MAS has announced three measures aimed at keeping Singapore competitive as an asset management hub, amid growing international competition.

The measures were announced on Aug. 19, and comprise a tax exemption on profit-related returns, a new hedge fund investment programme, and a new track under the Overseas Networks & Expertise (ONE) Pass to attract top leaders and senior investment professionals.

Why it matters

Asset management accounts for about 15 per cent of the financial sector's output and 13 per cent of its employment.

Over the past five years, the industry grew by an average of 7.5 per cent a year on average to almost S$7 trillion.

It employs close to 25,000 people, around 80 per cent of whom are locals, in roles spanning portfolio management, investment research, client servicing and risk management.

MAS Deputy Chairman Chee Hong Tat said the package was meant to attract leading asset managers, global capital and world-class investment talent to Singapore.

He said at a doorstop:

"The measures that we are announcing today reflect our continued commitment to strengthen Singapore's value proposition and ensure we remain a trusted, vibrant, and globally competitive financial hub."

The tax exemption

Under the first measure, MAS and the Ministry of Finance plan to introduce a tax exemption on profit-related returns fund managers earn from managing qualifying funds.

What that means in practice: when a fund manager delivers strong returns for investors, the cut they take from those profits will not be taxed. Ordinary salaries, bonuses and other forms of staff pay are not covered.

The exemption is expected to take effect from the Year of Assessment 2027, with further details at Budget 2027.

Funds that qualify are already required to meet economic substance requirements, including minimum headcount.

The hedge fund programme

MAS will also set up a Hedge Fund Investment Programme to invest alongside hedge fund managers who commit to establishing or growing their presence here.

Beyond anchoring the managers and investment talent, MAS said the programme is meant to build up the hedge fund ecosystem, including ancillary service providers and prime brokerages.

More details will be shared later, MAS shared.

The ONE Pass track

Lastly, MAS and the Ministry of Manpower (MOM) intend to introduce an Investment Management Track under the ONE Pass framework, aimed at senior investment professionals and global leaders in the industry.

The track may refine how salaries are assessed, recognising that a significant part of pay in the industry comes from returns tied to investment performance rather than a fixed monthly salary.

On Hong Kong

At the doorstop, Chee was asked on the timing of the announcement and whether the announcement was a response to increased competition from Hong Kong, including whether it addressed fears that highly paid fund managers might leave Singapore.

He said:

"We don't see the competition with Hong Kong as zero sum. We believe that the region is big enough. There's enough scope for both cities to grow as financial centres."

However, he acknowledged that Singapore needs to take a look at "what is happening in the global landscape in reviewing and adjusting our own policies".

He said competitiveness was not anchored on any single factor such as tax, and that MAS also has to weigh trust and stability, the regulatory framework and access to talent.

Chee noted that it requires a "whole-of-government" approach to uphold the competitiveness of the industry.

He said: "My colleagues and I, we will do what it takes to maintain and uphold the competitiveness of our financial services industry."

Why announce now if the details come at Budget

When asked why the announcement was being made roughly six months before Budget 2027, Chee said tax changes have always been finalised at Budget.

However, he said MAS felt it was important to signal its plans early after speaking to the industry.

He said:

"We thought it's important after speaking to the industry that we share with the industry what are some of our plans, so that they can take this into account in deciding where they want to locate their business, where they want to grow their business."

A woman was seen causing a commotion at Malaysia's Kuala Lumpur International Airport (KLIA), where she demanded the "surrender" of Singapore, Malaysia and Japan.

According to clips of the incident that circulated on social media on Aug. 18, the incident occurred at the boarding gates of the airport's Terminal 1.

Made death threats

The woman, clad in a black T-shirt and jeans, could be seen walking around barefoot in the video.

She was said to be from Mainland China, according to the original poster.

According to the video's caption, the woman was initially conducting a livestream on her mobile phone before a man, supposedly an acquaintance, snatched it away.

"Is Singapore going to surrender? Is Japan going to surrender?" she was heard yelling in the video.

She had reportedly also asked the same of Malaysia prior to this.

The woman then asked the crowd if they were Chinese nationals before yelling: "If I die in Malaysia, everyone will die together!"

She also allegedly began counting down, the caption wrote.

Removed after 15 minutes

After her public tirade, the woman approached a bystander nearby to ask if "they would surrender".

She was removed from the scene by airport officials after 15 minutes, the post said.

The airport then fell silent.

According to Sinchew, the woman's identity and the cause of the incident are currently under investigation.

An individual who allegedly accused a braised duck stall in Singapore of having fly eggs in its food was reportedly exposed for lying.

Lianhe Zaobao reported that the individual claimed to have visited the stall at 3pm when it closed at 1pm, and apparently could not name the food she bought.

Claimed food had fly eggs

Speaking to Zaobao, the 38-year-old hawker of Ah Xiao Braised Duck, Bai Ruihai (transliterated), received a text message and photo via WhatsApp on Aug. 16.

The text message from the supposed customer claimed there was a white object in the food suspected to be fly eggs.

In addition, the message demanded compensation from Bai, or a bad review would be posted online, and a complaint would be made to the authorities.

Bai did not check the message as he was busy at the time, he told Zaobao.

Shortly after, a woman calling with a Malaysia-registered phone number asked him to check the messages.

She reportedly spoke with a Chinese accent.

Stall closes at 1pm

He then pressed the woman for details about what she bought, the specific location and price of the food as he wanted to verify the incident's authenticity.

Zaobao reported that the woman supposedly could only name the eatery's location but not the stall name or specific food items.

Noting that his stall has CCTV cameras, Bai asked the woman to provide the time she visited his stall.

He said: "She said she visited around 3pm, but my stall only stays open until around 1pm. I close long before 3pm, so how could I possibly sell a food item with insect eggs?"

Woman reportedly blocked owner

Following this, the woman hung up and apparently blocked Bai.

Pointing out that he is relatively young and wary of scammers, he cautioned that some older vendors may be intimidated by complaints and extorted as a result.

A Facebook post in the "Hawkers United - Dabao 2020" group also warned other hawkers of the scam.

It stated that many hawkers list their contact numbers on social media, so it is not difficult to contact them.

The post added that the scammer would send a photo to the hawker's WhatsApp number, accusing them that their food is dirty and unhygienic.

The scammer would also allegedly claim to find flies or fly eggs on the food.

They would then demand compensation from the hawkers, or threaten to post reviews or complain to the authorities.

The post read: "Hawker friends please be vigilant. Do not be afraid if you did nothing wrong!"

The elderly man who was shoved to the ground at a coffee shop along East Coast Road after patting a young girl on the head has suffered a fractured back, according to his family.

Fractured back

Earlier, in an Instagram Story posted on Aug. 17 by Bei-Ing Wanton Noodle, 73-year-old Yeo Song Khoon was shown seated in a wheelchair and wearing a hospital gown.

The post said Yeo, who has been selling wanton noodles at the stall for more than 40 years, had finally agreed to seek medical attention following the incident.

However, he returned to work that same day.

Speaking to 8days, Yeo's family said he was advised to remain in hospital for observation after undergoing a medical check-up on Aug. 16, but declined to stay.

He was required to sign a form acknowledging the risks of leaving the hospital, the family said.

According to his family, Yeo's doctor has advised that spinal surgery would be the best option for his condition.

If Yeo decides against surgery, he will instead require physiotherapy and medication, they added.

The store's Roxy Square outlet was closed on Aug. 18 and 19, and is scheduled to reopen on Aug. 20.

Yeo is expected to return to work on Aug. 21.

What happened

The incident was first shared on Aug. 15 on the Facebook and Instagram pages of Bei-Ing Wanton Noodle.

In CCTV footage, Yeo can be seen walking past a family's table and patting a young girl on the head.

The girl's mother then reached out her hand in an apparent attempt to stop Yeo.

The girl's father, who was wearing a cyan T-shirt, was seen rushing back to the table after noticing the commotion.

He subsequently grabbed Yeo by the arm and swung him around, causing the elderly man to fall to the ground.

Others later helped Yeo up at the coffee shop.

The girl’s father subsequently apologised and offered to buy Yeo a drink, but he declined.

"I don't want to cause any trouble": Yeo

In an interview with 8world, Yeo said he had patted the girl on the head as he found her "very adorable".

"Old people like to pat young children's heads," he said.

Despite the incident, Yeo said he did not want to make a fuss over what happened.

"I don’t really mind, just let him off. It’s okay to just leave it, it’s all right. I don’t want to cause any trouble," he said.

His family has since made a police report.

Yeo, who was already experiencing an injured leg and difficulty walking, said he began experiencing back pain about two to three hours after the fall.

However, the pain was eased by painkillers, allowing him to return to work.

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After 57 years, Canteen 398 at Piccadilly Road will reportedly be closing permanently on Sep. 19.

According to a sign captured in a diner's TikTok video, the last day of operation will be Sep. 18.

The sign did not explain the reason for the closure.

The couple who runs the canteen apparently told an Instagram user that they planned to take a break and retire.

The canteen's history

Also known as Boh Geh Uncle Canteen, the coffee shop is believed to be Singapore's oldest surviving coffee shop, dating back to 1969.

It was originally a Corporal Mess for the British, then served National Servicemen at the nearby Seletar Camp.

After decades, the canteen has retained its rustic, old-school style with an outdoor dining area set up among overgrown greenery.

Its three stalls — two for food and one for drinks — offer simple meals at relatively affordable prices, making the place popular with workers in the area.

In 2012, the canteen was slated for closure to make way for Seletar Aerospace Park, which was supposed to be built over much of the space.

However, it survived the development plans.

Singaporean pop queen Stefanie Sun was recently spotted at a Bukit Timah coffee shop having breakfast with her parents.

Photos of her out and about in public in Singapore were posted on Xiaohongshu.

They drew praise from online commenters, who said the 48-year-old blended in perfectly in her casual attire and appeared to have no airs with no minders around.

Sun was spotted in a baggy t-shirt, shorts, slippers, and black-rimmed spectacles.

Online responses

Online commenters responded to the photos by praising Sun.

They said she appeared youthful and relaxed while out and about in public.

One commenter wrote: "She looks like a female college student. She looks great."

Another added: "Is the diva eating at an affordable restaurant?"

"Being a singer is just a job. She goes to work and goes home. It's fine," another commenter wrote.

One commenter also noted: "Singaporean artistes are more relaxed. They don't usually have many people watching them in private."

Sun has completed part of her "Aut Nihilo" tour, which ran in 2025 and early 2026.

She performed at the Singapore Indoor Stadium in April 2025.

She will be performing in China from September 2026.

A fourth-year Keio University student who worked part-time as a receptionist at a sports facility in Tokyo allegedly stole a credit card from a locker room, with police estimating losses totalling 1 million yen (S$8,018).

On Aug. 16, 2026, 22-year-old Karen Shinzawa was arrested after she was suspected of using a master key that was at the reception desk to commit the crimes.

According to Fuji News Network (FNN), she used the key to open lockers in the sports facility located in Hiroo, Shibuya Ward, one of the most upscale residential districts in the capital.

The Tokyo Metropolitan Police Department is investigating whether she committed other crimes.

Used card to purchase 2 cosmetic products

According to Yahoo Japan, Shinzawa allegedly stole the credit card from a female customer in her 50s in April.

Shinzawa then used the card to fraudulently purchase two cosmetic products worth a total of 14,000 yen (S$112).

It appears that Shinzawa entered Keio University's Faculty of Policy Management in 2023 and served as the manager of the university's ski club, reported Yahoo Japan.

According to a self-introduction article published on the ski club's Instagram Threads account, Shinzawa was born in New York, graduated from high school in California and returned to Japan in 2022.

Partially denied charges

According to FNN, Shinzawa was believed to have been working at the facility as a part-time receptionist for several years.

The master key was reportedly accessible to all employees.

When questioned by police, Shinzawa partially denied the charges, stating, "I used it impulsively because I wanted the product," and "I picked it up in the changing room."

Authorities confirmed that other users of the sports facility also suffered losses totalling 1 million yen (S$8,018) and plan to pursue further charges.

Three males, aged 15, 19, and 21, were arrested for their suspected involvement in a case of theft of a motorcycle.

The police were alerted to the theft on Aug. 17, at about 10pm.

The victim reported that his motorcycle, parked at a car park along Tampines Street 83, was allegedly stolen.

Officers from Bedok Police Division and Police Operations Command Centre established the trio’s identities.

The three males were arrested on Aug. 18 within 15 hours of the report.

The stolen motorcycle was recovered.

A 21-year-old and a 19-year-old will be charged on Aug. 19 with theft of a motor vehicle with common intention.

The offence carries a jail term of up to seven years and a fine.

Police investigations into the 15-year-old boy are ongoing.

The police advised motorcycle owners to park their motorcycle in well-lit areas, install an anti-theft alarm for their motorcycle and ensure that it is well-maintained.

Motorcycle owners are also to remove the ignition key and lock their motorcycle whenever it is left unattended, and not to leave spare keys or transponders inside any storage compartments of the motorcycle, the police added.

Singapore's National Environment Agency (NEA) has reached out to Johor's Solid Waste and Public Cleansing Management Corporation (SWCorp) on the issue of construction waste being illegally dumped in Pontian, Malaysia, the agency said in response to Mothership's queries.

This follows earlier media reports that the waste reportedly originated from Singapore.

The waste includes broken tiles, metal bars and construction equipment.

Construction waste export not allowed: NEA

Malaysian outlet New Straits Times reported on Aug. 17 that NEA's group director for resource and sustainability phoned the director of the Johor waste management authority and informed him that all exports of construction and demolition waste from Singapore to Malaysia will be halted.

NEA confirmed in its statement that a call took place between NEA and the Johor waste management agency, SWCorp.

During the call with SWCorp, NEA affirmed that Singapore does not allow construction and demolition (C&D) waste to be exported for disposal, the agency said.

Under Singapore’s regulatory framework, C&D waste must be properly processed and sorted locally for recycling, NEA explained.

"Homogeneous material streams such as ferrous scrap recovered from C&D waste are considered recyclables and can be exported, subject to the relevant regulatory requirements," the agency added.

Not yet established if Singapore companies were involved: NEA

NEA acknowledged that SWCorp has named nine Malaysian companies that it is investigating in relation to the illegal dumping.

"It is not yet established if Singapore companies were involved," NEA clarified.

NEA said it has issued an advisory to licensed waste disposal facilities handling C&D waste in Singapore, reminding them of regulatory requirements.

The agency also said:

"NEA takes a serious view of any illegal disposal of waste, as it pollutes the environment and can be a hazard to public health.

NEA will continue to work closely with the Malaysian authorities to investigate the matter."

Pontian locals told The Straits Times that convoys of trucks would rumble through the roads at night, affecting their sleep and damaging roads.

CNA previously reported that Johor is probing nine Malaysian firms suspected of being responsible for the illegal waste dumping.

The waste is believed to have been transported from Singapore via Tuas before being discarded on the land plots in Pontian, CNA wrote.

A 31-year-old man was arrested for drink-driving after he was involved in a traffic accident.

The incident occurred at Loyang Avenue in the early hours of Aug. 16.

In videos circulating online, a black vehicle appeared to have crashed into a bollard at a bus stop.

Smoke appeared to be emanating from the vehicle’s damaged engine.

Another car was parked at the side of the road, and a motorcycle was seen lying in front of both vehicles.

Debris was scattered along the incident site.

In response to Mothership's queries, the Singapore Police Force (SPF) and Singapore Civil Defence Force (SCDF) said they were alerted to the incident at about 2:05am that day.

The accident involved two cars and a motorcycle.

A 31-year-old male car driver and a 20-year-old male motorcyclist were conveyed conscious to Changi General Hospital.

The male car driver was arrested for drink-driving.

Police investigations are ongoing.