Saktiandi Supaat
Singapore
“I have two supplementary questions. For my Parliamentary Questions that the Senior Minister of State answered earlier, I thank him for answering them because those are questions that my dialect-speaking seniors in Toa Payoh East and their families have raised to me.”
“As the Review Group has recognised, there is no "silver bullet", a holistic ecosystem-wide approach is required. The implementation of these recommendations appears to have been phased, with announcements across February, July and November 2025.”
“Thank you, Mr Speaker. Three questions. First, given that the Section 301 actions can sometimes be broad-based, how is Singapore engaging with our US counterparts to ensure that our firms are not inadvertently affected by measures aimed at other economies?”
“Many of them do not openly express their difficulties. This is why social and emotional support must go beyond the occasional event. It must be sustained, trusted and easily accessible.”
“Would the Government consider developing a National Master Trades Accreditation framework – a national tiered certification that recognises advanced trade mastery, similar to chartered professionals in other sectors and create a new avenue for career switchers and career transition for segments of our workforce?”
“When the scheme is implemented in 2028, how will the Ministry measure success in terms of participation rates, risk-adjusted returns and improvements in retirement adequacy outcomes for CPF members?”
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“During my constituency home visits, I do see seniors who stay in homes that are worth more than the AV of $13,000 but have no fixed income. Perhaps they have just lost their life partner. Another question that I would like to ask the Minister is the different premiums for women. I am of the opinion that we should not differentiate the premium rates that women should pay. Although statistically they are living longer, I think that all the men in this Chamber as well as the rest of Singapore will not object to providing this additional help for women, as they may be our own mothers, wives and daughters. Hence, it is important that this matter is resolved. Perhaps the Minister can clarify. Another point I would like to ask is the withdrawal of funds for disabled persons under ElderFund. I applaud the Minister for setting up this new fund to help lower-income Singaporeans who are severely disabled. But what is the source of these funds for ElderFund? How is the withdrawal amount of $50-$200 derived? If we look at today’s prices, $50-$200 cannot buy us many things. In 2020, the purchasing power could be less, taking into consideration inflation and other factors. Therefore, can the Minister consider reviewing this withdrawal limit when we are closer to the policy’s implementation? In addition, how do we safeguard those who are severely disabled to ensure that the withdrawal amount is sufficient, especially if they are also suffering from dementia or any other mental disabilities? The need to have responsible family members or caregivers is a very important one, so that the money is spent wisely on the intended recipient and does not go into someone else’s pocket. In people’s minds, they will say, "I am on ElderShield, and so what should I do?”
“I hope, at some point in the future, the Government would be able to streamline everything, simplify them and make them more digestible to the man-in-the-street. As I see it, it will be a mammoth exercise for the Government to explain this latest scheme to the masses. Many will, I foresee, perhaps merely catch a glimpse of what is being rolled out in the media. Sir, I would like to ask the Minister, in the case of CareShield Life, by providing higher payouts and at the same time imposing higher premiums, especially as premiums increase over time, would this situation be sustainable? There is no doubt that the payment is made via MediSave, but this same MediSave is also used for the payment of MediShield Life and hospital expenses incurred over time. As our people get older and reach an advanced age, would there be sufficient funds in their MediSave to pay their premiums? As it is, I believe there are cases where people can actually use up all their MediSave money for their treatment and, in such situations, how are they to pay the premiums for CareShield? This is especially true amongst the elderly who are no longer working. In addition, there is another group comprising self-employed workers. Some may not be able to afford to pay the premiums, especially the younger workers who may take up an odd job here and there, such as performing ad hoc delivery services, among others. And to complicate matters further for this group, if they are staying with their parents, the AV of their home may not meet the threshold of $13,000 and below to be eligible for additional financial support. Can the Minister share how self-employed workers’ concerns can be allayed and help explain why the threshold of the home value of $ 13,000 was used?”
“Mr Deputy Speaker, in Malay, please. Before I start, I would like to thank the Committee which have presented a very good Report. (In Malay): [Please refer to Vernacular Speech.] Before I start, I would like to express my thanks to the ESRC for producing an excellent report. I join my fellow Members of Parliament in supporting the Motion tabled by the Health Minister just now. He gave a comprehensive speech on the various schemes that are in place to provide support to our Citizens and Permanent Residents for their healthcare needs in the years ahead. In particular, CareShield Life now offers lifetime cash payouts, especially for those with severe disability. Indeed, it has better coverage, albeit with higher premiums, than the existing ElderShield scheme and is part of the Government’s initiatives to address the issue of our ageing population. However, there are some issues I would like to seek clarification from the Minister. Currently, we have a number of insurance schemes, ranging from MediSave, MediShield, Integrated Shield, ElderShield300, ElderShield400, and now ElderFund and CareShield Life. I think many people are still grappling with the terms and conditions with regard to how to use these schemes. And, come 2020, they have to make informed decisions whether they want to opt for CareShield, and why they have to top up the premiums. There is a lot to digest. Unless one is working in the frontlines of the insurance industry, and unless one is also working in the frontlines of the healthcare industry handling claims and counselling patients on how to use the different schemes, many of them may not understand the impact of this enhancement to ElderShield.”
“I thank the Minister for his comprehensive explanation earlier with the charts. I just have one quick question. In terms of the impact of economic forces, such as the interest rate outlook, going forward, what will be the Minister's view on that, because with the Fed probably raising rates, it would have an impact on Singaporeans in terms of cash outlay in the future, and what is probably the transmission mechanism, taking into consideration our exchange rate policy regime, but what will be the impact of the interest rate outlook going forward and the impact on Singaporeans?”
“For clarification, there are many contracts where the owners offer options for renewal for a third year. Can I ask in this instance if there is a dispute under such a contract during the third year, could the parties be allowed to turn to the Tribunal for resolution? After all, the initial contract signed was for a two-year period. I am also pleased that the monetary limits have been increased from $10,000 to $20,000 and the extended limit subject to both parties’ concurrence is raised from $20,000 to 30,000. This limit should be continually reviewed so that it reflects the market conditions, such as inflation and the rise in the cost of items purchased.”
“Mr Deputy Speaker, Sir, I rise in support of the Bill. It is good that the amendments spell out clearly what are the specific claims that would be heard by the Tribunal, so that more claims can be heard and in a more expeditious manner. This offers clarity for the parties to a contract. Hire purchase is a popular purchase contract for many people, and disputes may arise after the contract is signed. This is especially if the lifespan of the product is shorter than the period of the hire purchase, or when the after-sales service is not delivered as promised. For the consumers to be able to turn to the Tribunal, this would help save them much time and it will probably be more cost-effective. It is, indeed, good that the limitation period is raised from one year to two years. I think this is a good start, but I would like to ask that the Ministry continually review this limitation period with a view to extending it to three years. Given that there is now this amendment to the Act, may I ask if the Minister would consider making it mandatory for all hire purchase contracts to include a clause that says something to the effect that in the event of a dispute or disagreement within the period of two years, both parties may turn to the Tribunals to resolve any dispute? The inclusion of this clause would make the buyers aware of their rights, as well as flag out to the sellers that they have their obligations to fulfil under the hire purchase terms. In the case of tenancy contracts, which are also another high-volume contract, given that many apartments and offices are being leased out by owners, there is the limitation that the lease should be for a two-year period to qualify for hearing by the Tribunal.”
“So, I would like to ask the Minister if MAS takes an oversight of how the banks impose charges on their products and services as a result of this latest move. Next, Mr Deputy Speaker, in a gig economy, many freelancers and self-employed people are using their personal properties for commercial purposes. By extending the coverage of the Policy Owners' Protection Scheme to such properties, these freelancers can have assurance that they are adequately protected against life’s uncertainties. However, in doing so, who bears the additional cost of coverage? And, once again, I will ask: will this result in a rise in premiums? Mr Deputy Speaker, Sir, this Bill is a clear indication of MAS' resolve to give Singaporeans better financial protection in an era of constant disruptions. And with the expansion of the legal protection for SDIC officers to perform their role in making prompt compensation payments, along with voluntary winding up as a new trigger for compensation payouts, consumers protected under these schemes will experience a shorter waiting time for their money. With these amendments, there is a need to step up on educating the public on these various schemes so consumers can make wise choices and benefit from the available policies. Community centres are a good choice for the elderly to be informed about these latest changes as well, in terms of DI, for example. And as schools start recognising the importance of imparting financial literacy to students, such Government schemes should be shared with students at secondary or tertiary levels. Agents and providers of financial products should also be more proactive in keeping consumers informed of their rights, in particular, the latest changes in the DI Scheme and their limits. Sir, I support the Bill.”
“Mr Speaker, Sir, the amendments to the Bill come at a timely moment when global financial markets are prone to disruptive forces. As a regional financial hub, this also makes us more susceptible to fallouts from any global financial crisis. With the changes in US trade policies and its demand to renegotiate pacts signed by the previous government, which have created bouts of insecurity, anything can happen if the talks do not turn out well. So, it is prudent for us to shore up the levees before the storm. Increasing the DI coverage limit from $50,000 to $75,000 per depositor per Scheme member is good news for all Singaporean depositors. We are known to have a strong culture to save our money, and I am aware of people who would open several bank accounts with different banks in order to get their deposits fully covered under the existing scheme. This enhanced policy will give better protection to those depositors. Also, in an ageing community, some of the savers are retired seniors and the protection would certainly give them much comfort. On this note, I would like to also emphasise the importance of communicating the coverage of DI to the elderly so that they understand the span of coverage. This way, they will not be lulled into a sense of complacency and, in a crunch, find themselves put in a dilemma. But following the increase of the DI coverage, MAS will also raise the premium rates which are charged to banks. My concern is that this additional premium will eventually be passed down to customers down the road. This may take the form of decreased returns to customers, or higher costs and premiums for financial products and so forth.”
“It is also about mobile banking, investments, online wealth management and so forth. And I hope more Singaporean fintech startups will think beyond cryptocurrencies and venture into other areas of fintech. The MAS has launched several grants to support fintech ventures, consolidated under StartupSG. And, while the focus appears to be on startups, I hope more assistance can also be given to companies to create and expand their own financial technologies, such as cashless payment apps and online purchasing platforms. Mr Speaker, I would like to conclude that it is prudent that we stay abreast with technological developments in the industry so that we are a vibrant and connected city of opportunity. Our 4G leaders, I know, are well attuned to this need. At the same time, technology potentially causes a digital divide between the rich and the poor, adding yet another level of social disparity. We can play a part by introducing more teeth to TAFEP. Global inequality is on the rise, according to the World Inequality Report. We must be mindful to ensure that wealth is fairly distributed, that the poor continue to get their needs met and they can go on to obtain skills and education to support their families and, in turn, our economy. We are at the cusp of a technological revolution and we must work doubly hard to make sure no one gets left behind. 4.00 pm”
“This Future Ready Fund can be used specifically to prepare our workforce in areas where they can be retrained or reskilled to meet the changes in the job market. For example, an SME can tap on it to focus on educating staff on being future-ready by having a monthly digitalisation online course, for example, for a start, and then focus on the relevant job-related needs. It needs to be sector-specific. Company management may be better suited to guide the type of challenges and opportunities needed and tailor a future-ready programme for their employees. Next and, finally, on fintech. Mr Speaker, Singapore is on the right track to embrace it. In ASEAN, we have the largest sector, of which, 490 fintech companies that we have – the top few of our most well-funded fintech companies deal with cryptocurrency platforms and exchanges. I do think it is time to start looking into policies legalising and regulating it. Switzerland has earned the reputation of having the friendliest and most welcoming environment for companies and tech firms when it comes to cryptocurrency regulations. BitCoin is considered legal tender in the country and it is a hotbed for blockchain-based companies and advisory services. Cryptocurrencies are legal tender in Switzerland. I think we have good potential to be a leader in fintech solutions in the Asia region. I am pleased to note that some startups are offering their own cryptocurrencies, using initial coin offering (ICO) as a fund-raising platform. And recently, there was even a fintech firm launching an ICO advisory centre. I think the Switzerland model could serve as a useful reference and guide towards possible liberation of regulations in regard to embracing the cryptocurrency culture in Singapore. But fintech is more than cryptocurrencies.”
“I hope this can slowly be part of the medium to long-term plan to ensure the ecosystem of inclusivity which can be further enhanced and all our talents can be maximised fully, regardless of an individual's physical disability, gender or ethnicity. Indeed, Singaporeans want to live in a fair and just society, one based on meritocracy but, at the same time, strives to leave no one behind. I strongly believe a stronger TAFEP is needed so that meritocracy works well and would go a long way to allay fears faced by Singaporeans and Singaporean jobseekers in a tight labour market environment. Disruptions caused by automation are another concern of mine. According to the UK think-tank, the Institute for Public Policy Research (IPPR), middle- and lower-income workers are likely to lose their jobs to machines. Low-skilled roles could be completely phased out. Our Government has rightly been encouraging employers to send their employees for training to acquire new skills to manage the new technologies. With large-scale retrenchment a possible problem from automation, I think it is important that authorities also consider new guidelines that make it necessary for companies to help their workers to remain employable. The IPPR also suggests that automation can result in higher profits at the expense of employees' salaries, and thus, new guidelines for additional protection of workers would be necessary with the use of emerging technologies by businesses. But how can companies help employees without it being an additional burden on the companies? The Government may want to consider setting up a Future Ready Fund beyond the existing SkillsFuture Study Award for employers that we have now, where corporates and SMEs can tap.”
“Are companies doing enough to integrate foreign employees so that they do not gravitate to their own nationalities? And should we also investigate whether employers are offering reasonable salaries that match the required job scope? In a gig economy where job security is on the decline, there is certainly going to be more frustration and panic among a generation that had become accustomed to having stable jobs. Upskilling is certainly important and a personal responsibility, but we also must give Singaporeans the assurance that they will get jobs if they work for it. So, I urge the Minister for Manpower – and I think it is somewhat highlighted in the Addendum for MOM – to consider giving TAFEP legal powers to act on errant employers. It is necessary to go beyond curtailing work passes to penalise employers who are blatantly flouting discrimination laws. And I have heard from employees who have given up on legal action against employers because it is too expensive and troublesome. In the US, for example, the equivalent Equal Employment Opportunity Commission is responsible for enforcing the federal laws that make it illegal to discriminate against a job applicant or an employee. The commission pursues litigation against errant employers who are found to be guilty of discrimination offences. Similarly, in Australia, the Fair Work Ombudsman does the same thing. It has the power to initiate litigation against a national system of employers for contravening the Fair Work Act. In Singapore, we recognise the importance and effectiveness of a tripartite approach towards resolving workplace discrimination issues. As such, TAFEP is deserving of more powers to strengthen its capabilities.”
“How can we prepare ourselves for this new world through education and regulatory changes? How are our societies going to adapt? Burying our heads in the sand is not a strategy. This brings me to the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP) and I have raised this quite a number of times, including in my maiden speech in Parliament. Over the years, TAFEP has relied on a range of methods to protect employee rights and combat workplace discrimination and inequality. It does so by encouraging and supporting employers who are able and willing to adopt progressive workplace practices. TAFEP would refer complaints to MOM if further investigations are warranted. It then works with employers to change their practices and blacklists those who are unwilling to comply. Understandably, it is not possible to completely weed out workplace discrimination, just as it is impossible to completely stamp out discrimination in any community. To prove discrimination is challenging, there are laws in place that employers must comply with. Equipping TAFEP with legal powers to prosecute errant employers is something Singaporeans have openly wished for. Meanwhile, preferential treatment of foreigners is also another common grievance. According to TAFEP, it remained the top gripe of Singaporean workers for five years in a row and made up a third of the 213 grievances lodged in 2015. On the flip side, there are also claims that Singaporeans turn down jobs because they feel the pay is too low, thus leaving jobs to foreign nationals who are willing to work at lower wages. So, my questions are: has any research been done on how true these claims are? If there is some truth in them, how can we resolve these?”
“So, countries not taking part in this global competition for talent will not be able to redistribute wealth to the poor, because the poor will be all that they have. So, as such, it is inevitable that Singapore will have to be more flexible to global talent to make our economy more vibrant and to, surprisingly, make us more inclusive too. To achieve many of these things, Singaporeans will need good jobs; jobs that will give them good incomes to sustain their desired livelihood; jobs that are fulfilling and challenge them to grow. Unfortunately, some of them, despite being capable and well-qualified, are impeded due to discrimination against circumstances that cannot be helped. The President highlighted the need to continue to strive for a more caring and inclusive society and the need to tackle inequality vigorously, she said. She had mentioned the need to provide the right additional support to those needing it – in housing, education, skills training and employment – so that meritocracy works well. Only then can everyone do well through hard work, talent and skills, regardless of their backgrounds. But for many people and, for the future, the right question is not whether there will still be work. The real question is whether there will be enough jobs paying decent wages. Most individuals want to be useful to society and work, remunerated or not, is one way for them to feel so; employment is one way we construct the social fabric. Perhaps, people will be prepared to accept lower pay in return for this social bond. In the short term, however, the destruction of jobs is costly for those who lose them. The acceleration of creative destruction raises three questions: how can workers, with jobs or not, be protected?”
“Sir, in moving forward, it is absolutely crucial that we patch up these cracks before they turn into chasms. At the same time as this is happening, many are concerned about the changing nature of work. The amount of self-employment is increasing, along with the fragmentation of labour into microjobs. So, is it contingent that work, such as self-employment or gig work and the disappearance of salaried employment likely to become the norm? I do not think so. I would think it would be a gradual move towards more people working independently and not the complete disappearance of salaried jobs. In this ecosystem of rapidly changing technology and evolving nature of employment and with tighter global competition, the labour market of the future will be somewhat tight and will get tighter. So, it is essential to ensure workers' well-being in search of jobs, whether salaried employment or self-employment. The state or Government must be the guarantor of a level playing field between organisational forms. And one thing is certain: we will need to rethink our labour laws and regulations and the whole work environment – training, retirement and unemployment insurance – in a world of rapid technological and organisational change. This is even more important as the only real resource we have is our people, our talents. I firmly believe that, in the future, countries that can attract the most productive people in the digital economy will disrupt the value chain in every sector and appropriate immense wealth, while other countries will have only the scraps. The mobility of talented people will lead many of these wealth creators to migrate to countries that offer the best conditions, including the lowest tax.”
“Mr Speaker, I thank the President for her Address, and I pledge my support for the Motion. In her speech, the President spoke about the need for Singaporeans to work closely with the new generation of 4G leaders to write our future chapters. We are on the cusp of a new era. Jobs automation, re-skilling, cashless payments, smart technology and so forth are becoming a part of our lives, regardless of whether we are resistant to it. A renewal of leadership comes at an opportune moment. In the meantime, citizens, too, must partner this new Government and renew ourselves, so that we can navigate the new complexities as one. Mr Chan Chun Sing mentioned the need for connectivity and the importance of talent for Singapore as well as saying that we need to make 300 million friends and fans. Given our lack of a hinterland and mineral resources, it is inevitable that Singapore will have to use new technologies, platforms and connectivity channels to overcome these constraints and build demand for our products and services. Globally, this will come fast and furious, unlike what we have seen in past phases of global industrialisation and technological advances. Smart technology and automation save us a lot of time and effort which we can then use to indulge in other pursuits. For the less mobile and elderly, such technologies enable them to lead more independent and fuller lives and this is good news for an ageing society. Yet, because new technologies are emerging and evolving every day, there is only a short window of time to adapt. Those who are unable to catch up, particularly the seniors and the poor and less educated, get left behind and further behind. This causes existing inequalities to worsen.”
“Just one clarification with the Minister-in-charge of Muslim Affairs. First of all, I thank the Minister for the good news about the change or revision of income eligibility criteria. I have one question. How many more students will benefit from this change of the revision in the eligibility criteria? Assoc Prof Dr Yaacob Ibrahim: Sir, currently, based on the data that we have, because once the student has been helped by TTFS, he or she is helped for the years in the IHLs. So, in stock, we have about 11,000 students currently on TTFS. We expect the number to be higher. We do not have the exact figure at this point in time. Once the applications open, then we will see the numbers. We expect that we will be able to deal with all those cases.”
“The Ministry’s view is that quality preschool education would provide the child with opportunities to gain self-confidence, learn social skills and develop learning dispositions. So, I hope that, as a community, we can work together to ensure that these children get what they truly need. Can we have an update on the Council for the Development of the Singapore Malay/Muslim Community's (MENDAKI’s) programmes to increase access to quality preschool education and how it can involve the larger community, for instance, parents and preschool professionals, to ensure that children are schooled earlier? Access to education, regardless of family background, ensures that the entire community can progress together. With this, the next generation would have greater opportunities to excel. Today, MENDAKI runs a tuition programme, administers the Tertiary Tuition Fee Subsidy (TTFS) and provides student loans to help our students financially. Will MENDAKI be doing more for education? May I also ask the Minister what are MENDAKI's efforts to support Malay students from lower-income families? Strong Foundations for our Community”
“(In Malay): [Please refer to Vernacular Speech.] In order to help children from disadvantaged families, it is important that we give them a good foundation and provide them with quality preschool education. By virtue of their family's social and financial situation, some of the children from low-income families may not have the opportunity to grow up in a learning environment to prepare them for primary school education. There are a few occasions during house visits in my neighbourhood where I will meet children aged four to seven who did not attend preschool, and there are those who do, but for certain reasons, are unable to read at Primary 1. When they were asked to attend and learn to read, some of them manage to excel in primary school. They are actually quite smart but they need some help and close guidance. We need to make a concerted effort to help these children, including getting the support of parents, teachers and allied education professionals, to get the children involved and engaged in activities that can enrich their young minds to be interested in learning, asking questions, and wanting to listen and understand. I agree that childhood is not a rat race to get the child to read, write and count quickly. But it is important that we lay the foundation so that when the time comes, they are on the right track. Children learn best in an environment that provides high-quality human interactions and learning from the same group of teachers over a long period so that they are at ease. Hence, I note that the Ministry of Education (MOE) has already recognised that the early years are crucial for a child’s holistic development.”
“Not to mention families thrust into financial difficulties due to loss of a sole breadwinner, divorce or even bankruptcy. I have seen some of my rental flat residents benefiting, for example, from the Fresh Start Housing Scheme. Most of the time, their young children benefit tremendously from a changed environment. Hence, can I ask the Minister what is being done to help low-income and vulnerable families facing financial hardships? Can more be given through the Fresh Start Scheme, especially to help single divorced parents, get a slightly bigger flat than a two-room flexi-flat if they have more than three kids or more?”
“The construction industry is one which employs a large pool of foreign workers. Because it is labour-intensive, the cost of construction, coupled with the rising cost of materials, has kept margins low for the industry players. The need for the industry to adopt technology has also been a pressing need. This can help companies to be more productive as well as to reduce their dependency on foreign labour. One area of significance is the use of Building Information Modelling (BIM) which allows companies to build virtually before building for real. This technology will enable architects, engineers and contractors to work together seamlessly, and allow them to anticipate issues and fix problems before construction. Our overseas competitors from the United States (US), Britain and even China have been adopting this BIM technology. So, our contractors need to keep pace if we are to get a share of the business. Can the Minister update us on what is being done to push for a high-tech built environment sector which can provide good jobs for Singaporeans and improve opportunities for local firms? In addition, how is the rejuvenating or remaking of our heartlands programme also linked to this? Supporting a Self-reliant Community Mr Chairman, our economy has been changing at a fast pace and, as a result, there would be citizens who are caught in the fast-moving situation. Some may lose their jobs and face financial challenges. A house is more than just a roof over one’s head. It reinforces stability and rootedness in the community. It is about identity and pride. Hence, for families who had to sell their homes due to financial setbacks, this can be especially difficult and emotional at times.”
“Mr Chairman, Sir, we are moving very swiftly on the use of information technology (IT) in our service delivery. From across all sectors, be it transport, retail, healthcare and finance, time and again, we see new apps being introduced, new online services and so forth to make services more hassle-free and it means cutting down waiting time and so on. This is a massive effort that the Civil Service has embarked on and will impact across the whole spectrum of our society. 12.00 pm The landing page of a Ministry's website or Statutory Board, for example, becomes the first line of contact with the public more so than the officers who sit behind the frontline counter. All these are part of our move towards a Smart Nation and moving to technology, and in how we can enhance citizen experience with technology. Can the Minister for Finance give an update on how the Ministry and the Statutory Boards under its wings, such as IRAS and the Accounting and Corporate Regulatory Authority (ACRA), for example, are improving their service delivery to citizens and businesses through digitalisation? How is the Government making better use of technology and improving processes to make timely payments to the individuals and businesses, which is an important part as it may help the cash flow to the recipients or businesses? Can the Minister give an overview of MOF's digitalisation efforts as part of the Smart Nation drive? How is the Public Service becoming more future-ready and tapping on technology to better serve the needs of our people and businesses?”
“In August 2017, there is the 3P Workgroup to study the issues of digital readiness. The aim is to deliver a blueprint of strategies to help Singaporeans, especially the more vulnerable, understand and enjoy the benefits of technology. This workgroup, comprising representatives from the public and private sectors, is to propose strategies to improve digital readiness among Singaporeans. It is important that we get our senior citizens to tap on technology to make their lives better. The Silver Infocomm Initiative is one good example, which has reached out to more than 130,000 senior citizens to promote IT awareness and literacy. So, as we go on the Smart Nation drive, we must not forget to help our seniors to get ready for it, as Member Mr Yee Chia Hsing mentioned just now. In addition, may I also suggest that more be done for low-income families beyond what is being done now, in particular those with young children at home? Can I ask the Minster when will the blueprint be ready? What can we expect in terms of the recommendations? How will the Government work with businesses and the community to take this effort forward to help all, not just seniors, as well as low-income families and their children? The Need for Quality and Partnerships”
“If there was one buzz word that has been hogging the news, it is the efforts of our Government to go digital. We went from transport to financial sector, then down to the grassroots from buying groceries to buying food at the hawker centres and wet markets, and we have also been pushing very hard to get everyone on board. Since the last Budget, the Government has also launched SMEs Go Digital to help them build stronger digital capabilities so as to secure growth in the digital economy. The aim is to enhance productivity through tools, such as digital ordering and payment and fleet management, as well as cybersecurity, data protection and data analytics. The Government has also offered consultants at the SME Digital Tech Hub who will go beyond providing basic advice on proven digital solutions that are pre-approved for funding support. Can the Minister provide the House an update on the SMEs Go Digital programme so far and how has it been meeting its objectives? TechSkills Accelerator (TeSA) 2.0 The TechSkills Accelerator (TeSA) is a SkillsFuture initiative driven by IMDA and other partners. Its aim is to offer various programmes to support current information and communications technology (ICT) professionals and non-ICT professionals to upgrade and acquire new skills and domain knowledge. It also allows employers in ICT and non-ICT companies who want to leverage TeSA programmes to attract fresh or mid-career professionals to their companies. It can also help develop the number of ICM professionals which is prevalent in many sectors and can eventually empower traditional companies to improve performance. Can the Minister provide an update on the TeSA Accelerator? Is it achieving its objectives and what are the next steps in the evolution of the programme?”
“And these range from various grants to other assistance schemes. Yet, not all SMEs are ready to internationalise. Some of their key concerns include the size of their business capital and their stomach to take risks when going abroad. Their logistics and manpower may also not be up to speed to go international. Others are still grappling with issues, such as productivity and technological disruption. With the merger of SPRING Singapore and IE Singapore, can the Minister share how these domestically oriented companies will be helped? Will such companies still receive support for essential upgrading efforts? For instance, maybe more help can be targeted for heartland SMEs and help for merchant associations to disseminate the wide range of complex programmes that are already available to help them overcome future challenges or maybe something akin to the Pioneer Generation Ambassador (PGA) programme on the ground but for businesses.”
“Mr Chairman, going overseas will mean facing many challenges for the SMEs. Because of their size, they are more sensitive to the uncertainties and the risks of going international. Many of these companies were initially set up without plans to go abroad. So, from paid capital, manpower, marketing and branding and perhaps even the operations and logistics were principally set with focus on the local market. They are thus not prepared for the task overseas. It is just one thing when they get the grants and the guidance from the Government agencies to go international. It is another challenge to get them mentally prepared and build up their confidence to branch out overseas. To venture into a different market where the language, cultural and religious preferences are different, not to mention taxes are different, not to mention the work ethos, the social and political infrastructure and legal systems, invariably, it takes a much, much longer time for something to develop, especially when you have to put applications through to the Government Ministries. Yet, internationalisation is necessary if an SME wants to grow. But apart from all the support from the Government, there needs to be a mindset shift among our SME entrepreneurs. Can I ask if the Minister can give some outline of the assistance in the pipeline to help our SMEs in this area? Maybe one suggestion is to set up a dedicated sectoral-based mentorship platform, either online-based or otherwise, for successful SME owners who have ventured abroad to share processes and motivate other SMEs beyond the existing PIC efforts. The more efforts or channels we have, the better. Help for Domestically-focused SMEs Chairman, we have often heard of various Government schemes to help our SMEs.”
“Mr Chairman, Sir, I understand that Australia and Singapore enjoy a strong relationship. Our relations have deepened over the past few years with the signing of the Comprehensive Strategic Partnership (CSP) in 2015, representing a significant upgrade of ties across multiple sectors. This strong relationship is exemplified by substantive cooperation at the government-to-government level, as well as at international forums, including those involving ASEAN. Besides the frequent exchange of high-level visits, we also have the Singapore-Australia Joint Ministerial Committee, a unique dialogue mechanism involving foreign affairs, defence and trade ministers, which has been going on for two decades now. Our defence relations are robust. Over the years, Australia has generously allotted space for our Singapore Armed Forces (SAF) soldiers to train. This, alongside a history of co-deployment and operational cooperation, is a testament to the high level of trust between our two countries. On top of that, our people-to-people ties are healthy. Australian universities remain to this day a favourite for our tertiary students, and roughly 400,000 Singaporeans visit Australia annually. Australians readily reciprocate this, with over one million of them visiting Singapore every year. With these in mind, I invite the Minister for Foreign Affairs to update the House on Singapore's relations with Australia, as well as the ongoing implementation of the 10-year CSP, which is in its third year. Relations with India”
“What are the targets for the next three years to 2020 and beyond? How far ahead are we, compared with other nations? What else must we do to ensure that we are not left behind? In essence, what is our Smart Nation narrative at this juncture?”
“Mr Chairman, our Smart Nation initiatives (SNI) have been launched in earnest and it is pervading across almost all sectors of our society. SNI is about harnessing the full power and potential of digital and smart technologies to create a whole new dimension in jobs and business opportunities. I also have the impression that SNI is also about planning strategically about our future technology infrastructural needs. We have seen how, today, we are able to get many things done without even moving out of our seats in the office or at home. But there are areas we need to look into. Allow me to share one example where a doctor remarked that he finds there is just too much to pick up − he shared with me − and navigating the digital maze is just too onerous. The thought that crossed my mind was, if a professional finds it difficult, then what about the elderly in our community, especially those with low literacy? At the same time, we read of disruptions in the digital age. The spread of viruses, hacking, theft from bank accounts, and the occasional technical glitches. Mailboxes are bombarded by spam mails that flood the mailbox purportedly from Government Ministries and even the Singapore telecom companies (telcos). Singtel subscribers shared with me almost daily that they get such mails and even the anti-virus could not stop these spams. So, how are we addressing these issues? How can telcos and banks, whose services are widely used by individuals and businesses, act against phishing and spams? Despite all these, we cannot stop moving ahead in digital technology. Can we have an update on our SNIs and how much progress we are making in terms of software and hardware, including our data and tech infrastructure investment plans?”
“It has proven to be life-changing for some of the students and is impactful, especially for those who come from humble backgrounds. So, I hope the Government will ensure that the support for programmes like those in ITE and, for example, programmes like the ITE WLTD and GEP, will not be affected, and future demands for development resources will continue to be given to ITE. This is even more important in Singapore’s next phase of development where skills meritocracy is essential. Another resource that I hope will not be affected are the financial assistance support for ITE students. More than 50% of ITE students qualify for some form of financial assistance and they generally come from diverse challenging backgrounds. The application and checks because of means testing can be very onerous for these families. So, the ITE schemes allow more direct assistance to the students and their families. I do hope that tradeoffs from the reduction in the budget growth do not lead to reductions in the ITE Opportunity Funds, for example. Mr Speaker, this is a progressive Budget that seeks to prepare Singapore to cope with significant future expenditure growth. The Government is clearly seeking solutions to do so without putting too much burden on the current generation and these efforts should be lauded. I hope there will be no more rambutan trees being cut. Sir, I support the Budget.”
“Furthermore, as the Government moderates the pace of various Ministries' budget growth and looks out for ways to be more efficient and effective, there will be decision inflexion points with tradeoffs at the margins. I am concerned if some of the decision points and tradeoffs may lead to reduced spending in specific areas of education and skills training, in particular, the Institute of Technical Education (ITE) segment of the student population. They constitute about 25% of the post-secondary cohort each year and are a significant future labour force with key skillsets for us to be future-ready. I have visited and met students and staff of ITE as part of the Council for the Development of the Singapore Malay/Muslim Community's (Yayasan MENDAKI’s) Future Ready Unit's efforts to enhance the awareness of the younger generation about being future-ready and to instill the importance of SkillsFuture and lifelong learning. Without a doubt, the Government has provided excellent support and resources to ITE. In the last 25 years, ITE has made tremendous progress to provide skills training for full-time students and Continuing Education and Training (CET) skills upgrade for in-service workers. Recently, ITE had made further advancement by providing new upgrading pathways for its alumni and in-service workers through the programme called Work-Learn Technical Diploma (WLTD), which is a path towards higher certification through apprenticeship model. Another ITE programme, which in my view is excellent, is the Global Education Programme (GEP). This programme provides ITE students with a holistic education by exposing them to new skills, global mindsets and perspectives, and a better understanding of the culture and lifestyle in other countries.”
“But the returns from the infrastructure project must make sense. If future users cannot afford to pay, lenders can tap on that collateral and assume ownership of it. For example, in the context of the rambutan story, build a fence around one rambutan tree and use that as collateral to borrow money to construct the bridge to the next island, so that we can build more rambutan trees there, and not sell the rambutan tree. We can use the toll for the bridge to next island to eventually pay for the bridge. Most importantly, the future users of that bridge will pay for the bridge. No need to chop down the rambutan tree. As mentioned in the Budget speech, borrowing arrangements for Statutory Boards and Government-owned companies which build infrastructure would form one part of the solution for funding large investments. However, contingent liability is a potential future issue that must be taken into account, given the unpredictable nature of the global economy and the financial markets. So, it is an issue and concern I have. Contingency liabilities could build up for future generations, affecting the ability to obtain funds in future. Does the Ministry see an issue in the build-up of contingent liabilities for future generations? Moving ahead, we will also have to evaluate how a GST increase in the near future would impact on the lower-income and middle-income groups. If GST is to be increased, how much of it is expected to be ploughed back to reach those in need? Will more resources be pumped into existing assistance schemes to mitigate the impact of rising living costs? It would be prudent to explore means to collect the revenue efficiently, and quickly and fairly allocate it to reduce further inequalities.”
“It would be good, too, if the Minister could say whether or not we can continue to expect such returns from the Government Investment Corporation (GIC), MAS and Temasek in the next few years or decades. If this is achievable, then perhaps there could be a chance for the proposed GST hike to be deferred to a later date. I wholeheartedly agree that it is important to save for rainy days and keep a substantial Reserve. I am glad that the Government is looking at ways to address the overlapping generation usage of our future infrastructure, especially in the next economic phase of Singapore. This Budget is a good start. In particular, the issue is about optimal financing and that the user pays. Rather than just building up funds now for future infrastructure projects, I am glad that the Budget highlighted efforts to fund infrastructure projects by a debt structure to finance the construction of infrastructure. In principle, under such a debt structure, the cost of funding the infrastructure project should be amortised over time, so that each generation pays for the benefits they get from using the infrastructure project. In our case, it may be useful to earmark a certain amount of Reserves or NIRC to use to “guarantee” the bonds or borrowings for an infrastructure project. To segment spending for infrastructure projects and other expenditures in our Budget explicitly would give taxpayers a better picture of where their money is going to, and how they will benefit from it. In fact, this is a feedback from one of my residents ‒ trying to give a better picture of where the money is spent and how you benefit and the usage of Reserves as well. So, the key word here is “earmark” for the guarantee to lower the financing costs.”
“At a future date, they sell these to cash out and take care of themselves. Thus, when the young get older, they can rent or sell the HDB flat to the next generation. In most cases, this kind of saving and investing does far better to serve the people. Capital accumulation enlarges the economy’s productive capacity, thereby creating wealth. Saving and investing both store value and add to it, turning one rambutan fruit into a whole tree. Retirees can, therefore, expect to get more out of their investment than they put in, not to mention other long-term initiatives that we have already built up over the years, such as Central Provident Fund (CPF) and ElderShield, for future retirement and healthcare needs. So, Mr Speaker, my first question is related to the fruits from the replanting of the rambutan trees. We should make sure we continue to plant more rambutan trees and not go down the path of eating too much rambutans. In fact, we should have a balanced diet ‒ our NIRC (or rambutans) ‒ when we can find other sources of food or tax revenue. After all, too much rambutans may not be good for us. We can get a sore throat. Besides, even when we take other sources of food from other plantations or trees, we have consistently taken care of those plantations with fertilisers and tender loving care by offsets and other measures to ensure all is well and more fruits can be produced in the future. So, back to my first question to the Minster, will the trees continue to bear fruits at a rate we need? Can we and future generations continue to plant trees, even as some of the older trees wither and die?”
“Let us assume we have this island which is home to unusually tall rambutan trees ‒ Samuelson uses cocoa trees and I am using rambutan trees here to give a localised version ‒ and also hungry people ‒ one young and one old generation ‒ and little else. The rambutan trees are our surpluses and reserves, and the fruits are our returns from our reserves. The trees reflect the island's strong fundamental. So, the young among the people would climb the trees and pick the fruits. Take note that the fruit must be eaten quickly before it is spoilt by the hot weather. The older people are physically incapable to climb and pick the fruit. Neither could they buy fruit from the young, as they have nothing to offer in exchange. So, if the elders had saved the fruit from their youth, it would not work. The stockpile would have rotted with the passage of time. So, the solution: the young gives to the old the fruit they pick and, in return, the next generation will do the same for them when they, too, grow old. Thus, the young sort of pays it forward. This also serves as a link between two generations. The scheme works, Samuelson pointed out, only because “new generations are always coming along”. I will pause at this moment and say this may be an oversimplified world I am painting, but the same core values and principles have been applied in Singapore. So, past and current generations always looking forward and thinking about the future and caring for the less fortunate. In Singapore’s context, things have evolved with practical policies introduced in the past 50 years. Our young can acquire a durable asset, say, a Housing and Development Board (HDB) flat, and our Government buys reserve assets and can replant half the rambutan fruits or seeds to grow more rambutan trees.”
“"FDI", if I may define it, is actually the amount of investments by foreign multinational companies (MNCs) or multinational enterprises investing in Singapore. This S$400 billion is what actually leaves Singapore's shores, and we will need money to rebuild for jobs if this goes out. And I remind Members again that this is only 30% of the FDI amount. So, we are fortunate to have a good team handling our Reserves. They have been able to secure good returns from year to year to supplement our Reserves. I must, at this point, congratulate them and the Ministry of Finance (MOF) for an excellent job. The point made by Ms Kuik Shiao Yin in her speech yesterday about being pragmatic and shifting from pragmatism and moving away from idealism, I think is the point that I shared just now in terms of statistics. So, being pragmatic today is actually quite important so that tomorrow's kids can have a space to realise their dreams and ideals. That is an important point I want to share today from that perspective. I am glad also with the Minister for Finance's assurance in his speech that we need to take the right approach to have future generations in part bear financial responsibility for infrastructure projects that are built for future needs. At this juncture, Mr Speaker, please bear with me. I am trying to share a bit in terms of using a localised version of the island parable sketched by the late American economist Paul Samuelson of Massachusetts Institute of Technology to set the context about the overlapping generational issues that we face before my comments and questions later on.”
“But I find that the Budget takes a very detailed approach to the challenges that Singapore will face in the next five years and the Minister for Finance has scrutinised the various revenue platforms and carefully considered how best we should manage this against our expenditure, especially on building the infrastructure necessary for the future and the rising expenditure on healthcare and security. The hallmark of this Government has always been to plan ahead, including this time round, providing forward guidance on its fiscal plans. Based on the past two days' debate, I think it has also led to a healthy discussion on our fiscal sustainability and reserve adequacy as well. This is an important issue to lay bare, in particular, for a small and open economy such as Singapore, as huge amounts of money move in and out of Singapore all the time. This is of benefit to us, especially as a financial centre, but it can bring with it risks that we need to buffer against, so as not to take risk leading to major job losses. And I think that is the penultimate key issue ‒ the job losses that might arise from this. After yesterday's debate, I was looking at statistics overnight. For example, to put things in perspective, based on 2016 data, Singapore's foreign direct investment (FDI) stock is S$1.4 trillion. This is quite substantial. This is no fun and games. This is a huge amount. If there is a loss of confidence or catastrophe and, let us say, 30% only of the FDIs were to move out, it will wipe out S$400 billion. And we should note that the Monetary Authority of Singapore's (MAS') official foreign reserves are only $370 billion, and this is just 30% of the FDIs.”
“Mr Speaker, Sir, like what Mr Murali Pillai has mentioned, I think it is a great honour to be the last speaker. But I think Mr Murali has done great justice in terms of trying to wrap up some of the points made by other Members. I am not sure whether I should try and keep it brief or try to be on point.”
“The question I have is the nationalities of the students who had been successful in getting their PR and also those that had been successful in getting their citizenship as well.”
“I thank the Second Minister for the reply. I have one follow-up question. Can the Second Ministeer share in terms of the nationalities of the students who have been successful and have taken up citizenship?”
“Can the Ministry share if it intends to increase the number of ECGs in the ITEs from the six currently? I see the importance of internship for the ITE students, especially as it helps them to go into the industry as well.”
“I would like to thank the Senior Parliamentary Secretary for the answer. I have two supplementary questions, two quick ones. The first one is with regard to the internship statistics that the Senior Parliamentary Secretary shared earlier. Can the Senior Parliamentary Secretary explain whether there is any differentiation between the traineeship programme that is being done in ITE where employers wish to send their employees to ITE and sort of fund them? Is it separate from the internship statistics that the Senior Parliamentary Secretary shared earlier? Secondly, in terms of the Education and Career Guidance (ECG) that is provided in ITE, can the Senior Parliamentary Secretary share a bit more about the resources that have been allocated to ITE in terms of career guidance and career counselling, and if she can shed a bit of light into how successful they are and how much of the resources that have already been put in to encourage more ITE students to take up internships, and also to encourage employers to take in ITE students as part of their internship programme?”
“In fact, some of these SMEs are already getting assistance and support rendered by IE Singapore and SPRING Singapore to SMEs which, in essence, are part of the ITM, I believe. But they feel that they have been left out because these efforts are not branded as ITM initiatives. May I suggest to the Minister that Enterprise Singapore enhance its branding and awareness on these piecemeal initiatives that have already been done, so that the SMEs would know that it is part of the ITM efforts and something worthy that they can and should tap on? As I have mentioned earlier, no two organisations are the same, and not every organisation would fall under the ITM. This is evidence of the Government diversifying efforts to reach out to all parts of a sector as much as possible. These past two years have seen the economy rapidly changing. Keeping abreast with new demands, creating new products and reinventing existing ones in response to the changes are key to staying relevant. Expanding into new markets, too, will help to open up more opportunities. Enterprise Singapore, too, will do well to review and enhance its existing programmes and help enable local enterprises to scale to greater heights. I support the Bill.”
“Current IE Singapore initiatives, such as the Global Company Partnership (GCP) grant and Market Readiness Assistance (MRA) should continue to be offered in some form by Enterprise Singapore as they will remain highly relevant to any firms’ strategy to internationalise their businesses. The Malay/Muslim business community also believes that to stay competitive globally, there are three top areas that the Government could help them improve on. These areas are brand building, overseas growth and technology adoption. It is a positive sign that companies recognise the value of brand-building. Indeed, having a strong brand is a prerequisite to establishing one’s presence in the overseas market. Hopefully, we can have a brand that is well-received, just like, for instance, IKEA. I hope Enterprise Singapore can provide more support to businesses in this area. One solution or suggestion would be to provide more media-related grants which companies can use for their branding endeavours. It would also be ideal to create more cross-border opportunities spearheaded by Government agencies, allowing them to get more exposure and experience. The Government has been partnering local firms for infrastructure and construction projects overseas. Therefore, other industries could benefit through similar partnerships. (In English): Finally, under the ITM initiatives, the Government has been developing ITMs to address issues within the targeted industries and promote synergy across agencies that can provide support. Some sectors are quite extensive, and they may appear to not come under the ITMs for the targeted industries.”
“It would be more productive to craft strategies and implementation together with each enterprise. I also believe SMEs, including smaller enterprises, will remain an important priority group for Enterprise Singapore. I would like to ask the Minister how Enterprise Singapore and its new structure intend to continue to prioritise them. With the synergies of the new entity, will the form-filling procedures, for example, required by SMEs be streamlined or reduced? Embedding technology and digitalisation in the form-filling procedures could save a lot of time and manpower, which is valuable to SMEs with a small headcount. In fact, all businesses, not just SMEs, should benefit from such positive advances. Mr Deputy Speaker, in Malay, please. (In Malay): [Please refer to Vernacular Speech.] Next, I would like to discuss some feedback and findings by the Singapore Malay Chamber of Commerce and Industry (SMCCI), which did a pre-Budget survey with the Muslim/Malay business community recently. Among the top business concerns are rising labour and rental costs, the outlook of the global economy, and keeping up with the digitalisation trend. For 2018, the top strategies to stay relevant include creating new products and services, entering new markets and managing operating costs. These are good long-term strategies and in line with IE Singapore and also SPRING Singapore’s vision to nurture successful enterprises through growth and internationalisation. I believe Enterprise Singapore, with its existing capabilities, resources and new focus on digitalisation, is in a good position to help them succeed with their strategies.”
“Mr Deputy Speaker, Sir, the formation of Enterprise Singapore from the merger of IE Singapore and SPRING Singapore is good news for local businesses and the economy. The feedback from the business community, including food manufacturers, is very positive. They generally see greater efficiency in this new body where they do not have to shuttle and interface with two agencies. As a single agency, Enterprise Singapore will be able to pool together resources and expertise across a wider spectrum of corporate strategies. This would facilitate the provision of more holistic support for enterprises to succeed in both domestic and overseas markets and better respond to the challenges presented in these markets. But as with all mergers, it is to rise to concerns about continuity. The Minister has mentioned this in his opening speech. However, I would just like to focus a bit on the details. Having a different account manager is a concern shared by some companies. I hope Enterprise Singapore will do their best to retain the same account managers for business continuity and to minimise changes for the companies. Where it is not possible to retain the same account managers, I would like to ask what steps will be taken to make the transition as seamless as possible. If a new account manager is to be deployed, frequent follow-ups would help to build relationships, create assurance and familiarity. Certainly, as long as the new manager is committed to the success and welfare of the business, his/her identity should not be of grave concern. Ultimately, there is not a single solution or even specific formulae that could apply across the board as no two enterprises are the same, and this goes even for those in the same industry.”
“Is it not vital to ensure that they are adequately skilled and possess the right disposition to provide services of such a delicate nature? On the topic of handling sensitive information, some hold reservations that the authorities, while conducting their investigations, would intrude on personal privacy. Are there safeguards in place for the broad investigation powers to ensure that there is no misuse of authority, whether unintentional or not? Can the public be assured that their information is in safe hands? Mr Speaker, this is a comprehensive Bill that adequately covers many areas concerning cybersecurity. Meanwhile, we also have the Computer Misuse Act (CMA), formerly the CMCA, as well as existing pieces of legislation, like the Banking Secrecy Act, which also address cybersecurity and data protection issues. Are there overlapping policies, and how would the new Bill interact with and complement the existing pieces of legislation that we have now? Enhancing our cybersecurity defences is the next logical move in the face of an increasingly digitalised society. I support the Bill.”
“Ultimately, having a sound cybersecurity system in place would be more cost-effective in the long run. But some businesses may not realise this. Moreover, as cybersecurity is still unfamiliar territory, some companies may under-invest or over-invest in the wrong systems. I have heard from business operators who think they are adequately covered with an anti-virus software, for example. I hope the Government can look into the estimated costs that will be incurred in cybersecurity investments and consider financial incentives to alleviate the financial burden of implementing enhanced cybersecurity measures. Awareness and education would also go a long way in helping organisations make informed decisions. I wish to also express my concern that the incident reporting and investigation requirements on CII owners under the Bill could be too onerous, especially when they are potential victims of cyberattacks. This could mean plenty of administrative work back and forth, when the time, effort and other resources may be better spent on constantly shoring up cybersecurity defences instead. Perhaps, for high-risk CIIs, the Commission could work more closely with the owners to improve prevention measures. I also note that with the decision to simplify the licensing framework, the Bill will do away with the licensing of individual cybersecurity professionals. At this point, only penetration testing and managed security operations centre (SOC) monitoring service providers will require licensing. With the gig economy blooming, there will be no doubt cybersecurity professionals who provide their services as freelancers will increase. Cybersecurity professionals deal with sensitive information in large quantities. So, is there a need for this to be better regulated?”
“Mr Speaker, Sir, in this era of digitalisation and connectedness, cutting back on cyber solutions is not the answer for institutions and companies. With our dependence on the digital world, we can only expect the exposure to cyber threats to increase. It is crucial that our Smart Nation aspirations must go hand in hand with resilient cybersecurity systems. This makes the Cybersecurity Bill an essential move forward. Certainly, investments in cybersecurity could lead to rising business costs. For small and medium enterprises (SMEs) already struggling to stay afloat, this will create additional financial stress. With more cross-company collaboration and outsourcing occurring these days, it is crucial that this becomes a nationwide effort. It would be just like how suppliers for the banking industry would have to adhere to the Banking Secrecy Act. Data sharing and exchange will be compromised if even just one organisation is careless with their approach on data security. Resultantly, some companies may then pass down the cost of cybersecurity measures to the consumers. Cybersecurity is often likened to insurance and similarly scorned for the same reasons. Its necessity is often overlooked until a crisis happens. Yet, according to the Cost of Data Breach Study 2017 by the Ponemon Institute, a US-based organisation that conducts independent research on privacy, data protection and information security policy, the average cost for each lost or stolen record containing sensitive and confidential information for 419 companies which took part in the survey was approximately US$3.62 million. This would be largely attributed to loss of reputation and potential business, remedial measures, as well as lawsuits.”
“This also includes the proper handling of individuals and suspects as part of the search but also taking into consideration the sensitivities and communication skills needed with the extra responsibilities. Border security, Mr Deputy Speaker, is of paramount importance, and it is certainly not the sole responsibility of ICA. More must be done to educate the masses and obtain everyone's support and cooperation, so that we can close any gaps in our security network. Sir, I support the Bill.”