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 Monetary Authority of Singapore (MAS) has not minted any new five-cent coins in the last five years and there are no plans to mint new five-cent coins at this stage. Our estimate is that the cost of producing a five-cent coin remains below its face value. MAS currently has no plans to stop the issuance of five-cent coins as there continues to be public demand for these coins. Businesses, like supermarkets and fast food restaurants, do price some items with five-cents, for example, $1.95; and stores may charge five cents to 10 cents for each disposable bag. Withdrawing five-cent coins from circulation could have an effect of retailers rounding up their prices and increasing costs to consumers. MAS will continue to monitor the usage patterns and demand for five-cent coins to assess the relevance of this denomination for the longer term.”
“The Productivity Solutions Grant supports businesses in enhancing their productivity by providing financial support for a list of pre-approved solutions. The Government regularly reviews the effectiveness of these solutions and vendors based on feedback from recipient companies and Trade Associations and Chambers. Solutions which are assessed to be less effective, and/or vendors with poor performance or track records, will be removed from the pre-approved list. The Enterprise Development Grant supports businesses in building and enhancing capabilities, innovating and gaining market access. Companies submit proposals that are aligned with their business needs and intended outcomes. Enterprise Singapore will assess these proposals based on their merits and also monitor the approved projects to ensure the recipient companies are undertaking the committed project milestones. Vendors found to have breached appointment terms and conditions will be investigated and subject to appropriate enforcement action by the Government. Those with severe violations may face suspension or debarment from Government schemes.”
“The Artemis Accords are a set of non-binding international principles that promote the peaceful, safe and sustainable use of space for all humankind. As a signatory to the Accords, Singapore seeks to cooperate with like-minded partners to shape responsible behaviour in civil space activities and foster international collaborations. Dr Neo has also asked about our involvement in the upcoming Artemis II Mission, which is a crewed mission for a lunar flyby. Signatories to the Accords do not need to participate in the Artemis missions and Singapore is not involved in the Artemis II mission. Aside from the Accords, Singapore has concluded bilateral agreements with the space agencies of France, India, Luxembourg, Spain, Thailand and the United Arab Emirates. These collaborations support joint research and development projects, exchanges on space policy and law and stronger linkages between our respective space ecosystems, which support our commercial interests in areas, such as advanced satellite communications technologies and geospatial analytics services. Singapore has also hosted and supported a range of space-related engagements. These include the recently concluded Singapore Space Summit 2026, which brought together international space agencies, industry players, researchers and investors to strengthen partnerships and advance collaboration across the space value chain.”
“The frontier areas that we are pursuing build on our existing strengths in adjacent sectors, such as aerospace, microelectronics and telecommunications. They can thus present opportunities for small and medium enterprises (SMEs) in these existing industries. For example, Nandina REM, which specialises in aerospace-grade carbon fibre, has started to supply to the space industry. The Association of Aerospace Industries (Singapore) has also established the Singapore Space Community to connect aerospace companies, space industry startups and Government agencies to foster collaborations. As for quantum technologies, which remain nascent, the Government is promoting awareness and undertaking education efforts, such as the National Quantum Computing Hub's Quantum Talent online learning platform. The Government has a suite of initiatives to help SMEs pursue opportunities in frontier areas and technologies. For example, A*STAR's Technology for Enterprise Capability Upgrading programme supported Transcelestial, a company which develops inter-satellite laser communications, to develop precision optics test stations for the testing and optimisation of components in its space system. The Space Technology Development Programme (STDP), which is currently administered by the Office for Space Technology and Industry, also funded industry research and development projects which benefited companies, such as SpeQtral in their development of satellite-based quantum key distribution technology. The STDP will be overseen by the National Space Agency of Singapore when it is set up from 1 April 2026.”
“Singapore has launched more than 30 satellites over the past two decades. Most of these were launched by academia and the private sector and are generally used for Earth observation, technology demonstration and communications. The Government currently co-owns three Earth Observation satellites with ST Engineering to support both Government and commercial needs. As the space sector grows, we expect a steady pipeline of satellite launches. For example, ST Engineering has announced plans to launch the NeuSAR-2 constellation next year. The NeuSAR-2 constellation will comprise four small Synthetic Aperture Radar satellites for commercial use, when it is fully operational in 2030. National Space Agency of Singapore (NSAS) will initially comprise officers from the Office for Space Technology and Industry. It will progressively ramp up its workforce over the next five years. Given the agency's mandate, NSAS will recruit talents across a range of fields, including space technology and operations, geospatial analytics, project management, industry development as well as policy, regulations and international relations.”
“The Consumers Association of Singapore (CASE) received zero, four and five complaints involving blind boxes in 2023, 2024 and 2025, respectively. All complaints were about the non-fulfilment of orders and missing or defective items. None of these cases were referred to the Competition and Consumer Commission of Singapore for further investigation, as CASE was able to address them and provide assistance to the complainants.”
“The Competition and Consumer Commission of Singapore received between one and six complaints annually from 2021 to 2025, on difficulties in cancelling recurring subscriptions or being subscribed to services without express consent. The Consumers Association of Singapore (CASE) received 49 and 44 such complaints in 2024 and 2025, respectively. More than 90% of these complaints were either resolved with CASE acting on the consumer's behalf to negotiate with the business or did not require follow-up after CASE rendered advice to the consumers. The top three sectors contributing to these complaints are (i) telecommunications services, (ii) gym and fitness memberships and (iii) food delivery platform subscriptions.”
“There are established card scheme rules that protect customers and allow them to dispute a charge and request for their money back through their card issuing bank. Customers who promptly raise disputes with their card issuers will generally not be liable for unauthorised transactions with merchants that do not enable the 3-D Secure protocol. Instead, the merchant involved will be liable for the loss. The Monetary Authority of Singapore (MAS) requires financial institutions (FIs) to provide a channel for customers to report unauthorised transactions and have in place a fair dispute resolution process for such transactions. FIs must start investigations promptly and not require the customer to pay the outstanding amount of the disputed transaction and its related charges pending the investigation outcome. Customers who disagree with the outcome of the FI's investigation may approach the Financial Industry Disputes Resolution Centre for mediation and adjudication. While different FIs may have customer reporting and dispute resolution processes that are tailored to the customer segments they serve, all FIs must meet MAS's requirements which are aimed at ensuring fair treatment for customers. We remind members of the public to safeguard their card information, set lower limits for card transaction notifications, monitor card transactions regularly and immediately notify their FIs if they notice any fraudulent transactions.”
“Financial institutions (FIs) may distribute a variety of financial products through different channels, which may include e-commerce platforms. All FIs and their intermediaries are expected to uphold proper conduct and put in place consumer safeguards when distributing products. When advertising on e-commerce platforms, they are also expected to assess whether the platforms are able to comply with their own digital advertising practices. Under the Insurance Act, general insurance agents distributing general insurance products, including through e-commerce platforms, must be registered with the General Insurance Association's Agents' Registration Board (ARB) and comply with the ARB's rules on professionalism, conduct and competency standards. Agents that fail to comply with ARB's rules may face disciplinary actions including cancellation of registration. Current safeguards are adequate, but we will continue to assess the evolving landscape and introduce new safeguards if necessary.”
“The Monetary Authority of Singapore (MAS) requires banks to implement multifactor authentication for online banking security. For banks that use SingPass face verification as one of the authentication factors, MAS expects them to offer alternative verification methods for customers who are unable to use facial recognition technology, including those with medical conditions. Customers of banks, including digital-only banks, who encounter face verification issues can contact their bank's customer service team for assistance.”
“Singapore's gross domestic product (GDP) growth of 5% in 2025 was largely driven by outward-oriented sectors. In particular, the manufacturing, wholesale trade, and finance and insurance sectors saw strong growth on the back of the global artificial investment (AI) investment boom, as well as resilient global trade and macroeconomic conditions. Collectively, they accounted for around 3.1 percentage points, or 62.1%, of the GDP growth in 2025. The support measures for households and SG60 initiatives that were announced in Budget 2025 included Community Development Council vouchers, SG60 vouchers and child LifeSG credits. These were introduced primarily to help Singaporean households defray living expenses and to share the benefits of our nation's progress. Consumer-facing sectors, such as retail trade and food and beverage services, that would benefit from these measures, collectively contributed about 0.04 percentage-point, or 0.7%, of the GDP growth in 2025.”
“The National Space Agency of Singapore does not intend to prioritise the development of launch capability from Singapore at this juncture. It is not practical nor cost-effective to develop such a capability given Singapore's land constraints and congested air space, vis-à-vis leveraging commercial launch services which are readily available overseas. Satellites from Singapore have been launched from reliable overseas spaceports, including those in French Guiana, India, Japan and the United States. We will continue to pursue such partnerships and cooperation arrangements to maintain resilient and reliable access to launch services. Nonetheless, we will continue to monitor emerging launch technologies and remain open to supporting those that demonstrate commercial potential and strategic value for Singapore.”
“To help our businesses manage costs, the Government introduced the 50% Corporate Income Tax Rebate for Years of Assessment 2024 and 2025, capped at $40,000, with a minimum benefit of $2,000 for companies with at least one local employee. Eligible hawkers and heartland F&B and retail businesses that participate in the Community Development Council (CDC) Vouchers scheme can also benefit from increased patronage from residents using their CDC vouchers and the one-off commemorative SG60 vouchers.”
“The formation of food and beverage (F&B) and retail entities have outpaced cessations in most years between 2019 and 2025. This resulted in a net increase of 24% and 18% in the number of F&B and retail entities respectively over this period. The growth in the number of these entities have exceeded Singapore's population growth, leading to a higher density of F&B and retail entities per capita. This may have contributed to increased competition, which partially explains the declines in the sectors' profitability – measured as total profits divided by total revenue – from 1.3% in 2019 to 1.1% in 2023. Similarly, profitability for the retail sector edged down from 4.7% to 4.5% over the same period. Rental costs declined as a share of total business costs between 2019 and 2023 to approximately 20% and 26% for firms in the F&B and retail sectors respectively, from around 25% and 31% in 2019. This suggests that rising cost pressures in recent years were driven more by non-rental components, such as labour and inputs. To remain viable, F&B and retail businesses must continually innovate their offerings and improve productivity. Enterprise Singapore has targeted schemes to support these businesses. For example, the FoodX programme enables F&B businesses to outsource food preparation to central kitchens, allowing them to streamline operations and reduce manpower-intensive processes. Enterprise Singapore also supports retailers to offer unique experiential concepts to strengthen value propositions and to adopt productivity-enhancing formats, such as self-checkout systems and unmanned stores.”
“Our main renewable energy today is solar energy. We have about 1.7 gigawatt peak (GWp) of solar photovoltaics deployed in Singapore as of June 2025 and we are making good progress towards meeting our current target of 2 GWp by 2030. The average amount of electricity from solar energy at any point in time is much lower. No electricity is generated at night and in daytime, solar generation fluctuates with cloud cover and weather patterns. To address the intermittency, the Singapore energy market provides regulation reserves, which are generation capacities used to balance minute-to-minute variations in electricity consumption and generation output. Additionally, Energy Market Authority has deployed battery energy storage systems (BESS) to provide instantaneous response to demand and supply fluctuations. The BESS can store energy generated during periods of high power output and discharge the energy when required. These measures keep our power supply reliable. Another potential source of renewable energy for us is via electricity import from the region. We will require the developers of these projects to mitigate intermittency through the use of BESS at source or other energy solutions. As we further increase the deployment of solar energy in Singapore and introduce imports and new energy sources, we will continue to maintain stringent reliability standards, perform real-time monitoring of system demand and network conditions, and invest in new grid infrastructure and technologies, such as BESS, to ensure a reliable power supply.”
“In line with international practice, the Singapore Department of Statistics compiles the Household Sector Balance Sheet using aggregated data from firms and institutions. As such, it would not be possible to disaggregate the Household Sector Balance Sheet data by household income deciles.”
“Investing in deep tech is a complex endeavour that takes years. There is no single or simple metric of commercial viability that applies. The Government uses a range of indicators for Research, Innovation and Enterprise (RIE)-funded projects, such as Intellectual Property (IP) licensing, capability and knowledge building, growing startups and catalysing private sector investment. For example, in RIE2025, of the corporate laboratories that support partnerships between public researchers and companies to co-develop technologies for industry, about 80% are expected to generate licensing revenue from jointly created IP. Singapore keeps abreast of good practices in deep tech commercialisation from other countries, including Israel. The objectives behind our support schemes and mechanisms for deep tech commercialisation have broad similarities to those of other countries, but the governance and funding structures have been adapted to meet the needs of our RIE ecosystem. We capture value from RIE through various means, including licensing revenue generated when commercial partners license IP from research institutions or returns from equity stakes when startups built around these technologies achieve commercial success. In addition, research collaborations with both global and local industry partners help anchor them in Singapore, thereby contributing to a more dynamic and competitive economy.”
“The Monetary Authority of Singapore's (MAS') E-Payments User Protection Guidelines require banks to provide real-time transaction notification alerts by way of SMS, email or in-app notification. Major retail banks generally offer parallel notifications through at least two channels, with in-app and email notifications being the common default channels. Customers currently receiving notifications by SMS can check if they are also receiving notifications via in-app and email notifications. If not, we strongly encourage that customers opt to do so with their banks, so that they have more channels to be kept informed promptly, even when they are overseas. When notified of a scam, banks will look into each case. MAS expects banks to treat customers fairly and they must consider if they have fulfilled their obligations. This would include looking into whether notifications were sent in a timely manner. Each incident involves unique circumstances that banks will have to evaluate carefully. If a scam victim is not satisfied with the bank's determination, he or she has the option of approaching the Financial Industry Disputes Resolution Centre for mediation and adjudication.”
“Existing regulatory guidelines, such as the E-Payments User Protection Guidelines, set out duties for financial institutions (FIs) that operate bank accounts or issue personal payment accounts containing e-money (e-wallets), which, in turn, govern the responsibility for losses arising from unauthorised transactions. Examples of such duties include imposing a 12-hour cooling off period after a digital token is activated on a device or after a login to an e-wallet account on a new device and sending real-time transaction notification alerts. When fraudulent transactions occur involving several FIs, like a bank and e-wallet provider, customers should report promptly to the involved FIs. The Monetary Authority of Singapore expects each FI to investigate the matter and consider whether its individual obligations were fulfilled and whether customers acted responsibly in the context of their individual account relationships with the FI. An FI may not disclaim responsibility solely by citing the involvement of another FI, and should consider the specific circumstances of each case. Should customers disagree with the outcome of the FI's investigation, they may approach the Financial Industry Disputes Resolution Centre (FIDReC) for mediation and adjudication. FIDReC is an independent and impartial institution that provides a low-cost dispute resolution service for FIs and their customers. FIDReC will independently consider all available information and whether each party has fulfilled their responsibilities in determining recourse for customers.”
“While tourism receipts declined by 4.3% in real terms between 2019 and 2024, after accounting for inflation, we are seeing a positive trend in spend per visitor. In the same period, spend per visitor increased 10.7% from about $1,630 in 2019 to $1,800 in 2024, in real terms. We are also seeing an uptick in tourism receipts in the past two years. In 2024, tourism receipts reached $29.8 billion for the full year. From the nine months between January to September last year, tourism receipts reached $23.9 billion. This represents a 5.8% growth compared to the same period in 2024, in real terms. Singapore Tourism Board will continue to pursue high-growth visitor segments and markets with higher propensity to spend, by developing compelling experiences and supporting our tourism companies and workers to enhance their capabilities. This shows that our Quality Tourism strategy is delivering sustainable results.”
“Singapore's exports to the United States (US) are currently subject to a "reciprocal" tariff rate of 10%. The US has also imposed various Section 232 sectoral tariffs, such as on imports of steel and aluminium, copper and lumber. There are other section 232 investigations ongoing, including into semiconductors and pharmaceuticals, which are currently exempt from the 10% "reciprocal" tariff. We are still in discussion with our US counterparts on the tariffs. We are also engaging industry, including the semiconductor and pharmaceutical sectors, to assess and manage the potential impact on Singapore. We will provide an update when ready.”
“Let me first reassure the Member that there are safeguards in place to limit the risk of consumers getting into unsustainable debt. All "Buy Now, Pay Later" (BNPL) firms operating in Singapore have committed to implement protections in line with the BNPL Code of Conduct. A user's BNPL facility will be suspended once a payment is overdue. The BNPL firms have committed to cap late payment fees, disclose them clearly and not subject outstanding amounts to compound interest. The BNPL firms also cannot grant customers a limit over $2,000 without additional credit assessments, including BNPL credit bureau checks. While growing, BNPL transactions remain small. It accounts for less than 2% of the value of total credit card and debit card payments in the first half of 2025. The Monetary Authority of Singapore (MAS) is collecting information from BNPL firms through surveys to monitor the use of their services and assess if they pose a concern. From our survey, 1.5% of BNPL firms' customers are below 21 years old. The median BNPL user with missed payments had outstanding amounts below $400 in aggregate across all BNPL firms and the vast majority have outstanding amounts below $1000. Rather than charging interest, the industry typically charges a late fee that is disclosed up front. While there is no need for further measures at this time, MAS will continue to monitor the situation and will review how to enhance our surveys to better monitor the sector.”
“To date, the Energy Market Authority has awarded conditional approvals and licences to more than eight gigawatts equivalent of electricity imports projects from Malaysia, Thailand, Indonesia and Australia. Project developers remain interested in supplying low-carbon electricity to Singapore and are working with the relevant authorities abroad to get the necessary approvals. We are also building our capabilities in other low-carbon energy sources, including hydrogen, advanced geothermal and advanced nuclear. These technologies could become cost-competitive options in the long run. The Government is prepared to provide support to mitigate the risks of strategic low-carbon energy projects. Such projects often require significant upfront capital. Geopolitical and commercial risks, coupled with energy price volatility, reduces private investment appetite to fund these projects. We established and injected $10 billion into the Future Energy Fund to support strategic low-carbon and energy supply security projects. We also established Singapore Energy Interconnections Pte Ltd to invest, develop, own and operate subsea interconnectors to transmit low-carbon electricity into Singapore. In addition, we have implemented the carbon tax to ensure the cost of emissions are appropriately priced. Revenue collected from the carbon tax will be channelled to support decarbonisation efforts and help companies invest in low-carbon and energy-efficient solutions. As we push forward with decarbonisation, we will continue to closely monitor global developments and take into consideration international climate efforts, to ensure that our energy transition trajectory is wearable and sustainable.”
“Diversification of energy sources is critical for our energy transition efforts in the face of global volatilities and uncertainties. We will continue to decarbonise our power sector across our four switches of natural gas, domestic solar deployment, low-carbon electricity imports and low-carbon alternatives. Within each switch, the Government has also implemented strategies to ensure that we continue to press forward on greening our energy supply. Today, around 95% of Singapore's electricity generation comes from natural gas. We must ensure secure and diversified natural gas supplies. To this end, we are developing a second liquefied natural gas terminal that will allow us to import gas from more countries and mitigate supply disruption risks. For solar, we will continue to maximise domestic deployment. We are making good progress towards meeting our target of two gigawatt-peak (GWp) of solar deployment by 2030, having achieved over 1.7 GWp of installed solar capacity as of June 2025. We will continue to find new ways to accelerate and maximise solar deployment. The Solar Energy Research Institute of Singapore had previously estimated that we can deploy about eight GWp of solar if we cover every viable space in Singapore with solar photovoltaic and with technological improvements. However, maximising solar at eight GWp is only expected to meet up to 10% of Singapore's electricity demand by 2050. To supplement solar, we are pushing forward with our plans to import low-carbon electricity from the region. We are building a portfolio of projects that are diversified across energy types and source countries.”
“Singapore's semiconductor output grew from $100 billion in 2020 to $133 billion in 2024. Companies do not disclose product-specific data to the Government. High-end chipmaking is attractive because it is technologically complex and capital intensive. It can potentially produce higher value but also carries higher risks. As a result, global competition for semiconductor investments is intense and has increased over the last few years, as countries seek to participate in the supply of artificial intelligence chips. However, chipmaking is land and energy intensive, which requires Singapore to be selective as to the projects we pursue. We adopt a multi-pronged strategy to grow high-end chipmaking in Singapore. We are expanding the manufacturing footprint of globally leading semiconductor companies in Singapore. Recent wins include KLA's new manufacturing facility for some of its most advanced inspection tools and Micron's $30 billion investment to build a new NAND flash memory chip plant in Singapore. We are also promoting these semiconductor companies and promising semiconductor start-ups to establish and expand their research and development (R&D) activities here, to deepen our technological capabilities in high-end chipmaking. An example is A*STAR's partnership with GlobalFoundries to accelerate advanced packaging and silicon photonics innovation in Singapore. In addition, we are deepening our public R&D capabilities, including the setting up of national platforms that support companies and start-ups in their translational research, such as A*STAR's National Semiconductor Translation and Innovation Centre. Doing so uplifts the semiconductor ecosystem to remain globally competitive and attractive to leading semiconductor companies to invest in Singapore.”
“Singapore adopts a voluntary merger notification regime to balance between effective regulatory oversight while keeping compliance costs low and not stifling innovation. Merger parties are expected to self-assess whether their transaction gives rise to potential competition concerns. They may approach the Competition and Consumer Commission of Singapore (CCS) for pre-notification discussions or seek guidance on whether the merger may be anti-competitive. CCS is not currently reviewing Meta's acquisition of Manus. The parties involved have not notified CCS for a merger assessment and there has been no reason to suggest that the acquisition may result in potential competition issues in Singapore. CCS is empowered to step in if it obtains information suggesting otherwise. Singapore's artificial intelligence (AI) innovation ecosystem is a vibrant one, with many companies and start-ups developing a broad range of products and services. Mergers and acquisitions is a common exit strategy for start-ups and their investors, especially in a new, fast-growing sector. CCS will monitor developments in the AI market to ensure that it remains competitive and facilitates innovation.”
“These efforts and collaborations will deepen and broaden our network of economic partnerships, diversify our markets, open more opportunities for our businesses and strengthen our resilience in an increasingly fragmented world.”
“Singapore is deepening our cooperation with major economies and expanding our trade links with emerging markets, such as Latin America, South Asia, the Middle East and Africa. We are also furthering cooperation in growth areas through digital and green economy Agreements, such as the European Union (EU)-Singapore Digital Trade Agreement and the Green Economy Partnership Agreement with Chile and New Zealand. In addition, Singapore is strengthening our regional and bloc-to-bloc engagements. For example, we upgraded the Association of Southeast Asian Nations (ASEAN) Trade in Goods Agreement last year. Dialogues to explore areas for collaboration between the members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and ASEAN, as well as between the CPTPP and the EU are ongoing. We are also developing new forms of partnerships. In September 2025, Singapore, Switzerland, New Zealand and the United Arab Emirates launched the Future of Investments and Trade Partnership to champion a forward-looking trade agenda. This informal group of 16 like-minded small, medium and trade-dependent economies will collaborate on issues, such as supply chain resilience and leverage technology to facilitate trade and investment. In October 2025, under the bilateral Comprehensive Strategic Partnership, Singapore and New Zealand agreed on a legally binding supply chain resilience agreement to trade essential goods even in times of crisis, a first-of-its-kind for Singapore. We will continue to explore similar agreements with other like-minded economies, to protect our access to critical supplies.”
“The Hainan Free Trade Port (FTP) offers zero tariffs on a broad range of goods, improved customs clearance processes and tax incentives. It allows for imports with at least 30% value-added processing in the Hainan FTP to enter mainland China tariff-free, to encourage businesses to locate processing facilities in the Hainan FTP to serve the China market. The impact on Singapore is likely to be limited as Singapore already has free trade agreements with China through the China-Singapore Free Trade Agreement, the ASEAN-China Free Trade Area and the Regional Comprehensive Economic Partnership. For example, the China-Singapore Free Trade Agreement eliminates tariffs for 95% of Singapore's exports to China. We will continue to monitor trade patterns and adjust our strategies as necessary.”
“The Member may refer to the written reply given in this House on 4 November 2025 on how the Monetary Authority of Singapore and banks have worked to minimise disruptions to legitimate transactions [Please refer to "Easement of Anti-Scam Measures by Banks in "Whitelist" and/or Considerable Safe Situations", Official Report, 4 November 2025, Vol 96, Issue 9, Written Answers to Questions section.]. We need to strike a balance between protecting the users while avoiding inconvenience to the vast majority of customers. Banks send real-time notifications of online funds transfers to customers and will put in best efforts to recall the funds after being notified of a fraudulent transfer as soon as possible. This may not always be successful as scammers may move funds quickly between many accounts by then. Nevertheless, banks are expected to promptly suspend further transactions from the customer's account when the customer reports a fraudulent transaction. Customers can also activate a kill-switch themselves to suspend their accounts. In assessing customers' claims for compensation, banks must consider if they have fulfilled their obligations, including under the SRF, and whether the victim has acted responsibly, including reporting fraudulent transactions promptly. Even as banks continually enhance their systems and safeguards, combatting scams requires a whole-of-society approach. We urge consumers to exercise vigilance and heed advisories issued by Government agencies. Consumers can also take steps to protect themselves by setting lower limits for transaction notification and funds transfer, as well as making use of MoneyLock, which allows them to set aside funds which cannot be digitally accessed.”
“Seventy-nine percent of scam cases as at first half of 2025, involved self-effected or authorised transfers rather than unauthorised transactions. In these cases, scammers deceive victims into initiating and authenticating the transactions themselves. We have also seen phishing scam cases where scammers tricked victims to disclose their account credentials and subsequently manipulated them to authenticate fraudulent transactions on their banking app. Banks continually sharpen their fraud detection systems to sift potentially fraudulent transfers. They also perform step-up authentication for flagged transactions by suspending such transactions or requiring additional confirmation from customers. Distinguishing self-effected transactions that were induced by deception from legitimate self-effected transactions is not an easy task, even for sophisticated fraud detection systems. A substantial number of flagged transactions are ultimately legitimate, underscoring the complexity of fraud detection and the trade-off between security and convenience. The fraud surveillance duty under the Shared Responsibility Framework (SRF) is aimed at a scenario where there is rapid draining of significant account balances. Banks are required to block or hold such transactions for at least 24 hours to allow customers time to review the fund transfers and decide if they should proceed. This has already caused some inconvenience to legitimate transactions.”
“All companies domiciled in Singapore, whether local- or foreign-owned, must register with the Accounting and Corporate Regulatory Authority and must comply with our laws and regulations. Some companies may also be subject to compliance oversight by relevant regulatory agencies. Foreign companies that re-domicile in Singapore must meet minimum requirements for substantive business activity, such as total assets, revenue or employment, in addition to requirements for solvency and legality. The Government does not require companies that re-domicile to Singapore to provide a reason for their application. We welcome all legitimate technology companies to be established in Singapore. This approach reinforces Singapore's position as an open economy and trusted business hub, contributes to employment creation for Singaporeans and strengthens our growing technology and innovation ecosystem.”
“The Government takes a pragmatic and calibrated approach in setting our carbon tax trajectory, bearing in mind the pace of international climate action, Singapore's economic competitiveness and the progress of decarbonisation technologies. The pace of global climate action will ebb and flow as countries grapple with different challenges in setting and meeting their climate ambition. However, the increasingly severe impact of climate change means that all countries will eventually be forced to take more drastic climate action. Decarbonisation is necessary for Singapore to remain competitive in the long-term as the world transits to a low-carbon future. As an alternative energy-disadvantaged country, decarbonisation is more costly for us. Hence, our carbon tax must be high enough to incentivise investments to reduce carbon emissions. We also need to plan early, given the longer lead time needed to implement decarbonisation solutions. In addition, we have to balance these considerations against nearer-term factors, including how carbon is priced in other jurisdictions. This is to avoid carbon leakage, where companies in Singapore relocate their emissive activities to other jurisdictions with lower carbon prices, without resulting in any net decrease in emissions globally. The Ministry of Trade and Industry has been engaging businesses to address their concerns and challenges with regard to the carbon tax as well as mitigation measures, and to provide the necessary support and assistance.”
“For example, JTC has developed a five-hectare green sanctuary known as the Potter’s Garden in CleanTech Park to integrate green spaces and celebrate Jurong's pottery heritage and Singapore's last two heritage dragon kilns.”
“The Government takes a long-term approach to land planning to support the diverse and competing needs in our land-scarce Singapore. We assess the suitability of various sites before making development decisions, taking into account a range of factors, such as locational attributes and synergies with existing developments. In the case of CleanTech Park and Bahar, both precincts will be integrated with existing industrial sites at Bulim and upcoming sites at the Tengah Industrial Estate. This will support the overall development of the Jurong Innovation District (JID) as Singapore's hub for next-generation advanced manufacturing activities including robotics, medical technology and smart logistics. Its proximity to the Nanyang Technological University (NTU) will also facilitate close industry-academia collaborations. Collectively, JID is expected to cater for some 95,000 jobs, providing good job opportunities for local residents. JTC commissioned an Environmental Impact Assessment (EIA) for the planned developments at CleanTech Park and Bahar. The EIA identified mitigation measures, such as the retention of forested areas with higher ecological values, transplanting plant species of conservation significance and implementing wildlife management, response and rescue plans. JTC reviewed these in consultation with nature groups and will adopt these mitigation measures as much as practicable and integrate the retained forested areas with new greenery spaces within the industrial developments. JTC will also incorporate features in JID to bring the “live, work and play” concept to life for residents in the Jurong region.”
“The Singapore Tourism Board (STB) is placing greater emphasis on visitors who spend more in Singapore while ensuring sustainable growth in visitor numbers to maintain a baseline demand for tourism businesses. This approach will optimise the tourism sector's contribution to our economy and create good jobs for locals, while working within Singapore's constraints. This involves targeting high-yield, high-growth segments, such as Meetings, Incentives, Conferences and Exhibitions (MICE) visitors and Active Silvers, as well as established segments such as families with children. To do so, STB partners the tourism industry to develop high quality, first-of-its-kind or first-in-the-region tourism concepts and developments. Recent examples include Rainforest Wild ASIA and Disney Cruise Line's Disney Adventure. STB will also continue to strengthen our pipeline of events, including MICE events such as Food & Hospitality Asia and Industrial Transformation Asia-Pacific, leisure events like the Formula 1 Singapore Grand Prix, Christmas on a Great Street and Marina Bay Singapore Countdown, as well as upcoming A-list acts, such as BTS.”
“Enterprise Singapore and the Economic Development Board support companies, including small and mid-sized listed companies, through the Sustainability Reporting Grant (SRG), to help them develop sustainability reports that are aligned with the International Sustainability Standards. The availability of SRG was extended in tandem with the delayed implementation of climate reporting requirements. In addition, companies can tap on the SME Sustainability Hub, which is a one-stop digital platform that organises relevant support and resources to build sustainability capabilities including sustainability reporting. The Accounting and Corporate Regulatory Authority has also issued the Sustainability Reporting Body of Knowledge to guide training providers in the development of courses on sustainability reporting. The Government will continually review our support measures to help companies build the capabilities to prepare for a low-carbon future.”
“The Singapore Tourism Board (STB) encourages the adoption of new and innovative technologies in the tourism sector. For example, in 2024, STB piloted “Merli's Immersive Adventure” on Google Maps, an augmented reality (AR) tour to iconic spots, such as the Victoria Theatre and Concert Hall and Maxwell Food Centre. STB is also piloting solutions involving artificial intelligence (AI) and Generative AI that enhance visitor experience, such as through chatbots and multilingual translators. STB also provides grants to businesses seeking to adopt innovative technologies via the Experience Step-Up Fund. For instance, STB supported Woopa Travel's initiative to launch an AR feature within their application for walking tours. The feature facilitates interactions between tourists and key points of interests and allows tourist guides to create enhanced guiding experiences with the AR technology. We expect technological advancements to play an increasing role in shaping visitor experiences. STB is committed to advancing the tourist guide profession through capability building, so that they can leverage these technologies to adapt to market needs. For example, STB upskills tourist guides through live workshops at the annual Travel Agents and Tourist Guides Industry Forum, including how to enhance their profiles and create unique itineraries with AI. An updated tourist guide licence renewal framework, termed “Learn + Do”, will take effect from 1 March 2026. The updated framework encourages tourist guides to take ownership of their learning, including in technology adoption and digitalisation, to deliver unique and meaningful experiences to tourists.”
“The Consumer Product Safety Office (CPSO) under the Competition and Consumer Commission of Singapore (CCS) oversees the safety of general consumer goods, including children's toys such as coloured play sand. Under the Consumer Protection (Consumer Goods Safety Requirements) Regulations, children's toys must comply with relevant requirements on physical safety and harmful substances such as heavy metals. Specifically for asbestos, the National Environment Agency's (NEA's) Environmental Protection and Management Act regulates its import, manufacture and sale. Following the overseas product recalls of coloured play sand containing asbestos, CPSO and NEA have conducted checks and found that none of the affected products are sold by major physical retailers locally. Two e-commerce platforms that were found to be selling the affected products have been informed by NEA to take down the product listings. NEA has also conducted selective testing of other coloured play sand products in the local market and no asbestos content was detected. As there are no significant safety risks posed by coloured play sand products locally, there is no need to issue interim safety guidelines to local preschools and indoor playgrounds. The Government will continue to monitor the situation and engage retailers and relevant stakeholders should there be potential product safety concerns.”
“Home equity loans, also termed Mortgage Equity Withdrawal Loans (MEWLs), are subject to the Monetary Authority of Singapore’s (MAS') residential property loan rules. Financial institutions (FIs) must ensure that total outstanding loans on a property, including the MEWL loan amount and any Central Provident Fund monies used for the initial property purchase, does not exceed the applicable loan-to-value (LTV) limit. MEWLs are also generally subject to the Total Debt Servicing Ratio (TDSR), which caps borrowing based on income. In some cases, however, borrowers are exempt from TDSR if their total debt secured by the property, including any MEWLs, does not exceed 50% of the property's current market value. This exemption provides flexibility to homeowners who have substantially paid down their mortgage to take out loans to meet cash flow needs, while mitigating over-indebtedness. In addition to complying with MAS' LTV and TDSR requirements, MAS expects FIs to perform a holistic credit assessment for loan applications. As part of their internal credit assessment, FIs must assess borrowers' ability to repay their loans, taking into account factors such as their income, financial assets and other loan obligations, to determine the appropriate loan amount and tenor for each borrower. FIs will also consider the strength and risks of the underlying collateral when determining the appropriate loan quantum. These safeguards encourage financial prudence amongst MEWL borrowers, even if these loans are used for more speculative investments. We encourage consumers to exercise prudence in managing their finances, particularly when making major decisions, such as taking on MEWLs and purchasing overseas properties.”
“The Government has taken the lead in accelerating rooftop solar deployment on public properties, through programmes, such as the SolarNova programme, because we own the properties. For private developments, the Government will nudge them to do the same by simplifying regulations to facilitate solar deployment. For example, the Energy Market Authority's (EMA's) Simplified Credit Treatment Scheme or Enhanced Central Intermediary Scheme allows private property owners to register their solar installations with SP Group and be paid directly through their monthly bill. With the declining cost of solar panels, the current payback period for a residential solar power system could be as short as five years. We are making good progress towards meeting the target of 2 gigawatt-peak (GWp) of solar deployment by 2030, having achieved over 1.7 GWp of installed solar capacity as at June 2025. We will continue to explore ways to facilitate increased adoption of solar on public and private developments.”
“The Singapore Tourism Board (STB) removed the Multi-Language Proficiency Test requirement for tourist guides in June 2024. Since then, tourist guides have been able to self-declare their language proficiency and guide in additional languages without formal testing. The change was motivated by a desire to streamline licensing and regulatory requirements, given that tourist guides remain accountable to their hirers, including travel agencies, tour operators and tourists and will need to demonstrate their language competencies to avoid complaints or implications on their commercial contracts. Thus far, STB has not received any complaints or negative feedback from visitors, while travel agents and tour operators appreciated the change as it enables them to more easily secure guides who speak foreign languages to meet market demand. While the increasing prevalence of artificial intelligence (AI) translation tools enables more tourists to independently discover destinations, the human touch remains a critical element in the tourism sector. Tourist guides offer much more than translation services, providing unique and meaningful experiences over and above what AI can provide. STB remains committed to advancing the tourist guide profession to enable guides to leverage technologies, such as AI, to enhance the experiences they bring to tourists.”
“There are currently more than 1,600 off-premise automated teller machines (ATMs) and over 150 retail branches operated by the three local banks across Singapore. More than 1,200 of the off-premise ATMs are located within Housing and Development Board towns. Over the past decade, both the number of off-premise ATMs and bank branches have decreased gradually by an average of around 2% annually, as banks rationalise their ATMs and branch network due to customers increasingly adopting online banking and cashless payments. Banks have also deployed more multi-function ATMs, so customers do not necessarily need to visit branches. The Monetary Authority of Singapore tracks the number of ATMs and engages banks to ensure they carefully consider customers' ease of access to banking services. Banks consider various factors when siting ATMs and bank branches, including footfall, transaction volume, population density and proximity to public transport nodes. They prioritise locations that are central to residents' daily activities, such as heartland malls and food centres, to enhance convenience for customers. Banks also monitor the Urban Redevelopment Authority masterplan and Government tenders to identify where to site new bank branches and ATMs. ATMs and bank branches are not the only places where consumers can withdraw cash. Banks also partner retail outlets such as 7-Eleven, Giant and Sheng Siong to enable customers to withdraw cash from their bank accounts when they make purchases at these locations. These outlets are present in mature and non-mature estates. MAS will continue to work with banks to ensure there are enough ATMs and bank branches for the convenience of customers and also encourage customers to use digital banking services as an alternative to cash transactions.”
“Singapore depends on energy imports to meet almost all our energy needs. Therefore, our electricity prices generally reflect movements in imported fuel costs. Nonetheless, the Government remains committed to work with Singaporeans to strike the right balance between sustainability, energy security and affordability. Households can reduce their utility bills by switching to more energy-efficient appliances to reduce their energy consumption. Eligible households can use their Climate Vouchers under the enhanced Climate Friendly Household Programme to defray the costs of switching to such appliances. Households can also adopt energy-saving habits, such as switching off unused appliances and setting indoor air-conditioning temperature at 25 degrees Celsius. To defray the monthly costs of utilities, the majority of Singaporean households living in Housing Development Board flats receive U-Save rebates. In 2025, eligible households would have received up to $760 of U-Save rebates. Such measures complement other schemes to support Singaporeans' daily expenses, like the Community Development Council Vouchers. Businesses can also do their part to invest in energy efficiency. The Government will continue providing grants to support businesses to do so.”
“The development of data centres in Singapore is carefully managed. The second Data Centre – Call for Application (DC-CFA2) exercise was launched only after carefully assessing the availability of electricity and other resources needed to support new data centre capacity without compromising other needs. Under the DC-CFA2 requirements, at least half of the new data centres' energy requirements must be powered by one or more of the green energy pathways stipulated in the exercise. This requirement is in line with the Green Data Centre Roadmap launched by the Infocomm Media Development Authority in 2024, which guides data centres on improving energy efficiency and using green energy to support our ambitions for the digital economy.”
“When purchasing blind box or 'gacha' products, there is no guarantee of obtaining a specific item. The use of blind boxes or 'gacha' mechanisms is not prohibited under the Consumer Protection (Fair Trading) Act 2003 (CPFTA). However, under the CPFTA, it is an unfair practice for a business to make false or misleading claims about its goods and services, such as misrepresenting the odds of obtaining certain variants of a product through a blind box or a 'gacha' mechanism. Consumers who encounter such unfair practices may approach the Consumers Association of Singapore (CASE) for assistance. CASE can represent consumers in negotiating a settlement or mediating with the supplier. In more serious cases, CASE may refer errant suppliers to the Competition and Consumer Commission of Singapore (CCS) for investigation under the CPFTA. CCS and CASE regularly conduct outreach and public education efforts to inform and educate consumers about their rights and available avenues for redress.”
“SME Centres offer one-to-one business advisory services, capability-building workshops and group-based upgrading projects. For internationalisation, the Singapore Business Federation has set up the Centre for the Future of Trade and Investment, a public-private partnership supported by the Ministry of Trade and Industry (MTI), EnterpriseSG and other partners, to deepen businesses' capabilities for cross-border trade and investment. MTI and EnterpriseSG, together with sector agencies, regularly review the supported solutions to ensure they remain up to date to meet the needs of our businesses.”
“The Government has a suite of initiatives to support the development of our small and medium enterprises (SMEs), enhancing their productivity and competitiveness. We actively support businesses in developing new capabilities, such as adopting artificial intelligence (AI) and driving digital transformation. For example, the Infocomm Media Development Authority's SMEs Go Digital programme and the Chief Technology Officer-as-a-Service provide grant support for companies to adopt digital and AI solutions. The Digital Industry Singapore's Enterprise Compute Initiative supports SMEs in developing and deploying AI solutions by making cloud credits and related tools from leading cloud service providers available, as well as consultancy from professional services firms. The Partnerships for Capability Transformation grant supports partnerships between our SMEs and multinational corporations or large local enterprises, in areas such as supplier development, co-innovation, capability training, internationalisation and corporate venturing. This allows our SMEs to boost their capabilities and enhance their regional and global competitiveness. Businesses can tap on Enterprise Singapore's (EnterpriseSG) Enterprise Development Grant to upgrade, innovate and access new markets or the Productivity Solutions Grant to improve their productivity and automate their processes. For companies keen to internationalise, the Market Readiness Assistance Grant can help them defray the cost of overseas market promotion, business development and set-up. The Government also partners with Trade Associations and Chambers (TACs) to support enterprise and industry capability development. This includes projects that TACs deliver to their members and sectors, as well as the services provided by SME Centres.”
“It takes whole-of-Government and society to combat scams. The Government has worked with various stakeholders to put in place a suite of measures to address the scourge of scams. As part of this collective effort, the Monetary Authority of Singapore (MAS) and banks have been working together to continuously enhance security measures to better protect customers from scams. For example, we have introduced Money Lock accounts and depositors receive regular reminders by banks to set up these accounts. We are progressively discontinuing SMS One-Time Passwords (OTPs) in higher-risk banking activities and transactions, including for the provisioning of credit cards to mobile wallets, because SMS OTPs are more readily obtained and abused by scammers. We have also stepped up fraud surveillance and transaction alerts to account holders, so if there are unauthorised transactions on credit cards, consumers can and must do their part by informing the card issuing bank quickly so that further transactions can be stopped. Banks will also introduce additional safeguards this year, such as additional cooling periods for higher-risk activities and in-app notifications to help customers verify that an incoming call is indeed from the bank. While the Mid-Year Scam and Cybercrime Brief 2025 reported that both scam cases and losses decreased by 26% and 13% respectively in the first half of 2025 compared to the same period in 2024, there is no room for complacency. All parties must remain vigilant as scammers will find new ways to target victims. MAS and financial institutions will continue to review and respond to the evolving scam landscape.”
“The breakdown of registered retail business entities operating in Singapore by ownership, as of 8 January 2026, is in Table 1. Enterprise Singapore supports local retailers through schemes that help small and medium enterprises enhance their productivity, transform their business and expand overseas. These include the Productivity Solutions Grant, the Enterprise Development Grant and the Market Readiness Assistance Grant. The Government also supports more targeted programmes that encourage local retailers to innovate and provide differentiated offerings. These include the Retail Maverick Challenge, which is a platform launched by Enterprise Singapore and CapitaLand for local retailers to pilot innovative and experiential retail concepts. Another example is Design Orchard Retail Singapore (DORS), managed by the Singapore Fashion Council with help from the Singapore Tourism Board and Enterprise Singapore. DORS showcases over 80 local design brands, providing them with premium retail exposure and cost savings through shared facilities and services. The Government will continue to work with industry stakeholders and key trade associations, such as the Singapore Retailers Association (SRA), to explore how else we can support our local retailers.”