BIZSpoke | Stop Using NRIC Numbers for Identity Verification PDPC & CSA Issue Joint Advisory

8 AUGUST 2025

Stop Using NRIC Numbers for Identity Verification

The PDPC & CSA have issued a Joint Advisory Against Using NRIC Numbers for Authentication to guide private sector organisations to stop the use of NRIC numbers for authentication purposes.

NRIC numbers are unique to each person, and can be used by organisations such as banks, telcos, and healthcare providers which need to accurately identify their customers.

However, a person may not be who he claims to be just because he is able to state that person's NRIC number. This is why organisations should not use NRIC numbers to prove a person’s identity before granting him access to services or information intended only for him. Organisations should also not set NRIC numbers as default passwords, nor use full or partial NRIC numbers together with other easily obtainable personal data for authentication (e.g., combining an individual's partial NRIC number and date of birth "567A01Jan80").

READ JOINT ADVISORY

DEVELOPMENTS ON U.S. TARIFFS

This week

The U.S. confirmed a 10% baseline tariff for Singapore and announced a 100% chip tariff, pressuring Southeast Asian and Taiwanese firms to relocate production to the U.S. A new pharmaceutical tariff will also rise to 250% over 18 months.

Reported on: The Business Times | Channel News Asia | Channel News Asia |

Channel News Asia | The Straits Times

Malaysia, Thailand, Cambodia, and the Philippines secured lower rates at 19% while South Korea confirmed a 15% tariff in exchange for major U.S. investments. Myanmar and Laos remain at 40% while Myanmar undergoes negotiations.

Reported on: Channel News Asia | The Star | Channel News Asia

India faces a new 25% tariff, rising to 50% over Russian oil ties. Taiwan’s 20% tariff took effect, with ongoing talks to reduce it. China deepened ties with Brazil, expanding coffee imports following Trump’s 50% tariff.

Reported on: Times of India | Channel News Asia | CNN

Previous week

The U.S. reduced Malaysia tariffs from 25% to 19% while setting a 25% tariff on India and an unspecified penalty over Russia ties. A 19% levy was imposed on imports from Thailand and Cambodia, lower than the 36% they originally faced, and a temporary 20% tariff on Taiwan, with the possibility of further reductions should an agreement be reached. South Korea secured a 15% rate tied to a US$350B investment commitment and US$100B in energy purchases. All countries are expected to be notified or have their status clarified by midnight Aug 1. Meanwhile, the U.S. and China held talks in Stockholm, agreeing to pursue a 90-day extension to their truce.

Reported on: The Straits Times | CNBC | Channel News Asia | South China Morning Post

The U.S. announced a 50% tariff on copper pipes and wiring and ended the ‘de minimis’ tariff exemption globally, affecting small-value e-commerce imports.

Reported on: South China Morning Post | The Straits Times

SMEs Must Evaluate U.S. Tariff Exposure to Stay Competitive

SBF has raised concerns over the impact of Trump-era tariffs on Singapore SMEs, which make up 99% of the business landscape. SBF CEO Kok Ping Soon urged companies to assess their exposure, understand trade compliance, and tap into FTAs to stay competitive. He highlighted the upcoming government-initiated Business Adaptation Grant, launching by October, which will offer up to $100,000 per company to help SMEs adapt to tariff-related challenges and strengthen global market resilience..

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WHAT'S NEW

SBF and EnterpriseSG Launch CEFA to Boost SME Competitiveness

SBF and EnterpriseSG have formalised a new partnership to boost SME support through SME Centres and the newly launched Centre for Enterprise Financing Advisory (CEFA). CEFA will offer tailored financial guidance, investor connections, and capability-building programmes to help SMEs grow, innovate, and expand overseas. This initiative strengthens business resilience and competitiveness—marking a significant step toward empowering SMEs in a complex economic landscape.

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Internships After Graduation – a Waiting Room for a Real Job or a Launch Pad?

Are post-graduation internships just a waiting room or a strategic career launchpad? SBF Chief Policy & Operating Officer Musa Fazal makes the case for the latter, citing today’s complex job market shaped by AI and geopolitics. Drawing on lessons from the SGUnited Traineeships (SGUT) programme, SBF highlights how well-structured internships equip graduates with real skills and offer employers fresh talent and long-term hires—demonstrating that meaningful internships create real value for both businesses and jobseekers.

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SCALED INTERNATIONALLY

From Singapore to Latin America: Building Bridges for Business Expansion

Latin America offers strategic opportunities for Singapore businesses in manufacturing, innovation, the green economy, and agri-trade, said Minister of State Alvin Tan at the SBF LatAm Conference. SBF Chairman S.S. Teo highlighted that SBF has facilitated over 140 advisory sessions for companies keen on the region, and will continue supporting expansion efforts through its Latin America Business Group and GlobalConnect@SBF. Amid global uncertainty, deepening ties with Latin America is both timely and essential.

Reach out to [email protected] for more information on this region.

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SKILLS-EMPOWERED

Career Health Is Business Health: Invest in People, Strengthen Business

On CNA938’s Mind Your Money, SBF Executive Director of the Workforce Development Division Thian Tai Chew highlighted the strong link between career health and business resilience. Speaking alongside Accredify CEO Quah Zheng Wei, Mr Thian spotlighted initiatives like CCP, MCPP, and JSIT-WST that help SMEs adopt a skills-first hiring approach. He also urged employers to look beyond academic credentials and job titles, reinforcing SBF’s call to invest in future-ready workforce development.

LISTEN NOW

Reskilling for Relevance in a Rapidly Changing Economy

Singaporeans across sectors are embracing reskilling and upskilling to stay competitive amid rapid industry shifts. Backed by Workforce Singapore’s structured programmes, career guidance, and financial support like SkillsFuture Credit and training allowances, mid-career transitions are increasingly achievable. Real-life stories show that with the right mindset and support, professionals can pivot into new roles and industries—proving that continuous learning is not just important, but essential for long-term career resilience and growth.

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SOCIALLY IMPACTFUL

Shaping a Socially Sustainable Future for Businesses in Singapore

Join us on 22 August as we unveil the findings of the inaugural Social Sustainability Study conducted by SBF and KPMG. Be part of a thought-provoking session to find out how businesses are leveraging social sustainability and how corporate volunteering can drive purpose, performance and long-term value.

SBF MEMBERSHIP

Celebrating Our New & Renewed Associate Members

We are excited to welcome over 150 new Associate Members who joined SBF in the first half of 2025 — from startups to established companies, reflecting the diversity of Singapore’s business landscape.

A heartfelt thank you to all our Associate Members who renewed their commitment this year. Discover how active engagement within the SBF fosters stronger networks, meaningful collaborations, and inclusive growth opportunities. Get to know our associate members in our network.

FIND OUT MORE

SUPPORTED EVENT

Shaping the Future of Senior Employment

Singapore’s Tripartite Workgroup on Senior Employment (TWG-SE) invites you to shape the future of senior employment. Join us on 15 or 16 Aug 2025 to share your views and hear from employers, employees, and jobseekers on enabling seniors to thrive at work. The sessions include focus group discussions and a panel discussion with TWG co-chairs Senior Minister of State for Manpower Dr Koh Poh Koon, NTUC’s Deputy Secretary-General Mr Desmond Tan, and SNEF’s Vice President Ms Tan Hwee Bin.

Your voice can help refresh policies and support both workforce aspirations and business needs.

IVAS-IVSC Business Valuation Conference 2025

Ready to unlock your business potential and drive sustainable growth? Join us at the IVAS-IVSC Business Valuation Conference 2025 on 27 August!

The theme for this year is "From Insight to Impact: Bridging Valuation and Corporate Strategy" and we are offering business owners an exclusive opportunity to access a complimentary 1-on-1 consultation with Business Valuation experts through our Business Clinic – available when you purchase an in-person ticket to the conference.