Latest from Singapore Law Watch
Singapore Law Watch
2 days ago
- Business
- Singapore Law Watch
‘Long overdue': Experts welcome advisory against private-sector use of NRIC numbers for authentication
'Long overdue': Experts welcome advisory against private-sector use of NRIC numbers for authentication Source: Business Times Article Date: 27 Jun 2025 Author: Sharanya Pillai & Therese Soh Government to work with regulated sectors such as finance, healthcare and telecommunications to develop sector-specific guidance. Urging the private sector to stop using NRIC numbers for authentication is a timely and pragmatic move to strengthen data security, industry players told The Business Times. On Thursday (Jun 26), the government released an advisory telling private-sector organisations to move away from using full or partial National Registration Identity Card numbers to authenticate individuals 'as soon as possible'. The government is also working with regulated sectors – such as finance, healthcare and telecommunications – to develop sector-specific guidance in the coming months. 'This is a sensible move and long overdue. Using NRIC numbers for authentication has always been a weak security practice,' said Bhargav Sosale, data protection officer at medtech company Remidio. He noted that NRIC numbers are more like usernames than passwords, being 'static' identifiers that are used widely across institutions from banks to healthcare providers. '(That) ubiquity is precisely what makes them unsuitable for authorisation,' he said. Even the use of partial NRIC numbers – such as the last four digits – could be dangerous, noted Pang Tzer Yeu, chief information security officer at Red Alpha Cybersecurity. The risks are also high when NRIC numbers are paired with other easily obtainable information such as one's date of birth, noted Gerry Chng, head of cyber at KPMG in Singapore. Steven Scheurmann of cybersecurity company Palo Alto Networks sees Singapore's move as a 'significant step' towards bolstering digital safety, especially as identity theft and impersonation tactics grow more complex. He called on organisations to adopt stronger authentication methods such as complex, unique passwords or multi-factor authentication (MFA). Other options include biometric verification and security tokens. 'These methods offer significantly higher resistance to impersonation and fraud, and ultimately help build trust in digital services,' said Scheurmann, who is Palo Alto's regional vice-president for Asean. Verification through the Singpass app is another tool that some organisations are already tapping, noted Red Alpha's Pang. 'Many companies have already moved away from using NRIC, but there are a few sectors where I still see it being prevalent,' he said, citing the insurance sector as an example. For players that still rely on NRIC numbers for authentication, the government advisory 'should be a wake-up call', said Sosale. Industry reactions Industry players that BT reached out to said that they would work with the authorities on the matter. Association of Banks in Singapore director Ong-Ang Ai Boon said that the industry is exploring 'alternative authentication methods in line with today's advisory'. She noted that NRIC numbers alone cannot be used for financial transactions such as payments and funds transfers. However, 'there are limited non-transactional circumstances where NRIC numbers are used for authentication, such as to open encrypted documents sent by e-mail', she said. A spokesperson for AIA Singapore said that the insurer has moved away from relying solely on NRIC numbers for authentication. 'AIA Singapore only collects full or partial NRIC numbers when it is necessary to establish or verify an individual's identity to a high degree of accuracy,' said the spokesperson, noting that this is in line with Personal Data Protection Act (PDPA) guidelines. The insurer also uses MFA for more secure access to online services. Verification processes are also in place at human-assisted customer service touch points. 'We take data security seriously and will continue to ensure all our data collection processes adhere to PDPA guidelines,' the spokesperson added. Separately, Singtel told BT that it adheres to the present guidelines on the use of NRIC for authentication. 'We will wait and review any new guidelines from the (Infocomm Media Development Authority) before assessing any potential impact to our operations,' said a spokesperson. Fellow telco M1 told BT that it uses NRIC to only identify customers, and not to authenticate them. Hospital operator Raffles Medical Group noted that it relies on NRIC numbers as a unique identifier for patients during admission, registration and billing. The company 'will continue to take guidance from the Ministry of Health regarding the use of NRIC numbers for the verification of our patients' identity', a spokesperson said. Data privacy hit the spotlight last December, after a furore over the disclosure of full NRIC numbers on the Accounting and Corporate Regulatory Authority's Bizfile portal. The government had plans to change the practice of masking NRIC numbers, but the Bizfile portal had run ahead of that intent, the Ministry of Digital Development and Information said at the time. Source: The Business Times © SPH Media Limited. Permission required for reproduction. Print
Singapore Law Watch
2 days ago
- Politics
- Singapore Law Watch
Responsible public speech is part of a cohesive society: Edwin Tong
Responsible public speech is part of a cohesive society: Edwin Tong Source: Straits Times Article Date: 27 Jun 2025 Author: Chin Soo Fang Be especially mindful about hateful speech as conflict can be set off by words: Minister. In a cohesive society, people understand the impact of their words and take responsibility for what they say publicly, including in online spaces, Mr Edwin Tong said on June 26. 'Sometimes, this will mean sacrificing our own desire to be able to say what we want about anything we want, wherever we want, in favour of being more caring about the impact they have on the person next to us,' he added. Mr Tong, who is Law Minister, noted that people should be especially mindful about hateful speech, as conflict can be triggered by words. 'If we are more mindful, we will have more open, honest, public discourse, based on facts and not hate and disinformation,' he said. He was speaking at the close of the three-day International Conference on Cohesive Societies held at Raffles City Convention Centre. It was organised by the S. Rajaratnam School of International Studies and supported by the Ministry of Culture, Community and Youth, of which Mr Tong was formerly minister. Addressing more than 1,000 people, including thought leaders, policymakers and young leaders from over 50 countries, the minister shared his thoughts on how societies can stay cohesive and multicultural amid challenges, such as conflicts, trade tensions and disinformation. One way to build cohesion is to remember that multiculturalism is not a natural state but a continuous and intentional work in progress, he said. 'We must always glance behind us, behind our backs, and wonder whether it could be taken away from us,' he said. 'We must always have that slight nervousness about it, and then we will seek to jealously guard it and protect it.' There must also be a combination of good leadership and citizen support. 'Government policies are useful, and they put in place the framework, but it has to be the people who breathe life into these ideals, who practise them every day,' he said. To this end, some degree of social intervention is needed, he said, citing Singapore's integrated living spaces, where people of all races and religions live, eat and grow up together. The responsibility to shape and nurture this cohesive society will increasingly fall on young people, he added. More than 200 young leaders attended the conference – nearly double the number compared with the last conference in 2022. This group plays a big role in intergenerational bonding, Mr Tong said. 'It is one thing to connect with people of your own generation, but it is much harder to do so across generations.' Everyone must have an open heart to see across differences, foster shared ideas and build hopes with people who are different, he added. 'We should never weaponise race and religion,' he said. 'It is so easy to do, but its impact is so long-lasting, and it breaks the trust that we all seek to foster.' Other speakers at the conference included President Tharman Shanmugaratnam and Sultan Nazrin Shah, Sultan of Perak and Deputy Yang di-Pertuan Agong of Malaysia. The conference was first held in 2019 to provide an international platform for interfaith and multicultural dialogue, where participants could exchange ideas and develop solutions to create cohesive and resilient multicultural societies. This year's conference coincides with Singapore's diamond jubilee, Mr Tong noted. The Republic consciously adopted multiculturalism as a core value, and built a national identity while keeping the individual qualities of different communities, he said. He added: 'I believe that multiculturalism lies at the heart of the Singapore story. Sixty years ago, as a newly independent nation with a highly diverse population, we were very conscious of our differences, but we decided to form the country that embraced the differences, not in spite of but because of the differences, to make ourselves stronger.' Chin Soo Fang is senior correspondent at The Straits Times covering topics such as community, politics, social issues, consumer, culture and heritage. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
Singapore Law Watch
3 days ago
- Business
- Singapore Law Watch
Board directors must be mindful of family dynamics in businesses, says panellist
Board directors must be mindful of family dynamics in businesses, says panellist Source: Business Times Article Date: 26 Jun 2025 Author: Navene Elangovan Discussion comes amid heightened scrutiny of board dynamics following recent high-profile disputes. Independent directors serving on boards of listed family businesses need to be sensitive to power dynamics within the family, and identify the decision-maker in the business, said one academic specialising in family business and strategy. Although the role of board directors is limited to business matters, family conflicts can spill over into these matters, said Dr Marleen Dieleman from IMD Business School. She was speaking at a panel organised by the Singapore Institute of Directors titled 'When Board Members Disagree – Lessons from Recent Public Disputes' held at the Park Royal Collection Marina Bay hotel. The discussion comes amid a heightened scrutiny of board dynamics following high-profile disputes, including the falling out earlier this year between City Developments Ltd (CDL) executive chairman Kwek Leng Beng and his son, group chief executive officer Sherman Kwek, as well as the boardroom conflict at Fu Yu Corp, which led to the resignation of independent directors. Family-run firms make up more than half of the over 600 companies listed on the Singapore Exchange (SGX), making the role of independent directors in such settings increasingly complex. Pick your battles One way to understand who holds the most voting power within the family is by examining the spread of shareholding across its members in the business, said Dr Dieleman. Fellow panellist Rachel Eng, managing director of law firm Eng and Co, suggested that directors engage with the top-level executives in the company, such as the CEO and chief financial officer, to get more clarity on family disputes and voting patterns. This will ensure that directors are better equipped to make board decisions, she said. Eng, who has served on various boards, acknowledged that independent directors can come across as disloyal when they disagree with company leadership. She suggested that directors 'choose their battles', especially when pressured by dominant voices in the boardroom. For instance, if directors are being pressured to support an illegal decision, they should step down, noted Eng. Professor Lawrence Loh, director of the Centre for Governance and Sustainability at the National University of Singapore, said that if board directors are unable to put their dissenting vote on record, they can consider becoming internal whistle-blowers. He cited the 2011 case where former Olympus CEO Michael Woodford had exposed accounting fraud committed by executives within the company. Alternatively, independent directors may leave the company and 'be a voice from the outside to change the situation', added Prof Loh. Acting in company's best interest Ultimately, company directors must always act in the best interest of the company, even if this means they may not be re-elected to their appointment, said Chew Sutat, chairman of consultancy Shan De Advisors and former senior managing director at SGX. 'When there are disagreements on the board, directors should... try to find a way to influence and get the outcome desired in the interest of the company,' added Chew. He was also against board directors leaking internal disputes to the media. The CDL conflict came to light after Kwek Leng Beng informed the media on Feb 26 that he had filed court papers against his son. Subsequent exchanges between both parties were also through statements released to the media. Chew said that boardroom disputes should be addressed in an 'amicable way' that does not affect the reputation of the company or negatively impact other shareholders or stakeholders. Directors can ask for more information from other board members and steer the dispute into a constructive outcome where all stakeholders are aligned, noted Chew. Board members can also seek the advice of lawyers for regulatory or legal matters, he added. Source: The Business Times © SPH Media Limited. Permission required for reproduction. Print
Singapore Law Watch
3 days ago
- Business
- Singapore Law Watch
MAS, ABS announce new entity to oversee Singapore's eight national payment schemes
MAS, ABS announce new entity to oversee Singapore's eight national payment schemes Source: Straits Times Article Date: 26 Jun 2025 Author: Sheila Chiang Operational by 2026, it will boost governance of both national and cross-border schemes. Singapore announced the incorporation of a new entity that will administer and oversee the Republic's eight national payment schemes, such as Fast, Giro, PayNow and SGQR. The Singapore Payments Network (Span), which will be operational by 2026, will aim to strengthen the governance of both national and cross-border payment schemes, the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) said on June 25. It will also drive continuous innovation in the payments space and encourage active collaboration among key industry players. The initial members of Span are MAS and financial institutions comprising Citibank, DBS Bank, HSBC, Maybank, OCBC, Standard Chartered Bank and UOB. A board of directors will be formed to guide Span's progression from incorporation to operational readiness, while ensuring sound governance and alignment with its strategic purpose, MAS and ABS said. The 11-member board will comprise two senior representatives from MAS, five from bank and non-bank financial institutions, as well as four independent industry directors. It will also oversee the next phase of work, including the onboarding of other core national payment infrastructure participants as company members, and the transition of the payment schemes from their current administrators to Span. Such schemes are currently administered and governed by MAS, ABS, the Singapore Clearing House Association and the Infocomm Media Development Authority. This development comes after MAS and ABS announced on Feb 12 plans to consolidate Singapore's national payment schemes under a single entity. Speaking at ABS' 52nd annual dinner on June 25, Deputy Prime Minister Gan Kim Yong said the formation of Span is a timely move to strengthen the national payments infrastructure and drive further innovation within Singapore's payments sector. Mr Gan, who is also MAS chairman, noted that payment options such as Fast and SGQR are an indispensable part of the daily lives of consumers and businesses, as they enable personal and corporate payment transactions within and outside of Singapore. In a statement, MAS managing director Chia Der Jiun said the incorporation of Span is an important step towards strengthening Singapore's national payment infrastructure through a unified governance framework. ABS chairman Helen Wong added that streamlining the governance of the Republic's payment schemes under Span will allow financial institutions to respond more swiftly and innovate more effectively to meet the evolving digital payment needs of consumers and businesses. At the event, Ms Wong also said that Singapore will roll out two electronic deferred payment (EDP) methods at the end of July to support the transition from cheques to e-payments. Retail and corporate customers of seven banks – DBS, OCBC, UOB, Citibank, Standard Chartered, Maybank and HSBC – will have access to these two solutions via digital banking platforms. An awareness and educational campaign will also be launched alongside the roll-out. In his speech, Mr Gan noted that Singapore's banking sector has been the cornerstone of the city-state's position as a global financial centre. 'Today, our banks are among the best-capitalised, most digitally advanced, and most regionally connected in the world. This has enabled Singapore to become a key node for capital in Asia, which in turn reinforces our presence as a hub for trade, investments and talent,' he said. Despite such achievements, US tariff uncertainties weigh on countries including Singapore as they await the outcome of the US' negotiations with its other key trading partners, he said. Notwithstanding the outcome of these negotiations, it is unlikely that the US will return to the status quo ante any time soon, he said. Businesses must therefore adapt to a more protectionist global economic order. Mr Gan noted that banks play a critical role in helping companies tide through emerging challenges such as cashflow issues due to cancelled or deferred orders from tariffs. He said that banks have stepped up in this time of need, such as offering temporary extensions of trade bills to small and medium-sized enterprises, and he encouraged banks to take the opportunity to strengthen customer relationships by supporting these companies' growth and expansion into new markets. Mr Gan said such geo-economic disruptions are happening amid other fundamental changes, including the need to transition to a low-carbon future. He noted the need to establish clear, consistent and credible guidelines to drive effective climate-financing action. As a result, the Singapore Sustainable Finance Association will launch a guide to leverage the Singapore-Asia Taxonomy (SAT) to support green and transition financing. The SAT was launched by MAS two years ago to facilitate transition financing, with clear, credible and science-based definitions of what constitutes green and transition activities. For example, the guide will offer industry-agreed interpretations in areas where data gaps may exist or where further clarity is needed. This will give market participants greater confidence to raise and deploy green and transition financing that are aligned to the SAT, said Mr Gan. He also announced that NUS Business School will be introducing an undergraduate specialisation in sustainable finance. NUS plans to enrol about 50 students in each academic year in this programme and hopes to scale this up over time. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
Singapore Law Watch
3 days ago
- Business
- Singapore Law Watch
More than a third of retail investors in S'pore face problems exercising their rights: Survey
More than a third of retail investors in S'pore face problems exercising their rights: Survey Source: Straits Times Article Date: 26 Jun 2025 Author: Sue-Ann Tan About a quarter of the respondents said they met challenges in accessing company financial reports and disclosures. More than a third of retail investors, or 37 per cent, experienced difficulties in exercising their rights, according to a new survey out on June 25. The survey, which was commissioned in 2024 by the Securities Investors Association (Singapore), or Sias, included the responses of 197 people in a bid to track the progress of investors' rights in Singapore and see what more needs to be done. Sias is the main investor-led organisation dedicated to investor education and the advocacy of retail investors' rights. It engages companies and regulators to improve corporate governance and transparency. The survey was also conducted with support from the Singapore Institute of Technology (SIT) and the Singapore University of Social Sciences (SUSS). Of the respondents who said they faced difficulties in exercising their rights, 41 per cent felt their voices were not heard enough when companies made decisions. Another 24 per cent said they met challenges in accessing company financial reports and disclosures. About 22 per cent also reported encountering difficulties when voting at shareholder meetings because of unclear procedures and a lack of information. Lastly, 13 per cent said they experienced delays in receiving dividends and other things that shareholders are entitled to. SIT associate professor of accounting Kevin Ow Yong said: 'From an accounting and finance perspective, it is imperative that there are adequate safeguards to protect investors so as to improve and maintain investor confidence towards Singapore Exchange-listed companies.' The report observed that there is room for further reforms to plug gaps in investor protection under the existing framework. The opportunity for reform has also cropped up, with the ongoing review by the Equities Market Review Group, which was set up in 2024 to boost Singapore's equities market. 'While it is important for regulation to be right-sized in order to improve and increase the quality of listings in Singapore, this should not be at the expense of investor protection, which is important to support both retail and institutional investment in Singapore's equities market,' the report said. Among the things investors wanted are having better mechanisms for investor redress and dispute resolution, and ensuring fair and equal access to information. Investors also said they wanted more transparency in corporate governance practices and to strengthen safeguards against insider trading and market manipulation. Strengthening shareholders' voting rights was also important to investors. The largest proportion of investors felt that more can be done to make information more accessible. The report noted: 'These respondents elaborated that they felt their rights were compromised due to a lack of communication about significant changes in business strategy and insufficient disclosure on company investments.' For instance, one company did not inform investors about a major strategy shift, particularly after being inactive in one of its primary businesses for several years. Shareholders then raised these concerns at annual general meetings, demanding clearer communication about the company's intentions. 'In this instance, the feedback led to improved communication, with the company directly addressing their concerns, leading to enhanced transparency and investor confidence,' the report said. It noted that the fact that some respondents want greater transparency in corporate governance practices also indicates a growing demand for greater openness, accountability and clarity in how companies are managed and directed. SUSS School of Law lecturer Lance Ang said: 'The recommendations in the study are particularly pertinent in the light of the shift towards the 'disclosure-based regime' announced by the Equities Market Review Group in its ongoing review of the regulatory framework to attract listings.' He added that a disclosure-based approach that forms the basis of informed investor decision-making must be supported by private and public enforcement of disclosure breaches. These can enable investors to get compensation for losses, as well as ensure shareholders have access to information and investor education, Mr Ang said. SUSS School of Business senior lecturer Tan Eng Joo noted that the findings suggest that enforcement alone is not enough to empower investors, but that it is also encouraging that 'no single area stands out as particularly deficient'. 'This reflects a balanced approach within existing investor protection mechanisms, supporting efforts to build a resilient and inclusive capital market where all investors feel heard, engaged and safe,' Dr Tan said. Sias president David Gerald said that over the past decade, the organisation has seen a shift in Singapore where more investors are more proactive in asserting their rights. 'Through our persistent advocacy, constructive dialogue with regulators and listed companies, and empowering investors with knowledge, Sias has helped shape a more engaging investing community,' he said. 'This journey reflects our unwavering belief that protecting investor rights is fundamental to building trust and resilience in our capital markets.' Sue-Ann Tan is a business correspondent at The Straits Times covering capital markets and sustainable finance. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
