Economy & business — Topics

22 Nov 2023

Restrictions on Use of $180 Million Annual Funding to SPH Media Trust

The Government earmarks the $180 million annual funding for SPH Media Trust to focus on Technology Development, Talent Development, and the Preservation of Vernacular Media, with close monitoring to ensure prudent use.
The acquisition of Tech In Asia was financed by SMT using its own resources, and while the Government does not intervene in such commercial decisions, it views the acquisition as aligned with the funding's intent to support SMT's transformation.
The Government notes that SMT and Tech In Asia will not disclose the financial terms of the acquisition due to market sensitivities and continues to monitor the media landscape to prevent anti-competitive practices and protect consumers.

Summary written by AI

Overview Original source

22 Nov 2023

Towards a Vibrant and Sustainable Creative Economy for the Arts

Ms Usha Chandradas highlighted the need for more direct support for creative workers and businesses, including a centralized networking portal and low-bono service providers, while urging equitable funding for arts institutions like NAFA.
She proposed tax policy reforms, such as exempting artworks from GST and introducing dynamic incentives, to position Singapore as a global art trading hub and boost local art consumption.
Chandradas emphasized the importance of sustaining independent art spaces and educating the public to value local art, warning that artists risk burnout without decent livelihoods.
Minister Low Yen Ling outlined government efforts, including the Arts Resource Hub, new arts infrastructure, strategic funding, and digital platforms like Catch.sg, to strengthen the arts sector and audience development.
Both speakers agreed on the arts' role in fostering social cohesion and identity, committing to a vibrant and sustainable creative economy through ongoing collaboration and support.

Summary written by AI

Overview Original source

22 Nov 2023

Moneylenders (Amendment) Bill

The Bill amends the Moneylenders Act to enhance data sharing and usage by aligning with whole-of-Government standards, allowing the Registrar to share borrower information with public agencies for policy and operational purposes while ensuring safeguards under the Public Sector (Governance) Act.
It expands the functions of the Moneylenders Credit Bureau (MLCB) to provide credit reports on sureties and business reports to moneylenders, while permitting licensed moneylenders to share borrower information with prescribed credit bureaux and third parties for welfare and debt recovery purposes, subject to data protection measures.
The Bill facilitates digitalisation by allowing moneylenders to use alternative communication methods like apps or WhatsApp for account statements, and introduces technical amendments such as standardising interest rate disclosures and record-keeping requirements.
Members of Parliament raised concerns about data privacy, surety consent for credit reports, wrongful payment demands, and AML/CFT measures, with the Ministry clarifying safeguards, enforcement mechanisms, and alignment with existing laws like the Personal Data Protection Act.
The Bill was supported by all speakers, with the Ministry committing to monitor industry standards and protect borrowers while enabling more efficient and responsible moneylending practices.

Summary written by AI

Overview Original source

22 Nov 2023

Subsidies for Fertility Screening and Introduction of New Category of Fertility Screening for Use of MediSave

The government provides means-tested subsidies of up to 70% for medically indicated fertility tests, and continues to review financing schemes including MediSave to ensure affordability while balancing healthcare costs and CPF contribution rates.
MOH encourages couples to seek medical help based on age-related guidelines, and aims to raise awareness through partnerships, marriage and parenthood packages, and the Healthier SG initiative, rather than implementing population-wide screening.
Louis Ng highlighted that Singaporeans often delay seeking help for fertility issues and suggested extending subsidies universally, but MOH maintains that subsidies are targeted to medically indicated tests and there is currently no evidence for cost-effective population-level screening.
The Senior Parliamentary Secretary emphasized that fertility tests are couple-centric and that existing subsidies are sufficient when tests are medically recommended, while noting ongoing reviews of MediSave and other schemes.
MOH indicated that while cost-benefit analysis is considered, population-level fertility screening is not deemed cost-effective at present, but will be monitored for future changes in evidence or data.

Summary written by AI

Overview Original source

22 Nov 2023

Rental Caps for Geylang Serai Ramadan Bazaar 2024 and Similar Caps for Hawker Centres and Government-leased Commercial Properties

Mr Louis Chua asked whether the rental cap for the Geylang Serai Ramadan Bazaar 2024 would be permanent for future festival bazaars and if similar caps could be applied to NEA hawker centres and government-leased commercial properties.
Minister Edwin Tong explained that the rental cap for 2024 was introduced due to a smaller scale, shorter duration, and stakeholder feedback from the 2023 bazaar, with the People’s Association and Wisma Geylang Serai to review the framework for future events.
The Minister noted that other government agencies have different rental policies for hawker centres and commercial properties, which are distinct from festival bazaar considerations.
Mr Chua sought mechanisms for greater pricing visibility to prevent rent spikes like those seen after the 2019 cap, emphasizing the need for predictable pricing.
Minister Tong stated the 2024 cap aims to keep average rentals similar to 2023 levels, providing certainty for stall operators, with future adjustments based on prevailing conditions to balance stakeholder interests.

Summary written by AI

Overview Original source

22 Nov 2023

Update on Digital Cooperation between Singapore and Indonesia through Nongsa Digital Park and its Outlook

Nongsa Digital Park (NDP) in Batam houses around 1,000 tech talents serving about 250 Singapore-based companies, including MNCs, SMEs, and startups from sectors like finance, digital media, and software engineering.
Data centre investments by Singapore-based firms such as Princeton Digital Group and GDS Holdings in NDP support Southeast Asia's digital economies and create jobs for both Singapore and Indonesia.
The NDP special economic zone and its extension, Nongsa Digital Town, aim to bridge Singapore and Indonesia's digital economies, with Nongsa Digital Town slated to host 8,000 more tech talents upon completion.
Singapore's agencies are collaborating with Indonesian counterparts to leverage complementary strengths and expand partnerships in Indonesia's growing digital economy.

Summary written by AI

Overview Original source

7 Nov 2023

Micro-enterprises in Exercise and Education Sectors Supported by IMDA's Data Protection Essentials Programme

Mrs Josephine Teo stated that IMDA's Start Digital programme has supported about 1,320 companies in the education sector and 220 in the exercise sector, while the Data Protection Essentials programme received over 100 applications since April 2022, with four from the education sector and none from the exercise sector.
Over 40% of DPE applicants are micro-SMEs, and 50% have successfully implemented the service, with the rest at various implementation stages.
IMDA is collaborating with sector champions, such as the Committee for Private Education, to promote the DPE in the education sector and plans to encourage SMEs in the exercise sector to adopt the programme to protect personal data and build customer trust.

Summary written by AI

Overview Original source

7 Nov 2023

Including Disputes Involving Billing-on-Behalf Services in IMDA's Alternative Dispute Resolution Scheme

Ms See Jinli Jean asked why disputes over billing-on-behalf services, such as App Store purchases, are excluded from IMDA’s Alternative Dispute Resolution (ADR) Scheme and whether they could be included.
Mrs Josephine Teo explained that the ADR Scheme only covers licensed telecommunications and media services, and billing-on-behalf services are excluded because they fall outside IMDA’s regulatory mandate.
She noted that consumers can still seek resolution for such disputes through other avenues like the Consumers Association of Singapore and the Small Claims Tribunal.
The debate highlighted the limitation of IMDA’s authority and the availability of alternative dispute resolution options for non-licensed services.

Summary written by AI

Overview Original source

7 Nov 2023

Sustainability of Private Insurance Plans Based on Non-rejection of New Applications with Pre-existing Conditions

Hazel Poa asked whether the Ministry has studied the sustainability of private insurance plans like Integrated Shield Plans without rejecting applicants with pre-existing conditions and why there are no plans to forbid such rejections.
Ong Ye Kung explained that a large risk pool of both healthy and unhealthy individuals is needed for sustainability, which is why MediShield Life covers all residents regardless of pre-existing conditions.
He noted that private Integrated Shield Plans are optional and subject to commercial and actuarial considerations, and if insurers cannot reject applicants with pre-existing conditions, they may need to raise premiums for all policyholders to maintain sustainability.
He added that insurers might still offer coverage to applicants with pre-existing conditions but with exclusions or higher premiums to avoid affecting other policyholders.

Summary written by AI

Overview Original source

7 Nov 2023

Estimated Overall Cost and Timeframe to Move Into ERP 2.0 System Era

The estimated cost for the ERP 2.0 project was awarded at $556 million in 2016, with final costs to be determined upon completion.
The Land Transport Authority assessed that replacing the current system with ERP 2.0 is less costly than extending the existing system.
The installation of new On-Board Units is expected to be completed by the end of 2025.

Summary written by AI

Overview Original source

7 Nov 2023

Maintaining Competitiveness of Singapore's Seaports

Miss Cheryl Chan inquired about strategies to sustain Singapore's seaport competitiveness amid Thailand's plans for deep seaports and inland systems.
Chee Hong Tat responded that the matter was previously addressed in Parliament on 7 November 2023, referencing an official report on Thailand's land bridge project impact.
The government will continue to monitor and respond to regional developments to uphold Singapore's trade lanes and seaport standing.

Summary written by AI

Overview Original source

7 Nov 2023

Incentives for Vehicle Leasing Platforms to Allow Leasing to Vocational Motorists

Dr Tan Wu Meng asked if the Ministry of Trade and Industry could incentivize platform companies to partner with vehicle leasing firms that have responsible contractual practices for leasing vehicles to vocational motorists.
Minister Gan Kim Yong directed the question to a prior oral reply on the same topic from 7 November 2023.
The previous reply was about a low-cost dispute resolution platform for disputes between vehicle leasing firms and vocational drivers or riders.
The reference provided was for the Official Report of the 7 November 2023 meeting, specifically the Written Answers section for questions not answered by the end of Question Time.

Summary written by AI

Overview Original source

7 Nov 2023

Linkage Between Singaporean Businesses With Ongoing Rempang Eco-City Project

Ms He Ting Ru queried the Ministry of Trade and Industry about any investments, contractual, or supply chain links between Singaporean businesses and the Rempang Eco-City project in Batam, and if there are efforts to assess and reduce negative effects on Singapore.
The Minister for Trade and Industry, Gan Kim Yong, responded that the Ministry is not aware of any investments involving Singapore businesses or entities in the Rempang Eco-City project.

Summary written by AI

Overview Original source

7 Nov 2023

Impact of High Interest Rates on Local Startups

Melvin Yong inquired about how high interest rates affect startup funding and borrowing and asked if the Ministry would enhance support for startups to manage debt during early growth stages.
Gan Kim Yong acknowledged that high interest rates, macroeconomic uncertainties, and geopolitical tensions have reduced equity funding, with a 21% decline in deal count for Singapore startups in early 2023.
The Ministry will continue to support startups through the Startup SG Equity scheme to catalyze private sector investment and the enhanced Enterprise Financing Scheme, including the Venture Debt Programme for flexible loan repayments.

Summary written by AI

Overview Original source

7 Nov 2023

Singapore's Gini Coefficient Over Last 10 Years

Chua Kheng Wee Louis asked for Singapore's Gini coefficient over the last 10 years before and after taxes and transfers, based on household income from all sources including work and non-work income.
Lawrence Wong stated that the Department of Statistics publishes Gini coefficients annually based on household income from work, but including non-work income is challenging due to under-reporting and measurement errors.
The Department of Statistics has not included non-work income in its Gini computation, and the government will continue exploring better ways to measure household incomes.
Regardless of measurement issues, the government's approach remains to keep social support measures progressive and targeted at lower and middle-income households.

Summary written by AI

Overview Original source

7 Nov 2023

Coverage of Shared Responsibility Framework Against Phishing Scams

Ms Sylvia Lim asked about banks' compliance with the four anti-scam duties under the Shared Responsibility Framework (SRF) and the number of phishing scam cases involving potential breaches by banks in the past two years, as well as the average and median losses for victims.
Lawrence Wong, for the Prime Minister, explained that the SRF assigns a "waterfall" of accountability where financial institutions (FIs) and telcos are primarily responsible for compensating victims if they breach duties, with customers only bearing losses if both parties fully discharge their duties.
MAS estimated 15,000 phishing scam cases from 2021 to mid-2023, with an average loss of about $3,900 per case, but does not currently track cases involving potential FI breaches—this will be monitored under the SRF going forward.
The government noted that while phishing scams have risen, their proportion of total scams has declined, and average losses have decreased by 20%, with banks also offering discretionary goodwill payments beyond the SRF framework.
The SRF is part of broader measures to combat scams, including bank initiatives and MAS oversight, with ongoing efforts to enhance security for all customers, including seniors with limited digital literacy.

Summary written by AI

Overview Original source

7 Nov 2023

Ensuring Banks' IT Infrastructure to Prevent Service Disruptions

Zhulkarnain Abdul Rahim asked the Prime Minister how MAS will ensure banks' IT infrastructure has fail-safe and redundancy measures to handle surges in demand, following recent DBS and Citibank disruptions linked to data centre failures.
Lawrence Wong, responding for the Prime Minister, stated that the question had already been answered in a previous parliamentary reply regarding banking service disruptions.
He directed reference to the Official Report of 06 November 2023, which covers costs, lessons, and further safeguards from recent digital banking service disruptions.

Summary written by AI

Overview Original source

7 Nov 2023

Impact of Anti-money Laundering Measures on Ease of Opening Bank Accounts and Singapore's Reputation of Being Efficient

Lim Biow Chuan questioned whether Singapore's anti-money laundering measures cause delays in opening bank accounts for companies and how such delays might affect Singapore's reputation for business efficiency.
Lawrence Wong affirmed that Singapore's reputation as a trusted financial center depends on balancing a conducive business environment with strong measures to prevent abuse by bad actors.
MAS requires banks to conduct customer due diligence, including understanding account purposes and identifying beneficial owners, aligning with international standards to manage risks and serve customers better.
Banks have established processes to obtain necessary information; delays are avoided if businesses provide sufficient details and respond promptly to inquiries.
The due diligence process is not intended to cause undue delays and helps banks assess risks appropriately while maintaining Singapore's efficient business environment.

Summary written by AI

Overview Original source

7 Nov 2023

Discrepancy between Minimum Income Standard Stated in Report and in ComCare's Long-Term Assistance Payout

Assoc Prof Jamus Jerome Lim asked about the discrepancy between the Minimum Income Standard of $6,426 for a two-child family and ComCare Long-Term Assistance of $1,930 for a four-person household, seeking the source of the gap and how much is due to differences in consumption baskets, prices, and household needs.
Masagos Zulkifli B M M responded that the Minimum Income Standards study includes more than basic needs, which ComCare is designed to support, and referred to a public statement on the study's limitations for further details.
The exchange highlights differing methodologies in calculating income standards, with the MIS study incorporating broader socio-psychological needs while ComCare focuses on essential assistance.

Summary written by AI

Overview Original source

7 Nov 2023

Lessons from 14 October Disruption to Banking Digital Services

Dennis Tan Lip Fong asked the Prime Minister for lessons learned and future safeguards following the digital banking service disruptions on 14 October 2023.
Lawrence Wong, for the Prime Minister, indicated that the response had already been provided in a prior parliamentary reply on 6 November 2023, referencing an official report on costs, lessons, and further safeguards.
The debate highlighted the need for robust systems to prevent future disruptions and the government's commitment to enhancing the resilience of digital banking services.

Summary written by AI

Overview Original source