There are two other 'monopoly-like' entities with same problems like Singpost

[Dr Christopher Cheok C S]

Credit Bureau

There is a well connected person who has the exclusive arrangements with Association of Banks Singapore to manage the credit ratings of our businesses. Instead of an government, quasi-government or industry-linked entity (eg. NETS is jointly owned by local banks).

Why is this person is able to control this entity in his private capacity? and listed on SGX.
https://finance.yahoo.com/news/71-ownership-credit-bureau-asia-220506650.html

He went on to control the most powerful debt collection company in Singapore by threatening to ruin SME's credit ratings although some debts are in dispute. Imagine the debt collector is also the judge.
https://www.sccb.sg/

It is also quite untouchable, MAS FIDReC only handles consumers' complaints about such abuses, SMEs need to hire lawyers if they want to file an unjust case again them.

 

[Dr Christopher Cheok C S]

NETS (Company)

NETS is jointly owned by DBS Bank, OCBC Bank and United Overseas Bank (UOB). Like Singpost, NETS has the same problem with their management.

For years, it enjoys monopoly over our local payment clearance system and it is rotting from within because of this protected business model. Retailers will tell you about the difficulty to reach merchant helpdesk, discrepancies in billings, and non-existent tech support. The internal controls, corporate governance and accounts are more messy than your neighbourhood shops.

Are you aware that they do offer an online NETs payment gateway for merchants but it is so crappy that they lose almost every merchant onboard eventually. Other than making tonnes of money from your your government-linked entities and Singapore pools betting, it is pretty much worse than Singpost; NETS can't even compete on home-ground with other payment gateways despite advantages.

It is not a government unit so we cannot get AGO to raid them. Therefore, the management has the same attitude as Singpost towards NETS because this is an entity that nobody cannot complain about or discipline. Other than busy networking for they next career move, the management runs this organization like a cowboy town.

 

[spinn]

lol forgot d biggeresterestestest of the lot ??

 

[Loofydralb]

SG version of the American Federal Bank?

 

[Dr Christopher Cheok C S]

Govtech should take over both organisations' functions. They are also not impartial in their work; nepotism is a "pillar" in both entities.