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Yaacob Ibrahim Opens Techventure by Highlighting the Value of Startups

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Minister of Communications and Information, Dr. Yaacob Ibrahim, opened Techventure 2014 with a speech that addressed the need for connections between startup ventures and capital investors. This year’s event was held at the Marina Bay Sands Expo and Convention Center and it included exhibitions from groups based all over the world.

Techventure is a convention that centers on promoting innovation and technology. Along with being a venue where innovators can showcase their ideas, one of the key goals of the event is to facilitate networking opportunities between startup companies and capital investors. One of the highlights of the event is a pitch competition where different startup entrepreneurs compete for the grand prize of $50,000 dollars in investment capital.

In attendance at the event were delegates from countries ranging from right here in Singapore to as far away as places like the U.S. and Switzerland. More than 100 startups have setup exhibits that cover fields as diverse as healthcare, clean energy and biotechnology.

In his speech at the convention, Dr. Ibrahim spoke on the important role that startup companies play in the world of technology and innovation. He also went on to discuss how Singapore has an environment that provides a good opportunity for startups to grow.

Minister Ibrahim said,

“At the heart of our ecosystem is an environment that encourages cross-fertilization of ideas and technology-driven entrepreneurship. And the key lies in building partnerships in research and funding.”

Techventure is one of the biggest conventions of its kind and having it in Singapore puts a light on the nation’s role in the world of innovation. Between events like this and government programs that help startup companies gain access to funding, Singapore positions itself to maintain Dr. Ibrahim’s vision of a startup friendly nation.

Should the Law Protect Whistleblowers from Prosecution?

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Things like corruption, bribery and anti-competition practices occur in every country all over the world. Recent scandals here in Singapore have shown a light on how this type of wrongdoing occurs and how the authorities detect and prosecute the activities. The truth is, that in many of these situations, the government needs a whistleblower to come forward in order to uncover the full scope of the corruption or, in some cases, the crimes would not come to light at all if it were not for the whistleblower.

This can pose a problem for the authorities when it comes to detecting and prosecuting corrupt acts in both the private and the public sector. It can often be the case that a person may be hesitant to come forward because they fear that the information that they provide could be used against them. If the information that they provide authorities also includes admissions of crimes that they committed or corrupt acts that they were involved in, this could mean jail time for the informant. This issue would obviously make some individuals reluctant to come forward if they feel that they might compromise their own liberty.

With this being the case, it seems that the government may want to consider policies that would make whistleblowers less fearful of the consequences that could accompany their cooperation in corruption investigations. However, this begs some serious questions in regard to law, punishment and to what extent it is appropriate to allow cooperation to be a mitigating factor concerning a case that involves an informant.

Some nations allow for immunity in cases where a whistleblower helps to uncover a crime and others may have legal guidelines that allow for it to be a mitigating factor if they assist the government in their investigation. The problem lies in the fact that not every criminal or corruption case involving a whistleblower is the same. The law needs to account for things like the seriousness of the crime, the informant’s level of culpability and to what level they aided the investigation. This means that a standard, across the board policy is an inappropriate solution.

Laws that assure whistleblowers that they will have some level of protection and that their assistance will be a factor in their sentencing and punishment are effective when it comes to combating and preventing corruption. While a blanket policy that offers immunity may not be the best solution, there could be laws that clearly define informing as a mitigating factor and an outline of how this should be administered by the courts. A policy that provides assurance to potential informants while also leaving some discretion to the judge would not only encourage whistle blowers to come forward, but it would also maintain the integrity of the justice system while allowing them to work with those who have done wrong.

Why I left CHC – Part 2 Lack of Stewardship and Accountability of Church Funds in City Harvest Church

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‘To whom much is given, much is expected’ is a statement that speaks of responsibility and accountability. For the congregation at City Harvest Church, a lot was expected of their leaders when it came to stewardship. However, the recent court case against the leaders for Criminal Breach of Trust and Falsification of Accounts reveals that their leaders have not been good stewards of the money that was given to them by the congregation.

A confession from one of the members of the church reveals that a lot of trust was lost due to these acts. This member joined the church in 2005, met his spouse in the church and built a personal relationship with God. As a very active member, he joined cell groups and even became a cell group leader and an Executive Member until 2011 when he parted ways with the church.

The church member considered Tan Ye Peng, Pastor Kong and Sun as his role models because of all the sacrifices that they had made. He is grateful to them for their teachings. However, he decided to speak up after the revelations in court.

The project that is at the center of this controversy is the crossover project. It was started with the best of intentions, which was to call people to Christ through positive secular songs. Sun Ho would sing her positive Mandarin songs during concert tours all over Asia. She would then share her testimony with the audience before the Pastor delivered the altar call.

For a long time, the project was successful in Hong Kong, Taiwan, Singapore, Malaysia and Indonesia as thousands of people were called to Christ. The strategy was meant to penetrate Hollywood and China. However, instead of the positive songs which were promoted earlier, CHC started promoting songs such as You Stupid, China Wine and Kill Bill. There was no longer an evangelical element to the crossover project. The veil has been lifted to reveal that money from the Building Fund was being used to finance this project. The church leaders had previously told the congregation that the first phase had been sponsored by Wahyu Hannafi, and that later phases had been funded by proceeds from Sun’s successful career.

The Executive Members had voted that funds should be invested in bonds so that leaders can be better stewards of the money. However, the shares that were bought in Xtron are no longer in profit. The Executive Members also approved the Multi-Purpose Account so that Pastor Kong and Sun could get out of the church payroll. However, we now know that the pastor used to draw a salary from the MPA, and then inform the donors that there was a deficit. The members insist that this is not about the money, as they gave willingly and were blessed because of it. They insist that they are disgruntled because of the deception and the fact that there was no stewardship or accountability. They also feel that the leaders in question undermined their generosity.

Members of the church usually give offerings in order to receive blessings, as it is all about sowing and reaping. A lot of them have attested to the fact that they have experienced breakthroughs, blessings and happy families as a result of their generosity. Therefore, the act of giving to the church is not a problem.

The problem is the fact that this money was moved and used for other purposes against their knowledge. Their leaders were not good stewards of the money, and they were never accountable for its use. Whether the court finds them guilty or not, the members have vowed to remain loyal to God as the word never fails. They hope that the verdict from the proceedings will usher in a new season of restoration for the church, without any half-truths, cover-ups or deception.

Why I left CHC – Part 1 Misdirected church offerings: Where the CHC Church Building Funds really went

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The court case against several leaders of the City Harvest Church has caused quite a stir, and one of the former members has decided to speak up about his experience in the church. The member had attended CHC for about ten years before he left the church about two years ago. He had been baptized in the church, served in overseas missions, served in more than five ministries, and met his wife and married in the church. He also attended weekly services as well as cell group meetings.

According to the member, this church changed his life tremendously as he joined it while still in school. He had been a victim of bullying, and he had felt worthless for quite some time. However, the church and its members had made him feel like someone who could make a difference. He was transformed from a shy person to an outspoken individual, and his previously friendless status changed to that of a person with a lot of new friends and family members through the cell groups.

This member loved the thought of being a part of the construction of God’s house, and so he sacrificed a lot in order to support the building fund for the church in Jurong. Pastor Kong openly elevated members of the congregation who would delay their weddings, downgrade their flats, sell their cars or even empty their bank accounts in order to contribute to the Building Fund. The pastor said that he used to do all of this, and that God blessed him immensely. He was a wealthy man because of God’s blessings, and he drove an Audi A7 and lived in a condo.

According to this ex-member, after they moved to Jurong, Pastor Kong announced that Sun would join the entertainment industry in order to minister to people who would otherwise not go to church. The congregation purchased her CDs and even promoted her music in church. However, he said that his doubts began to creep in after he saw a video of China Wine which was supposed to showcase Sun’s achievements in America. He clapped; but he was embarrassed by her provocative dance moves and dressing. However, the pastor explained that Sun had to dance like this in order to appeal to the US audience.

The members continued to give in spite of their doubts, though most of them did not have any money to spare. However, after the scandal, this former church member decided that he could not follow the church leaders blindly anymore. In this member’s eyes, it was evident that the Building Fund had been used to finance the crossover project, despite the fact that Pastor Kong assured the congregation that the building fund was only used on the church building.

The church later moved to Suntec, and the congregation was informed that they needed to raise $310 million over a span of seven years to buy Suntec shares and to pay off loans in order to avoid any losses. At the time, the pastor was living in a multi-million dollar penthouse in Sentosa Cove, and Sun was living in Beverly Hills in a $20000/month rental house. The pastor was driving an Audi A7 and wearing branded clothes as well as flying to the US every week.

Eventually, this member decided to leave. He lost the friends that he had made in the church, but in turn, he was able to dedicate more time to his wife and his family. He is now able to save more money and he can take his family for vacations. He also sends money to his parents more frequently.

In spite of everything, he is grateful to CHC for the person that he has become, in terms of his character. However, he will never appreciate the deceptive ways through which he was encouraged to tithe and give offerings for the Building Fund.

Pope Francis Likens Modern Conflicts to World War by Piecemeal

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It has been 100 years since the beginning of the First World War and the centennial anniversary of the conflict has caused many to reflect on the effects and causation of global war. Some believe that a third world war is just around the corner while others see today’s global war on terror to be the modern day incarnation of world war.

In a visit to a World War I monument that commemorates the death of 100,000 Italian soldiers that died fighting against the Austro-Hungarian army, Pope Francis made remarks that would lead one to believe that he is amongst leaders that are of the impression that a third world war has already begun.

In this regard the Pope stated,

“Even today, after the second failure of another world war, perhaps one can speak of a third war, one fought piecemeal, with crimes, massacres, destruction.”

Throughout his time in the papacy, he has frequently spoken of the tragedy of war and he has made repeated pleas for the end of the world’s current conflicts such as the ones in the Middle East and the Ukraine.

In his recent speech, the Pope condemned war and the motives of those who wage war by saying,

“War is irrational; its only plan is to bring destruction: it seeks to grow by destroying.”

While the Pope has consistently opposed conflict and war, he has also seems to understand that some situations can only be resolved and brought to a peaceful conclusion through the use of force. Most specifically, he has condemned the concept of Holy War and the use of religion to justify war, aggression and hatred. In this respect, he is primarily talking about groups like ISIS that have supported their acts of violence and brutality by claiming that it is justified by their religious beliefs.

Pope Francis is right in regard to the fact that war is terrible and that it should never be entered into lightly. However, there are cases where force is the only answer to the unjustified aggression of groups that would seek to massacre and terrorize innocent people in the name of ideologies like nationalism and religion.

New BTO Exercise to Include Staggered Down Payments

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The September Build-To-Order exercise began on Wednesday with the Housing and Development Board announcing that it will offer staggered down payments for existing flat owners. The program launched 4,630 new flats in the non-mature districts of Bukit Batok, Hougang, Jurong West and Kallang Whampoa.

The intention of the new staggered down payments is to help existing flat owners that are trying to “right size” from a larger flat to a 2 or 3-room unit. This new program is to address the concerns that many residents voiced about trying to downgrade their flat for one that was smaller and better suited to their needs.

Khaw Boon Wan, the National Development Director, wrote in a blog post of his interactions with older Singaporeans who expressed the desire to move to a smaller flat and how many of them were having problems because they are reliant on the money that is tied-up in the larger flat that they are currently living in.

In this regard he said, “The sale proceeds for their existing flat will be enough to pay for the new flat, but they need to sell the flat first to raise the funds for the new purchase.”

With the new fee arrangement, existing flat owners that are looking to “right size” will only have to pay half of the down payment upfront, with the remaining half to be paid when they collect the keys. This will provide the owners of existing flats the time that is necessary to sell the larger flat and get access to the funds that they need to complete the transaction.

This new arrangement is a good step toward addressing a financial issue that can affect the ability of existing flat owners to move into a new flat. Obviously, these individuals will have the ability to pay the balance with the proceeds from the sale of the existing flat; the problem lies in their ability to access the cash when they need it.

NTU now ranked the world’s best young university

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For the first time, Nanyang Technological University (NTU Singapore) has topped the list of the world’s most dynamic young universities, pushing Hong Kong University of Science and Technology down to second place.

NTU is ranked No. 1 in the latest Quacquarelli Symonds (QS) Top 50 Under 50, a ranking of the world’s top 50 universities established within the last 50 years which was released today.

NTU is the only Singapore institution listed on the QS Top 50 Under 50. The university was propelled to the top spot by its superior reputation among international employers and the diversity of its faculty and student populations. It also scored high marks for its reputation among global academics and student/faculty ratio.

Last week, NTU was ranked 39th among the world’s top universities by QS. Among the 2014 Top 50 universities, NTU is the fastest rising, having catapulted 19 positions over the last 3 years.

NTU President, Professor Bertil Andersson, said,

“NTU is proud to plant the Singapore flag at the top of QS’ global list of Top 50 young universities this year. This honour comes on the heels of breaking into the QS world’s top 30s.

“These rankings reaffirm the high quality of our education, research and innovation programmes. I am confident that our students, professors and graduates will continue to create value for Singapore, contributing to its competitiveness and enabling the nation to prosper well into the future.”

In the QS World University Rankings, NTU’s citations per faculty improved the most by 51 positions from last year, followed by student-faculty ratio that climbed up 16 notches to 69th internationally. NTU’s reputation among global employers also improved by seven positions to 35th internationally, its highest ever.

The QS World University Rankings looks at institutional performance irrespective of history and heritage, and that puts older universities at an advantage. On the other hand, the QS Top 50 Under 50 is designed to be dynamic and forward-looking, so only young universities founded in 1964 or later are listed.

“We can see the continued dominance of Asian universities in this year’s QS Top 50 Under 50 ranking, with all the top five spots taken by Asia. This shows that Asia is set to become the future global powerhouse of higher education and research. NTU, located in the region’s heart, is well-poised to build on this wave of opportunities,” Prof Andersson said.

For more information on the QS rankings, visit: www.topuniversities.com.

The Startup as Opportunity Myth

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For a long time now, there has been a perpetual belief that a career with a startup company has a lot more to offer a young engineer than a job with a larger corporation. The truth is that startups often do have unique career opportunities that can be great for certain individuals, but there is also a downside that many people new to the industry just do not see or hear about.

For more than a decade now, we have heard plenty of stories about the startups that have been a great success and changed the way that things are done and, in the process, changed the lives of all of the people involved. These are great stories and they can offer a lot of insight into what it takes to be successful, but it presents an uneven picture that does not accurately reflect reality. The truth is that the vast majority of startups fail and when all is said and done, many of the people that got in on the ground floor end-up a few years older and no better off than when they started.

This misperception of reality has led many of the most talented young engineers to sell their careers short. They think that a job with a startup will provide them with opportunities for positions in senior management that they would otherwise have had to wait longer for or the belief that it was an opportunity to get in on something big before it becomes big and by doing so, make a fortune.

The worst part is that this false reality has an influence on the career choices that are available to all of the professionals in the industry and not just the ones that sell themselves short for the dream of striking startup gold. When a large part of the workforce is taking lower compensation and benefits, it also has a negative effect on the salaries and benefits packages that are offered to their peers. Essentially, by undervaluing their own skills, they are creating an atmosphere where everybody’s skills have a lower value.

With all of this being said, the idea isn’t that startup jobs are not worth the time of the individual. However, when it comes to making a career choice, professionals need to lookout for being taken advantage of and they need to make sure that the potential employer is offering them a realistic picture of what their opportunities will be. Otherwise, you can find yourself leaving a company that fulfilled none of your expectations and with little more than life experience to show for it.

Retiree households among the poorest in Singapore

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The Household Expenditure Survey presents a grim picture of retiree households, where nobody is working and everyone is over 60.  They are poorer than the poor. Even with CPF and help from the government, family and friends, their average income is less than the poorest 20 per cent households’.

While the poorest 20 per cent households had an average monthly income of 2.020 Singapore dollars (about $1,600) in 2012/13, the average retiree household’s was considerably less – not even S$2,000.

Retiree households’average monthly income
Retiree households’average monthly income

The survey report says:

“A retiree household received $1,740 on average a month in non-work income, including contributions from relatives and friends not staying with them, investment and rental income, social assistance and regular government transfers, annuities and monthly payouts from CPF, etc.”

And since a retiree household is defined in the report as one with no working member, that was their only income – S$1,740 on average.

That’s hardly enough in Singapore.

The poorest 20 per cent households’ average monthly expenditure – S$2,231 – was higher than their income: S$2,020.

So how were the retiree households coping? Barely. Their average monthly expenditure was S$1,697 – only S$40 less than their monthly income.

Of course, there were rich retirees and well-off retirees – people ageing happily and gracefully, as shown in television ads. But they were a minority.

Retirees made up:

  • Only 0.9 per cent of the richest 20 per cent households, who had an average monthly income of S$24,544.
  • 1.2 per cent of the second highest income group (average monthly income of S$12, 270)
  • 2 per cent of the third (S$8,378)
  • 4 per cent of the fourth (S$5,299).

The majority were in the poorest income group, the bottom 20 per cent.

Retirees made up almost a quarter – 24.5 per cent – of the poorest 20 per cent.

The proportion of retiree households is increasing, up from 5.1 per cent in 2007/8 to 6.5 per cent in 2012/13.

There were nearly 627,000 Singapore residents aged 60 or more in June 2013 when the total number of residents was 3.8 million. Another 281,000 residents were 55 to 59 years old, according to the Department of Statistics, Singapore.

Fortunately, the retirement age has been increased. For the Household Expenditure Survey makes awfully clear the lot of the retiree households.

You can download the report from the website of  the Department of Statistics, which conducted the survey.

TISG thanks the author Abhijit Nag for allowing us to republish this article and it was first published here.

Pioneers Unsatisfied with Rollout of New Health Benefits

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In an attempt to address the rising cost of healthcare, the government has issued changes to the Community Health Assist Scheme. This is indeed a noble effort to provide greater access to health services for low and middle-income individuals. However, with a few snags in the rollout and many citizens not understanding the timeline of implementation or how the benefits work, it has led some to feel less than satisfied with the program.

One group that is expressing a degree of dissatisfaction are those of the Pioneer generation. Many of the CHAS cardholders are individuals that also hold Pioneer cards and some of them waited for the benefits to kick-in before they sought treatment. The problem came in the fact that many of them went to seek treatment and found that it did not provide all of the benefits and discounts that they had expected.

As they went for treatment in September, many of them believed that they were going to have their full benefits only to find that usage of the CHAS card before September was linked to the benefits that had just become available. Along with that, many of the Pioneer cardholders believed that all of the benefits would be available in September, only to find that parts of the package will not go into effect until the beginning of next year.

One of the main points of contention for these patients is in regard to the linking of the benefits between the two programs. The point for the Pioneer generation is that the two cards are run under two completely different systems and that each program has an intention that is unique unto itself. While the Pioneer cards are intended to thank the Pioneer generation for their sacrifice and contribution to the nation, the CHAS card is a public health program that has the purpose of expanding access to care for lower income individuals and families.

Much of this probably could have been avoided if the government had waited to rollout the complete program in January rather than rushing to get the program started in September. The lack of clarity has caused some inconvenience to the patients and hopefully, this can be cleared up and corrected as the program moves forward.