Celebrating 100 Years Of Co-Op Movement

1.           Good evening. I’m really happy to join all of you tonight as we celebrate a significant milestone - 100 years of Singapore's co-op movement!

 2.           For a century, Singapore’s co-ops have played a vital role in our communities. As Singapore evolved and went through various changes and challenges over the years, co-operatives have continued to provide stability and support – touching the lives of many individuals by addressing common needs of its members and the wider community.

 3.           I’m just imagining, over the past hundred years, we have been through the Depression and a World War, where the co-operative movement faced many economic ups and downs. We still prevailed and that is worth a celebration. Tonight is also an opportunity for us to appreciate and recognise generations of dedicated pioneers, committed members, and thoughtful leaders who have carried with them a simple yet powerful belief – that when we work together and we support one another, we can address the challenges more effectively and build a stronger and fairer society.

 Honouring the 3 Centennial Co-ops

 4.           I would like to take this opportunity to recognise three pioneering co-ops who are similarly celebrating their centennial year this year, demonstrating how co-ops continue to remain as vital today as they were a century ago:

a.   Singapore Government Staff Credit Co-operative;

b.   Singapore Statutory Boards Employees' Co-operative; and

c.   Citiport Credit Co-operative

 5.           These co-ops were born in a time of hardship. They stepped forward to address and tackle the pressing challenges of indebtedness and moneylenders’ exorbitant interest rates. Even in the 20s, co-ops were already demonstrating a “We First” spirit, by helping one another, providing workers with fair and affordable access to credit, and the chance to support their families in times of financial need. It is the belief that no one should be left behind.

 6.           A century later, these co-ops exemplify how the movement continues to evolve and remain relevant. Beyond financial services, they have provided members with hospitalisation benefits and educational bursaries to uplift families across generations.

7.           Reaching further into the communities, they also extend care to the elderly, less privileged, and the vulnerable. They have exemplified what it means to live in a “We First” society. It is not about “me” or “I”, but is about the “We”. It is about fostering the spirit of compassion, adaptability and shared purpose that places collective well-being above individual gain. This has  sustained us for 100 years, serving members and addressing social needs with unwavering dedication.

Co-op Sector Today

8.           Today, more than 60 active co-ops have touched the lives of about 1 million people, actively engaging emerging social needs and services. For example:

 a.   NTUC Health where you have touched the lives of 24,000 seniors, providing for not just care services, but dignity and hope through day care, home care, nursing homes, and rehabilitation. Understanding that every family's journey is different, they expanded their services to include Sunday day care, specialised programmes that honour seniors living with dementia, and vital respite care that give our exhausted caregivers the much-needed break.

b.   The GP+ Co-op one of the newer co-ops, has transformed healthcare accessibility by uniting as one powerful voice. Together, they secured breast cancer screening packages and Covid test kits at more affordable prices. These weren't just business deals. These were created to agenda meaningful impact as they brought early detection within reach, broke down financial barriers to allow families to seek the necessary care, and raised awareness about the importance of preventive healthcare.

c.   And our Silver Caregivers Co-op that aims to improve the quality of life of caregivers, by being a one-stop centre for information and skills, to support their roles as caregivers for their loved ones.

• Lisa, not her real name, is a single child who did not have anyone to share her caregiving responsibilities with. After her father passed on, her mother was depressed and lonely.  Lisa had to maintain her job to support them both. She reached out to the Silver Caregivers Co-op, where she found more than just workshops, but a community of caregivers who understood her challenges. Today, she’s a caregiving advocate, sharing her testimony to help others, especially caregivers, to navigate their own pathways with strength and hope.

9.           These are just some examples of how the co-op movement has transformed itself from beyond the credit movement towards a social movement. I think this is very meaningful, which will stand the test of time for the years to come.

EMPOWERING COMMUNITIES FUND

10.        Co-ops also remind us that when businesses are guided by purpose rather than just profit alone, they possess the ability to uplift entire communities. We want to encourage and support our co-ops in this very vital mission – to explore a more cohesive society where every person has the support they need to thrive.

11.        This is why the Empowering Communities Fund is significant. Jointly established by SNCF as well as MCCY, this Fund helps our co-ops turn values into action and make a difference in people’s lives.

12.        To date, $420,000 have been committed to support nine ground-up projects led by co-ops. Each is designed to uplift vulnerable groups, strengthen community bonds, and build a more empowering Singapore.

13.        Let me share one such example of how co-ops have guided us with empathy and helped us gain strength, confidence, and find a renewed sense of purpose as individuals:

• Love Empowered Co-op runs a learning centre for children and has introduced a Family Empowered Programme to help family members better support children with different needs.

• More recently, they launched a book-writing project, in collaboration with education specialists, that gave 20 children with special needs the chance to tell their own stories.

• Take Ms Mary, for example, a single mother who raised a child with autism. For her 11-year-old son, the project is more than just writing. It gave him a channel to express himself, explore new possibilities, and dream of a future where these skills can be supported.

• Along the way, he also gained confidence, built new friendships, and discovered new ways to engage with the community. Well done Love Empowered!

14.       The Empowering Communities Fund application period closes on 31 October 2025. I encourage co-ops that have yet to apply to seize this opportunity. Reach out to SNCF for more information as to how to transform your ground-up ideas into impactful initiatives to help the community. 

CO-OP 10-YEAR TRANSFORMATION ROADMAP

15.       MCCY launched a 10-year Transformation Roadmap for our co-op sector earlier this year at the Committee of Supply debates. This Roadmap aims to help co-ops navigate a changing world, where business environments and members’ needs are evolving faster than ever.

16.       This Roadmap was not developed in isolation. Over five months, we’ve consulted about 1,200 stakeholders, including co-op committee leaders, passionate youths, union representatives, and everyday Singaporeans. Their vision and bold ideas have shaped the Roadmap to address the needs and aspirations of the wider co-op community.

Consultation Feedback

17.        Today, I am pleased to share the outline of the Roadmap with all of you.

18.        Our conversations with the stakeholders indicated three focus areas. Firstly, many in the society may not be aware of the good work that our co-operatives do. So, there’s a need to provide some degree of added focus and have some degree of marketing on this aspect.

19.        Secondly, there are also career uncertainties in the co-operative sector which needs to be addressed.

20.        Lastly, good governance and efficiency. Both our co-operators and the public emphasised the need for exemplary governance, enhanced transparency, and trusted leadership. Those in the sector also called for more support in training, capability-building, and AI adoption. Given the advent of AI, it is useful to use technologies to better improve efficiency.

Four Pillars

21.       All those ingredients went to the development of the Roadmap and we now have four strategic pillars. They are:

a.   Attracting and growing a trusted pool of professional and value-driven leaders who not only have the skills and expertise to lead, but also the integrity and heart to serve.

b.   Strengthening governance & stewardship of co-ops, to increase resilience, to magnify co-op values, and strengthen our social impact.

c.   Enhancing operational experience and excellence and to build and scale up our capabilities.

d.   And rallying more youths around the Singapore Co-operative Movement.

Picture of Success

22.       At the end of the day, we hope to see:

a.   A co-operative movement that is rejuvenated with vitality and a clear sense of mission – one that continuously and constantly adapts itself to meet emerging needs of our society;

b.   A pool of resilient and professionally run co-ops, led by values-driven leaders and supported by a trusted talent pool of  members that the community can rely on; and

c.   Co-ops which are effective in delivering purposeful impact and making a real difference to the lives of their members.

23.        Many of these transformative initiatives would not have been possible without the wonderful and strong partnership that co-ops had together with SNCF and MCCY. They have done well, and this is very important as we move towards a "We First" society.

Leadership Initiatives

24.        Beyond all of this, the special glue that keeps the co-op movement alive for the past 100 years is the leadership. It’s the leadership that gives co-ops the confidence to adapt, the resilience to weather challenges, and the vision to seize opportunities.

25.        The new Co-op Leaders Programme is one of our key initiatives to enhance our co-op leaders’ capabilities and broaden their perspectives. It will support senior co-operators with three to ten years of experience, by helping them build leadership and business skills, gain overseas exposure, and learn from experienced mentors. With this, they will be able to be better equipped to lead changes required within our co-operative sector.

a.   We will also be enhancing the Emerging Leaders Programme, or “ELP” for short, with more curated courses to deepen our participants’ skillsets and increase their exposure to both local and regional forums. Since 2023, the ELP has nurtured more than 40 ELP leaders across the co-op sector. With this expansion, more younger co-operators will grow and benefit from the programme.

26.        We also know that leadership is also not only about the next generation. We have witnessed many dedicated co-operators who continue to give back to the co-op sector even after retiring.  Many have stepped up to take on advisory roles, Committee members, and act as coaches to our co-operatives. This needs to be celebrated as well.

27.        That is why we are introducing the SCM Mentor Fellowship Programme - a structured initiative to train our experienced leaders as mentors  for the sector. Through training and mentoring, we hope that their dedication and decades of lived experience will be passed on as inspiration and a guide to the future generations.

28.       SNCF will be sharing more details on these leadership programmes in the coming weeks. I invite all co-operatives to be pioneers in this generation, as we chart the pathway for the next generation.

29.        In the coming months, MCCY will also be unveiling more plans on the Transformation Roadmap. I’ve just sketched out the four strategic pillars, but over the next couple of months, you will hear more, and I hope this excites the sector to continue the good work that you’re doing.

CONCLUSION

30.        Let me end by thanking all of you, once again, co-operators and partners, for your unwavering support in serving your members and the community. I wish many more years of success and happiness to come.

31.        Thank you very much.