Do you want to see how Dr Money looks? Go to Larry Haverkamp's blog. A nice photo has now been added.
Photo
Saturday, March 10, 2007
Wireless@SG
I have just registered for an account under the Wireless@SG. It allows me to have access to WiFi from many hotspots in Singapore to use the Internet through my notebook computer (with wireless access) or from a personal digital assistant (PDA).
There is no charge for this service for the first 3 years. This is sponsored by the Infocomm Development Authority (IDA), and aims to encourage more people to use the internet for their daily work.
Here is the link to register for an account:
Wireless@SG
There is no charge for this service for the first 3 years. This is sponsored by the Infocomm Development Authority (IDA), and aims to encourage more people to use the internet for their daily work.
Here is the link to register for an account:
Wireless@SG
Why does MAS allow the banks to sell structured products?
Dear Mr Tan
I was wondering why MAS allowed banks in Singapore to sell Structure products to customers if this product does not creat profit for customers but only to banks benefit. Especially if customers already using their CPF Funds to buy it.
--------------------------
My reply:
MAS adopt a "buyer beware" approach. They ask the consumer to know more about the product before buying it. They require the product provider to make the necessary disclosure about the product.
They prefer to take a "hands off" approach and do not wish to decide whether the product is or is not suitable for consumers.
I disagree with the approach taken by MAS. In my view, they have the duty to make sure that the product is reasonably fairly designed and represents fair value to the consumer. It is difficult for the consumer, who is not knowledgeable about complicated products, to know whether the product represents a fair deal.
I also expect the Consumer Association of Singapore (CASE) to be more active in protecting the interest of the consumers. However, they are not adequately funded and do not have enough resources and clout.
The Central Providet Fund (CPF) has recently decided that they should be more active in setting a limit on the expense charges of investment products sold under the CPF Investment Scheme. Previously, they did not want to prescribe the limits, as they wish to leave it to "market forces".
I hope that the MAS will take a more active approach in the future. Let us give them so more time to learn about the experience.
I was wondering why MAS allowed banks in Singapore to sell Structure products to customers if this product does not creat profit for customers but only to banks benefit. Especially if customers already using their CPF Funds to buy it.
--------------------------
My reply:
MAS adopt a "buyer beware" approach. They ask the consumer to know more about the product before buying it. They require the product provider to make the necessary disclosure about the product.
They prefer to take a "hands off" approach and do not wish to decide whether the product is or is not suitable for consumers.
I disagree with the approach taken by MAS. In my view, they have the duty to make sure that the product is reasonably fairly designed and represents fair value to the consumer. It is difficult for the consumer, who is not knowledgeable about complicated products, to know whether the product represents a fair deal.
I also expect the Consumer Association of Singapore (CASE) to be more active in protecting the interest of the consumers. However, they are not adequately funded and do not have enough resources and clout.
The Central Providet Fund (CPF) has recently decided that they should be more active in setting a limit on the expense charges of investment products sold under the CPF Investment Scheme. Previously, they did not want to prescribe the limits, as they wish to leave it to "market forces".
I hope that the MAS will take a more active approach in the future. Let us give them so more time to learn about the experience.
Thomas Phua
Thomas Phua is a practical person.
* He writes a blog (about insurance)
* He rides a motorcycle (which is convenient to move around).
* He provides excellent advice and service to his large base of policyholders
I asked Thomas about the risk of using a motorcycle. He said that he rides carefully, and has been doing it for many years.
Thomas just posted a story about an accident. A pedestrian (boy) runs into his motorcycle (and not the other way round). He had to make a report to the Police about this accident.
Accident
* He writes a blog (about insurance)
* He rides a motorcycle (which is convenient to move around).
* He provides excellent advice and service to his large base of policyholders
I asked Thomas about the risk of using a motorcycle. He said that he rides carefully, and has been doing it for many years.
Thomas just posted a story about an accident. A pedestrian (boy) runs into his motorcycle (and not the other way round). He had to make a report to the Police about this accident.
Accident
Is it time to re-invest in the market?
The market rebound is stronger than I expected.
Is it time to re-invest in the market?
For my personal investments, I have decided to wait for another week or two. I still feel that the stock prices are too high. It is better to invest at a lower price. In the meantime, I am happy to keep my new money in the money market fund and earn 3% to 3.5%.
Earlier, I missed the chance to sell my existing portfolio. I may take this opportunity to sell some of the portfolio now (as the prices have partially recovered).
There is a risk that I may miss this buying opportunity. But, I have decided that it does not matter.
However, for young people investing a small sum each month, it is all right to continue to make the regular investment as you are applying the averaging principle. The average cost of your investment will depend on the prices over a period of time.
Is it time to re-invest in the market?
For my personal investments, I have decided to wait for another week or two. I still feel that the stock prices are too high. It is better to invest at a lower price. In the meantime, I am happy to keep my new money in the money market fund and earn 3% to 3.5%.
Earlier, I missed the chance to sell my existing portfolio. I may take this opportunity to sell some of the portfolio now (as the prices have partially recovered).
There is a risk that I may miss this buying opportunity. But, I have decided that it does not matter.
However, for young people investing a small sum each month, it is all right to continue to make the regular investment as you are applying the averaging principle. The average cost of your investment will depend on the prices over a period of time.
Islands named after Tan family
There are two islands named after the Tan family.
* Bintan, in Indonesia (ie son of Tan in the Indonesian langauge)
* Mactan, off Cebu Philippines (ie son of Tan in the Scottish language).
Just joking.
I just stayed at the Plantation Bay resort in Mactan, Philippines. It is off-season and is a wonderful experience.
* Bintan, in Indonesia (ie son of Tan in the Indonesian langauge)
* Mactan, off Cebu Philippines (ie son of Tan in the Scottish language).
Just joking.
I just stayed at the Plantation Bay resort in Mactan, Philippines. It is off-season and is a wonderful experience.
Friday, March 09, 2007
Excellent service from the call center
I called NTUC Income' hotline (6346 2663) to ask for referral to an eye doctor.
The call center personnel addressed me by name, as the call center system was able to retrieve my particulars using my mobilephone number. He also gave birthday greetings to me, as it was my birthday.
He advised me to visit the emergency department of a nearby hospital, as it was already evening, and all the private doctors had stopped work for the day.
This was excellent service. It was done within 5 minutes.
The call center personnel addressed me by name, as the call center system was able to retrieve my particulars using my mobilephone number. He also gave birthday greetings to me, as it was my birthday.
He advised me to visit the emergency department of a nearby hospital, as it was already evening, and all the private doctors had stopped work for the day.
This was excellent service. It was done within 5 minutes.
Government initiated Insurance Plans
The government initiate the following insuance plans:
Medishield (can opt to private Shield
Eldershield
Dependent Protection Scheme
What is the difference between these plans?
Read the posting in:
Thomas Phua's blog
Medishield (can opt to private Shield
Eldershield
Dependent Protection Scheme
What is the difference between these plans?
Read the posting in:
Thomas Phua's blog
Best Call Center in Technology and Innovation
NTUC Income received the award for being the best call center in the world, in the use of technology and innovation. This is a hotly contest competition among call centers in all types of businesses (and not just in insurance).
I will share the secret of how NTUC Income achieve this global award.
I will share the secret of how NTUC Income achieve this global award.
Policyholder Enquiry (POLE)
NTUC Income has an excellent service in its website. It is called POLE (policyholder enquiry).
I have just logged into POLE to check my various insurance policies. It gives me a total picture. I have decided to consolidate some of my investment linked policies.
I have just logged into POLE to check my various insurance policies. It gives me a total picture. I have decided to consolidate some of my investment linked policies.
Consolidate my Investment Linked policies
I have many investment linked policies with NTUC Income, taken at different times and invested in different funds.
I have just given instruction for these policies to be consolidated into a few policies, one for each fund. This allows me to keep track of the investments better. It also avoid paying the annual policy fee on the small investments.
My investments through SRS have to be kept separately. My CPFIS investments are now merged with my cash investments, as I have passed the CPF withdrawal age.
I have just given instruction for these policies to be consolidated into a few policies, one for each fund. This allows me to keep track of the investments better. It also avoid paying the annual policy fee on the small investments.
My investments through SRS have to be kept separately. My CPFIS investments are now merged with my cash investments, as I have passed the CPF withdrawal age.
Contact the business manager directly
I received complaints concerning businesses under the NTUC group which do not directly come under me. I referred the complainant to the relevent manager in charge of the business.
Sometimes, the business manager did not respond to the complainant. The complainant came to me again. This is not fair to me.
The complainant should contact the business manager directly, and not continue to trouble me on a matter that I am not responsible for.
As I have now left NTUC Income, the complainant should contact sq@income.coop directly on any matter involving NTUC Income.
Sometimes, the business manager did not respond to the complainant. The complainant came to me again. This is not fair to me.
The complainant should contact the business manager directly, and not continue to trouble me on a matter that I am not responsible for.
As I have now left NTUC Income, the complainant should contact sq@income.coop directly on any matter involving NTUC Income.
Thursday, March 08, 2007
Find a locksmith
I needed a locksmith to open the door to my study room (which was locked accidentally).
I checked the Yellow Pages. Several of the locksmiths did not answer the telephone. One finally did, and quoted a price of $85 for this service.
I called NTUC Income. It was answered immediately. They called a locksmith to contact me. The locksmith returned by call and quoted $50 (the normal charge). He came within half an hour.
If you need a locksmith or a contractor to fix your home, you can call the hotline of NTUC Income, ie 63INCOME (63462663).
I checked the Yellow Pages. Several of the locksmiths did not answer the telephone. One finally did, and quoted a price of $85 for this service.
I called NTUC Income. It was answered immediately. They called a locksmith to contact me. The locksmith returned by call and quoted $50 (the normal charge). He came within half an hour.
If you need a locksmith or a contractor to fix your home, you can call the hotline of NTUC Income, ie 63INCOME (63462663).
Few comments on my postings
Here is a comment left by a visitor called Cheekiss ...
Congrats on the high traffic on your site. However, I noticed that very few comments was left on your postings. Queer, isn't it?
Congrats on the high traffic on your site. However, I noticed that very few comments was left on your postings. Queer, isn't it?
Visit to Davao and Cebu
I visited Davao and Cebu in the Philippines. They are the next two largest cities after Manila.
Davao is in Mindanao Island. Cebu is in the Visayas. Both are charming cities, not so crowded and not so well developed. Life is quite leisurely (ie not hectic). The cost of living is quite low.
Davao is in Mindanao Island. Cebu is in the Visayas. Both are charming cities, not so crowded and not so well developed. Life is quite leisurely (ie not hectic). The cost of living is quite low.
Population grows by 2.5% yearly in Philippines
Philippines has a population of 80 million. This is much higher than I expected.
My friend told me that growth rate is 2.5% per annum. Over the past 20 years, the population grew from 50 to 80 million.
By contrast, the local population of Singapore is not increasing. Our growth comes from immigration.
My friend told me that growth rate is 2.5% per annum. Over the past 20 years, the population grew from 50 to 80 million.
By contrast, the local population of Singapore is not increasing. Our growth comes from immigration.
Story of the Risis Orchid (part 1)
Dr. Lee Kum Tatt is the Creator of the RISIS Gold Orchid – “Singapore’s Gift to the World”. Stories have been written on how the RISIS orchid came about by academics, journalists, and local T.V. programs over the last 30 years. Questions are still being asked on how did the RISIS orchid became such a hit? Here is Part I from the horse’s mouth on how a fantasy is turned into a reality.
story
Tan Kin Lian
story
Tan Kin Lian
Wednesday, March 07, 2007
Simplify our life
Life is too complicated in Singapore.
It is complicated to figure out the bus services and the concession for senior citizens (as they differ between the operators). It is complicated to figure out the charges for taxis. It is complicated to figure out the entitlement to the workfare bonus.
We need to simplify the rules governing our daily life.
It is complicated to figure out the bus services and the concession for senior citizens (as they differ between the operators). It is complicated to figure out the charges for taxis. It is complicated to figure out the entitlement to the workfare bonus.
We need to simplify the rules governing our daily life.
30 years of experience in 3 points
Someone asked me to summarise the key features of my 30 years of experience in developing the business of NTUC Income.
I like to cover them in 3 key points:
* Business strategy
* Entrepreneurial approach
* Efficient management
I adopt a business strategy that recognises the realities and strengths of NTUC Income. We are a cooperative society that aims to give better value to our policyholders. We act accordingly and communicate this distinctive feature to our policyholders. Over the years, we build a base of loyal customers.
I adopt an entrepreneurial approach. I act promptly and have a nimble behaviour. I learn and adapt from the results. By trying many times, I am able to find a better way. I am also able to learn how to do things better for the future.
I focus on efficient management - how to improve efficiency, reduce wastage, and keep the cost low. I learn how to make the best use of the available resources. I adopt technology to improve efficiency and reduce the cost. I find a way to reduce the cost of technology, and increase the cost savings.
Some top managers are detached from the business. They tend to manage on theory, rather than have a good feel of the business.
If we look at many large businesses, you will find that those businesses with a CEO that is in touch, tend to perform much better.
I like to cover them in 3 key points:
* Business strategy
* Entrepreneurial approach
* Efficient management
I adopt a business strategy that recognises the realities and strengths of NTUC Income. We are a cooperative society that aims to give better value to our policyholders. We act accordingly and communicate this distinctive feature to our policyholders. Over the years, we build a base of loyal customers.
I adopt an entrepreneurial approach. I act promptly and have a nimble behaviour. I learn and adapt from the results. By trying many times, I am able to find a better way. I am also able to learn how to do things better for the future.
I focus on efficient management - how to improve efficiency, reduce wastage, and keep the cost low. I learn how to make the best use of the available resources. I adopt technology to improve efficiency and reduce the cost. I find a way to reduce the cost of technology, and increase the cost savings.
Some top managers are detached from the business. They tend to manage on theory, rather than have a good feel of the business.
If we look at many large businesses, you will find that those businesses with a CEO that is in touch, tend to perform much better.
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