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Ministry of Culture, Community & Youth

For credit co-ops – Prudential requirement and Training for officers

Credit co-ops deliver value to their members through their thrift and loan services. Credit co-ops hence have additional requirements to strengthen their prudence, risk management, and officers’ capabilities.

Last updated 2 July 2026
Close-up of two people shaking hands in a group setting.

Prudential Requirements

Written directions are in place for credit co-ops to strengthen their prudence and risk management. These requirements re-focus the credit co-ops toward their core business of thrift and loans, and ensure accountability to their members.

Table 1: Written directions to date

Issue date

Effective date

Description

23 Jun 2021

25 Jun 2021

Written direction – unsecured loans [PDF, 273 KB]

21 May 2020

21 May 2020

Written direction – capital adequacy and restriction on dividend [PDF, 408 KB]

18 Dec 2018

21 Dec 2018

Written direction – provisions for bad and doubtful loans and impairment loss for investments [PDF, 327 KB]

12 Jul 2023

1 Aug 2023

Written direction – investments [PDF, 266 KB]

29 Jun 2016

1 Jul 2016

Written direction - minimum liquid assets [PDF, 273 KB]

7 May 2013

10 May 2013

Written direction – submission of financial returns [PDF, 178 KB]

29 Aug 2011

1 Nov 2011

Written direction – secured loans [PDF, 43 KB]

Submission of financial returns

Table 2: Credit co-ops are required to submit these returns to the Registry annually

Type of document

Submission date

  • Completed Form WD-1 [XLSX, 41 KB]

    • To report the audited year-end financial position,
      capital adequacy ratio, minimum liquid assets,
      restricted investments and loans data

Due 6 months after the close of the previous financial year

Due 2 months after end of the current mid financial year

Training for officers

The Mandatory Induction Courses (“MIC”) are designed to equip Committee of Management (“COM”) members and key officers (denoted in * below) of credit co-ops with basic understanding of regulatory requirements and best practices for good governance. There are two modules to be taken:

  • MIC Module 1: Co-operative Legislation and Code of Governance

  • MIC Module 2: Governance Guides on Internal Controls, Loan Management and Investment Management

Officers holding the following positions are required to attend the MIC:

  1. All members of the COM

  2. Chief Executive Officer (“CEO”)*

  3. Chief Financial Officer (“CFO”)*

  4. Chief Investment Officer (“CIO”)*

Members of the Audit Committee (who are not part of the Committee of Management) are strongly encouraged to attend the MIC.

These are the implications if a COM member, CEO, CFO, or CIO did not complete the MIC:

Officer

Implications

Any member of the COM

Not eligible for re-election at that next AGM (or for co-option after the AGM)

CEO, CFO, or CIO

Not eligible to remain in his/her position if s/he has not completed the MIC within one year of appointment

Credit co-ops are expected to keep records of their officers’ completion of the MIC and send new COM members and/or key officers to attend the MIC, as part of their induction process.

For more information on the MIC and to sign up for either or both of the MIC modules, you may contact the Singapore National Co-operative Federation.