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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“Licensed Electric Workers (LEWs) perform tasks, such as designing, testing and commissioning of electrical systems. There are around 3,700 LEWs in Singapore today. Among them, 1,400 LEWs are aged 60 and above, and are still actively practising. To ensure we continue to have sufficient LEWs to meet our needs, the Energy Market Authority (EMA) has been working closely with the Institutes of Higher Learning and industry partners to attract younger persons to join the licensed electrician profession. This involves enhancements to curriculum and internship experiences. For example, EMA has partnered the Institute of Technical Education to launch a Technical Engineer Diploma in Electrical Engineering (Clean Energy), which helps higher NITEC students qualify for a LEW licence. EMA is also introducing an Internship Training Plan, to provide clarity on the work experience requirements for student interns to attain the LEW licence. This plan enhances the internship experience for students from the relevant engineering programmes. EMA is similarly enhancing its support for mid-career workers with relevant skills to join the LEW workforce, and for existing LEWs who wish to progress to a higher class of licence. For example, there are some workers who lack formal academic qualifications, yet possess the relevant skills and experiences to be a LEW. EMA and the Singapore Institute of Power and Gas are enhancing existing preparatory courses to help such workers qualify for a license. EMA will monitor the supply and demand for LEWs closely and will develop additional measures to boost supply, if needed.”
“Members will understand that the report of the Review Committee will not be published due to business confidentiality.”
“I issued a Ministerial Direction in 2024 for the Singapore Tourism Board (STB) to convene an independent Review Committee to review the terms of its current contract with Singapore GP Pte Ltd (SGP) for the Singapore Grand Prix 2022 to 2028, also known as the Term 4 Facilitation Agreement. The Review Committee has completed its work and submitted its report to me and Minister Grace Fu as the Minister-in-charge of Trade Relations and overseeing tourism. The Review Committee was satisfied that the Government's interests were sufficiently safeguarded and that the terms of the deal constituted a fair and reasonable exchange of commercial obligations and benefits between the Government and SGP. The economic benefits that accrued to Singapore outweighed the costs, and the foreign visitorship and incremental tourism receipts that Singapore received from hosting Formula 1 (F1) exceeded targets. The Review Committee assessed that the Singapore Grand Prix continued to grow in relevance and importance to Singapore, and hosting the F1 race continued to elevate Singapore's international branding. The races in Term 4 have thus far performed well. The Review Committee also assessed that the Government was diligent, rigorous and careful in approaching the F1 project, and no irregularities were observed. For instance, the Government appointed external legal counsel to vet the Facilitation Agreement to ensure that the Government's interests were sufficiently protected. Notwithstanding this, the Review Committee identified ways to enhance the existing processes between STB and SGP to further safeguard the Government's interests, and areas of improvement for any future renewal of the F1 project.”
“We have not observed any macroeconomic impact on Singapore as a result of the United States (US) government shutdown. However, a prolonged shutdown could dampen economic sentiments and activity in the US, and hence, demand for our exports. Regardless of these developments, the Government is committed to helping our businesses and workers navigate challenges in the uncertain global economic landscape. For businesses, schemes such as the Enterprise Development Grant are in place to help them transform and explore new growth opportunities. Those affected by the US tariff measures can also tap on the Business Adaptation Grant launched by the Singapore Economic Resilience Taskforce (SERT) to evaluate the impact, optimise their supply chains and reconfigure their operations. For individuals, the SkillsFuture Jobseeker Support scheme helps involuntarily unemployed jobseekers bounce back. The Government has also made available a wide range of upskilling and reskilling programmes to equip workers with the skills to remain employable. In addition, SERT has launched the GRaduate Industry Traineeships programme to boost the employability of fresh graduates amidst economic uncertainty. The Government will continue to monitor developments closely and if necessary, adapt our responses to help businesses and workers.”
“The Department of Statistics does not compile data on unit net operating surplus and unit gross operating surplus. Table 1 presents data on unit business cost (UBC) for the manufacturing and services sectors from 2016 to 2024 and the first half of 2025, indexed to 2016. Data on UBC for the overall economy and a breakdown into the UBC for outward-oriented and domestic-oriented services industries are not available.”
“Work Permit Holders (WPHs) accounted for 60% of the increase in the non-resident population between 2021 and 2025. About half of these were from the construction sector, including those supporting the ramp-up of public housing and major infrastructure projects, such as Changi Terminal 5. The next largest increase, accounting for 13% of the increase in the non-resident population, was in the number of migrant domestic workers to meet the greater demand for caregiving support for children and the elderly. Both WPHs and MDWs are transient groups. The 30% increase in non-residents between 2021 and 2025 should also be interpreted against the context of COVID-19. Border restrictions and weaker economic conditions contributed to the lower base of non-residents in 2021. With the subsequent easing of travel restrictions and recovery of economic activity post-COVID-19, firms backfilled positions vacated during the pandemic. This was especially marked in the construction sector where contractors hired a significant number of WPHs to catch up on delayed projects. As such, the annual increase in the non-resident population was 6.8% on average from 2021 to 2025, compared to 2.2% when using the pre-COVID-19 base year of 2019.”
“Bank branches serve as important service touchpoints for customers, especially seniors who may not be familiar with digital platforms. While the Monetary Authority of Singapore (MAS) does not collect data on the number of manned counters, we do track the number of bank branches and their locations. MAS engages banks and emphasises to them the importance of providing adequate support to seniors, including through adequate coverage of branches. When planning branch operations, banks do consider demographic factors such as the elderly population in the area and have established dedicated queues or priority assistance for seniors where needed. Banks also work with community partners to organise digital literacy programmes to help seniors acquire digital skills and bolster digital inclusion. At branches, they deploy Digital Ambassadors who are proficient in mother tongue languages or dialects to assist seniors with their banking needs.”
“The Energy Efficiency Grant (EEG) was introduced in September 2022. Since then, close to 15,800 applications have been approved as of August 2025. There are two tiers of support to the EEG. For the EEG Base Tier, companies can choose from a list of pre-approved equipment that have been assessed to be energy efficient. This list is reviewed regularly to incorporate new technologies that can meet the energy efficiency criteria. As we do not require companies to submit their energy savings data, we do not have the requested data for the EEG Base Tier. This approach strikes a balance between simplifying and streamlining the EEG application process, while ensuring that companies are using energy efficient equipment. For the EEG Advanced Tier, which offers a higher quantum of support, eligible firms would have to demonstrate energy savings above 350 tonnes of lifetime carbon abatement, as endorsed by a whitelisted third-party assessor. Based on the applications approved thus far, we project an estimated 10,700 tonnes of carbon abatement across the lifetime of the approved equipment. Since June 2025, companies no longer have to meet the minimum eligibility criterion of at least one local employee at the firm-level to qualify for the EEG. This criterion was previously included to ensure that EEG would benefit companies with legitimate operations in Singapore. However, this had inadvertently restricted companies such as sole proprietors in the food and beverage sector with no employees, from accessing the EEG. Instead, agencies administering the EEG have put in place safeguards such as post-disbursement audits, to ensure that the EEG is channelled correctly to eligible companies.”
“We take in a carefully controlled number of new Permanent Residents (PRs) and Citizens each year. The exact number of new PRs and Citizenships granted each year depends on several factors, including the number and quality of applications we receive, and our changing needs. For example, in recent years, we have granted PRs to healthcare workers to support our growing healthcare needs. We also granted a higher number of citizenships in line with the stronger applicant pool, based on factors such as assimilability, contributions and links to Singapore, such as having Singaporean family members. Our immigration policy is also reviewed regularly to account for changes to demographic trends. For instance, if our total fertility rate declines further or other demographic trends shift significantly, we will have to review and adjust our intake accordingly. Regardless, we will continue to maintain a measured pace of immigration and be careful to grant PR or Citizenship to those who can contribute, integrate well and are committed to sinking their roots here, so that Singapore remains a cohesive society and a good home for all Singaporeans.”
“Our current assessment is that the growing use of SGD stablecoins is unlikely to affect currency stability or the conduct of monetary policy. First, the issuance of each SGD-stablecoin would have to be fully backed by SGD cash or high-quality liquid SGD denominated assets. This means there is no new net SGD creation as a direct effect of stablecoins issuance, and hence no impact on domestic monetary stability. Second, the value of SGD stablecoins backed by SGD assets is very small. MAS will monitor developments, but we expect demand internationally to be predominantly for stablecoins pegged to key global reserve currencies. MAS will continue to closely monitor the growth of SGD stablecoins and stablecoin developments around the world. We advise the public to be cautious about crypto-assets and stablecoins, as these are generally not suitable for retail investors to hold savings and wealth. Larger value savings and investments should be held with licensed banks and regulated investment products.”
“MoneySense, which is the national financial education programme, has provided regular information to the public about the risks of crypto-assets that have no inherent and fundamental value. Financial institutions in Singapore are not allowed to promote such products to the general public. Stablecoins are a form of crypto-assets that are supposed to maintain a stable value relative to a fixed reference asset, such as the US Dollar or Singapore Dollar (SGD). Stablecoins may be used for payments, and some payments services companies have started introducing the use of stablecoins for retail payments. MoneySense will educate consumers on how stablecoins operate, the risks associated with these products and how to differentiate between unregulated stablecoins and regulated stablecoins. The Monetary Authority of Singapore (MAS) is preparing legislation for a stablecoins regulatory framework. When implemented, this framework will differentiate MAS-regulated stablecoins, which are backed by high quality reserves, from other crypto-assets, including unregulated stablecoins, which may have no fundamental value or may not be backed by adequate reserves. Well-regulated stablecoins can play a role in making cross-border payments more efficient. They can also be used in wholesale settlement of tokenised forms of financial assets. There is growing interest by financial institutions to provide multi-currency payment and cash management solutions to corporate customers using stablecoins and tokenised deposits. Consumers should exercise care when dealing with stablecoins, especially unregulated ones. Stablecoins in general are not as safe as bank deposits in Singapore, as bank deposits are tightly regulated and protected by deposit insurance.”
“The regulated electricity tariff in the fourth quarter of 2025 increased slightly by 0.3% from the preceding quarter. As a small country, Singapore is a price-taker for energy and more than 95% of our energy needs are currently met by imported natural gas. Hence, changes in the tariff generally reflects movements in imported fuel costs which constitute the largest component of the tariff. Electricity tariffs have been on a general downtrend, decreasing by about 9% since prices peaked in the third quarter of 2022. Increasing the share of renewable energy in our energy mix may reduce our exposure to movements in fuel cost. We will continue to deploy renewable energy domestically wherever possible, particularly solar energy which is the most cost-effective type of renewable energy available in Singapore today. As of the first quarter of 2025, we have deployed 1.64 gigawatt-peak (GWp) of domestic solar, surpassing our 2025 target of 1.5 GWp. While we will continue to press on with solar deployment, Singapore is alternative energy-disadvantaged owing to our small size. This limits our domestic deployment of renewable energy. Hence, natural gas will remain a major part of our fuel mix while we continue to explore other low-carbon energy sources. The overall impact of transitioning to low-carbon energy sources on electricity prices remains uncertain at this juncture. It will depend on which low-carbon energy sources we introduce into our energy mix, as well as when we do so.”
“Government agencies, such as the Singapore Tourism Board (STB) and the Land Transport Authority, as well as race promoter Singapore GP Pte Ltd (SGP), regularly engage business stakeholders, with a particular focus on those operating in the Marina Bay area to hear their feedback. Where possible, the agencies will implement measures to mitigate the disruptions arising from the Formula 1 (F1) Singapore Grand Prix. Examples of such measures include providing access and better wayfinding within and around the Marina Bay area and ensuring malls in the area remain accessible via public transport and taxis or private hire cars. Agencies have also worked to reduce the road closure period from 12 days in 2008 to seven days today. STB has also worked with businesses in the Marina Bay area and across Singapore to capitalise on the buzz created by the race through the Grand Prix Season Singapore (GPSS) initiative. GPSS offers 10 days of stakeholder-led race-themed festivities that spotlight our vibrant attractions, retail, dining and entertainment options to complement the race experience. We encourage businesses to participate in GPSS or develop their own initiatives to capitalise on the increased footfall and additional spend that is generated from the race. Since the inception of the F1 Singapore Grand Prix in 2008, the F1 race has brought in more than 720,000 international visitors and generated more than $2.2 billion in incremental tourism receipts across industries such as hospitality, food and beverage, attractions and retail for Singapore. Agencies and SGP will continue to explore ways to support businesses to derive greater benefits and also minimise the disruptions from the F1 Singapore Grand Prix.”
“The Competition and Consumer Commission of Singapore (CCS) does not ordinarily collect and publish commercially sensitive data such as commission fees or contractual clauses applied by e-commerce platforms. Instead, CCS actively monitors market developments and intervenes where there are concerns relating to competition and consumer protection. For example, CCS has conducted multiple investigations into potentially anti-competitive practices in the online food delivery sector since 2016. Recently, CCS has also intervened in a merger involving food delivery platforms. Beyond market surveillance and enforcement, CCS also works with businesses to raise industry standards and address competition and consumer protection issues in the digital space. Most recently, CCS, together with the Singapore Standards Council under Enterprise Singapore, collaborated with e-commerce platforms and industry players to enhance the Technical Reference 76 on e-commerce transactions (TR 76). The enhanced TR 76 builds on earlier updates to CCS's competition guidelines arising from the 2020 market study, to provide further guidance to e-commerce platforms on best practices to ensure fair treatment of merchants, promote an open and competitive e-commerce market, as well as enhance consumer protection and trust. Ultimately, the best approach to safeguard the interests of merchants and consumers is to ensure competitive markets so that prices are fair. The Government will investigate and intervene where there are market failures, and we welcome feedback from businesses and consumers to help us do so effectively.”
“The breakdown across each of the three categories is as follows: Some applicants were not accepted into the Sandbox as existing regulatory frameworks already allowed for their business models to operate. For Sandbox Plus, there were no approvals so far as most applications received were based on technologies and solutions that already exist in Singapore. The median processing time for Sandbox applications, from submission to outcome notification, is around three months. This includes the time taken for applicants to respond to the Monetary Authority of Singapore's clarifications. Of the 19 firms accepted into the Sandbox, 15 firms have successfully graduated from the Sandbox and obtained relevant licences to operate as fully regulated financial services providers in Singapore. One firm that had graduated from the Sandbox ceased operations.”
“Today, over 300,000 businesses in Singapore are registered to use PayNow as a safe and low-cost way to make and receive payments digitally. Transaction fees for payments received by merchants from end-consumers are currently waived by the major retail banks, while a minimal fee is charged if the merchant uses additional services like notifications for funds received. The Association of Banks in Singapore (ABS), which owns the PayNow scheme, has rules that prohibit merchants from imposing a surcharge on customers who wish to make payments via PayNow. ABS is aware that Singapore Pools currently imposes a surcharge on PayNow transactions. ABS, through the relevant PayNow banks which have contractual relationship with Singapore Pools, has been engaging Singapore Pools to address this practice.”
“The Government will continue to assess the current leave provisions. The Government remains committed to supporting the needs of working caregivers and will continue to work with the tripartite partners to foster more family-friendly workplaces.”
“The Government provides a wide range of support for parents and caregivers to manage both caregiving and work responsibilities. We have been progressively enhancing parental leave provisions to support working parents in managing their work and caregiving responsibilities, including recent enhancements to Government-Paid Paternity Leave and the introduction of the new Shared Parental Leave (SPL) scheme. We recognise that parents continue to require time-off from work to care for their children beyond the early years and will study how to better support them to do so, as part of our regular review of policies. Apart from childcare, we also recognise that employees may have other caregiving needs such as care for elderly parents and other family dependents. Even without any legislated requirement, many progressive employers have stepped up to introduce caregiving-related leave provisions, as part of their strategy to attract and retain good workers. In considering further enhancements to legislated leave provisions, we will need to strike a balance between the caregiving needs of employees and the business costs and manpower needs of employers. We also need to provide employers with some time to adjust to the new SPL scheme which took effect in April this year and will only be fully implemented from April next year. Beyond leave provisions, working caregivers have highlighted that flexible work arrangements (FWAs) have been useful in helping them manage work and caregiving responsibilities. The Tripartite Guidelines on FWA Requests were therefore implemented in December 2024 to set norms and expectations on how employees should request for FWAs and use them responsibly, as well as how employers should consider and respond to such requests properly.”
“The Monetary Authority of Singapore (MAS) is reviewing the tax schemes for Single Family Offices (SFO)1 to reduce operational friction and ensuring that the schemes continue to generate economic benefits for Singapore. Taking into account industry feedback, MAS is looking to (a) streamline application documentation, (b) simplify reporting obligations, and (c) expand the types of investments eligible under the tax schemes. MAS has not observed a net outflow of SFOs, but it regularly reviews its schemes so that they remain relevant and competitive. Other jurisdictions, including Hong Kong, have similarly announced reviews of their family office frameworks. When families set up and maintain SFOs in Singapore, they use financial products and services offered by external service providers, such as private banks, fund managers, legal and tax advisors, fund administrators and accounting firms. This generates business revenue and creates jobs. As SFOs continue to grow in Singapore, there are now more platforms available for them to interact with and support local communities, including through the Wealth Management Institute's Family Office Discovery Series, the Global-Asia Family Office Circle, as well as other philanthropic organisations and networks, such as Philanthropy Asia Alliance and ImpactSG. There are several examples of families giving back to the community here, including: the Ishk Tolaram Foundation which has supported the education and skills training for dyslexic preschoolers since 2021 and autistic talent to pursue engineering careers since 2022; and the James Dyson Foundation which supports engineering and Science, Technology, Engineering and Mathematics (STEM) education in Singapore for students aged six to 25, across primary to tertiary levels.”
“The Child Development Account (CDA) and Edusave Account serve different purposes. The Edusave scheme was established in 1993 to support the education of Singaporean students in primary and secondary school. Students can use their Edusave funds to pay for miscellaneous fees, approved school enrichment programmes and purchase of learning devices at secondary and pre-university levels. The Government provides annual contributions and ad hoc top-ups to Edusave. Parents who require additional financial support for educational expenses may apply for financial assistance from the Ministry of Education. The CDA was established in 2001 as a special co-savings account to support parents in managing the cost of raising their children. CDA monies can be used for preschool and childcare expenses, and for healthcare or developmental needs at Baby Bonus-approved institutions, up till the time the child turns 12. As such, transferring unused balances to the child's Edusave Account when the child enters primary school will deprive parents from using the CDA balance for other purposes. Taken together, parents can tap on Edusave and CDA to defray their child's educational and non-educational expenses during the primary school years. Unused CDA balances at the end of age 12 will be automatically transferred to the child's Post-Secondary Education Account (PSEA) to continue to support the child's educational expenses beyond primary and secondary school. We will continue to review the uses of CDA to ensure they remain relevant to parents' needs.”
“Companies that receive support from the Government must meet certain economic outcomes, such as job creation and local employment, business spending or fixed asset investment. The Government has mechanisms to claw back subsidies from companies that fail to meet these outcomes. We are unable to share specific details of individual companies due to commercial sensitivities and confidentiality requirements.”
“The Fair Tenancy Industry Committee's (FTIC's) Code of Conduct for Leasing of Retail Premises in Singapore details key leasing principles to facilitate fair and balanced lease negotiations between tenants and landlords. For example, it prohibits landlords from charging tenants a mark-up for electricity costs, or from including clauses that provide landlords with the discretion to switch to a rental pricing formula which results in higher rent during the lease term. The Code is mandatory for all retail leases of one year or longer under the Lease Agreements for Retail Premises Act 2023. The Government played a key role alongside industry to develop the Code. We will continue to work closely with FTIC to monitor industry practices and update the Code as needed to ensure lease negotiations are conducted in a fair and balanced way.”
“The Government is committed to helping our trade associations and chambers (TACs) strengthen their secretariat teams so as to increase the TACs' capacity and capabilities to serve their members. The Trade Association Committee Transformation Centre, which is supported by Enterprise Singapore and run by the Singapore Chinese Chamber of Commerce and Industry, provides shared secretariat services to assist the TACs' operational needs in areas like internationalisation, digitalisation, sustainability and advocacy. This support enables them to drive industry transformation projects more effectively. Enterprise Singapore also collaborates with the Singapore Business Federation on programmes to develop the human capital of TACs. For example, the TAC Fellowship Programme for Leadership Development is an executive leadership training initiative that seeks to build a strong pipeline of next-generation TAC leaders. The programme has benefited 60 TAC professionals in the past three years. Another example is the TAC Knowledge Series, which comprises workshops to equip TAC professionals with the knowledge and skills to be more effective. Since 2024, over 210 secretariat members from more than 50 TACs have attended these workshops. The Government also second officers to TACs to augment the bench strength of the TAC secretariat staff and enhance the TACs' efforts in implementing key Government policies.”
“We are still finalising the carbon tax collections for emissions year 2024. The average carbon tax rate payable by taxable facilities in each year from 2019 to 2023 was $5 per metric tonne of carbon dioxide. The provision of allowances only started in 2024. Companies which receive allowances must submit credible net-zero decarbonisation plans, which the Government reviews and holds them accountable to.”
“Currently, 6% of private residential properties have solar panel installations on their rooftops. The number and capacity of grid-connected solar installations on such properties have risen steadily over the past five years (see Table 1). The number and capacity of grid-connected solar installations deployed by private sector entities across public and private non-residential properties have also risen steadily over the past five years (see Table 2). Due to our current data collection methodology, we do not have data on the proportion of private non-residential properties that have solar installations.”
“The Global Ready Talent Programme (GRTP), administered by EnterpriseSG, supports Singapore enterprises in building a global ready talent pipeline through local and overseas internships. In the past five years, from 2020 to 2024, the GRTP has supported more than 29,000 students. The breakdown of the GRTP-supported students by educational profile is provided in Table 1 below. Table 1: Number of students supported under the GRTP (rounded off to the nearest ten)”
“Earth-observation data from satellites jointly owned by the Singapore Government and ST Engineering can be obtained through commercial arrangements with ST Engineering. Singapore-based researchers can apply for research grants from Government agencies that will cover payments for access to Earth-observation data. This approach strikes a balance between data access and commercial discipline.”
“The study conducted by the Asia Competitiveness Institute (ACI) at the Lee Kuan Yew School of Public Policy analysed the cost of living for 45 cities globally. Singapore was ranked as the fourth highest for expatriates and the 28th highest for residents. The study was based on data up to the first quarter of 2025. Since then, Singapore's core inflation has moderated, coming in at 0.3% year-on-year in August compared to an average of 0.6% year-on-year in the first quarter of 2025 and 2.8% in 2024. To help Singaporean households cope with cost of living, the Government has rolled out several measures. For instance, in Budget 2025, we introduced additional support measures, such as $800 in the Community Development Council (CDC) vouchers for all Singaporean households and more U-Save rebates for eligible Housing and Development Board (HDB) households to cope with their utilities expenses. The Government also introduced the one-off SG60 Package, which includes $600 in SG60 vouchers for all Singaporean adults and $800 for seniors. Beyond transitory cost-of-living support, the Government has strengthened our social support in housing, healthcare, education and retirement to provide Singaporeans with assurance at every stage of life. We have also introduced measures to improve the career health and employability of Singaporeans who wish to work. We will continue to monitor Singaporeans' cost of living closely and provide additional support where necessary.”
“The JTC Corporation (JTC) and Housing and Development Board (HDB) have frameworks in place to ensure that competitive rents are offered to tenants, including small and medium enterprises (SMEs). JTC also monitors industrial rents closely to guide the release of new industrial land plots to meet the demand for industrial land and space. Industrial rents for JTC's developments are currently at an average of around 10% below prevailing market rates. Similarly, commercial properties let out by HDB are generally priced below market rates, and 90% have not seen an increase in rents in the last five years. Both JTC and HDB offer staggered rent adjustments for eligible tenants that are renewing their leases, to help them manage increases in rentals. HDB also has schemes in place to support startups and social enterprises by providing rental discounts. Currently, the majority of JTC's and HDB's tenants are SMEs. JTC and HDB do not impose controls on tenant mix by business size or ownership. The Government will continue to support SMEs holistically through a comprehensive suite of measures, such as the Enterprise Financing Scheme, which supports businesses by sharing the risk on loans extended by Participating Financial Institutions. There are also schemes, such as the Enterprise Development Grant and Productivity Solutions Grant, to help businesses upgrade and improve their productivity.”
“Collectively, these managers bring different investment capabilities and strengths, and have proposed various commitments to contribute to developing our equities market. This will help broaden and deepen the ecosystem of market players and investors, and support sustained growth and liquidity in our equities market.”
“The $5 billion Equity Market Development Programme (EQDP) aims to strengthen the local fund management ecosystem and raise investor interest in Singapore public equities beyond large-cap stocks. EQDP is designed to support the long-term development of our asset management and local equities market. Asset managers appointed under EQDP have put forward investment strategies that have a strong focus in Singapore public equities and can help broaden investor participation in quality small and mid-cap stocks. The appointed asset managers will be assessed regularly for at least three years against how well they have met commitments in three areas: (a) ability to mobilise capital from other commercial investors into these strategies. This helps amplify the programme's impact, by bringing in a larger pool of commercial capital into our equities market; (b) ability to deliver investment returns. The investment performance of the selected strategies will be evaluated and compared against relevant equity market benchmarks periodically over different time horizons; and (c) ability to meet developmental commitments to deepen their presence in Singapore and contribute to the development of the equity market ecosystem. These include, expanding their teams in Singapore and deepening research and investment capabilities, while actively participating in equity market initiatives. Managers are also expected to support talent development and capability building, which contributes to the growth and vibrancy of Singapore's equities market. The first three EQDP asset managers were appointed in July. The Monetary Authority of Singapore is on track to announce the second batch by the end of the year.”
“The Global Ready Talent Programme (GRTP), administered by Enterprise Singapore, seeks to help Singapore enterprises build a talent pipeline through local and overseas internships for our students. The minimum local shareholding criterion of 30%, which is in line with other business grant schemes to support Singapore enterprises, reflects this intent. There are other opportunities for students to undertake internships with different archetypes of firms, including multinational corporations based in Singapore. For example, the Infocomm Media Development Authority works with the Institutes of Higher Learning (IHLs) to provide internship opportunities with leading international technology firms based in Singapore, co-funded by the Government. IHLs, through their own efforts, are also able to secure sufficient internships with both local and foreign firms for students to complete course requirements. These internships allow students to build industry-relevant skills, gain global exposure and improve employability, while enabling firms to build a pipeline of local talent.”
“The Monetary Authority of Singapore (MAS) has been studying the experience of a few countries in implementing account number and name matching, and is reviewing possible approaches and solutions with the banking industry. Under our current system, if consumers have made an erroneous transfer, he or she should approach the bank, which will engage the recipient's bank to inform the unintended recipient, to initiate a refund. If the unintended recipient refuses to return the funds or is unresponsive, the bank will advise the consumer on next steps to take, which may include making a Police report. It is illegal for the recipient to retain the erroneous transfer. There is clear guidance and protocols in place to guide banks' actions in such erroneous transfer situations. We urge consumers to be vigilant against demands for fund transfers from any person. Particularly, Government officials will never ask members of the public to transfer money, disclose banking log-in details, install mobile apps from unofficial app stores or transfer calls to the Police. When unsure, do not proceed. To prevent erroneous transfers, consumers can adopt measures, such as confirming the account number or PayNow details of the intended recipient, before performing the transfer.”
“The recently awarded Energy Market Authority (EMA) tender is focused on helping us to understand the technology and safety of various advanced nuclear power plant technologies and their viability for Singapore. The important issue of nuclear waste disposal will be assessed separately. We will continue to update the public as appropriate to strengthen Singaporeans' understanding of nuclear energy.”
“There are no guidelines or regulations requiring the use of the English language for food and beverage shop displays, menus or the hiring of English-speaking staff. Businesses are free to decide on these matters. However, many businesses recognise that the English language is a common medium of communication in Singapore, and choose to utilise it in its displays, menus and operations in order to serve a wider and diverse customer base.”
“The CSP and its initiatives provide the framework for our businesses and investors to seize new opportunities and in so doing, enable Singapore to expand our participation in India’s growth and economic potential.”
“On 4 September 2025, Prime Minister Lawerence Wong and Prime Minister Narendra Modi launched the Roadmap for the Comprehensive Strategic Partnership (CSP) between India and Singapore during Prime Minister Lawerence Wong's Official Visit to India, which marked the 60th anniversary of bilateral relations between the two countries. The Roadmap outlines strategic areas such as sustainability, digitalisation and skills development, where India and Singapore could strengthen our collaboration to deepen linkages, increase trade and investment, and enhance people-to-people exchanges. One of the specific initiatives is the "Advanced Manufacturing and Semiconductors Ecosystem Partnership” where India and Singapore will promote business-to-business matching, work to expedite the movement of semiconductor materials and equipment between the two countries through a “Green Lane”, and potentially, to pursue joint research and development. Singapore and India are also collaborating on sustainable, next-generation industrial parks in states such as Rajasthan and Tamil Nadu. This will provide opportunities for Singapore companies both in the development of these industrial parks and also establish attractive sites for our companies that plan to expand into India. On skills development, we are working closely with the Indian Government and industry partners to develop training centres in advanced manufacturing, semiconductors and aviation maintenance, repair and overhaul. These will equip India's workforce with industry-relevant skills while helping Singapore companies in India to have access to skilled manpower. Singapore is already the largest investor in India.”
“The Code of Conduct for Leasing of Retail Premises in Singapore requires landlords who collect sales data from their tenants as part of the Gross Turnover rental formula, to share aggregated sales data by trade category bilaterally with each tenant before signing the lease agreement and every six months during the lease. There is currently no industry-wide standard for trade categorisation, and evolving business models, such as hybrid retail and new food and beverage formats, may also impact how trades are categorised. The Fair Tenancy Industry Committee is engaging with industry stakeholders to study this issue in greater depth as part of the ongoing review of the Code, which is expected to be completed in the first half of 2026.”
“As we decarbonise, the share of low-carbon energy sources in our energy mix will grow. The impact on electricity prices depends on which low-carbon energy sources we introduce into our energy mix, as well as when we do so. Some sources may be expensive now, but their costs could fall over time with further research and development as well as scale. The impact on electricity prices is therefore unknown at this juncture. However, we expect electricity tariffs to rise by around 1% for every $5/tCO2e increase in the carbon tax level. The Government will continue to safeguard our energy security and keep costs affordable as we decarbonise. In particular, lower- to middle-income HDB households will continue to receive support with their utility bills through U-Save rebates. We will also continue helping our businesses improve their energy efficiency, which will in turn lower their energy costs.”
“The Fair Tenancy Industry Committee (FTIC) issued the Code of Conduct for Leasing of Retail Premises in Singapore to facilitate the negotiation process between tenants and landlords in a fair and balanced way. The negotiated outcome remains a private agreement between the tenant and landlord that takes into account supply and demand. Based on data from the Department of Statistics, the number of retail and food and beverage establishments increased by around 19% between 2018 and 2023, which suggests increased demand for retail spaces in recent years. We have no plans to legislate rental caps which will distort the market and could lead to unintended outcomes, such as a reduced supply of premises for rent.”
“The Government partners Institutes of Higher Learning (IHLs) and industry stakeholders to build workforce capabilities to support electrification, for both pre-employment training and continuing education. For example, the Singapore Certified Energy Manager Programme developed by the National University of Singapore provides training for improving energy efficiency and supporting electrification in the industry sector. Similarly, the Land Transport Authority and SkillsFuture Singapore have co-developed the National Electric Vehicle Specialist Safety Certification Programme to equip technicians with the skills to maintain electric vehicles. Our IHLs' courses on data centre design and construction also prepare students for the latest sustainability standards required of data centres. There are around 900, 600, and 350 electrical engineering graduates from the autonomous universities, polytechnics and the Institutes of Technical Education respectively each year. We will continue to monitor jobs and skills trends to ensure that there is a sustainable pipeline of workers to support the industry's electrification needs. This will be incorporated into guidance on industry-relevant training needs, such as the Skills Framework for Energy and Power which was jointly developed by the Government, industry, unions, and IHLs.”
“The proposals, along with existing safeguards, ensure appropriate safeguards for customers who purchase ILPs, especially those who are vulnerable, while empowering customers to make informed choices.”
“From 29 December 2025, there will be additional requirements, including having a trusted individual2 such as a family member or caregiver to be present with the vulnerable client during the sales and advisory process. Where misconduct is established, MAS takes firm enforcement action against errant financial institutions and their representatives. These enforcement actions are published to send a deterrent signal against misconduct across the industry. While the incidence of complaints is generally less than 0.1% of ILP products sold, MAS has proposed new measures to further strengthen consumer protection. MAS conducted a public consultation in July on two key measures relating to ILPs. First, MAS proposed that financial institutions provide a standardised product highlights sheet to outline key risks, features, fees and exit procedures of ILPs. This includes important questions for consumers to ask their financial advisers. Second, MAS proposed for ILPs to be classified as complex products. This classification acknowledges that ILPs combine insurance and investment elements. It also acknowledges that the policy’s performance is subject to the performance of the underlying fund linked to the policy, as well as ongoing insurance premium charges, which increase with age. These factors are generally beyond investors' control and retail investors may not easily understand the risk-return characteristics of ILPs. Under MAS' proposals, a complex product will have a red-coloured heading band on the product highlights sheet to alert investors to seek advice before making a purchase. In addition, sellers of these products must provide vulnerable customers with financial advice when these investors purchase any complex product. MAS aims to finalise the proposals in early 2026.”
“My response to this question will also address the other oral Parliamentary Question1 filed by Mr Andre Low for a subsequent Sitting. The Monetary Authority of Singapore (MAS) works closely with the Financial Industry Disputes Resolution Centre (FIDReC) to monitor the trend of cases filed against financial institutions on all financial products, including those relating to investment-linked policies (ILPs). FIDReC is an independent and impartial body which assists in the resolution of disputes between consumers and financial institutions. The average annual number of ILP-related cases handled by FIDREC from 2017 to 2024 was 83, which represented 0.06% of the average annual number of ILPs sold over the same period. In 2024, ILP-related cases handled by FIDReC rose to 211 cases, representing 0.1% of total ILPs sold that year. While cases were higher in 2024, the numbers have moderated this year. For the first half of 2025, there were 60 ILP-related cases, compared with 122 for the same period last year. Median quantum sought by claimants was $11,300 in 2017 and $7,200 in 2024. It is untrue that MAS has not implemented strong consumer protection measures sooner. There are in fact existing consumer protection safeguards in place. Financial institutions and their representatives must demonstrate that ILPs are suitable for clients when recommending the product. They must also disclose key product information and features, including attendant fees and charges. They must make special arrangements for vulnerable clients, such as elderly customers who are not proficient in English. They must also perform call-backs to verify a client's understanding of the product and its associated risks before concluding the sale.”
“We plan to release aggregated data on carbon tax allowances in 2027. Singapore takes our international obligations under the Paris Agreement seriously. Our ability to deliver on our Nationally Determined Contribution will entail a whole-of-nation effort, from industry to Government and individuals, to abate emissions, be more energy-efficient and accept low-carbon alternatives. Nevertheless, our ability to fulfil our pledges will also depend on continued international commitment by countries to deliver on their climate pledges, as well as the maturity of decarbonisation technologies and effective international cooperation.”
“The Government will continue to work with the industry to support companies in their climate reporting journey, including capacity-building for directors, senior management and practitioners.”
“Supporting companies in their climate reporting journey is one component of the Singapore Government's plan to reach net zero by 2050. Prior to announcing the changes to its climate reporting requirements, the Singapore Exchange (SGX) Regulation conducted a series of reviews, focus groups and surveys to assess listed companies' readiness for International Sustainability Standards Board-based (ISSB-based) climate reporting. The Singapore Business Federation's recommendation was one of the sources of feedback considered by SGX Regulation and the Accounting and Corporate Regulatory Authority (ACRA). The feedback suggested that companies had made progress in their climate reporting capabilities. However, small- and medium-sized companies that are less well-equipped compared to larger enterprises, will need more time to develop their capabilities to fulfil ISSB-based climate reporting requirements. We are also mindful that many of our businesses are currently facing a more challenging operating environment due to global economic headwinds. It is important to ensure that imposing the new ISSB reporting standards will not undermine our competitiveness versus other jurisdictions. As ISSB-based climate reporting is at an early stage of adoption worldwide, the five-year extension provides time for smaller listed companies to prepare themselves to meet the higher standards. This includes developing robust processes to collect key information and critical data points to produce quality climate reporting. We want our companies to be greener and more sustainable and ensure they remain globally competitive.”
“This provides win-win outcomes for consumers, businesses and workers, and balances platform workers' needs and platform operators' ability to match demand and supply. The Government will continue to monitor for new developments that arise from the use of AI and algorithm systems in platforms' allocation mechanisms. We will stay nimble and explore possible options, including consider the formation of an "Algorithm Committee", where applicable, if new risks emerge.”
“The Government has measures to promote responsible use of artificial intelligence (AI) and algorithmic systems by platforms, and to protect suppliers and consumers from discriminatory outcomes. For example, the Competition and Consumer Commission of Singapore (CCCS) can take enforcement action against errant businesses under the Competition Act or the Consumer Protection (Fair Trading) Act, for conduct that harms merchants or consumers. CCCS provides guidance to businesses on best practices for algorithm use, through the recent release of the AI Markets toolkit developed in collaboration with the Infocomm Media Development Authority. The open-source toolkit helps businesses assess their AI models and business practices to ensure competition and consumer protection. CCCS and the Consumers Association of Singapore also issue advice and tips to encourage consumers to be vigilant and discerning when transacting with platforms, so they can spot potential exploitative practices early. For the ride-hailing sector, the Government seeks to maintain an open and contestable point-to-point transport market by ensuring drivers and commuters have free choice of operators. This includes prohibiting exclusive arrangements tying drivers to a single platform and ensuring fare transparency so drivers and commuters can make informed choices. The Platform Workers Act also provides a representation framework for platform work associations and platform operators to engage on issues of concern, including on desired outcomes of task allocation mechanisms. Major platform operators have also agreed with platform work associations on the principles for fair earnings and safe incentive structures.”
“More recently, in 2024, Applied Materials chose Singapore to host its global Equipment and Process Innovation and Commercialisation platform for advanced chip packaging technologies. This enables our workforce and local companies, such as ACE United Technologies and PBA Group, to be at the forefront of technological innovation.”