The cuts reflect the ongoing decline of interest rates globally and could push customers to explore alternative investment options offering more attractive yields.

Between 2022 and 2024, ILPs’ share of new business rose from 25 to 39 per cent. The trend continues this year. In LIA’s latest data for the six months to June, ILPs’ share rose from 31 per cent in 2023 to 43 per cent in 2025.

The estimated total retail sales value in June 2025 was $4 billion. Of this, an estimated 13.6 per cent were from online retail sales, higher than the 12.3 per cent recorded in the previous month.

The Straits Times understands the seven customers have not been able to withdraw their deposits amounting to more than $4 million that are held by Tokenize Xchange.

The platform, which allows users to trade investment products such as equities, exchange-traded funds (ETFs) and mutual funds, announced its exit on July 27.

As at Tuesday afternoon, it was at S$1.2870. The currency pair is still down around 5.7 per cent year to date.

To qualify for the programme, applicants must be NTUC members with at least six continuous months of membership as at their application date, with no outstanding membership payments due.

“Our 2025 and 2026 GDP growth forecasts for Singapore currently stand at 2.1 per cent and 2.5 per cent respectively, but the caveat is that US tariffs may have irrevocably shifted global economic dynamics.”

The affected categories are: Card spend and the requirement to make three debit transactions via Giro; and card spend and salary credit.

Most of the tariffs will take effect after midnight on Aug 7, to allow time for US Customs and Border Protection to make the necessary changes to collect the levies.

Victims were told to download and set up accounts on fraudulent mobile apps such as Dyreka, M Tree PE, Saftools and Tik StoreB2B.

It adjusts policy via three levers: the slope, mid-point and width of the policy band. Maybank economists expect MAS to maintain policy given the improved economic outlook.