The Monetary Authority of Singapore (MAS) has awarded Edelman Singapore a two-year social media contract, valued at S$682,800, with the option to extend the agreement for an additional year.

The tender was officially awarded on 14 October 2024, according to records from the Government Electronic Business (GeBiz) portal. Edelman was selected from a pool of 25 bidders, whose offers ranged from S$179,400 to S$1,071,360.

Edelman Singapore is led by Julia Wei, CEO, with Warren Fernandez, former Editor-in-Chief of The Straits Times and now CEO of Edelman Asia Pacific, overseeing regional operations.

Under the terms of the contract, Edelman will manage MAS’s social media presence, content production, strategy development, and performance reporting. MAS, Singapore’s central bank and financial regulator, aims to strengthen its engagement both locally and internationally through this partnership.

The social media agency will focus on various target audiences, including the general public, financial institutions, investors, academics, and other central banks.

Edelman will deliver at least six monthly posts across LinkedIn, X (formerly Twitter), and YouTube, amplifying MAS’s initiatives and enhancing its public image. The content will cover MAS’s activities, updates, and recruitment efforts, while positioning MAS as a prominent employer in the financial sector.

In addition to content creation, Edelman will develop an ongoing social media strategy that aligns with MAS’s broader communication objectives. The agency will provide monthly and annual reports, offering insights into audience demographics, post performance, and overall sentiment. These reports will help MAS refine its social media strategy and benchmark its efforts against other central banks and financial institutions.

The contract also includes crisis communication support, with Edelman providing 24/7 assistance in managing MAS’s public image during urgent situations. The agency will facilitate the timely release of statements and updates as needed.

Edelman’s role also includes handling content creation and production in various formats, such as infographics, GIFs, videos, and static images. The agency will work closely with MAS’s internal teams and external vendors to deliver high-quality content tailored for each platform. LinkedIn will be the primary platform, but Edelman will also repurpose content for X and YouTube to maximise reach and engagement.

To support MAS’s day-to-day social media operations, Edelman will manage all platforms seven days a week. This includes posting approved content, monitoring audience engagement, and addressing comments or queries promptly. The agency will provide daily updates to MAS and propose suitable responses where necessary.

Additional services outlined in the contract, which are chargeable only if the option is exercised, include photography and videography for MAS events, with edited images delivered within two hours and videos provided by the following day. Edelman will also create both simple and detailed infographics for MAS’s social media platforms, website, and media distribution.

This new partnership is expected to enhance MAS’s communication efforts and broaden its digital presence, both within Singapore and internationally. By leveraging Edelman’s expertise, MAS aims to remain connected with key stakeholders and strengthen its role in promoting Singapore’s financial sector.

Income Insurance Limited has responded to the Singapore government’s decision to halt its proposed transaction with Allianz Europe B.V., a deal that would have seen Allianz acquire a 51% stake in the insurer for S$2.2 billion (approximately US$1.6 billion).

On 14 October 2024, the company stated it “respects the Government’s direction” and appreciates the recognition of its strategic efforts, noting that it will work closely with stakeholders to evaluate its next steps in light of forthcoming changes to the Insurance Act.

In its statement, Income Insurance said, “Income Insurance notes and respects the Government’s direction. Income Insurance appreciates the Government’s understanding of the strategic purpose behind Income Insurance’s corporatisation exercise in 2022 and acknowledgement that the partnership with Allianz was to strengthen Income Insurance’s position for the long run.”

The company acknowledged the government’s concerns about the structure of the transaction and the need for legislative amendments to provide a clear statutory basis for reviewing similar applications in the future.

The company further recognised the conditional nature of Allianz’s voluntary cash offer, noting that it is “pre-conditional and subject to regulatory approval.”

Following the latest developments, Income Insurance committed to reviewing the proposed amendments to the Insurance Act and stated, “Income Insurance will review and take into consideration the forthcoming amendments to the Insurance Act and work closely with relevant stakeholders to study and decide on the next course of action.”

Government’s Concerns

The government’s decision to block the deal was relayed by Edwin Tong, Singapore’s Minister for Culture, Community, and Youth, who cited concerns over how the transaction might affect Income Insurance’s ability to fulfil its social mission.

While the government acknowledged the strategic importance of Income’s corporatisation in 2022, it expressed concerns about the proposed capital extraction that would follow Allianz’s acquisition.

This capital reduction could significantly reduce Income Insurance’s capacity to continue providing affordable insurance to low-income Singaporeans.

Mr Tong highlighted that Income’s corporatisation in 2022 was enabled by an exemption from Section 88 of the Co-operative Societies Act, which allowed the company to retain an S$2 billion surplus for financial strengthening.

However, the proposed Allianz deal’s capital reduction seemed to contradict this intention. Without a clear, legally binding plan to safeguard this surplus for Income’s social mission, the government was unwilling to approve the deal.

Despite blocking the current transaction, the Singapore government has left the door open for future partnerships involving Income Insurance and potential external investors. Mr Tong clarified that the government’s objection was not to Allianz itself but to the terms and structure of the proposed deal, particularly its impact on Income’s ability to fulfil its social mission.

“The government’s view is not that NTUC Income should not seek partnerships or external capital; rather, we must ensure that any deal preserves NTUC Income’s ability to fulfil its social mission and does not undermine the cooperative movement as a whole,” Mr Tong stated.

Public Response and Opposition

The public and several prominent figures had voiced concerns following the announcement of the deal in July 2024. The proposal for Allianz to acquire a majority stake in Income Insurance raised fears that the insurer’s social objectives could be undermined by profit-driven motives typical of large multinational corporations.

The public outcry centred on concerns that Allianz, as a global insurer, might not share the same commitment to affordable insurance as Income Insurance, which had been serving Singapore’s working-class population for decades.

Critics were particularly worried that Allianz’s ownership could lead to increased insurance premiums, which might put essential services out of reach for Income’s lower-income clients.

Former NTUC Income CEO Tan Kin Lian expressed concerns about the potential shift in NTUC Income’s priorities, stating that the proposed deal could undermine its original purpose.

Similarly, ambassador-at-large Tommy Koh and former Group CEO of NTUC Enterprise Tan Suee Chieh voiced their opposition.

Mr Tan Suee Chieh went as far as to call the deal a “breach of good faith” and urged government regulators to intervene.

NTUC Income, Singapore’s one and only insurance co-operative, was corporatised in 2022 into Income Insurance Limited “to achieve operational flexibility and gain access to strategic growth options to compete on an equal footing with other insurers locally and regionally”.

Shareholders were assured at the 2022 annual general meeting that NTUC Enterprise will continue to be the majority shareholder of the new company post-corporatisation.