Gan Kim Yong
Singapore
“Consumer complaints relating to the secondary resale market for tickets to major events and concerts have generally remained low. Nonetheless, to protect the public from scams on secondary ticket resale platforms, the Police have imposed Code of Practice requirements under the Online Criminal Harms Act to require designated online service…”
“Singapore does not condone the use of forced labour. We criminalise forced labour in Singapore under various laws. Relevant Government Ministries and agencies, such as the Ministry of Manpower, Ministry of Home Affairs and Singapore Police Force, play their part in investigating complaints of suspected breaches in domestic laws that relat…”
“The Association of Banks in Singapore (ABS) discontinued the PayNow nickname feature as scammers had been exploiting the use of nicknames to impersonate legitimate entities and trusted individuals.”
“As of end-2025, around 6,900 private residential buildings have registered their solar installations with SP Group for the export of excess solar-generated electricity to the grid. The installed solar capacity of these residential buildings is 115.3 megawatt-peak (MWp), or around 5.5% of all current installed solar capacity in Singapore.”
“The one-year pilot extension of liquor trading hours has seen strong interest from businesses. As of 31 May 2026, the Police have approved 88 applications for the extension of liquor trading hours from public entertainment outlets in these areas.”
“The Government does not make projections of domestic or regional demand for renewable diesel or sustainable aviation fuel. Demand depends on commercial considerations, evolving market conditions and regulatory developments across different jurisdictions.”
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“Based on data from the 2020 Census of Population, which is the latest available, the percentage of married couples in resident households where both spouses were employed was around 53%. This was higher than the 47% in 2010. Details on the percentages of such married couples by age groups can be found in the Census of Population published on the Department of Statistics' website.”
“Nonetheless, regulatory safeguards are not a substitute for investor responsibility. All investments carry risks and investors are advised to engage only with products they fully understand and that align with their risk tolerance.”
“Section 4A of the Securities and Futures Act 2001 sets out the asset and income thresholds for an individual to become eligible for accredited investor status. The accredited investor eligibility criteria were last updated in 2018 to introduce a $1 million cap on the value of an individual's primary residence that could be used in the net personal asset assessment. It also requires investors who meet the eligibility criteria to expressly opt in before they can be treated as an accredited investor by a financial institution. Regardless of an individual's net worth, financial institutions must, in the first instance, treat all customers as retail investors and accord them the full range of safeguards. This means that financial institutions must comply with prescribed product disclosure requirements and assess the investor’s investment knowledge and experience before recommending products that may be more complex in nature. Beyond this, investors who meet the accredited investor eligibility criteria may be offered the option to become accredited investors, which will avail them to a larger suite of products and services but will not avail them to the same level of regulatory safeguards as retail investors. These investors must choose to become accredited investors and financial institutions are required by regulation to explain clearly to them the safeguards they will forgo when opting to be an accredited investor. Under the Fair Dealing Guidelines that the Monetary Authority of Singapore recently updated in May 2024, financial institutions are also expected to consider a customer's profile, risk tolerance and financial knowledge, regardless of his or her accredited investor status, to assess whether a product is suitable for the customer before making a recommendation.”
“The SkillsFuture Enterprise Credit (SFEC) rides on various base enterprise support schemes, some of which require Corppass to apply. The approval process for a Corppass account requires minimal additional information and applicants can expect an approval within five working days once the necessary information has been provided. After the company has successfully applied for the base scheme, they do not need to separately apply for SFEC. The Inland Revenue Authority of Singapore will automatically reimburse eligible companies and Corppass is not required.”
“The new artificial intelligence (AI) diffusion rule has not been finalised and is subject to further change by the Trump Administration. We are closely monitoring the situation and engaging companies on the potential impact, if any, to their AI activities in Singapore. If necessary, we will consider measures that are appropriate to ensure that Singapore-based companies will continue to have access to high-end chips and technologies from the United States.”
“The Johor-Singapore Special Economic Zone aims to improve cross-border movement of goods and people, and the ease of doing business. Businesses across different sectors, including arts businesses, can tap on the complementary strengths offered by Singapore and Johor to grow.”
“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 create good jobs for Singaporeans. Many Singapore-based firms are already operating in Johor to take advantage of the resources there while focusing their operations in Singapore on headquarters and research functions where we have relative strengths. Singapore and Malaysia will also jointly attract new international investments to JS-SEZ that benefit both countries. Compared to firms located in jurisdictions that are further away, firms investing in JS-SEZ are more likely to establish operations in Singapore or tap on the services provided by Singapore companies, thereby creating value for our economy.”
“Our goal is for Singapore to be a critical node for advanced electronics manufacturing and innovation. To achieve this, we will (a) anchor research and development (R&D) and manufacturing capabilities from globally leading companies in key segments, like memory and specialty chips; (b) strengthen our R&D ecosystem to drive growth through innovation; (c) develop a strong local base of partners and suppliers to support these activities; and (d) attract more locals into the sector and ensure they acquire industry-relevant skillsets. We will also work with industry to reduce the sector's carbon footprint in line with Singapore's net-zero target. The global semiconductor market is facing intensive global competition for investments and an expanding scope of trade restrictions and export controls. We will need to stay nimble and calibrate our strategies as required, to sustain and grow an innovative, competitive and resilient semiconductor industry in Singapore.”
“There has been a decrease in petrol prices when crude oil prices declined. Brent crude oil prices peaked at US$133 per barrel in 2022 amidst supply shortages due to the Russia-Ukraine war, but have since fallen to US$75 per barrel by the end of 2024. Similarly, Octane 95 prices peaked at $3.40 per litre in 2022 and have since fallen to $2.88 per litre by the end of 2024. The percentage change in retail petrol prices is usually smaller than that of crude oil prices because crude oil prices account for less than one-third of listed retail petrol prices. Retail petrol prices are also determined by other factors, such as operating costs, taxes and duties, and land costs. The Competition and Consumer Commission of Singapore undertakes market surveillance regularly and will not hesitate to take action if there is evidence of anti-competitive conduct in the petrol market. In addition, the Consumers Association of Singapore has developed the Price Kaki app, which will allow consumers to easily compare the effective fuel prices from different retailers to increase price transparency and encourage a more competitive market.”
“The Buy Now, Pay Later (BNPL) Code of Conduct (Code) was developed by the Singapore FinTech Association (SFA) and the BNPL industry under the Monetary Authority of Singapore's (MAS') guidance. The Code sets out standards to mitigate the risk of debt accumulation and protect the interests of users. While compliance with the Code is voluntary, SFA has put in place an accreditation process for BNPL providers to be independently assessed for compliance with the Code. All four BNPL providers in Singapore have been independently assessed and accredited to be in compliance with the Code since May 2024. An independent oversight committee, comprising qualified and experienced members, is responsible for investigating suspected breaches of the Code by accredited BNPL providers. Accredited BNPL providers that breach the Code could lose their accreditation. We understand from SFA that there have not been any breaches of the Code reported to it thus far. MAS does not collect data on the number and profile of BNPL users that have fully utilised their BNPL limit. Nonetheless, the consumer protection standards in the Code, such as suspending users from making further BNPL purchases once a payment is overdue, coupled with MAS' requirements on unsecured credit, including suspending credit cards, which could be used to meet BNPL payments, for borrowers who are more than 60 days past due in their repayments will help limit the risk of excessive debt incurred through BNPL.”
“We will also have sufficient local backup generation capacity to meet our needs if there are disruptions to the electricity imports.”
“The Energy Market Authority has issued Conditional Approvals to seven importers to import 3.4 gigawatts (GW) of low-carbon electricity from Indonesia. Of these, five importers have been awarded Conditional Licenses as their projects have made more progress. We will continue to work closely with the Indonesian government to support the progress of these projects. This includes, aligning approval processes within both governments before projects progress to the next stage of development. The importers aim to achieve financial close from 2025. If successful, they plan to begin commercial operations from 2028. The importers are currently negotiating Power Purchase Agreements with large-scale electricity consumers. It is in the interest of both importers and consumers to come to mutually acceptable commercial terms, especially on the pricing and length of the contracts, so that the consumers can secure access to low-carbon electricity to meet their decarbonisation needs and importers can improve the viability of their projects. Aside from the projects in Indonesia, we are also working with project developers to import low-carbon electricity from other countries in the region. This will give us a diverse portfolio of projects that can help us collectively meet our imports target of six GW by 2035 and potentially import more electricity beyond 2035. We will ensure our energy security as we embark on the energy transition. Natural gas will continue to underpin our energy portfolio for the foreseeable future, even as we scale up electricity imports, maximise domestic solar deployment and potentially introduce new low-carbon energy sources, such as hydrogen, in the future.”
“The Association of Banks in Singapore has recently assured consumer banking customers that the National Registration Identity Card (NRIC) numbers alone cannot be used to effect payment and fund transfers. Banks are also conducting a thorough review of their practices on the use of NRIC numbers to confirm that their practices are in line with the prevailing Personal Data Protection Commission's Advisory Guidelines on NRIC. The Ministry of Digital Development and Information has announced that the Personal Data Protection Commission will be updating its Advisory Guidelines on the use of NRIC numbers, following public and industry consultations. This has been addressed in the Ministerial Statement on 8 January 2025. [Please refer to "Responsible Use of NRIC Numbers", Official Report, 8 January 2025, Vol 95, Issue 149, Ministerial Statements section.] The Monetary Authority of Singapore will work with financial institutions to align practices where needed when the revised guidelines are issued. Financial institutions will continue to educate their customers on good cyber hygiene habits and guard against identity theft.”
“The Review Group is targeting to complete its report by August 2025. It may provide updates and announce its recommendations in phases before August.”
“In May 2024, the Government announced our aim to provide at least 300 megawatts of additional data centre capacity in the near term and potentially more through low-carbon energy deployments. The growth in capacity is in line with our projections to peak emissions in 2028.”
“Since 2020, the Competition and Consumer Commission of Singapore (CCCS) has taken enforcement action in 16 cases against 30 suppliers for engaging in unfair practices under the Consumer Protection (Fair Trading) Act (CPFTA). CCCS issued a warning for 12 of these 16 cases, which were resolved through voluntary undertakings by suppliers to cease any unfair practices. For the remaining four cases, CCCS did so by obtaining Court declarations and injunctions. Most of the cases CCCS took enforcement action against involved multiple misleading and false representations under section 4 of the CPFTA. The breakdown of the top five specific unfair practices under the Second Schedule of the CPFTA since 2020 is provided in the table below.”
“Singapore and the United States (US) share long-standing and robust economic cooperation and bilateral trade relations, underpinned by the US-Singapore Free Trade Agreement that came into effect in 2004. We have expanded and deepened these links over the past five years. Bilateral trade increased from $175 billion in 2018 to $287 billion in 20221. The US has also had a consistent trade surplus with Singapore over the past two decades and this stood at US$28 billion (approximately $38 billion) in 20232. The US is Singapore's largest foreign investor with around 6,000 American companies based here. US investment stock into Singapore has almost doubled from $292 billion in 2018 to $574 billion in 20223. Singapore's direct investment stock into the US increased from $36 billion in 2018 to $47 billion in 20224 and we were the third largest Asian investor in the US that year5. There are currently over 200 Singapore companies operating in around 40 US states. Over the past five years, Singapore has worked closely with the US to deepen our economic cooperation in new areas, such as the digital economy, critical and emerging technologies, and civil nuclear cooperation. We are part of the Indo-Pacific Economic Framework for Prosperity, which has brought into effect agreements on supply chains, the clean economy and fair economy. Singapore has worked well with past US governments and will continue to work with the incoming administration of President-elect Donald Trump to strengthen our mutually beneficial economic ties.”
“The Monetary Authority of Singapore (MAS) does not stipulate whether banks must close joint accounts upon being notified of the death of one of the joint account holders. Some banks allow the surviving joint account holder to retain and continue using the joint account if the surviving joint account holder decides not to close it. Banks that require the joint account to be closed will assist the surviving joint account holder to withdraw or transfer the remaining funds. In either case, the surviving joint account holder will retain access to and control over the funds in the joint account. MAS has been engaging the industry to consider whether banks' practices relating to post-death estate settlement, including the treatment of joint accounts, can be better harmonised and simplified.”
“Consumers are protected under The Association of Banks in Singapore Code of Practice for Banks – Credit Cards, where the maximum liability due to unauthorised transactions is $100, provided the cardholder has not acted fraudulently and was not grossly negligent and has reported the unauthorised transactions to the card issuing bank as soon as reasonably practicable. This is to cater to situations, such as when a cardholder loses his physical card but promptly reports the loss to the Police and the bank. This $100 limit will not apply to a cardholder who unwittingly authenticates a 3DS transaction that turns out to be fraudulent, as that would be considered negligent. Consumers are also protected under the chargeback mechanism from card scheme rules, that allows credit card holders to dispute a charge and request for their money back. In a case of a disputed online transaction, the card issuer will investigate the facts of the case. For example, if the merchant had not enabled 3DS and a transaction was put through without 3DS authentication, the cardholder would generally not be liable. Card schemes and card issuers have in place mechanisms to combat credit card fraud, protect consumers and limit their liability. Members of the public should also play their part and remain vigilant in safeguarding their cards and card information, monitoring their card transactions regularly and promptly notify their card issuers of the loss or theft of their cards or any unauthorised transactions.”
“According to statistics compiled by the Singapore Police Force, an average of 790 cases of credit card fraud were reported per year from 2021 to 2023, with an average loss per year of $2.1 million. The safeguards against credit card fraud put in place by global card schemes, such as those operated by Visa and Mastercard and card issuers, such as banks, have strengthened over time. Card scheme operators have established the 3-D Secure protocol, or 3DS, as an added layer of security for online credit card transactions. This requires cardholders to separately authenticate the transaction, meaning that transactions cannot proceed with just static card details like the card number, expiry date and Card Verification Value code. Banks have strengthened existing measures to protect consumers from card fraud, such as real-time card transaction monitoring, and will notify card users where possible fraudulent transactions are picked up. Cardholders should promptly contact the bank if they are notified of any unauthorised transactions. Banks are also moving away from SMS One-Time Passwords (OTPs), to push notifications on the digital tokens of banking apps to authenticate 3DS transactions, which cannot be phished, unlike SMS OTPs. The Shared Responsibility Framework is not suitable in the context of credit card fraud. There are already well-established rules protecting credit card holders and limiting their liability in the event of fraud.”
“The Government also launched the Community Development Council (CDC) Voucher scheme, to provide support to Singaporean households and heartland enterprises. Overall, since the launch of the CDC Voucher scheme in December 2021, $907 million has been spent at participating heartland enterprises and hawker stalls. The sixth tranche of CDC vouchers was recently launched on 3 January 2025, which will benefit 1.33 million households, 23,000 heartland enterprises and hawker stalls and eight supermarket chains.”
“My response today also addresses the matters raised in the question by Mr Desmond Choo, which has been scheduled for tomorrow's Sitting. I would like to seek the Member's consideration to withdraw his question if he agrees. [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.] The Johor Bahru-Singapore Rapid Transit System Link Project will improve our connectivity with Johor and grow the overall market for businesses on both sides of the border. At the same time, we recognise local retailers' concerns. Competition will exist whether with retailers in Johor, or even online. Through Enterprise Singapore's grants and assistance schemes, we will continue to help our local retailers build new capabilities and offerings to capture overseas demand, including through online retail. The Government has also been helping our heartland shops rejuvenate their businesses and we will continue to do so. Enterprise Singapore provides support through initiatives, such as our Heartland Visual Merchandising Programme and our Heartland Enterprise Placemaking Grant. Heartland entrepreneurs may also approach the Heartland Enterprise Centre Singapore for business advisory services and upgrading support. The Housing and Development Board (HDB) also undertakes regular upgrading works, including in HDB towns in the north, to improve the shopping environment of selected Neighbourhood Centres (NCs) to strengthen their appeal to Singaporean shoppers. Five NCs in Woodlands were recently upgraded, with more to come.”
“In 2022, there were about 76,000 workers in the creative industries, of which, 82%, or 62,000, were employees and 18%, or 14,000, were freelancers. Of the employees, 44% worked in micro-enterprises, 32% in small enterprises and 24% in medium to large enterprises. These employees generated a value-add of about $184,000 per worker, or around 3.3 times the median annual income of employed residents in the creative industries. We do not track companies' engagements of freelancers or the value-add generated by freelancers.”
“The Government has not made any decision on the deployment of nuclear energy in Singapore or to conduct another pre-feasibility study on nuclear energy. While newer technologies, such as small modular reactors, could potentially be suitable for Singapore, they remain at a nascent stage and have not been deployed on a commercial scale yet. We are focusing on building capabilities to better assess the suitability of these technologies for Singapore.”
“As shared previously in this house on 7 February 20241, companies listed on the Singapore Exchange (SGX) are required by the exchange's listing rules to disclose all matters or developments that have significant business impact. [Please refer to "Inclusion of Tripartite Standard for Contracting with Self-Employed Persons in Sustainability Reporting by SGX-listed Firms", Official Report, 7 February 2024, Vol 95, Issue 122, Oral Answers to Questions section.] This is in line with international standards and covers reporting on environmental, social and governance factors, which include human capital management. For instance, companies commonly make human capital-related disclosures in areas, such as working conditions, occupational health and safety, diversity and inclusion. SGX will continue to monitor international developments and good practices in this area.”
“The Singapore Tourism Board (STB), the National Arts Council and our cultural institutions, such as the Esplanade, actively curate and hold a wide range of music festivals in Singapore. They showcase different genres of music from Singapore and the world that appeal to locals and international visitors. These include homegrown music events like the Sundown Festival, the AXEAN Festival, Baybeats, and the Alex Blake Charlie Sessions. STB and the agencies are always looking to introduce new concepts in Singapore that will be the first of their kind in the region. An example is the upcoming Yuewen Music Festival 2024, which will debut in Singapore in December 2024. The festival will feature an exciting line-up of C-pop, K-pop and J-pop artistes as well as global disc jockeys. STB also supports innovative new concepts, such as Sessions, an ambient music experience by homegrown producer, 24OWLS, that launched in October 2024.”
“Minister Grace Fu had indicated in Parliament that the Government was reviewing the terms of our Formula One (F1) contracts. The Singapore Tourism Board (STB) would also conduct an audit of the 2022 race. The review of the F1 contracts between the Government and Singapore GP Pte Ltd is ongoing. STB completed the audit covering the disbursement of grants and procurement matters relating to F1 from 2019 to 2022. The audit concluded that STB’s internal controls were satisfactory, with no significant findings.”
“Singapore's capital markets operate under a dual-level regulatory framework. The Monetary Authority of Singapore (MAS), as the statutory regulator, has the broad mandate of overseeing the proper functioning of financial markets, including exchanges, like the Singapore Exchange Ltd (SGX). The Singapore Exchange Regulation Pte Ltd (SGX RegCo), a separate subsidiary of SGX, undertakes frontline regulatory functions of SGX as a self-regulatory organisation (SRO) to maintain fair, orderly and transparent markets. These functions include listing approvals, market surveillance and supervision of members. The advantage of an SRO is that it can be more responsive to market conditions, while independent governance can be put in place to address conflicts of interest. SGX RegCo has an independent Chairman and a majority of directors who are independent. There is a spectrum of regulatory arrangements globally and there is no one arrangement that is held out to be most appropriate for all jurisdictions. The Equity Markets Review Group1 set up in August this year has been looking into measures to strengthen equities market development in Singapore and will include a review of our regulatory framework in this regard. It is engaging market participants for their feedback.”
“To help bereaved families make a claim when a loved one passes away, insurers provide guidance on their websites on the claims process and required documents for submission. Additionally, MoneySense and the Life Insurance Association Singapore websites offer resources on estate planning and post-death administrative matters. In cases where claimants may not come forward in a timely manner or at all, insurers do take proactive steps to identify potential death claims. These include scanning obituaries in mainstream media and engaging intermediaries who service the relevant policies, for information of insured persons who may have recently passed on. Efforts are then made to contact the next-of-kin, for them to initiate the claim submission process. It is a good practice to keep one's family and loved ones informed of any insurance arrangements made. Updating insurers on changes to the contact information of one's beneficiaries/next-of-kin is also important. Relevant forms are available on the insurer's website, or upon request via the financial representative and at the insurer's customer service centre. These steps can help smoothen the claims process during the challenging period upon the passing of a loved one.”
“These include: (a) Supporting the development of an online platform that finance professionals can use to access charitable and impact organisations, due diligence resources and impact monitoring tools. This will help enhance the philanthropy advisory services that finance professionals can provide to their clients. The first release of this platform is expected in 2025. (b) Launching the Impact Philanthropy Partnership in 2023 with key private banks and WMI to conduct forums and research, to raise awareness amongst high-net-worth individuals and finance professionals on philanthropic causes and practices, galvanise giving and encourage philanthropic partnerships. (c) Enhancing tax incentive schemes for single family offices in 2023 that recognise donations to qualifying local charities as eligible spending as well as implementing the Philanthropy Tax Incentive Scheme in 2024 for qualifying donors to claim tax deduction for overseas donations. These enhancements complement the 250% tax deduction rate for qualifying donations made to Institutions of a Public Character and eligible institutions, which the Ministry of Finance extended by another three years till end-2026. MAS and other Government agencies will continue to engage and work with the industry to encourage the channelling of wealth to purposeful causes.”
“The Monetary Authority of Singapore (MAS) and the relevant Government agencies have been working with the industry to shepherd wealth to purposeful causes locally and in the region, including through developing philanthropy advisory talent and resources. MAS' rules already allow banks to provide advisory services to support their clients' philanthropic giving, such as where these are incidental to the banks' core business or as part of the business of providing advice on the social impact of their client's investments. As mentioned at the 18 September 2023 Parliament Sitting, to develop philanthropy advisory capabilities amongst finance professionals, MAS and the Institute of Banking and Finance jointly published in 2021 a set of technical skills and competencies relevant to finance professionals seeking to provide philanthropy advisory services. [Please refer to "Managing Significant Investments in Critical Entities to Protect National Assets and Critical Industries", Official Report, 18 September 2023, Vol 95, Issue 111, Written Answers to Questions section.] Training providers and individuals, today, continue to reference this set of technical skills and competencies to develop and attend relevant courses, respectively. Locals who attend training courses benchmarked against these skills and competencies enjoy co-funding support for their course fees. As an example, the Wealth Management Institute (WMI), a training provider, has trained close to 300 individuals in philanthropy advisory since their course was launched in May 2022. Beyond training, MAS and Government agencies have collaborated with the industry to develop other resources and introduced policies to catalyse the channelling of capital into philanthropic causes.”
“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 under SRF, which is an accountability framework designed with discrete, objective and verifiable duties for FIs and telecommunication companies (Telcos). I will now address questions about operationalising SRF. A victim who qualifies for a claim assessment under SRF should contact his or her FI immediately and report the incident to the Police. In the case of a phishing scam within SRF, FIs will coordinate their investigation with Telcos, as necessary. Upon completion of an SRF-related case investigation, FIs 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 Telco, they are 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. Raising public awareness remains key in the fight against scams, particularly for vulnerable groups. The Government recently consolidated anti-scam 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 banks will continue to step up these efforts to expand our outreach.”
“I will take Questions Nos 11 and 51 raised by Mr Desmond Choo and Mr Yip Hon Weng respectively, as well as written Parliamentary Question filed by Mr Zhulkarnain Abdul Rahim in today's Order Paper as they pertain to the Shared Responsibility Framework (SRF). [Please refer to "Adjustments to Cooling-off Period for Digital Security Token Activation Based on High-risk Activities and Enhancing Fraud Surveillance Thresholds", Official Report, 12 November 2024, Vol 95, Issue 146, Oral Answers to Questions section.] 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. The 12-hour minimum period, thus, gives customers sufficient time to act on abnormal activities in their account, while balancing inconvenience to customers from undue friction to legitimate activities. Next, on real-time fraud surveillance duty. In calibrating the 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.”
“The advice of the IFA will be set out in a takeover document to shareholders, which should disclose and consider all material information, including substantial capital reduction plans. This due process ensures shareholders receive complete information and are provided independent advice prior to making their decision. In the case of Income, the appointment of an IFA, and the disclosures in the takeover document, have not arisen as the proposed Income-Allianz transaction is still at the pre-conditional VGO stage and has not progressed to a VGO. As explained during the Parliament Sittings in October, the Government has decided that the deal in its current form cannot proceed.”
“The payout to shareholders for FY 2022 was consistent with the ordinary course of business as NTUC Income had distributed dividends to its members in previous years prior to corporatisation. In fact, both the total quantum and amount per share in FY 2022 were lower than what NTUC Income had paid out in annual dividends in the prior five years. The proposed plan to extract $1.85 billion over three years is very different in both its nature and quantum and is not comparable to regular annual dividends. It also does not align with the representations that NTUC Income made to the Ministry of Culture, Community and Youth when it sought exemption from section 88 of the Co-operative Societies Act, as explained by Minister Edwin Tong in his 14 October 2024 Ministerial Statement. Mr Leong also asked about the role of Income’s financial adviser in providing independent advice. Income appointed Morgan Stanley Asia (Singapore) Pte as its financial adviser to provide financial advice and assist it with structuring the proposed transaction and negotiating the transaction terms, based on a set of agreed terms of engagement. It is for Income, as the client, to decide on the quality of its financial adviser’s advice. The role of a financial adviser engaged by the target company to negotiate and advise on a takeover transaction is different from the role of an independent financial adviser (IFA). The IFA has to observe additional standards set by the Securities Industry Council. In the course of a voluntary general offer (VGO), an IFA must be appointed by the target company’s directors to independently evaluate whether the terms of the offer are fair and reasonable, and recommend to shareholders whether to accept or reject the offer.”
“I am glad Mr Leong used the term "capital reduction" instead of "asset stripping" in his two questions. Minister Chee Hong Tat and Mr Leong had an exchange on this matter at the last Sitting in October 2024, where Minister Chee explained why "capital reduction" was a more appropriate term than "asset stripping". The term "asset stripping" suggests that the company’s business is being dismantled, which is not the case here. But the more important point is that Mr Leong agrees with the Government that it would not be acceptable for Income to proceed with the deal in its current form, including the planned $1.85 billion capital extraction over three years. That was why the Government tabled an urgent Bill at the last Sitting for Parliament’s approval to amend the Insurance Act, which all Members of the House supported except the Members of Parliament from the Workers’ Party who abstained. For the five years prior to corporatisation, NTUC Income Insurance Co-operative Limited (NTUC Income) paid an average annual dividend of $62 million. When NTUC Income underwent its corporatisation exercise in 2022, its entire business, assets and liabilities were transferred from the former NTUC Income to the new corporate entity Income Insurance Limited (Income). As part of the transfer, NTUC Income's retained earnings were all converted to share capital in the new corporate entity, Income. To continue providing an annual payout to shareholders for financial year (FY) 2022, Income sought approval from the Monetary Authority of Singapore to reduce its share capital. This was necessary because FY 2022 was a transition year where Income changed its legal form and had all retained earnings in the co-operative converted to share capital in the new corporate entity.”
“In addition to real-time notification alerts, banks also provide a kill switch which can be activated by either the parent or the child to block all online payment transactions from the account where needed. Banks are expected to follow up promptly when they receive a report of a fraudulent transaction on the account from either the parent or the child. The Shared Responsibility Framework, which assigns relevant duties for financial institutions and telecommunications companies to mitigate phishing scams, would similarly apply to accounts operated by minors. Should banks breach any duties under the framework, they would be expected to provide payouts to affected scam victims, regardless of the account holder’s age. Otherwise, banks may also consider making payouts under their goodwill frameworks, taking into account specific circumstances of each case. The investigation timelines are also the same. Banks are expected to complete investigations of cases involving unauthorised transactions within 21 business days for standard cases, or 45 business days if the case is complex.”
“Bank accounts for children under 16 years old can only be opened by parents on their child’s behalf. This applies to both joint accounts between parent and child, and accounts in the child’s name only. For joint accounts, the parent, as joint account holder, is able to control and operate the account. For children’s sole name accounts, banks have set significantly lower default daily transaction limits of $50 to $100, which can be lowered by the parent. This is part of the additional functions that banks provide to facilitate parental supervision. For instance, parents can also view their child’s transactions via Internet or mobile banking and will receive real-time notifications on outgoing transactions and high-risk activities, such as changes to transaction limits or personal particulars, to alert them of unusual transactions and account activities. Ultimately, parents determine whether and when to open or close an account for their child, how much funds they wish to place into the account at account opening, and the appropriate daily transaction limit to set for the account. This recognises that parents are responsible for their child’s usage of the account and best placed to supervise their child’s access to digital banking services. Such accounts provide the parent an opportunity to closely supervise his or her child’s management of a bank account, before the child reaches 16 years of age and obtains a sole name account that they manage independently. All bank accounts, including accounts of customers below 16 years old, are subject to security measures put in place by banks to safeguard against unauthorised transactions1.”
“Banks compete to offer attractive property loans to customers. Customers can choose to refinance their outstanding loans with their existing bank or with a new bank. They may compare the terms, pricing and fees charged on these loans. The Monetary Authority of Singapore (MAS) requires financial institutions to provide prospective borrowers with a factsheet that clearly discloses fees and charges, including fees incurred should the borrower seek to refinance the loan within a lock-in period. MAS is not considering directly regulating fees and charges. The existing disclosure requirements enable competition in the market so that borrowers have the necessary information to enable them to make informed decisions when choosing a property loan and when considering whether to refinance the loan.”
“Every year, a wide range of public and private sector leaders from around the world share their perspectives on the global energy transition at the Singapore International Energy Week (SIEW). The speakers are invited to focus their remarks on the SIEW theme for the year and are responsible for the content of their speeches. The organiser does not vet their speeches. There is no one-size-fits-all solution to the energy transition. Each country would have to chart its own path to navigate the energy trilemma of security, affordability and sustainability, based on its unique circumstances. To remain credible, SIEW must remain an open platform for participants to share these different perspectives. This year’s SIEW was supported by several companies, including Aramco, Siemens Energy, EDP Renewables, ExxonMobil, Sembcorp, DBS Bank, Sumitomo Mitsui Banking Corporation (SMBC) and Google. We are unable to disclose further details of SIEW’s sponsorship arrangements due to commercial confidentiality.”
“While the turn in the global monetary cycle may lift sentiments, the economic outlook is subject to significant uncertainties from geopolitical tensions and trade frictions. Households and businesses should continue to exercise financial prudence when borrowing.”
“Globally, interest rates have started to ease as inflation has fallen from decades of high levels. Core inflation in Singapore has also moderated substantially from its peak in early 2023, which was the highest in close to 15 years. Domestic interest rates are expected to ease, along with global interest rates. Financial markets currently expect the three-month compounded Singapore Overnight Rate Average to decline from 3.3% to about 2.5% at end-2025. The reductions in global and domestic interest rates are expected to benefit existing mortgage borrowers. For example, fixed rate packages fell from the peak of about 4.5% in end-2022 to about 3% in the first half of 2024. For those who borrow from the Housing and Development Board, interest rates have remained unchanged since July 1999 at the lower rate of 2.6%. The Government’s objective is to promote stability in the property market. Measures, such as the Additional Buyer’s Stamp Duty, Loan-to-Value limits and Total Debt Servicing Ratio, remain in place and will continue to restrain property demand. On retirement adequacy, Central Provident Fund (CPF) members are protected against the risks of low market interest rates by interest rate floors provided by the Government. CPF Ordinary Account has a 2.5% interest rate floor, while the Government has extended the 4% interest rate floor for CPF Special, MediSave and Retirement Accounts for another year from 1 January to 31 December 2025. Borrowing costs for businesses are also expected to decline. Banks in Singapore have the capacity to lend, supported by lower funding costs and strong financial positions.”
“The Single Family Office (SFO) sector in Singapore is expected to continue to grow, given that Singapore is a trusted and well-regarded centre for asset and wealth management. The Monetary Authority of Singapore (MAS), the Institute of Banking and Finance Singapore (IBF) and the Wealth Management Institute have worked together over the past few years to support the talent needs of the family office ecosystem. In 2020 and 2021, skills maps for family office executives and private banking professionals advising family offices were launched to highlight the technical skills and competencies that such professionals will need to acquire. Training providers took reference from these skills maps to develop relevant courses. Today, there are more than 60 such courses offered by established training providers. MAS, through the Financial Sector Development Fund, provides course fee subsidies for locals attending training programmes that are accredited by IBF under these skills maps. As of 31 December 2023, more than 1,700 locals were directly employed by SFOs awarded MAS tax incentives1. Beyond direct employment, SFOs contribute to the growth of ancillary services as they engage local service providers, such as private banks, law firms, tax advisers, fund administrators and custodians.”
“While many of the Single Family Offices (SFOs) awarded tax incentives1 are from emerging markets, their proportion among all SFOs awarded tax incentives has been relatively stable over the last few years. All SFOs applying for the Monetary Authority of Singapore (MAS) tax incentives are required to open accounts with financial institutions (FIs) in Singapore and are subject to the FIs’ due diligence checks. In addition, MAS screens the tax incentive applicants for adverse reports and money laundering or terrorism financing risks. MAS issued a consultation paper in July last year proposing to require all SFOs incorporated in Singapore, regardless of whether they have applied for an MAS tax incentive, to establish and maintain business relations with an MAS-regulated FI. This would subject all of them to anti-money laundering and countering the financing of terrorism checks by the FIs. A response to this consultation paper will be published soon.”
“To mitigate the risk of over-indebtedness, the Monetary Authority of Singapore requires financial institutions to implement a range of safeguards. For example, requirements on total debt servicing and loan-to-value ratios limit the size of property loans that a borrower can take on. For credit cards, borrowers are subject to minimum income requirements, credit and income checks and an industry-wide borrowing limit. Our national financial education programme, MoneySENSE, educates the public on money management skills. These include advising consumers to spend within their means, borrow prudently and manage credit card bills to avoid high interest charges.”
“My response to this question will also address the other written Parliamentary Question filed by Mr Derrick Goh for today's Sitting. Not all bankruptcy applications result in bankruptcy orders as applications may be withdrawn for various reasons, such as if the debtor settles the debt or enters into a debt repayment plan with the creditors. The number of bankruptcy orders in the first half of 2024 has been stable compared to the same period in the last few years and remains below pre-COVID-19 levels. The household debt situation in Singapore also remains stable. Non-performing loans (NPLs) are less than 1% of all loans to individuals extended by financial institutions as of the second quarter of 2024. Credit card delinquency rates have also remained stable in the same period. Corporate NPLs have remained low at about 2% as of the second quarter of 2024. Slightly over two-fifths of bankruptcy orders were due to business failures in the first half of 2024. These debtors borrowed from a range of sources, including banks, credit card issuers, licensed moneylenders and private individuals. Borrowers who face debt repayment challenges can approach social service agencies, such as Credit Counselling Singapore, for help with debt management and restructuring, or to work out appropriate debt repayment plans. Those with unsecured debt with financial institutions may sign up for a Debt Consolidation Plan to restructure their debt. When a bankruptcy application is filed as a last resort, the Ministry of Law’s Official Assignee administers a Debt Repayment Scheme to help eligible debtors manage their debt and avoid bankruptcy. It is also important to ensure that Singaporeans borrow prudently.”
“The Monetary Authority of Singapore does not prohibit banks from opening bank accounts for stateless persons holding a Special Pass issued by the Immigration and Checkpoints Authority. As with all account opening applications, banks will conduct their own assessment on each case to decide whether to open bank accounts for stateless persons holding Special Passes and some banks have opened accounts for these persons.”
“Thus far, the direct impact of the widening conflict in the Middle East on the Singapore economy has been limited. The countries involved in the conflict are not Singapore’s major trading partners. The Brent crude oil price has risen to US$79 per barrel as of 11 October 2024, from US$74 per barrel in the month before, but it remains lower than the average price of US$89 per barrel in September 2023, just before the start of the Israel-Hamas conflict. Nonetheless, the conflict in the Middle East, as well as the war in Ukraine, remain volatile. Further escalations in these conflicts could lead to a spike in oil prices, with wider repercussions on global growth and inflation and, in turn, the Singapore economy. We will continue to closely monitor developments in the Middle East and the potential impact on the Singapore economy.”
“Customers who have changed their mobile numbers, including the numbers used for PayNow, are also encouraged to update their banks without delay. MAS will monitor the issue and assess if enhancements to the process for linking and delinking new phone numbers are needed.”
“The Monetary Authority of Singapore (MAS) does not collect data on the number of cases where PayNow transfers are wrongly made to the previous user of a mobile number. However, MAS has set out guidance for financial institutions (FIs) to follow, where funds are erroneously transferred to an unintended recipient. In such instances, the sender’s FI should engage the recipient’s FI to inform the unintended recipient, so that a refund can be initiated. The Member also asked if the Government would require PayNow accounts linked to mobile phone numbers to be unlinked whenever a customer changes his mobile number. Banks will not be aware of any change in their customers’ mobile numbers linked to their bank accounts through PayNow, unless notified by the previous or new user of the mobile number. This is similar to the update of addresses or other contact details of a customer. However, banks have processes in place to deal with a situation where a mobile number has been “recycled” and subscribed to by a new user, while the previous user has not delinked the number from his bank account. Because a given mobile number can only be linked to one bank account through PayNow at any point, a new user of the number who tries to register the number for PayNow will then realise that the number is still registered by the previous user for PayNow purposes. The new user should notify his bank immediately and the bank will reach out to the previous user’s bank expeditiously to initiate the delinking of the number from the previous user’s account. In the meantime, the new user should not use this mobile number to initiate or receive PayNow transfers.”