Discover Financial Assistances schemes in Singapore during Covid-19

Financial Assistance Schemes during Covid 19

The Covid-19 situation has truly transformed and changed the way how people are dealing with work and their lifestyles. There are untold number of people with their livelihoods affected with the pandemic and this is where various organisations rise up to the challenge with well placed financial assistance schemes rolled out in this tough times. Today, we will discuss financial assistance schemes rolled out by various organisations and how they can be made possible for the needy. It is not just our local government helping affected individuals, it is with the great support of corporations, schools, organisations pitching in to help everyone. 

Ngee Ann Kongsi Fund – Financial Assistance scheme for Teochews

Ngee Ann Kongsi as a welfare organisation has set aside half a million dollars to help local teochews who had been affected by Covid-19. This is to reach out to those who have lost their jobs, retrenchments or incomes affected by the pandemic. 

Only Singaporean Teochews who are above the age of 21 can apply for the financial assistance scheme. It comes as a one-time sum of  $500  monetary assistance, and applicants would need to display that they have experienced total loss of income for 3months. The financial aid is to help those affected to tide over some of their financial burden.

For more information on how to apply for the scheme, it can be found on the Teochew Federation website

SMU Resilience Fund for Students

It is not only working adults that get assistance, students need them too as it has hit them harder. The scheme is called the SMU Resilence Fund which aims to help students who are first directly affected by the pandemic. 

Under SMU Cares, it helps students who have family members livelihoods affected by Covid-19. This comes in the form of a one-off grant of $500 to help students and their families to tide over this difficult period. 

In addition, there’s a Global Exposure Contingency Fund which helps students defray their overseas placements costs. This is because overseas internships and placements have been cancelled, and the fund is to help students recover their costs made. It can be airline bookings, accommodation costs, visa costs. It is also to help students with their Stay-Home notice accommodation. 

On the SMU Gives platform, a fund set aside for student bursaries and for emergency cases is constantly being made. Fund raising efforts from the faculty and students help this fund to continuously grow to help the needy. 

On the SMU Helps platform, new and existing gifts from various resources in SMU are channel to this platform. This helps urgent financial needs put up by those who need it the most. The University continuously strives to support affected students with its various financial schemes which is a great move by the school. 

AIC new portal for Application of Financial Assistance Schemes

AIC reaches out to caregivers and seniors, and aims to integrate assistance and care for those in this category. It also strives to build a vibrant community for the silver age community and provide support and care for them. Its volunteer program helps those in need. 

AIC launched a new portal that allows easy application of various financial assistance schemes that fall under AIC program. This skips the hassle of paper submission and easier access to applications. The included schemes help to defray caregiver costs which can be hefty for families. 

Interested applicants can apply via this portal

Government Assistance Schemes 

There are various schemes being offered to individuals and businesses that have been affected by Covid-19. Our local government has continuously stressed the importance of being resilient in these tough times, and the financial assistance schemes being rolled out are targeted to help the industries and people who need it the most. 

The government recognises the efforts by our frontline and healthcare professionals, and have set up the courage fund to help those in this line of work to cope with the increased stress and workload they had to endure. Covid-19 had placed numerous stress factors and tasks for our frontline forces, in which many are grateful for.

The food and beverage industry has been badly affected too, with many closing down due to reduced human traffic flow and financial difficulties as the reduced traffic lead to a sharp decline in sales. The government has stepped in to provide digital resilience funds and various support schemes for F&B to tide through this tough period. 

Financial assistance schemes such as Job Support scheme, Waiver and rebate of foreign worker levy, some of which are being rolled out in the Fortitude Budget 

The End Game? Stay Safe!

With 2020 coming to an end, and Covid-19 situation not lifting up, we are in it for the long run. Wearing masks as a necessity will not be removed any time soon, and the travel situation has not been uplifted fully yet.In time to come, it will be harder for businesses to survive as many has been displaced in the current environment. 

As an individual, do plan your finances wisely. Be careful with your loans and always speak to proper loan officers regarding your loan situation. Adjust your living budget needs accordingly with what you can afford. 

Job Search Singapore - How to Excel in Search

How to Excel at Your Job Search in Singapore

Job search has evolved over the years, especially with the emergence of social networks and innovative job search sites such as Glassdoor and Hired.

In this article, we will explore all the resources you can leverage on during each the job searching and interview process.

Once you have mastered these resources, it will definitely put you ahead of the other job applicants when it comes to finding and landing your dream job.

Job Search Channels

Are you only seeking out new job opportunities via traditional job aggregators such as JobStreet and Indeed, or directly on a company’s career page?

If so, you are missing out on a lot of job opportunities that might not be listed on either channel. An article by Payscale estimate that as much as 80% of new jobs are never listed but are instead filled internally or via networking.

However, you can actually discover this hidden world of job opportunities through one simple action — building up your LinkedIn profile.

You can start by connecting with all your past business contacts, friends and acquaintances.

With this simple action, LinkedIn will let you know if you have any connections currently working in the company you are applying to, and you can approach these connections for a referral!

Another channel that you can tap on is actually recruiters or headhunters, and one way to get discovered by them is to complete your user profile on websites like LinkedIn, Jobstreet or Indeed.

Often, these job search websites provide a tool to recruiters to filter and find the talent they need for their customers. And if you dutifully fill up your profile with all your skills and experiences, you will often find the right opportunities knocking on your door.

Job Search: Interview Preparation

After a few weeks of networking and profile filling, you finally got an interview offer from your dream company.

Now is the time for you to shine and you will be wise to be fully prepared for it. Here are a few resources you can leverage on:

  1. Company website
    You MUST read through the company website. Find out how the company position themselves, what their culture is like and what products they are selling. You don’t want to be caught dumbfounded when asked: “What do you know about us?”
  2. Google News
    Find out what are some of the latest media release or news about the company. They are great icebreakers and can quickly help you build a rapport with your interviewers.
  3. Competitors
    Try to find out who are the main competitors and how they compare. Websites such as G2Crowd, Owler, Quora can provide you with the answers you need.

Once you have familiarised yourself with the company and landscape they are operating in, it’s time to prepare for all the possible interview questions.

Here are some great articles that tackle this:

31 Common Interview Questions and Answers

Top 10 Common Job Interview Questions and Best Answers

Understand what are some of the most common ones and rehearse your answers multiple times. This way, there is a lower chance you will be caught off guard during your interview.

Best of luck in your job search!

Rise of Online Shopping and how shoppers spend more

The Rise of Online Shopping Sales and How It Got Us to Spend More

What does 9/9, 11/11, 23/11, 12/12 have in common? They are all online shopping festival sales dates started and promoted by e-commerce companies to encourage consumers to buy and spend more online.

It all started from Amazon’s Black Friday Sale, followed by Alibaba’s Singles Day Sale, and subsequently, e-commerce companies started coming up with other dates to host their own online shopping sprees — think 9.9, 12.12 and some even has weekly sales deals!

Alibaba’s Singles Day Sales even managed to keep smashing its own sales record. They recorded S$34.6 billion during the sales last year, cementing it as the biggest shopping event in the world.

And Singaporeans love these bargain – CNA stated that consumers from Singapore formed the seventh biggest group of overseas shoppers in 2015, coming behind bigger spenders from Russia, Hong Kong, United States, Taiwan and Spain.

And we love these sales because it allows us to buy certain necessity at a bargain price.

For example, a recent homeowner can browse and bookmark furnitures in Alibaba’s Tmall and Taobao, and wait for the Singles Day Sales to purchase everything. This way, they can shop at the comfort of their own home and save money at the same time.

But while the sales can help certain group of individuals save money, it also makes a whole lot of people spend more than they normally would.

These companies have engineered ways to gamify the online shopping experience and made deal hunting seem like a treasure hunt.

For example, during most of the sales, the e-commerce platforms will list out some of the popular items and their sales price days or weeks before the actual sales.

This helps the e-commerce platform to get the word out that the sales is coming, and creates hype and a fear-of-missing-out amongst shoppers, which eventually lead to more sales during the actual day.

Lazada even had a online shopping game during the sales that allows people to get products from as low as 99 cents as long as their friends help them to slash the price of the product through their unique referral link.

So, one way to work these sales to your advantage, and not be controlled by your impulses during the sales is to do research beforehand and plan a shopping list of the items you need.

Instead of mindlessly browsing through all the deals, you go into the sales with a clear budget, goal, and only purchase the items on your list.

Besides that, one other way to save more is to look out for credit card partnership that the e-commerce sites have. Often you will be able to enjoy some cash back or in certain cases, earn some air miles!

Now that Lazada’s and Shopee’s 9.9 sales are over, maybe it’s time to start listing down the items you really need and start spotting deals at Alibaba’s Singles Day event!

Rising Childcare Cost in Singapore

Childcare Cost in Singapore

If you are a parent, you probably heaved a sigh of relief when you saw that preschool is being addressed as one of the cornerstone in PM Lee’s speech in this year’s National Day Rally.

We know that because child care cost in Singapore has been on a steady rise in the past few years, with a median cost of $856 and an average of $1,004.

Early Childhood Monthly Full Day-Care Childcare Cost

Early Childhood Monthly Full Day-Care Childcare Cost

This meant that the average parent will be paying $60,000 for 5 years of preschool education for their child! But is it really necessary, as a parent, to pay top money in order to get quality early childhood education for your child?

Does an Expensive Preschool Equals to a Good Preschool?

Does expensive automatically equals to quality? As with many things in life, we say it’s not necessary the case when it comes to selecting preschool.

Dr Chen, from SUSS, stressed that there is “no reliable correlation” between fees and quality, and said, “Parents should look for the match between their child’s personality and individual needs as well as their own beliefs and values, and the structure of the pre-school programme and its philosophical approach.”

It’s not just the fees and quality of environment that you should be looking at. Make an effort to know more about the school’s leadership, teachers and parents interaction, and their current engagement with parents.
For example, PCF Sparkletots teachers actually sends regular learning updates in the form of a Communication Book to parents.

Besides updating their child’s progress, the book also act as a channel of communication between parents and teachers. Parents can choose to write question in the book, which will be answered by teachers on the next day.

Another good tip would be to bring your child to the preschool open houses and let your child roam around and interact with the teachers. On first impression, does your child like it there? — that can be a pretty good indication.

Seek Out Financial Aid and Subsidy to Make Childcare More Affordable

But… you are probably still pretty worried about paying around $700 per month for your child’s early childhood education right?

Well, not to worry too much because the government has plans to help parents with this. To aid you and to ensure your children get a fair start in life, the government plans to increase spending for preschool to 1.7 billion in 2022, and increase the number of partner operators.

This meant that there will be more affordable preschools by 2022, and 2 in 3 children will get access to government-run or government supported school.

Besides that, you will also be eligible for a basic subsidy of $300 per month for your child’s school fees. And if you are a working mum that works >56 hours per month with a household income of <$7,500, you will also be eligible for additional subsidies.

Another way to ensure that your child’s fee is within reasonable range, try to look out for Anchor Preschools, Partner Operator Preschools, and Government-run Preschool.

These schools have committed to maintain quality education while ensuring fees at capped at a certain range.

E.g. most partner operator preschool cost about $800 per month, from as much as $1,100 per month.

Plan Ahead Financially and Logistically for Your Child’s Education

But the best way to prepare financially for your child’s education is to plan for it.

Note down your saving goals and seek out financial vehicles that can help you to grow the money. If you are risk-averse, go for fixed deposits or saving plans. Even those 1-2% are way better than keeping the money in the bank for nominal interest rates.

This is also a good time to be kiasu. If an anchor operator or partner preschool is opening up near your home, take a day to queue up to secure a place for your child. This is one of the instances where queuing up brings about future benefits — e.g. travelling time, convenience, etc.

Hopefully this helps you to understand and plan the financial needs of sending your child to a preschool in Singapore!

Empire Global Vandalised. Sabotage from Illegal Moneylenders

Sabotage from Loanshark. Licensed Moneylenders Vandalised

It’s been a tough couple of months for us, and here at Empire Global we have recently been face with sabotage. Our shop front was defaced recently and we have reported this incident to the authorities. It is an unfortunate issue for us to bear but we are still clear on our rules. It appears that it had been an act on purpose as several other licensed moneylenders were hit overnight, as paint, urine and even faeces were thrown at the shop.

We would like to clear the air as many have asked. We have no connection or any issues with loan sharks or illegal moneylenders.

One of the licensed moneylender owner, had their a client detail pasted on their shop. This could be an act of illegal moneylenders as they could be upset that their business have been affected by us.

Personal Data Privacy

It is important to keep your private data to yourself and this is a case that tells you not to borrow from illegal sources as they can easily expose your private data to the public. Many would not want that to happen as you will never know what happens to your data.

We at Empire Global are still here to service our clients.

Deliveroo Singapore and the rise of food delivery services

How Deliveroo Singapore and Other On Demand Food Services Rise Up in Asia

Food on-demand (or Uber for Food). Video on-demand (or Uber for video). Books on-demand (or Uber for books).

The on-demand services championed by Uber has been such a success that entrepreneurs around the world are trying to disrupt industries with the same model, which has brought forth a sea of disruption to traditional business, job models, and consumer purchase behaviour.

So, what industry do you think had the most competition in on-demand services?

Enter Foodpanda — Singapore’s First Popular On-Demand Food App

Foodpanda was founded by a Malaysian entrepreneur Sidney Ng and Rico Wyder in March 2012. The app was first launched in Singapore and other SEA countries, with the aim to make online food ordering fuss-free, fun and fast.

In Singapore, the company mostly focused in the Central Business District area and only included 51 restaurants when it first started.

It was an idea welcomed by many restaurants and food services who might want to offer delivery services but don’t have the economic or manpower powers to do so.

“We definitely expect an increase in customer numbers from the cooperation with foodpanda”, said Jacky Stevens, restaurant owner of Picotin Bistro.

Back then, food delivery was still a novel idea and most people only tried the app out of novelty or when they want to celebrate a particular occasion such as birthdays and anniversaries.

Deliveroo Singapore – A New Challenger Arrives

Fast forward 4 years to 2016, consumers now use on-demand food delivery app as part of their daily life and often orders when they are too lazy to cook their meals, or when they work late nights in office, or even for a date night!

This has allowed Foodpanda to become a food delivery behemoth with 720 restaurants and see revenue grow 400% in the latest revenue report. All these signs points to a major shift in how consumer consumes food and the potential of growth in this market.

But this also meant that Foodpanda is going to attract competitors in this lucrative space.

The Battle of Efficiency and Simplicity

While Foodpanda managed to become the most popular service in Singapore, there were some complains about its business model and services. Two things stood out immediately when observing the chatter online — delivery time and cost.

Foodpanda was delivering on a lot of its food in the 45 to 60 minutes and its delivery pricing was a mess because it depended a lot on what you ordered and from where.

Deliveroo Singapore saw this opportunity and decides to enter the market.

Its USP was targeted specifically at the areas where Foodpanda is underperforming. They were offering delivery in the 30 minutes range and offers a 2-tiered delivery fees based on the value of food that you ordered.

This proved to be the right move as Delivery Singapore expanded and secured over 450 partners in a short period 6 months, more than half of what Foodpanda achieved in over 4 years.

At the time of this writing, Foodpanda has also reacted to the competition and improved their business model such that delivery timing now averages around 30 minutes. But this might prove to be too late because Deliveroo Singapore has already cemented themselves as the efficient and simple delivery app.

Overall, Singapore consumers will get more comfortable and familiar with food delivery services, and will consistently demand to have better services with more varied choices. The app which effectively captured this will definitely dominate the market in the years to come.

Singapore Budget 2017: Learn about HDB Grants & GST Rebates

Singapore Budget 2017: HDB’s CPF Housing Grants Increases for First-Time Buyers and More

The Singapore Budget was first delivered in 1965 by Finance Minister Lim Kim San where development and job creation were the key focuses. Due to careful budgeting, Singapore has been fortunate to record more surpluses than deficits in the past 50 years. This year,  SG Budget 2017 is delivered by Finance Minister Heng Swee Kiat with a focus on building skills and capacity to bring our economy to the next frontier.

While one of the main focus is about helping Singapore firms cross borders and become more digitalised, the government has not forgotten about Singaporeans.

Families have always been at the top of mind of Singapore policy makers due to an ever decreasing birth rate, and the same goes for the planning for Singapore budget 2017. Families are one of the main beneficiaries with measures such as increase in grant for first time HDB flat buyers, more infant care centres, and other smaller rebates to help Singaporean cope with the increase in expenses. We are going to discuss each and every one of them in the article below.

Budget 2017 for First-time home buyers:  More subsidies when purchasing a resale flat

First time home buyer?

Buying a resale flat?

If your answer to both questions above is a resounding yes then you have a huge reason to jump for joy now! In Budget 2017, the grant given to this group of home buyers have increased significantly, and with immediate effect!

For those who don’t know, currently, first-time home buyers that are looking at resale flats are eligible for three types of grants (up to $90,000) — CPF Housing Grant ($30,000), Additional Housing Grant (AHG) (up to $40,000) and Proximity Housing Grant (PHG) ($20,000).

Additional Housing Grants are a scheme created to help middle income families better afford housing by providing a grant value that’s tied to their income level. You and spouse will qualify for it if the average monthly household income over 12 months are $5000 or lesser.

Proximity Housing Grant on the other hand, are created to help families or singles who wish to purchase a resale flat that’s near to their aging parents’. You and your spouse will qualify for it if the flat you are aiming for is within 2km of your parents’ home.

This will change in 2017 onwards as the total grant will now increase (up to $110,000) due to an increase in the CPF Housing Grant from $30,000 to $50,000 for 4-room flats and $30,000 to $40,000 for 5-room flats.

Here’s what our Minister for National Development Mr Lawrence Wong said in his Facebook post “This will help those who wish to live near their parents in mature estates where there are fewer BTO projects, or those who wish to move into their own homes quickly to start a family. Together with existing measures, a couple can potentially get up to $110k in grants to buy their first flat!”

SG Budget 2017: HDB Housing Grant infographic

SG Budget 2017: HDB Housing Grant infographic


Here’s a quick glance in the grant changes.

Infant care centres will increase by 100% by 2020.

In order to help families with two working parents, the Government has committed to increase the number of infant care from the current 4,000 to 8,000 by the end of 2020.

This is in line with a previous effort by the Government to increase the number of quality child cares in Singapore. This effort should help more young parents improve their consideration of having a child in Singapore.

Rebates for personal income tax

Taxpayers will receive a 20% rebate in personal income tax for earnings in 2016, and will be capped at a maximum of $500.

GST U-Save voucher rebates continues

If you have been on social media lately, you will have probably seen the uproar over the 30% increase in water prices. This has led to a permanent increase in GST U-Save vouchers to help families cope with the hike — increases ranges from $40 to $120, depending on your flat size.

GST Vouchers

A $200 payment will be given to individuals who are aged 21 years old and above and earns less than $28,000 last year.

What we are covering here mainly focuses on how the Singapore Budget 2017 has brought about certain changes for families and Singaporeans in general. But that’s not all that the Budget 2017 has to offer, so be sure to visit the website and look at all the measures for yourself!

Chinese New Year celebrations. A tourist must know list!

Chinese New Year Traditions: Everything A Tourist Need to Know in Singapore

Chinese New Year is celebrated yearly in Singapore generally in the month of January or February, depending on the lunar calendar. This year, in 2017, it’s celebrated on 28th January, Saturday. If you have recently shifted to Singapore, or planning a visit here during this period, you would want to read this.

“A LOT of shops will be closed”

Singapore is a food paradise. Due to Singapore’s rich immigrant history, you will actually get to taste a wide variety of cuisine (e.g. Indian, Japanese, Korean, Chinese, European, Peranakan etc.) in Singapore. Often, the dishes from different ethnicity can influence each other, resulting in new and delicious dishes.

You can usually find these delicious food in hawker centers around Singapore, but if you arrive during the Chinese New Year period, you will be disappointed because a lot of these hawkers are small businesses and most of them do not open during this festive period.

Mandarin Oranges

They are one of the main things one will think of when it comes to Chinese New Year. Never visit someone’s house without mandarin oranges during Chinese New Year period. Mandarin oranges in Chinese sounds similar to the word ‘luck’ and “wealth”.

Therefore, the act of exchanging them signifies bringing luck to the recipients. You should always present them to the head of the household and they will then exchange these as a gesture of goodwill.

Red Packets for Chinese New Year

Many kids love the Chinese New Year as they will be receiving many red packets (affectionally  known as “Ang Baos”) after saying some Chinese New Year greetings such “Gong Xi Fa Cai” (wishing one to be prosperous in the coming year).

Ang Bao to celebrate Chinese New Year in Singapore

Ang Bao to celebrate Chinese New Year in Singapore

The act of giving red packets symbolises good luck and putting money in the ang baos is to bring happiness. The ang baos are generally given by:

1. Married couples to their single friends or children
2. Parents to children
3. Grandparents to children
4. Bosses to subordinates

According to the Chinese traditions, the money in the red packets should be an even number and the number ‘four’ should not appear in the amount as the pronunciation of the word in Mandarin sounds similar to the word “death”. However, you should note that it’s rude to open the red packets in front of the givers and comment about the amount openly!

Basking in the Chinese New Year Celebrations

If you are looking to soak in the Chinese New Year festive mood, you definitely need to head down to Chinatown! You can get practically everything relating to Chinese New Year from food to decorations there! Do check out the lightings and decorations that have been put up specially for this occasion while you are busy shopping and eating!

While Singapore has long banned firecrackers, you can still experience it at the yearly during the countdown celebration at Chinatown.

However, do be prepared to squeeze through the massive crowds as some families and people would go there to grab cheap goodies after their reunion dinners.

If you have the time, you may even visit the River HongBao at Marina Bay to admire the festive lightnings and dazzling lantern displays!

All in all, if you are planning to come to Singapore for the Chinese New Year celebration, try to do so at the week before the actual day. If not, you might have to prepare yourself to miss out on a lot of the local delicacies and encounter quite a number of empty malls and shops!

We at Empire Global like to wish everyone a ‘Happy Chinese New Year!’ Huat Ah!!! 

Singapore Moneylenders Credit Bureau to Launch in 2016.

Singapore Moneylenders Credit Bureau Launch in 2016

 It’s official! Things are set to change in the moneylending industry in Singapore. Licensed moneylenders like us at Empire Global will face stricter rules from the government. The Singapore Ministry of Law (MinLaw) has appointed DP Information Group (DP Info) to run the Moneylenders Credit Bureau (MLCB).

The much talked about Moneylenders Credit Bureau will need all licensed moneylenders to provide information on their loans and the borrowers repayment details. This was announced after the 4% interest rate cap.

Individuals used to be able to take up multiple loans from different moneylenders, without proper checks conducted on their repayment ability. Most of the time, it depends on the loan officer assessment of the borrower. Now, with the implementation of the Moneylenders Credit Bureau, licensed moneylenders will get the latest information of the borrower’s credit risk and their debt servicing ratio. This allows a better assessment of the borrower’s loan situation and ensure that borrowers do not borrow beyond their repayment ability.

We do understand the government standing on this as it primarily educates the borrowers on a larger scale. We have rejected borrowers before just by assessing their current withstanding loans. We also support this movement as this provides a safety net for businesses like us in the moneylending industry as this will prevent a percentage of borrowers who could not repay their debts from over borrowing. Financial institutions and licensed moneylenders would not want to overwrite bad debts as it leads to high overheads.

Moneylenders avoid over borrowers from getting loans with Credit Bureau

Moneylenders avoid over borrowers from getting loans with Credit Bureau

Moneylenders Credit Bureau in Singapore

The main goal of the Moneylenders Credit Bureau is to protect borrowers. This was due to many complaints from the public on errant companies making borrowers lending money beyond their means. Errant companies also charge overly high interest rates leading to borrowers being unable to repay.

Licensed moneylenders benefit from this new Act, as they can now tap onto the information by the Moneylenders Credit Bureau to affirm their loan assessment.

This will curb excessive borrowing and “help debtors to keep their loan commitments at a more manageable level”, DP Info said.

“We’ll be able to know how much a borrower has borrowed from other moneylenders, so that we won’t over-extend the loan,” said Mr Peter Tan, vice-president of the Moneylender’s Association of Singapore.

Statements from DP Info

Said Lincoln Teo, chief operating officer of DP Info: “The information provided will help promote responsible borrowing. The transparency also means that individuals, when seeking to buy a credit product from a moneylender, will be more likely to take their personal and financial circumstances into account when making their decision. This initiative will eventually see a reduction in the number of defaults. The introduction of the Moneylenders Credit Bureau brings us even closer to a holistic assessment of a borrower’s credit worthiness and repayment abilities.”

“Coupled with our other bureaux and through DP Info’s sophisticated technology, we hope to provide the licensed moneylending community with more data and information to make better decisions. The information will help promote responsible borrowing.”

“This initiative will eventually see a reduction in the number of defaults.”

DP Info currently operates two other credit bureaus – the DP Credit Bureau and the DP SME Commercial Credit Bureau. Read more on DP Info announcement on the new ruling of the Moneylenders Credit Bureau.

Licensed Moneylending News

27 Nov 2015: With the Credit Bureau, has now benefited welfare organisations.Two voluntary welfare organisations (VWOs)- Blessed Grace Social Services and Adullam Life Counselling – can now, with a borrower’s consent, refer to a credit bureau to get a clearer picture of his/her credit records. This is from a new memorandum of understanding signed between VWOs and the Moneylender’s Association of Singapore (MLAS) and DP Information Network.

These VWOs, work as mediators between debtors and licensed moneylenders as they work out structured repayment programmes agreeable to affected parties.

The DP SME Commercial Credit Bureau contains over 15million payment records of Singaporeans and Singapore businesses. This information can be accessed by the VWOs, and the information is gathered monthly from bureau members.

MLAS president Peter Tan said: “We hope that by working together with the VWOs, most debtors will be able to settle their debts in a restructured repayment scheme.”

General Elections Singapore 2015. Money Matters & How it Affects You.

General Elections & Money Matters. How it Affects You!

General Elections 2015 begins! It’s time to cast your votes! This time to your political party in Singapore. The General Elections of 2015 are just around the corner and it has caused quite a sensational stir here in Singapore. With the added usage of social media and the gen-y kids with their first foray into the voting cycle, it’s no wonder every news platform is publishing about the general elections.

Well, here at Empire Global we are under the Bishan-Toa Payoh GRC. Which is the political fight between the incumbents PAP versus the SPP-DPP joint party. It will be an exciting fight as strong leaders of the PAP have stepped down to make way for new leaders. Of course, we will not tell you which party we are voting for (voting is secret).

General Elections 2015 & Money

Money has always been on every Singaporeans minds especially in regards to housing loans, loans and CPF. Debates have been launched on such topics and it will always be the talk of the town. This is important as the  cost of living in Singapore is set to rise, the thought of having to work till old end is certainly scaring the younger generation to build families.

It has been significant in our population numbers as the number of new births are on the decline. Even with subsidies and incentives setup for families, Singaporeans at large are still on a worrying mindset of money and trying to keep up with their loans.

And yet the cost of living is one of the most complained issue during the general elections. Furthermore, the widening income gap has made the situation worse. Some of our customers mentioned about the cost of living in Singapore and how it had affected them when they come to our loan officers.

“It’s not just about people paying more. The deeper unhappiness is the sense that economic growth and wealth have not been suitably shared.” – SMU law don Eugene Tan.

This has probably got people to pay more attention to what the different political parties have to say on the different heartland issues in Singapore during the general elections campaign. It is clearly evident this time round as crowds had turned up during the Worker’s Party first campaign.

Huge Crowds at Worker's Party first election rally at Hougang GE 2015.

Huge Crowds at Worker’s Party first election rally at Hougang GE 2015.

Government Policies & General Elections

Like you, we are concerned about business. In terms of employment as an employer, we do have issues in hiring and maintaining our staff at times. We also look towards the different policies that the government intends to implement. Such as the much talked about 4% interest rate on money lending. That has caused quite a stir within our moneylending industry. Even at Empire Global, we have to make a couple of changes in terms of our business. We of course want what is best for our borrower clients.

The debates on foreign talent (FT) is especially obvious. Furious locals are banking on new policies to change the numbers of such foreign talent that seems to be snapping up their jobs. We as employers are more concerned with employing reliable and good people.

It indeed is a complicated case that remains set to be unresolved totally. Read more on a debate that about general elections whether it is able to cause investors to flee if the ruling party loses more than half the votes.

Well what about you? Who’s your favourite political party?

P.S: We have no affiliation with any political party. Just a voice.