Where's the Panda?

IMPERIAL BEIJING TOUR SURPRISE Where’s the panda? A SENSE OF BELONGING NOVEMBER 2014 Mica (P) 079/01/2008 FROM THE CHAIRMAN Let’s make 2015 the best AS I pen the We must be ever vigilant, cautious Yes, I welcomed the many members and responsible as we move ahead, ahead who called to enquire further on the final words for of unpredictable global and regional finer aspects of financial protections in times. That’s why in the last issue of SENSE place. Aside from confidential risk security the last SENSE magazine, I touched at length on the details which cannot be revealed, I have issue of 2014, cautionary protections in place against explained at best to members and fraudulence. I can say this, yet again, that our internal I wish to say many, controls are as safe and up to date as many thanks to can be. But I think I need to explain you, the members, generally the query on depositor for making this insurance. Is there such a protection to safeguard deposits placed with the 12-month co-operative by way of a depositor season yet insurance, like the banks do? The answer: We guarantee another deposits placed with your co- memorable operative but not in ways the banks do by way of depositor insurance. one. As a regulated credit co-operative (now professed as a regulated social enterprise) capital adequacy is our single most important supervisory requirement for managing risks. We plan our annual budget and maintain long and short term business plans to ensure we achieve capital adequacy. Let me reiterate that the Registrar stipulates the regulatory capital standards for capital adequacy. The Registrar’s COVER shows SGS Co-op members training their cameras and mobile-cameras to catch quick glimpses during the recent Imperial Beijing Tour. Full reports and photos on Pages 6 & 7 PLEASE UPDATE: 1 Sophia Road #05-21 Peace Centre Singapore 228149 Tel: 63374936 Fax: 63396772 Email: [email protected] Website: www.sgs.coop Reminder to members OPERATION TIME 9.00am to 7.00pm (Mon - Fri) 9.00am to 1.30pm (Sat) to update home address and bank accounts Chairman Asst Hon Treasurer Manager Corporate Support Officers (if there are John Raghavan, PBS, PB Abdul Alim Karim, PBS (Business Development, Nur Ashiqin Mohd Rosley changes to these). Marketing & Communications) Serene Teo Chuan Hong Please call Vice Chairman Committee Members Prabha Chandran Seth Jaya Sudha SGS Co-op office. Lim Huan Chiang, JP, BBM (L) Somoo Neelakandan, PBS Tan Pin Cheow Manager Editorial & Design Hon Secretary S Mohan (Accounts & Finance) DECdesign Pte Ltd Tan Hung Cheng, PBS John Michael S Ramesh Ab Majid Sahid, PBS SENSE is the bi-monthly publication of The Singapore Government Asst Hon Secretary Accounts Executive Staff Credit Co-operative Society Limited. The views expressed are those Lim Hee Joo, PBS General Manager Wan Shahida of the authors and do not necessarily reflect those of the Society. No part of this publication is to be reproduced, stored, transmitted, digitally or Hon Treasurer Martin Nathan, PB, PBS, Rajah Sithamparam Pingat Kepujian otherwise, without the prior consent of the publisher. The information S. Sundram, PBS contained herein is accurate at time of printing. : SG50 & SGS90 written directive on Capital Adequacy generated much interest. Ratio (CAR) and Minimum Liquid Asset The recently-launched ‘Champion (MLA) are set standards to comply to Recruiters’ are also drawing in new build capital adequacy and maintain and members. We have also increased our develop institutional capital. presence at Civil Service departmental This may seem a little boring, road-shows to increase awareness. but please let me explain: For a Tier ‘A’ To date, about 500 new members (SGS Co-operative is Tier ‘A’), the have come in but we need to recruit requirement is to achieve a CAR of 8 per another 3,500 members to achieve cent and MLA of 15 per cent before June the 10,000 members’ milestone mark. 2014 (we’ve achieved this) and 10 per cent In the spirit of our ‘Sense of CAR and 15 per cent MLA in second half belonging”, I urge you to recruit at least 2014 (this is achievable) and attain 12 per one colleague or family member to help Yam (Seventh President). cent CAR and 15 per cent MLA by June achieve the target. And we will reward Like the Peranakan community, 2016 (we have to increase annually our you for this noble gesture. we’ve also written more refreshingly new retain surplus to achieve this). My management recently had a chapters as the most forward-looking While institutional capital is ‘Boot Camp’ to brain-storm constructive credit co-operative and next year will not distributable, we work hard ideas in order to pragmatically forge be symbolic as we celebrate Singapore’s to derive income from it which forward the next 10 years. I will share 50th Golden Jubilee (SG50), befitting our ensures sufficient liquidity for your insights on this in upcoming SENSE issues. Society and our Nation, together with co-operative. So rest assured, your The November 8 celebrations SGS90 (our 90th anniversary bash). deposits be it subscriptions, savings for the 89th anniversary at Orchard Finally, as I close my final words and fixed deposits are in very good Hotel promises to be a thriller with a for the 2014 season, may I thank every hands. traditional Peranakan theme, where member for their whole-hearted support On building institutional capital you’ll get a value-add dosage to the and encouragement. Your member- (to meet CAR and MLA requirements) historical significance of an ethnic management bondship creates the we work closely with renowned Chinese population of the British Straits traditional “Sense of Belonging” feel and financial institutions and banks to drive Settlements of Malaya who played a the management offers heartfelt wishes investments. Our financial confidants work significant role in Singapore’s half-century for the upcoming Christmas and New Year closely with our Investment Committee to heritage. festivities. place the right investments in a managed The Peranakan’s historic past follows Let’s make 2015 the very best: SG50 risk environment especially since annually that of the origins of our beloved co- with your families and neighbourhood now, we plan to generate an additional operative, which from the 1920s, helped and SGS90 as we blow candles for our $1 million in revenue for adding to multi-racial migrants in order to trade landmark 90th anniversary. institutional capital to meet regulatory and escape the hardships back in their requirements. homeland. We helped to build their new PB, PBS While these driving forces are John Raghavan lives to modern-day Singapore, where we Chairman challenges, we are confident we have the stand as the oldest credit co-operative right people to supervise, manage and with an immaculate 89-year history. monitor to take us through to meet these And do remember, that the milestones. Peranakans worked hard and I also want to touch on our mega today’s history books track some membership drive to attain 10,000 of the famous people with Peranakan members for our 90th year celebrations heritage in Singapore as the Lee Kuan next year. We have placed recruitment Yew family, Goh Keng Swee (First advertisements in the popular Civil Deputy Prime Minister), Wee Kim Wee Service Club magazine ‘Fusion’ and it has (Fourth President) and Tony Tan Keng 3 QUOTES 1 Every anniversary is a perfect reason to celebrate. Next year, there will be double celebrations as your 90th birthday lines up perfectly with the nation’s SG50 celebration. SG50 is a significant milestone for our country. It is a timely occasion for us to look back on how far we have come together as a nation. It is also an opportunity for us to celebrate our shared values, affirming our aspirations Nyonya: Peranakan Story. and committing to a better Singapore. The ‘89’ anniversary Minister of State (Health) Dr Lam Pin Min. Guest of Honour, 89th anniversary D & D bash on November 8 at Orchard Hotel salutes the wonderful historic tale of the Peranakans, one of the earliest founders to SGS Co-op has weathered through major financial crisis half-century of Singapore and economic downturns. The fact that the SGS Co-op independence. Here are still stands tall and strong today demonstrates the resilience and the can-do spirit of the co-op leaders as some congratulatory well as the trust and faith the members messages from Singapore have in their co-operative. As the pioneer co-operative formed by civil co-operative bosses servants, you continue to stay very relevant to the needs of members. Chairman, Singapore National Co-operative Federation: Mr Chan Tee Seng 2 As a pioneer in the co-operative movement, SGS Co-operative, established in 1925, has made commendable progress in helping members and their families meet their financial, socio economic and welfare needs. Led by a very pragmatic Chairman, you have ensured that members 3 benefit from professional services and innovative For photo highlights programmes. of ‘89’ anniversary bash, please click: Chairman, Custom Credit Co-operative Society: Mr S. Krishnan PPA, PB, PBS http://www.sgs.coop/ after Nov 22 2014 4 89TH ANNIVERSARY BASH 5 The longevity of your organisation Premier Security salutes SGS is a testament of the Co-op for staying true to its mission effectiveness and quality and purpose since its formation of your service. As we move 89 years ago. Many civil servants forward in today’s challenging and their family members have environment, co-operatives benefited from the financial must stay current and services and welfare benefits relevant.

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