Micro Financing - workable model in singapore?

I have been following the model of micro-financing or micro-loans as it is also known, for some time now. It first came to my notice through nobel prize winning Prof. Muhammad Yunus & Grameeen Bank. Then came Kiva.org which I recently became a member and pledged to do so on a monthly basis. Then I came across another for profit peer to peer site at prosper.com which really set me thinking. Can we have a similar model in Singapore?

While here I was, committing myself to a minimum of  USD $25 monthly in helping someone I have never seen halfway across the globe, I began thinking if I should actually do more for my fellow citizens, my fellow neighbors. I currently contribute only a measly $2 per month to the Community Chest, while I used to contribute $10 or $15 monthly to NKF through their lifedrops programs, I stopped doing that since the NKF saga came to light. On and off, I make contributions whenever I see those fundraisers on the street or fundraiser shows on TV, but its nothing regular, an nothing exceeding $10 each time, after being wary after the NKF saga of how my money may actually be lining the pocket of some fat cats instead of reaching those that really need it.

I am quite captivated by Kiva's model, in the sense that it is peer to peer. Just a quick summary (please do check out the website for more details), what Kiva does is that it basically connect lenders willing to lend a min of USD $25 to poor entrepreneur borrowers to help them set up a small business in order to get out of poverty. As a lender, you browse the listing with photos and short description of the would-be borrowers and decide who you want to extend the loan to. In a way, you know that your money is going towards an individual or group of your choosing. It puts a face to your recipient and personally, it gives a warm fuzzy feeling to know that you have made a difference to that person and his family. Unlike giving to a charity, the borrowers will pay you back and upon receiving back your loan amount, you can choose to recycle the loan amount once again or donate the money to Kiva to aid their operating costs. Of course, there is always a risk of default, but personally, I am looking at this from a charity point of view, I am fully prepared not to get back my money, and if I do, I will be recycling them again to someone else in need.

The other site that I mentioned earlier, prosper.com, is similar to Kiva in a way in that it involves peer to peer lending, however, it does not limit itself to poor entrepreneurs, its really for anyone. The other difference is that the lenders gets to charge an interest compared to Kiva where the lenders does not earn any interest. Browsing through the site, most people are using it to reduce their credit card debts really, where instead of paying the bank on average 24% p.a on credit card interest rates, the borrowers get a peer to peer loan at interest rate for example 6%. The borrower saves on his interest rates, the lender earns a much much better rate than savings account interest rate.

I see this second model working here in Singapore. To be honest, I am sick and tired of seeing those personal loans and credit lines commercial that the banks are offering. In many adverts, they are encouraging people to use the loans for holidays, pay for some luxury products etc which I feel is somewhat irresponsible. Of course, a bank is still a business, and with personal loans and credit lines being big money makers for them, I can see why they are keen to expand that area of the business, but I wish they can do so in a slightly more social responsible way. Then again, they have no incentive to do so at all and its up to individual borrower to read and understand the terms and conditions.

If we can somehow implement the peer to peer lending model, we can actually help those people that get into debt unwittingly and help them out of the debt. Or to lend to people with genuine needs that couldn't qualify for a government aid. If the government can't or wouldn't help us, shouldn't we help each other?

Its an idea of course, implementation is another whole different matter.

Public transport

"Public transport fares to go down by 2.5%" screams the headline today.

Explanation of how the 2.5% decrease is derived: NIL
Comparison of current pricing vs new pricing: NIL

I re-read the article a couple of times, just trying to see if I missed out anything. My understanding of the article tells me that

• Transport costs will in future be based on distance 
• Some people may be paying less
• Some people may be paying the same
• Some people may be paying MORE

How is that a decrease??? Where the hell is the decrease?? What the hell is a "transfer penalty"??? I thought whenever you do a transfer, you get discounts/rebates??? Whats the penalty??? Have I been paying more all this time without me knowing?? (not surprised if i am)

To be very honest, I gave up trying to understand how much our public transports charge.

When I take a cab, I dunno what surcharges there is or going to be applied until I paid the final bill and asked for a receipt. The cabby could have told me I need to pay a surcharge for picking me up in front of a T-junction opposite a double white line and I would have believed him and paid for it anyway.

When I take a bus, I have no idea how much I will be paying when I alight, I simply struggle to tap my card while being shoved out by the other people, and I never double check. I understand there's a whole different pricing if I paid in cash, or if I am transferring from another bus or MRT.

The only time I can have 2 more seconds to look at my remaining EZlink card value is when I take the train. I think this is the only system I can understand with no surcharges or different pricings etc (i think?)

End of the day, no matter how much the cabs, bus and trains want to charge, how much they wanna increase the fares, there's nothing you can do about it at all. Its not like I can just walk to work? Just suck thumb and pay through nose lor.

Time to get another lot of those SMRT stocks.

Embrace migrants: MM Lee

from the straits time
-------------

Apr 18, 2010
Embrace migrants: MM Lee
MM renews call for greater integration of new, highly educated migrants in society
By Rachel Lin

Singapore must not shy away from embracing new, highly educated migrants, Minister Mentor Lee Kuan Yew said yesterday. --ST PHOTO: CHUA CHIN HON

SINGAPORE must not shy away from embracing new, highly educated migrants, Minister Mentor Lee Kuan Yew said yesterday.

Re-stating his view on the issue, he said Singapore would continue to need overseas talent to drive its economic dynamo.

Pointing to the first quarter growth of 13.1 per cent and revised government projections of 7 per cent to 9 per cent growth for the year, he said this was 'a big turnaround from our most difficult period in early 2009'.

With the outlook for the global economy now brighter, sustaining Singapore's long-term prospects meant the country needed to grow as an attractive hub for international trade, investment and talent.

'That was how we grew from a fishing village to a trading post under the British, and now a vibrant metropolis,' he said. 'We benefited from being open to immigrants from around the world, especially China, India and the region.'

He said while first-generation migrants might find it difficult to take on local habits and accents, their families would be naturalised.

Read the full story in The Sunday Times.

lyuexin@sph.com.sg
-----------------------

Rationally, I think I speak for most Singaporeans when I say that we have no problems with the 'highly educated migrants' in Singapore. If only they were all like that. The ones we are having problems with are the lower educated ones, the ones that bring with them their 3rd world mentality and dirty 3rd world habits, the ones that we have to squeeze with on fucking overcrowded public transport on a daily basis.

Don't give me the crap about them doing jobs no one wanted to do, ask ong ah heng, there are Singaporeans doing it in the first place, but were replaced as these new pets of our ruling party are cheaper, faster and better. To me, they are also dirtier, smellier and a fucking thorn in my flesh.

I wish I can replace you and your son with people that actually do some real good work in action, rather then just words. Someone like maybe gordan brown and obama. After all, they are cheaper, faster and better too.

Cars a necessity?

This is something that is really getting on my nerves.
 
The number of people that complains and complains that COE is too high and that cars are a necessity for them and there family etc etc etc. We are really a city of whiners and disillusioned people, but I think this fellow really takes the cake.

Cars a luxury? Not for us

How about a ballot to replace the bid system?

Letter from Mark Ho 05:55 AM Apr 12, 2010

ARE cars really luxury items that many of us can do without?

I would argue cars are not a "luxury" when one needs to transport young children, elderly folk and bulky goods. One is not guaranteed a seat on public transport when you most need it, and they are poor alternatives when one has to transport big, heavy items.

Besides, the time saved on transport when one owns a car helps families bond - just by virtue of allowing parents to get home faster to spend quality time with their children. Is family bonding time a luxury we should consider doing without?

If the intent of the COE system is to control the number of cars on the road, why do we need a COE bidding system, since it promotes unhealthy speculation? Just controlling the number of COEs (perhaps by ballot system) should suffice - without bringing money into the equation.

Seriously Mark?  One is of course not guaranteed a seat, did you also know that your CPF rate is not guaranteed, your job is not guaranteed, your interest rate and money with the bank is also not guaranteed? The only guaranteed thing right now in this country other than walkovers is that you have been leading a way too sheltered life! Do you know that there are entire families who are homeless and live in tents on beaches? Do you know that there are people in Singapore that can't even afford to take public transport to go for a job interview? Have you ever seen pregnant ladies on the public transport every morning? Elderies and family carrying kids, baggages and disabled people? They too used the public transport on a daily basis. What makes you and your family so fucking special? You are an elite ah?!

Having a car helping a family bond is one of the most ridiculous thing I have heard in recent times. Are you implying that roads are too congested so you end up 'bonding' more in traffic jams? Family bonding times take place at anytime, all the time. I bond with my family by making it a point to have dinner together at least once a week. I bond with my family by calling them and asking about them during my lunch hour. I bond with my family by going on trips together. I certainly do not bond with them in a car cos that would (1) be dangerous if i am not paying a 100% while on the road and (2) if i were stuck in a jam, more often than not, I will be in a irritable mood that is not really conducive for bonding.

Finally, on proposing a ballot system for COE, I would like to ask what happens if someone like you, who considers a car a necessity, does not get one? Or do you simply assume that because you are special and have 'real' needs, you will be guaranteed one?

Wake up dude and be realistic!

Disclaimer: My family own ONE car for nearly 10 years that we share, and while there are undoubtly convenience in owning a car, it still IS a luxury, not a necessity at all! Kids take the school buses, my mum would take the occasional taxi for her medical checkups, and the adults take the public transport daily for work. 

Empty vessels make the most noise

Was doing some bedtime reading before heading to bed when i saw the following article on CNA

It is healthy that there's political contest in S'pore: Ng Eng Hen

By Lynda Hong | Posted: 11 April 2010 1940 hrs

It is healthy that there's political contest in S'pore: Ng Eng Hen

SINGAPORE : Education Minister Ng Eng Hen on Sunday said it is healthy that there is political contest in Singapore.

He was responding to reporters who asked him about the recent activity by opposition parties in various constituencies.

Dr Ng joined 300 residents in Toa Payoh for some Sunday morning exercise.

Elaborating on his point that political contest is healthy, Dr Ng said he would encourage would-be candidates and opposition parties to meet residents so that residents could ask them questions about what they stood for.

He said: "I think it is healthier for Singapore, rather than just appearing before the elections and then not continuing. I have noticed that opposition parties are doing this more regularly, and I think all-in-all, it is good for politics in Singapore."

Dr Ng said PAP MPs assume that there would be a contest each time, and so the MPs have been working the ground to improve the lives of residents.

This point was also emphasised by Manpower Minister Gan Kim Yong at a separate community event.

Mr Gan also told reporters that there has not been a shortage of ideas within the ruling party.

He was asked to respond to Reform Party leader Kenneth Jeyaretnam's comments in a TODAY interview that a one-party system will lead to a society closed to new ideas.

Mr Gan said that PAP MPs have been proactive in implementing their ideas.

He said: "During the last recession, you also see that we have rolled out many initiatives, including the Jobs Credit, SPUR and so on.

"They were very effective in helping our companies and workers cope with the recession and allowing our economy to recover very strongly, very quickly since the second half of last year."

Mr Gan added that the PAP MPs have also been focused on serving the residents and improving their estates. - CNA/ms

Not wanting to elaborate too much on the highlighted text, but based on my own personal very unscientific, biased and non-proven experience, I would like to re-account on the following,

I have lived in my current estate since year 2001. I have NEVER seen any walkabout by ANY political parties until 2006. Given that my estate was previously a walkover GRC, only to be remove and gazetted into another zone for the 2006 elections, it wasn't all that surprising. That was the first time I started seeing any parties appearing in or near my estate. So BOTH parties i would say are guilty of what Mr Ng mentioned, "just appearing before the elections". It was during this period though, that attending rallies etc that i know more or what each candidate, not just their party stood for, before I cast my first ever vote in 2006.

Fast-forward to today, 2010. My estate is a PAP ward. Over the last few years, I have seen the Workers Party people around my area, but they didn't come door to door I assume, cause I never did get to speak to them, but I recognised them through their party uniform. I also saw Mr Low twice, and said hi to him because I know and recognised who he is. On the other hand, I have yet to ever see any PAP people around my area, maybe they weren't wearing the party uniform, or they were not doing any group event, I honestly do not know. I have NEVER seen my MP, who is a full minister, and probably very busy with his work to come down from his ivory tower to talk to us lesser mortal.

Or maybe its just me who never had the good fortune of running into them when I'm in around the estate, and/or that I'm never home when they visited my place over the last couple of years. Just for the record, I think I have struck 4d about twice over the last couple of years, yet I have not met my MP before. So my personal conclusion is that, its easier to strike 4d than meeting your my MP?

Random rant: Our lovely transport system

Just came back after meeting a few ex-colleagues earlier today. Haven't been taking the public transport at this kinda peak hrs for some time and wasn't expecting what I am about to experience.

It was 6pm at AMK station, heading towards Jurong East with one of my colleague staying in the same direction. As its the peak hour (or so I assumed), I expected the train interval to be like 2-3mins each. To my surprise, the board indicated 6 mins. Nevermind lor, just wait... and while waiting, crowd kept piling in. We were standing at the arrows pointing in, but soon people starting standing right smack where the door is gng to open, with the arrow pointing out. Train was packed to the brim and we couldn't squeeze in at all, only those fucking ugly singaporeans (and/or foreigners) whom squeezed their way in without waiting for the people to alight first managed to get in. Fuckers.

Next train took another 6 mins. 12 min of fucking waiting time during peak hour. Nice.

Jammed packed again, managed to squeeze in this time, but it was so bloody packed that me and my ex-colleague's lips were almost touching. No joke. It was damn embarrassing for both of us. Luckily for us both, our breath didn't stink.

Anyway, we tried to make some conversation during the journey and the issue of single gender train carriages came up. She wished that there will be a carriage entirely for women and perhaps the old folks.

"Imagine its you right now so its not so bad, but there are times where I'm being packed so closed to a stranger that we're almost kissing, its not alright at all" she laments.

I can understand where she's coming from but a couple of reasons seem to make this impossible.

Looking at the load right now, imagine a female only carriage is half empty, who is to stop anyone from packing into them? how are you gng to enforce it? Will in results in fights/arguments?

Others such as the wheelchair bound and family with kids etc will start to demand their own carriages. Can I than request that we ban eg kids strollers from entering any other carriages? While we're talking about kids strollers, i think its ridiculous when they enforce strict requirements on foldable bicycle but not strollers. Have you ever seen the size of one of those 3 in 1 kinda stroller?

I just wish we had a better system with more trains and shorter waiting time.