as to protect our youths from the perils of drug abuse. I will first speak on supporting our SMEs which are the backbone of our economy. Although Singapore's economy is projected to grow 3% to 5% in 2022, businesses are cautiously optimistic as the world opens up.”
“With innovative solutions, Singapore-based international carbon exchanges can also participate in this transition which has other spin-off benefits like spurring greener projects such as R&D in clean hydrogen, developing carbon sinks and clean energy farms in the region. Mr Speaker, Sir, in summary, Singapore is well-positioned to contribute towards a greener future to help achieve our net zero ambitions on carbon. We can achieve this by implementing measures in a balanced approach. Transitions will require sacrifices and trade-offs by individuals and businesses, but the positive impacts created and the opportunities that can be seized will be bountiful. In addition, the future is an exciting one as there are many green growth opportunities for Singapore to scale while at the same time riding this wave to drive economic growth.”
“Today the carbon markets globally remain illiquid and fragmented as they face challenges such as the lack of strong governance, differing standards and grey areas such as the verifiability of projects. These impact market confidence. Market participants wonder if the carbon credits purchased really deliver carbon reductions. As such, the opportunities before us are real given the pent-up demand. I believe this is where Singapore can play a distinctive leadership role as a trusted global financial and services hub with strong regulatory regime, market infrastructure and services sector expertise. Our brand name for excellence will provide us the platform to create a carbon services hub where participants can buy and sell carbon credits that are of integrity. This would mean the need for an ecosystem such as carbon accounting and Monitoring, Reporting and Verification Services (MRV) here and in the region. In Singapore, there will be a need for more professionals in a carbon services hub ecosystem. This will spur our services sector to leverage existing skillsets in areas such as trading, product structuring, measurement and certification to apply in the carbon space to support clients in their decarbonisation efforts. All these will lead to the creation of new jobs in Singapore and in the region. As such, I am glad that the Government is exploring the use of carbon schemes such as the enablement of large carbon emitters in Singapore to purchase high quality international carbon credits to offset their liabilities.”
“As an international services hub for finance, consulting, accounting, trading and legal amongst others, we are well-positioned to help the region and the world. This will also create many exciting green business opportunities. It is often said in business, what you want to manage, you first need to measure. While this is a critical step, the task of any company to determine its baseline carbon footprint or emission is not easy, even for a sophisticated corporate. The Greenhouse Gas Protocol requires the measurement of not just this but also the indirect emissions from a company’s activities known as Scope 2 and from the value chain known as Scope 3, which is even more complex to measure. What I am saying is that measurement is not easy and companies here and the region will need expertise to get this done. Financial services is also an area where Singapore can make an impact. Investors globally have demonstrated willingness to offer loans at favourable rates while demand is also set to increase as organisations look to also finance decarbonisation efforts and projects. This demand will spur the supply and diversity of products in the international financial marketplace, such as sustainability linked loans, green bonds, green investment funds, as well as transition financing to support decarbonisation plans. Another key opportunity will be for Singapore to position itself as a carbon services hub. Even though carbon credits are recognised as part of the climate solution in the Kyoto Protocol since 1997, in reality, the Voluntary Carbon Market (VCM) is still at a nascent stage.”
“As carbon taxes can have regressive effects on the vulnerable segments of our society who spend a higher proportion of their income on basic services such as electricity bills, such negative effects need to be addressed. I hope that as a higher carbon tax is being contemplated, the Government can provide some assurance that relief will be granted in the same way we cushion for GST increases. Singapore’s transition plan towards a low-carbon society should be an inclusive one. If we are to achieve a greener way of life, it is important to scale up awareness and educational programmes for households and businesses. This enabler is key to move from rhetoric of mere targets to real actions. Many initiatives we do today, such as our Smart Nation or Zero-Waste Nation programmes, fits nicely into our green movement. Such programs reinforce our green efforts, such as accelerating digitalisation, will lead to a paperless society and reduced waste will help go towards reducing carbon footprint. There is scope to create more awareness on enablers as well as actionable steps to galvanise actions. Shopkeepers and residents in our neighbourhood want to be green and want to know how much carbon they produce. This is where Government can help facilitate through sharper awareness programmes, through providing carbon footprint calculators and alternatives to facilitate individual action. Given the global urgency to act quickly for a net zero carbon future, Singapore can and should seize the exciting opportunities that exist before us. We can improve the lives of our citizens and contribute to the global good along with creating new business opportunities.”
“As we transition towards a green economy, the immediate concern of many households and businesses is about having to bear higher costs to adopt more sustainable and low-carbon practices. This will be taking place against the backdrop of other forms of global trends that is driving cost increases, such as supply chain disruptions, a topic we debated passionately about. As businesses look to lower their carbon footprint to meet expectations of stakeholders, they will experience higher operating costs and capital outlay. Domestically, higher costs can also arise from changes in regulations, such as energy efficiency requirements and the Carbon tax. Externally, as the world decarbonises, energy costs will rise. Given this, the implication is not to stop or slow down our decarbonisation efforts but to ensure that we provide support to households and businesses in their journey to become more sustainable. As such, with the impending revision of Singapore’s carbon tax regime, the Government should adopt a balanced approach to carbon pricing with subsequent increases paced. While a higher carbon tax can drive reductions in carbon emitting activities, it is important that Carbon pricing be tiered to match against the greener alternatives available or abatement efforts. This is to allow households and businesses in particular SMEs, to make rational transitions. Higher businesses costs could be temporary during transition and eventually make our businesses fitter in the longer term. But transitions do take time, and our Government could consider adding "carrots" as part of a total package over and above the tax regime, such as Green rewards or financing incentives for households and businesses to accelerate behavioural changes.”
“Mr Speaker, Sir, experts noted that the recent COP26 Climate Conference to secure a net-zero carbon footprint fell short of actions but help move the world forward. In Singapore, a Clean and Green Global City has always been a national focus since our founding as a nation. We have been doing our part such as setting up a Climate Action Package in 2018 and more recently, putting forward the Singapore Green Plan 2030 which we discussed in this House. In joining the debate on this Motion, there are two key areas I would like to touch on: one, factors to consider in our Green transition plans; and two, seizing opportunities in the Green economy. These are areas that will pave a clear glide path in our journey towards achieving our net-zero ambitions and eventually set a time-bound commitment, along with strengthening our position on climate leadership. Key to an effective green transition is about having a good implementation plan. This requires a clear-headed recognition that a greener world and Singapore will come at a cost. Therefore, we need to navigate this well. It was apparent at COP26 that such trade-offs are not easy to make and Singapore will face similar challenges in our transition journey. A good implementation is about our Government leading these efforts which are effective in reducing real carbon footprint and done smoothly, so that the unintended effects on our society are mitigated. A holistic plan would entail: one, a balanced approach in carbon pricing; two, eliminating the regressive effects; and three, accelerating efforts on identifying enablers, which is about stepping up awareness and education on carbon emissions and greener alternatives.”
“Assuming a higher level of OFR is required to conduct monetary policy, it appears that MAS can redeem RMGS from the Government on demand. If so, can Minister explain how the mechanism ensures fairness between central bank, which may need more liquidity during periods when markets are under financial stress and the Government, or GIC, which has invested the RMGS funds in longer-term assets and may have to potentially sell assets under market stress conditions? Mr Speaker, Sir, notwithstanding the above clarifications, I support this Bill.”
“Mr Speaker, Sir, the MAS (Amendment) Bill introduces the use of Reserves Management Government Securities (RMGS) to facilitate the management of Government reserves. These amendments will help in the deployment of reserves that are in excess of baseline Official Foreign Reserves (OFR) to optimise returns for Singapore. This is a good step to take as it will also reduce MAS' exposure to translation effects from its foreign currency holdings. The introduction of new safeguards along with the amendments to the Government Securities Act will help ensure that RMGS will be solely used for the purpose of transferring OFR. The safeguards will provide assurance to the public that RMGS cannot be used for Government spending. Given the above, I seek two clarifications from the Minister on this Bill. One, today MAS has a stated position of maintaining OFR of at least 65% of GDP to which it deems sufficient to defend against speculative pressures. One can expect the exact percentage to be confidential and vary, depending on the conditions of the financial markets. If more RMGS is issued, on average one can expect higher investment but lower liquidity cushion to manage the Singapore dollar exchange rate in times of financial market stress. Conversely, if the size of RMGS is lower, the higher will be MAS' liquidity cushion. As MAS being our central bank alone determines such levels independent of the Government, can Minister explain how this independence is maintained since MAS' board comprises largely of our Government Ministers who have roles and responsibilities on both sides? Secondly, Minister Lawrence Wong earlier mentioned about the tail risk situations.”
“Third, the Bill also requires in some cases under clause 22(2)(d) the duty for reporting of a death to fall on persons that may not be at all related or associated to the deceased, therefore, there is this undue burden, failing which the person will be considered guilty of an offence and fined up to $1,500 and/or imprisonment of up to a month. The Minister of State had earlier mentioned about unnatural death briefly. So, for the clarity of the public, can the Minister of State clarify if, for example, a person on a morning jog finds a dead body and calls the Police, would the person still be liable to report the death to a medical practitioner under this section? Will alerting the death to the authorities suffice to discharge such a person from the duties the Bill now appears to place on that person? And four, I have come across a resident whose parents passed away overseas and have not been able to get the death certificate even after he claimed the relevant agencies had assisted him to contact their counterparts in the foreign country. The body was not brought back to Singapore and he, therefore, is unable to bring closure to their estate matters after many years. Can the Minister of State clarify if the process to prevent fraud for such cases has been streamlined and if the Registrar-General will have the discretion to register a death that has occurred outside Singapore? Mdm Deputy Speaker, in concluding, I support this Bill.”
“Mdm Deputy Speaker, coming on the heels of the recent publication of Census 2020, it is important for relevant Government agencies to be updated and have accurate records such as the registration of both births and deaths in Singapore. These records assist in ensuring that our population data is accurate and allows us to use this information to plan and enact policies to respond to the needs of our population. That said, I wish to seek some clarifications from the Minister of State for Home Affairs on certain provisions of this Bill in four areas. One, the present Bill seeks to streamline and digitise the death registration process. The new process requires a medical practitioner to certify and submit the death of a person online following which the death certificate is issued digitally. I also understand that the doctor or hospital can assist in printing the certificate for families who have difficulties accessing the digital certificates. Could the Minister of State clarify if this new process will result in increased fees compared to the current process since, for example, the doctor will now have to print the certificate or is it envisaged for it to be without charge? Two, I also note that according to the Second Schedule in the current Registration of Births and Deaths Rules, there is a listing of fees such as persons are required to pay a $40 fee for certified extract of birth or death from the register in Forms L and M respectively. May I also clarify with the Minister of State if there will be similar fees if families at a later stage want to get a digital extract?”
“Mr Speaker, Sir, I have a clarification question for the Minister of State. He earlier mentioned about statistics where over the last 10 years till 2019, traffic fatalities have dropped. However, in that lower number, about 80% of traffic fatalities relate to the elderly. So, the clarification question for the Minister of State is whether there are plans and initiatives that have been put in place to address this given that our population is ageing. Assoc Prof Dr Muhammad Faishal Ibrahim: Sir, we share Mr Derrick Goh's concern about the accidents and the vulnerability of our seniors and elderly. In fact, we are going to enhance our penalties against irresponsible motorists in Silver Zones. We want to encourage more and greater caution in areas which are frequented by elderly pedestrians. We will be doing something shortly, later this year, where motorists who commit offences in the Silver Zones will incur two additional demerit points, on top of the usual demerit points. They will also be liable for an additional $100 in composition fine. In addition to that, we also engage the senior community by working with Senior Activity Centres and Lion Befrienders. Just in February this year, TP launched the Eye Care Kit to work with the seniors on how they are able to walk and travel safely.”
“I raise three questions for clarification on how this would be operationalised, as I am sure the public would be very interested. One, if the test is to be done online, whether there will be special arrangements made for those who are not tech-savvy or not as literate, such as our elderly PAB users? Secondly, given that the tests are valid lifelong, will there be any refresher courses required for PAB users if they are involved in a traffic offence? Thirdly, whether the test will involve a fee and, if it does, are there ways to either subsidise or waive the fee so as not to impose a burden on residents, especially those in financial difficulties? Before I end my speech, I wish to briefly mention about the issuance of fines for offences committed under the RTA. A number of my residents who have not been able to have their traffic fines waived because of the seriousness of their offences, such as beating a red light or speeding, have often appealed to be given the option to pay the fine in instalments. I hope the Minister will consider making instalment payments more readily available so that they can pay fines without being put in a difficult financial position, which is not the objective of the RTA. In conclusion, Mr Speaker, Sir, I support this Bill. 3.57 pm”
“In trying to stem illegal vehicle modification, it was discussed in this House last March and the RTA was updated in 2017 to give more teeth to enforcement efforts against errant workshops to deter them from offering such services. While enforcement against errant workshops can be challenging, I applaud LTA for some success in stemming this activity at the source. For example, last week, CNA reported that a workshop was charged with three counts of illegal vehicle modifications under the RTA. Given the above, could the Minister of State consider more effective measures to be put in place to address this through better detection instead of what seems to be mainly an enforcement approach which is a cat-and-mouse game that is resource-intensive? If our traffic enforcement officers are able to identify illegal vehicle modifications at roadblocks in the early hours of the day, one would expect vehicle inspection centres with specialised equipment to better detect such modifications to engine as well as exhaust systems even if they are not easily visible. Additionally, the vehicle noise test could perhaps be done under more realistic conditions where a vehicle is put under load and accelerated on a rolling stock to detect the “pop and crackle” sound. I hope more thought can be given to how we may overcome these challenges through better detection and if the Minister can provide further updates on this to better protect road users as well as our community. On the topic of introducing a single theory test for PABs on the roads, I believe this would be helpful in ensuring that PAB users are aware of the road traffic rules and behave in a safe manner on the roads. However, I note that the theory test is envisaged to be online and the results are valid lifelong.”
“Turning to the increase in penalties for illegal speed trials, I believe that this sends a strong signal to racers that their anti-social behaviour on the roads attract consequences. The updated penalties are significant with the first offence carrying a fine of $5,000 and 12 months' imprisonment, making the monetary impact five times higher and doubling the prison sentence. Given the uptick in illegal speed trials in recent years, as mentioned by the Minister of State, it will, hopefully, deter and prevent needless loss of precious lives and damage to property, such as the devastating Tanjong Pagar car crash that happened a few months ago. Apart from the obvious endangerment to life, illegal speed trials create other social ills that affect even more people in Singapore and, that is, noise pollution. Similar to Members of this House who have spoken on this topic before me, my residents at Nee Soon have shared that they are often woken up by the sounds of loud revving cars and motorcycles. This is due to motorists speeding from Yishun Dam to Avenue 1 in Yishun outside their homes in the wee hours of the morning. Residents are frustrated with little recourse. I thank the Traffic Police and LTA officers for responding to our feedback where, most recently in March, The Straits Times reported that the joint operations at the Yishun Dam area netted 71 summonses. Of these, 54, or over three quarters, relate to illegal modifications and this is a very high proportion. These modifications include illegally modified engines and exhaust systems which are the source of noise pollution, causing public nuisance as well as enhancing engine power settings that increase the safety risks to the driver and other road users.”
“Mr Speaker, Sir, the usage and safety of our roads is important to our citizens. Over the years, this Government has put much effort into improving road safety through legislation as well as through non-legislative efforts. Based on Traffic Police statistics, the efforts have shown to be effective. While traffic fatalities have steadily declined over the last 10 years in absolute terms and a similar downtrend is seen in road traffic injuries sustained, this improvement is even more significant if one considers the other side of the equation – that both road traffic and users have also increased. Given the limited road capacity in Singapore and increased road traffic and shared usage, I am glad that we have continued to re-assess our approach in response to the evolving trends and threats in road safety. The amendments to the Road Safety Act, or RTA, tabled in this House today are even-handed in approach, with enhanced penalties for higher risk areas, recalibrating penalties, for example, in vehicle forfeiture to reduce prejudice faced by non-complicit vehicle owners and added new offences as well as requirements factoring new trends related to road traffic usage. This legislation has also added new offences as well as requirements factoring the increase in PABs on the road. I will now speak on the specific amendments. On the issue of enhancing penalties for the existing offence of importing or selling unapproved helmets, I welcome this move. This amendment is an enlightened approach by looking more strategically at the supply chain to signal to both importers as well as sellers that the sale of unapproved helmets will not be tolerated.”
“Additionally, SINGA bonds would be a good asset-liability match for financial institutions such as insurers which have long dated funds that needs to be deployed as the insurance market grows further. Mr Speaker, Sir, in conclusion, I support this Bill.”
“In short, as interest rate trends are not always predictable, the question more broadly is: how will the Government hedge the interest rate risk since we ought to also protect the future generation from shouldering an unexpected debt servicing burden? Clause 5 (1)(b) limits the total effective interest rate paid on the securities issued under this legislation to be no more than S$5 billion. Effectively, the Bill provides an implied interest cap of around 5.5% against the total SINGA bonds of S$90 billion. This rate appears to be a good and reasonable control in the context of today's low interest rate environment. However, I note that 10-year SGS yields were over 5% in the late 1990s. If there is a resurgence of inflation, which is not unlikely, given the massive stimulus by governments, such as the US, and a corresponding rise in the level of risk-free rates, it is good that the future Government be required to come back to debate and receive support from this House. While this legislation will help address the funding of our significant infrastructure needs, from a financial market development standpoint, the issuance of SINGA bonds will help further deepen Singapore as an international financial market. Currently, there is lower liquidity at the longer end of the sovereign rate curve given that the Government has had little need to issue longer dated financial instruments. With SINGA bonds issued with longer tenors, this can help build out a longer term risk-free curve which financial institutions need for referencing the pricing of long-dated projects, such as project finance loans as an example.”
“Notwithstanding this, I am glad that there have been ample safeguards built into this legislation, such as, one, a precise definition of what an "infrastructure project" means to eliminate the possibility of using this Bill as a backdoor way to spend on soft investments; and two, a clear definition of "qualifying capital expenditure" to exclude expenditures, such as the cost of repairs and maintenance which should be rightfully expensed when incurred and therefore not be allowed for capitalisation. This will ensure that such expenses, including soft investments, will need to be transparently put before this House as part of our annual Budget debate. While we are on the topic of safeguards, since significant infrastructure have long development lead times as well as useful life, can the Deputy Prime Minister clarify how will the financial mechanism be applied to decide on the borrowing tenor since most of these public projects are unlikely to have a clear cashflow stream? The Deputy Prime Minister had mentioned that nationally significant infrastructure funding is managed on a bond portfolio approach. However, a portfolio is made up of many projects. The question I have is that, at a project level, for example, if the useful life of the flood defences project is 50 years, can the Government decide to fund this through a shorter borrowing tenor of, say, 10 years? If so, when the time comes for rolling over the borrowings, interest rates could have risen potentially, leaving the future term of Government with a higher interest rate expense.”
“Mr Speaker, Sir, in March this year, the local media reported that Singapore was ranked 11th in the world in the latest Schroders Global Cities index. This index ranked cities by measuring key dimensions, such as economic dynamism, innovation, sustainable environmental policies as well as transportation. Transportation infrastructure is a new factor included by the researchers this year as they noted it is critical to supporting social mobility, a key feature of great cities. Singapore will need to continue to invest in its infrastructure for its long-term development to continue to be amongst the top cities in the world for its citizens to live in and be an international place to do business. Given the need to continue to develop our MRT lines, infrastructure to adapt to climate change as well as sewerage systems, it is logical and a sensible thing for our Government to finance these projects through borrowings to spread the lumpiness of the cost to match the benefits that will accrue over time. I fundamentally agree with this approach as it is also economically efficient given the ability of Singapore to tap the debt markets. Given the past and continued strong track record of this Government, we have every reason to be confident that the SINGA Bill would be used optimally for the benefit of our citizens.”
“It is a known fact that they are often faced by challenges, such as the lack of business size and scale, and as a result, face challenges in adopting technology solutions that could generally be costly on a standalone basis, but could perhaps be a lot more affordable if adopted across a segment of the industry. Taking an example from SMEs in the restaurant business, we are seeing an increased use of e-menus. However, the use of e-ordering solutions and analytics is way lower even though it helps productivity and can even help supplement the lack of manpower and wait staff. SME entrepreneurs want to focus on their business and many are not tech savvy. They want to see more help – from an economic standpoint of technology service as a platform. So, for one, they will not see the incurrence of capital cost, since grants generally do not cover 100% of the initiative; and secondly, they want to minimise risk since they do not know if the benefits of the technology solution will pay off. Given situations like this, what will the Government do more of and differently beyond providing grants to better encourage and guide our enterprises to adopt technology and digital solutions to improve productivity? From a trade associations and chambers of commerce (TACs) standpoint, they also have a role to play, given their influence through their long-standing relationships with their members. Can the Minister explain what the progress has been in this space so far, and if TACs can play a part to help aggregate the demand for such information and communications technology (ICT) needs to further complement the efforts of the Government to deliver more economical solutions for the respective segments in their industries?”
“Sir, SMEs have given feedback that they have been very grateful for the relief measures such as the Jobs Support Scheme (JSS). One SME restaurant chain owner mentioned to me about how JSS helped her business stay afloat and survive the most difficult period last year, allowing the SME to retain over 50 staff to reach the stage now where the business is seeing some improvement. As the economic recovery will take longer, some business segments will experience a flatter K-shape recovery. The key measures of help from the Resilience Package such as the JSS and Government loan schemes such as the Temporary Bridging Loan Programme, will end by 30 September 2021. What are other non-financial support will be provided to help boost SME services to help them ride out this pandemic situation? SMEs are doing what they can to do more business, so in place of subsidies, will the Government be planning to bring forward contracts to support the demand for SME services? As border controls and travel restrictions will take a lot longer to normalise, given the pandemic situation outside of Singapore, this means that the tourism industry will have to bear longer the low demand for their services. Given this, what other plans does the Government have in place for the tourism sector beyond the Resilience Package? Many of our residents will not have the opportunity to travel and have been keen to explore more of Singapore, as observed from the experience of the last December holidays. Will the Minister consider accelerating domestic tourism for our citizens to further explore Singapore's nature and arts and culture scene to help our local businesses? Helping More SMEs to Transform Mr Chairman, on item (v). We have been striving to help strengthen our SME businesses.”
“Mr Chairman, may I take cuts (u) and (v) together?”
“Mr Chairman, the Ministry of Law has already taken many steps in its digitisation journey. With the digital efforts undertaken across Government agencies, what plans does the SLA have in making available data platforms for businesses and individuals to make better decisions? For documentation intensive processes, will SLA consider digitising more in these areas, such as conveyancing-related processes using smart contracts and distributed ledger technology?”
“Can MHA share plans and clarify if more expenditure has been factored for the Ministry to acquire more digitally equipped investigators and capabilities to ensure our law enforcement and connected agencies are sufficiently resourced and fit for purpose? My second point is about strengthening safeguards where at heart of the issue is about the need to approach this holistically, across the digital eco-system. Given the many digital hand-offs, we need a multi-layered, whole-of-nation approach where all commercial participants in the digital economy supported by sharper laws and regulations are needed to protect our Smart Nation. 5.30 pm As the Government and the Police cannot tackle this alone, what are the plans to work more with the relevant agencies and private sector participants apart from banks, such as telcos and e-commerce platforms to deal with this holistically? Given the understanding of online fraud crime typologies and root causes, would the Ministry consider roping in relevant private sector platforms who have higher scam incidents and profit from the online eco-system to also step up and play their part in terms of fraud prevention and detection measures in the same way MAS is has engaged the banking sector? Lastly, there is a need to address the trend in the movement of funds derived from scams to outside Singapore. As such, will MHA increase cross jurisdictional cooperation with other neighbouring countries' law enforcement agencies to come up with a more comprehensive plan to combat this problem and to help the victims recover their monies?”
“Sir, as the digital space grows and more and more Singaporeans, young and old, are going online, as we should expect, many are vulnerable and may not be equipped with sufficient digital literacy and participation in the digital space may expose them to tortious harms. This group of vulnerable citizens could be exposed to bad actors online who may spread falsehoods about them, harass them or worse, damage their reputation online. These tortious harms affect people from young to old. In simple language, many of us term this as cyberbullying or simply, cyber harassment. In specific cases like doxing, personal information is shared online to stir and facilitate harassment. Although the Government has moved quickly and substantially in this area by instituting the Protection from Harassment Act and other related measures, these harms are still experienced by many. What other measures would the Minister be planning to help those affected by such harmful speech online to achieve quick and effective justice? Strengthening Protection against Online Scams On item (ae), Mr Chairman, I raised the point in my speech on the Budget Statement that the problem of scams is but a consequence of pursuing a digital economy. It is expected. However, the steep growth rate of 65% in scam cases where the majority of the top 10 scam types relates to online scams is deeply concerning. Given this rising trend where over $200 million has been siphoned across top 10 categories, it is reasonable for our Government to spend proportionately to mitigate this crime: one, to protect our residents who are digitally vulnerable; and two, to maintain the high trust levels in our Government.”
“May I take the two cuts together – (p) and (ae)?”
“Chairman, Singapore has always been strongly committed to free trade and connectivity as this is the foundation of how we make a living as a nation. From this perspective, ASEAN is an important grouping for Singapore to strengthen our connectivity with Southeast Asia, to deepen our role as a hub for the region and sharing the vision of realising the ASEAN Community by 2025. Can Minister share how will Singapore be supporting ASEAN, especially this year's Chair, Brunei, to forge a closer ASEAN for the benefit of all? Relations with Other Key Partners”
“Mr Chairman, the support given by MAS through the six-month moratorium on the payment of insurance premiums has been helpful, but it will end by 31 March 2021. We are likely to see more residents not being able to continue to pay their insurance premiums as the economy will not recover so quickly, including the unevenness of growth expected to continue across economic sectors. Residents in such cases may have no choice but to terminate their policies or sell them to third parties. It would be good if MAS could consider ways to help citizens who have to sell their policies to third parties to get a fairer value, especially under such challenging times, through better price discovery from the secondary market that is currently unregulated. Driving Environmental and Social Outcomes”
“So, I am heartened that this Government has shown commitment and leadership in putting forward an expansionary Budget to put more effort to help Singapore stay ahead and securing Singapore with the community. Sir, I support this Budget.”
“Perhaps, we need to prioritise recovery so that we have a higher chance to get the funds back, target a national level response time for recovery of domestic fund flows and push for commitments across Government agencies and the private sector to act within the response times agreed. Three, with the target response times in mind, review whether our law enforcement and similar agencies are sufficiently resourced and fit for purpose, supported by effective regulations since digital crimes are very different from physical crimes due to anonymity and speed. The economics are compelling enough – with the sizeable amount of monies lost through scams, we should allocate a proportionately higher expenditure to fight online scams head-on. Four, relevant agencies should develop fraud prevention and detection standards with relevant private sector groups that they interact with. MAS is very engaged with the banking sector, and perhaps we can do more with other sectors as well. Given the knowledge of these criminal typologies, could MHA take the lead as the overall coordinator? And lastly, there is also a need to increase cross jurisdictional cooperation to come up with a more comprehensive plan to recover funds as more monies are being lost overseas. Mr Speaker, Sir, the problem of online scams is but an inevitable consequence of pursuing a digital economy. As such, let us make sure that our digital economy has a multi-layered defence against cyber threats that necessarily includes a multi-layered defence against scams. In conclusion, Sir, I reflected on the Singapore's Budget Statement for 2021 and I recall my former boss once telling me that requesting for a higher Budget just means more work ahead.”
“At one level, we need to continue to emphasise the need for individual responsibility and education. However, social engineering can be sophisticated, which is why even savvy people can be duped. The reality is that our citizens are faced with a full spectrum, from simple to sophisticated scams. I often hear people say, “What are the Police doing about it or what is MAS or the Banks doing about it?” However, at the heart of the issue is that the problem cannot be approached by focusing on a single or a few parts of the digital eco-system. We already know that it is impossible to secure an email or bank account if the mobile phone is not secure and it is also impossible to secure a transaction if the e-commerce website is also not secure and so on. Hence, the interaction of so many digital hand-offs creates complexity. So, we need a multi-layered, whole-of-nation approach. I believe that while the Government is taking the lead, consumers wanting the convenience as well as companies seeking to profit in the digital economy must also bear a fair share of the burden in protecting the system. Our solutions to scams – processes, actions, laws and regulations – need to reflect this holistic approach. On this point, I have five recommendations to further sharpen our approach. One, maintain our current stance on community education. This is an essential pillar for our multi-layered defence to strengthen awareness and accountability at the individual level. Two, like cybersecurity, we must always assume that scams will succeed.”
“It is good that our Government has rolled out many digital literacy initiatives through the Media Literacy Council, National Crime Prevention Council or the National Digital Literacy Programme in schools, or CSA initiatives, such as the cybersecurity labelling on all smart home devices, to name a few. So, perhaps some time is needed for these programmes to take effect and it could be worthwhile for a co-ordinating body to take stock holistically based on the learnings above. This is to shepherd our population towards greater digital discipline as well as build a deeper awareness, especially in areas that need attention, to strengthen digital muscles across our country. After all, in cybersecurity terms, it is often said that we are only as strong as the weakest link. A more fundamental issue at hand is that more Singaporeans are falling prey to online scams, losing large sums of hard-earned money. On 9 February this year, the Straits Times reported that scam cases grew 65% in 2020 over the prior year. This is a record number where more than $201 million were lost across the top 10 scam types. Of this, online scams made up 60%, of which, most were related to e-commerce and social media impersonation. This topic strikes close to my heart as, in my resident’s case, it left him, an 80-year-old, in a despondent state. He lost over $400,000, most of this from his retirement savings from the sale of his 5-room flat. He had released his bank’s ID, password and authentication token to a scam. The money, it seems, was transferred to Hong Kong and the Police had told him that he is unlikely to get his money back. My heart goes out to him and other citizens who are like him. It is tempting to say that “giving your ID, password and token is like giving away your house keys”.”