YM Bank business philosophy

I went to my banker to withdraw my FD. Actually I wanted to renew as the interest rate was above the market rate. To my surprise, after being invited for tea, I thought he must be trying to show his appreciation for the long business relationship. You see, I have been putting my FD with this bank for more than 30 years, every year just renewing without withdrawing. It was a long term thing, for my retirement.

This time I did thought of taking up a small amount to do the things that I wanted to as I am past my retirement age and many physical stuff are no longer my cup of tea. What I did not bargain for was to be told by my bankers that he was worried for me. He shared with me confidentially that he did not think I would be able to hold on to my money and would likely spend them long before my last days on earth.  He then offered me his advice generously that it was best that I continue to keep my savings with him. I said fine but I would want to take out a sum to fulfil my dreams after a life time of working and savings.

Now this was not what I bargained for. My banker told me it was not possible. As my private banker, he was exercising the right to protect me, actually protecting my money from me. He said based on his judgement, it would be unsafe to let me have the money. He therefore unilaterally decided that he would use my savings to buy me a medical insurance and an annuity insurance so that I would be well taken care off in retirement with a monthly payout and also my medical needs.

I said how could you do that? He said well, he could and there was nothing I could do about it. I said that was a ‘yeh mun’ thing to do. He said sure, that’s why his bank is called YM Bank. And his bank has the licence to do as he thinks is the right thing to do, even decidingon his customers’ savings for safe keeping.

Kopi Level - Yellow

Pawn shop – a new concept

I attended the Return Our CPF Rally yesterday at Hong Lim. It was a very productive session, for me at least. I heard what Leong Sze Hian said about the different Home Buy Back schemes operating in other countries. This gives me a business idea. Like some bloggers used to say in my blog, smart Sinkies don’t waste time blogging but spend their time making money. These two thoughts were inspirations to my new business concept and a good one in making money.

There are pawnshops listed in the SGX. Nothing from Geylang so far but won’t be long before they got the idea and want to list their lucrative social service lubrication business. My idea is not of those kinds. My idea is a mix of business, philanthropy and social responsibility. We have all heard of the HDB Home Buy Back Scheme announced by Hsien Loong in his NDR. I think that was a good idea for those oldies that needed money. I would like to borrow his idea and go one further. I would want to start a new business that would do everything better than this govt scheme. What ever terms the govt is offering, this new business would offer better or at least match the govt’s offer.

This business concept is about setting up a string of pawnshops in all the HDB estates with only one product, ie HDB flats. Oldies or even younger HDB flat owners can pawn their HDB flats in my pawnshops with better terms and conditions. The age group need not be limited to the oldies. The types of flats need not be restricted to just 4 rms, 5 rms and bigger HDB flats we would also take. We will market it as a new lifestyle thing, chic and cute and definitely dignified.

The mission is to offer better terms and conditions to those HDB flat owners who want to pawn their flats for one reason or another. Not necessarily limited to retirement. This is not only to offer the HDB flat owners a more competitive option, but also as a kind of philanthropy work to help the citizens who are in need of cash. Now, would that be admirable, helping the people, offering them better terms to tie them over during difficult times, and doing a bit of charity? The thought of helping these people is so comforting and shiok.

The details can easily be worked out subject to approval by the HDB/Govt of course. Any angels or venture capitalists willing to put some seed money into this proposal? It is scalable of course and can be replicated in every HDB estate. It is also durable and sustainable in the long run as people age and have flats to pawn to meet their financial obligations.

I have registered and copyrighted this idea as mind. And I am waiting for interested parties to come forward to put in the start up capital. You know where to contact me.

Kopi Level - Yellow

Comments of Chok Tong in his ND speech

Below are some of the comments that Chok Tong in his famous speech during the National Day celebration. You may agree or disagree but these are Chok Tong’s thoughts and beliefs. I already penned in my comments.
 
1. The govt sets norms, impart values and regulate behaviours. What norms and values and behaviours? Are they good for the people or bad for the people?
 
2. When Singaporeans grow old, they expect the govt to look after them.
Really? How many Singaporeans expect the govt to look after them? This is another sweeping statement like Singaporeans will squander their CPF savings if they are allowed to take them out at 55. How many would do that? A swallow does not make a summer. Please lah, the majority of the Singaporeans are telling the govt to piss off and stop meddling with their CPF. It is the govt that is forcing itself to micro manage the people’s life. It is the govt insisting on helping the people not the other way round.
 
 3. We sometimes decide with less care than we should in the govt we elect. I would say very true and the people are going to pay for it, with their CPF savings for a start for showing less care in the govt they elected.
 
4. We forget we are a little fish in an ocean of big fish. Really, I thought we believe that we are as big as a whale and have an appetite as big as a whale, at least in the million dollar salary some are demanding and the population that we want to stuff into this piece of rock.
 
5. The new fractiousness, divisiveness and estrangement will lead to undoing what the pioneer generations had painfully and diligently built over many decades. This one I agree. With the reckless and mindless influx of foreigners and the fetish craze for foreigners, we are destroying the fabric of our society and alienating our original population as one people and one nation. Who is the cause of this new normal?
 
6. As a people we always know where we are heading. Yes, we used to. Today how many people know where we are heading?
 
7. We always had our different points of views. We discussed, debated and consulted. We built consensus and then went on to implement what best served the national interest. This is a confusing statement. Deaf frogs don’t listen and no need to consult or build consensus. Or he is referring to the Natcon, something that happened last year only and it was supposed to be a discussion and a debate with the people. Did the govt consulted the people on the PWP or other major issues affecting the people?
 
8. Each side does not want to give an inch and taking a quarter. I think only one side does not want to give and inch and taking more than a quarter. And it is the people that had been yielding all the years. Has the govt given a quarter?
 
9. We have so much going for us. Who is us? The people enjoying Swiss standard of living? Or the people downgrading and told to sell their little HDB flats? Or the jobless PMEs? Many are still waiting for the Swiss Standard of living but not many are enjoying it.
 
10. And in summary, we have good leaders, good government, good harmonious relationship between people of all races, and between people and govt. My question, are these still true? How many of you agree?
 
I think the above 10 points are good topics for discussion. Chok Tong has his views and beliefs, and so have the people.

Kopi Level - Green

Return Our CPF – 23 Aug 4pm @ HLP

The speakers for 23 Aug 4pm #ReturnOurCPF – HLP will be as follows:

4.00pm – 4.15pm Mr. Patrick Low
4.15pm – 4.30pm Mr. Jeremy Lim
4.30pm – 4.45pm Ms. Janet Low
4.45pm – 5.00pm Mr. Shawn Lee
5.00pm – 5.15pm Mr. John Ng
5.15pm – 5.30pm Mr. Leong Sze Hian
5.30pm – 5.45pm Ms. Han Hui Hui
5:45pm – 6:00pm Mr. Roy Ngerng
 
For the information of those who are interested.

Kopi Level - Green

Money making and conscience

When I wrote the piece on the gardens and parks I have not read the ST yet. When I flipped over the pages this morning the whole issue was the main focus today. And they also talked about Chek Jawa and other islands with their wildlife. Would they also encourage the crowd and tourists to go trampling in these water treasures to tell everyone that the sites are well visited, with a lot of crowds? Any nature lovers would be worried sick. They often refused to disclose the sites and locations of birds and their nests etc for fear of the crowd.
 
The other big issue is the cost of medicine. Now everyone is pointing his finger at everyone for the madness in medical fees. Some even uttered that they did not know what are the causes of high medical fees. Fortunately there are many caring medical practitioners with conscience and are spilling the beans on foul practices and overcharging. But it will go on and on, just like legal fees. The higher the fees the more successful the practice, and the more dignity for the practitioners.
 
When people are desperate and ignorant, when they are in trouble and have to see the doctors and the lawyers, they are most vulnerable and ready for the knives. The sheep are marching to the slaugherhouse on their own, and everyone knows the practice and the plight of these sheep. No, didn’t know? All is fair mah. You want good service, you pay for it lah.
 
And the SMA was so hapless. If they come out with price guidelines, they would contravene fair practice acts and all the shits. They cannot have guidelines on prices! Buay sai one! They are being virtuous and following the law. I believe them, sure, I believe them. And the issue is so complex that they could not find a better way to overcome the high medical fee problem. Maybe they could set up a review committee. Maybe they could ask the public for suggestions to lower the fees. I just remember, public consultation papers, consulting the public is the answer to all problems.
 
Maybe they should bring in some foreign talents to teach them how. Or maybe they should send a few study missions overseas to learn from other country’s fine practices.
 
We are now so lost as to how to cut down medical fees. We were also so lost at one time about how to solve the housing problem. We are still lost at how to return the CPF money to the people. Maybe we need to increase the pay of the super talents so that they will use their super brains to come up with some better solutions to help the people. Oops, I shouldn’t say things like helping the people. This is a very scary phrase to use.
 
Maybe it will take a few hundred man years to review this problem of high cost and high fees. Maybe nothing can be done, it is market practice, or imported inflation. Maybe we need to wait for the next GE.

Kopi Level - Green