A sense of belonging SINGAPORE GOVERNMENT STAFF CREDIT JUL/AUG 2017 MCI (P) 048/11/2016 CO-OPERATIVE SOCIETY LIMITED WHAT’S ON WHAT'S ON WHAT'S ON 4 Charmed by Phnom Penh 6 Shaping the Future 8 Samba Masquerade - Gala Dinner 2017 FROM THE CHAIRMAN CHAIRMAN John Raghavan, PBS, PB VICE CHAIRMAN WHAT WILL THE FUTURE HOLD? Lim Huan Chiang, JP, BBM (L) HON SECRETARY Tan Hung Cheng, PBS ASST HON SECRETARY Recently, my Committee of Lim Hee Joo, PBS HON TREASURER Management colleagues and I met S. Sundram, PBS ASST HON TREASURER with three research consultants Abdul Alim Karim, PBS COMMITTEE MEMBERS from the World Council of Credit Yusuf Bachik Noorul Hassan Tan Pin Cheow Unions. They were appointed by the S Mohan John Michael, PBS Ab Majid Sahid, PBS Singapore National Co-operative GENERAL MANAGER Martin Nathan, PB, PBS, Pingat Kepujian Federation (SNCF) to conduct a study EDITORIAL COMMITTEE Lim Huan Chiang, JP, BBM (L) (Chairman) on credit co-operatives in Singapore Tan Pin Cheow S Mohan Ab Majid Sahid, PBS and provide ideas to help credit Martin Nathan, PB, PBS, Pingat Kepujian SECRETARIAT co-operatives like us strengthen Prabha Chandran Seth, PBM EDITORIAL & DESIGN competitiveness. The session was INKGOT! Pte Ltd also an opportunity for us, at SGS, to Sense is the bi-monthly publication of The Singapore Government Staff Credit Co- operative Society Limited. It is not for sale. reflect on our current situation and The views expressed are those of the authors and do not necessarily reflect those of the Society. No part of this publication is to be prepare for the future. reproduced, stored, transmitted, digitally or otherwise, without the prior consent of the publisher. The information contained herein is accurate at time of printing. 1 Sophia Road #05-21 Peace Centre AT PRESENT Singapore 228149 Tel: 69336775/69336776 (Loans), 69336779 (Membership), t heartens me to say that SGS today is in a good place. We are 69336778 (Savings), living up to our reputation as Singapore’s first credit co-operative 69336775 (Accounts), I 69336779 (Activities) by maintaining our leadership position. We are a Tier ‘A’ co-operative Fax: 63396772 IVRS 24/7 Hotline Tel No: 69336777 with a 7,000-strong membership base and a Sense of Belonging that Email: [email protected] Feedback: [email protected] holds us together. Financially, our fundamentals are strong as well. Website: www.sgs.coop We have both the means and the heart to help our members build a Operating Hours: 9.00am to 7.00pm (Mon-Fri), 9.00am to 1.30pm (Sat) financially sound future for themselves with flexible saving plans and prudent loan facilities. Our next move is to go from good to great. MEMBERSHIP GROWTH IS A PRIORITY We have spoken at length about growing our membership to future- Printed by Xpress Print Pte Ltd proof our co-op. Most of you would be aware of our target — to grow our membership to 10,000. We introduced this target in 2015 WHAT WILL THE FUTURE HOLD? GOOD GOVERNANCE IS are passionate, committed and A NECESSITY qualifi ed to represent you in our Committee of Management. While we are actively pursuing Our challenge is to attract membership growth, we must younger members to step up also strengthen ourselves and volunteer their time, so that, internally to ensure that we as veterans, we can help groom are well equipped to serve a them to take over the reins when larger membership base. As you the time comes. This is also part know, we underwent a special of the reason why growing our audit conducted by KPMG and membership to include young commissioned by SNCF last public service offi cers is so year. We passed with fl ying important for our co-op’s future. colours, which speaks volumes of our internal processes and By working together, I’m governance practices. Along confi dent that we can overcome and since then, membership the way, KPMG identifi ed some the challenges in our way, achieve has been growing steadily at process missteps, which we our aspirations and help our co-op about 700 new members a year. have since rectifi ed and emerged grow from strength to strength. However, with an annual attrition stronger than ever before. rate of 500 members (due to retirement or other reasons for Moving forward, we will exiting the public service sector), endeavour to maintain the we have yet to achieve our goal. highest levels of integrity in all that we do. We also have plans On our part, we are working to deploy more technology, hard to reach out and engage where appropriate, to improve the public service sector through convenience to our members John Raghavan PB, PBS roadshows and other initiatives. while balancing risk management Chairman Building a larger family of and good governance practices. members will benefi t not just the However, we aim to do so co-op as an organisation, but all without losing the personal touch our members collectively too. It that is at the heart of the sense The management would give us the economies of of belonging that you feel for your and members of SGS scale to develop better activities co-op. wish Singapore and facilities for you to enjoy. a happy So, please do your part too! In SUCCESSION addition to receiving a $20 reward 52nd birthday! for each new member you refer, PLANNING IS KEY you can also help by volunteering It is also important that there as a Recruitment Champion or is continuity in our co-op’s facilitating roadshows at your leadership. Succession planning offi ce. If you are interested in is critical in ensuring that there Photo: 123RF making a difference, do contact is a pipeline of members who the co-op offi ce. JULY / AUGUST 2017 3 WHAT’S ON CHARMED BY hnom P enh group of 32 SGS members Phnom Penh, the capital of A arrived in the bustling city Cambodia,P sits on the banks of Phnom Penh on 21 July 2017 of the mighty Mekong River, for a four-day tour organised by which also fl ows through the Co-op. It turned out to be a many neighbouring countries. delightful experience fi lled with Members enjoyed dinner at a rich history and culture, delicious riverside restaurant, complete local food and plenty of shopping with local cuisine and traditional opportunities! dance performances, as well as a leisurely cruise down the scenic river. 4 Sense “This was my fi rst trip with the Co-op. It was very enjoyable and a great opportunity to befriend fellow members. My husband and I are already looking forward to the next tour!” - Ms J Jayanthi Shopping was also on the itinerary, as Phnom Penh is known for its local markets and modern shopping malls. Aside from discovering interesting local “Seeing the Killing Fields of products, members like Ms Lily Choeung Ek, where thousands Yeo also appreciated how it gave of innocent men, women and them the opportunity to interact children were massacred, was with the locals. an eye-opener. Learning about the horrors of the Pol Pot “I found the people of Phnom regime made me realise how Penh to be very warm, friendly fortunate we are in Singapore,” and hospitable,” she said. “My said Mr Nasir bin K Maideen, husband and I had a great holiday the youngest male member of in Phnom Penh, thanks to the the group. Co-op.” His sentiments were echoed But for many members, the by many other members, real highlight of the tour was who agreed that the tour was visiting historical sights like the not only enjoyable but deeply Killing Fields of Choeung Ek and memorable. Pol Pot’s Tuol Sieng Genocide Museum. A qualifi ed guide was If you’re keen on joining the next members’ tour, stay tuned to Sense on-hand to share snippets of magazine or check www.sgs.coop the country’s history to help the for updates! members better appreciate the sights. JULY / AUGUST 2017 5 WHAT’S ON SHAPING THE FUTURE ith an eye on the future, the Singapore National Co-operative Federation (SNCF) Wis facilitating a research study on credit co-operatives in Singapore. SGS, being the country’s fi rst credit co-operative, was invited to participate. On 7 July 2017, SGS Chairman Mr John Raghavan, Honorary Secretary Mr Tan Hung Cheng and Honorary Treasurer Mr S Sundram met with three appointed consultants from the World Council of Credit Unions. The dialogue was facilitated by SNCF Chief Executive Offi cer Ms Dolly Goh and Senior “In the past, there was a stigma Manager (Relationship & Special Projects, Credit & around borrowing money from Training) Mr Foo Chuan Yang. credit co-operatives. I think we have managed to overcome that by The session was an open and honest dialogue about nurturing a ‘Sense of Belonging’ in the realities of credit co-operatives in Singapore, our members. This is the direction we will continue to take — to with SGS sharing its experience, aspirations and position the SGS membership challenges with the consultants. Key issues like as a preferred lifestyle choice succession planning, membership growth, fi nancial among public service offi cers in stability, compliance and governance were discussed Singapore.” in the context of Singapore’s regulatory environment. In turn, the consultants, who hail from North America, - Mr John Raghavan SGS Chairman shared case studies from credit co-operatives around the world. The insights that SGS shared will contribute to SNCF’s ongoing efforts to enhance governance, mitigate risks, strengthen the safety and soundness and improve competitiveness of credit co-operatives in Singapore.