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New SISTIC Website incorporates a new look, more information and social media

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sistic

Singapore — SISTIC, Singapore’s leading ticketing services provider has launched a completely new and improved website, one of its most significant customer initiatives in recent years. The new website delivers a more informative, customer-focused experience for anyone looking for concerts, theatre, attractions, seminars, and more. Enhancements include a new look, better search and navigation and new content formats including reviews and videos. Fans will also be able to interact and engage through improved social media integration.

“The SISTIC website has long been one of the most popular sources of entertainment information in Singapore, with about four million page views a month. We have made the new site more exciting for fans, for show organisers and for artists. It is now easier, faster and simply much more fun checking out what’s happening in Singapore”, explained Marie Liow, Marketing Communication & Channel Development Manager, SISTIC.

SISTIC’s homepage is completely revamped. Searching for shows, with auto-complete and advanced search functionsby category, venue, event, genre, or date – in any combination – is easier than ever. The new design brings a more ‘magazine look’, and there are short synopses linked to show pictures. Besides show synopses, the search result can now also provide artist biographies and concert publicity videos, when available.

Other improvements include a showcase of top-viewed events, helping to quickly identify the most popular shows, implementation of 3-D seat plan views for all venues, as well as a countdown timer that indicates the time remaining until the end of contests and promotions.

The integration of social media creates a great opportunity for fans to say and share what they want. Every page on the site includes Facebook, Twitter and email icons to share at the click of a button. And event detail pages will now be integrated with live feeds from promoters’ Facebook pages, providing more information, sharing and engagement.

The website relaunch continues recent investments into improving the customer experience. The website booking flow, upgraded in late 2012, received 90% positive feedback from users. The SISTIC mobile app, launched in June 2012, has since clocked up over 180K downloads.

A unique partnership with Asiatravel has also been established, combining travel and entertainment, and offered on the SISTIC website. Anyone planning a visit to Singapore can buy event tickets, flights and accommodation at the same time and through the same site. The collaboration was formed with the objective of making SISTIC a one-stop-shop for all entertainment, including travel, and will offer more choices, packages and deals as it evolves over time.

SISTIC will continue to upgrade the site to enhance user experience, evolving organically, with continuous improvements based on customer behaviour analysis, input and feedback. The next upgrade will include online sales of event-related merchandise.

The SISTIC website carries the most comprehensive information on what to do in Singapore, including concerts and theatre productions, family attractions (Singapore Zoo, Resorts World), cultural centres (Art Science Museum, Asian Civilisation Museum), conferences and events, and of course the F1, SingTel Singapore Grand Prix. More recently, several overseas activities and attractions have been added, including LegoLand Malaysia and Indonesia’s famous Borobudur.

Suicides up in Singapore

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The number of attempted suicides increased from 1,009 in 2011 to 1,090 in 2012.
This is an increase from 19.5 to 20.5 per 100,000 people.
The number of deaths from suicide rose from 8.1 per 100,000 people in 2011 to 10.3 in 2012.
Health Minister Gan Kim Yong revealed these figures in a written answer to Nominated MPs Laurence Lien and Faizah Jamal.
Relationship problems were associated with one-third of all suicides.
Employment issues accounted for another one-third.
This was found in a study based on Singapore’s suicide statistics from 2000-2004, said the minister.
He stressed that the government had suicide prevention measures in place.
The Health Promotion Board has a programme which trains selected tertiary students on mental health issues, including suicide prevention, to help fellow students in need.
To help prevent suicides by the elderly, there are community services such as active ageing programmes and wellness centres managed by the People’s Association that encourage socialisation and promote an active lifestyle.
Family Service Centres help people overcome their social and emotional problems and to regain stability and independence.

What concerns the Indian community in Singapore

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Little India
Little India

By Gaurav Sharma
The minister for environment and water resources Vivian Balakrishnan and People’s Action Party (PAP) MPs Hri Kumar Nair, Vikram Nair and Janil Puthucheary, recently attended a dialogue with about 300 grass-root leaders and residents organised by Narpani Pearavai, or “Good  Activity Council”, which is an umbrella organisation of People’s Association 94 Indian Activity Executive Committees spread all over Singapore.
Vikram Nair, who represents Sembawang group representation constituency in Parliament, explained the issues concerning the Indian community in Singapore.

Little India
Little India

“The Indian community like any other race in Singapore is also concerned about high immigration which may lead to job losses for Singaporeans, affordability of healthcare, and increasing competition in the primary education. The government has already acknowledged these concerns, which is why the PM in his National Day Rally speech proposed various strategic shifts in policies,” Nair said.
“For housing, I can say only about my constituency, where because of the ethnic quota, it has become harder for the Indian community to buy an HDB flat. We have few  such appeal cases as well. Educational under- performance has always been a issue for the community but I am heartened to note that self- help groups like SINDA are doing a wonderful job on this front.”
Though repeated attempts to contact the minister Vivian Balakrishnan were unsuccessful, earlier media reports noted his comments that “employment discrimination is a key concern raised by Indian community leaders” during the dialogue.
Even the recent survey findings by Institute of Policy  Studies and OnePeople.sg have highlighted such concerns.
Narpani Pearavai, when contacted declined to comment on the matter as “the information requested do not come under their purview”, it said. Hri Kumar Nair and Janil Puthucheary were also not available for comments. On the concerns expressed relating to employment discrimination, the MOM was approached, which declined to comment.

What UN expert said on Singapore race relations

The UN Special Rapporteur on racism, Githu Muigai, visited Singapore on Government ‘s invitation between April 21-28, 2010, to gather “first-hand information on the main issues facing people living in Singapore in relation to racism, racial discrimination, xenophobia and related intolerance.”
After eight days, and a series of meetings and discussions with Singaporeans from all walks of life, Muigai said, “The authorities have continuously and actively promoted social cohesion, religious tolerance and what they refer to as racial harmony, through a number of commendable policies and measures emphasizing tolerance, understanding and respect among the diverse ethnic and religious groups living in Singapore.”
“While there may be no institutionalised racial discrimination in Singapore, several policies have further marginalized certain ethnic groups,” he added, “this is a situation that must be acknowledged and acted upon in order to safeguard the stability, sustainability and prosperity of Singapore.”
Acknowledging the peaceful coexistence of diverse communities in Singapore as a remarkable achievement, Muigai raised various concerns relating to some “blind spots” in the policies and measures pursued by the Government in its quest for racial harmony.
These include “restrictions on public debate and discourse on the issue of ethnicity, and the importance of ethnic identity in daily life, housing, education and employment ”.
The ministry of foreign affairs (MFA), on its part, issued a press statement and clarified some issues raised by the UN expert.
Regarding restrictions on discussion of sensitive issues, the MFA said, “Here, we must emphatically disagree with Mr Muigai. Race, language and religion will always be sensitive issues in Singapore. This does not mean that they cannot be discussed, but a balance must always be struck between free expression and preservation of racial and religious harmony. This balance is only for the Singapore government to determine because only the Singapore government bears the responsibility should things go wrong.
The UN bears no such responsibility and we see no reason to take risks for the sake of an abstract principle. We believe most Singaporeans agree with the government ‘s approach.”

Confessions of a PR

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Singapore Flyer
Singapore Flyer

By Abhijit Nag
Some time ago I met a Sri Lankan graduate of a Singapore university on the day he became a PR. He looked so happy.  I could understand the feeling, being a PR myself.
Foreigners are believed to come to Singapore for the money. But then they fall in love with the place. I missed Singapore when I was in India last year.  I missed the greenery, the public libraries, the temples and churches – and the food.

Singapore Flyer
Singapore Flyer

I was so happy I could watch the National Day Parade again after missing it last year.  One of my favourite moments was a glimpse of Mr Lee Kuan Yew.  Frail, rheumy-eyed, wispy-haired, but recognizably, reassuringly present.
It’s not as if I have no idea of his strict regime or his mixed views on India. I remember reading in The Straits Times that he was more keen on getting Indians from the West than Indians from India. “Contentious”, was one of the words he used for Indians from the subcontinent. But when you see Singapore, you have to admire the people who created it; and when you read Mr Lee — his books, his statements — you are impressed by the authority with which he speaks, his knowledge of the world.
In the run-up to the 2011 elections, it was said the government was freely creating new citizens who were more likely to support the PAP.
Well, if you come from India, you are likely to appreciate peaceful, prosperous Singapore and its freedom from corruption.
Singaporeans, young ones especially who have enjoyed prosperity all their lives, take this Singapore for granted and criticize any shortcomings they see.
But Singapore still allures others. Last month I went to the ICA Building – and saw so many people applying for permanent residency (PR) or to have their PR extended. Yes, foreigners still want to settle in Singapore despite growing restrictions.
The government announced last month that the PRs would have to wait for three years before they could buy a resale HDB flat. “Gap between citizen and PR widens,” said The Sunday Times in a headline.  It noted the growing gap in housing, health care and education between citizens and PRs.
Maybe the government was too generous to PRs, said a friend. Maybe.
But there might have been economic factors too. Prime Minister Lee Hsien Loong said at the National Day Rally in 2010: “You want higher growth which will benefit our workers, that also means accepting more foreign workers to come and work in Singapore. You choke off the foreign workers, the economy is stifled, growth is not there, our workers will suffer.”
You don’t hear that any more after the government won the 2011 election with the lowest share of votes since independence. “Sustainable growth” is the new mantra, higher productivity – requiring less manpower, fewer foreign workers – the holy grail.
There will be a price to pay. About the new HDB rule for PRs, National Development Minister Khaw Boon Wan said: “There will be some impact on the market, but eventually things will catch up again after three years.”
Singaporeans have been signalling their desire for a better work-life balance, more affordable housing and fewer foreigners for some time.
There had to be a backlash against “foreign talent”. I found the phrase embarrassing, working with far more talented Singaporeans.  The reason I was hired 25 years ago to work as a journalist was, my employer could not find enough workers in Singapore. Now every fourth Singaporean of a certain age is a university graduate.
Abhijit Nag came to Singapore to work for The New Paper when it was launched in 1988.

Government Statement on Dinesh Raman Reprehensible : Civil Society

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The following is a media statement from the civil society members

SINGAPORE – We deplore the statement issued by the Ministry of Home Affairs in respect of the late Mr Dinesh Raman s/o Chinniah, entitled Statement regarding the case of Dinesh Raman s/o Chinniah, published on the ministry’s website on 13 September 2013.

There is a claim before the courts. The family desires to learn the facts of their son and brother’s death while in the custody of the Singapore Prison Service.  The details of the MHA press release pertaining to Mr Dinesh’s past, ostensibly in order to determine the quantum of compensation, have instead rehearsed  his past misdeeds in order to conduct a character assassination ahead of the court hearing. It is designed to swing public opinion from sympathy for the family. Moreover, these matters are irrelevant to the case before the court.

They were then repeated in the mainstream media without regard for the sensibilities of the family or basic norms of courtesy. We urge the media to show more sensitivity to the family’s situation.

The action of the ministry in publishing its press release is deeply wrong. It has done so in a way that is clearly intended to destroy Mr Dinesh’s posthumous reputation. We have no doubt that by doing so it has added to the deep grief of the family, already suffering the profound pain of their only son’s loss. It is entirely unseemly for the Ministry of Home Affairs to have done so.

As fellow citizens, we demand that the Minister for Home Affairs apologise to the family.

Leslie Chew
Priscilla Chia
Joshua Chiang
Stephanie Chok
Damien Chng
Jean Chong
Chong Kaixiong
Neth Chong
Choo Zhengxi
Fadli Bin Fawzi
Han Huihui
Gilbert Goh
Ho Choon Hiong
Kirsten Han
Russell Heng
Adrian Heok
Vanessa Ho
Dan Koh
Dana Lam
Vincent Law
Basil Lee
Lynn Lee
Corinna Lim
Lim Jialiang
Andrew Loh
Braema Mathi
Ng Yi-Sheng
Roy Ngerng
Ong Yanchun
Pak Geok Choo
Vivian Pan
Alfian Sa’at
Martyn See
Siew Kum Hong
Miak Siew
Isrizal Mohamed Isa
Shafiie Syhami
Constance Singam
Kenneth Tan
Roy Tan
Shawn Tan
Shelley Thio
Melissa Tsang
Vidula Verma
Jolovan Wham
Vincent Wijeysingha
Wong U-Wen
Terry Xu
Yap Ching Wi
Rachel Zeng

IPS Study: 2 in 3 Malays and 3 in 5 Indians have faced discrimination at some point while applying for jobs

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the fourth estate illustration.jpeg

By Gaurav Sharma

While 33% Malays said that they have never faced racial discrimination in Singapore when applying for a job, 19% said they faced it rarely, 28% sometimes, 12% often and 8% said they always faced it. For Indians, these percentages are: 40% never, 18% rarely, 23% sometimes, 10% often and 8% always. Combining the above data illustrates that 2 in 3 Malays and 3 in 5 Indians have faced discrimination at least at some point while applying for jobs in Singapore.

This emerged under the “Perception of Discrimination” indicator of a recent survey report published by the Institute of Policy Studies (IPS), National University of Singapore (NUS), and OnePeople.sg, an organisation to promote racial harmony and bring different communities together in Singapore. The indicator was to “measure perceived discrimination by examining whether Singaporeans feel that they receive differential treatment as a result of race in public services – such as in hospitals or at police stations – as well as in their daily lives – while using public transport, or at work”.

The survey which was conducted to gauge the country’s progress in building harmonious racial and religious relations covered 4,131 Singapore residents. While the indicators were released to the public on the July 18, 2013, the details of the survey were provided in September at a joint forum where participants reflected on race and religious relations in Singapore. (See Table 1)

table 1.png
Table 1: How often do you feel racially discriminated in these areas of your everyday life? – When applying for a job

In job promotions

When the surveyors asked the respondents “How often do you feel racially discriminated when being considered for a job promotion?”, the results were similar.

While 37% Malays said that they had never faced such discrimination, 19% said they faced it rarely, 27% sometimes, 10% often and 7% always. For the Indian community, while 42% had never faced discrimination in promotions, 18% faced it rarely, 22% sometimes, 11% often, and 7% said they have always faced it. (See Table 2)

table 2.png
Table 2: How often do you feel racially discriminated in these areas of your everyday life? – When being considered for a job promotion

“Perception of social exclusion”

The survey also used an indicator, “Perception of social exclusion”, to “examine whether Singaporean’s perceive that particular segments of the population have to work harder to achieve a decent life in Singapore and whether access to top positions were more difficult for them to achieve”. And its findings are also interesting.

About 17.6% Singaporean Indian respondents and 19.6% Singaporean Malays believed that Indians and Malays had to work harder compared to other races to have a basic, decent life in Singapore. (See Table 3)

table 3.png
Table 3: How hard respondents felt members of different races had to work in order to have a decent life in Singapore?

Likewise, about 30.8% Singaporean Indian respondents and 36% Singaporean Malays believed that Indians and Malays had to work harder compared to other races to reach top positions in their organisations. (See Table 4)

table 4.png
Table 4: How hard respondents felt members of different races had to work in order to reach top positions in their companies/organizations?

The report also highlighted general trends from the data collected, and provided a baseline study that will allow tracking the state of racial and religious relations in Singapore over the years. “Minority respondents compared to Chinese respondents held more positive attitudes towards embracing diversity, colour blindness, inter-cultural understanding, social acceptance and cross-racial friendships. This is expected since minorities are more likely to be sensitive to issues surrounding diversity. Similarly those who were younger, better educated and were of higher socio- economic status tended to be more positive.”

“Discrimination was more often perceived by minorities, those who were less educated, from lower socio-economic status backgrounds and who were younger,” the authors concluded.

Note: All graphs in this story are courtesy IPS and OnePeople.sg

Race relations 1: School for colour-blindness

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Glenn Lim
Glenn Lim

A Singapore race relations survey showed fewer than half the respondents had a close friend from another race. Since children make friends at school, the solution is obvious

By Glenn Lim

Glenn Lim
Glenn Lim

People like comfort zones. That is why they are called comfort zones. So the results of the recent survey on race relations in Singapore do not come as a huge surprise. Fewer than half the respondents had a close friend of another race – a point of concern for the director of the Institute of Policy Studies Janadas Devan.
When I was a university student in Australia, I had to push myself to step out and make friends with non-Singaporeans. Not easy when there are Singaporeans lurking at every corner. The point is, it takes effort to build a relationship with someone of a different culture and requires venturing into somewhat unfamiliar territory.
That ‘risk-appetite’ shrinks with age, so do opportunities to start any sort of relationship since we’re all so busy with work. But kids have no such hindrances. They are colour-blind and have all of their primary and secondary school lives to forge friendships. School life is the best time for interaction between races and for close, lasting friendships to develop.
I am Chinese and one of my best friends till today is a Sinhalese I’ve known since primary school. Yet I am one of those Mr Devan is probably concerned about. Most of my close friends are Chinese, largely because my schoolmates were almost exclusively Chinese.
Our primary and secondary schools need to recognize the role they play in facilitating those interactions not just through a single day when everyone gets dressed up in ethnic clothing, but by providing opportunities for students of all backgrounds to come together around commonalities like interests, values and aspirations. And if Singaporeans are challenged from a young age to step out of the multiple comfort zones in our lives, perhaps we will improve our race relations and who knows what else.
Glenn Lim is the director of a PR agency.
See also Race Relations 2

Race relations 2: Once an ethnic minority…

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Tang Li
Tang Li

Life abroad as an outsider can help one understand what ethnic minorities go through

By Tang Li

Tang Li
Tang Li

I spent a good part of my life as an “ethnic minority.” From the age of 11, all the way to 19, home was a small market town in Hampshire, Southern England. I was one of perhaps a group of 30 odd people in a town of some 10,000 plus who was obviously not White Anglo-Saxon.
I was the only person who could communicate with the owner of the Chinese takeaway (who was from Hong Kong) in a language other than English. While English is to all intents and purposes my “mother tongue,” I took pride in the fact that I could speak Cantonese, a language that no one else could understand.
While I did face one or two “racist” encounters, life as an ethnic minority in southern England wasn’t bad. Sooner or later, people got to know my name. I could walk into the bank and just say “My name Tang” and the bank officer would pull out my bank record and attend to whatever needs I had.
This easy convenience changed when I had to come home for national service. Suddenly, I was just like everyone else. I noticed this most when I could no longer get things done at the bank without identification. I remember the bank officer telling me, “Sorry, it’s quite a common name.” It was like being told that I was officially no longer interesting.
To my chagrin, people were less accepting if you were different in some way when you looked like them. In the two-and-a half years of National Service, I probably had more jibes directed at my “accent” than I had in the preceding seven over my skin colour.
Nevertheless, I made the decision to come back to Singapore to work. I have now been back in Singapore for 12 years. Slipping between English and Singlish is now a natural habit. My Mandarin has become better for the simple reason that I use it more than I did in the UK.
However, there’s another part of me that still feels for being different. I don’t expect “new arrivals” to become like me. In fact, I believe they can be themselves and still get on with life because …well, I did too. For example, one of my closest friends is a Nepali immigrant. I don’t expect him to become “Chinese” just to fit in with me. If anything, I try to reach out to him.
I have not yet become a fluent Nepali speaker. However, I find it easier to pick up Hindi than I do Hokkien. I have always believed that if I am more educated than the next guy, I should be the one taking the initiative to understand his culture rather than expect him to communicate through mine.
I guess all of this makes me unusual. An article in the Straits Times on September 12 stated that while Singaporeans are willing to accept colleagues from a different culture, they are less inclined to accept someone from a different culture into their social circle. Doesn’t it say it all about our efforts to create a fully integrated society?
Tang Li is an independent PR consultant and writer  
See also Race Relations 1

Populism is not a bad word

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PM Lee
PM Lee

By Elvin Ong

PM Lee
PM Lee

The policy changes in education, housing and healthcare announced by Prime Minister Lee Hsien Loong in his National Day Rally this year have drawn plaudits from most mainstream commentators for both the substance and the rhetoric. They note how the proposed changes fit squarely with the aspirations articulated by a broad spectrum of Singaporeans in the National Conversation for a slower, kinder and gentler society.
Yet, there are also concerns from some quarters that the proposed changes are populist. Some say that the People’s Action Party (PAP) always focused on implementing policies with a long-term vision in mind for Singapore, and had eschewed short-term populism.
To the extent that such a characterization of PAP in the past is true, we should recognize that ‘populism’ is not necessarily a bad word. What is so wrong about tailoring government policies to benefit the most number of people? Are the ideas of economic growth, inclusive growth, and compassionate meritocracy not ‘populist’ too?
Moreover, it may be useful to view these so-called “populist” changes not just as a direct response to the findings of the National Conversation, but also as a direct result of the PAP’s declining success in elections over the past few years.
To recap, in the General Election of 2011, the PAP scored its lowest vote share since independence and lost Aljunied GRC to the Workers’ Party (WP). In the subsequent Presidential Election in that same year, the PAP’s endorsed candidate Tony Tan won with the slimmest of margins – just 0.35% of valid votes ahead of Tan Cheng Bock. In the Hougang by-e
lection in 2012, the PAP’s Desmond Choo once again lost to the WP candidate, Png Eng Huat. And finally, in Punggol East earlier this year, WP’s Lee Li Lian triumped over PAP’s Koh Poh Koon with a more than 10% margin.
These successive setbacks in the electoral arena for the PAP were a clear signal from the electorate to the PAP that they no longer agreed with its previously stagnant policies. Either shape up, or ship out.
The Minister for Environment and Water Resources Vivian Balakrishnan was absolutely right when he said, “Politics is about power.” When the PAP loses elections, its power diminishes. To regain power, it must win elections. And to win elections, it must win votes. And to win votes, it must change its policies both in substance and in rhetoric. Whether these changes are significant and substantive enough is up to the electorate to judge.
From this view, then, my point is that the PAP, as like all other political parties, have always been populist parties at the onset because they seek to maximize their votes. They are as populist now as they are in the past. Ironically, no matter how much PAP politicians may demonize populism or say they disregard public opinion in the past, they do so in order to pander to populism.
Overall, this politics-policy link that we have observed harbour signs of the growth of an enlightened democracy at its very best. The electorate knows what it wants and does not want, and is not afraid to signal its preferences. Political leaders take the electorate’s grievances seriously and work hard to address them. Now, time for the democratic institutions to catch up.
At the end of the day, the key lesson is this: Singaporeans must surely begin to see how their vote, if they can coordinate, can bring about the changes that they desire. It is certainly not a cliché to say that their destiny lies in their own hands.
Elvin Ong is a graduate of Singapore Management University and holds an MPhil in Politics (Comparative Government) from the University of Oxford. He is currently a PhD graduate student in the Department of Political Science at Emory University. 
 

MAS Tightens Unsecured Loans: How It Will Affect You?

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Shopping bags

Do you enjoy being in piles of debt? Does your definition of “a good time” involve rolling around in unpaid bills, like some kind of reverse Scrooge McDuck? No? Well a significant number of you must be lying, because the government seems sure you do. That’s why they’ve decided to ruin every credit card marketer’s day, by tightening unsecured loans. See how it affects you:
 

No no. What I need are restrictions on unsecured *teenage daughters*. Do we have any of those planned?

Our Debt is Growing

Between 2011 and 2012, the amount of debts written off (by banks) rose by 21%. Our ratio of household borrowing to GDP has been rising right along with it: from 64% in 2007, to 77%*.
Nothing to panic about. Not yet.
Borrowing often accompanies economic growth, and South East Asia’s booming this decade. If economies were body sizes, and you put us next America and Europe, we’d look like an Ralphie May at an anorexia convention. And as far as rising wealth (and debt) go, we’re nowhere close to countries like Korea.
So the good news is, we have money. The bad news is, we’re getting too used to spending it.
Hence, the authorities’ tightening of credit across the board.
(*No, we’re not acting like teenagers who just found daddy’s Amex. About three quarters of our household debt is tied up in home loans.)

Changes to Be Made

“We had strict criteria of our own! We only gave credit based on income, low outstanding debt, or honest looking eyes.”

The changes to unsecured credit affects credit cards, along with some personal loans (including the ones from licensed money lenders). The following changes are to be rolled out between now and 2015:
From December 1st, 2013:

  • All Financial Institutions (FIs) to conduct debt and income checks before raising credit limits.
  • Whenever FIs receive information that suggests someone isn’t credit-worthy, they must run debt and income checks.
  • Persons above 55 years old can only get credit cards if their personal assets exceed $750,000. Alternatively, they can get a guarantor. Said guarantor must earn at least $30,000 per annum.

From June 1st, 2014:

  • FIs must run checks on any borrower’s outstanding debt and credit limits.
  • FIs can only raise your credit limit with your written consent.

From June 1st, 2015:

  • FIs must inform borrowers of how long it will take to clear a debt, if they only make minimum repayments (usually $50 a month).
  • FIs must inform borrowers of what the total debt will be in six months, if they make no repayments.
  • Anyone who fails to repay credit card bills (or other unsecured loans) for 60 days or more cannot apply for more credit. (Yes, even from other banks or FIs)
  • FIs cannot extend credit to anyone whose total outstanding debt across all lenders exceeds 12 months of their income*.

(*If the debt remains in excess of 12 months of the borrower’s income for a period of 90 days or more)

How It Affects You

Singapore slingOnly 12 months of our income? Now how will anyone afford ONE Singapore Sling at Raffles?

There are two main ways this will affect you.

  1. Application Time for Credit Cards and Loans Might Take Forever
  2. You May Want to Start Paying Down Debt NOW

Application Time for Credit Cards and Loans Might Take Forever
If you apply for a credit card right now, all you need’s your CPF statement, or three months of your pay slip. I’ve never heard of approval taking longer than a month, and rejections are rare. With the new requirements, that might change.
FIs now have to dig up your whole credit history, and that tends to stretch out the application process. If you have multiple outstanding loans, charges you’re still disputing, a fistful of credit cards with different amounts owed, etc. then bring some hair wax to the bank counter.
It’ll be good for the beard you’ll grow while waiting.
To avoid the hassle, you should research which cards are best for your lifestyle beforehand. Remember that every switch might be that much more inconvenient from now on. Use SmartCredit.sg to compare the reward systems of credit cards in Singapore.
You May Want to Start Paying Down Debt NOW

Credit is going to be a lot harder to get, come 2015. If you have any plans in the near future (e.g. start your own business, take loans to study, pay for your wedding) then you’d better plan right now.
Start paying down your debts as soon as possible, so you won’t face liquidity issues later.
Besides, credit’s also been tightened for car loans and home loans. You may as well work on your debts now, before they start affecting your total debt servicing ratio (TDSR).
Image Credits:
andrewarchy, himenohogosha, Swami Stream,
Source: Moneysmart.sg