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MAS imposes six-month pause on DBS bank’s non-essential activities

Mary Alavanza
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MAS imposes six-month pause on DBS bank’s non-essential activities

SINGAPORE: On Wednesday, Nov 1, the Monetary Authority of Singapore (MAS) ordered a six-month pause on DBS bank from making non-essential IT changes. This move comes after DBS Bank faced multiple digital service disruptions this year.

According to MAS, “DBS Bank will not be allowed to acquire new business ventures during this period or reduce the size of its branch and ATM networks in Singapore. The actions were taken following the repeated and prolonged disruptions of DBS’ banking services this year.”

In April 2023, MAS told DBS Bank to get an independent review of its digital services. The review found problems in four key areas: system resilience, incident management, change management, and technology risk oversight.

DBS Bank responded by making a plan to fix these issues and strengthen its digital infrastructure. The plan is being rolled out in phases, with some parts taking more time.

MAS has reviewed the plan and is satisfied with its scope. They’ve also told DBS Bank to halt all IT changes, except those related to security and compliance, for six months. This is to ensure the bank focuses on improving its technology risk management. During this period, no new business ventures are allowed.

MAS has also instructed DBS Bank not to reduce the number of branches and ATMs. This is to ensure there are backup options for customers in case of more disruptions. This direction will stay in place until MAS is happy with DBS Bank’s progress.

MAS will assess DBS Bank’s progress after six months. Depending on the results, they may extend these measures or take more action. In the meantime, the extra capital requirement imposed after incidents in March and May 2023 will stay.

DBS Bank estimates it will take about two years to fully enhance its digital services’ resilience. During this period, there may still be disruptions. In such cases, MAS expects DBS Bank to quickly fix the issues and inform customers promptly.

MAS Deputy Managing Director (Financial Supervision) Ms Ho Hern Shin said, “DBS must put in place immediate measures to ensure service reliability while it continues to invest in the longer-term efforts to bolster its operational resilience. We have imposed this six-month pause on the bank to give it the space to take the actions needed to maintain customer trust.”

$2.8B money laundering scandal halts SG’s $150K/month mansion market

Anna Maria Romero
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$2.8B money laundering scandal halts SG’s $150K/month mansion market

SINGAPORE: The days of pricey—think S$150,000 per month—renting out or even selling luxury mansions may have halted, at least for now, partly due to the largest money-laundering scandal in the country’s history. In August, police rounded up 10 foreign nationals, nine men and one woman, connected to a money-laundering case involving S$2.8 billion.

Last week, it was reported that two Good Class Bungalows (GCBs), one at Ewart Park and one on Nassim Road that cost at least S$100,000 in monthly rental fees, were back on the market again after having been vacated by tenants among those arrested in the money laundering sweep. GCBs are considered the country’s top property type and are houses with a maximum of two stories (excluding basements and attics) on 1,400 sqm of land in the choicest neighbourhoods.

Read related: 2 Good Class Bungalows leased to suspects in S$2.8 billion money laundering scandal vacated

The large-scale case has caused the country’s financial institutions to tighten policies and has now, according to an Oct 31 piece in Bloomberg, affected the market for luxury properties as well. Significantly fewer high-end bungalows were sold by the end of September, Bloomberg said, citing data from real estate companies Knight Frank and Realstar Premier Group Pte.

“The recent anti-money laundering blitz by the Singapore police force has tainted the luxury property market. It will take a while for the dust to settle and the market to forget this negative image of luxury real estate,” the piece quotes the executive director for List Sotheby’s International Realty, Mr Lewis Cha, as saying.

The owners of this type of real estate are now thinking twice about selling or renting them out and are exercising a greater degree of due diligence after the money laundering crackdown from the police.

A prospective tenant from Fujian, China, was even turned down completely, despite an offer of five years of rental fees in advance for a property that came with a S$100,000 a month price tag. The majority of the suspects in the money laundering case come from Fujian, authorities have said, added Bloomberg.

In August, authorities seized and froze around S$1 billion in assets, including luxury real estate, vehicles, luxury goods, gold bars, cryptocurrencies, and cars. The amount of money involved has grown since then. The 10 suspects—nine men and one woman—are Su Baolin, Su Haijin, Chen Qingyuan, Su Wenqiang, Lin Baoying, Zhang Ruijin, Wang Dehai, Su Jianfeng, Vang Shuiming and Wang Baosen, were arrested by the Commercial Affairs Department. /TISG

Read related: SG employees removing their names from companies linked to S$2.8B money laundering case

American tourist says S$20K bike left unattended is ‘ultimate Singapore culture shock’

Anna Maria Romero
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American tourist says S$20K bike left unattended is ‘ultimate Singapore culture shock’

SINGAPORE: For many foreigners in Singapore, one of the biggest shocks is seeing people’s personal belongings left unattended. Sometimes, this is done to reserve a space or seat somewhere, as part of the famous “chope” culture. While it’s understandable when some leave their tissue packs, others have been surprised to see designer handbags, phones, or even laptops left alone for a while, and when the owners come back, they’re still there.

For one man from the United States, seeing an expensive bicycle left unattended was the “ultimate Singapore culture shock.” An Oct 30 post on X (formerly Twitter) from Mr Nick Whitaker of a Pinarello Dogma F12 bicycle, which sells for around US$15,000 (S$20,500), has gone viral, getting over 1.1 million views.

The post has also gotten hundreds of responses, with many people underlining that Singapore is a very safe country for several reasons, including a very strictly upheld rule of law with high penalties for lawbreakers. Others chimed in that because Singapore is such a small place, there’s practically nowhere to run and hide.

One offered a gentle correction to the post, writing, “It’s not unattended, it’s attended by thousands of CCTV cameras and a very strong public security apparatus.”

Others, however, compared Singapore to other big cities such as Paris and Berlin, where thefts are everyday occurrences, and people are encouraged to watch out for pickpockets and secure their belongings.

Some said that Singapore’s safety standard should be the norm everywhere else in the world, and some X users said that elsewhere in the world, including the Isle of Man, Japan, Taiwan, and some parts of Australia, it is similarly safe.

Others, however, said that, nevertheless, bikes do get stolen in Singapore, and it’s still better to be safe than sorry—so secure your bike.

Read also: Woman leaves dangers of San Francisco for safety of Singapore

Even the Singapore Police Force has issued an advisory for keeping your bike or Personal Mobility Device (PMD) safe, which they consider a common target of thieves.

The police have shared these Crime Prevention Tips.

“Here are some measures you can take to avoid having your bicycle stolen in the future:

  • Keep your bicycle at home when you are not using it.
  • If you need to park your bicycle at a public place, choose one with high human traffic, preferably with CCTV monitoring.
  • Secure your bicycle to a permanent structure such as a bicycle rack.
  • Use a good quality lock such as a U-lock.
  • Ensure all removable bicycle components are locked or secured.
  • Make permanent identification marks such as engravings on the body of your bicycle.” /TISG

Read also: People are sharing what they love best about Singapore, and the list includes the library, safety & food

Human-to-lion COVID-19 transmission at SG Zoo could mean further peril for endangered species

Anna Maria Romero
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Human-to-lion COVID-19 transmission at SG Zoo could mean further peril for endangered species

SINGAPORE: In 2021, a transmission of COVID-19 from a human to a lion occurred at the Singapore Zoo. Nine other lions eventually also fell ill with Covid, and fortunately, all ten animals recovered fully. However unusual this type of transmission was, it could mean further peril for species already endangered, a study says. The anthropogenic viral transmission was recently reported on in detail in a journal published by the United States Centers for Disease Control and Prevention (CDC) called Emerging Infectious Diseases.

When Covid’s delta variant spread in 2021, it affected African and Asian lions at the Singapore Zoo, where nine Asiatic and five African lions live in separate pens. In November of that year, a male lion started showing respiratory symptoms, and the following day, three female lions followed suit. Within five days from the first lion showing symptoms, 10 lions had fallen ill with the virus, but by Dec 3 of that year, they had recovered.

Read related: S’pore lions with Covid-19 serving SHN, swabbed while under anaesthesia

Samples taken from the lions showed the presence of SARS-CoV-2, the virus responsible for the Covid-19 pandemic. A total of six among the 18 workers at the zoo who had close contact with the lions had tested positive for the virus in early November, with four showing mild respiratory symptoms.

Studies carried out on the samples collected “revealed high viral genetic similarity between lions and the zookeeper, indicating an anthropogenic (human to animal) route of SARS-CoV-2 transmission. The viral subclade was identified as the delta lineage AY.23.1, the predominantly circulating SARS-CoV-2 strain during the study period,” says an article covering the study, noting that the lions had not been vaccinated against COVID-19.

Read also: Lions Night Safari got COVID-19, likely from infected staff

The article underlines the significance of the study in that captive or endangered animals are at risk of catching diseases from infected humans who work as their caregivers. “Considering the risk of anthropogenic transmissions, concerned authorities should implement strict infection control measures in captive animal facilities,” it says, adding that “the implication of viral infection in captive animals can have severe consequences for the conservation of protected animals.”

Unlike small animals such as minxes or hamsters that may be culled when infection outbreaks occur, with large animals, this is not a practical approach for infection control.

“Lion populations are already vulnerable because of habitat loss, climate change, poaching, and disease. Infection by a novel virus-like SARS-CoV-2 could bring additional distressing consequences to their populations. Thus, the scientists suggest that wildlife conservation centers should implement strong biosecurity measures and promote vaccination of susceptible animals. These steps are essential for controlling viral transmission and protecting vulnerable animal populations,” the article adds. /TISG

Read related: Zookeepers: Lions at Singapore Wildlife slowly recover from COVID-19

 

When she goes on holiday, employer asks if she can leave her maid in her mother’s house to do chores

Obbana Rajah
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When she goes on holiday, employer asks if she can leave her maid in her mother’s house to do chores

SINGAPORE: An employer who was going overseas for a week, wanted to know if she could leave her helper at her mother’s house. In an anonymous post to a support group for domestic helpers and employers alike, the employer wanted to know if she could send her helper to her mother’s house or if she had to send the maid to stay at paid accommodation for helpers. “Can she helpout there eg sweep n mop, light cooking? Or strictly no chores?” the woman asked.

Helpers who commented on the woman’s post asked the employer to just leave her helper in her own house, where she could rest and do her chores. One employer commented: “We went to UK for 3 weeks my helper stayed home to look after our cat and we also left her with enough money for food and other things. Told her she can go out whenever she wants. She seems happy but happier when we came home as there’s life in the household! Haha”.

Another helper wrote: “Let her rest in ur house and she can do also household chores.. If my employer go for vacation they even tell me to go some kopi shop or park to relax.. Helpers need also to rest not only on offdays”.

Yet another helper commented: “I just share (about) my 14 years employer .They go for vacation 2 or 3 weeks. And they let me stay at home .They buy bread, bescuits,Coffee,And give me money to buy food out side.And have extra 200 incase im sick. They tell me you can go out anytime just dont sleep out side and dont bring man inside the house or any people.I just said yes Maam and Sir.Im very happy cause I can do cleaning and do what ever i wan. Like feel free. Such a good employer”.

According to the Manpower Ministry, “As an employer, you are responsible for the well-being and upkeep of your migrant domestic worker (MDW). This applies even if you are overseas, e.g. on holiday or business trip. You must continue to pay her salary during your absence.

You can do one of the following:

  • Leave her at home.
  • Allow her to return to her home country/region for home leave.
  • Leave her with a friend or relative. You need to:
    • Seek approval from MOM.
    • Ensure that the person you’re leaving her with can take care of her well-being, and does not deploy her for work.
  • Leave her at commercially provided housing such as accommodation for MDWs provided by EAs or dormitories for female workers. You need to seek approval from MOM.

To seek approval:

  1. Send an online request at least 7 working days before your trip, include the following details:
    • Name, address and relationship of the person your MDW will be staying with.
    • Name of EA or dormitory operator.
    • Duration and dates of her stay.
  2. You will receive a reply from MOM whether your request is approved or rejected”.

Amid cost of living crisis, SG workers want more health support from employers—study

Anna Maria Romero
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Amid cost of living crisis, SG workers want more health support from employers—study

SINGAPORE: A new report shows that most workers in Singapore want more support from their employers to help them live healthier lives. The Cigna Healthcare Vitality Study 2023 shows that 67 per cent of Singapore respondents said that inflation is making it too expensive to maintain good health, and more than 3 out of 5 (61 per cent) expressed the wish for employers to extend more support toward this end.

“When asked their top three preferences in terms of a robust health and well-being program, most expressed flexible time off or work arrangements (66 per cent), followed by a private health insurance plan (63 per cent) and mental health support (34 per cent),” says Cigna.

The company conducted a survey worldwide, including 1,000 participants in Singapore, across eight key aspects of vitality – emotional, environmental, financial, intellectual, occupational, physical, social, and spiritual. The study highlighted a particular concern—that only one in ten (10 per cent) of Singapore respondents displayed a high level of vitality, as opposed to the global average of one in five and lower than the regional (Asia Pacific) average of 14 per cent.

The respondents ranked physical health and having a place where they feel safe and well (38 per cent) at the top of the indicators for vitality, followed by learning new things (37 per cent). Cigna points out that this shows how “elements beyond common notions of health, like environmental and intellectual health,” have become increasingly important to vitality.

Interestingly, less than a third of Singapore respondents (30 per cent) indicated that they possess the skills and tools necessary for living a healthy life. “This gap signals the need for employers and policymakers to better equip people with appropriate resources to stay healthy,” Cigna added.

The study also delved into the connection between vitality and stress, showing a difference between those who say they have high and low vitality. A vast majority (83 per cent) of respondents with high vitality said they have strong emotional or mental health, but only 8 per cent of those with low vitality had the same response.

Furthermore, 93 per cent of those with low vitality said they are stressed, while only 77 per cent of those with high vitality said the same. Overall, 87 per cent of Singapore respondents said they’ve experienced stress, while the global average is 80 per cent.

Sixty per cent of Singapore respondents said that the cost of living crisis is the number one cause of stress. Coming in second is uncertainty about the future (41 per cent) and then personal finance (40 per cent).

“In this era of persistent economic uncertainty and evolving work-life dynamics, the challenge for employers and society is not merely adapting to this shift but embracing it as an opportunity to redefine our commitment to our greatest asset – our people. It is imperative that employers offer holistic support that address the full spectrum of employee vitality and regard this as a key part of organizational strategy. Only then can we foster an environment where every employee can thrive and contribute their best every day,” says Raymond Ng, CEO and Country Manager, Cigna Healthcare Singapore and Australia. /TISG

Read also: Workers’ Party MPs file motion on SG’s Cost of Living Crisis

Why SGdollar record high against MYringgit excites Singaporeans & Johoreans

Anna Maria Romero
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SINGAPORE: On Oct 24, the Singapore dollar recorded an all-time high against the Malaysian ringgit when it reached MYR3.5086 to S$1. The ringgit has recovered slightly since then and is now at MYR3.48 to S$1.

While there have been recent articles in the news about how Malaysians working in Singapore take advantage of the “worthwhile” exchange rate, they’re not the only ones who’ve gained an advantage. Interestingly, for the city of Johor Bahru, the nearest to Singapore, the low ringgit—high Singdollar situation is a mixed blessing.

Singaporeans who will benefit

The biggest winner may be Singaporeans, quite naturally. With the currency having greater purchasing power, getaways across the border for shopping, food trips, and sightseeing are more affordable than ever. Several items are at least 20 per cent cheaper in JB than in SG, and with the cost of living in Singapore having gone through the roof in the past few years, no one can complain about Singaporeans who want to take advantage of this.

Items more affordable in JB include contact lenses and eyeglasses, drugstore cosmetics and other paraphernalia, over-the-counter medication, sanitary products, toothpaste, bak kwa, mooncakes, and other pastries. Services including manicures, pedicures, haircuts, and facials, plus massages and even dental procedures, as well as movies, are also cheaper, this recent Seedly blog entry says.

Johoreans who will benefit

As mentioned earlier, Johor residents who work in Singapore are also reaping the benefits of a stronger Singdollar because they have a lower cost of living but now bring home a higher salary. This should make early wake-up times, long commutes, and reduced personal time worth it.

But the demand for cheaper products and services can also bring a negative effect on people who live in Johor, as it can cause prices to spike, especially if the supply of these goods and services is unable to keep pace with the demand, finance site dollarsandsense pointed out on Nov 1. For those working in Johor, this may only be a small issue, but for people who don’t earn in Singdollars and are already affected by the weaker ringgit, this means more financial difficulties.

Singaporeans winners & losers

However, another group of people who stand to gain with the strong Singdollar against the ringgit is Singapore companies that do business in Malaysia, dollarsandsense added. This is because they now pay less for their operations there.

And one more “loser” in this scenario is Singaporeans who have invested in Malaysian assets. This group may be a sizable one, as Singapore was one of the biggest sources of foreign direct investment last year. /TISG

Read also: Malaysian Ringgit Drops to Lowest Level Since 1998 Amidst Rising US Dollar

Woman says she’s overwhelmed by the number of gifts the man she’s dating gives her

Obbana Rajah
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0
Woman says she’s overwhelmed by the number of gifts the man she’s dating gives her

SINGAPORE: A woman who felt that the man she was dating gave her just too many gifts took to social media asking how she could navigate the situation.

In an anonymous post to popular confessions page SGWhispers, the woman said that she had gone on a few dates with the man and felt that he was genuinely a sweet and considerate person. “However, I’m starting to feel a bit overwhelmed by the number of gifts he gives me. Please don’t get me wrong, I truly appreciate his generosity, but I’m not accustomed to receiving gifts from people outside my family. I’d prefer to see the money put towards a good cause or an experience we could share”. She added that when they would go out, the man would always choose high-end restaurants where the bill would come up to a few hundred dollars each time. “I’m not someone with extravagant tastes in food, and I’d be just as happy dining at a more budget-friendly place. The constant extravagance feels unnecessary to me. Additionally, he frequently travels for work and brings back souvenirs from every country he visits”.

She added that while it was evident the man was a generous person who expressed his affection through gift-giving, she felt that she was more practical. “I’ve already got a bunch of expensive stuff I received from my fam that’s just collecting dust in my closet, and some leather goods are starting to show their age because I hardly use them”, she wrote. The woman said that while she was comfortable receiving gifts from her family, she felt obligated when anyone else gave her gifts.

She asked netizens for advice on how to address the matter as she was not comfortable with the man’s actions. One netizen said: “Have a chat about love languages. Find out what’s his. Maybe he grew up in a family where the parents were busy so they showed their love through gifts. Then share your love language. Tell him how your love language makes you feel. Tell him what you would prefer him do and ask if he would mind spending money on that instead? Maybe he likes fine dining. Maybe he enjoys good food. Maybe you are just there to accompany him, sometimes men need to be spoiled as well”.

Another netizen commented: “Open your mouth and tell him la! You don’t say, don’t reject of course he will think that way works so he just keeps doing it because you didn’t say anything… Men are not all mind readers, tell us, don’t assume we will pick up all the subtle stuff”.

Study: Gen Z Americans say Singapore is 5th most desirable country for expats

Anna Maria Romero
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Study: Gen Z Americans say Singapore is 5th most desirable country for expats

SINGAPORE: More young United States citizens are expressing a desire to live overseas, a new survey has shown. When Gen Z’ers in the US were asked whether they wanted to leave America and where they wanted to live, respondents ranked Singapore as their fifth most desirable destination, higher than Germany, Italy, and even Australia, in the poll conducted by online language learning marketplace Preply.

Results from the Preply survey show that the United Kingdom takes the top position as Gen Z’s potential emigration destination, followed by Canada, Japan, the Netherlands, and Singapore, in that order. Singapore got top marks not only because of its economy and infrastructure but also because of ease of travel to other destinations in Asia. “As a global hub for business and finance, Singapore has attracted immigrants from all over. There are strong expat communities and plenty of international schools, making long-term living there easy. The strong economy, modern infrastructure, and proximity to so many dream destinations in Asia are other factors drawing people to this city state,” wrote Preply on Oct 26.

Rounding out the top ten desirable destinations for young Americans are Australia, Switzerland, Italy, Germany, and Ireland, in sixth to tenth places, respectively. New Zealand comes in 12th place, and two other Asian countries made the top 20: South Korea in 15th place and the Philippines in 19th.

Interestingly, when asked for the reasons for wanting to leave the US, at the top are social programs such as universal healthcare (25.6 per cent), the desire to have new cultural experiences (18.9 per cent), cost of living (18 per cent) and the dislike of the political environment (17.7 per cent). Also, 59 per cent said that US gun violence played an important role in their desire to move to another country.

Read also: Expats leaving SG due to high rent; Netizens say more foreigners will come, but this is not good for Singapore

Is it easy to move from the US to Singapore?

For US expats, moving to Singapore comes with its own set of challenges, despite the fact that a high percentage of people living in the Little Red Dot is made up of foreigners. A US citizen may live in Singapore long-term if he or she has either a work visa, a study visa or a family reunification visa if they have family members who live there legally or are Singapore citizens.

As for the cost of living, Singapore regularly ranks high on lists of countries and cities with high living costs, which should provide somewhat of a warning for would-be immigrants or expats to The Little Red Dot. In contrast, while there are high living costs in the US in cities such as New York City, San Francisco, and Chicago, in many rural areas, living costs are much lower.

There are also several other considerations, including language barriers and cultural differences. As in all things, in moving from the US to Singapore, forewarned is forearmed. /TISG

Read also: Expat pay packages in Singapore increased, driven up by high rental rates, but salaries are lower

Woman says the man she’s dating reminded her of her first love, but was about to be a father

Obbana Rajah
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0
Woman says the man she’s dating reminded her of her first love, but was about to be a father

SINGAPORE: A woman took to social media after a man she thought she had a real connection with was about to have a child with another woman.

In an anonymous post to popular confessions page NUSWhispers, the woman said that she had been on three dates with the man and “there’s something very charismatic about him that I can’t describe. He reminded me of the pure, sweet first love I had experienced and ended a couple of years ago with my first love amicably. Since then, I haven’t been able to move on as I always knew he was the one for me, and I thought we could build an amazing life together but circumstances chose to tear us apart”.

However, she added in her post: “Recently I heard from a mutual friend that he is expecting to be a father soon. It’s a bittersweet feeling as that could potentially be “us,” but I guess life has its way of teasing you, which is inevitable to bring you to the ultimate one. Despite that, I am happy for him from the bottom of my heart. Being single all these years has made me prioritise and be selective with how I spend my time and who I spend it with, as I enjoy alone time and away from the dramas and negativity”.

She added that when she was with the man, she felt like she saw the light at the end of the proverbial tunnel. She wrote that she found him sporty, humorous, and liked living in the moment. “He might be the missing piece I need in my life. Perhaps it could help that our family is acquainted, which makes me feel that extra connection in this relationship. I am already looking forward to the next date, and also, shoutout to the singles out there: don’t give up. I am sure someday you will meet someone who makes you feel that special connection tho atm I am not sure where this is heading, but I am getting a good feeling out of this”, the woman wrote in her post.

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