Monday, August 10, 2026

小国发展之道在于危机来临时上下一心*

*小国发展之道在于危机来临时上下一心*

2026-08-09
联合早报
作者:汪瑞典
作者曾任新加坡国际金融交易所总裁、新加坡交易所总裁

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整整一个星期,团队几乎没有睡过一个完整的晚上。记得有一天,我和黄金珠一起前往会议路上,我们都没有说话。快到会议室时,她转过头,看着神情疲惫的我,只轻轻说了一句:“在这关键时刻,你可千万不能倒下。”没有训话,没有激励,只是一句平静而真诚的叮嘱。那一刻,我感受到的不是压力,而是一份沉甸甸的托付。
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  1995年2月25日,星期六晚上。一通电话,打破了夜晚的宁静。

  “霸菱银行出事了,要做好准备。”

  放下电话,我立即通知交易所的主席和执行委员会成员,翌日召开紧急会议,并要求监管、结算、交易厅等部门负责人一早返回岗位。

  没有人想到,这场危机不仅震动全球金融市场,也将成为新加坡国际金融交易所(SIMEX)成立以来最严峻的一次考验。

  拥有200多年历史的英国霸菱银行驻新加坡交易员尼克·利森,大量交易日本股指期货,利用“88888”特别账户掩盖亏损并不断加码,希望挽回损失。然而,1995年1月中阪神大地震后,日经指数暴跌,巨额盘口全面失控,这家百年银行最终因超过20亿新元的巨额亏损而轰然倒下。

  国际媒体的焦点迅速转向新加坡。人们追问的不只是霸菱为何倒闭,更是:SIMEX会不会被拖垮?新加坡的市场监管是否失职?这个年轻的国际金融中心,还值得国际投资者信任吗?

  我们深知,一场金融危机很快便会演变成一场国家信誉危机,而对一个小国而言,信誉就是最大的资产。

  在监管当局领导下,由交易所、银行、期货及法律等领域专业人士组成的危机处理团队迅速成立。大家没有争论,没有推诿,只有一个共同目标:稳住市场,守住新加坡的信誉。

  值得庆幸的是,在SIMEX严格的每日无负债结算保证金制度下,霸菱已缴保证金足以覆盖市场风险,为危机处置争取了宝贵时间。

  星期日,执委会迅速作出三项决定:暂停霸菱交易资格,由结算所全面接管未平仓盘口;公告霸菱已缴付的保证金足以覆盖风险,稳定市场信心;同时提高日经指数期货保证金,应对预期中的剧烈波动。

  没料到的是,提高保证金一度引起部分外国期货商的不安,他们怀疑交易所将会动用其他会员的保证金填补霸菱亏损。危机处理团队立即发出公告澄清,声明客户保证金依法绝不会挪作他用,并宣布已取得本地银行3亿美元备用信贷支持。

  最终,这笔备用贷款一分钱也没有动用。事实证明,新加坡健全的保证金制度,成功经受住了这场风暴。

  一个星期后,我们完成霸菱盘口平仓、客户账户转移,并将剩余保证金移交霸菱司法管理人;整个市场始终维持正常运作,没有发生系统性风险。

  六个月后,新加坡与英国政府各自的独立调查报告一致指出,霸菱倒闭的根源在于内部治理及风险管理全面失效,而非市场制度存在根本缺陷。

  真正令我难忘的,并不是调查报告,而是那整整一个星期。危机来临时,新加坡金融界展现了惊人的凝聚力。

  SIMEX执行委员会大多数成员,包括主席黄金珠与结算委员会主席,都是本地主要银行的资深代表;负责统筹处理霸菱庞大未平仓盘口的,则是一位服务于外资金融机构,深具外汇、债券及衍生商品交易经验的新加坡籍主管。整个危机处理团队,上下一心,不仅守住了市场,更守住新加坡的信誉。

  那一刻,我深深体会到:一个国际金融中心,可以汇聚世界各地的精英;但一个小国,绝不能没有属于自己的核心专业人才。

  开放,是发展的动力;本土人才,则是发展的根基。危机真正来临时,能够第一时间挺身而出、承担责任、守护国家信誉的,正是这支长期扎根本地、熟悉制度、彼此信任的专业团队。开放与培养本土人才,并不是二选一,而是小国必须长期坚持的两项战略。

  整整一个星期,团队几乎没有睡过一个完整的晚上。记得有一天,我和黄金珠一起前往会议路上,我们都没有说话。快到会议室时,她转过头,看着神情疲惫的我,只轻轻说了一句:“在这关键时刻,你可万万不能倒下。”

  没有训话,没有激励,只是一句平静而真诚的叮嘱。那一刻,我感受到的不是压力,而是一份沉甸甸的托付。我更深刻体会到,在危机中支撑一个团队的,不只是制度,更是彼此信任、彼此承担的精神。因为我们都知道,此刻代表的早已不是个人,不只是交易所,而是新加坡的荣誉。

  最终,SIMEX平稳度过了这场危机。后来的成交量屡创新高,国际投资者用行动表达了对新加坡制度的信任。

  然而,这段经历始终让我难以忘怀。它留给我最大的启示,并不是“我们没有错”,而是:我们还能做得更好吗?霸菱事件后,新加坡全面检讨交易监控及跨市场风险管理,引进国际最佳实践,持续提升监管体系。因为我们明白,在瞬息万变的金融市场上,小国最大的风险,不是犯错,而是自满、停止学习;最大的危险,不是在危机中偶尔受挫,而是在危机后失去警觉。

  霸菱风暴已过去31年,但它留给我们的启示,从未远去。世界信任一个小国,从来不是因为它不犯错,而是因为它勇于正视问题、承担责任,并不断把每一次危机,化为制度进步的契机。面对外部压力,坚持原则;面对内部危机,上下一心;面对自身不足,持续改进。

  一个小国,或许没有大国的资源,没有大国的市场,却可以拥有大国未必具备的制度、公信力与凝聚力。这,就是我所理解的小国发展之道。

  谨以此文,向当年所有参与霸菱危机处理、共同守护新加坡国际金融信誉的人士致敬,并深切缅怀已于2023年离世的董事长黄金珠女士。感谢她在危机中的沉着领导,以及那一句我终生铭记的话:“在这关键时刻,你可万万不能倒下。”

作者曾任新加坡国际金融交易所总裁

新加坡交易所总裁

汪瑞典

Sunday, August 9, 2026

PayNow一路升级迎九岁 - 拓展支付生态扫出新机遇

悉看大势:PayNow一路升级迎九岁 拓展支付生态扫出新机遇

https://www.zaobao.com.sg/finance/singapore/story20260809-9483875?utm_source=android-share&utm_medium=app

联合早报
2028-08-09

财经新闻记者 甘田 报道


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近期一项防骗新措施落地,意外把部分PayNow用户的英文姓名遮成敏感词,引发民众热议。但从侧面来看,也说明PayNow已成为覆盖率极广的一款付款服务,任何调整都牵动新加坡人的日常生活。本期《悉看大势》从扫码、收费和查账等问题出发,观察这次升级如何简化交易过程,助力新加坡的支付生态系统“升级打怪”,打开新机遇。
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今年6月,PayNow突然惹议,这个在新加坡推出近10年的即时付款服务,一时间成为民众热议的话题。

  PayNow自推出以来就允许个人用户自设昵称,付款时不必显示完整姓名。这个设计有助保护隐私,却也可能被诈骗分子利用,比如冒充正规机构、商家或亲友诱导他人转账。

  从今年6月6日起,新加坡银行公会停用个人PayNow昵称功能。转账页面改为显示银行登记的英文名,为保护隐私,以“X”遮盖部分字母。 

  谁料新措施推出数日,便出现意外插曲 。一些英文姓名被遮盖后,恰好出现敏感词组。例如一名姓Sean的游泳教练,收款名称竟变成“SEXX”。

  银行公会解释,相关系统并非都支持特殊符号,因此统一用“X”遮盖字母。用于协助付款人确认收款人身份的防骗措施,却因显示方式引发热议。

  不过,这件事的国民关注度,也侧面显示PayNow已深入新加坡人的日常,一次细微调整都可能激起千层浪。
  纵观PayNow过去九年的发展,一步一脚印,每步都旨在提升它的普及度和便利性。

  2017年推出时,它的主要服务是在个人银行户头之间转账。收款人把手机号、身份证与银行户头绑定后,付款人输入其中一个号码,便能即时转钱。

  2018年,企业版PayNow上线,PayNow逐步从个人转账走进更多付款场景,企业和政府机构可用企业注册号收付款。

  同年推出的SGQR,则进一步方便商户接受电子付款。它把包括PayNow和NETS在内的多种二维码付款方式整合在同一个二维码中,商户无须再摆放多个不同的二维码。

  PayNow也逐渐走出国门,覆盖更广的地域。2021年,PayNow接入泰国电子支付平台PromptPay,开通首条跨境即时支付通道。2023年,又接入印度的UPI和马来西亚的DuitNow。

  如今,PayNow已超越现金,成为新加坡人第二常用的付款方式。

  2025年年底,《海峡时报》委托分析公司凯度(Kantar)访问1000名18岁至65岁的公民和永久居民。调查发现,经常使用信用卡或转账卡、PayNow和现金的消费者,分别占87%、83%和82%(调查允许受访者多选)。

  金融管理局和银行公会数据显示,截至2025年底,超过九成成年人和约35万家企业已注册PayNow,PayNow去年处理7亿5240万笔交易,交易额达3005亿元。

  这种增长势头并未消退,今年前五个月,PayNow交易笔数和交易额较去年同期分别增加26.3%和21.5%。

PayNow升级四管齐下
付款收账等环节更顺畅

  然而,使用人数多,不等于每笔交易从付款到收账都足够顺畅。

  金管局和银行公会最近发布PayNow第二代(PayNow Gen2)研究报告,列出下一阶段四个升级方向。
  第一,推动PayNow与NETS二维码互通,让更多消费者可用PayNow银行或钱包应用,扫描商户的NETS二维码付款。

  第二,简化网上付款。消费者可从结账页面,直接进入支持PayNow的应用,少保存一次二维码,也少切换一次软件。

  第三,试行用PayNow缴付超过20万元的部分政府款项。目前,个人和企业缴付部分超过这个金额的税款、关税或房地产相关款项,往往须预先登记GIRO,处理期最长为三个工作日。金管局和银行公会计划2027年,与选定政府机构试行较大额PayNow付款,并测试合适的交易限额和保障措施。

  第四,扩展企业付款能力,包括付款请求、定期收款、自动对账所需的资料,以及更多跨境连接。

  其中一些项目近期准备试行,有些仍待进一步研究。报告指出,升级计划并非希望PayNow取代所有付款方式,而是致力于将付款、到账和结账接得更顺。

  跨境支付公司WooshPay创办人兼首席执行官马治国接受《联合早报》采访时说,他认为政府推动支付基础设施升级,是为了减少商业活动中的“摩擦”。他认为,这些摩擦是推高成本、拖慢交易的罪魁祸首。

  前者包括手续费和商户收单费,会增加经营成本;后者则是付款步骤多、到账确认慢,商户得反复查账,才知道钱到没到。一笔生意也容易卡住。

  马治国认为,费用少一点,流程顺一点,商户营运负担便可下降,也能推高消费者和企业的使用意愿。久而久之,付款更顺畅、交易更易完成,有助带动国家整体的消费和商业活动。

  其中,最直观的一道“摩擦”,就在商店的收银台前。

SGQR虽是超级收款码
背后付款网络却未打通

  在新加坡,SGQR可被视为商家的“超级收款码”。

  然而,一个SGQR标签上有哪些付款标志,仍取决于商家开通了哪些服务。顾客也得查看标签下方形形色色的数码支付标志,以确认自己能否用银行或钱包应用扫码。

  其实,SGQR统一的只是支付码,并没把背后的付款网络合成为一个系统。PayNow和NETS二维码仍属不同的付款计划,两者互通的前提就是补上后台连接。

  金管局和银行公会计划在2026年底前试行互通方案,让消费者使用惯常的PayNow应用,也能扫描商户的NETS二维码付款。

  按照两家机构公布的构想,PayNow与NETS二维码之间的互通机制会识别这笔付款,再把钱送到商户原有的NETS收款渠道。

  互通后,消费者不必为了眼前的二维码改换应用;商户也有望凭借一个二维码、一份收款合约,接受更多银行及电子钱包用户的付款,不用再分别对接各家支付系统。

  星网电子付款公司(NETS)告诉《联合早报》,方案落实后,消费者用PayNow扫描NETS二维码付款的交易也可汇入NETS Biz应用,方便商户统一查账。

  以马治国的说法来看,这些设计无一不指向同一个目标:收窄商业摩擦,让交易双方节省时间之余,也为更多商业交易腾出空间。

PayNow扫NETS二维码
付款交易手续费未有定论

  不过,值得提醒的是,互通后的交易手续费尚未有定论。报告并未公布互通后的费率安排,以及是否要额外付费、谁来承担。这将成为许多人的顾虑。

  对早已习惯免收费的PayNow的商户来说,这无疑是关键一环,关系到日后是否要采用新方案。一个二维码能不能扫通固然方便,每笔生意最终扣多少,对小商家来说同样重要。

  宠物美容店Fluffy Furries老板李恬慧接受《联合早报》采访时说,小额消费时,她会鼓励顾客使用PayNow支付。但当顾客购买较高额配套时,她则愿意承担信用卡手续费,方便顾客保留现金流。

  她说,若二维码互通导致收款费用上涨,她倾向维持现有做法。
  PayNow二代并非只着眼于改善眼前的付款体验。多名受访专家认为,金管局和银行公会更大的目标,是建立一套银行、支付机构和服务商都能接入并共同遵循的支付基础与规则,可被看作是一个共同底座。

  新加坡国立大学商学院助理教授拉贝蒂博士(Daniel Rabetti)受访时说,这项升级要让PayNow从转钱工具,逐步进入收款、对账和其他商业流程。

  马治国把这项改造比作修高速公路。银行和收款渠道像各自延伸的道路,只有彼此接通,款项才能顺畅流动。路通了,还须制定共同的交通规则。用在付款上,就是让各家系统以相同方式传送和读取资料,也为诈骗、退款和交易纠纷建立基本处理程序。

  总的来说,受访者们认为,这里所说的“共同底座”,不仅是转账系统,也包括互通标准、基本防诈措施和争议处理框架等适合由各方共同采用的规则。

  安全也是共同底座必须守住的一环。

  报告建议,PayNow可研究用人工智能(AI)加强诈骗侦测,并统一诈骗风险、交易核验和资料共享标准。银行和支付服务商也须相应提升防诈系统。不过,这些仍待下一阶段进一步评估。

  拉贝蒂也认为,系统韧性以及诈骗、责任和争议处理的最低框架,应在国家支付层面协调,难以交由单一企业解决。

  当然,网安不只关系到防诈骗,也包括系统发生故障时,能否继续运作。报告提出提高核心系统的处理容量和故障切换能力,并探索在电信网络中断时,维持部分付款服务的离线能力。

  市场研究公司Forrester首席分析师刘盟受访时说,这轮升级不只是增加几个功能,而是要把PayNow从便利的转账服务,发展为新加坡数码经济中低成本、实时运作的基础设施。


小商户对账难痛点
PayNow日后或可解决

  这些概念或许听起来抽象,却可解决商户一个很实际的问题:怎样把账对清楚。

  顺利兴鲜果老板洪荣源告诉记者,摊位每天有大量五角、一元、两元的收款。钱直接进入银行户头后,月结单很快便排满小额进账,要找出其中一笔并不容易。

  对此,PayNow二代报告倡议,日后付款可附带订单号、发票号或用途等资料。若功能落实,会计系统便能较易把进账与顾客、订单或发票配对,商户不必逐笔翻查。

  普华永道新加坡金融科技主管合伙人王宛仪接受《联合早报》采访时指出,共同底座可通过清楚的规则,提供可信、一致的基础,私人业者则继续按不同风险和商业需要发展服务。

  金管局和银行公会回复询问时也提及了政府与商界的分工。

  互通标准、基本防诈措施和争议处理框架牵涉所有参与者,适合采用共同标准。至于即时收款确认、综合对账和行业专属工具,企业可自行开发,也可通过银行、支付服务商或金融科技公司取得这些服务。

  换句话说,公共基础设施先把大家都需要的道路和规则建好,市场再按照商户和消费者的不同需要,完成交易的“最后一公里”。

  共同底座一旦成形,原本替商户处理收款、通知和对账的金融科技公司,会不会反而失去生意?

  被问及PayNow升级会否影响WooshPay业务,马治国认为,部分现有服务可能受到影响,但底座扩大也会带来新的需求,整体机会多于冲击。

  公共设施处理各方共同需要的环节,企业便无须重复铺路,可以把资源用在顾客和不同行业真正需要的产品上。

  他认为,即使一些现有功能被共同设施覆盖,企业也可调整服务,继续解决更细的市场问题。

  新加坡金融科技协会会长房泓沂受访时也说,PayNow二代能否成功,关键在于分清共同基础设施与市场创新。

  标准一致后,业者可把资源用在现金流管理、商户分析和行业专属服务,而不必各自重复建设相同功能。

  不过,路修好不代表每家公司都能轻易上路。房泓沂提醒,参与要求、技术接入和定价若过高,创新可能集中在少数大型机构。

  小型服务商能否在参与条件透明、技术接入公平和价格合理的情况下加入,将决定共同底座最终是扩大竞争,还是把机会留给少数企业。

  展望未来,拉贝蒂认为,PayNow二代的目标不应是打造一个人人都得使用的全国“超级应用”。更有价值的创业机会,未必是再造一个消费者的钱包,而是开发软件,把实时付款接进企业的日常运作。

竞争重点从处理付款本身
走向提供更完整商业服务

  这些服务可以自动核对付款和发票,也可帮助企业及时掌握现金流。金融科技公司的竞争重点,将从处理付款本身,走向围绕付款提供更完整的商业服务。

  拉贝蒂提及的概念类似代理式商业(agentic commerce),报告也把它列为较长期研究方向。所谓代理式商业,是由获得授权的人工智能程序代替用户找商品、下单和付款。

  马治国认为,未来消费者未必须要亲自打开应用按下付款键,也可能授权智能体代为完成交易。

  九年前,PayNow解决的是怎样把钱转给对方。接下来要做的,或许是让消费者“丝滑支付”、商户“无痛收单”,也让创业者们能在共同基础上开发更多贴近市场的服务。

甘田 报道

Saturday, August 8, 2026

National Day Reflections: A Good Man Should Serve in the Military; A Small Country Must Be Self-Reliant and Strong

National Day Reflections: A Good Man Should Serve in the Military; A Small Country Must Be Self-Reliant and Strong

Translated by ChatGPT 

Lianhe Zaobao, August 8, 2026

Author: Lim Jim Koon ( 林任君)

The author is a former editor-in-chief of Lianhe Zaobao

=====

National Service can be said to be one of the most important national institutions since the founding of Singapore. It has not only built a credible defence force, but also shaped national identity, a culture of total defence and a reserve mobilisation system. Whether viewed from the attitudes of generations of servicemen or from survey data, “serving in the military” has long been more than just a responsibility; it has become a value that has been widely internalised.

Every July, around SAF Day, social media platforms are filled with posts by NS uncles reminiscing about their years of service and expressing appreciation for the camaraderie among their fellow servicemen. They blossom in great variety and have become a widespread phenomenon.

It seems there have been particularly many this year. Perhaps people did so spontaneously, or perhaps it was the demonstration effect. Large numbers of posts have emerged recalling how they stumbled, fell, crawled and struggled together through those “miserable years”. Richly illustrated with photographs and text, they have come together to form a long scroll depicting the bits and pieces of military life. They are fascinating to read and have also helped create a patriotic atmosphere for National Day in August.

The stories told in such an unhurried and conversational manner by generations of National Servicemen are wonderfully varied. Written entirely in grassroots language with distinctive local characteristics, they are an alternative form of our local literature and fully deserve to become a “national intangible cultural heritage”. Most of the posts are in English, but are interspersed with large amounts of the “Mandarin” of the military — Hokkien that even Malay and Indian comrades could understand and speak to some extent — mixed with Malaysian-style English. They vividly recall, with both laughter and tears, the painful training sessions and exercises everyone endured together, as well as the tremendous sense of achievement after completing difficult missions and finally seeing their hardships rewarded. Without complaints or regrets, all those military affairs have been turned into subjects of laughter and conversation!

What resonates most strongly with NS uncles are always the endless stories of being punished and “kenna” disciplined: after painstakingly completing complicated training procedures, being ordered “semula!” (do it all over again!); because of one person’s mistake, the whole group being punished to “drop 20” (20 push-ups); offending a superior and being “kenna tarok until jialat jialat” (disciplined very, very badly); becoming even slightly lax in discipline and being “kenna tekan until cannot walk” (made to exercise until you could no longer walk); making just a minor mistake and getting “tio take, weekend burnt” (assigned extra duties, with the weekend gone); being scared out of your wits when you heard that the fierce-looking Encik (master sergeant) was coming; and the worst kind of punishment was when you were already exhausted and the platoon commander, on a whim (suka suka), pointed at a tree on a distant hill and asked, “Can see the tree over there?” before ordering you to hold your rifle, carry your field pack, run over to kiss the tree trunk and then run back. The most terrifying ordeal was during “standby bed” (bed inspection): no matter how clean the surface of the bed had been wiped, if the sergeant touched the underside of the bed with his finger and found even the tiniest bit of dust, you would be tekan; at the least, “drop 20”, and at worst, your entire locker would be turned upside down...

Of course, there were also occasional little moments of happiness: after becoming sian (tired of) the food at the cookhouse (military camp canteen), that plate of fried kway teow tasted like the most delicious food in the world when, after completing arduous training, the OC (company commander) granted a canteen break (permission to buy food at the military canteen). After working hard to do your job well and waiting seemingly forever, when a superior who was in a good mood finally approved a “long weekend”, you really had to thank heaven and be deeply grateful!

The wisdom of servicemen has been passed down from generation to generation. “Old birds” would always earnestly advise new recruits, teaching them the “ways of survival”: “act blur, live longer” (pretend not to understand and live longer), “never volunteer”, learn how to siam (dodge, slip away), and know how to take cover (find shelter and avoid trouble). Neither of the two extreme attitudes of “chao keng” (pretending to be sick or avoiding responsibility) and “siao on” (throwing yourself into things crazily) was acceptable, because you might sabo (drag down and cause trouble for) your teammates...

And so, with one person saying something and another adding something else, more and more amusing and embarrassing stories are revealed. Those who have never served in the military are left completely bewildered, while the countless old servicemen who share the same wavelength read them with great enjoyment, either understanding each other without words or reminiscing endlessly, sometimes unable to stop themselves from laughing out loud.

However, all these are merely the opening “comic movement”. After joking and teasing for a while, the veterans will begin to think about their former comrades, or the military camps and remote wilderness roads that have disappeared, the military-training hills that have been levelled, and the “Ah Lan” who would always be encountered at “strategic locations” along the route, carrying bags of chilled drinks for sale. They remember the trenches in which they once squatted together and those memories of making the best of hardship. Their words are filled with nostalgia and warmth. Many also use social media to post “missing person notices”, looking for someone from a particular unit in a particular year, or seeking precious photographs from field training in those days.

Interestingly, during their years of service, everyone was always complaining bitterly, grumbling incessantly, cursing with the three-character phrases and four-letter words, desperately hoping to complete their service and “get out of the army” as soon as possible to escape their suffering. Yet after taking off their uniforms and entering the workforce, when they look back on those difficult years, they are always filled with a little “homesickness”. They cannot help but miss the comrades with whom they shared hardships, those who camped together on rainy nights, wearing ponchos (military rain capes) and sharing steaming instant noodles from mess tins (aluminium military mess tins). As they recall the hardships and appreciate the sweetness that followed, an infinite sense of remembrance wells up in their hearts.

After reaching middle age and experiencing the politics of the workplace and the vicissitudes of life, NS uncles not only do not resist their regular In-Camp Training (ICT), but instead look forward to this annual “paid short holiday” that allows them to return to camp and reunite with their military buddies to reminisce about old times. That faded military uniform no longer represents the hardship of those days, but rather a youth that can never be returned to, and a brotherhood that requires no defences.

“NS Comradeship Culture” Has Highly Distinctive Characteristics

The deep bonds of comradeship among veterans can, to a considerable extent, be attributed to the Operationally Ready National Serviceman system of the Singapore Armed Forces. During full-time National Service, servicemen receive individual and unit combat training. After completing their service, they become “Operationally Ready National Servicemen”, and are usually assigned to fixed operational units such as companies, battalions and brigades, broadly “from beginning to end”. For many years afterwards, they undergo training or exercises with the same group of comrades during ICT.

This enables many Singaporean men, after experiencing together the transformation from inexperienced recruits into mature servicemen — in the words of director Jack Neo’s film Ah Boys to Men, completing the coming-of-age ceremony of “from boys to men” — to maintain contact with the same group of people for decades, or even for life, and to forge deep bonds of comradeship. Many even develop “military-external relationships”, becoming close friends, sports buddies, travel companions and business partners. They also witness each other starting families and building careers, attend family gatherings together, and support one another at different stages of life and career.

Among the small number of countries and regions in the world that practise compulsory military service, few appear to have a reserve system and ICT system similar to Singapore’s. This makes our “NS comradeship culture” highly distinctive.

For this very reason, the National Service system not only maintains Singapore’s defence readiness, but also invisibly weaves a unique social network — a comradeship network based on shared military service experiences, distinct from traditional social relationships such as schoolmates and colleagues. This network crosses professions, educational backgrounds and social classes. It has become another important source of social cohesion in Singapore and an important component of national identity.

The social cohesion generated by National Service can also be confirmed by the high level of public support for this national institution. A survey released in July 2023 by the Institute of Policy Studies at the Lee Kuan Yew School of Public Policy showed that as many as 93% of local respondents believed they would support compulsory National Service even if Singapore faced no direct threat; 88% of respondents said they would encourage their relatives and friends to serve even if National Service were not compulsory.

From July to November 2022, the institute conducted a nationwide sample survey, focus-group discussions and individual interviews involving 1,002 Singapore citizens and permanent residents. The respondents came from full-time and operationally ready National Servicemen in the Singapore Armed Forces, Singapore Civil Defence Force and Singapore Police Force.

The National Servicemen surveyed also generally believed that their families and employers supported their service, with the respective proportions reaching as high as 96% and 95%.

As for the factors motivating National Servicemen, “strong cohesion with fellow servicemen” ranked among the top four. The other three were: greater support from employers during National Service; good leadership in military units; and greater support for servicemen’s needs during important stages of life, such as caring for children and parents (financial benefits).

The proportion who believed that each of these four aspects could “to a large extent” motivate National Servicemen was close to 40%.

The findings of this latest survey, conducted once every 10 years, are highly significant and far-reaching, going far beyond simply showing that Singaporeans “support National Service”. Even if the country faced no direct threat, 93% of respondents supported compulsory National Service; even if compulsory service were abolished, 88% said they would encourage relatives and friends to serve. This shows that after nearly 60 years of implementation, National Service has, to a considerable extent, evolved from a legal obligation imposed by the state into a shared responsibility widely accepted by Singaporeans.

Most thought-provoking of all is that among the factors most capable of motivating servicemen, “deep bonds of friendship among military comrades (strong cohesion)” ranked alongside institutional factors such as employer support, good leadership and welfare protection. This shows that what sustains National Service is not merely legal responsibility and material conditions, but also the interpersonal bonds established through shared military service experiences, demonstrating the powerful soft force of this institution.

Building Horizontal Connections and Accumulating Social Capital

From this perspective, National Service not only provides the manpower needed for national defence and security, but also establishes horizontal connections among citizens from different backgrounds and accumulates social capital. What it forges is not only a defence-ready force, but also a shared sense of responsibility, belonging and comradeship. Beyond its military value, this is an intangible yet extremely precious social outcome of National Service.

It must be pointed out that although women do not bear the obligation of compulsory National Service, their support is an important force sustaining this system. As mothers and wives, they accompany their sons and husbands through their years of service. The time they devote, the family responsibilities they shoulder, and the various tangible and intangible sacrifices they make can all be regarded as a form of indirect participation in National Service. As many as 96% of National Servicemen believe they receive support from their families, and among these “family members” are undoubtedly countless mothers and wives. They may not wear military uniforms, but they participate in and support National Service in another way.

In fact, quite a number of women who “put on military uniforms” and directly contribute to the defence force are also serving. What is little known is that women currently account for more than 10% of the regular forces of the Armed Forces.

This was disclosed by Defence Minister Chan Chun Sing at a dialogue session organised by The Straits Times on June 24. He also said that this proportion is expected to continue to rise.

Chan Chun Sing also disclosed that the number of people applying to join the Singapore Armed Forces Volunteer Corps (SAF Volunteer Corps, or SAFVC) has been quite strong. Currently, only two out of every 10 applicants are accepted. The SAFVC provides a platform for people who are otherwise not required to serve — including women, new Singapore citizens aged 18 to 45, and first-generation permanent residents — to participate in service.

Regarding this positive phenomenon of voluntary military service, he said earnestly: “In my view, this is the strongest signal of deterrence. Because when someone wants to do us harm, they know that they are not just facing the Singapore Armed Forces, but the entire nation.”

He pointed out that in addition to the core force of 50,000 highly operationally ready active personnel and 250,000 operationally ready servicemen, the Singapore Armed Forces’ broad mobilisation network also includes 750,000 men who have undergone National Service and completed their service obligations, as well as the SAF Volunteer Corps. In other words, when necessary, Singapore can mobilise a total military force of more than one million.

Such military strength gives us a sense of composure and confidence, enabling us to defend our interests and determine our own future when facing various external challenges and threats. At the SAF Day pledge ceremony held at the Singapore Chinese Chamber of Commerce & Industry on July 1, Chan Chun Sing stressed: “If there is no credible Singapore Armed Forces, nobody will be willing to engage with us seriously; if they do not believe that we have a reliable defence capability, they will not take Singapore seriously.”

National Service can be said to be one of the most important national institutions since the founding of Singapore. It has not only built a credible defence force, but also shaped national identity, a culture of total defence and a reserve mobilisation system. Its successful implementation in this country where the Chinese constitute the majority of the population has completely broken the traditional Chinese notion that “good men do not become soldiers”. Whether viewed from the attitudes of generations of servicemen or from survey data, “serving in the military” has long been more than just a responsibility; it has become a value that has been widely internalised.

Tomorrow will be our National Day marking the 61st anniversary of independence and self-determination. We must never forget the tragic experience during World War II, when the British, who controlled Singapore’s fate, abandoned us, resulting in tens of thousands of our forefathers being massacred by the Japanese army. Apart from ourselves, no one will protect us unconditionally. In an increasingly jungle-like international society, small countries in particular should strengthen themselves and protect themselves — the principle is as simple as that!

The author is a former editor-in-chief of Lianhe Zaobao

Lin Jim Koon

Thursday, August 6, 2026

SGFinDex (Singapore Financial Data Exchange) is a ..

SGFinDex (Singapore Financial Data Exchange) is a public digital infrastructure that allows you to securely consolidate all your scattered financial data into a single view. Jointly created by the Monetary Authority of Singapore (MAS) and the Government Technology Agency (GovTech), it uses your Singpass to pull data from banks, insurers, the government, and SGX CDP. [1]

🏛️ Participating Organizations

You can pull financial data from 15 financial institutions and 3 major government agencies: [1, 2, 3, 4]
  • 7 Commercial Banks: Citi, DBS/POSB, HSBC, Maybank, OCBC, Standard Chartered, and UOB.
  • 7 Life Insurers: AIA, Great Eastern, HSBC Life, Income, Manulife, Prudential, and Singlife.
  • Investments: The Central Depository (SGX CDP).
  • Government Agencies: CPF Board, HDB, and IRAS. [1, 2, 5, 6, 7]

📊 What Data Can You Retrieve?

  • Banking: Current/savings balances, fixed deposits, credit card debts, and outstanding loans.
  • Investments: Unit trusts, CPFIS/SRS holdings, Singapore Savings Bonds, and stock equities.
  • Insurance: Policy details, coverage types, fund values, and projected policy values.
  • Government: CPF balances, outstanding HDB loan figures, and your Income Tax Notice of Assessment. [1, 8]

🔒 Security and Rules

  • Consent Duration: Your authorization to pull data lasts for exactly one year from the day you first link an institution. You must re-grant permission annually. [9, 10]
  • Data Privacy: SGFinDex acts as a secure transit bridge; it does not store or read your data. [1, 11]
  • Manual Syncing: Your data is not updated automatically in real time. You must log in via your bank/insurer app and manually click "Sync" to download the latest numbers. [9, 12]

🚀 How to Set It Up

  1. Log into your preferred bank app (e.g., DBS digibank) or insurance planning portal.
  2. Navigate to the Financial Planning / SGFinDex section.
  3. Log in via Singpass to authenticate your identity.
  4. Select the other financial institutions you hold accounts with and approve the link.
  5. Log in with Singpass one final time to sync and see your entire net worth. [9, 12, 13]
If you are using this to build an asset list for your estate planning, would you like me to walk you through how to use SGFinDex within the My Legacy portal, or do you need help calculating your total net worth?

If I allow a trusted person to view a certain document, for example, a copy of my Will in My Legacy Vaulted now. After I die how long can he still see the document?

Your trusted person can continue to see the shared document indefinitely after your death, as long as the My Legacy portal remains active. There is no official expiration date or automatic time limit imposed on their viewing access once your death is registered. [1, 2, 3]

Key Access Rules to Know

  • Continuous Access: Once your passing is officially reported to the Immigration & Checkpoints Authority (ICA), the portal automatically unlocks your approved files. Your trusted person logs in using their own Singpass to view them. [2]
  • The 30-Day Rule Distinction: Do not confuse vault document access with the digital death certificate download. The digital death certificate can only be downloaded from the portal for 30 days following the date of death. However, your personal uploaded documents (like your Will) inside the secure vault do not follow this 30-day deletion rule. [4, 5, 6]
  • Control From the Grave: Because the document remains tied to the permissions you established while alive, the trusted person will only be restricted if you manually revoke their access or change their setting to "No Viewing Access" before you pass away. [7]

⚠️ A Crucial Legal Warning

While storing a soft copy of your Will in the My Legacy Vault is an excellent way to let loved ones know it exists, a digital copy is not legally valid for probate in Singapore. To execute your estate, your executors must still locate and present the original physical paper Will to the courts. Be sure to use the vault's notes section to type out the exact physical location (e.g., a specific home safe or law firm) where your original signed Will is kept. [8, 9, 10, 11, 12]
If you are currently setting up your estate profile, would you like me to show you how to securely link your digital financial assets via SGFinDex, or do you need a quick checklist on what information your Executor will need? [13, 14, 15]

中国经济K型分化之困


联合早报
2026-08-06

中国经济K型分化之困
中国经济到底好不好?这个问题不好答。

  说好,国内生产总值(GDP)今年上半年增长4.7%,仍处于全年4.5%至5%的增长目标区间;人工智能(AI)、新能源、半导体、高端制造和出口制造表现不俗,生产能力和产业竞争力依然强劲。

  说不好,房地产仍低迷,消费、内需疲弱,部分传统行业订单减少,企业投资意愿不足,好些民众的收入和就业预期未随宏观经济增长同步改善。

  专家分析和舆论议论最多,也最接近现实的答案可能是:经济K型分化。就看你站在K字母的上臂还是下臂,包括产业、人群和地域。

  K字母上臂,是向上的“新经济”。AI、新能源、半导体和高端制造不断扩张,部分出口制造业保持强劲;高端服务业和科技产业集中的城市吸引资本和人才;新经济领域就业机会增加,部分从业者收入也随之上升。

  K字母下臂,是在承受调整压力的“旧经济”。房地产、建筑业、家居建材以及部分传统消费和内需行业持续低迷;依赖传统产业的城市面对财政、人口和房地产多重压力;传统行业从业者则可能面临订单减少、利润下降甚至工资承压。

  一个中国经济,同时存在两个不同世界。从“让一部分人先富起来”到“不同的人面对不同的经济体感”,中国经济正在经历一场深刻的阶段性变化。

  改革开放初期,中国经济的显著差异主要体现在地域:沿海先发展起来,再往内陆扩散。如今的分化则同时发生在产业、城市和人群。同一个城市里,AI企业可能高速扩张,传统制造企业却在裁员;同一个家庭里,年轻人可能进入新产业,父母却身处收入下降的传统行业。所以单看GDP,已难以解释普通民众为何有不同体感。

  今年一季度中国经济增长5%,二季度放缓至4.3%,上半年增长4.7%。从宏观总量看,经济仍保持增长,但增长流向哪里,可能比增长数据本身更关键。

  中共中央机关刊《求是》8月1日发表题为《如何看待宏观数据与微观感受“温差”》的文章坦承,宏观数据与微观感受之间存在“温差”。文章说,中国经济目前正处于“新旧动能转换的关键期”,经济运行呈现明显的结构性分化。

  文章也强调,“温差”并非中国独有,而是经济发展中的普遍现象。经济体量越大、经营主体越多、业态越丰富,“温差”反而越常见。

  问题是:如果温差持续扩大,经济增长最终能不能转化成更多人的生活改善?

  K型经济改变的是经济增长的传导方式。过去经济发展路径相对直接:经济增长带动企业赚钱、扩大投资、就业增加,进而推动工资上涨及消费增加,更多企业从中受益,形成相对完整循环。

  在K型经济中,这条传导链可能出现断裂。AI提高生产率,不意味着所有人的工资都会同步提高;高端制造业扩大,不表示传统产业的就业可以完全转移;核心城市吸引资本和人才,也相当于其他城市失去人才和需求。

   这种分化还可能形成自我强化循环。K型上臂不断吸引资本、人才和政策资源,越强越容易获得更多资源;下臂则面对房地产调整、人口流出、财政压力和需求疲弱,修复经济活力更加困难。

  长期研究中国经济的美国麻省理工学院教授黄亚生7月29日撰文提出,中国不仅出现“K型经济”,也可能存在“K型政策”。

  他分析中国国家发改委每年3月向全国人大提交的年度计划报告发现,2014年供给侧议题与需求侧议题的政策关注度几乎相当,评分分别为7.8和7.5;到了2024年,供给侧升至9.5,需求侧降至6.3。

  也就是说,科技创新、产业升级、制造业和基础设施等供给侧政策受到高度重视;就业、收入、消费、社会保障、户籍改革等需求侧议题相对靠后。黄亚生认为,这种政策取向可能强化“供强需弱”结构:生产能力持续扩张,但国内消费不足的问题迟迟没有根本解决。

  这种供需失衡也带来另一重压力:国内需求不足,企业需要更多寻找海外市场;在需求不足和产能竞争之下,企业可能陷入价格竞争,利润空间受挤压,最终又蚕食就业和居民收入。

  难题是:如何让K字下臂重获向上动力?

  《求是》提出,缩小宏观与微观之间的“温差”,不是简单削平经济发展的差距,而是让新技术的积极效应更多一些、调整震荡少一些,让新动能更快惠及大多数人。

  关键在于——惠及大多数人。

  改革开放以来,中国让14亿人口的庞大低收入经济体释放巨大能量,发展成为世界制造业大国,还成功让农村贫困人口脱贫。如今面对的挑战是:如何把强大的生产能力转化成更广泛的收入和消费能力。

  中国政府构想的理想结果,或许是让站在K字上臂的人长期保持活力,处在下臂者也能找到向上的通道,K型只是经济转型中的阶段性分化。然而,如果上述局面不出现,上下两臂长期两头走,经济分化可能从产业和地区延伸至社会分化。

  K型经济真正的挑战,不是国家有没有新的增长点,而是新增长点能否让大多数人感受到。

沈泽玮 北京特派员

Wednesday, August 5, 2026

区如柏:南大情深深

区如柏:南大情深深

供订户阅读

https://www.zaobao.com.sg/lifestyle/columns/story20260803-9455098?utm_source=android-share&utm_medium=app

2026-08-03

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  7月16日、17日一连两天,散居在世界各地的1200余名南洋大学校友云集砂拉越古晋,出席第20届全球南洋大学校友联欢会。这所仅仅生存了25年(1955至1980年)的大学竟然有这么多校友不远千里而来,聚集一堂缅怀他们曾经的青春岁月。

  在古晋联欢会期间,除了举办两场专场讲座——由陈定远博士主讲“先贤陈六使先生与南洋大学”,以及王俊南教授主讲“我命由我不由天”之外,一些校友还携带了各自的著作前来,与大家分享努力的心得。在两天的行程中,校友们也参观了古晋的大自然与名胜古迹,开拓了对东马环境的认知。

  在历史的长河里,南大是中港台以外的第一所华文大学。上个世纪50年代福建会馆主席陈六使前辈登高一呼,要在新加坡创办一所华文大学,万众响应。几年后,在大众的支持下,于裕廊路14英里半福建会馆捐献的土地上成立了南洋大学。

  在南大生存的岁月里,培养了1万2000余名大学毕业生。其中不少学生在毕业后远赴外国继续深造,归国后成为各个领域的杰出人才。

  打从1980年留学加拿大的刘宗正前辈及校友们,在多伦多发起举办第一届全球南大校友联欢会以来,早期多为每两年在世界各地举办联欢会。去年在槟城举办联欢会过后,今年又在古晋举办第20届联欢会。

  在古晋相聚之时,校友们议决第21届南大校友联欢会,由在吉隆坡的南大校友会主办 ,预计下一届的联欢会在地利的条件之下,出席人数将会更多,会场更加热闹。

|区如柏