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SINGAPORE: Credit co-ops now operate in a more regulated environment, thanks to a set of calibrated measures put together by the Registry of Co-operative Societies.
These ensure sufficient liquidity to meet withdrawals, maintain confidence and reduce exposure to high risk investments as well as to safeguard members' deposits and provide loans.
Before this, co-ops operated in a self-regulated structure. The measures - put together against the backdrop of the 2008 financial crisis - will also help credit co-ops focus on their core social role of encouraging thrift and providing loans to members.
The Registry worked closely with the Singapore National Co-operative Federation which played an important role in facilitating the feedback discussion.
Today, there are 38 credit co-operatives comprising more than 200,000 members in Singapore.
- TODAY/sc
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