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Straits Times
21-05-2025
- Business
- Straits Times
More than 75 per cent of Singaporean households have claimed CDC vouchers: Low Yen Ling
The amount the Government has spent on the vouchers scheme adds up to about $1.99 billion, since the scheme started in December 2021. PHOTO: ST FILE More than 75 per cent of Singaporean households have claimed CDC vouchers: Low Yen Ling SINGAPORE - More than a million households in Singapore have claimed their CDC vouchers since the latest tranche was disbursed on May 13. That means more than 75 per cent of the 1.33 million Singaporean households have taken up the $500 vouchers, which are meant to help with daily household expenses and also support heartland businesses. In a Facebook post on May 21, Senior Minister of State for Trade and Industry Low Yen Ling said the high rate of claims suggests a 'growing familiarity and comfort with the vouchers' quick and easy digital claim process'. The amount the Government has spent on the vouchers scheme adds up to about $1.99 billion, since the scheme started in December 2021, Ms Low added. She said: 'For both sets of CDC Vouchers issued in January and May this year, more than $398 million has been spent, with about $185 million used at participating hawkers and heartland merchants, and more than $213 million at participating supermarkets.' In January, Singaporeans households were given $300 worth of CDC vouchers to help ease the impact of rising costs. 'This brings the total spent amount to over $1.99 billion, since the scheme started in December 2021, with the aim of helping Singaporean households and supporting heartland businesses,' she added. The CDC vouchers were introduced during the Covid-19 pandemic, aimed at showing appreciation to Singaporeans for their solidarity during the period, as well as to support businesses. The scheme carried on after the pandemic - to help cushion the impact of rising prices on Singaporeans. The latest tranche was given out from May 13. Half of the $500 vouchers can be used at participating supermarkets, and the other half can be used at participating hawker stalls and heartland merchants. The vouchers can be claimed online at with both disbursements this year valid until Dec 31, 2025. Join ST's WhatsApp Channel and get the latest news and must-reads.
Yahoo
12-05-2025
- Business
- Yahoo
Beware doctored photo, WeChat group promoting bogus China investments: Low Yen Ling, Temasek
SINGAPORE – Senior Minister of State Low Yen Ling and Temasek have warned the public about an investment scam tied to a doctored photo of her, a sham app and a WeChat group, all purportedly promoting wealth management products in China. In the doctored photo, Ms Low is seen at a ceremony for signing a memorandum of understanding (MOU) between two fictitious organisations – a Chinese commerce chamber and an asset management company named Taibai. The photo was misused on a China app, also called Taibai, and a group on messaging app WeChat, to sell wealth management products, said Ms Low in a Facebook post on May 12. The app impersonated a Temasek subsidiary while information about the bogus investments were also circulated on a WeChat group Jing Shang Hui, said Singapore's investment company Temasek on May 12. The chat group's name in Chinese is loosely translated as 'Beijing chamber of commerce'. Temasek clarified on May 12 that Taibai Investments is one of its wholly-owned subsidiaries, but denied any ties with the Taibai app or the Jing Shang Hui chat group. Temasek and Taibai Investments do not sell or market investment products in China, nor has it authorised any third parties to do so, the investment company said. The original photo of Ms Low was taken at the Singapore-China Economic Partnership Conference on Feb 1, 2024, she said in a Facebook post on May 12 accompanied by both the real and fake photos. Then, three MOUs were signed between the Singapore Business Federation and the China Council for the Promotion of International Trade. Ms Low is the Senior Minister of State for the Ministry of Culture, Community and Youth as well as the Ministry of Trade and Industry while also serving as mayor for the South West district. Ms Low, who won in Bukit Gombak SMC with 75.83 per cent of the votes at the recent general election, urged Singaporeans to be alert and verify social media posts even if this particular scam may have largely affected China residents. Multiple individuals have reportedly lost large sums of money through the Taibai app. In one case in China's Ningxia, a 38-year-old woman put more than 370,000 yuan (S$66,000) into the app's coffers, and realised it was a scam only after the app and the WeChat investment chat group was abruptly shut, Lianhe Zaobao reported. Ads for investment scams had been circulated through social media, especially during the recent election hustings period in Singapore. The police had previously warned that these ads may misrepresent notable political office holders in Singapore having endorsed these investments in a bid to persuade would-be victims of the scams. Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
The Star
12-05-2025
- Business
- The Star
Beware doctored photo, WeChat group promoting bogus China investments: Singapore senior minister of state, Temasek
n a doctored photo, Senior Minister of State Low Yen Ling is seen at a ceremony for signing an MOU between two fictitious organisations. - Photo: Low Yen Ling/Facebook SINGAPORE: Senior Minister of State Low Yen Ling and Temasek have warned the public about an investment scam tied to a doctored photo of her, a sham app and a WeChat group, all purportedly promoting wealth management products in China. In the doctored photo, Low is seen at a ceremony for signing a memorandum of understanding (MOU) between two fictitious organisations – a Chinese commerce chamber and an asset management company named Taibai. The photo was misused on a China app, also called Taibai, and a group on messaging app WeChat, to sell wealth management products, said Low in a Facebook post on Monday (May 12). The app impersonated a Temasek subsidiary while information about the bogus investments were also circulated on a WeChat group Jing Shang Hui, said Singapore's investment company Temasek on May 12. The chat group's name in Chinese is loosely translated as 'Beijing chamber of commerce'. Temasek clarified on May 12 that Taibai Investments is one of its wholly-owned subsidiaries, but denied any ties with the Taibai app or the Jing Shang Hui chat group. Temasek and Taibai Investments do not sell or market investment products in China, nor has it authorised any third parties to do so, the investment company said. The original photo of Ms Low was taken at the Singapore-China Economic Partnership Conference on Feb 1, 2024, she said in a Facebook post on May 12 accompanied by both the real and fake photos. Then, three MOUs were signed between the Singapore Business Federation and the China Council for the Promotion of International Trade. Low is the Senior Minister of State for the Ministry of Culture, Community and Youth as well as the Ministry of Trade and Industry while also serving as mayor for the South West district. Low, who won in Bukit Gombak SMC with 75.83 per cent of the votes at the recent general election, urged Singaporeans to be alert and verify social media posts even if this particular scam may have largely affected China residents. Multiple individuals have reportedly lost large sums of money through the Taibai app. In one case in China's Ningxia, a 38-year-old woman put more than 370,000 yuan (S$66,000) into the app's coffers, and realised it was a scam only after the app and the WeChat investment chat group was abruptly shut, Lianhe Zaobao reported. Ads for investment scams had been circulated through social media, especially during the recent election hustings period in Singapore. The police had previously warned that these ads may misrepresent notable political office holders in Singapore having endorsed these investments in a bid to persuade would-be victims of the scams. - The Straits Times/ANN
Malay Mail
12-05-2025
- Business
- Malay Mail
Singapore's Temasek, senior minister warn of China investment scam using doctored photo and fake app
SINGAPORE, May 12 — A doctored photo of Singapore's Senior Minister of State Low Yen Ling has been used in an elaborate investment scam targeting Chinese citizens via a fake app and WeChat group, prompting warnings from both Low and Temasek. In a Facebook post today, Low said her image was misused 'on a China app, also called Taibai, and a group on messaging app WeChat' to promote fraudulent wealth management products. The app impersonated a Temasek subsidiary and was used alongside a WeChat group called Jing Shang Hui, or 'Beijing chamber of commerce', to market bogus investments. Temasek, a Singapore government-owned investment company that manages a global portfolio across various sectors, confirmed it owns a subsidiary named Taibai Investments but said it has no ties to the app or chat group. 'Temasek and Taibai Investments do not sell or market investment products in China, nor has it authorised any third parties to do so,' the firm said. Low explained that the original image was taken at the Singapore-China Economic Partnership Conference on February 1, 2024. The doctored version falsely depicted her at a signing involving fictitious Chinese organisations. Low, who also serves as mayor of Singapore's South West District, urged the public to stay vigilant. 'Even if this scam may have largely affected residents in China, we must stay alert,' she said, sharing real and fake images side by side. Authorities had earlier warned that such scams often misuse the identities of Singapore political figures, particularly during election periods.
Straits Times
12-05-2025
- Business
- Straits Times
Beware doctored photo, WeChat group promoting bogus China investments: Low Yen Ling, Temasek
Senior Minister of State Low Yen Ling said in a Facebook post on May 12 that the photo was misused to sell wealth management products. PHOTO: LOW YEN LING/FACEBOOK SINGAPORE - Senior Minister of State Low Yen Ling and Temasek have warned the public about an investment scam tied to a doctored photo of her, a sham app and a WeChat group, all purportedly promoting wealth management products in China. In the doctored photo, Ms Low is seen at a ceremony to sign a memorandum of understanding (MOU) between two fictitious organisations - a Chinese commerce chamber and an asset management company named 'Taibai'. The photo was misused on a China app, also called Taibai, and a group on messaging app WeChat, to sell wealth management products, said Ms Low in a Facebook post on May 12. The app impersonated a Temasek subsidiary while information about the bogus investments were also circulated on a WeChat group Jing Shang Hui, said Singapore's investment firm Temasek on May 12. The chat group's name in Chinese is loosely translated as 'Beijing chamber of commerce'. Temasek clarified on May 12 that Taibai Investments is one of its wholly-owned subsidiaries, but denied any ties with the Taibai app or the Jing Shang Hui chat group. Temasek and Taibai Investments do not sell or market investment products in China, nor has it authorised any third parties to do so, the investment firm said. The original photo of Ms Low was taken at the Singapore-China Economic Partnership Conference on Feb 1, 2024, she said in a Facebook post on May 12 accompanied with both the real and fake photos. Then, three MOUs were signed between the Singapore Business Federation and the China Council for the Promotion of International Trade. Ms Low is Singapore's Senior Minister of State for the Ministry of Culture, Community and Youth as well as the Ministry of Trade and Industry while also serving as mayor for the South West district. Ms Low, who won in Bukit Batok SMC with 75.83 per cent of the votes at the recent general election, urged Singaporeans to be alert and verify social media posts even if this particular scam may have largely affected China residents. Multiple individuals have reportedly lost large sums of money through the Taibai app. In one case in China's Ningxia, a 38-year-old woman put more than 370,000 yuan (S$66,000) into the app's coffers, and realised it was a scam only after the app and the WeChat investment chat group was abruptly shut, Lianhe Zaobao reported. Ads for investment scams had been circulated through social media, especially during the recent election hustings period in Singapore. The police had previously warned that these ads may misrepresent notable political office holders in Singapore having endorsed these investments in a bid to persuade would-be victims of the scams. Join ST's WhatsApp Channel and get the latest news and must-reads.
