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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“The operation of an e-commerce platform is not regulated by the Monetary Authority of Singapore (MAS). However, an e-commerce platform that provides payment services covered under the Payment Services Act 2019 (PS Act) must be licensed by MAS. There are requirements under the PS Act on the transmission and safeguarding of monies, which would then apply to licensed payment services activities. On transmission, licensed payment service providers must send monies from its customers to its intended beneficiaries within: (a) three business days for domestic money transfers; (b) seven business days for cross-border money transfers; or (c) in the case of customers who are merchants, any other period as may be agreed in writing between the payment service provider and its customers. For customers who are merchants, MAS took into account industry feedback and practices and allowed parties the flexibility to mutually agree in writing to a different settlement period. Payment service providers that are licensed as major payment institutions1 are also required to safeguard monies received. They must do so by depositing the relevant money in a trust account with a safeguarding institution or bank, or obtaining an undertaking or guarantee from the safeguarding institution or bank. The payment service provider must safeguard the monies by the end of the next business day after it receives the monies from a customer or, in the case of e-money, from the time the e-money is received or issued to the customer.”
“Since the launch of the Enterprise Financing Scheme – Mergers and Acquisitions Loan (EFS-M&A) in October 2019, over 20 local enterprises have taken up close to $190 million in such loans. Besides EFS-M&A, the Enterprise Development Grant also supports eligible local companies in growing and transforming their businesses, including M&A activities. Companies that meet qualifying conditions may also enjoy an M&A tax allowance based on the acquisition value and a double tax deduction on qualifying transaction costs.”
“As shared previously in this House in April, the Government intends to implement the Shared Responsibility Framework this year. We have received useful feedback during the public consultation and will share our response after we have considered the feedback carefully. Malware-enabled scams have decreased significantly by the end of last year. This follows enhancements to block access to the banking apps, if the presence of malware is detected on the customer’s mobile device. Banks have in place goodwill frameworks to support victims of different scam typologies. Victims of novel scam typologies, for example, malware-enabled scams when they first emerged, will receive greater support. The Monetary Authority of Singapore expects banks to treat customers fairly and banks must consider if they have fulfilled their obligations and whether the victim had acted responsibly. We will continue our efforts to educate the public on cybersecurity. Consumers also have to play their part to remain vigilant and practise good cyber hygiene.”
“Companies, including MNCs, may choose to close or reduce their presence in Singapore for various reasons, such as changes in market dynamics leading to poor performance by the firm, or shifts in the company’s global strategy leading to changes in their operating structure. In such situations, the Government works closely with the companies and unions to assist the retrenched workers with skills upgrading and job matching.”
“The number of retrenchments in the second quarter of 2024 was 3,270, compared to 3,030 in the first quarter of 2024 and 3,820 in the first quarter of 2023. In comparison, total employment grew by 11,300 in the second quarter of 2024, more than double the increase of 4,700 in the first quarter of 2024. In the second quarter of 2024, more than half of all retrenched residents were able to secure jobs within six months of being retrenched. Singapore remains an attractive location for investments. The Singapore Economic Development Board attracted S$5.4 billion in fixed asset investment (FAI) commitments in the first half of 2024 and is on track to meet its medium- to long-term investment commitment goal of S$8 billion to S$10 billion in FAI this year. Investments announced this year include plans by cloud service provider Amazon Web Services to invest an additional S$12 billion into its existing cloud infrastructure in Singapore over the next four years for cloud and artificial intelligence projects, and pharmaceutical company AstraZeneca’s planned S$2 billion manufacturing facility for antibody drug conjugates. These investments will translate into good jobs for Singaporeans. Some 60% of locals earning a gross monthly income of above $12,500 are employed by foreign-owned firms. Singapore’s workforce is a key reason why multinational corporations (MNCs) invest in Singapore. INSEAD's 2023 Global Talent Competitiveness Index ranked Singapore’s workforce as the most competitive in Asia and the second most competitive globally.”
“Based on our current understanding, countries in the region are still studying the potential deployment of nuclear energy and have yet to make a firm decision on it. It is, therefore, premature to discuss importing electricity that is generated by nuclear plants from other countries.”
“Collectively, the creative industries have performed well in the last 10 years from 2012 to 2022. Receipts have more than doubled from $16.6 billion to $39.8 billion, with exports growing from $4.3 billion to $16.2 billion. Nominal value-added has also doubled from $5.7 billion to $11.4 billion. With employment remaining stable at about 63,000 workers, the value-added per worker has thus doubled from $90,400 to $184,100. The outlook for the creative industries remains positive, with opportunities to leverage technology and international partnerships to grow in Singapore and beyond.”
“The Future of Guiding (FOG) 2.0 Taskforce was set up in 2023 by the Singapore Tourism Board (STB). It included industry stakeholders, such as tourist guides, travel agents and tourist guide associations. The task force worked with STB to develop a FOG 2.0 plan with the objective of ensuring a vibrant and steady pipeline of tourist guides who are able to showcase the different facets of our Singapore story. In response to the growing trend of free and independent travellers and readily available online resources for self-discovery, tourist guides will need to offer more customised and unique tour experiences to remain relevant. Consequently, the training curriculum for tourist guides has been expanded to cover skills, such as storytelling, independent research, experience curation and the use of digital marketing tools. STB is also working to simplify the regulations for existing and aspiring tourist guides. For instance, from June 2024, tourist guides can self-declare their language proficiency and are permitted to guide in these additional languages without waiting for the biannual Multi-Language Proficiency Test. STB takes a serious view against unlicensed tourist guides and conducts enforcement checks regularly. We will not hesitate to take firm action against firms and individuals involved in such activities.”
“The Government has been engaging Qoo10 and the affected merchants who have approached us for assistance. While we do not have information on the total number of micro enterprises and small businesses affected by Qoo10’s unfulfilled payments, we have raised the cases that we were aware of to Qoo10 to resolve. There are established processes for Small Claims Tribunal (SCT) hearings, and cases are usually resolved within four months of filing. Parties involved in a SCT claim must first attend a consultation. If the matter cannot be settled, the claim may proceed to a hearing before a tribunal magistrate, which is generally scheduled within 28 working days. Merchants who face cash flow difficulties may contact any of the participating financial institutions listed on Enterprise Singapore’s website to apply for the Enterprise Financing Scheme-Working Capital Loan.”
“Solar photovoltaic (PV) installations are safe if properly installed. The installation must, first, be certified by a licensed architect or engineer to ensure that the PV system complies with all relevant regulations. Thereafter, a Licensed Electrical Worker (LEW) must ensure that the solar PV system meets the requirements to connect safely to the grid or an electrical installation (EI), such as the electrical system of a building. LEWs are licensed by the Energy Market Authority (EMA) and are required to undergo regular refresher training to stay updated on advancements in technology and adhere to good engineering practices. There are no mandatory maintenance requirements specifically for PV systems. However, most industrial and commercial solar PV systems are connected to EIs which require a licence from EMA to operate. Under the licence, the EI, including the solar PV system, must be regularly inspected by an LEW to ensure compliance with electrical safety regulations.”
“The Enterprise Sustainability Programme (ESP) comprises not just grants, but also capability building courses and programmes and loan support via the Enterprise Financing Scheme – Green. Between 2021 and 2023, about 1,500 unique companies were supported by ESP with an estimated $14 million in total funding, excluding loans which are repayable. The amount of funding support per company depends on the types of projects undertaken and varies widely. Thus, the average figure is not meaningful.”
“In the information and communications sector, business expenditure on "Professional Services" and "Contract labour and work given out" accounted for 13.5% and 6.0% of the businesses' total operating costs, respectively, in 2022. A breakdown of these two cost components by types of suppliers is not available.”
“Data on (a) nominal labour productivity growth for the overall economy excluding construction and other services industries1, and (b) nominal monthly earnings and income growth for residents are in Figure 1 and Figure 2 below, respectively2.”
“This question has been answered in my reply to Miss Rachel Ong's Parliamentary Question filed for yesterday's Sitting. [Please refer to "Regulations for Sale of WorldCoin Accounts to Third Party Agents for Monetary Incentives", Official Report, 9 September 2024, Vol 95, Issue 140, Written Answers to Questions for Oral Answer not Answered by End of Question Time section.]”
“In the past five years, no financial institution has been found to have breached the motor vehicle financing rules. Accordingly, the Monetary Authority of Singapore has not had to take any regulatory actions in this respect. The motor vehicle financing limits were put in place principally to encourage financial prudence on the part of consumers. Consumers should be cautious of arrangements which purport to require zero downpayment for the purchase of motor vehicles as these are unregulated.”
“The Monetary Authority of Singapore's study of Singapore's labour force participation rate, published in the April 2024 Macroeconomic Review, suggests that a 1%-point decline in the gender wage gap, defined as the percentage difference between the median wage for resident males and the median wage for resident females, is associated with a 0.2 percentage point increase in the female labour force participation rate, and 0.1 percentage point increase in the overall labour force participation rate.1 This result should be interpreted in the context of Singapore's already high labour force participation rate among women. In 2023, the labour force participation rate among women in Singapore was 62.6%, higher than the OECD average of 56.7%. Factors other than the gender wage gap will also affect the female and overall labour force participation rate. These factors include further improvements in educational attainment, as well as fostering the sharing of caregiving responsibilities and family-friendly workplaces to help caregivers manage work and family commitments. Collectively, these factors will be important for reducing the gender wage gap while helping ensure that the labour force participation rate among women in Singapore continues to remain high.”
“The Monetary Authority of Singapore will assess Income Insurance’s business strategy and capital management plan after Allianz submits its application to obtain effective control and be a substantial shareholder of Income.”
“The Government has received feedback from several Singapore-based merchants regarding payment delays from Qoo10. We have brought these cases to Qoo10’s attention and requested that they take prompt action to resolve the delays with the affected merchants. The Government is also closely monitoring developments in South Korea regarding Qoo10’s subsidiaries and is in touch with Qoo10 to assess whether and how this may affect its operations in Singapore. Merchants facing payment delays should raise their concerns with Qoo10. If the concerns remain unresolved, there are established processes in place to assist merchants in resolving commercial disputes, inclusive of debt recovery. For example, they can consider filing a civil claim with the courts. Merchants who face cash flow difficulties because of the payment delays may contact any of the participating Financial Institutions listed on Enterprise Singapore’s website to apply for the Enterprise Financing Scheme (Working Capital Loan).”
“Singapore has approved the next phase of the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project. We will need the approvals from all four countries’ governments to proceed. Singapore is committed to working closely with our neighbours to advance the project.”
“As a small economy, Singapore must focus on the global market to sustain our economic growth. The objective of the Johor-Singapore Special Economic Zone (JS-SEZ) is to build on the complementary strengths of Singapore and Johor to better compete for global investments together. Companies can tap Singapore’s offerings as a business and financial hub, and benefit from Johor’s abundant supply of land and workforce as well as Malaysia’s market. The Ministry of Trade and Industry has worked closely with industry groups, trade associations and chambers to gather their feedback on the JS-SEZ. In a report released by the Singapore Business Federation in July 2024, about 90% of 160 Singapore businesses surveyed found Johor an attractive place for investment, but would like to see improvements in labour availability, ease of doing business and the flow of goods and people. We have thus prioritised these issues in the discussions with our Malaysian counterparts on the JS-SEZ. We are working with them towards a substantive conclusion by the 11th Malaysia-Singapore Leaders’ Retreat later this year.”
“Data on the (i) growth in unit labour cost for the overall economy and (ii) growth in unit business cost for the manufacturing and services sectors1 from 2016 to 2023 and in the first two quarters of 20242, are in Figure 1 below. Data on unit net operating surplus is not available.”
“A breakdown of the growth in Gross Domestic Product in terms of the contribution by resident full-time income earners in the various income percentile groups is not available.”
“MoneySense has prioritised youths to encourage healthy financial habits and set good foundations. We teach financial literacy concepts through our school curriculum from primary through the tertiary levels. MoneySense also organises financial talks and workshops for youths to supplement what they have learnt in school.”
“There are various surveys conducted by private sector organisations. MoneySense, our national financial education programme, conducted the 2021 National Financial Capability Survey (NFCS), which has a comprehensive scope covering financial knowledge, attitudes and behaviour. The survey found that Singaporeans have done better in adopting good basic financial habits, such as budgeting and maintaining emergency savings, compared to the previous survey in 2017. NFCS also highlights the importance of helping individuals make sound financial decisions and manage their money well. To this end, MoneySense has partnered industry partners to promote positive financial behaviour and attitudes among Singaporeans. In addition, MoneySense's partner, the Institute for Financial Literacy, provides free talks and workshops on financial planning topics at workplaces and to the public. We are actively helping Singaporeans start their financial planning journey. Last year, the Monetary Authority of Singapore (MAS), the Central Provident Fund Board and MoneySense, together with financial industry associations, jointly developed a Basic Financial Planning Guide. The Guide sets out rules of thumb for emergency savings, insurance protection, investing and retirement planning. These are customised to follow a Singaporean's six key life stages, from when he starts work to when he retires. We have disseminated this Guide across Singapore through digital and physical channels. MAS also encourages financial institutions and their representatives to use the Guide when they take their clients through their financial planning journeys. The 2021 NFCS found that youths generally had higher levels of financial literacy compared to their elders.”
“Banks have taken steps to ensure that customers, who are less technologically savvy, continue to be well-supported amid a broader shift towards digital banking. Examples include, deploying digital ambassadors at their branches to guide customers to perform transactions via digital channels and working with community partners to organise digital literacy programmes to help elderly customers acquire digital skills and bolster digital inclusion. Branch and phone banking also remain available to customers who prefer to bank via non-digital channels. Banks monitor and manage queue time at bank branches. Examples of measures implemented by banks include, mobile queue ticketing services that allow customers to be informed of the queue situation before visiting the branch and to apply for a queue ticket digitally and designated queues or priority assistance for elderly customers. They have also increased their manpower to manage surges at branches during peak periods. The Monetary Authority of Singapore will, through our supervisory engagements with banks, check that they have given adequate management attention to managing customer service and queues at bank branches, including increasing manpower where necessary.”
“The Government has not made any decision on the deployment of nuclear energy in Singapore. Advanced nuclear energy technologies, such as small modular reactors with a much smaller safety zone that could potentially be suitable for Singapore, have not been deployed on a commercial scale yet. The Government will continue to study the developments in advanced nuclear energy technologies very closely, including the safety requirements of such technologies. We are steadily building up our capabilities to understand and assess such technologies and developments. We will update the public from time to time, so as to enhance Singaporeans’ understanding of nuclear energy.”
“To mitigate the risk of consumer over-indebtedness, MAS has put in place safeguards which were set out in our replies to Parliamentary Questions in May 2023 and January 2024. These safeguards are generally adequate and MAS will continue to monitor the situation and review these measures when necessary. [Please refer to (a) "Review of Rules to Safeguard Against Over-indebtedness", Official Report, 9 May 2023, Vol 95, Issue 103, Written Answers to Questions section; and (b) "Revision of Metrics for Ensuring Appropriate Level of Household Indebtedness Given High Interest Rates", Official Report, 9 January 2024, Vol 95, Issue 118, Written Answers to Questions section.]”
“Credit card spending rebounded after a contraction during the COVID-19 pandemic. Roll-over balances have also increased. The Monetary Authority of Singapore (MAS) monitors several indicators, including credit card bad debts that have been written off. Write-offs can be volatile as they depend on debt restructuring discussions. Therefore, MAS also tracks credit card delinquency rates, which give a more current sense of whether consumers are falling behind in their credit card payments. Credit card delinquency rates have remained stable and are still lower than pre-COVID levels. MoneySENSE, our national financial education programme, actively educates the public on money management skills. With the increase in credit card use and rollover balances alongside the post-COVID recovery, MoneySENSE has urged consumers to not spend beyond their means, and reminded borrowers to prioritise paying off high interest debts like credit card bills to avoid high interest charges. MoneySENSE puts out these messages online and in person at events in collaboration with both the public and private sectors. MoneySENSE’s partner, the Institute for Financial Literacy, or IFL, provides free financial education and training to consumers, including at their workplaces. Training modules include Basics of Money Management and Understanding Loans and Credit where participants learn how to manage borrowing and resolve debt issues. Consumers can also sign up for free one-on-one financial health clinics run by IFL to learn how to address gaps in their personal finances. We encourage employers and consumers to actively participate in these programmes.”
“In April 2024, the Government set up the Inter-Ministerial Committee (IMC) for Pro-Enterprise Rules Review to oversee agency efforts to improve regulatory efficiency and reduce compliance burden, especially for small and medium enterprises (SMEs). The IMC provides Ministerial guidance to resolve major regulatory issues that cut across Government agencies. The Committee also supports the review of regulations by individual agencies. It aims to help SMEs better navigate Government rules and regulations. IMC works closely with and complements the efforts of existing Government units and channels, including the Pro-Enterprise Panel (PEP). PEP, chaired by the Head of Civil Service and comprising business leaders and senior public officials, brings the private sector and the Public Service together to cooperate and advocate for a pro-enterprise environment through regulatory innovation.”
“My response will cover the question raised by Miss Rachel Ong in today’s Order Paper, as well as Mr Derrick Goh’s1 filed for the Sitting on or after 10 September. The Payment Services Act 2019 (PS Act) prohibits persons who are unlicensed or not exempted from providing a payment service under the PS Act. Based on information provided to the Monetary Authority of Singapore, Worldcoin does not perform a payment service under the PS Act. However, persons who buy or sell Worldcoin accounts and tokens as a business may be providing a payment service. The Police are investigating seven subjects for their suspected involvement in offering the services of buying or selling of Worldcoin accounts and tokens, which constitute offences under the Payment Services Act 2019. The Police have also issued a press release on 7 August 2024 to advise members of the public against giving away or selling their Worldcoin accounts, which may then be misused for criminal activities, such as money laundering and terrorism financing. On data privacy, the Personal Data Protection Commission, under the Personal Data Protection Act, governs the collection, use, disclosure and care of personal data by organisations in Singapore. Organisations that handle such data, including biometric data, must ensure they put in place the necessary data protection and security arrangements to address the risks involved when designing and operating their systems and processes. Consumers should beware inducements to transfer access of their digital payment token wallet or World ID as these accounts could be misused by third parties. We caution consumers against doing so.”
“Changes in electricity and gas tariffs broadly reflect movements in fuel prices, which form a significant component of the overall tariff. The tariffs are set using the average of daily fuel prices in the preceding quarter. For example, the tariffs for July to September are set using average fuel prices between April and June. The fuel cost component of tariffs increased by about 1% from the first to the second quarter of this year. Accordingly, there was an increase in tariffs from the second to the third quarter of 0.3% for electricity tariffs and 1.3% for gas tariffs.”
“For example, Oracle recently announced plans to provide free training in AI for students and professionals in Singapore over the next three years. Amazon Web Services, in collaboration with our polytechnics, also aims to train more than 3,800 students and professionals in generative AI skills, over the next three years, through internships and work-study programmes.”
“The 23 Industry Transformation Maps (ITMs) were refreshed over the last two years and the proposed initiatives are being implemented. ITMs are dynamic plans that respond to changes in the operating environment, such as the emergence of potentially disruptive technologies, such as generative artificial intelligence (AI). To complement the ITMs, we developed Jobs Transformation Maps (JTMs), which help employers and workers better understand how jobs are evolving and how they can redesign jobs and reskill. As of April 2024, 17 JTMs have been published by various Government agencies, with three more in the pipeline. The agencies carefully study the impact of AI on jobs and develop measures to support workforce transformation. For instance, SkillsFuture Singapore (SSG) funded courses and Workforce Singapore offered Career Conversion Programmes to help employers redesign jobs to use AI to improve productivity and workers to upskill and reskill to take on AI-augmented roles. The Infocomm Media Development Authority (IMDA) also appointed five training partners under the Information and Communications JTM in September 2023. As of December 2023, they have trained about 1,600 people to be confident AI users through some 200 AI-related courses. This year's Budget also provided a top-up to SkillsFuture Credits and the Level-Up Programme for mid-career Singaporeans looking to reskill through full-time diploma programmes. IMDA will work with SSG to ensure there are suitable training programmes to help more Singaporeans gain AI-proficiency, so Singaporeans can benefit from the opportunities brought about by the emergence of AI technology. More companies have also stepped up their involvement in AI training.”
“The Competition and Consumer Commission of Singapore (CCCS) conducted a study of digital platforms in 2020, including those that integrate multiple products and services addressing different market segments within the same app1.CCCS did not observe specific competition concerns in relation to such "super apps", as such apps are still subject to competition from the specialised providers within each market segment that they operate in. Therefore, consumers continue to have a choice and can access different providers for specific products or services. CCCS has also updated its competition guidelines to provide clearer guidance to digital platforms and “super apps” on how Singapore’s competition laws apply to them. For example, CCCS has set out how it will assess whether a digital platform or “super apps” may be engaging in anti-competitive behaviour. These efforts are complemented by initiatives such as the Standard Dispute Management Framework for e-Marketplaces by the Consumers Association of Singapore, to encourage fair trading in digital markets and support customers in timely dispute resolution. The Government will continue to monitor developments in the e-commerce domain and assess if further reviews are required.”
“Between 2021 and 2023, about 1,500 unique companies were supported by the Enterprise Sustainability Programme (ESP), which includes training courses, partner programmes, funding via the Enterprise Development Grant for sustainability projects and the Enterprise Financing Scheme. Green, micro, small and medium-sized companies, as defined by the Member, each accounted for between 20% and 30% of companies supported under ESP.”
“The Monetary Authority of Singapore (MAS) has real-time payment linkages with India, Malaysia and Thailand for low value payments. These linkages enable users, such as tourists and workers, to make instant low-cost payments to merchants and remittances to family, in Singapore and in the region. Financial institutions participating in these linkages have implemented anti-scam controls to mitigate the risk of scammers exploiting this channel to move proceeds out of Singapore. These measures, which apply to all users, include a default transaction notification threshold of $100 or lower, and a daily transaction limit of not more than $1,000. They will continue to actively monitor changes in scam typologies and will adjust these measures as appropriate. For users, the same precautions apply for domestic and cross-border payments. We urge users to remain vigilant and to adopt good hygiene practices when banking online. These include not disclosing one’s account credentials, actively checking transaction notifications, and verifying that transactions are made to the intended recipient.”
“The Lease Agreements for Retail Premises Act does not cover leases for commercial office spaces, including those involving legal, accounting or valuation services. The Code of Conduct for Leasing of Retail Premises in Singapore was jointly developed by retail tenants and landlords to address long-running issues faced in retail lease negotiations. The Lease Agreements for Retail Premises Act was subsequently enacted to mandate compliance with the Code of Conduct, and the Fair Tenancy Industry Committee was appointed as custodian of the Code.”
“Income Insurance Limited and Allianz Europe BV are not designated entities under the Significant Investments Review Act. As such, the ownership or control provisions under the Act will not apply.”
“For example, Prime Minister Lawrence Wong announced in Budget 2024 that we will introduce a new Refundable Investment Credit for firms anchoring high-value and substantive economic activities in Singapore. Beyond financial incentives, we continue to invest in research and development, nurture talent and support our enterprises to seize opportunities in external markets and new growth areas.”
“Singapore's economy remains competitive. This year, we ranked first in the International Institute for Management Development's World Competitiveness Ranking. The Economic Development Board's and the Singapore Department of Statistics' latest surveys of companies in the manufacturing and services sector, respectively, also indicate that firms continue to hold a positive outlook of business conditions. We also continue to be an attractive location for new investments. For example, the cloud service provider Amazon Web Services is investing $12 billion in Singapore, over the next four years, for cloud and AI projects. In addition, pharmaceutical company AstraZeneca is building a $2 billion manufacturing facility for antibody drug conjugates. Vanguard and NXP Semiconductors plan to invest $7.8 billion in a new wafer manufacturing facility in Singapore. These new investments will create significant job opportunities for Singaporeans and generate economic growth. As we continue transforming our economy to be more innovative and productive, we expect that more companies will renew and refresh their activities here in Singapore. This may include relocating some of their existing operations to other locations while pursuing new economic activities. Furthermore, as markets evolve, companies, especially those in the technology sector, must adapt by transforming their business models. This often requires them to drive greater productivity and right-size their workforce. The rise of hybrid work arrangements has also led some companies to reduce their office footprint. These trends have affected tenancy rates at Changi Business Park. The Ministry of Trade and Industry will ensure that Singapore's ecosystem continues to be attractive to businesses.”
“The increase in Malaysia's diesel prices is not expected to have a significant impact on Singapore's inflation rate, because imports from Malaysia by land constitute 6.3% of Singapore's total imports and 14.4% of our total food imports in 2023.”
“The Philanthropy Tax Incentive Scheme (PTIS) for Family Offices was opened for applications this year and the Monetary Authority of Singapore (MAS) has, thus far, received nine applications and indications of interest from Single Family Offices (SFOs). As the first reporting cycle will only take place next year, we do not have data on the total amount of philanthropic donations made through the scheme. MAS has been engaging industry stakeholders, including SFOs, tax and legal professionals, private banks and charitable organisations on PTIS. These stakeholders have provided feedback that the scheme is useful in encouraging greater philanthropic giving among SFOs and in supporting the growth of the philanthropic ecosystem as well as capabilities in Singapore. MAS will continue to engage stakeholders to increase awareness and understanding on PTIS. MAS has received some suggestions to streamline and reduce the scheme requirements. We will monitor the take-up of the scheme, continue to take feedback and review the scheme, if necessary.”
“On 19 July, a faulty security update from a major cyber security vendor resulted in a global disruption of numerous organisations' IT systems and operations. Major financial institutions (FIs) in Singapore reported limited or no impact to their critical systems and customer-facing operations. A few FIs experienced disruptions to some of their IT systems meant for internal staff. The Singapore Exchange experienced a temporary disruption to its post-trade services on the Central Depository, resulting in a limited number of trades being rolled over for settlement on the next business day. However, all other trading and clearing services continued to operate normally. Among the affected FIs, operations proceeded normally by the next business day on Monday, 22 July. The incident highlights the importance of having FIs implement robust processes and controls to identify and manage risks, including those arising from the reliance on third parties. It also underscores the need for FIs to build capabilities to recover systems and operations quickly in the event of a disruption as this will minimise the impact on customers. The Monetary Authority of Singapore expects these of all FIs and will continue to work with FIs to strengthen their operational resilience.”
“Should the proposed deal be approved, there will be no change to the terms and conditions of existing insurance contracts. MAS expects Income to fulfil its obligations to all policyholders under the terms of its existing insurance contracts. I note that Allianz has also publicly stated its intent for Income to continue to honour the terms of the existing policies underwritten by Income and ensure a seamless transition with no impact to existing policyholders. MAS will hold Income and Allianz to account to these commitments. In addition, MAS has regulatory requirements and guidance in place for insurers to maintain sufficient capital reserves, put in place robust governance and risk management frameworks and, also, to treat their customers fairly. For participating policies where policyholders share in the profits of the participating fund, MAS protects the interests of policyholders by restricting the ratio of profits allocated to shareholders and the type of expenses insurers may charge to the participating fund. With regard to employees, MAS does not regulate employment decisions of financial institutions. However, we expect all financial institutions, including Income, to treat their employees fairly and to fully comply with the Ministry of Manpower's employment laws and guidelines. To conclude, MAS encourages all insurers, both local and foreign, to continually innovate, adopt best practices and ensure robust risk management. This will foster a competitive insurance market that offers choice, value and stability to protect the interests of policyholders.”
“There is no significant overlap between Income and Allianz's overall insurance business in Singapore and, hence, there is no concern about adverse impact of the proposed deal on competition in the sector. The insurance market in Singapore is highly competitive. There are, currently, more than 50 direct insurers in Singapore offering a wide range of insurance products to meet the insurance needs of individuals and businesses. In both life and general insurance, Income has market shares of less than 10% based on written premium. For many insurance products, Income does not always offer the lowest prices compared to other insurers. Take life insurance as an example. A check on CompareFirst, an online portal that allows consumers to compare life insurance products from various insurers, shows that the most competitive rates for Direct Purchase Insurance Term and Whole Life products include a mix of local and foreign insurers. With regard to Integrated Shield Plans (IPs), the Ministry of Health (MOH) helps to exercise regulatory oversight over IP insurers and they have to seek approval from MOH for changing IP premiums or terms and conditions. MOH also publishes a comparison of indicative lifetime premiums and coverage across different IPs. There is strong competition in the IP market, with each insurer offering plans for different levels of coverage to the public and it is not dominated by any single insurer. Income's IPs are also not the cheapest in the market for most categories. Finally, I would like to address the impact on Income's existing policyholders and employees. We understand their concerns. Like other hon Members, I, too, have residents from Bishan-Toa Payoh, who are existing policyholders and employees of Income.”
“The insurer must also have effective risk management systems and controls so that it can continue to meet its obligations to policyholders for the long-term. For the Boards of major licensed insurers, including Income, MAS requires the majority of Board members to comprise directors independent of the shareholders, management and business relations. Board appointments are also subject to MAS' approval. When assessing an application, MAS' considerations include, the background, skillset and experience of the applicant. With regard to Mr Christopher de Souza's question on the management of conflicts of interest, MAS had reviewed and was satisfied with the relevant processes Income's Board had put in place to address conflicts of interest, with respect to the appointment of its financial advisor on this proposed deal and the decision to enter into the deal with Allianz. In the appointment of the financial advisor for the deal, the Chairman of Income's Board had recused himself. The decision to enter into the deal was made by the Board, comprising a majority of independent directors. Fostering a competitive insurance market with financially strong insurers is a key part of MAS' approach to ensuring that insurers operate sustainably and serve the public well. We believe that a competitive market is the most effective way to meet the insurance needs of Singaporeans and facilitate access to affordable insurance options and good service over the longer term. Allianz is one of the largest insurers globally, although it only has a small retail and small and medium-sized enterprise (SME) insurance presence in Singapore today. Allianz Insurance Singapore Pte Ltd is ranked 14th in general insurance, with a market share of 2% based on written premium.”
“I will answer oral Parliamentary Question (PQ) Nos 11 to 14 and written Parliamentary Question No 3 in today's Order Paper together, regarding the proposed deal between Income Insurance Limited and Allianz Europe B.V. My reply will also cover PQs on the same subject matter, which several Members have filed for subsequent Sittings. The Ministry of Culture, Community and Youth has just replied to the PQs pertaining to Income's social mission and NTUC Enterprise's reasons for entering into this proposed deal with Allianz. I will focus on the following areas from the Monetary Authority of Singapore's (MAS') perspective as regulator of the insurance sector: First, how would MAS assess the proposed deal for regulatory approval? Did the deal involve any conflicts of interests? Second, would the proposed deal affect Singaporeans' access to affordable insurance products? Finally, what will be the impact on Income's existing policyholders and employees? MAS' primary role, as regulator, is to promote a sound and progressive financial sector. For the insurance sector, we want insurers to manage their risks well so that policyholders are assured that their long-term policies are safe and will be adequately protected. When MAS assesses the application for a change in substantial shareholder in an insurer, we will consider a range of criteria. In particular, the applicant's track record, financial soundness, reputation as well as fitness and propriety. For example, we will assess if the proposed shareholder has the financial capacity to support the insurer when needed, coupled with the willingness and ability to ensure that the insurer's operations are well-run.”
“The Monetary Authority of Singapore (MAS) does not restrict the hiring of ex-offenders in the financial industry in all instances. Rather, it issues prohibition orders to specific individuals who have committed serious offences or misconduct in the financial industry. These individuals are, for a period of time, barred from conducting regulated financial activities and may not take part in the management of a financial institution (FI) or act as its director. An ex-offender who has not been issued any prohibition order or an individual whose prohibition order has expired may be employed by an FI if he or she has been assessed to be fit and proper for the role. The FI may consider the seriousness and circumstances of the previous offence, and time elapsed since the offence, if relevant to the duties and responsibilities of the role. MAS does not track the number of ex-offenders hired by FIs or require FIs to inform MAS of the rejection of candidates. All employers in Singapore, including FIs, are expected to adhere to the Tripartite Guidelines on Fair Employment Practices (TGFEP). They should recruit fairly on the basis of merit and in a non-discriminatory manner. Employers may also consider previous offences, if relevant to the role that the individual is applying for. Ex-offenders who encounter discriminatory hiring by the FI can approach the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP) for advice and assistance. Where there are breaches of TGFEP, TAFEP will require the employer to address the complaints and correct its employment practices. In egregious cases, TAFEP will report the case to the Ministry of Manpower to take further action.”
“Investigations by the law enforcement authorities into the recent major money laundering case have resulted in the identification of specific individuals who had facilitated financial and property-related transactions. Individuals who had been involved in criminal wrongdoing will be dealt with accordingly under our laws. At the same time, sector regulators have conducted supervisory follow-ups and investigations against pertinent regulated entities and relevant associated individuals to assess whether they had performed anti-money laundering measures to the standards expected of them. Where any non-compliance with regulatory requirements is identified, sector regulators will not hesitate to take firm and appropriate action against these entities or individuals.”
“Around one-third of Singapore’s total carbon emissions are direct emissions from the refining and petrochemicals sector, which accounts for most of the activities on Pulau Bukom and Jurong Island. At this point, it is not yet clear how the buyers of Shell’s refinery and petrochemical assets intend to operate or transform the facilities, as the sale is only due to be completed in end-2024. In any case, the Government is not at liberty to disclose company-level emissions data. The Government’s commitment to reducing the carbon footprint of the petrochemical sector and creating a Sustainable Jurong Island remains unchanged. We will work with the buyers of Shell’s assets and other companies in the sector to support their efforts to decarbonise and to transform their product slate towards more sustainable products.”