Economy & business — Topics

4 Nov 2025

Breakdown of Updates on Companies Investing in Johor-Singapore SEZ by Industry Type and Revenue Size

Mr. Ng Shi Xuan inquired about the number of companies interested in investing in the Johor-Singapore Special Economic Zone (JS-SEZ), their industry types, and the revenue size of these companies.
Deputy Prime Minister Gan Kim Yong reported that since the JS-SEZ agreement was signed in January 2025, over 300 inquiries have been received from both local and foreign companies.
The sectors showing interest include manufacturing, logistics, and the digital economy, with small and medium enterprises making up nearly half of the inquiries.

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4 Nov 2025

Easement of Anti-Scam Measures by Banks in "Whitelist" and/or Considerable Safe Situations

Sylvia Lim raised concerns about the need for banks to ease anti-scam measures in specific "whitelist" situations to reduce transaction friction for account holders.
The Monetary Authority of Singapore (MAS) has implemented safeguards to protect consumers from scams, including delaying transfers from accounts with large balances being rapidly drained.
Certain transactions, such as recurring payments and bill payments to government agencies, are exempt from these delays to facilitate legitimate transactions.
MAS and banks are monitoring the effectiveness of these measures and are open to adjustments to balance consumer protection with transaction efficiency.
Consumers are encouraged to plan ahead for large transfers, acknowledging that some inconvenience is necessary to combat scams.

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4 Nov 2025

Monitoring of Cases and Actions Taken against Errant Insurance Companies Preventing Legitimate Claims

The debate focused on the government's monitoring of insurance companies that unreasonably deny legitimate claims and the actions taken against such companies.
The Monetary Authority of Singapore (MAS) has guidelines in place to ensure fair treatment of customers and proper claims handling by insurers.
Consumers are encouraged to first address complaints directly with insurers, and if unresolved, they can seek mediation or adjudication through the Financial Industry Disputes Resolution Centre (FIDReC).
Over the past three years, FIDReC has successfully resolved a significant majority of insurance claim disputes, indicating its effectiveness as a dispute resolution mechanism.
The number of complaints received by MAS and FIDReC represents a very small fraction of total claims, suggesting that most claims are handled satisfactorily by insurers.

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4 Nov 2025

Safeguards to Ensure Singapore Family Offices are Not Misused to Facilitate Money Laundering

Sylvia Lim raised concerns about the potential misuse of family offices in Singapore for money laundering and inquired about government measures to address this issue.
The Prime Minister's representative, Gan Kim Yong, indicated that the question would be addressed in a future parliamentary sitting on 5 November 2025, along with related inquiries.

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4 Nov 2025

Tax Incentives Received by Singapore Family Office Associated with Individuals Sanctioned by US in October 2025

Ms. He Ting Ru raised a question regarding whether a local single family office linked to individuals sanctioned by the US received tax incentives under the family office tax incentive scheme.
The Prime Minister's representative, Gan Kim Yong, stated that the question would be addressed in the next parliamentary sitting on 5 November 2025.
The discussion will include similar parliamentary questions and will reference data on sanctioned individuals operating tax-exempt family offices in Singapore.

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4 Nov 2025

Calculation and Source of Funding for Subsidy to Cover Costs from Deferred 9.4% Increase in Public Transport Fares

Mr. Chua Kheng Wee Louis inquired about the calculation and source of a $200 million subsidy for 2026 to cover a deferred 9.4% increase in public transport fares.
The subsidy amount is based on estimated public transport revenue for 2026 and the deferred fare adjustment.
The funding for the subsidy will be sourced from the Consolidated Fund.

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4 Nov 2025

Programmes to Maintain Employment Stability and Attract MNC Investments amidst Staff Cut Announcements

The debate focused on the government's response to recent staff cut announcements by foreign firms in Singapore and measures to maintain employment stability and attract multinational investments.
Minister Tan See Leng highlighted that overall retrenchments remain within historical ranges, with job growth in sectors like financial services and professional services.
The government has established various support programs for affected workers, including career matching services, retraining initiatives, and financial assistance for lower- and middle-income retrenched individuals.
The Taskforce for Responsible Retrenchment and Employment Facilitation plays a key role in helping retrenched workers transition to new job roles in growth areas.
The government's pro-business environment, skilled workforce, and strong infrastructure are emphasized as factors in attracting and retaining foreign investments.

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4 Nov 2025

Data on "Cut and Fill" Approach to Reassign COE Quotas and Further Medium-term Plans to Equalise Supply

Assoc Prof Jamus Jerome Lim inquired about the effectiveness of the "cut-and-fill" approach for reallocating COE quotas and requested data on reassigned quotas since May 2023.
He also asked if there are plans to equalize COE supply to mitigate fluctuations in COE prices.
Jeffrey Siow responded that 30,813 COEs have been redistributed since May 2023 and emphasized ongoing monitoring of COE supply stability.

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4 Nov 2025

Singapore's Money Laundering Investigations into Cambodia-based Network Designated as Transnational Criminal Organisation

Mr. Chua Kheng Wee Louis inquired about the Monetary Authority of Singapore's (MAS) investigations into a Cambodia-based network designated as a transnational criminal organization by the US.
He specifically asked if MAS had investigated related entities and individuals affiliated with the network prior to their designation by the US Department of the Treasury.
Gan Kim Yong, speaking for the Prime Minister, stated that the question would be addressed in a future parliamentary session on 5 November 2025.

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4 Nov 2025

Complaints of Unsatisfactory or Disputed Insurance Claims

Liang Eng Hwa inquired about the number of complaints regarding unsatisfactory or disputed insurance claims received by the Monetary Authority of Singapore (MAS) over the past three years and the adequacy of the current dispute resolution framework.
Gan Kim Yong, representing the Prime Minister, emphasized that insurers must promptly pay legitimate claims and treat claimants fairly, adhering to MAS guidelines on fair dealing and risk management.
MAS takes action against insurers that do not meet expectations, and consumers can escalate unresolved claims to the Financial Industry Disputes Resolution Centre (FIDReC) for mediation or adjudication.
Over the last three years, FIDReC handled an average of 246 insurance claims disputes annually, with MAS receiving about 91 complaints per year, indicating these issues are a small fraction of total claims.
FIDReC has been effective, resolving over 85% of claims through mediation or adjudication, with litigation being rare among major insurers.

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4 Nov 2025

Foreign Participation in Singapore's Commercial and Industrial Property Markets over Past Five Years

Ms. Gho Sze Kee inquired about the levels and trends of foreign participation in Singapore's commercial and industrial property markets over the past five years, including its impact on commercial rent movements.
Minister Chee Hong Tat responded that landlords price rents competitively to attract tenants, regardless of whether they are local or foreign.
He noted that from 2020 to 2024, foreign buyers represented less than 20% of private commercial and industrial property transactions, indicating they are not the primary influence on rent movements.

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4 Nov 2025

Dealers Bidding up COE Premiums while Keeping Car Prices Stable

Mr. Foo Cexiang raised concerns about car dealers potentially inflating COE premiums while keeping vehicle prices stable and suggested that only prospective buyers should be allowed to bid for COEs.
Jeffrey Siow responded that vehicle prices have generally increased alongside COE premiums, but not at the same rate, and attributed this to various factors including government subsidies and market values.
Siow clarified that buyers can bid for their own COEs and there is no evidence that dealers are artificially inflating COE prices beyond buyer willingness.
Some buyers prefer to have dealers bid on their behalf for convenience, indicating a mixed preference in the bidding process.

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4 Nov 2025

Governance, Regulatory and Commercial Factors to Address to Enable Smooth and Reliable Wind Power Imports under Vietnam-Malaysia-Singapore Agreement

Ms. Mariam Jaafar inquired about the governance, regulatory, and commercial challenges Singapore faces in facilitating reliable wind power imports under the Vietnam-Malaysia-Singapore agreement.
Deputy Prime Minister Gan Kim Yong responded that the wind power project is still in its early development stages, making it difficult to assess the prospects or hurdles at this time.

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4 Nov 2025

Ensuring Materials from Unlicensed Financial Advisors Still Accessible Online No Longer Carry Risk of Misleading Consumers

Ms. Nadia Ahmad Samdin raised concerns about the risk of misleading consumers from online materials provided by unlicensed financial advisors and inquired about MAS's measures to mitigate this risk.
The Prime Minister's representative, Gan Kim Yong, explained that MAS issued advisory letters to five content creators regarding their potential provision of unlicensed financial advice, prompting them to adjust their content and practices.
MAS has published guidelines for both content creators and financial institutions to enhance awareness and compliance regarding financial advice and digital advertising practices.
Content creators have taken corrective actions by deleting or editing their content following MAS's advice, and MAS will continue to monitor and provide guidance on compliance.
Enforcement actions may still be taken against unlicensed financial advice providers before the new guidelines take effect in March 2026.

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4 Nov 2025

Potential Impact of Johor-Singapore Special Economic Zone on Competitiveness of Singapore's Maritime and Aviation Hubs

The debate focused on the potential impact of the Johor-Singapore Special Economic Zone (JS-SEZ) on Singapore's maritime and aviation hubs.
Mr. Foo Cexiang inquired about the Ministry of Transport's assessment of JS-SEZ's effects and strategies to enhance hub competitiveness.
Jeffrey Siow highlighted that the JS-SEZ would leverage Singapore's connectivity and Johor's resources, creating a compelling value proposition for investors.
The collaboration between Singapore and Johor is expected to open new opportunities that could strengthen both maritime and aviation sectors.

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4 Nov 2025

Publicising Removal of Criterion of At Least One Local Employee for Energy Efficiency Grant

The Deputy Prime Minister addressed a question regarding the removal of the local employee criterion for the Energy Efficiency Grant (EEG).
The criterion was removed in June 2025, and this change was communicated through relevant materials and websites.
Following the removal of the criterion, there was an increase in the number of applications for the EEG within three months.

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4 Nov 2025

Unfair Contractual Terms in Career Conversion Programmes that Require Trainees to Pay Compensation for Termination

Miss Rachel Ong raised concerns about unfair contractual terms in Career Conversion Programmes, specifically regarding liquidated damages for employer-initiated terminations and the need for regulatory safeguards.
She proposed the establishment of clear guidelines on prohibited contractual terms, ensuring trainees are informed and have access to advice on the fairness of these terms.
Minister Tan See Leng affirmed the government's commitment to protecting trainees' interests and stated that companies must not recover more than their actual training costs, excluding government subsidies.
Companies engaging in unfair practices may face suspension from the Career Conversion Programmes, and trainees can seek assistance from unions or relevant government bodies if they encounter unreasonable clauses.

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4 Nov 2025

Support for Smaller Firms to Achieve Workplace Safety and Health Accreditation

Mr. Melvin Yong Yik Chye inquired about the number of SMEs benefiting from the WSH Advocate Programme and sought additional support for smaller firms to achieve WSH accreditation.
The Minister for Manpower, Tan See Leng, reported that 37 WSH Advocates have helped nearly 2,900 SMEs improve their safety capabilities through the programme.
The government employs a multi-faceted strategy to assist SMEs in obtaining WSH accreditation, including subsidized training programs and grants for adopting safety technology.
Initiatives like StartSAFE and partnerships with SME Centres are designed to help SMEs identify and manage workplace safety risks effectively.
The Ministry of Manpower will continue to promote these support measures and assess their impact on SMEs.

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4 Nov 2025

Addressing Late Payment Practices within Food and Beverage Sector, and Measures to Support Small Suppliers

Mr. Saktiandi Supaat raised concerns about late payment practices affecting suppliers in the food and beverage sector and inquired about the government's awareness and potential protective measures for small suppliers.
Minister Gan Kim Yong responded that the government lacks specific data on late payments between businesses.
He mentioned that suppliers can file civil claims for disputes up to $30,000 with the Small Claims Tribunals and can also utilize mediation and adjudication services for resolution.

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4 Nov 2025

Expanding Uses of CDA Funds and Applying Means-testing to CDA Top-ups for More Equitable Assistance to Lower-income Households

David Hoe proposed expanding the permissible uses of Child Development Account (CDA) funds to include subsidies for enrichment classes beyond preschools and suggested applying means-testing to CDA top-ups for better support of lower-income households.
Indranee Rajah responded that the scope of CDA use was already expanded in May to cover preschool incidental charges and optional in-school enrichment programmes, but not for external enrichment programmes to ensure funds are used for preschool-related expenses.
The government provides broad-based CDA top-ups to assist families with child-raising costs, with additional means-tested subsidies available for lower-income families through preschool subsidies and Social Service Offices.

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