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Business Times
17-07-2025
- Automotive
- Business Times
Instead of overcomplicating COE system, government has ensured affordable transport for all: SM Lee to Jamus Lim
[SINGAPORE] Complicating the certificate of entitlement (COE) system by having it account for the needs and circumstances of different groups may render it unworkable, said Senior Minister Lee Hsien Loong on Jul 16. Instead, the government has ensured that everyone has access to affordable and efficient transport, even if they do not own a car, he added. And those who need more assistance, such as families with young children, are helped directly, such as through grants which can go towards paying for a COE. SM Lee was responding to a Facebook post by Workers' Party MP Jamus Lim (Sengkang GRC), who said that the COE bidding system does not account for those who may genuinely need to own a car. Associate Professor Lim added in his Jul 16 post that relying on market forces may not be the best way to adjudicate between the competing needs of different groups. He was commenting on what SM Lee said at a dialogue on Jul 15 at the Economic Society of Singapore's (ESS) annual dinner. ESS president Euston Quah, who was moderating the dialogue, had asked SM Lee about calls to let some groups pay less for COEs. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Responding, SM Lee said there were many 'good arguments' for why certain groups are more deserving of a car. However, it would be very difficult for the government to design a COE system that takes into account how many children people have, whether they have a disabled family member or old folks at home, and whether their jobs require them to move around, among other things, he added. 'I think if you want to design a scheme that worries about all those things, it will fail,' he said at the dialogue. There is no fair and easy way to distribute something valuable like road space while making it very cheap, he added. What the COE system does is to act as a proxy for road space, price this scarce resource at fair market value, then allocate it using economic principles, he explained. Referring to these comments, Prof Lim, who was also at the ESS dinner, said what is 'sorely missing' in such a system is how those with genuine needs may not be able to afford a car, even if their needs have more merit. He added that having 'every aspect of their lives determined in a transactional way' is not how humans wish to live. 'Society has values – about compassion, equity, respect and loyalty – that are poorly valued by impersonal markets. It's why we teach our children to share, why we don't charge an hourly rate for time we spend with our kids, why we don't think twice about breaking the bank when our parents fall (ill), and why we devote so much of our energies to causes that we believe in,' he said. 'That's why, for all our economic successes, there are ways that Singapore Inc operates that rub many people the wrong way.' At the dialogue, SM Lee said that the government can guarantee every Singaporean affordable, convenient transportation, but cannot guarantee that everyone can have an affordable car. He added that for those who have a special need, it is better for the government to help directly, rather than give them cheaper COEs. For instance, families with young children get bigger baby bonuses, which they can use to defray the cost of a car. 'Directly help the group you need to help in cash, rather than make complicated schemes, which then end up with all kinds of contradictions and wrong incentives,' added SM Lee. Prof Lim, who teaches economics at Essec Business School, said in his post that the bottom line for him is that people are 'not mindless slaves to the prevailing structures and institutions' and can actively shape the future they want. 'If we want to head in a different direction, towards a more empathetic and just economy and society, then it is on us to seize that vision and make it real,' he added. In his Facebook comment, SM Lee said: 'Therefore, where we disagree is not over who cares more for our fellow Singaporeans, but what is the best way to meet people's needs and take care of them.' THE STRAITS TIMES
Business Times
30-05-2025
- Business
- Business Times
Clicks and credibility
FINANCIAL influencers (or 'finfluencers') made the news here recently when two of them posted comments that sparked a flurry of withdrawals from financial platform Chocolate Finance, leading the company to halt instant withdrawals. The incident was highlighted in Parliament in April when Sengkang GRC Member of Parliament He Ting Ru filed a question on the matter. The Workers' Party MP asked about safeguards for the public against financial advice from non-licensed individuals, and whether there has been a rise in complaints against finfluencers. In response, Alvin Tan, Minister of State (Trade and Industry) clarified that finfluencers providing advice 'must be regulated under the Financial Advisers Act and must first be appointed as a representative by a licensed financial advisory firm'. Even if finfluencers are not providing financial advice, they may be liable for an offence under the Securities and Futures Act if they make false or misleading statements on any capital markets products, said Tan, who is also a member of the Monetary Authority of Singapore (MAS) board. He noted that there have been eight complaints against finfluencers so far this year, up from an average of five complaints a year in the last five years. Most of the complaints this year relate to the Chocolate Finance episode, he said. To the average person, five or eight complaints a year may seem relatively low for now. But given the relentless rise of social media in tandem with rapid changes in how people consume news and advice, the power of finfluencers is likely to grow. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up How can investors better navigate these trends and make better, more informed investment decisions? For regulators, what are some areas to note to help them better understand retail investors' preferences and behaviours, and to manage finfluencers? In this regard, CFA Institute published a report, Clicks and Credibility: Understanding Finfluencers' Role in Investment Decisions in March 2025. While the report was based largely on data from India, there are some interesting and important lessons relevant to the Singapore market and useful for retail investors here. The report, which included a survey of 1,615 investors and content analysis of 51 influencers in India, reveals critical insights into retail investor behaviour, content practices of finfluencers, and actionable recommendations. India's capital markets regulator SEBI (Securities & Exchange Board of India) defines finfluencers as individuals who provide information on financial topics such as stock investment, personal finance, banking, insurance, and real estate through social media platforms such as Instagram, Facebook, YouTube, LinkedIn, and X. While the exact number of finfluencers in India is difficult to gauge, estimates indicate that there are over 3.5 million social media influencers, with a significant portion focusing on financial content. Like MAS, SEBI too recognises the role that influencers play in promoting financial literacy. However, the Indian regulator is also keenly aware of the misinformation and misleading advice that often accompanies this rising trend. Over the past year, SEBI has been particularly active in enforcement, issuing orders for content removal, imposing bans, and levying hefty penalties in cases involving misconduct. Significant impact of finfluencers More than eight in 10 (82 per cent) followers of Indian finfluencers reported making investments based on their advice, with seven in 10 among them claiming to have notched profits. However, the CFA Institute report cautions that such a rosy result could have been achieved on the back of positive Indian stock market performance over the last few years, where broader market indices have performed well, and trends such as the superior performance of small and mid-cap stocks compared to large caps. In addition, followers who have been duped could have been unwilling to admit that they have been cheated. Lack of disclosures and risk warnings According to the study, more than 6 in 10 (63 per cent) finfluencers fail to adequately disclose sponsorships or financial affiliations. This is a concern and reflects poorly on whether sufficient disclosure is made regarding conflicts of interest. In addition, while only 2 per cent of finfluencers are SEBI-registered, 33 per cent provide explicit stock recommendations, according to the report. So how can retail investors better protect themselves amid the proliferation of online advice? The CFA Institute report recommends the following: Verify licensing status: Always seek financial advice only from influencers registered with your local regulator. Verify their representative number and credentials to ensure they are authorised to provide investment recommendations. This step helps maintain regulatory accountability and adherence to ethical and professional standards. Assess risk disclosures: Licensed professionals must disclose the risks associated with investments and provide accurate, unbiased information. Avoid influencers who fail to provide proper risk warnings or disclaimers. Independently verify claims and carefully assess the suitability of recommendations based on your financial goals – especially when dealing with high-risk financial products. Differentiate between educational and promotional content: Investors must distinguish between educational material, general market awareness, and direct investment recommendations. If an influencer is engaged solely in financial education, they must not give direct or indirect investment advice unless they are a registered adviser. Be particularly cautious of influencers presenting investment recommendations under the guise of educational content or financial awareness. For instance, SEBI has recently mandated that individuals engaged purely in education cannot use past three-month market price data to imply future stock performance or make investment recommendations. Scrutinise promotional content: Be wary of promotional content that lacks transparency regarding financial incentives, sponsorships, or affiliations. In Singapore, MAS expects financial institutions which employ finfluencers to advertise their products or services, to ensure that the finfluencers present information in a clear and balanced format that highlights key features and risks. Do more homework: Before acting on any stock recommendations from finfluencers, retail investors should still independently conduct thorough due diligence. Keep in mind that licensed finfluencers are required to disclose any conflicts of interest and promote transparency. Stay vigilant against unverified stock tips and be cautious of manipulative practices such 'pump and dump' schemes. In a 'pump and dump' scheme, fraudsters typically spread false or misleading information to create a buying frenzy that will 'pump' up the price of a stock, allowing them to then 'dump' shares of the stock at the inflated price. Too good to be true? Probably: Finally, be wary of unrealistic claims. Exercise caution with finfluencers who promise guaranteed or exaggerated returns. Ensure that the information you rely on is accurate, credible and aligned with your financial goals and risk appetite. Always prioritise licensed entities and approach online financial content with prudence and scepticism. The full report by CFA Institute can be found here:
Straits Times
09-05-2025
- Politics
- Straits Times
GE2025: WP wins in Sengkang GRC with 56.31%, improving on 2020 showing
The WP's Sengkang GRC candidates (from left) Louis Chua, He Ting Ru, Jamus Lim and Abdul Muhaimin addressing supporters at Serangoon Stadium on May 3. ST PHOTO: SARAH STANLEY Follow our live coverage here. SINGAPORE - The WP has strengthened its hold over Sengkang GRC, winning 56.31 per cent of the vote share against the PAP – a wider margin than that during the 2020 election. Its comfortable victory entrenches the opposition party's grasp over north-east Singapore, with Sengkang GRC looking likely to become a WP stronghold alongside neighbouring Aljunied GRC and Hougang SMC. Incumbent MPs He Ting Ru, 41; Jamus Lim, 49; and Louis Chua, 37; and new candidate Abdul Muhaimin, 36, took 66,383 of the 117,888 valid ballots cast on May 3. They beat a refreshed PAP slate – led by eye doctor Lam Pin Min, 55 – which scored 43.69 per cent, or 51,505 votes. Its other members are political newcomers Elmie Nekmat, 43; Bernadette Giam, 38, and Theodora Lai, 39. The 2025 election was deemed by political observers to have been the ruling party's best chance of reclaiming the four-member constituency, given that it had been in WP hands for just a term following 2020's electoral upset when the team in blue won with 52.12 per cent. Instead, the WP improved its vote share in Sengkang GRC by four points. This is set against a nationwide vote swing towards the PAP, though WP-held constituencies remained constant or improved on their margins. At Bedok Stadium, where teams of PAP candidates and supporters gathered, the mood among the Sengkang contingent was one of resignation – a sharp contrast to the rest of the crowd armed with banners, LED signs and air horns. Dr Lam pledged: 'To Sengkang residents – the PAP team will never abandon you, we will be back stronger and we will want to win Sengkang back the next time!' The triumphant WP delegation at Serangoon Stadium, meanwhile, exchanged ebullient hugs and took photos. Asked what he thought contributed to the WP team's improved showing, Associate Professor Lim told The Straits Times that it boiled down to a mix of factors, including consistent interactions with residents and meeting their needs. 'Ultimately, it's what democracy is about – being responsive to the people who put their faith in us to want to work for them, and so perhaps that helped with our performance.' The 2025 outcome suggests that Sengkang residents were little affected by the scandal that rocked the WP when former Sengkang GRC MP Raeesah Khan resigned from her party and her post in November 2021, after admitting to lying in Parliament. It also will be fodder for any review of the PAP's strategy for how it can win back GRCs – Sengkang was the second GRC that the ruling party lost to the WP, after Aljunied in 2011. The PAP team in Sengkang was considered to have had an outside chance of wresting the constituency back, given how Dr Lam – a former senior minister of state and a familiar face to residents after 14 years as an MP and five as a grassroots adviser – had stayed on to fight the battle. He was bolstered by a team of young professionals who mirrored the constituents' profile and have mainly been on the ground since 2021. Sengkang has a higher-than-average share of younger voters aged 21 to 45. A key PAP argument during the nine-day hustings that the constituency – where nearly 85 per cent of residents live in Housing Board flats – was suffering from slipping standards of cleanliness and upkeep also failed to gain traction. At its only rally on May 1, the candidates cited residents' frustrations with unreliable lifts, multi-storey carparks in poor condition and pest infestations in the neighbourhood. The incumbent WP MPs defended their track record, noting, for instance, that Sengkang Town Council had achieved the top banding for estate cleanliness and maintenance in the Ministry of National Development's town council management report. During the hustings, they also touted their contributions in Parliament, with Ms He, Prof Lim and Mr Chua among the top 10 most active backbenchers during the 14th term. 'We have spoken up on matters that ring close to the hearts of the people of Sengkang,' Prof Lim said at an April 24 rally held in his ward of Anchorvale. First-time voter and NUS undergraduate Wesley Tan, 25, who showed up in support of the team at Serangoon Stadium after polling closed, said: 'I'm proud of the Sengkang residents for this result.' He added that he has a good impression of the team, especially Prof Lim, as they are active on the ground. On the campaign trail, the WP MPs pledged to be sensitive to the needs of young families, saying they will push for educational reform such as smaller class sizes and more childcare leave if re-elected. The PAP had similarly focused on courting them, with Prime Minister Lawrence Wong promising when he visited the constituency on March 17 that the Government would do everything it can to support young parents. He later returned to Sengkang to deliver a speech at the May 1 rally, urging voters to give the PAP team a second chance and to judge them on their character. PAP's Dr Lam reiterated during the hustings that the PAP's candidates this time were younger and gender-balanced, with two working mothers in Mrs Giam and Ms Lai on the team. The new line-up was the result of a post-mortem conducted after the defeat in 2020, when the party fielded an all-male slate led by labour chief and former Cabinet minister Ng Chee Meng. 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The Star
05-05-2025
- Politics
- The Star
Singapore GE2025: Workers Party did well despite vote swing to PAP, says Pritam
SINGAPORE: In an initial assessment of his party's electoral performance, Workers' Party chief Pritam Singh (pic) attributed the swing against the opposition to people giving Prime Minister Lawrence Wong a strong mandate amid a difficult international environment. In this context, the WP had done 'very commendably', consolidating its hold over Aljunied GRC, Sengkang GRC and Hougang SMC, he said. Even in the other five constituencies that it did not win, the party's candidates 'came really close', the 48-year-old Leader of the Opposition told reporters. 'I am very proud of the results in Hougang, Aljunied and Sengkang, where we have consolidated the position of the party,' he said. 'I couldn't be prouder of the team. I think they did a very, very good job. They fought very hard, they tried very hard for each vote, and I think they should be proud of themselves, and I am very proud of them.' Pritam was speaking at a doorstop interview at Block 630 Bedok Reservoir Road market on May 4, a day after his party failed to gain new ground at the polls, despite anticipation that it might win a new constituency. WP won Aljunied GRC with 59.68 per cent of the vote, Sengkang GRC with 56.31 per cent and Hougang SMC with 62.17 per cent. It lost in Punggol GRC, Tampines GRC, East Coast GRC, Tampines Changkat SMC and Jalan Kayu SMC, with its teams garnering above 40 per cent of votes. Based on its results in Jalan Kayu SMC and Tampines GRC, WP will be able to send two Non-Constituency MPs into Parliament. When asked, Pritam said the party had not made a decision on the matter. As the polls closed at 8pm on May 3 and results trickled in over the course of the night, the ruling PAP saw a nationwide swing in its favour with 65.57 per cent of the popular vote, compared with its 61.24 per cent share in 2020. The WP's vote share, meanwhile, inched down slightly from 50.5 per cent in 2020 to 50 per cent this time around. Amid the showing, there have been suggestions that the party may have made tactical missteps by stretching its higher-profile candidates thin across two new battlegrounds in Punggol and Tampines GRCs, instead of consolidating them in places like East Coast GRC, where it previously got 46.61 per cent of the vote in the 2020 General Election against a PAP team led by Deputy Prime Minister Heng Swee Keat. Some also questioned the party's decision not to contest in Marine Parade-Braddell Heights GRC, seemingly taken at the last minute. The WP has contested in the constituency since 2015, prior to the redrawing of electoral boundaries. Of the party's strategies, Pritam said he was proud that WP was not boxed in by electoral boundary changes, adding that the party's capacity to 'break out' of its original stomping grounds to move into other areas 'speaks well of (it) organisationally'. 'In hindsight, everybody is a master, but I am actually very warmed by how the party responded to the Electoral Boundaries Review Committee report,' he added. In moving from Marine Parade-Braddell Heights GRC to Punggol GRC, the party also did very well, said Pritam, adding that he was 'delighted at how quickly the party was able to pivot its resources' towards the new constituency. Pritam was also asked if WP should have fielded more established candidates in Tampines GRC and Jalan Kayu SMC, where the party lost by narrow margins. He said that while he understood the reasoning, the party's strategy was based on its understanding of the ground. 'If you put somebody else, then either you weaken another team, or you strengthen another team, and then your overall strategy is... not in equilibrium any more,' he said. With the national vote swing of about five percentage points towards the PAP, 'there is always going to be one party that is going to be on the ascendancy, (and) one party that is not', he noted. He pointed to similar patterns in the 2015 election, where the WP did not win any new constituency, and in 2020, where voters instead swung in the opposition's favour and the WP took Sengkang GRC. Such 'gyrations' were likely to keep happening in future elections, he added. Meanwhile, WP chair Sylvia Lim, 60, also speaking at the interview, said the results presented the party with a chance for renewal, as several of its 'up and coming young leaders' were elected into Parliament. She noted that three of the ten elected MPs will be new MPs, namely, Fadli Fawzi and Kenneth Tiong in WP's Aljunied team, and Abdul Muhaimin from its Sengkang team. 'So, I mean, having been in this business for quite long, I do see that there is an opportunity here for us,' she said. This election, the WP had also pulled further apart from other smaller opposition players, some of which performed badly enough to lose their election deposits. Pritam declined to comment on the results of other parties when asked, but said: 'They know how they did, why they did, where they put their chips.' He also addressed the WP's decision not to address talks with other opposition parties to avoid multi-cornered fights. 'I would just say that we have got our agenda, and they have got their agenda,' he said. 'I wouldn't be surprised to see more three- or four-cornered fights in the future, but we have to be clear as a party why we are going to a certain place and whether we can give the voters there a good fight and make sure that we can represent them faithfully in Parliament. That would be our objective.' - The Straits Times/ANN
CNA
04-05-2025
- Politics
- CNA
GE2025: Important not to be 'boxed in' by electoral boundary changes, says Workers' Party chief Pritam Singh
SINGAPORE: Workers' Party (WP) leaders said on Sunday (May 4) that it was important for the opposition party 'not to be boxed in' by electoral boundary changes, adding that the results of GE2025 may still bring opportunities for the party's renewal plans. WP secretary-general Pritam Singh, flanked by party chair Sylvia Lim and other Aljunied GRC candidates Gerald Giam, Fadli Fawzi and Kenneth Tiong, spoke to the media hours after the results for the General Election were announced. Singapore's largest opposition party retained Aljunied GRC, Sengkang GRC and Hougang SMC – meaning that it will be the only opposition party in parliament, with 10 seats – but failed to make inroads in new areas. It will also be offered two Non-Constituency MP seats, having lost by the slimmest of margins in Jalan Kayu SMC and Tampines GRC. Responding to a question on whether the party could have fielded its strong candidates in one constituency, Mr Singh said: 'On hindsight, everybody is a master, but I am actually very warmed by how the party responded to the EBRC (Electoral Boundaries Review Committee) report. "I think it is important for the Workers' Party not to be boxed in by the EBRC,' he said on the sidelines of a walkabout to thank the residents of Aljunied GRC. 'And if we have the capacity to break out and move into other areas and do well, do commendably – I think it speaks well of the party organisationally,' Mr Singh added, citing the party's ability to pivot quickly from Marine Parade, where it had been walking the ground for years, to the newly carved out Punggol GRC. 'We saw what happened in Marine Parade and we decided not to walk into that ... So no matter what the EBRC does, we must be on our toes. And I think that has to be something that any political party worth its salt must keep in mind.' He called on Singaporeans to make their views heard about changing electoral boundaries, noting that 'nothing is more powerful than the people's voice'. In the constituencies which the WP contested this year, Aljunied GRC and East Coast GRC and Tampines GRC had their boundaries redrawn; while Jalan Kayu SMC, Tampines Changkat SMC and Punggol GRC were newly formed. Sengkang GRC and Hougang SMC were left untouched. 'WE'VE DONE VERY COMMENDABLY' For GE2025, the WP's overall vote share dipped slightly to 50.04 per cent, from 50.5 per cent in the 2020 polls. The ruling People's Action Party (PAP) meanwhile returned to power with 65.57 per cent of the popular vote, a commanding swing from 61.24 in the last elections. 'I suppose if you've about 5 per cent national swing ... I think we've done very commendably,' said Mr Singh. He added he was 'very proud' of the party's results in Hougang SMC, Aljunied GRC and Sengkang GRC; and that the WP teams in other constituencies had fought hard and 'did a very, very good job'. 'They tried very hard for each vote, and I think they should be proud of themselves, and I'm very proud of them,' said Mr Singh. Asked again if the WP could have gained more ground if it had fielded a strong team with fewer newcomers, Mr Singh said he could understand the sentiment. "But you see, if you put somebody else, then either you weaken another team, or you strengthen another team, and then your overall strategy is … not in equilibrium anymore,' he said. In closely watched Jalan Kayu SMC, WP's electoral debutant Andre Low received 48.53 per cent of the vote, losing to labour chief Ng Chee Meng from the PAP. Over at Tampines GRC, where there was a rare four-way race, WP achieved 47.37 per cent of the vote, coming in behind a PAP team led by Minister for Social and Family Development Masagos Zulkifli. In Punggol GRC, WP's star candidate Harpreet Singh and his team achieved 44.83 per cent of the vote, losing to the PAP's team led by Deputy Prime Minister Gan Kim Yong. Over at Tampines Changkat SMC, WP candidate Kenneth Foo lost to PAP's Desmond Choo with 43.83 per cent of the vote. And a WP East Coast GRC team led by former NCMP Yee Jenn Jong got 41.24 per cent against a PAP slate helmed by Culture, Community and Youth Minister Edwin Tong. 'OPPORTUNITY' FOR PARTY RENEWAL Asked if the results were a setback for the party's renewal plans, Ms Lim said it was an 'opportunity'. 'If you look at the 10 MPs that are elected, actually three of them have not been in parliament before,' she said, pointing to Aljunied GRC's Mr Fadli and Mr Tiong, as well as Sengkang GRC's new face Abdul Muhaimin. 'So these are our up-and-coming young leaders that will now have a seat in parliament and demonstrate what they can do and what the party can do for our electorate and for Singaporeans in general,' she said. She added that while the party has not yet decided on who will take up the two NCMP seats, this was 'another opportunity for us to again bring in some new blood if the party should decide to do so'. 'Politics is a long road, and every milestone that you reach, there will always be something that you can make use of and help the party to grow further,' said Ms Lim. Party chief Pritam Singh's assessment of a 'difficult election" boiled down to two main factors: Singaporeans' desire to give Prime Minister Lawrence Wong the mandate in his first election as leader of the country, and concerns about the international environment which 'resonated with some voters'. Nevertheless, he reiterated WP's role as a 'force for good'. 'We did our best … the PAP is going to do everything it can to make sure that the tide of the opposition is halted, and it's our job to try and make sure that we can communicate our message to the public and inform them why it is in our self-interest to move towards a more balanced political system,' Mr Singh told reporters. On an ending note, he said the party was back to serving residents, with his own Meet-The-People session at Aljunied GRC starting on Monday. 'Elections are now over, and we get back to the business of making this the best home for all of us,' he said, concluding the media interview to cheers from onlookers.
