Ong Ye Kung
Singapore
“The Ministry of Health (MOH) recently enhanced the Community Health Assist Scheme (CHAS) dental subsidies, which are tiered by income, for common preventive and restorative procedures.”
“Healthier SG GP clinics may also refer their enrolled patients to Active Ageing Centres and Community Health Posts to fulfill their social prescriptions and for subsidised services, such as medication management.”
“Public hospitals, such as the National University Hospital, the Singapore General Hospital and Tan Tock Seng Hospital, have deployed robotic-assisted surgical (RAS) systems for minimally invasive soft-tissue surgeries.”
“The Health Sciences Authority (HSA) welcomes drug producers to choose Singapore as part of their first-wave filings. As long as a pharmaceutical product is approved by at least one regulatory agency, such as China's National Medical Products Administration (NMPA), it would also qualify for the abridged route.”
“A decrease in estimated glomerular filtration rate in patients with diabetes can be due to multiple reasons. Doctors will first investigate the underlying cause before determining whether the patient should be referred to a specialist. Some causes are reversible and cause transient reduction in renal function.”
“Information on the Lasting Power of Attorney (LPA) cannot be made visible on the National Electronic Health Record system as it is protected under the Mental Capacity Act. Such information may only be disclosed by the Public Guardian to specified persons upon satisfactory submission of evidence(s) required under the law.”
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“However, for certain clauses, the Civil Service, SAF, SPF, SCDF and the Legal Service are excluded, because they are already formally subject to central policy governance requirements that are before this Bill. For example, these agencies have to comply with Government Instruction Manuals. For the appointment of the heads of Ministries, that is, Permanent Secretaries, the Constitution already provides a framework where appointments are made by the President, acting in accordance with the advice of the Prime Minister, from a list of names submitted by PSC. Dr Intan Mokhtar asked about removal of the CE. That, indeed, is not a small matter. Although the Bill does not spell out the exact processes but, for a CE, the apex post of a Statutory Board, to be removed, that is a serious matter and, certainly, a lot of consultation, even before that, if it is for performance-related reasons, coaching, counselling, that all has to take place. That is only good HR practice. So, rest assured. Even removing a Public Service officer is a serious matter, what more a CE. Ms Chia Yong Yong asked a specific question whether PA is to be exempted from clause 40. The answer is that the effect of the Notice of Amendment will be that PA is not exempted from it. It will apply to PA. Mr Faisal Manap asked about finance-related provisions that pertain to MUIS in clauses 34 to 41. While MUIS is, indeed, exempted from these provisions of the Bill, it is not exempted from similar financial administrative requirements because all these requirements are currently already spelt out and covered by MUIS' constituting Act, namely, AMLA. We decided there is no need to duplicate them in this Bill. Now let me move to the topic of clause 11. Ms Sylvia Lim, Mr Chen Show Mao and Mr Leon Perera asked about this.”
“When it is all discussed and we have certain consensus, staff papers are put up with all the views, considerations, options and recommendations incorporated and the many angles covered. Then, it goes to the right forum. It could be a Minister's staff meeting. For bigger issues, they might go to the Cabinet. Decisions are made, and then conveyed through notes of meeting, through to the Statutory Boards, and then it is followed up that way. It has been done this way for years. For those coming from the private sector, this is quite a big adjustment. In the private sector, documentation is not done so diligently. But trust me, nothing in the Civil Service is decided through WhatsApp and, worse, through emoticons. Let me talk about clause 4. It is merely an extension of the principle in clause 5. I think a Member asked about it. Statutory Boards are already complying with the Government's central policies today, and clause 4 gives this legislative backing. Mr Louis Ng asked about the scope of the Bill. Simply put, the Bill is written such that the provisions apply by and large to the Singapore public sector agencies, and the Singapore public sector agencies is broadly defined to include Ministries and departments, Statutory Boards and Organs of State. The Civil Service, SAF, SPF, SCDF, Legal Service are all part of Ministries and departments. So, the governance requirements of this Bill apply to them. There are many references and definitions in this Bill, so it is a bit confusing to read. I put on record the governance requirements of this Bill apply to them. Likewise, the protection under clause 11, which Ms Sylvia Lim asked about, extends to every Singapore public sector agency, too. So, the Member's reading is right.”
“And we have seen many such improvement projects. For example, Master Planning Committee coordinates infrastructure projects. There is a OneMap platform. I downloaded it. It is very useful. It allows 80 agencies to come together on a single platform to provide authoritative location information and services. We will welcome more suggestions from Members. Some of the examples that Members mentioned are coordination within the departments and they simply need to sort them out. But they are really outside of this Bill and you do not need this Bill to have them sorted out. But in my capacity as the Minister helping out with driving public sector innovation, if you observe any of these, please let me know and I will be most happy to take them up. Let me now move on to various technical clarifications. These are raised by Mr Louis Ng, Ms Sylvia Lim, Ms Chia Yong Yong and Dr Intan Mokhtar. First, the Bill does not prescribe the form of directions. It should not, as Acts that are overly prescriptive rapidly get out of date. Given the purposes for which directions may be given and the subject matter they are to cover, the form of directions will likely be in formal instruments. Ms Sylvia Lim mentioned two types of directions. First, as she correctly said, are really central Ministry issues − governance issues concerning HR and finance. These typically come in the form of circulars and they are signed by the Permanent Secretaries. Second are policy directions. I would say the Bill does not prescribe this, but the typical way the Ministries work − for many years and decades, that is how they work − is that there is brainstorming between political officeholders and staff, including Statutory Board staff, because we have to take into account implementation issues.”
“Ms Chia Yong Yong said the Public Service goes much beyond just running day to day. It is much beyond efficiency but also about service to people with kindness and humanity. So, likewise, if we want to bring about such a culture, it goes beyond legislation, but also ensuring that the ethos, the spirit, is in every single Public Service agency and that the culture and ethos are upheld. Most important of all, to uphold these are the leaders, leaders across the various levels of the Public Service, the type of people we bring in, how we make them work together, learn from one another and uphold the values. We will continue to place great emphasis on this. Let me now move on to a topic which is better coordination across Government agencies and sometimes, even within a Government agency. This is raised by Mr Zaqy Mohamad, Assoc Prof Fatimah Lateef, Dr Intan Mokhtar and Miss Cheryl Chan. Various examples were given. I agree it is important to coordinate well amongst public sector agencies as challenges become more complex. This Bill actually sends a strong signal on the importance of cross-agency coordination. For example, the Bill clarifies how the Minister charged with the responsibility for the public sector can work with the relevant Ministers to give directions to Statutory Boards relating to central policies. And that, second, the CEs of Statutory Boards now, by law, have to cooperate and collaborate with other public sector agencies to deliver public value. As to how to ensure strong coordination among agencies and reduce wastage, I think all agencies simply need to work harder, eyes open, ears up and be more creative, more innovative, more citizen-centric. That is a point that Miss Cheryl Chan and Dr Intan Mokhtar have both raised.”
“It is now clear, transparent, neat and, should we find the need and justification to amend them in future, the amendment will also be transparent and more effective. Where there are substantive changes from today, I have highlighted them in my Second Reading speech. One, is that we are making it explicit that part of the work of the CE of a Statutory Board is to collaborate with other public agencies. This is new. Not that they are not doing so now. They are already doing so. But we are now hardcoding this and, in so doing, make our direction clear. Two, is the setting up of a data-sharing regime that I spoke about. Asst Prof Mahdev Mohan specifically asked if the term "CE" is a new one mentioned in the Bill. It is not new. It does refer to the CEO at the apex job within the Statutory Board. Mr Ganesh Rajaram asked about the tenure of the CEO and whether postings are too frequent. It is a point that we constantly have to wrestle within the Public Service. It is really not part of this Bill but we do have to balance between someone staying long, having the experience and stability but, at the same time, they can get entrenched, versus bringing in somebody with new perspectives and innovative ideas. We constantly have to juggle both. And what the Member raised is a pertinent point and we will continue to consider this very carefully. I agree with Asst Prof Mahdev Mohan that the broader point is that our system of governance must be one that allows us to constantly work together, recognise problems and improve. What we do not want is a culture of witch hunt and blame. It does not improve things. Our approach has always been to look honestly at our flaws and focus our attention on improvements. And I think this is the culture we want.”
“And I agree with Mr Ganesh Rajaram that Board members can do more and be more active in helping the governance and running of the Statutory Board and ensuring that the Board members are from different backgrounds, experience and skills that they can bring to the table. These are the layers that we have to put in place to make sure a Statutory Board is run well. In answer to Asst Prof Mahdev Mohan, this Bill is really not in response to any Government lapses, incidents or confusion on the part of public servants, or that there are instances where Statutory Boards refuse to comply with a Government direction. The purpose is two-fold. I have mentioned some of it in my Second Reading speech. One, for the lack of a better word, it is really neatness, really just neatness. Today, we have over 60 Statutory Boards operating in an increasingly complex and disrupted environment, facing challenges that no single agency can tackle alone. The continued need for Statutory Boards to be governed well and work together to provide better public service is all the more pressing. The central agencies, therefore, did a stocktake of all the Statutory Board Acts. And they found that, of the governance provisions that are important to uphold to sustain good governance, not all were uniformly present across all Acts. Specifically, on the clause for Ministers to give direction, they are present in all Acts but they are written slightly differently with different conventions. There are no good reasons why they are different, other than they were written and passed at different times in history. So, we centralise them into one central Act.”
“I thank the Members for their support and questions. There were quite a few questions citing specific clauses and sub-clauses, and fairly technical. I will try my best to answer them all. Let me start by addressing questions from Ms Thanaletchimi and Asst Prof Mahdev Mohan, who asked broader and philosophical questions about governance in the Government. Ms Thanaletchimi is right to say that there is a balance between central control as well as getting our Statutory Boards to have flexibility and autonomy, and creativity and innovation. And this is a balance that we have to strike between effective governance, policy consistency on one hand and operational autonomy on the other hand. It does encourage innovation and creativity. It is the same when a manager runs a department of a few people. You want to give the staff the space to take initiative, run with it, work with different people, but they are still your staff. And you meet them once in a while to give them support and direction. Every year, it is good HR practice also to do appraisal and coach them on their development. And, when something goes wrong, you still have to answer for the staff as department head. So, the same principles apply to Statutory Boards. The responsible Minister is answerable to Parliament for the performance of the Statutory Board. The powers to give directions to the Statutory Board and to approve the appointment of the CE are in line with this accountability to Parliament. But for operational matters, it is better for Statutory Boards to have autonomy, tapping on board members.”
“The answer to the first question is yes, GovTech is involved. Beyond GovTech, we are also inviting private sector expertise to help us in this work. Second, on the Interagency Task Force, I do not have the terms of reference with me, but essentially, it has to, firstly, review the entire circumstances of the fraud case, how it happened; secondly, what are the gaps in our system today that led to us not being able to detect this and led to us detecting it so late; third, implement the measures; and fourth, to take a hard look at the whole structure and system, and what are the changes we need to do, including personnel, organisational reporting lines. So, it will be a comprehensive review. If the Member files a question, I will be happy to report on the findings of the task force.”
“We cannot count those numbers as training; that would not be honest. In any case, training numbers are not really the full outcome of what SkillsFuture is trying to achieve. We work closely with the Ministry of Manpower. The Adapt and Grow numbers drawing on SkillsFuture funding and programmes are much more important. Thus, outcomes are one thing, key performance indicators are one thing, but understand the spirit of what we are trying to do and the real ground impact of what we want to do. How to make it not onerous? That is an excellent clarification. The natural instinct is to think, "Because this thing happened, let us double-check everything and let us check a huge number" but this will impede the whole system. That is when genuine employers who want to train their workers will get affected. But we do not have to do that and, if we do that, we will end up putting out efforts in the wrong areas. What we want to do is, through data analytics, work out the pattern of cheating and then we can detect them much better. That pattern of detection of cheating has to keep on evolving because they are evolving, too. If we can do that well – and we must do that well – we will not over burden employers. We can improve the audit and fraud detection system while not over-burdening employers. The bottom line is this: the system has a big capability gap today, this could have been prevented and it should have been prevented, and we will take the necessary actions to remedy this.”
“I thank the Member for the suggestion. We will definitely consider having such a hotline. I believe a hotline to SSG does exist, but we probably have to make it more widely known. The Member can assure her residents that SkillsFuture Credit does not expire.”
“This will clearly come under the Penal Code. Administratively, we have a process. When we set up SSG, we enacted the SSG Act. We have provided for higher penalties. But for cases, such as this, of such an egregious nature will have to come under the Penal Code.”
“But SSG will take necessary management measures to remedy this weakness in fraud detection capability. We must also take the real culprits to task, send a strong deterrent signal, so that SkillsFuture continues to serve the working people of Singapore. We cannot afford a repeat of fraudulent claims of such egregious nature and of such scale. SSG will do a thorough review and rectify any shortcomings in grant administration that it may have. But at the same time, we should not allow this case to detract from the important task of reskilling and upskilling the workforce in this period of technological disruptions and economic restructuring.”
“And thankfully, so far, there is no evidence of other cases of a similar nature. Thirdly and very urgently, improve the system of fraud detection, checks and audits. SSG has formed an Interagency Process Review Task Force, overseen by its Board, and comprising members from SSG management, the Accountant-General’s Department, Commercial Affairs Department and the Ministry of Education (MOE). The task force is conducting a thorough review of how the fraudulent cases happened and will evaluate the current fraud detection system and make recommendations to improve the system. Specifically, I have directed SSG to strengthen its fraud detection system through data analytics. Fraudsters, who are going all out to cheat, are getting more sophisticated and their plans more elaborate. They will also evolve their approach. SSG's detection system must improve and become more sophisticated, too. Through appropriate use of data analytics and drawing on data across Government agencies, we can better detect false claims without significantly affecting genuine employers applying for training grants to upgrade the skills of their workers. SSG is currently getting help from both private sector consultants and Government Technology Agency (GovTech) to get this done. It has restructured and strengthened the fraud detection and audit team. SSG has started implementing some of the measures manually and will progressively automate and systematise them. By the third quarter of this year, we will have a good and effective data analytics system in place. In response to Mr Zaqy Mohamad's question, as of now, no staff member has been disciplined or suspended arising from the latest fraud case as there has been no evidence of wrongdoing by any staff member thus far.”
“It is, therefore, a scheme that has been around for many years. From its preliminary investigations, the Police believe that a criminal syndicate was behind this. The syndicate operated an organised network that utilised business entities, comprising employer companies and training providers to submit fraudulent claims. Central Provident Fund documents provided by the syndicate listed employees that the Police believe were fictitious. In short, this appears to be an elaborate and conscious effort. These fraudulent claims were made in 2017, with the majority being made in October. When these irregular claims were detected, SSG immediately suspended all payments of grants to the relevant business entities and reported the case to the Police. Five persons have been charged with various offences, such as engaging in a conspiracy to submit forged documents and concealing the benefits from criminal conduct. The Police have also seized $6.7 million in cash and 11 kilogrammes of gold, and frozen slightly more than $10 million in bank accounts. As investigations are ongoing, I am unable to disclose more details about the case. But what is clear is that this case involves fraudulent claims amounting to a large quantum. This should not have been allowed to happen. While we cannot always prevent all forms of fraudulent activities, SSG should have detected this case much earlier, especially when it was so egregious and the amounts involved were so large. SSG's priorities are as follows: firstly, work with the enforcement agencies on the current prosecution to ensure that any perpetrators will face the full consequences of the law; secondly, systematically plough through other claims it has received over the past year.”
“The Members asked about two separate cases of fraudulent claims. They were unrelated and of different natures. In the first case, more than 4,400 individuals were found to have made false SkillsFuture Credit claims within a very short period last year, amounting to over $2 million. The fraudulent claims were made by individuals who did not attend any training but falsely claimed to have done so. They acted largely on their own accord, prompted by a viral WhatsApp message. As of December, over 90% of these individuals have either made full payment or have made arrangements for instalment payments. Those who did not respond will be blacklisted for all future SkillsFuture grant claims until they have repaid. We will also not rule out further legal and enforcement actions. Arising from that episode, SkillsFuture Singapore (SSG) has reviewed the claims processes for SkillsFuture Credit. Individuals can no longer be directly reimbursed by SSG for use of SkillsFuture Credit. It has already been implemented. Instead, payments will be made to training providers, who then reduce the course fees chargeable accordingly. This arrangement has significantly reduced the risk of false claims under SkillsFuture Credit. At the same time, the claim process is still convenient and easy and has not affected the number of individuals using their SkillsFuture Credit every month. The second case involves $40 million of fraudulent claims. It did not involve SkillsFuture Credit or new SkillsFuture programmes. Instead, the fraudulent claims were for training grants drawn from the Skills Development Fund (SDF). SDF was established in 1979 to support the training and retraining of workers and workforce upgrading programmes and is built up through levies collected from employers.”
“Mr Deputy Speaker, can I take Question Nos 1 to 3 together, please?”
“Agencies, such as SkillsFuture Singapore (SSG) and Workforce Singapore (WSG), actively promote their schemes and programmes to encourage take-up. They do so with the help of industry associations and unions. We also encourage employers to invest in the workforce, and to build companies' capabilities to invest in human capital development. This is done through programmes, such as the SkillsFuture Leadership Development Initiative, and the SkillsFuture Small and Medium Enterprises (SME) Mentors programme. Later this year, we will launch the MySkillsFuture portal to empower Singaporeans to chart their own career and learning pathways. Individuals will be able to use MySkillsFuture to regularly check on their usage of their SkillsFuture Credit. We will also be launching the SkillsFuture Advice for Individuals programme to provide advice at the community level on how Singaporeans can benefit from the different SkillsFuture and Adapt and Grow programmes. Given the various outreach efforts, and that the schemes are constantly evolving, we do not plan to issue individualised updates on annual utilisation of such programmes. However, we certainly hope that individuals and companies take an active interest in upgrading themselves and leverage the various programmes and schemes available.”
“Ten years ago, in 2007, 46% of the tenured and tenure-track faculty members at the National University (NUS), Nanyang Technological University (NTU) and Singapore Management University (SMU) were Singaporeans. In 2017, the proportion is about 40%. The Singapore Institute of Technology (SIT) and Singapore University of Social Sciences (SUSS) do not have a tenure system but the proportion of Singaporeans among faculty is much higher in SIT and SUSS. We must ensure there is a strong core of Singaporean academics in our autonomous universities (AUs), even as they strive to recruit the best talents from Singapore or overseas, based on merit, to deliver world-class education and conduct high-quality research. To do so, our AUs actively look out for Singaporean academics who are working overseas. We launched the Singapore Teaching and Academic Research Talent Scheme in 2015 to encourage more young Singaporeans to pursue an academic career. Under this scheme, we have awarded close to 80 undergraduate and postgraduate scholarships to Singaporeans who are interested in academia. The three AUs awarded 260 Doctor of Philosophy (PhD) scholarships from 1990 to 2014.”
“The Government has always recognised the need to give small and medium enterprises (SMEs) additional help in building up human capital capabilities. Hence, there are currently many training subsidies and grants available to firms. Under the Enhanced Training Support for SMEs scheme administered by SkillsFuture Singapore (SSG), SMEs receive up to 90% course fee subsidies and absentee payroll funding when they sponsor their employees for training. Firms can also tap on SSG’s training grants for inhouse training programmes. SMEs can also tap on the Standards, Productivity and Innovation Board's (SPRING's) Capability Development Grant in Human Capital Development to develop learning processes, training roadmaps and training frameworks for their employees. Firms can also benefit from the external insight and in-depth mentorship provided by the expert mentors under SPRING's SkillsFuture SME Mentors Programme. These mentors will help to diagnose gaps in the company's learning and development initiatives, review and enhance existing training plans, as well as monitor and coach companies' supervisors or managers in their training delivery. For individuals, SkillsFuture Credit triggers their desire to upgrade. But unlike individuals, businesses operating in a competitive environment should always be eager to improve and raise their game. It is better to support SMEs through more targeted programmes and schemes, than to provide SMEs with a SkillsFuture Credit.”
“In recent years, the Auditor-General had highlighted that several Institutions of Higher Learning did not charge market rate for the use of their car parks. Such practices were tantamount to providing hidden subsidies for vehicle parking. The practice is, therefore, not in line with the Civil Service's philosophy of a clean wage, where public officers get a salary, with no hidden benefits. The Institute of Technical Education and the polytechnics have, therefore, carried out an internal review of their staff parking rates, and revised the rates to comply with the clean wage policy which requires that car park rates be determined in accordance with market value. Thus, they will be revising the rates to peg them to those charged at the nearest alternative car park, typically the Housing and Development Board estate. The Ministry of Education, students and the public all appreciate the service and contribution of our educators. They have a heavy responsibility, an important mission to fulfil, which most carry out with passion and dedication. We recognise the contributions of education in various ways, but when it comes to car park charges, it is best not to deviate from a long-standing Civil Service policy.”
“The SkillsFuture Credit was launched in January 2016 to empower Singaporeans to take charge of their training and learning journeys. More than 126,000 Singaporeans used their credits in 2016. Information and Communications Technology (ICT) courses were the most popular courses for all age groups. Younger Singaporeans enrolled for courses on emerging ICT skills, such as data analytics, while older Singaporeans learnt more fundamental ICT skills, such as using the basic functions of a computer. Other popular areas of training include Productivity and Innovation, and Security and Investigation. SkillsFuture Singapore conducts routine checks to ensure that courses are marketed in line with guidelines. The SkillsFuture Credit course directory includes information on minimum requirements for course registration, where relevant. Nonetheless, while some training providers may set basic qualifying criteria for their courses, we do not require that they do so for all courses, as this may limit Singaporeans’ access to training which they might otherwise find useful.”
“As we relocate PLAB to Changi Airbase and TAB, RSAF will continue to regularly engage residents living near the airbases and continue to explore new ways to minimise the inconveniences to the public while meeting its operational and training requirements.”
“For Tengah Airbase (TAB) expansion, Government agencies like the Housing and Development Board (HDB) and the National Environment Agency (NEA) are aware of the noise environment that surrounding homes, offices and other premises will be subjected to. A noise study was conducted by NEA which will guide the planning of new residential developments to minimise the impact of aircraft noise upfront. But we ought to be fair to residents who are moving into new premises built near the expanded TAB and let them know that while some noise reduction can be achieved through mitigation measures, it is not possible to reduce it completely. Next, let me elaborate on how public safety remains a top priority for MINDEF and RSAF. Our airbases and flight profiles are carefully designed to adhere to international norms, such as those prescribed by the International Civil Aviation Organization. These norms govern the minimum flying altitudes to ensure the safety of residents living in close proximity to airbases or civilian airports in densely-populated cities. RSAF imposes stringent training requirements to ensure that our pilots are well-trained and flying operations are conducted safely. Our pilots are trained to handle a wide range of operational scenarios through live and simulator training. They are also trained to steer away from the populace to minimise harm to civilians in the event of an emergency, even at the expense of their own safety. Singaporeans can, therefore, be assured that flying training and operations will continue to be done safely when TAB is expanded.”
“But the scale of the PLAB relocation will, from time to time, cause some inconvenience and even disruption for affected parties. I hope that Singaporeans will bear with these inconveniences as we improve our city dramatically and that MPs here will help their residents understand these changes. Let me first elaborate on measures to mitigate the noise inconvenience around airbases. First, we have moved about 50% of our flying training overseas. The remaining 50% of flying training is done locally and is judged necessary for the RSAF to maintain its operational readiness and responsiveness to safeguard our skies here. Secondly, most of the local flying training is conducted over waters rather than over land. When RSAF flies over populated areas, it is primarily for taking off and landing only. RSAF deliberately flies at higher altitudes and lower air speeds when over land, so as to minimise noise to housing estates. Any deviations from these are usually for operational reasons. Where it is possible and does not compromise operational effectiveness, RSAF does adjust its flying schedule in response to public feedback. For example, RSAF reduces flying activities and cease night flying earlier during examination periods so that our students can better concentrate and rest well. So, the Ministry of Education (MOE) is very grateful about this. RSAF will inform the public of periods where the frequency of flights is increased, such as rehearsals for the National Day Parade (NDP) and events, such as the RSAF Open House. RSAF will publish prior notice on the MINDEF website for public awareness.”
“The relocation of Paya Lebar Airbase (PLAB) is scheduled for 2030 and beyond. It is a complex undertaking and, therefore, the timeline cannot be fixed exactly now. But when implemented, it will free up 800 hectares of prime land in the north-east region. While the available land on PLAB can house a new town larger than Ang Mo Kio town, the positive effects will extend far beyond this. Within a five-kilometre radius around the periphery of PLAB, more than one million people now live and work. After relocation, many more will be able to do so. Buildings all the way to Marina South can be built higher to provide for more homes, offices and retail in the central, eastern and southern parts of Singapore. The relocation of PLAB will have enormous positive impact on countless families but, most importantly, Singapore as a whole will benefit. But as we relocate from PLAB, we must never and will not compromise the Republic of Singapore Air Force's (RSAF's) operational readiness to defend our skies. Government agencies will do all they can to minimise and mitigate the effects of relocation but we will not trade our continued peace and security for comfort and economic gains. That will be short-sighted and negligent. The relocation of PLAB is complex because it now houses one third of the RSAF's fixed wing squadrons. These assets, together with the operational infrastructure, will need be built up in or moved to the expanded Tengah and Changi Airbases with relatively less built-up and urban environs. The Ministry of Defence (MINDEF) and the Ministry of National Development (MND) have been working closely with other relevant agencies to minimise inconveniences to residents in the vicinity and ensure that public safety is not compromised.”
“If I can the next three Questions together.”
“(In Mandarin): [Please refer to Vernacular Speech.] Mr Speaker, I think what Mr Ang is trying to refer to is actually the study of Chinese and Chinese culture. Otherwise, he would not have said if this was the tip of the iceberg. Indeed, this is a significant and longstanding issue. If the House were to debate this issue, it may take a few days. I have read the investigation report provided by NTU, and I believe that it is, indeed, an administrative error by one staff. NTU takes this very seriously and has since informed all the vendors of the mistake. This issue is considered concluded already.”
“In all our Autonomous Universities (AUs), there is no issue with display of bilingual signboards, as long as one of the languages used is English, which is the common working language. What happened at the Nanyang Technology University (NTU) was, therefore, not in line with the longstanding policy across the AUs. NTU has investigated the recent incident and found that one of its staff had misinterpreted NTU's language use policy and inserted a requirement that stallholders display English-only signage. This was neither approved nor condoned by NTU and its management. The investigation also concluded that the staff had no ill-intent and a stern warning was issued to this staff member. NTU is also working on the panel's recommendations to brief all staff managing its food and beverage and retail outlets on the university's policy on language use, to ensure that it is well understood and also strengthen their ability to balance the NTU community's diverse cultural needs, through training. NTU has since also informed all on-campus vendors that non-English languages are permitted on the signboards and notices, as long as English is also used. For the vendors which have changed to only English signboards, NTU will cover the expenses to revert to the original signboards.”
“Within the constraints of our budget, the Ministry of Education (MOE) is committed to ensure that education and training remain affordable. Today, Singaporeans will typically receive a subsidy of 75% for full-time and part-time degree programmes offered at the Autonomous Universities (AUs). The subsidy rate goes up to 90% for those aged 40 and above undertaking degree programmes for the first time. We also make available education bursaries and loans to individual students, with lower income individuals receiving more. Besides degree programmes, AUs also offer many industry-relevant modular courses that help adult learners update their skills and knowledge and stay employable and competitive. These courses are also subsidised, generally from 70% to 90% of the course fees. In 2015, the AUs delivered about 15,000 training places, many of which were offered as modular courses. MOE will work with the AUs to expand such offerings to support lifelong learning and subsidise such courses so that they are more accessible to adult learners. An instance where an individual finds that he is not receiving a subsidy is when he is taking a second degree. But given that resources are limited, we have to prioritise Government subsidies for those pursuing their first degrees. While we support lifelong learning strongly, budget constraints are still a reality and prioritisation on how we spend public funds is needed.”
“Cut-off points for each course is an outcome of the academic results of applicants and the places available. These may vary from year to year. A larger proportion of local students will be offered places in our publicly-funded Autonomous Universities. This is because the Government has committed to progressively increase the publicly funded university Cohort Participation Rate (CPR) from 30% in 2014 to 40% by 2020.The CPR for 2017 is 35%. As our economy continues to diversify and do well, we can align industries’ changing demands for manpower with students’ aspirations to attain degrees. In planning for publicly funded university places, a primary consideration is the employability of our graduates. In addition, our Autonomous Universities will offer more lifelong learning courses and more Singaporeans would be able to enhance their knowledge and deepen their skills at our universities throughout different stages of their lives and careers.”
“In the polytechnics, there is a structured ECG curriculum in place, delivered by the lecturers with the support of the ECG Counsellors on campus. This is complemented by a wide range of resources made available to students, such as labour market information and information on upgrading opportunities. Students will also be able to access the MySkillsFuture portal, once it becomes available later this year, where they can easily retrieve information on courses, job opportunities and the latest industry developments. To enable students to find out more about their industries of interest, the polytechnics also organise career fairs, company visits and talks by alumni or industry practitioners regularly. These events ensure that students are updated on the growth prospects of the industry and aware of what working in the industry will be like and the requirements to join the industry. There are also opportunities for deeper exposure to specific companies and industries through internships and mentorships. Internships are an integral component of polytechnic education, which allow students to experience realistic work conditions, develop relevant skillsets and better assess their career options and preferences.”
“Our policy is that Autonomous Universities (AUs) need to build a strong core of Singaporeans in key leadership and management positions. Currently, Singaporeans make up around 70% of key leadership and management positions in the AUs. Three-quarters of presidents and provosts of AUs are Singaporeans. The AUs have in place talent development and leadership programmes to groom more Singaporeans to take on key leadership and management roles in their institutions. They also actively reach out to leading Singaporean academics based overseas to attract them back to Singapore. The Ministry has also worked with the AUs to launch the Singapore Teaching and Academic Research Talent Scheme (START in short) in 2015 to encourage more young Singaporeans to pursue an academic career. This year, we have awarded 38 undergraduate and postgraduate scholarships under START. Notwithstanding the need to encourage more Singaporeans to take on leadership positions and responsibilities in AUs, we must recognise the need for AUs to stay connected to the world, in both education and research. They must remain open to bringing in global talent who can contribute with their diverse perspectives and knowledge to ensure that our AUs continue to remain competitive and relevant in the world.”
“SUTD has also begun to establish itself as a high-quality, research-intensive university in design, engineering, technology and architecture. It has research collaborations with Temasek Laboratories and ST Engineering. Looking ahead, SUTD will continue to collaborate with MIT in research collaboration and also student exchanges, albeit not under a formal partnership agreement. SUTD will, in fact, expand its network of collaboration partners with universities in different parts of the world. In short, SUTD is well positioned to be a unique and high quality university – well regarded, reputable amongst employers and students, with a strong international network of partners. It will develop and grow to be stronger and better.”
“When SUTD was established, it was envisaged that, in time to come, it would graduate from its formal collaboration with MIT. After seven years, that time has come, as SUTD gears itself for its next phase of development. This is similar to how the Singapore Management University jumpstarted its development in partnership with the Wharton School of the University of Pennsylvania when it was first formed. Over the past seven years, SUTD has benefited immensely from its partnership with MIT. SUTD's structure and curriculum, including 90% of its undergraduate course materials, were designed and co-developed with MIT faculty. These are unique features of SUTD, which MIT would have done if it were to re-design its institutional structure and develop its curriculum all over again. Current and future students will continue to learn using these materials. Through the collaboration, SUTD has received full accreditation from the Engineering Accreditation Board for its Bachelor of Engineering and Master of Architecture degree programmes and it is now fully equipped to provide these programmes independently. Over the same period, SUTD has established itself as a popular choice among students. Applications have increased over the years, from 2,144 in 2013 to 3,503 this year – a 63% increase. Admissions have also increased by 69% over the same period, from 251 to 424. SUTD graduates are also well-endorsed by employers. As reported in the 2015 and 2016 Graduate Employment Surveys, more than 90% of its graduates have obtained employment within six months of completing their final examinations and earn monthly starting salaries ranging from $3,600-$4,000, which compare very well with that of other local universities.”
“Internships are an important aspect of applied education in the Polytechnics and Institute of Technical Education (ITE). They provide students with critical hands-on training and meaningful learning experiences in a real-world context to better prepare them for work in the industry. The Polytechnics and ITE work closely with partners, such as companies, trade associations and Government agencies, to design internship programmes, including identifying key competencies that the intern should acquire and other desired learning outcomes. These are shared with companies to ensure that both sides have a common understanding of the roles and responsibilities. In addition, our lecturers routinely conduct site visits to meet with students and their company supervisors, in order to seek feedback and monitor the progress of the internship. Students are also required to submit reports of their learning, both during and after their internship, to ensure that learning outcomes are met.”
“These are useful, but we need to be clear that they are neither adequate nor fully reflective of the priorities of AUs and the full economic and social mission of the AUs. Hence, MOE's longstanding position is that global rankings are only a reference. There are many important aspects of a university education, including teaching quality, industry relevance, employment outcome and development of innovation and enterprise, that are not well captured in global ranking methodologies. Members of the House can be assured that MOE will look way beyond international rankings to ensure that teaching quality and work readiness remain high.”
“I agree with the Member that it is important for our Autonomous Universities (AUs) to teach their students well to ensure that their graduates are industry-ready. The AUs pay close attention to teaching quality and industry outcomes. On teaching quality, our AUs administer regular surveys to collect timely feedback. Data from these surveys are used to review curriculum and evaluate the teaching contributions of faculty members. Student feedback on teaching has been consistently positive across the AUs. A key factor for consideration in the appraisal of faculty members is their teaching performance. In addition, in the area of curriculum design, the AUs constantly engage and collaborate with industry partners to keep their course content relevant. Compulsory internship and industry project components within the curriculum give students opportunities to strike a balance between theory and practice, academic knowledge and skills, and enhance their work readiness. As for industry outcomes, the best affirmation is the employability of graduates. That is also why the AUs conduct annual Graduate Employment Surveys. Over the past five years, the surveys have reflected good employment outcomes of our local graduates, with around nine in 10 university graduates in the labour force securing jobs within six months after completing their final examinations. Their gross median salaries have also increased over the years. Global rankings do take some of these considerations into account. For example, the Quacquarelli Symonds (QS) World University Rankings surveys the universities' reputation amongst employers. The Times Higher Education rankings surveys academic evaluation of teaching quality.”
“In approving any revisions to its paid-up capital, the MAS Board must make sure that MAS' capital and reserves remain adequate for it to carry out its principal objects and functions. Mr Louis Ng asked if section 5(4) of the Act allows MAS' paid-up capital to be transferred to any entity. The answer is no. The Government is the sole owner of MAS' paid-up capital. Mdm Speaker, this Bill introduces important enhancements to the resolution regime for FIs in Singapore which will further empower MAS to resolve distressed institutions in an orderly manner, minimising potential risks of financial stability and loss of public monies. The Bill also introduces updates to clarify MAS' mission and objectives as well as other timely amendments to achieve greater operational efficiencies within MAS. Mdm Speaker, I beg to move. [(proc text) Question put, and agreed to. (proc text)] [(proc text) Bill accordingly read a Second time and committed to a Committee of the whole House. (proc text)] [(proc text) The House immediately resolved itself into a Committee on the Bill. – [Mr Ong Ye Kung]. (proc text)] [(proc text) Bill considered in Committee; reported without amendment; read a Third time and passed. (proc text)]”
“We agree with Mr Saktiandi and also Er Dr Lee Bee Wah and will continue to raise public awareness. Earlier this year, when Parliament debated the amendments to the Securities and Futures Act, I emphasised that all investments carried risk and that, ultimately, investors must take responsibility for their own financial decisions. You would remember, during that debate, we enhanced the Act in quite a number of ways to better protect consumers. Financial education efforts will also remain a key priority for MAS through the MoneySENSE initiative. The MAS Investor Alert List (IAL) is also a useful tool to alert consumers of unregulated activities that could be wrongly perceived to be under MAS' regulatory purview. Members may come across some of these videos that have come out and which educate the public. They are done in a very heartening way that our residents would be able to relate to and Hossan Leong, I think, has been a big hit in those videos. In Universities, ethics has also become a more important aspect of education for an increasingly, socially conscious generation. Mr Louis Ng asked why there is now a need to allow for a reduction in MAS' paid-up capital. There is a need for flexibility in managing MAS' paid-up capital and not so much a reduction per se. This is because after many years, MAS' capital has built up substantially and it is no longer a case that the only way is up. Mr Louis Ng asked why both the Government and the MAS Board have to agree before any revisions are made to MAS' paid-up capital. Requiring the agreement of both the MAS Board and the Government strengthens the governance of these decisions and ensures the financial implications on both parties are adequately taken into account.”
“I would like to assure Mr Tay that in any transfer of business, MAS will consider the extent to which the employment contracts of workers who were not liable or accountable for the failure of the FI can be transferred to a bridge institution or transferee FI so as to allow for continuity in the employment and retention of expertise within the FI. The Employment Act safeguards relating to the preservation of the terms and conditions of service and years of service will apply to transferred employees covered under the Act. I would like to remind Members that we are putting in place a stronger resolution regime precisely because this is much less disruptive than the liquidation where everyone loses their job. Mr Patrick Tay also highlighted the work of the Financial Sector Tripartite Committee (FSTC) and the Financial Industry Career Advisory Centre (FiCAC) in supporting professionals undergoing career transition. MAS is partnering with FSTC and FiCAC on these efforts, including to provide fuller career advisory services through a network of career coaches and industry mentors. MAS is also working with FIs to identify jobs that might be at risk in the future and to proactively reskill these workers through professional conversion programmes. Mr Saktiandi hopes that MAS would raise awareness amongst our future accountants and bankers and also educate the public on how the Government is taking steps to protect depositors and policyholders. Er Dr Lee Bee Wah hopes that this Bill would not result in investors developing a false sense of security and assuming that they can safely invest in any financial product in Singapore. I also thank her for her advice to consumers on what they should look out for.”
“Mr Louis Ng asked if claims on the FIs under resolution could be required to be paid into the Resolution Fund as soon as practicable. This is, indeed, our intent. In the case of market infrastructure participants, Mr Louis Ng asked why the trustee of the Resolution Fund would be given the discretion to decide on the medium through which participants would be notified of the transaction levy. This is a reasonable part of the trustee's operational responsibility. MAS would remain engaged with the trustee throughout this process to oversee the expedient dissemination of information, as necessary. Mr Saktiandi asked how policy owners' interests could be sufficiently safeguarded when an insurer becomes non-viable. Should an insurer become non-viable, apart from securing financial stability, MAS will also prioritise the protection of policy owners, including through ensuring continuity in their insurance coverage and, where possible, limiting the financial loss that they could suffer. To this end, the Policy Owners' Protection Funds or the Resolution Fund can be tapped on so that policy owners can retain their insurance coverage. In the event that policy owners are made worse off by the resolution actions as compared to a liquidation scenario, they can also seek compensation from the Resolution Fund. Mr Saktiandi also asked if there are any institutions, such as big hedge funds, that may fall outside the scope of the resolution regime. Under our supervisory regime, hedge fund managers are regulated by MAS. Such hedge fund managers would be covered by the resolution regime, too. Mr Patrick Tay said that in any transfer of business, workers may be affected and we need to ensure that they are treated fairly.”
“This will facilitate timely implementation of the resolution measures. The loan will eventually be recovered from the industry via ex-post levies. Decisions on payouts from the Fund are recommended by MAS as the Resolution Authority and approved by the Minister. This arrangement ensures that the trustee of the Resolution Fund cannot act unilaterally. The trustee's role, therefore, is a limited one, mainly responsible for operationalising the payout of the funds. Providing immunity to the trustee would allow the trustee to carry out this operational function with greater assurance and timeliness without being burdened with the prospect of a lawsuit. The protection is accorded only if the trustee acts in good faith. Mr Louis Ng enquired on the criteria for appointing a trustee and the quantum of the loan to constitute the Resolution Fund. He also enquired about the Fund's record-keeping requirements. The appointed trustee must have the capacity, experience and expertise to carry out its duties. To ensure the integrity and the accountability of the resolution funding process, MAS intends to require the trustee to keep proper accounts and records of transactions for a period after the dissolution of the Resolution Fund. MAS will consult on the appropriate record-keeping period. As for the quantum of the loan, it all depends on the situation and also hinges on the amount of liquidity needed to resolve the FI in an orderly manner. MAS will perform estimations of the amount of liquidity needed as part of its ex-ante resolution planning. Factors considered in this assessment may include the size and potential losses of the FI and the amounts of unencumbered assets eligible as collateral for borrowing as well as the available private sources of funding during stress.”
“MAS also has institution-specific cooperation agreements with foreign authorities for the purposes of information sharing and coordination during a crisis. In the rare case where MAS does not recognise a foreign resolution action on an FI in Singapore, MAS may need to exercise its resolution powers to resolve the entity independently. But such circumstances are limited and will only arise where the action would prejudice domestic financial stability, result in inequitable treatment of Singapore's creditors and shareholders, run contrary to Singapore's national or public interests or have material fiscal implications. Similar grounds are also found in the resolution regimes of other key jurisdictions. Mr Leon Perera also asked why not appoint a statutory manager in the event of having to do a resolution. This is already provided for in the MAS Act under section 30AAB where MAS can, in fact, appoint a statutory manager. But the practice around the world today is still that the central bank and the supervisory authority are still in-charge when the RRP has to be carried out. I think for a good reason because, day in, day out, this is their function − working with FIs, collaborating with them, working out their RRPs. At the same time, the central banks are also the ones involved in international forums and then, talking and coordinating with foreign regulatory bodies. That is why, today, it remains the international practice. Mr Saktiandi asked who will provide the initial liquidity loan to the Resolution Fund. He also asked if the trustee of the Resolution Fund would be allowed to decide on the payouts from the Resolution Fund and whether the trustee should be accorded immunity for its actions. MAS will provide the initial liquidity loan to the Resolution Fund.”
“This is done through writing down an FI's debt or converting the FI's debt into equity. This actually also makes shareholders and creditors more conscientious in their investment decisions, compared to a situation where Government has to use public funds to bail out FIs. An example of this is the recent bail-in of Banco Popular Espanol SA in Spain where the bank's shareholders and junior creditors were written down and no public funds were affected. Mr Louis Ng asked for elaboration on the persons who MAS may appoint to perform an independent assessment of the extent to which instruments of the FI in resolution should be bailed in. He also asked if the FI would be consulted on the appointment. When appointing an independent valuer, MAS will consider if the person has the experience, expertise and resources to conduct the valuation work effectively and expediently. For example, valuers could be appointed from amongst various professional firms, including audit and accounting firms. In a resolution, MAS would need to act quickly to stabilise the distressed FI and is not required to consult the FI on the appointment of the valuer. MAS will consider the reasonableness of the valuer's remuneration as part of the appointment. Let me talk about cross-border recognition or resolution actions. Mr Saktiandi asked how MAS would manage a request for recognition of a foreign resolution action and what the consequences would be if we refused such a request. In any cross-border resolution event, MAS' preference would always be to work with our foreign counterparts to achieve a coordinated solution. Hence, MAS has been participating in the crisis management group meetings of global systemically important banks where cross-border coordination strategies are discussed and prepared.”
“The penalties pegged now are actually already to the highest level of penalties in our supervisory framework for licensing breaches. Besides financial penalties, MAS also has powers to hold directors and senior management accountable if they fail to discharge their duties. But we should be mindful that penalties are not the key factor to ensure the cooperation of the FIs. Ultimately, as stakeholders of the entire system, we must all share the common goal that it is in the long-term benefit of the FIs, the economy, as well as the whole of Singapore, to have a robust and stable system. And that is what makes everyone work together. Mr Louis Ng asked if in the event that an FI's recovery plan does not result in the desired outcome, are there measures in place to safeguard financial stability. Under those circumstances, MAS uses its resolution powers to resolve the FI in an orderly manner − which is what this Bill is about − and to limit the contagion effect on the rest of the system. This is the objective of the Bill today. Let me now talk about the statutory bail-in. Mr Leon Perera asked if depositors and policy owners are protected under the creditor compensation framework. They are not covered under the scope of bail-in of this Bill. The bail-in regime that I have described in the Second Reading speech will be restricted to unsecured subordinated debt, as well as loans. Mr Azmoon asked if the introduction of the bail-in regime would cause our FIs to be less robust and resilient and cause shareholders and creditors to become less sensitive in making their investment decisions. The introduction of the bail-in regime would actually increase the FI's resilience, as it allows the FI's losses to be absorbed and the FI to be re-capitalised.”
“And they have in place proper escalation processes to facilitate prompt management actions, such as capital raising or asset disposal, under stress situations. While MAS will engage FIs on the adequacy and execution of their recovery plans, FIs are primarily responsible for implementing measures to restore their financial strength under stress situations. In other words, putting in place this entire regime, having a system, a platform, a process of engaging the FIs, we expect to build expertise over time, not just with the FIs, but also at MAS. This is bread and butter, and so, not really something you want to just delegate to one special unit, but the entire financial supervisory group within MAS. And within the FIs, that will be the people dealing with loans, people dealing with risks. This must be their bread-and-butter expertise which we expect to build up over time as the regime gets more robust. Er Dr Lee Bee Wah asked about the cost of recovery and resolution planning to FIs. FIs will need to devote some resources to develop and maintain their RRPs. RRP requirements will be phased in and applied in a proportionate manner, based on the FIs' systemic importance to the financial system. MAS has not observed significant cost and operational impact on the FIs. Mr Leon Perera asked if banks are expected to maintain systems for data risk aggregation under the BCBS 239. While the principles for BCBS 239 are imposed on D-SIBs currently, we do expect all banks to have in place strong risk data aggregation capabilities and also robust internal risk reporting frameworks. Mr Saktiandi asked if the penalties for FIs that do not comply with directions from MAS are heavy enough.”
“Mr Azmoon Ahmad noted that while there may be a need for MAS to be on top of things on RRPs, this can also be misinterpreted as a significant intrusion into FIs' autonomy to carry out their own affairs. We agree that this is a balance that has to be struck. But previous crises and episodes have shown that the disorderly failure of a systemically important FI can cause significant disruption to the financial system and also the economy and cause hardship for people. In some cases, the Government had to tap on Government funds to bail out the FIs. So, there is a significant social cost to the public if this is not managed well. Hence, a certain level of Government intervention to avoid such social cost is inevitable and that is also the prevailing international consensus. Mr Saktiandi asked what will trigger the activation of the FIs' recovery plan and if our FIs are adequately staffed with people with the right skillsets. Mr Louis Ng asked which are the parties or persons, besides the employees of the FIs in question, who would be aware of the triggering and implementation of the FIs' recovery plan. Mr Saktiandi also asked about the issue of expertise. Mr Leon Perera asked if there is sufficient expertise in MAS and the banks. Er Dr Lee Bee Wah asked if there is a special unit that is looking after this. All pointing in the same direction on whether there is sufficient expertise. FIs' recovery plans are approved by an appropriate governance forum of the FIs, such as their board of directors. The FIs also conduct training and crisis simulation exercises to enhance the crisis preparedness of their staff. They also establish quantitative and qualitative triggers, typically liquidity, capital, financial positions to identify when recovery measures may be taken.”
“Mdm Speaker, I thank all Members who have spoken on the Bill and voiced their support for the Bill. On behalf of the Deputy Prime Minister and Minister-in-charge of MAS, let me now address their questions. Er Dr Lee Bee Wah asked if the Recovery and Resolution Plans (RRPs) are regularly updated and reviewed by the FIs and MAS. Mr Saktiandi Supaat and Mr Louis Ng asked about the timeline for FIs to submit their RRPs, upon being notified by MAS, and how MAS would enforce its timeline. Mr Saktiandi also asked if MAS would be conducting exercises to assess the effectiveness of the RRPs. As mentioned in my Second Reading speech, we are amending the Act because of evolving international practices and consensus, following episodes, such as the Global Financial Crisis. Recovery plans are submitted by FIs and reviewed by MAS on a regular basis, as part of MAS' supervisory oversight over systemically important institutions. In fact, all our domestic systemically important banks (D-SIBs) already have recovery plans submitted and in place. In response to Mr Leon Perera on which are the banks that are subjected to RRPs, in fact, they are currently the D-SIBs. The list of D-SIBs which are subjected to RRPs are public and published on the MAS website already. The preparation for the RRPs is also an ongoing and iterative process, as MAS continues to engage these banks on their plans. MAS will stress-test the banks from time to time. The banks are also expected to establish their own internal frameworks to regularly test the feasibility and effectiveness of their RRPs. It is equivalent to conducting exercises. The test results will help improve the robustness of the plans over time.”
“Yes, MAS has introduced some requirements for an investor to be properly appraised and assessed before they are allowed to buy this or that product. At the end of the day, it is for the bank employees at the frontline who has to be honest when asking clients to fill up these forms and not think of their own KPIs to get another client on board. I hope MAS can have closer oversight of this pre-qualification of customers. Mdm Speaker, Mandarin, please. (In Mandarin): [Please refer to Vernacular Speech.] The amendment requires FIs to have in place Recovery and Resolution Planning to give investors more peace of mind. It also stipulates that investors must possess a certain level of knowledge before they can invest. However, there may be bank employees who would ask the investors to make false declarations of their knowledge level in order to reach their sales target. I hope the authorities can look at this risk squarely. Despite MAS' Alert List, every now and then, we hear about stories of Singaporeans losing all their money from their investment. If these companies are based overseas, how can the Bill protect the investors? I would like to take this opportunity to ask MAS whether it should exercise more control over these errant companies or, at least, increase education and publicity in this area. (In English): Mdm, I support the Bill. 4.40 pm”
“I will take this opportunity to bring up foreign FIs that are not incorporated in Singapore and/or not listed in MAS' FIs directory. Many such firms are recruiting investors right here in Singapore. For example, Malaysian financial firm JJPTR that had left many investors high and dry, was actively recruiting Singaporean investors through a local chatline and bank account. Despite MAS' Alert List, many dodgy firms have managed to cheat Singaporeans out of hundreds of millions of dollars. Hence, I would like to ask if there is anything MAS can do to regulate them or, at least, increase the awareness of its Alert List. With the passing of this Bill, investors should not develop a false sense of security and assume that they may then invest in any financial product in Singapore without consequences. It is often alarming to hear the reasons behind an investment. Sometimes, residents come to my Meet-the-People Session and ask for help. And people say, "I invest because my financial consultant told me this product is popular now; because my children told me to invest in it; because my friends are also investing in it." But do they know what they are in for? I urge all investors to equip yourselves with basic financial awareness about the various financial products in the market before you even consider jumping on the bandwagon. There are courses covered by SkillsFuture credits that will help to further your financial knowhow. Always conduct thorough research on the background of the product that you wish to invest in. Talk to people who can give you an independent view, not the one who is selling a product to you. Bear in mind that no investment product with promises of high returns is risk-free.”