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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“From 2024 to 2025, 11 cases of unfair practices by suppliers under the Consumer Protection (Fair Trading) Act 2003 were resolved by the Competition and Consumer Commission of Singapore (CCS) without the need for action by the Court. In the same period, CCS filed one application for Court orders against two immigration consultancy businesses that had engaged in unfair trade practices under the Consumer Protection (Fair Trading) Act 2003. More details on the case can be found at https://www.ccs.gov.sg/media-and-events/newsroom/announcements-and-media-releases/cccs-secures-court-orders-against-immigration-consultancy-businesses-for-misleading-practices/.”
“Most critical minerals traded by Singapore-based companies are stored and financed through the London Metal Exchange (LME) ecosystem, including LME-approved warehouses in Singapore and overseas. Banks which are LME members recognise and accept LME's digital warehouse receipts as collateral in trade financing. We understand that some companies may store metals in non-LME warehouses in Singapore, due to lower storage costs or to hold the metals for end-use rather than trading. These warehouses typically issue physical receipts, as they and the banks do not have the economies of scale and hence, the commercial incentive to adopt separate local digital receipt platforms. Metal warrant financing in Dubai and the United Kingdom similarly relies on internationally recognised exchange-based systems, such as the LME. EnterpriseSG engages the industry regularly and will review the need to accredit trusted issuers if and when there is sufficient market interest.”
“Timor-Leste acceded to ASEAN on 26 October 2025 and is in the process of implementing the Roadmap for Timor-Leste's Full Membership in ASEAN. This will take time as Timor-Leste will need to accede to all ASEAN treaties, conventions, agreements and instruments under the three ASEAN Community pillars1, in parallel with undertaking the necessary domestic reforms towards a more accessible, transparent and predictable economic environment. Timor-Leste is a nascent market for Singapore companies. In 2024, Singapore's total trade with Timor-Leste amounted to $89.9 million. Direct flights between Singapore and Timor-Leste commenced in 2024 and Singapore welcomed 3,668 visitors from Timor-Leste in the same year. With Timor-Leste's economic integration into ASEAN, we will work with interested companies to explore opportunities in Timor-Leste. Singapore remains committed to support Timor-Leste's integration into ASEAN through the eSTARS (Enhanced Singapore-Timor-Leste ASEAN Readiness Support) package, which offers a customised slate of programmes. This includes supporting Timor-Leste on the workings of ASEAN across the three Community pillars and ASEAN's growing network of external partners, as well as tailored assistance for ASEAN economic agreements, leadership and customised capacity building programmes, and postgraduate scholarships which are aligned with Timor-Leste's development priorities. These efforts will contribute to the development of the Timor-Leste economy, including trade and tourism cooperation with Singapore and other ASEAN countries.”
“Please refer to the reply given in this House on 16 October 2024. [Please refer to "Wrongful PayNow Transfers to Phone Numbers Belonging to Previous Subscriber", Official Report, 16 October 2024, Vol 95, Issue 144, Written Answers to Questions for Oral Answer not Answered by End of Question Time section.] The Monetary Authority of Singapore's assessment remains the same. Current processes to change the registered telephone number for PayNow are sufficient.”
“Under the Competition Act 2004, the Competition and Consumer Commission of Singapore (CCS) can issue legally binding directions to prohibit, dissolve or modify anti-competitive mergers and impose a financial penalty on the merger parties where warranted. In the event of non-compliance with a merger direction issued by CCS, CCS may apply to register the direction with the Courts. Any person who fails to comply with a registered direction may be in contempt of court. The Court will apply the usual sanctions for contempt of Court and may impose a fine not exceeding $20,000 or imprisonment for a term not exceeding 12 months, or both.”
“Striking the right balance between security, affordability and sustainability in our energy system is a key priority for the Government. Today, the Ministry of Trade and Industry (MTI), with its statutory board the Energy Market Authority, directly oversees energy matters and works closely with the rest of the Government to manage our energy transition. To better organise the Government to accelerate Singapore's transition to cleaner energies, the Prime Minister designated Minister Dr Tan See Leng as the Minister-in-charge of Energy last year. MTI has also appointed a Permanent Secretary and a Deputy Secretary to oversee policies relating to energy and decarbonisation. MTI set up a new Energy and Carbon cluster in April 2024 to co-ordinate efforts across the whole-of-Government and build the requisite capabilities. Currently, the Government has no plan to set up a separate Ministry of Energy, but we will continue to make refinements to how this work is organised, as its scale and complexity grow in the years ahead.”
“Under the Consumer Protection (Fair Trading) Act 2003 (CPFTA), it is an unfair practice for a supplier to exert undue pressure or influence on a consumer to enter into a transaction or to accept payment for goods or services when the business knows that it will not be able to supply the goods or services. The Competition and Consumer Commission of Singapore can take enforcement action against such egregious suppliers. Consumers who encounter these unfair practices may approach the Consumers Association of Singapore (CASE) to seek redress. The Government also works with CASE to empower consumers and help them make informed purchase decisions. In addition, CASE has a scheme that accredits businesses committed to fair trading practices and claims on unused prepayments in the event of business closure. Consumers are encouraged to engage CaseTrust-accredited businesses where applicable, especially when transactions involve significant prepayments. In March 2025, the Government convened an independent Consumer Protection Review Panel led by CASE President Melvin Yong and former judicial commissioner Ms Foo Tuat Yien to review key consumer concerns, including the adequacy of existing protections for high-value package purchases. The Panel, comprising industry stakeholders, legal representatives and academics, is expected to publish its findings and recommendations later this year. The Government will study the Panel's recommendations and consider the necessary additional measures.”
“Since February 2024, all qualifying retail lease agreements must comply with the Code of Conduct under the Lease Agreements for Retail Premises Act. The Code sets out leasing principles to prevent the inclusion of unreasonable clauses in lease agreements, such as prohibiting landlords from charging a markup on electricity costs. In the event of disagreements over the lease negotiations or terms, the parties may bring their cases to the Singapore Mediation Centre for mediation or adjudication. More broadly, the retail scene in Singapore remains competitive and vibrant, offering a wide range of options to consumers. The Government continues to support local retailers and SMEs in strengthening their capabilities. Enterprise Singapore supports local retailers through schemes that help SMEs enhance productivity, transform their businesses and expand overseas. These include the Productivity Solutions Grant, the Enterprise Development Grant and the Market Readiness Assistance Grant. The Government also supports targeted programmes that encourage local retailers to innovate and provide differentiated offerings. These include the Retail Maverick Challenge, which enables local retailers to pilot innovative and experiential retail concepts; as well as Design Orchard Retail Singapore (DORS), which showcases over 80 local design brands. The Government will continue to partner with industry stakeholders and key trade associations, such as the Singapore Retailers Association (SRA), to explore additional ways to support local retailers and maintain the vibrancy of Singapore's retail sector.”
“Tenancy mix and turnover in commercial developments are the result of commercial decisions made by both property owners and tenants. These decisions are influenced by market factors, such as consumer demand preferences and prevailing economic conditions. With regard to competition concerns arising from mergers and acquisitions, Singapore adopts a voluntary merger notification regime. Under this regime, merger parties are not required to notify the Competition and Consumer Commission of Singapore (CCS) of their merger transactions under the Competition Act to balance between effective regulatory oversight and keeping compliance costs low. Instead, merger parties are expected to self-assess whether their transaction may give rise to potential competition concerns. Nevertheless, CCS is empowered to step in if it obtains information suggesting that a merger may result in potential competition issues. Merger parties may approach CCS for pre-notification discussions or seek guidance on whether their merger may be anti-competitive. To support businesses in this process, CCS has published detailed guidance on the circumstances under which mergers may raise competition concerns. In the cases of the acquisition of The Clementi Mall and the reported potential CapitaLand-Mapletree merger, the parties concerned have not formally notified CCS for a merger assessment. The CCS will continue to monitor both developments. Separately, apart from competition oversight under the Competition Act, the Government has put in place measures to support fair and balanced lease negotiations between property owners and tenants. The Government worked with the Fair Tenancy Industry Committee (FTIC) to publish a Code of Conduct for Leasing of Retail Premises in Singapore.”
“The Government is committed to supporting our businesses, including the small and medium enterprises (SMEs), to prepare for a low-carbon economy and address the opportunities from rising demand in green technologies, products and services. In May last year, EnterpriseSG launched the SME Sustainability Hub, a one-stop digital platform to help SMEs access relevant support and resources as they navigate their sustainability journey. The key resources available for SMEs include: a) assistance to meet the environmental requirements and standards of financial institutions and corporate customers. For example, the SME Sustainability Reporting Programme and Sustainability Reporting Grant are schemes that help SMEs build foundational sustainability reporting capabilities; b) training and capability-building programmes – under the Enterprise Sustainability Programme, SMEs can access a series of sustainability playbooks and training courses on key topics, including decarbonisation and sustainable finance; and c) funding support, for example, the Enterprise Development Grant supports SMEs in developing sustainability strategies, products and services, and adopting green technologies to grow their businesses. The Government is working closely with the trade associations and chambers and the industry to continually review our suite of support measures and schemes for SMEs, to enable Singapore businesses and workers to thrive in a low-carbon future.”
“This question has been addressed in a reply at the Parliament Sitting on 5 November 2025. [Please refer to "Measures to Ensure Equivalent Corporate Governance Standards Abroad for SGX-listed Entities", Official Report, 5 November 2025, Vol 96, Issue 10, Written Answers to Questions section.]”
“This question has been addressed in a reply at the Parliament Sitting on 5 November 2025. [Please refer to "Measures to Ensure Equivalent Corporate Governance Standards Abroad for SGX-listed Entities", Official Report, 5 November 2025, Vol 96, Issue 10, Written Answers to Questions section.]”
“There is no disaggregated data on Personal Disposable Income (PDI), Personal Saving (PS) and Personal Saving Rate (PSR), in the manner that the Member has requested for. The Department of Statistics (DOS) compiles the data at the aggregate level, based on information from several administrative and survey sources. These data are available on a quarterly basis since 1980 and can be obtained from the DOS' website at https://www.tablebuilder.singstat.gov.sg/table/TS/M016081.”
“The Consumer Protection (Fair Trading) Act protects consumers against businesses that make misleading or false claims about their products or services, whether or not they are AI-generated. There are currently no plans to introduce specific disclosure requirements or labelling standards for AI-generated content of products and services. To support a transparent and trusted digital marketplace, the Competition and Consumer Commission of Singapore (CCS) has worked with e-commerce platforms and industry players to raise industry standards and promote responsible business conduct in the e-commerce space. This includes the use of artificial intelligence (AI) via enhancements to the Technical Reference 76 industry code on e-commerce transactions. CCS has also released an AI Markets Toolkit to help businesses self-assess and identify fair trading risks arising from the use of AI. There are also guides to help businesses advertise their products and services responsibly. This includes the Singapore Code of Advertising Practice issued by the Advertising Standards Authority of Singapore, which requires all advertisements to be decent, honest and truthful. Just last month, CCS also issued a guide on quality-related claims to help businesses make clear and accurate product claims. Consumer education and awareness are key to empower the public to make informed decisions. The Infocomm Media Development Authority's (IMDA) SG Digital Office conducts workshops for seniors on how to stay safe and smart online against AI-generated misinformation. IMDA's Digital for Life Portal also contains resources on how the public can stay safe against online misinformation and deepfakes and use AI safely and responsibly.”
“Since the start of 2023, the Energy Market Authority has issued Conditional Approvals to eleven projects to import about eight gigawatts of low-carbon electricity from our region, including Australia, Cambodia, Indonesia, Malaysia and Vietnam. Of these 11 projects, six projects from Indonesia have been awarded Conditional Licences as their projects have made good progress. They have a total capacity of three gigawatts. The companies behind all eleven projects remain very interested in seeing their projects come to fruition. We will work closely with the governments of the source countries and with the project developers to develop more in-depth assessments of project viability, and to support the development of the most viable projects.”
“The Consumer Protection (Fair Trading) Act prohibits unfair practices, including suppliers exerting undue pressure or influence on consumers to enter into transactions. This applies to all consumers regardless of age. Consumers who encounter such unfair practices may approach the Consumers Association of Singapore (CASE) for advice and assistance on recourse options, including filing a claim with the Small Claims Tribunals. The Competition and Consumer Commission of Singapore also investigates and takes firm enforcement actions against egregious suppliers. This includes seeking Court orders to stop the unfair practices. An independent Consumer Protection Review Panel led by CASE President, Mr Melvin Yong, and former judicial commissioner, Ms Foo Tuat Yien, comprising industry stakeholders, legal representatives and academics, was convened in March 2025 to review key consumer concerns, including pressure sales tactics. The Panel is expected to publish its findings and recommendations in end-2026. The Government will study the Panel's recommendations and determine if additional measures are required.”
“From 1 January 2025 to 23 October 2025, there were 3,357 new retail food establishments1 and 2,431 closures. The breakdown of the duration of registration of the closures in 2025 is in Table 1.”
“The Business Adaptation Grant (BizAdapt) was launched on 7 October 2025 to help businesses adapt to the new tariff environment. The grant cap of $100,000 per company was derived based on internal assessments and industry feedback on the third-party advisory services that businesses would need to reconfigure their supply chains. It was designed as a time-limited grant of two years to give businesses sufficient time to tap on the grant, whilst keeping to the intent of helping businesses address near-term challenges and adapt quickly to the new tariff environment. We will survey businesses on whether BizAdapt has helped them in evaluating the impact of tariffs and reviewing their supply chains, to assess if the grant has been useful in supporting these business needs, and are prepared to do more if necessary.”
“The Energy Market Authority (EMA) currently requires SP Services to provide hardcopy monthly utility bills to consumers who wish to continue receiving them. SP Services does not charge for these hardcopy bills. If there are consumers who missed their recent bill payments due to the transition to electronic billing, SP Services will waive the late payment fees for these consumers. EMA does not require all other electricity retailers to provide hardcopy bills. Under the Open Electricity Market, electricity retailers may offer different billing options to consumers. Some retailers only offer electronic billing. Among retailers who offer hardcopy bills, some provide it free of charge while others may charge a fee. Consumers have a choice of retailers. Consumers should carefully consider the terms and conditions of the retailers, including their billing arrangements, before signing up with the retailers. EMA requires each electricity retailer to provide consumers with a standardised factsheet to state its billing arrangements, alongside other key terms.”
“The SkillsFuture Enterprise Credit (SFEC) was introduced in 2020 to defray out-of-pocket costs for specified enterprise and workforce transformation programmes. To date, close to 40,000 enterprises, or about half of the eligible enterprises, have utilised the SFEC. We have enhanced and extended SFEC several times in the last few years to encourage more enterprises to invest in transformation efforts and the capabilities of their employees. For example, we removed the minimum Skills Development Levy contribution in 2022 to avail SFEC to more enterprises. As announced at Budget 2025, the current SFEC, originally set to expire in June 2025, has been extended until the redesigned SFEC is ready in the second half of 2026. Under the new redesigned SFEC, employers can look forward to receiving a fresh $10,000 in credits via an online wallet to immediately offset out-of-pocket costs for eligible workforce transformation initiatives, rather than do so on a reimbursement basis. This change will help ease any cash flow concerns for employers.”
“Over the past five years, the Monetary Authority of Singapore (MAS) has received about five complaints a year on average over disputes related to in-house car financing schemes offered by car dealers. Car dealers are not financial institutions (FIs) and are not regulated by MAS. MAS' motor vehicle financing rules apply to FIs and are overall generally effective because the vast majority of borrowers take out motor vehicle loans from FIs. Other than FIs, entities which are licensed or exempt moneylenders (regulated under the Moneylenders Act 2008) or which offer financing in the form of hire-purchase arrangements (regulated under the Hire-Purchase Act 1969) are also required to comply with the same motor vehicle financing restrictions under the respective legislation or regulations. Buyers are strongly advised to obtain loans through regulated arrangements, as unregulated schemes can carry higher risks such as hidden charges and greater losses for the borrower if they default.”
“Singapore will also continue to work closely with our international counterparts to deter and enforce against bad actors who operate across different jurisdictions.”
“In the Prince Holdings case, the US seized US$15 billion in Bitcoins and the UK froze 19 properties. All major financial centres have to remain vigilant and work together to combat financial crime. SFOs linked to individuals convicted of money laundering offences represent a very small proportion of the overall sector, at less than 1%2. We have to remain open to bona fide family offices and genuine investors, to continue growing our financial services industry and creating good jobs for our people. As at end 2024, the wealth management and private banking functions in banks employed more than 13,000 locals3. High net worth clients also use other service providers, such as legal and tax advisors, fund administrators and accounting firms. Compared to other financial centres, many industry stakeholders already consider Singapore to have more stringent due diligence standards for high net worth clients. If we were to tighten further to the point where the processes become overly cumbersome, it will affect our competitiveness, deter legitimate investors and put many local jobs at risk. This is not the outcome we want for Singapore. There is a Chinese saying that when we open the windows, some flies may also enter. The solution is not to shut our windows and block out sunlight and fresh air. What matters is that we act swiftly to deal with the flies that enter, while also letting in sunlight and fresh air. This is the approach we take in Singapore – risk-proportionate, not zero-risk. MAS will continue to take a risk-proportionate approach to maintain our status as a trusted financial centre. MAS expects our financial institutions to do the same, so that we collectively maintain high standards while keeping our system efficient and competitive.”
“Besides the rejected applications, some potential applicants also withdrew their interest to apply before submitting a formal application when questions were posed and requirements were clarified at the pre-application stage. As part of the tax incentive application process, individuals and entities are screened against databases to check that there are no reports on their involvement in illegal activities, such as money laundering and terrorism financing. The SFO fund is also required to open and maintain an account with a MAS-licensed bank and be subject to the bank's customer due diligence and ongoing monitoring checks, including detecting any unusual or suspicious transactions. MAS regularly reviews and refines its regulatory regime. It consulted on proposed changes to the SFO regulatory regime in July 2023. In addition to now requiring all SFOs based in Singapore, whether they are receiving tax incentives or not, to maintain bank accounts, SFOs will need to notify MAS upon the commencement of their operations and submit annual returns to MAS. The returns supplement MAS' ongoing surveillance efforts to maintain the integrity of our financial system. MAS and the financial industry will continue to review our surveillance and detection capabilities. But we need to adopt a sensible and calibrated approach and should refrain from a knee-jerk overreaction when cases happen from time to time. Similar to all major international financial centres, it is not possible to have zero incidents, given the complex nature of the financial services industry and the high volume of daily transactions. In addition, combatting financial crime requires a global effort, as illicit fund flows are often cross-border in nature.”
“My response will also address related questions by Ms Sylvia Lim, Mr Louis Chua and Ms He Ting Ru from yesterday and today, as well as a written question by Mr Abdul Muhaimin Abdul Malik scheduled for tomorrow's Sitting. Singapore upholds high regulatory standards in our financial system aligned with international standards. It is one reason why many investors view Singapore as a trusted financial hub. Like other global financial centres, having high standards does not mean there will be zero cases involving entities and individuals who break the rules or who fail to comply with our regulatory requirements. What is key is that where wrongdoing is identified, the authorities will investigate thoroughly and take firm enforcement action in accordance with the law. The money laundering investigations by the Police against Chen Zhi and related associates are ongoing. Enforcement operations were conducted on 30 October 2025. Arising from the enforcement operations, the Police have issued prohibition of disposal orders and seized a range of assets, including properties, cars, bank accounts and securities accounts. Prior to the indictment of Chen Zhi by the US, our Police had been conducting probes into Chen Zhi and his associates. Thus far, the Monetary Authority of Singapore (MAS) has identified two Single Family Offices (SFO) funds granted tax incentives that are linked to the sanctioned individuals. MAS has ceased the tax incentives. As investigations are ongoing, I seek Members' understanding that I am not able to comment further on the details at this stage. Based on available data over the past three years, about 3% out of 1,300 applications1 were rejected.”
“The Monetary Authority of Singapore works closely with SGX RegCo to ensure that listed entities fulfill their governance and disclosure obligations. Where there are infringements, we will not hesitate to take firm action to preserve high standards of governance and transparency in our capital markets.”
“My response will cover the question raised by Mr Abdul Muhaimin Abdul Malik in today’s Order Paper, as well as a related question filed by him for the Sitting on or after 6 November 2025. The boards and senior management of listed entities must put in place effective systems of internal controls and risk management for their operations, whether local or overseas. This includes putting in place a code of conduct and ethics, as well as adequate safeguards to address and mitigate compliance risks. These requirements, as set out in the SGX Listing Rules and Code of Corporate Governance, enable strong corporate governance processes to guide their day-to-day operations and commercial decisions. In addition to local requirements, it is incumbent on listed entities to comply with the applicable laws and regulations in the jurisdictions where they operate, and to cooperate with the relevant authorities in their investigations. Where a listed entity encounters issues with its foreign operations, the board should assess the adequacy and effectiveness of the systems of internal controls and risk management and take steps to address any significant weaknesses identified. It should also ensure that all material disclosures, including investigations by relevant authorities and the outcomes of these investigations, are made in a timely manner, as required under the Securities and Futures Act (SFA) and the SGX Listing Rules. When disclosures are inadequate or unclear, SGX RegCo, as the frontline regulator, will issue public queries or engage directly with entities to seek further information. Under the SFA, intentional or reckless failures to comply with the Listing Rules' disclosure obligations are further subject to a fine of up to $250,000 and/or imprisonment of up to seven years.”
“This question has been addressed in a reply at the Parliament Sitting on 4 November 2025. [Please refer to "Ensuring Materials from Unlicensed Financial Advisors Still Accessible Online No Longer Carry Risk of Misleading Consumers", Official Report, 4 November 2025, Vol 96, Issue 9, Written Answers to Questions for Oral Answer not Answered by End of Question Time section.]”
“The Member may want to refer to the Monetary Authority of Singapore's response to similar questions filed by Mr Liang Eng Hwa and Mr Ng Shi Xuan for the Sitting on 4 November 2025. [Please refer to "Monitoring of Cases and Actions Taken against Errant Insurance Companies Preventing Legitimate Claims", Official Report, 4 November 2025, Vol 96, Issue 9, Written Answers to Questions section; and "Complaints of Unsatisfactory or Disputed Insurance Claims", Official Report, 4 November 2025, Vol 96, Issue 9, Written Answers to Questions for Oral Answer not Answered by End of Question Time section.]”
“GIC's caution reflects its commercial assessment of the (global) private credit market, which has grown significantly in the US and to a lesser extent in Europe. However, aside from Australia and Korea, the private credit market in our region is much less matured. The Private Credit Growth Fund (PCGF) was thus established to support the strategies of high-growth Singapore enterprises which require tailored financing solutions beyond what traditional debt or equity instruments can offer. Enterprise Singapore will work with the appointed fund manager to ensure that investments made are in line with the fund's developmental objectives. The appointed fund manager for PCGF will exercise independent commercial discretion to assess the merits of a deal, including prevailing market conditions as well as the risk-reward profile of each opportunity, to determine the appropriate pace and level of capital deployment.”
“63% of retail food establishments1 closed between 1 January to 23 October 2025 had been registered for five years or less2. Of these, 82% had never recorded a profit in their annual tax declarations.”
“The F&B Process Optimisation Programme (POP) helps F&B businesses engage consultants to review and optimise their processes to improve manpower utilisation, revenue generation, and customer satisfaction. From the second half of 2026, employers can look forward to receiving a fresh $10,000 in a new redesigned SkillsFuture Enterprise Credit that was announced in Budget 2025. Employers can receive these credits via an online wallet that they can use to immediately offset out-of-pocket costs for eligible workforce transformation initiatives, rather than do so on a reimbursement basis. This will help ease cash flow concerns for employers. To expand our outreach, the Government partners industry stakeholders and key trade associations, such as the Restaurant Association of Singapore, to support the development and transformation of Singapore's food services sector, by addressing common industry challenges, such as manpower constraints and changing consumer preferences. The Government will continue to review our measures to support SMEs, including smaller SMEs in the F&B business, to ensure they remain relevant.”
“The Government has put in place many initiatives to support small and medium enterprises (SMEs). The Enterprise Financing Scheme (EFS) – Working Capital Loan helps smaller businesses access financing and manage cashflow needs. Businesses can also benefit from the 50% Corporate Income Tax rebate for Assessment Years 2025 and 2024, with a minimum benefit of $2,000 for active companies with at least one local employee. Enterprise Singapore has also rolled out schemes to help SMEs improve productivity and develop new offerings. The Productivity Solutions Grant (PSG) can help food services SMEs install equipment, such as smart cooking machines and rotary cookers; and adopt digital systems, such as the Connected Business Suite (CBS), which integrates solutions for food and beverage (F&B) businesses' front-of-house and back-of-house operations. These solutions help reduce firms' reliance on manpower and improve efficiency. The Government also continues to support our businesses in the heartlands, which includes F&B SMEs, through the Community Development Council (CDC) Vouchers. These vouchers have helped boost businesses' sales and footfall. From the launch of the digital CDC Vouchers scheme in December 2021 to July 2025, $1.26 billion in CDC Vouchers have been spent at participating hawkers and heartland merchants. More recently, Enterprise Singapore launched two new initiatives for smaller F&B businesses. The FoodX programme enables smaller F&B businesses to better manage business costs by using shared resources, such as through centralising food preparation, to take advantage of economies of scale.”
“Singapore's Meetings, Incentives, Conferences and Exhibitions (MICE) industry has grown steadily since borders reopened post-COVID-19. MICE visitor arrivals reached 830,000 in 2023 and 1.1 million in 2024, surpassing pre-pandemic MICE visitor arrivals of 730,000 in 2019. In the first half of 2025, MICE visitor arrivals reached 560,000, indicating sustained momentum in the growth of MICE events attendance. Singapore's value proposition as a MICE destination include our world-class infrastructure, excellent connectivity and reputation as a safe, trusted and reliable place to conduct business. To help our MICE industry grow and to stay ahead of regional competition, we are studying the development of a new downtown MICE hub. This hub will enhance our MICE capacity and leisure offerings and potentially capture a larger share of the growing global MICE market. We are watching our cost competitiveness closely. The Singapore Tourism Board (STB) has schemes to further develop our MICE industry. The STB's Business Events in Singapore (BEiS) scheme offers facilitation and funding to encourage the growth of quality events with fresh and innovative content. STB's programmes1 also help MICE businesses adopt more efficient technologies, streamline operations and upskill workers. This helps our MICE businesses improve productivity, reduce long-term operating costs and strengthen the industry's competitiveness. We continually review and adjust these schemes if and when necessary to ensure Singapore remains an attractive MICE destination.”
“The Future of Investment and Trade (FIT) Partnership was launched on 16 September 2025. It seeks to address today's climate of rising protectionism in three ways. First, it brings together like-minded small, medium and trade-dependent countries to uphold the rules-based multilateral trading system and ensure that trade remains fair and open. Second, it will develop concrete initiatives that strengthen supply chain resilience, facilitate trade and investment, and support inclusive growth, both amongst its members and with partners beyond. Third, it will advance a positive trade agenda to demonstrate that multilateral cooperation can deliver tangible outcomes. To ensure that the FIT Partnership meets its objectives, its governance structure has been designed to be outcome oriented. A key feature is the ability for subsets of members to move ahead on issues of common interest without necessitating the participation of all members. This will allow the group to progress quickly on initiatives with shared interest, without being held back by protracted negotiations. The FIT Partnership will also work with the private sector to ensure that initiatives address real business challenges and deliver practical impact. Singapore will host the first FIT Partnership Ministerial meeting in November 2025 to set out a more detailed programme of work and adopt deliverables that are ready. Over time, initiatives that gain traction can be taken forward at wider multilateral platforms, like the World Trade Organization, or be adopted more broadly by other partners.”
“The Chinese government has explained that its latest export controls are not export bans, and licences will be granted for eligible applications to promote legitimate trade. They have also given assurances that the export controls will be implemented in a prudent and moderate manner. The impact of China's latest export controls on Singapore companies has been minimal thus far. While we acknowledge the efforts of the Chinese government in ensuring minimal disruption to business operations, we also understand that these measures may result in potential delays and increased compliance risk and business uncertainty for companies which depend on Chinese supply chains for raw materials and intermediate products related to the affected rare earths. To minimise potential disruptions, we encourage all companies to take such regulations into account where the regulations apply to their international business activities.”
“Since the Agreement on the Johor-Singapore Special Economic Zone (JS-SEZ) was signed in January 2025, Singapore's JS-SEZ Project Office has received more than 300 enquiries from both Singapore companies and foreign multinational corporations in sectors, such as manufacturing, logistics and digital economy. Singapore's small and medium enterprises account for nearly half of all enquiries.”
“The Monetary Authority of Singapore (MAS) has worked with banks on additional safeguards to protect account holders against scams that result in large sums being lost from their bank accounts. A recent measure applies to bank accounts1 with at least $50,000 balance that are being rapidly drained of funds. Banks will delay the processing of further transfers to allow consumers time to re-consider if the transaction is indeed legitimate. We are mindful not to unduly impede legitimate transactions, and there are whitelisted transactions that are not subject to this measure. Examples include: (i) Recurring standing instructions; (ii) Recurring GIRO/eGIRO payments; and (iii) Bill payments to organisations, including Government agencies, that are classified as billing organisations by the bank. Currently, a bank does not have information to determine whether the recipient’s bank account held with another bank is owned by the same customer. MAS and banks are closely monitoring the implementation of the new measure, and will consider other adjustments as necessary to minimise disruptions to legitimate transactions while offering protection against scams. MAS and the banking industry have introduced various measures, including MoneyLock, and the phasing out of SMS One Time Passwords. To protect consumers against scams, we need to accept some inconvenience in payments transactions. We also encourage consumers to plan ahead if they need to make large value bank transfers.”
“More than 85% of claims handled by FIDReC were either resolved at mediation or adjudication. Less than 0.1% of claims received by the larger direct insurers, which account for 80% share of the local market, were litigated.”
“Insurers are expected to promptly pay all legitimate claims, and to be facilitative and fair to claimants during the claims handling process. This includes providing clear instructions on documents required for claims submission, as well as having sound internal processes to validate the claims. The Monetary Authority of Singapore's (MAS') Guidelines on Fair Dealing sets out how licensed financial institutions, including insurers, are expected to treat customers fairly at various stages of the customer journey. In addition, MAS' Guidelines on Risk Management Practices for Insurance Business sets out supervisory expectations for proper claims handling. Where insurers fall short of our expectations, MAS will take appropriate action, which could involve requiring the insurer to review its policies and procedures to prevent recurrence, as well as its restitution to the consumer. Consumers who believe their claims have been unfairly rejected should first contact their insurers, who are required to handle complaints independently, effectively and promptly. If a satisfactory resolution cannot be reached, consumers may file for mediation or adjudication at the Financial Industry Disputes Resolution Centre (FIDReC), which offers independent, impartial and low-cost dispute resolution services. Over the last three years, FIDReC completed, on average, 246 mediation and adjudication annual insurance claims related to disputes on claim liability and amounts awarded, while MAS received an average of 91 such similar complaints per year. These represent less than 0.01% of claims received by insurers. FIDReC continues to provide an important and effective mechanism for resolving consumer disputes.”
“This question will be addressed at the next Sitting on 5 November 2025, together with similar Parliamentary Questions. [Please refer to "Data on Sanctioned Individuals Operating Tax-exempt Family Offices Locally", Official Report, 5 November 2025, Vol 96, Issue 10, Oral Answers to Questions section.]”
“This question will be addressed at the next Sitting on 5 November 2025, together with similar Parliamentary Questions. [Please refer to "Data on Sanctioned Individuals Operating Tax-exempt Family Offices Locally", Official Report, 5 November 2025, Vol 96, Issue 10, Oral Answers to Questions section.]”
“This question will be addressed at the next Sitting on 5 November 2025, together with similar Parliamentary Questions. [Please refer to "Data on Sanctioned Individuals Operating Tax-exempt Family Offices Locally", Official Report, 5 November 2025, Vol 96, Issue 10, Oral Answers to Questions section.]”
“More than 85% of claims handled by FIDReC were either resolved at mediation or adjudication. Less than 0.1% of claims received by the larger direct insurers, which account for 80% share of the local market, were litigated.”
“Insurers are expected to promptly pay all legitimate claims, and to be facilitative and fair to claimants during the claims handling process. This includes providing clear instructions on documents required for claims submission, as well as having sound internal processes to validate the claims. The Monetary Authority of Singapore's (MAS') Guidelines on Fair Dealing sets out how licensed financial institutions, including insurers, are expected to treat customers fairly at various stages of the customer journey. In addition, MAS' Guidelines on Risk Management Practices for Insurance Business sets out supervisory expectations for proper claims handling. Where insurers fall short of our expectations, MAS will take appropriate action, which could involve requiring the insurer to review its policies and procedures to prevent recurrence, as well as its restitution to the consumer. Consumers who believe their claims have been unfairly rejected should first contact their insurers, who are required to handle complaints independently, effectively and promptly. If a satisfactory resolution cannot be reached, consumers may file for mediation or adjudication at the Financial Industry Disputes Resolution Centre (FIDReC), which offers independent, impartial and low-cost dispute resolution services. Over the last three years, FIDReC completed, on average, 246 mediation and adjudication annual insurance claims related to disputes on claim liability and amounts awarded, while MAS received an average of 91 such similar complaints per year. These represent less than 0.01% of claims received by insurers. FIDReC continues to provide an important and effective mechanism for resolving consumer disputes.”
“The Vietnam-Malaysia-Singapore wind power project is still at an early stage of development. We are unable to comment on the prospects or the hurdles of the project at this point in time.”
“MAS will also work with financial institutions to implement the FI guidelines to manage risks associated with digital advertising, including the use of content creators. While the FI guidelines take effect on March 2026, MAS expects financial institutions to implement them progressively in the interim to achieve full alignment by the effective date. Even before the FI guidelines come into effect, MAS may still take enforcement action against content creators who provide financial advice without a licence.”
“The letters of advice that the Monetary Authority of Singapore (MAS) issued to the five online content creators informed them that their content and practices might have constituted provision of financial advice, which requires an MAS licence. MAS found that they offered one-on-one coaching on financial related matters. Such coaching may breach MAS' regulations if they constituted recommendations to buy, sell or hold specific investment products or tailored financial advice relating to an individual's circumstances. The letters also contained advice for the content creators to adjust their content and practices to avoid breaching MAS' regulations. Letters of advice are issued when no regulatory breaches have been established, but MAS has assessed that actions by certain persons are at risk of crossing the line. The identities of these persons are therefore not published. MAS' early intervention aims to mitigate risks to the public and deter any errant actions that may result in regulatory breaches. Following our letters of advice, the content creators concerned have since deleted and edited the relevant content, including the reference to one-on-one coaching. They have also adjusted their practices. To build greater awareness among the content creator community, MAS recently published two sets of guidelines: one for content creators and another for financial institutions when they conduct digital advertising activities1 (FI guidelines). These are in addition to existing guidelines published in 2019, which provide examples of activities that would constitute provision of financial advice2. MAS will continue to monitor developments and provide guidance to content creators, including what may constitute providing financial advice.”
“I refer to our response to a related question filed by the Member on 15 October 2025, where we shared details on the removal of the minimum eligibility criterion for the Energy Efficiency Grant since June 2025. [Please refer to "Rationale for Minimum Eligibility Criterion of At Least One Local Employee for Energy Efficiency Grant", Official Report, 15 October 2025, Vol 96, Issue 8, Written Answers to Questions for Oral Answer not Answered by End of Question Time section.] This change was reflected in relevant materials and websites of administering agencies, including the GoBusiness website. The number of applications for the Grant increased in the three months after June 2025.”
“The Government does not have data on late payments between businesses. For disputes involving amounts of up to $30,000, suppliers can file civil claims with the Small Claims Tribunals. Suppliers may also seek recourse through mediation and adjudication services provided by mediation bodies, such as the Singapore Mediation Centre.”