According to the order paper released on Monday, Minister for Home Affairs K Shanmugam will also deliver a ministerial statement on the government’s position on the presumptions under the Misuse of Drugs Act.
Other topics that are set to be discussed in the parliamentary sitting include Chocolate Finance halting instant withdrawals, bus safety and water seepage cases in Housing and Development Board (HDB) flats.
Several Members of Parliament (MPs) filed questions relating to Chocolate Finance.
Last month, the financial services platform had temporarily halted instant fund withdrawals due to “high demand”. It said on Mar 10 that withdrawals would take three to 10 working days before they are reflected in users’ bank accounts.
MP Saktiandi Supaat (PAP-Bishan-Toa Payoh) asked what steps the Monetary Authority of Singapore (MAS) is taking to ensure financial institutions and fintech companies provide clear, accurate and timely communication regarding changes to their products and services.
He also asked what measures are in place to encourage these institutions to adopt responsible marketing strategies and how MAS ensures the companies adhere to the same standards of risk management and consumer communications as banks.
MP He Ting Ru (WP-Sengkang) asked whether MAS would be reviewing its safeguards to ensure non-licensed individuals do not provide financial advice and influence the public with opinions on licensed financial institutions.
She also asked whether there has been an increase in complaints against non-licensed individuals and financial influencers.
Nominated Member of Parliament (NMP) Mark Lee wanted to know how MAS ensures that fintech platforms and non-bank financial institutions offering high-yield investment products maintain sufficient liquidity and manage fund withdrawal risks.
