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Business Times
3 days ago
- Business
- Business Times
MOF says SRS withdrawal process ‘can be improved', will work with banks on this
[SINGAPORE] The government will work with Supplementary Retirement Scheme (SRS) bank operators to smoothen account holders' process of withdrawing funds from their account. The response comes shortly after The Straits Times (ST) published a letter on its Forum page on Monday (Jun 16) by account holder Francis Yeoh, who described the current process as inconvenient, as it requires an individual to be physically present at a bank. The SRS is a voluntary scheme that was created to complement the Central Provident Fund (CPF), and to help Singaporeans save more for their retirement by allowing them to contribute up to a maximum of S$15,300 into accounts operated by DBS, OCBC and UOB. In late 2024, a proposed framework aimed at expanding and streamlining the SRS was shelved after the three local banks withdrew their joint application. This prompted the Competition and Consumer Commission of Singapore to halt a review it was to undertake on the framework, which sought to improve access to SRS products and boost competition among providers. Unlike withdrawals, contributions to SRS, which are eligible for tax relief, can be processed digitally. In his letter, Yeoh noted that the process of requiring individuals to be physically present at a bank to withdraw funds from their SRS accounts was time-consuming, and described the process as 'surprisingly outdated and frustrating' – particularly given that CPF withdrawals can already be done online. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up He added that this seems 'misaligned with Singapore's push for digitalisation'. On the ability to make digital withdrawals, the CPF Board told The Business Times (BT) that this is supported by a 'digital-first, not digital-only' approach – offering members convenient digital access while retaining non-digital alternatives. A spokesperson said that robust security measures are in place for all online transactions, including Singpass two-factor authentication, real-time SMS and e-mail alerts, and verification to ensure funds are credited only to bank accounts belonging to the member. Additional anti-scam measures include a default daily withdrawal limit of S$2,000 for members aged 55 and above (adjustable up to S$50,000), a CPF Withdrawal Lock feature, and a 12-hour cooling-off period for changes to withdrawal limits or account settings. Yeoh had asked why a similar level of digital convenience could not be extended to SRS withdrawals. 'As our population ages, more retirees will seek access to their SRS funds,' he noted. 'Requiring them to queue for hours to manage their retirement savings is inefficient, inconvenient and, frankly, unnecessary.' He added that he hopes the banks and the authorities can review this process. In response to Yeoh's letter, the Ministry of Finance's (MOF) director of communications and engagement Farah Abdul Rahim acknowledged on Friday that the current withdrawal process 'can be improved for greater convenience'. She said, however, that the current process of requiring account holders to be physically present at a bank when making a withdrawal enables SRS operators to give customised advice to the individual. 'This helps ensure that members are aware of their eligibility for tax concessions and/or penalties, if any, relating to the nature of their intended transaction.' BT has sought a comment from the Association of Banks in Singapore, of which the three local banks are members. Financial advisers told BT that the feedback was valid, and highlighted the need for more flexible withdrawal options. Dr Ben Fok, chief executive of Bill Morrisons Capital, noted that since both CPF and SRS are designed to provide retirement income, their withdrawal processes should be aligned to promote clarity and ease of use. He added that integrating both schemes into a single digital interface could help reduce confusion and ensure they work more seamlessly together – minimising the need for physical visits and improving overall user experience. 'This approach would support retirees in managing their retirement funds more efficiently, offering a seamless and convenient way to access their savings,' he felt. Christopher Tan, group chief executive of Providend, suggested that banks offer three tiers of access to cater to varying user preferences. The first would be a fully digital option, through which account holders can use the bank's mobile application or an online portal to transfer funds from their SRS account into their preferred bank account. A second option could involve submitting a physical application form, with the funds either sent by cheque or credited directly. The third option is for those who are less digitally inclined or prefer face-to-face service. For them, visiting a bank branch should remain an option.
Straits Times
15-06-2025
- Business
- Straits Times
Forum: Take the queueing pain out of SRS withdrawals
Forum: Take the queueing pain out of SRS withdrawals I have consistently contributed to my Supplementary Retirement Scheme (SRS) account over the years, diligently setting aside funds in preparation for retirement. Making contributions was always a straightforward process – essentially a regular bank transfer from my DBS Bank account to the SRS account. However, now that I am retired and wish to begin withdrawing these funds, I have encountered a surprisingly outdated and frustrating system. Unlike contributions, withdrawals cannot be made online. I was astonished to learn that I must physically visit a bank branch to carry out this simple transaction. Despite going on a weekday afternoon and trying two different branches, I ran into long lines extending outside. It is baffling that while SRS contributions can be done digitally in an instant, withdrawals require physical waiting, potentially for hours. Why the discrepancy? Even Central Provident Fund withdrawals can be securely processed online. This system seems misaligned with Singapore's push for digitalisation. A simple online process – secured via Singpass, secure messaging or even video calls – should suffice to safeguard against fraud. As our population ages, more retirees will seek access to their SRS funds. Requiring them to queue for hours to manage their retirement savings is inefficient, inconvenient and, frankly, unnecessary. I hope the banks or the relevant authorities can review this issue. Empowering retirees with secure digital access to their own savings is not just a convenience, it's a necessity. Francis Yeoh More on this Topic Forum: What readers are saying Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
13-06-2025
- Sport
- Yahoo
Best pickleball courts in Singapore: PickleChoo Arena, Play! Pickle & more
Pickleball is an American sport that resembles tennis. Players use short-handled bats to hit a perforated plastic ball over a net. Pickleball has been gaining popularity in Singapore in recent years, with bookings at public pickleball courts more than tripling since 2023. Those with a valid Singpass account can use their free ActiveSG credits to pay for the courts' use. Here is our list of 10 places in town where you can play pickleball with your friends. The Sembawang Community Club sports hall, a component of the Sembawang Sports and Community Hub, is a multi-purpose hall that can accommodate various sports events. The Sembawang Community Club offers indoor pickleball courts, allowing players to enjoy the game in comfort all year round. With its friendly atmosphere, it is a fantastic venue for connecting with fellow enthusiasts and having fun on the court, regardless of rain or shine. For the court rental fees, you will have to contact Sembawang Community Club to find out. Canberra Crescent, Block 117B, #01-370, Singapore 752117 +65 6752 7212 Daily: 2pm – 6pm (Counter Services) | | Bukit Canberra is an integrated sports and community hub located next to Sembawang MRT station. The hub houses facilities including an indoor sports hall with pickleball courts. Bukit Canberra Sports Hall is a popular location for pickleball in Singapore, offering both indoor and outdoor courts. It's especially known for its well-maintained indoor courts with nets provided, offering a bright and climate-controlled environment for play. The pickleball court is also fenced, which is convenient for players who prefer to avoid chasing stray balls. For Singapore Citizens and Permanent Residents, peak rental of the pickleball courts will cost S$7.40/hour while non-peak rental of the pickleball courts will cost S$3.50/hour. 21 Canberra Link, Singapore 756973 +65 6374 5342 Daily: 7am – 10pm | | In the Northeast, the Sengkang Sports Centre, once known as the Sengkang Sport and Recreation Centre, is co-located with the People's Association Anchorvale Community Club. The Sengkang Sports Centre has a total of 6 pickleball courts, 3 indoor and 3 outdoor. The indoor courts are for participants to enjoy games without having to fret about the weather. Specifically, it boasts well-maintained courts with excellent lighting, making it suitable for both casual players and serious competitors. The presence of showers, lockers, and ample parking enhances the overall experience. Additionally, the centre's proximity to public transport and a riverside park allows players to easily combine exercise with relaxation. For Singapore Citizens and Permanent Residents, peak rental of the pickleball courts will cost S$9.50/hour while non-peak rental of the pickleball courts will cost S$4.50/hour. 57 Anchorvale Road, Sengkang Sports Complex, Singapore 544964 +65 6315 3574 Daily: 7am – 7pm | | Performance Pickleball is known for its specialised coaching, professional-grade facilities and vibrant community, making it the ideal option for pickleball enthusiasts in Singapore. They boast world-class coaches, including certified pros and national champions, who offer instruction and cater to all skill levels. Their emphasis on community building makes it a welcoming space for players of all ages and skill levels, fostering a sense of camaraderie. Performance Pickleball offers 2 indoor-sheltered courts, high-grade lighting, good ventilation and a cosy lounge area, which offers a comfortable playing experience. For Singapore Citizens and Permanent Residents, peak rental of the pickleball courts will cost S$28/hour while non-peak rental of the pickleball courts will cost you S$22/hour. 11 Northshore Drive, #01-23, Singapore 828670 +65 8891 2037 (WhatsApp) Daily: 6am – 12am | | The Singapore Pickleball Hall (or the SPH Pickle Padel) is the country's first fully air-conditioned venue combining both pickleball and padel, offering a spacious indoor facility. It's the largest indoor pickleball facility in Singapore, boasting 6 premium-grade indoor pickleball courts and 3 padel courts, ensuring players can enjoy their games in comfort. Situated at Expo MRT Exit C, the Singapore Pickleball Haill is easily accessible to players. For Singapore Citizens and Permanent Residents, peak rental of the pickleball courts will cost S$40/hour while non-peak rental of the pickleball courts will cost you S$30/hour. 9 Somapah Road, Expo Halls 7 & 8A, Singapore 487370 +65 9762 8285 (WhatsApp) Daily: 10am – 6pm | | 11 best personal trainers in Singapore to help you hit your fitness goals Play! Pickle Chai Chee offers a unique pickleball experience with a variety of features. They have 4 pickleball courts with professionally surfaced hard courts for optimum play. The courts are known for their vibrant colours (orange, blue, and red), making them visually appealing places to play. The location is well-maintained and easily accessible. They offer private and group classes, including family classes and pickleball yoga sessions. They host corporate and open play sessions for players who want to join in a casual game. Standard weekday (7am – 6pm) rental of the pickleball courts is priced at S$20/hour, whereas weekday (6pm – 10pm) and weekend rental will set you back by S$25/hour. 750A Chai Chee Road, 8th Floor, Singapore 469001 +65 8228 4334 (WhatsApp) Daily: 8am – 10pm | | The ActiveSG Sport Village at Jurong Town is unique because it provides dedicated, outdoor pickleball courts with permanent lines and nets. These hard courts are equipped with lights and restrooms, providing a professional-like playing environment. The layout also encompasses side-by-side courts, which further enhances the competitive atmosphere. Lights and restrooms are available at the courts, enhancing the overall playing experience. The courts are part of a sports village, offering access to facilities and food options nearby. For Singapore Citizens and Permanent Residents, peak rental of the pickleball courts will cost S$9.50/hour while non-peak rental of the pickleball courts will cost S$4.50/hour. 2 International Road, Singapore 619618 +65 6970 1619 Daily: 7am – 10pm | | The pickleball court at Choa Chu Kang Sports Centre is an open-air space where you can play. The court is outdoors, which offers fresh air and a more natural playing environment. The court has permanent lines, so you don't need to mark the court yourself. While the court doesn't have permanent nets, portable pickleball nets are available for players' use. For Singapore Citizens and Permanent Residents, peak rental of the pickleball courts will cost S$9.50/hour while non-peak rental of the pickleball courts will cost S$4.50/hour. 1 Choa Chu Kang Street 53, Singapore 689236 +65 6767 1735 Daily: 7am – 10pm | | The pickleball courts at New Bahru (in the beautifully reimagined former girls' high school along Kim Yam Road) aren't just courts—they're a pop‑up, urban‑cool experience. They are nestled in a broader creative cluster with cafés, local brands, workshops and events. The courts are set inside a converted school hall alongside gallery-style spaces, murals and creative studios, so you get a cultural buzz while playing pickleball together with your pals. The courts are bookable via New Bahru's pop‑up program. You can rent paddles and just drop in, making the location perfect for casual players, beginners and community groups. Standard booking of the pickleball courts at New Bahru will set you back by S$30/hour. 46 Kim Yam Road, New Bahru, Level 2 of the Big Block, Singapore 239351 Daily: 10am – 10pm | | PickleChoo Arena @ One North boasts a professional-grade, well-maintained court, rooftop convenience and the option to have private lessons with experienced coaches. Their court is designed to meet high standards of play by ensuring optimal traction and consistent ball bounce, catering to both competitive and recreational players. The courts are located on a rooftop, making them accessible from the ground-level car park via a lift. They also offer block bookings for specific time slots, ensuring steady access to the court. PickleChoo Arena offers private pickleball lessons by Coach Al Michael Jurao Madrio (S$125/hour), who has 8 years of experience and has won numerous championships. Standard weekday (before 4pm) rental of the pickleball courts costs S$16.50/hour, weekday (after 4pm) costs S$18.50/hour and weekend rental will cost S$20/hour. 11 Slim Barracks Rise, Centre for Movement, Rooftop, Singapore 138664 +65 9029 8400 Daily: 6am – 10pm | | Best free fitness activities in Singapore – free gym, free yoga, free run & more The post Best pickleball courts in Singapore: PickleChoo Arena, Play! Pickle & more appeared first on
The Star
12-06-2025
- The Star
Probe into 49 for suspected money laundering involving crypto accounts, over US$156,000 seized
SINGAPORE: The police are investigating 49 people for suspected money laundering activities involving the use of cryptocurrency accounts. The suspects – 35 men and 14 women – are aged between 18 and 58, the police said on June 12. They were nabbed during an islandwide operation carried out between May 13 and 30 by officers from the police's Anti-Scam Command, who worked alongside digital payments firm StraitsX. More than $200,000 (US$156,006) was seized as a result. Early investigations showed that the suspects allegedly opened and gave up their cryptocurrency accounts or Singpass credentials in exchange for cash, which ranged from $400 to $3,000. Making use of messaging platforms such as Telegram or WhatsApp, unknown parties had made contact with the suspects, guiding them through the process. Part of the instructions they received included providing screenshots, personal details, as well as access to their cryptocurrency or Singpass accounts, which were then used to facilitate the laundering of scam proceeds. The police said the collaboration with StraitsX had 'enhanced capabilities to detect suspicious financial activities', which led to the suspects being identified. They also stressed that they take a strong stance against people who may be involved in money laundering activities, and will not hesitate to take action. In order to avoid being implicated in such crimes, the police advised people to always reject requests by others to make use of their bank or cryptocurrency accounts. Caution should also be exercised if 'seemingly attractive money-making opportunities promising fast and easy pay-outs for the use of their bank or cryptocurrency accounts' are presented. 'Anyone who allows their personal bank accounts or cryptocurrency accounts to be used to receive and transfer money or cryptocurrency for others will be held accountable if these transactions are linked to crimes,' said the police. Those convicted of assisting another person to retain the benefits from criminal conduct can be fined up to $50,000, jailed for up to three years, or both. - The Straits Times/ANN
Straits Times
12-06-2025
- Straits Times
49 under probe for suspected money laundering involving crypto accounts, over $200k seized
The suspects allegedly opened and gave up their cryptocurrency accounts or Singpass credentials in exchange for cash. PHOTO: REUTERS SINGAPORE – The police are investigating 49 people for suspected money laundering activities involving the use of cryptocurrency accounts. The suspects – 35 men and 14 women – are aged between 18 and 58 , the police said on June 12 . They were nabbed during an islandwide operation carried out between May 13 and 30 by officers from the police's Anti-Scam Command , who worked alongside digital payments firm StraitsX . More than $200,000 was seized as a result. Early investigations showed that the suspects allegedly opened and gave up their cryptocurrency accounts or Singpass credentials in exchange for cash, which ranged from $400 to $3,000. Making use of messaging platforms such as Telegram or WhatsApp , unknown parties had made contact with the suspects, guiding them through the process. Part of the instructions they received included providing screenshots, personal details, as well as access to their cryptocurrency or Singpass accounts, which were then used to facilitate the laundering of scam proceeds. The police said the collaboration with StraitsX had 'enhanced capabilities to detect suspicious financial activities', which led to the suspects being identified. They also stressed that they take a strong stance against people who may be involved in money laundering activities, and will not hesitate to take action. In order to avoid being implicated in such crimes, the police advised people to always reject requests by others to make use of their bank or cryptocurrency accounts. Caution should also be exercised if 'seemingly attractive money-making opportunities promising fast and easy pay-outs for the use of their bank or cryptocurrency accounts' are presented. 'Anyone who allows their personal bank accounts or cryptocurrency accounts to be used to receive and transfer money or cryptocurrency for others will be held accountable if these transactions are linked to crimes,' said the police. Those convicted of assisting another person to retain the benefits from criminal conduct can be fined up to $50,000, jailed for up to three years, or both . Join ST's WhatsApp Channel and get the latest news and must-reads.
