About IMDAAs Architects of Singapore’s Digital Future, theInfocomm Media Development Authority (IMDA)
strives to create a vibrant, thriving infocommunications
and media landscape. Our work encompasses thedigital domain from end to end, and we are unique
as a government agency in holding three concurrent
roles – as an Economic Developer, we support
efforts ranging from enterprise digitalisation to R&D
funding and talent development; as a Regulator,
we help forge a trusted ecosystem that spans data
governance and digital infrastructure; and as a Social
Leveller, we drive digital inclusion so that no one isleft behind. IMDA will continue to lead Singapore’s
digital transformation, with innovation, talent, andpassion at the core.

MissionVisionDrive Singapore’s digital transformation
with Infocomm Media.

Values• Courage• Integrity• Collaboration

To build a dynamic digital economy anda cohesive digital society that is driven
by an exceptional infocomm and media
ecosystem.

• Innovation• Care & Respect

Foreword
IMDA’s annual report is a snapshot of our achievements and highlights in the past year and captures how
we have worked to unify Singapore’s digitalisation efforts. Whether it is providing help for companies indifferent industries to jumpstart their digitalisation journeys, or creating new ecosystems, opportunities,
and capabilities for our digital future, IMDA is moving ahead with industries and people, for Singapore’s
digital economy to be a leading global node in Asia and for an inclusive digital society.

1Contents

01

CHAIRMAN’SMESSAGE04

BOARD OF DIRECTORS &SENIOR MANAGEMENT

07

ARCHITECTING SINGAPORE’SDIGITAL FUTURE
08 Enterprise Digitalisation
12 Tech Manpower
15 Tech Innovation
17 Digital Infrastructure
21 Trusted Digital Space
23 Digital Society
26 Media Industry

30

GREEN DIGITALARCHITECTS

29 Digital Diplomacy

32

COMMITTEES AND
ADVISORY GROUPS

54

FINANCIALSTATEMENTS

1

2

Chairman’s Message
Singapore’s economy has undergone a profound andintrinsic transformation, driven by the rapid evolution
and widespread adoption of digital technologies.
Not just a buzz word or abstract concept, digital isundoubtedly the new normal that has brought about
economic and social benefits for Singapore.
Companies recognise the potential of digitalisationand have been investing to enhance their productivity
and offerings. Consumers concurrently have reaped
the benefits, experiencing greater convenience andefficiency in various aspects of their lives. It is little
wonder that many processes, services, and jobs are
now underpinned by digitalisation – a development
not restricted to the domain of information andcommunications, but across various sectors.

Measuring Singapore’s
Digital Economy
This year, we unveil the inaugural “Singapore Digital
Economy Report” in partnership with the Lee Kuan
Yew School of Public Policy, an endeavour to quantify
the value generated by digitalisation across all
sectors. This comprehensive report, to be publishedannually alongside IMDA’s annual report, enables
us to monitor the dynamic pace and direction ofSingapore’s digital economy, empowering us to makeinformed decisions and seize opportunities that will
shape our nation’s digital future.

Highlights of Singapore’s Digital Economy

Mr Chan Yeng Kit

Chairman, IMDA;
Permanent Secretary (Health),
Ministry of HealthSingapore’s digital economy contributed about
of its GDP in 2022,
comprising two key pillars:

17.3%• Information & Communications sector –a key driver of digitalisation (5.4%)• Digitalisation in the rest of the economy (11.9%)

Singapore’s digital economy
has been growing at acompound annual growthrate of about

12.9%

between 2017 and 2022

3

Chairman’s Message
Building a Pipeline of Tech Talent
It gives us confidence that Singapore’s digital economy has been demonstrating robust growth and a positive
long-term outlook. With digitalisation becoming a driving force among firms, there continues to be a healthy
demand for tech professionals even as companies right-size in the past year. In fact, tech talent is increasingly
sought after not only within digital industries but also across other sectors such as finance, manufacturing,and logistics. As artificial intelligence (AI) and other emerging tech domains evolve at breakneck speeds, so
will the need for us to continually train, attract, and nurture a skilled digital workforce through initiatives likethe TechSkills Accelerator.

201,100

tech jobs in 2022
from 155,500 in 2017with a compound annual
growth rate of 5.3%

Forging a Digitally-Enabled Future for All
Singapore is starting from a position of strength in our continual journey to grow the economy and forSingaporeans to ride the digital wave. As Architects of Singapore’s Digital Future, IMDA strives to create abrighter future for Singapore and Singaporeans, enabled by digitalisation. I am heartened to have witnessedand be part of this transformative journey. Together with our stakeholders, industry partners, and citizens, welook forward to harnessing the power of digitalisation to create an even more vibrant, inclusive, and thriving
Singapore. Let us forge ahead, empowered by knowledge, innovation, and collaboration, as we collectively
steer Singapore into an era of unprecedented digital possibilities.

4

5

Board of Directors

Mr Chan Yeng Kit
Chairman;
Permanent Secretary(Health),Ministry of Health

Mr Chng Kai Fong

Deputy Chairman;
Permanent Secretary (Development),
Ministry of Communications
and Information;
Permanent Secretary (Development),
Smart Nation and
Digital Government Group;
Permanent Secretary(Development) (Cybersecurity),
Prime Minister’s Office

Mr Lew Chuen Hong

Mr Chua Soon Ghee

Mr Vivek Couto
Co-Founder andExecutive Director,
Media Partners Asia
LimitedMr Goh Wei Boon

Chief Executive Officer,
Government Technology
AgencyChief Executive Officer,
TerrascopeGroup Managing Director,
Commonwealth CapitalGroup

Dr Lim Kuo-Yi

Ms Jocelyn Little

Ms Ngiam Siew Ying

Mr Ricky Ow

Mr Quek Siu Rui

Mr Russell Tham

Ms Su-Yen Wong

Ms Wu Choy Peng

Senior Partner,
Kearney

Co-Founder andManaging Partner,
Monk’s Hill Ventures Pte Ltd

Ms Tan Lee Chew
President,
ST Engineering
Commercial Business

Founding Partner andManaging Director,
Beach House Pictures

Joint Head, Enterprise
Development Group;
Head, Emerging Technologies,
Temasek Holdings Pte Ltd

Chief Executive,
Infocomm MediaDevelopment Authority

Chief Executive Officer,
Synapxe

Chair,
Singapore Institute of
Directors

Mr Jefferson Chen

Co-Founder,
Chairman and Chief
Executive Officer,
Advance Intelligence GroupMs Maya Hari

Partner,
Quest Ventures

Director, Government
Transformation,
ASEAN-Amazon Web
Services Singapore

Ms Jackie Chew
Chief Risk Officer,
Prudential Singapore

Mr Andrew Kwan

Co-Founder andChief Executive Officer,
Carousell Pte Ltd

Mr Robert Yap

Chairman, Advisory Board;
Independent Director,
Management Board,
Sunseap Group6

Senior Management

Mr Lew Chuen Hong
Chief Executive, IMDA;
Commissioner,
Personal Data Protection
Commission;
Executive Director,
POFMA Office

Dr Ong Chen Hui

Ms Aileen Chia

Deputy Chief Executive,
Development

Mr Leong Der Yao

Ms Alamelu
Subramaniam

Assistant Chief Executive,
BizTechAssistant Chief Executive,
Sectoral Transformation

Ms Doreen Tan

Mr Ang Wee KeongAssistant Chief Executive,
Strategic Planning and Digital
Readiness;
Chief Risk Officer

Mr Kiren Kumar

Deputy Chief Executive,
Connectivity Development
and Regulation;
Director-General(Telecoms and Post);
Deputy Executive Director,
POFMA Office

Assistant Chief Executive,
International

Assistant Chief Executive,
Media Policy and Content

Ms Denise Wong

Assistant Chief Executive,
Data Innovation and Protection;
Deputy Commissioner,
Personal Data Protection
Commission

Mr Justin Ang

Assistant Chief Executive,
Media, Innovation,
Communications andMarketing

Mr Terence Chia

Assistant Chief Executive,
Corporate;
Cluster Director, Human
Capital Cluster

78Enterprise Digitalisation
Enterprises are at the forefront of Singapore’s digitaltransformation, and IMDA remains steadfast in ourcommitment to supporting them on their journey
towards digitalisation.
Our enterprises have embraced digitalisation well
– according to IMDA’s Annual Survey of Infocomm
Usage by Enterprises, the technology adoption rate
(percentage of firms adopting at least one digitaltool) among Small and Medium Enterprises (SMEs)
rose from 74 percent in 2018 to 94 percent in 2022,
while the technology adoption rate for non-SMEs
was 100% in 2022.

Technology adoption rate for SMEs

73.8%
94.3%

2018

2022

Technology adoption rate for Non-SMEs
2018

2022

99.5%
100%

At the same time, the intensity of adoption (average number of digital tools adopted per firm) among enterprises
has also risen. In 2022, SMEs adopted an average of 2.1 digital tools per firm, while non-SMEs employed
an average of 5.7 digital tools per firm. There is potential for SMEs to do better and IMDA will continue tosupport SMEs in their digitalisation journey.
Difference in technology adoption intensity for SMEs vs. non-SMEs in 2022

SME

Non-SMEtechnologies per company

technologies per company

2.1

5.7

9

Enterprise Digitalisation
Empowering Digital Transformation
Over the years, more than 90,000 SMEs have benefitted
from IMDA’s SMEs Go Digital Programme. To guide
SMEs on their digitalisation pathways, we havelaunched 20 Industry Digital Plans (IDPs) since 2017.
IDPs will continue to be refreshed with more integrated
and sector-specific advanced digital solutions. This
strategic approach not only helps SMEs solidify
the gains achieved through digitalisation, but alsoenables them to continually invest in more efficientsolutions as their businesses mature.

>90,000

SMEs
benefitted from IMDA’s SMEs
Go Digital programmes

20

Industry
Digital Plans

launched since 2017

Powering Businesses Through Digital Consultancy
A key pillar of IMDA’s efforts is the Chief Technology Officer-as-a-Service (CTOaaS) initiative. More than
23,000 users have leveraged CTOaaS to find appropriate digital resources tailored to their specific needs.
Additionally, over 900 firms have engaged digital consultants to craft comprehensive digital roadmaps fortheir businesses. Nine in 10 businesses have expressed satisfaction with the digital consultancy services,
affirming the value of this initiative.

>23,000
CTOaaS users

>900

firms
have engaged digital consultants

9 in 10businesses expressedsatisfaction with digitalconsultancy services

10Enterprise Digitalisation
From Humble Hawker Stall to International
E-Commerce Business
Following the passing of his father in 2005, Alan
assumed the responsibility of running his family’s
traditional hawker stall but was driven by a secondgeneration hawker’s spirit to explore new avenues
and elevate the business to greater heights.
Amidst the challenging circumstances of the COVID-19
pandemic, Alan identified an opportunity to embrace
digitalisation, establishing an online presence to sell
his family’s fritters and overcome the adversities faced
during that period. The pandemic also sparked theinnovation of new products such as fried durian, as
well as the export of ready-to-cook frozen banana
fritters and fried durian, extending the taste of home
to Singaporeans who were unable to travel back.
However, the path to international expansion was notwithout its challenges as Alan lacked the necessary
expertise, experience, and resources. Fortunately,
Alan discovered IMDA’s Chief Technology Officeras-a-Service (CTOaaS) platform.
With the invaluable support of CTOaaS, Alan embarked
on his ambitious expansion journey, enlisting theaid of a digital consultant who helped prioritised
his business needs and guided him in selecting themost suitable digital solutions. The implementationof these solutions not only streamlined the sales
order process across different countries but also
opened doors to fruitful connections with buyers
and suppliers on a global scale.

Alan Lee,

Owner of G20 Bananas Pte Ltd

Looking ahead, Alan is optimistic about the potential
impact of digitalisation on his business. He projects aremarkable 50 percent increase in sales over the next
year and foresees his business scaling up fivefold,
all made possible through the newfound power ofdigital transformation.
Alan’s story stands as a testament to the resilienceand innovation of local enterprises, proving that withthe right tools and support, even the humblest of
beginnings can flourish on the international stage.

11Enterprise Digitalisation
Beyond CTOaaS, our array of schemes designed to assist SMEs have also seen positive reception.

38,000SMEs

adopted digital solutions to build theirfoundational digital capabilities with easyto-deploy solutions under Start Digital

63,000700

SMEs

adopted digital solutions and undergone
digital transformation under the
Productivity Solutions Grant (PSG)

SMEs
embraced Advanced Digital
Solutions, deepening digital
capabilities and to build
business resilience for growth
in a digital economy

Reaping the Fruits of Digitalisation

A New Era for Enterprises

The results of our collective efforts have beentransformative, with 85 percent of SMEs sharing that
digitalisation has delivered significant time savings,
streamlined processes and enhanced overall efficiency.
Moreover, 75 percent of SMEs have successfully
reduced their reliance on manual labour, capitalisingon the automation and optimisation enabled bydigital technologies.

Through strategic programmes, personalised
consultancy, and targeted financial support, we arepropelling businesses towards a digitally-enabled
future. As we celebrate the positive outcomes andcontinued successes, our resolve to lead Singapore’s
digital charge is stronger than ever.

With the invaluable support of IMDA’s Grow Digital
initiative, more than 2,700 SMEs have expanded
their horizons beyond local shores, reaching out toover 10 countries. This achievement highlights thetransformative potential of digitalisation in opening
new avenues for global growth and market penetration.

12

Tech Manpower
With digitalisation on the rise, the demand for a digitally enabled workforce is ever-growing. IMDA has steppedup our efforts to nurture a globally competitive local core, ensuring that our workforce is well-equipped toembrace the opportunities of the digital age.

The Rise of Tech Jobs With a Strong
Local Core
The number of tech jobs has seen continuous growthover the years. This expansion is driven not only by
the Information and Communications (I&C) sector
but also by non-I&C sectors. The demand for techworkers has benefited local workers, with more than70 percent of tech jobs held by both Singaporeansand Permanent Residents. These tech professionals
command a competitive wage, with a resident medianmonthly wage1 of $7,376, a substantial differencecompared to the overall residents’ median wage2
of $4,500.
Many of these skilled individuals are mid-careerswitchers, and with the support of IMDA’s TechSkills
Accelerator (TeSA) programme, approximately
15,000 locals have successfully secured rewarding
tech employment opportunities.

Total tech jobs have increased from155,500
201,100

in 2017 toin 2022

In 2022, non-I&C
sectors accounted
for approximately

57

%

of
total tech jobs

57%

non-I&C
sectors>70%

of tech jobs are heldby Singaporeans andPermanent Residents

1
2

Median gross monthly wages (excluding employer CPF and bonus) of full-time resident employees for tech occupations, from Occupational Wage Survey, MOM.

Median gross monthly income from work (excluding employer CPF) of full-time employed residents for all occupations, from Comprehensive Labour Force
Survey, MOM.

13

Tech Manpower
Paving New Paths: Thriving in Digital Careers
Equipped with a Bachelor’s degree in Economics/
Social Sciences, Melissa began her professional
journey as a freelance editor and content strategist.
Her innate comfort and proficiency in the digitalcontent domain propelled her to enroll in the Step It
Up programme, an initiative under IMDA’s TechSkills
Accelerator (TeSA) programme, with Temus. Comingfrom a non-tech background, Melissa started out asa trainee. With the support of the accelerated talent
conversion programme, she acquired the necessary
technical know-how and confidence that enabled her
to seamlessly transition and thrive in the competitive
digital economy. Melissa presently works at Temus asa software developer where she is able to display her
dedication and proficiency in the field.

Millie Seow,

Associate Test Analyst
Regional Solutions and Digital Partnerships at Visa

Melissa Chua,

Software Developer at Temus

Millie graduated with an Honors (Distinction) in
Bachelor of Science in Biological Sciences and a minor
in Psychology in 2020 from the National University ofSingapore. During her stint as a Research Assistantwith Duke-NUS Medical School, Millie developed aninterest in technology and started learning python
programming. This inspired her to make a careerswitch after joining the Visa Technology Traineeship
Programme, a company-led training initiative under
TeSA. She is now an Associate Software Engineer within
Visa’s Regional Solutions and Digital Partnerships team.

14

Tech Manpower
A Shared Vision of Success
Launched in September 2022 with support from IMDA, the TeSA for ITE and Polytechnics (TIP) Alliance is anindustry-driven alliance co-chaired by SGTech and Singapore Computer Society, comprising global and local
companies that employ tech talent. The TIP Alliance aims to drive the shift in hiring practices in the industry
from qualification-based to skills-based, giving capable jobseekers equal opportunities to succeed. It also aims
to create a clear end-to-end pathway to strengthen ITE and Polytechnic graduates’ employment outcomes intech, which starts from enhanced internships while the students are still in school, progressing to apprenticeships
and work-study upgrading after graduation, with a target to provide 1,000 tech job opportunities over three
years. Since its launch, the TIP Alliance has expanded to 15 companies and achieved over 500 good tech job
opportunities committed by companies. These are in in-demand areas such as software engineering, cloudcomputing, cybersecurity, and network and infrastructure.

Unveiling Growth: Empowering Digital Talent
Ihsan is currently working as a Cyber Analyst with
NCS while pursuing a work-study degree. He is
supported by his employer on this journey throughthe TIP Alliance. Since joining NCS, Ihsan managed
to gain real-world work experience with the Cyber
team. He had an eye-opening experience studying
cloud computing, realising its immense significance in
the industry. This exposure ignited a deeper interest,
motivating him to explore its intricacies further.
Ihsan is currently thriving at NCS Singapore, where
he manages multiple projects and learns extensively
from his peers amidst a culture of innovation todeliver groundbreaking solutions.

Ihsan Nursaqif Bin Sarisah,
Cyber Analyst at NCS Singapore

15

Tech Manpower
Adapting to the Changing Tech Landscape
In October 2022, IMDA launched the Jobs Transformation Map (JTM) for the I&C workforce in preparation forincreasing digitalisation in our economy, and emerging tech trends that will transform jobs and could result in
displacements. Some of these trends include 5G and Internet of Things, Cloud Computing, AI and Analytics.
Of these, AI has the most transformative potential, and with its advent, one key challenge is that the breadthand depth of talent cannot keep up with demand. Thus, IMDA launched new efforts for nationwide AI training
through new training partners for enterprises looking to reskill and upskill their existing employees.
With support from SkillsFuture Singapore andWorkforce Singapore, IMDA is working with five JTM
Training Partners to scale reskilling and upskilling
efforts in AI and Analytics with an emphasis on
Generative AI and two other in-demand areas –Software Engineering, as well as Cloud and Mobility– which are complementary to AI. The Training Partners
each have their own set of programme offerings withdifferent tech industry partners to provide hands-on
training with AI tools, resulting in micro-certifications
and longer form specialisation programmes. They
also have different outreach channels to collectively
reach a wider pool of different enterprises acrossthe economy.
Beyond these efforts, IMDA’s SG Digital Leadership Accelerator also plays a pivotal role in cultivating Singaporeanleaders for our digital economy. Through the community, these leaders gain access to valuable networking
opportunities, mentorship from renowned global leaders, and in turn mentor the younger generation ofSingaporeans within the ecosystem.

AI

Tech Innovation

As we focus on training our workforce in essential tech capabilities like 5G and product development, theI&C sector must push forward into the realm of 6G, advanced AI, and other frontier-edge technologies tobolster our digital horizontal.

Building a Vibrant R&D Ecosystem Through Collaboration
At IMDA, we recognise the significance of fostering a vibrant Research and Development (R&D) ecosystem
to drive technology innovation in Singapore’s digital landscape. In pursuit of this goal, we have partnered
Institutes of Higher Learning to launch initiatives that support technology-driven R&D.

$70M Future Communications
R&D Programme
Launched the Future Communications Connectivity
Lab (FCCLab) in September 2022 in collaboration
with Singapore University of Technology and Design(SUTD) to accelerate cutting-edge research of futurecommunications technologies.

16

AI

Tech Innovation$50M National Digital Trust Centre
Established the National Centre for Trust Technologies– hosted at the Nanyang Technological University – tolead Singapore’s R&D efforts for trust technologies
and support talent development, reinforcing Singapore
as a trusted innovation hub.

Empowering Local Tech Startups for Growth and Innovation
Through initiatives like Accreditation and Spark, we have accelerated the development of over 180 Singaporebased tech startups. These startups gained invaluable access to a project pipeline worth over $920 million,
successfully securing more than 2,800 projects from both government agencies and enterprises. Additionally,
these innovative ventures raised over $1 billion in new capital, allowing them to fuel their expansion andtechnological advancements.
We announced our collaboration with Amazon Web Services (AWS) in November 2022 with a memorandumof intent to set up its first Joint Innovation Centre in Southeast Asia at our PIXEL Innovation Hub. The Centre
will support Singapore-based technology companies with access to the latest AWS technologies, resources,
networks and showcase opportunities, serving as a strong platform for startups, enterprises and governments
to innovate digitally.
Our Open Innovation Platform further fortified the growth trajectory of tech startups, facilitating over 200
challenges that spurred innovation in various industries. The platform’s support resulted in the developmentof 40 prototypes and the successful commercialisation of over 15 solutions in broad-based sectors such as
manufacturing, retail, and connectivity.

Moves into New Frontiers – National Quantum Safe Network Plus (NQSN+)IMDA continues to make moves into more nascent and frontier areas to reap future opportunities. To advanceour vision of a Quantum-Safe Singapore within the next 10 years, Singapore will pilot Quantum-Safe networks
and Quantum-as-a-Service solutions for commercial customers, known as the NQSN+.

17

Digital Infrastructure
The Unseen Enabler of the Digital Economy
In the ever-evolving digital landscape, digital connectivity serves as the unseen foundation that powers the
exponential growth of the digital economy and has become an indispensable aspect of our daily lives. A
prime example of its impact was evident during the COVID-19 pandemic, where videoconferencing and online
payments became lifelines for businesses and individuals.
These possibilities were made real through strategic investments made back in 2008 into the Nationwide
Broadband Network (NBN), laying the groundwork for seamless communication and transactions. As of April
2023, the fixed broadband household penetration rate is at 93.4 percent, reflecting the widespread integrationof digital connectivity into Singaporean homes.
The same forward-looking perspective that guided the NBN’s inception also influenced IMDA’s decision toharness the full range of 5G capabilities by developing 5G standalone mobile networks directly instead ofnon-standalone networks. As a result, Singapore has achieved an outstanding 95 percent nationwide outdoor
coverage on its first two 5G standalone networks.
As part of IMDA’s commitment to fostering technological advancements, the 5G Innovation Programme has
been instrumental in awarding cutting-edge projects, propelling Singapore’s journey towards a tech-savvy
future. The successful implementation of 5G in transformative projects marks the beginning of our journey
into the boundless possibilities of 5G technology. These early investments in 5G have laid a strong foundation
for future advancements and innovations.

Hyundai Motor Group Innovation Centre

Weston Robot – Unmanned River Cleaning

Hyundai Motor Group’s cutting-edge facility, enabledby 5G technology, is set to revolutionise vehicle
manufacturing. Over 100 mobile robots poweredby 5G will enhance productivity and quality control,
while reducing labour-intensive tasks and safety risks
for workers. The agile manufacturing process allows
for hyper-customisation, catering to diverse consumer
needs. This pioneering facility marks Hyundai Motor
Group’s global leadership in intelligent manufacturing.

Weston Robot’s electric Unmanned Surface Vessel
uses 5G-powered video analytics for autonomous
river cleaning. 5G’s high data bandwidth and low
latency enable real-time communication and analysis,streamlining operations and overcoming manpower
constraints in the sector.

18

Digital Infrastructure
Charting the Future of Singapore’s
Digital Connectivity
It is essential for Singapore to continue adopting afuture-oriented approach when building its digital
infrastructure. The process of developing and deploying
digital infrastructure takes time and requires meticulous
planning, involving inputs from key stakeholders
including businesses and industries. Understanding
their unique challenges and how they respond to futuretechnology trends is crucial in crafting a holistic andintegrated blueprint for Singapore’s digital future.
Launched on 5 June 2023 by Minister of Communications
and Information Mrs Josephine Teo, Singapore’s Digital
Connectivity Blueprint – a collaboration between
IMDA and the Ministry of Communications andInformation – stands as a pioneering milestone in therealm of digital infrastructure planning. Developedin consultation with an Advisory Panel on Digital

Infrastructure comprising industry and businessleaders, the blueprint adopts a holistic approachencompassing an expanded digital infrastructure
stack, to ensure Singapore remains future-ready inthe face of emerging tech trends.

The blueprint covers three layers: hard infrastructure,physical-digital infrastructure, and soft infrastructure.

Hard
Infrastructure:
Enhancing
Traditional
Connectivity

Physical-Digital
Infrastructure:
Unleashing the Powerof Integration

The blueprint’s first layer focuses on
reinforcing traditional connec tivity,
encompassing submarine, satellite,
broadband, mobile, and Wi-Fi networks.
Recognising the growing demand for data
computation and storage, the blueprint
also incorporates strategic plans for Data
Centres and cloud computing, ensuring
our digital landscape keeps pace with theescalating data requirements.

Embracing the nascent realm of physical-digital
infrastructure, the second layer enables seamless
interaction and integration between various digital
infrastructure components and their convergencewith the physical world. By leveraging cutting-edge
technologies, the fusion of the digital and physicalrealms opens doors to innovative applications andsolutions such as the use of autonomous mobile
robots, driving Singapore’s advancements on the
global stage.

Soft Infrastructure: Enabling Seamless Digital Transactions
The Singapore Digital Utility (DU) Stack constitutes the third important layer.
It serves as the bedrock for secure and streamlined digital transactions byempowering businesses to innovate, create, and deliver through transformative
platforms and applications such as e-invoicing and document attestation. Witha focus on trust, interoperability, and adoption, the DU Stack catalyses the
network effect, and fosters a thriving digital ecosystem.

19

Digital Infrastructure
SINGAPORE’S DIGITAL CONNECTIVITY BLUEPRINT
Enabling the digital infrastructure that underpins the future of our jobs, economy and society
For Better Opportunities, Stronger Trust and Empowered Communities
Staying Ahead of Future Trends and Demands

Ramp Up
Network Capacity

Maximise
Compute Power

Integrate theInfrastructure Stack

Ensure Resilience& Security

Design for
Sustainability

Singapore Digital Utility Stack

Digital Identity

E-Payments& E-Invoicing

Document
Attestation

Data Exchange

Devices

Middleware

Networks

Soft Infrastructure

Physical-Digital Infrastructure

Strategic Priorities:• Drive greater adoption through enhanced functionalities• Extend global linkages to broaden network effectMoves into New Frontiers:• Build foundations for pervasive autonomy• Improve reliability and security, foster
interoperability and strengthen
orchestration of ecosystem

Foundation for key digital transactions through theSingapore Digital Utility Stack

Integration of physical and digital
infrastructure

Moves into New Frontiers:• “Green software”: Mitigate intensified compute bybuilding the nascent ecosystem for sustainable software

Hard Infrastructure

Foundation for connectivity and compute

Data Centres

Cloud Service
ProvidersConnectivity
Networks
Submarine Cables

Strategic Priorities:• Enhance international connectivity:
Provide capacity to enable submarine
cable landings to double• Build 10Gbps domestic capacity:
Seamless end-to-end connectivity• Ensure world-class resilience andsecurity for cloud and data centres• “Green hardware”: Pioneer roadmap for
growth of new green data centres
Moves into New Frontiers:• Launched National Quantum-Safe
Network Plus pilot for businesses• Support our hub status with Low Earth
Orbit satellite services

20

Digital Infrastructure
A Closer Look at the Singapore Digital Utility Stack
The Singapore Digital Utility (DU) Stack comprises four foundational DUs: Digital Identity,
E-Payments and E-Invoicing, Document Attestation, and Data Exchange. It is designed toachieve several key outcomes:
1. Providing the necessary foundation for innovative digital transaction solutions
2. Instilling trust and security for users and enterprises
3. Enabling harmonisation and interoperability across domestic and international entities
4. Catalysing broad-based adoption to amplify its network effect

A. Digital Identity

B. E-Invoicing and E-Payments• Authenticating digital transactions
for citizens and businesses with
Singpass and Corppass• Myinfo enables citizens andresidents to manage the sharingof their government-held personal
data to autofill digital forms• InvoiceNow facilitates the directtransmission of e-invoices acrossbusinesses on the Peppol network• PayNow enables seamless
e-payments for businesses andconsumers

C. Document Attestation

D. Data Exchange• OpenAttestation uses blockchain
technology to simplify the issuanceand verification of authenticity ofdigital documents• TradeTrust digitalises trade documents
like Bills of Lading in compliance with
UNCITRAL Model Law on Electronic
Transferable Records• Singapore Data Exchange (SGDex) enables
secure data sharing across private andpublic participants with user consent• SGTraDex pilots enable trade data sharing
among supply chain partners for improved
end-to-end visibility and potential
efficiency and productivity gains

21

Trusted Digital SpaceA vibrant digital economy relies on the assurance that individuals and businesses can transact digitally withconfidence. To establish this trusted digital space, it is essential to have a common set of rules and norms
that adapt to ever-evolving digital technologies.

Ensuring Ethical AI Usage for Businesses
While AI and Machine Learning tools offer exciting opportunities for new digital products and services, itis crucial to prevent unethical usage that could undermine trust in digital transactions. In response, IMDA
introduced AI Verify, the world’s first AI Testing Framework and Toolkit. AI Verify is an AI governance testing
framework and software toolkit that validates the performance of AI systems against a set of internationallyrecognised principles through standardised tests. It is consistent with international AI governance frameworks
such as those from the European Union, Organisation for Economic Cooperation and Development, andSingapore. This framework empowers companies to demonstrate responsible and transparent AI practices,
thereby building trust with their stakeholders.
More recently, the AI Verify Foundation was launched to harness the collective power and contributions of
the global open-source community to develop AI testing tools for the responsible use of AI. At the sametime, IMDA and Aicadium – two of the seven pioneering premier members – published a discussion paper toshare Singapore’s approach to building an ecosystem for trusted and responsible adoption of Generative AI.
Data serves as a critical backbone for AI applications,making it essential to handle it in a trusted manner.
Recognising this, IMDA supports Singapore businesses
in adopting Privacy Enhancing Technologies (PETs).
These emerging technologies enable companies
to derive insights from sensitive datasets without
disclosing them. In July 2022, we launched thePET Sandbox, allowing businesses to pilot PETs
and assess their feasibility in real-world scenarios
while receiving guidance from regulators like the
Personal Data Protection Commission Singapore.

Ensuring Safe and Secure Digital Spaces
The Online Safety (Miscellaneous Amendments) Act came into force on 1 February 2023, which introduced
amendments to the Broadcasting Act (BA) to enhance online safety for users in Singapore. In particular, theamendments include additional protections for children against harmful online content. The amended BA
empowers IMDA to regulate Online Communication Services accessible in Singapore, including: (i) Issuing
takedown directions for egregious online content, and (ii) Issuing legally binding Codes of Practice that require
Online Communication Services to put in place systems and processes to mitigate risks from harmful online
content.
Singapore is one of the first jurisdictions in the world to introduce regulations that require Social Media Services
to enhance their online safety measures. To this end, the Code of Practice for Online Safety came into effect on
18 July 2023. The Code requires Designated Social Media Services to put in place measures to enhance user
safety, empower users, and ensure accountability. IMDA developed the Code after extensive consultations
with various stakeholders, including the tech industry, academia, and non-governmental organisations.

22

Trusted Digital Space
Combating Scams and Ensuring
Consumer Safety
At the same time, IMDA has taken robust measures
to counteract scams and protect consumers frompotential threats.

Preventing SMS Spoofing and Scams
To safeguard against scammers who use spoofed
Sender IDs to deceive consumers, we introduced
the SMS Sender ID Registry (SSIR). The SSIR ensuresthat only authorised parties can send SMSes withregistered Sender IDs, providing consumers with greater
assurance. SMSes with unregistered Sender IDs areautomatically flagged as “Likely-SCAM”, serving asa warning for consumers to exercise vigilance when
receiving messages from unfamiliar sources.
With these efforts, around 95 percent of SMSes inMarch 2023, or approximately 277 million SMSes, carryalphanumeric Sender IDs that have been registeredwith the SSIR. The senders of these SMSes are verified,providing consumers with a higher level of confidence
in the messages they receive. Additionally, our telcos
work diligently to block around 280,000 scam SMSes
every month through anti-scam filters such as innetwork scanning.

Mitigating Robocalls and International
Calls Spoofing Singapore Numbers
In our commitment to consumer safety, IMDA
implemented measures to combat robocalls
and incoming international calls that spoof local
numbers (e.g. international calls starting with the +65
country code). These measures effectively blocked
approximately 22 million calls each month in Q1 2023,
amounting to around 720,000 such calls blocked daily.
These suspected scam calls – which accounted for
25% of all international calls – are intercepted andblocked by IMDA’s protective measures, ensuringthat consumers are better shielded from potential
scams and fraudulent activities.

SMS

277M 280,000

messages carryalphanumeric
Sender IDs
registered with SSIR
in March 2023

scam SMSes
blocked by telcos
in a month

22M

suspected scam calls blocked
every month in Q1 2023

100%

incoming international calls
spoofing Singapore numbers
blocked by IMDA’s measuresin Q1 2023

23

Digital Society
To foster a cohesive and digitally inclusive society where all Singaporeans can fully embrace the digitalworld, four key aspects are vital: digital access, digital skills, digital wellness, and a genuine interest in digitaltechnology. Over the years, Singapore has made significant progress in enhancing digital access. In 2022, 99
percent of resident households had internet access while 90 percent had access to computers, marking an
improvement from 2017.

99%of resident households haveinternet access in 2022 vs.
91% in 201790%of resident households
have access to computersvs. 87% in 2017

Improving Digital AccessTo further bridge the digital divide and empower low-income Singapore households, we launched theDigitalAccess@Home scheme in April 2023. This scheme builds on the successes of the previous Neu PC
Plus and Home Access initiatives, which have already benefited over 46,000 households since 2020.
DigitalAccess@Home enhances the process by streamlining applications, offering a wider range of digital
devices and broadband options, as well as providing greater flexibility in benefit bundling, so that morefamilies have access to essential digital tools and resources.

24

Digital Society
Boosting Digital Skills for Seniors
To ensure that everyone can confidently navigate the digital landscape, our SG Digital Office (SDO) has
actively trained over 210,000 seniors in using smartphones for basic tasks and daily needs. This initiativeequips seniors with essential digital skills, empowering them to participate more actively in the digital worldand stay connected with their loved ones and the community.

Embracing Digital at 91: The Journey ofEnrichment
Toh Eng Nam, a vibrant 91-year-old, embraced digitalskills through the Seniors Go Digital programme.
Recognised at the Digital for Life: Celebrate Digital@ Bukit Panjang event, he shared his journey oflearning with the help of SDO’s Digital Ambassadors.
From mastering Singpass and bus apps to staying
connected through WhatsApp and exploring
lifestyle apps like TikTok and YouTube, technology
has enriched Mr Toh’s life and allowed him to stay
current while keeping in touch with friends in thedigital space.
He now encourages fellow seniors to join him on thedigitalisation journey and is eager to bring friends
along to learn more.

Leveraging Partnerships for a Digitally
Inclusive Society
Since the launch of the Digital for Life movementin 2021, we have harnessed the collective effortsof public organisations, private entities, andindividuals. Over 130 organisations have pledged
their support, initiating around 140 projects aimed
at promoting digital inclusion. The impact has been
substantial, benefiting more than 270,000 individuals
through these diverse and innovative initiatives.
This collaborative approach ensures that our digitaljourney is inclusive, leaving no one behind in thedigital economy.

25

Digital Society
Leveraging Partnerships for a Digitally
Inclusive Society: Google’s Commitment
With children now growing up in a technologyfirst world, developing healthy digital habits canserve as a strong foundation to protect them frominternet harm. Last August, Google committed totraining 50,000 parents and kids on cyberbullying,misinformation, and privacy through our Be Internet
Awesome programme and Google Online Safety
Park. Google has since met that goal, bringing the
programme to primary schools and community
spaces in Singapore.
Building on this, Google is expanding to train another
50,000 parents and children in online safety incontinued partnership with IMDA, in support of theDigital for Life movement, and the Media Literacy
Council, bringing the total to 100,000 by 2024.

Exciting the Youth: Building Future Capabilities
Ensuring a digitally inclusive society involves empowering the youth with future-ready skills. To achievethis, IMDA has introduced initiatives like “Code For Fun” for upper primary and lower secondary students,
allowing them to explore the world of coding and technology in a fun and engaging manner.
Additionally, the Infocomm Media Clubs in schools encourage young minds to delve deeper into the worldof infocomm and media, fostering creativity and innovation. By investing in our youths’ digital capabilities,
we pave the way for a brighter and more tech-savvy future for Singapore.

Infocomm Media Club: Nurturing Young
Tech Talents
Infocomm Media Club members get access toprogrammes such as Swift Accelerator Programme
which brings together like-minded individuals withan interest in tech, with a blend of coding, design,
storytelling and presentation skills.
At just 16 years old, Yee Jia Chen won the prestigious
Swift Student Challenge for Apple’s Worldwide
Developers Conference in 2020 and 2021. His firstwinning submission was an app celebrating Singapore’s
last surviving kampong, showcasing his passion forpreserving local heritage through Technology.
Today, he builds commercial apps for international
companies like Bernina, the world’s largest privately
held sewing machine company. Jia Chen also gives
back by mentoring the junior batches in the accelerator

programme. His creativity and skills have madea significant impact on the tech industry, and hisachievements serve as an inspiration to other young
minds in the programme.

26Media Industry
Singapore’s media industry roared back into business in FY22, as the world recovered from the COVID-19
pandemic. IMDA supported the development of diverse Made with SG content, with some being showcased
subsequently at various renowned international events such as Cannes Film Festival, Busan International Film
Festival and MIPCOM.
On the home front, our signature media event – the Singapore Media Festival – returned to its full physicalglory, welcoming close to 45,000 attendees across all events under its wing – making it one of the largest MICE
events in Singapore in 2022. We continued to support compelling Singapore stories that can connect well with
Singaporeans, across various online and social media platforms. To ensure our media industry remains globallycompetitive, IMDA also embarked on helping our media companies and talent adopt the latest technologies
and upskill their capabilities.

Fostering Success on the Global Stage
IMDA’s efforts in growing Made with SG content have
led to great successes, such as the Singapore-South
Korea co-produced film “Ajoomma”, supported by
IMDA’s New Director Grant. The film received four
nominations at the 59th Golden Horse Awards andwas exclusively launched on Amazon Prime Video,
reaching audiences in Singapore, Malaysia, andBrunei. Another co-production, “In My Mother’sSkin”, premiered at the Sundance Film Festival 2023
and was later picked up by Amazon Prime Video forworldwide streaming. The film was supported by
IMDA’s Southeast Asia Co-Production Grant under
the Talent Progression Programme.

a Singapore-France-Italy co-production between
Singapore-based Scrawl Animation, Cyber Group
Studios and Graphim S.r.I (Italy). The series is carriedon France Television and Radiotelevisione italiana.
The ninth edition of the Singapore Media Festival also
returned in full physical format to celebrate Asia’s
stories with the world. The festival played host to
some 45,000 attendees across all events under its
wing. About 100 films were screened at Singapore
International Film Festival, 25 percent of which was
Made with SG content. More than US$237 million
worth of deals were also brokered at the Asia TV
Forum & Market, which was attended by nearly
4,000 trade professionals. Furthermore, Singapore
Comic Con saw an impressive turnout of over 30,000
visitors, while the inaugural B2B CreatorWorld event
connected more than 100 online creators together.
These successes fill us with excitement and prideas Singapore shines on the global stage. IMDA willcontinue to support many more inspiring stories
that will captivate audiences worldwide, further
solidifying Singapore’s position as a hub of creativity
and innovation in the media industry.

In addition to feature films, we supported local
companies in creating premium TV content forinternational audiences. Noteworthy examples include“Lift the Ice”, a six-part scientific adventure series
exploring our planet’s melting ice that was producedby Beach House Pictures – Singapore’s largest indie
production house – for Curiosity Stream, as wellas “Alex Player”, an animation series for teens thatwas produced using Unreal Engine. “Alex Player” is27Media Industry
Embracing Technology for Better Storytelling
To elevate storytelling and enhance production efficiency, the media industry is embracing cutting-edge
technologies like virtual production (a method of filmmaking and television production that combines realtime computer-generated imagery and other digital techniques with live-action filmmaking). This innovative
approach allows creative professionals to overcome physical limitations and create content set in any imaginable
environment. To support this endeavour, we launched the $5 million Virtual Production Innovation Fund at
the Singapore Media Festival 2022.
As part of our commitment to advance the media industry, we also collaborated with the National Film &Television School in the UK and adapted their renowned “Certificate in Virtual Production” course to meet theneeds of Singapore’s media lecturers, trainers, and industry professionals. Over five months, 15 participants
underwent comprehensive training, delving into the intricacies of virtual production workflows, 3D asset
creation, and the vast possibilities of injecting new content through virtual production techniques.
Now, six of these skilled individuals are utilising their newfound expertise to develop and produce exciting
virtual production projects commercially, pushing the boundaries of storytelling in the digital age.

Unleashing Creative Potential: A Virtual
Production Journey
Singaporean filmmaker and showrunner, Lee Theanjeen from Weiyu Films, embarked on a transformative
journey through the “Certificate in Virtual Production”
course offered by the esteemed National Film &Television School in the UK.

foundation in virtual production techniques. Throughthis immersive experience, he gained valuable expertisein digital asset creation and In-Camera Visual Effects
production with an LED volumetric wall, opening aworld of limitless storytelling possibilities.

Recognising the immense potential of virtual
production to elevate his creative works, Lee wasdetermined to immerse himself in software like
Unreal Engine and Disguise.

Armed with newfound skills and a fresh perspective,
he is now able to harness the benefits of virtual
production for his commercial projects. For example,
Thean-jeen was unable to secure a hawker centre
to shoot his drama series “128 Circle”. Hence, herecreated the location in a virtual production studioand projected HDB external environments onto an
LED wall to provide a greater sense of realism to theshots captured in-camera.

During the structured course, Lee found the perfectplatform to expand his knowledge. Engaging lectures
on virtual production theories and hands-on projectwork allowed him to systematically build a strong28

Media Industry
Engaging With Singaporeans Through More Online and Social Media Platforms
IMDA supports the production of a diverse range of quality media content with a distinct local flavour toengage and resonate with Singaporean audiences. In FY22, IMDA has supported local creators and digital
media players to produce over 450 online videos on platforms such as YouTube, Facebook, and TikTok, which
garnered over 45 million local views collectively.

Igniting Creativity and Connectivity Through MediaIn our pursuit of excellence, we stand resolute in creating a cohesive and digitally inclusive society where
every Singaporean can embrace digital for life, bridging generations and cultures through the power of media
and technology. We continue to embark on this exciting journey, fuelling the evolution of Singapore’s media
landscape and capturing the hearts and minds of audiences around the world.

29

Digital Diplomacy
In the digital domain, IMDA sees much potential for Singapore to go beyond its physical size and geographicalboundaries to operate on the global stage and be a much bigger digital red dot.

ATxSG 2022: Empowering Global
Cooperation
Asia Tech x Singapore (ATxSG) 2022 exemplified thisvision, as the event brought together governments
and industry leaders to explore digital opportunities
and address emerging tech challenges for building
an inclusive digital future. Through the ATxSummit,
ATxAI, and SG Women in Tech conferences, along withclosed-door roundtables and networking sessions,
IMDA provided a platform for intimate conversations
and fruitful collaborations.
Eighty distinguished speakers and moderators hailingfrom 30 countries across six continents shared theirinsights with over 600 decision-makers at the event.
The virtual participation of around 2,000 attendees
further widened the reach of the discussions. Notably,
the event saw the convergence of government leadersfrom many regions and nations, including ASEAN,
Australia, Brazil, the EU, Japan, Mongolia, the UK,
and the US. This confluence of leaders fostered arobust environment of knowledge-sharing and mutual
growth in the digital realm.

80

distinguished speakers
and moderatorsfromacross30

countries

continents

with over

and

600

decision-makers
at the event

6

2,000

virtual attendees

Digital Forum of Small States
Singapore introduced the Digital Forum of Small States (Digital FOSS) during the 30th Anniversary of theForum of Small States in 2022 to forge stronger international partnerships and facilitate cooperation. It
is designed as a platform to support small states on their digital transformation journeys and establish acommon digital future for all. The platform is aligned with the United Nations’ Sustainable Development
Goals and endeavours to facilitate the creation of a Global Digital Compact.
We also planned several activities such as the Digital FOSS Fellowship programme to foster greatercollaboration among small states in their digital pursuits, as well as the Digital Executive Programme thatseeks to strengthen the capabilities of small states to tackle digital challenges effectively.

30

31

Green Digital Architects
Recognising the importance of sustainability development, IMDA has been taking steps to track ourenvironmental footprint. We thus began measuring our carbon emissions in 2020 – these include Scope
3 emissions, covering seven out of 15 GHG Protocol categories in our reporting. This was followed by the
publication of our first carbon footprint report in 2022. Beyond that, we are committed to achieving net
zero emissions around 2045.
As part of this commitment, IMDA has refined our carbon accounting methodology over the past year toensure more accurate measurement and reporting of our emissions. For example, we have engaged ourvendors and suppliers to provide more granular emissions data for more accurate Scope 3 emissions. In
addition, we are including the emissions from our subsidiaries and non-HQ office locations in our FY2019
to FY2022 emissions reporting (please see Table 1).
Table 1. IMDA Group emissions from FY2019 to FY2022
FY2019FY2020

FY2021

FY2022

Total(% of Total)

Total(% of Total)

Total(% of Total)

Total(% of Total)

Scope 1

18
(0%)

11
(0%)

9
(0%)

12
(0%)

Scope 2

700
(6%)

500
(9%)

600
(5%)

1,000
(14%)

Scope 3

10,500
(94%)

5,300
(91%)

10,300
(95%)

6,500
(86%)

Total

11,2005,800

10,9003

7,600

Emissions (tCO2e)12

Scope 3 emissions are the main contributor (90%) to
IMDA’s corporate carbon footprint. The COVID-19
pandemic led to a significant reduction in total
emissions by 5400 tCO2e from FY2019 to FY2020.
This was mainly due to the decline in business travel
and reduced procurement of office equipment. Total
emissions subsequently increased from FY2020 toFY2021 by about 5,100 tCO2e mainly due to Scope 3
emissions from the procurement, setup, and transportof parcel lockers for our wholly owned subsidiary, Pick
Network. In FY2022, IMDA Group’s total emissions
decreased by about 30 percent relative to FY2021.
Scope 2 emissions increased by 400 tCO2e due tothe operations of Pick Network, while the decrease in
Scope 3 emissions was offset by an increase in businesstravel and employee commute. Against these insights,
IMDA will continue to explore ways to measure andreduce our emissions as part of wider efforts to achieve
greater sustainability.
1

Emissions are rounded off to the nearest hundreds. As such, the emissions might not add up to the total.

2

The increase in Scope 2 emissions was due to the inclusion of emissions from the newly established Pick Network office and locker operations.

3

In the FY2021 Annual Report, IMDA HQ reported total emissions of 5,697 tCO 2 e. With the inclusion of IMDA’s subsidiaries and non-HQ office locations inthis Annual Report, IMDA Group’s total emissions in FY2021 increased to 10,900 tCO 2 e. This is mainly attributed to the setting up of Pick Network on 3 July
2020, a wholly-owned subsidiary providing an island-wide system of parcel locker stations.

32

33

Committees & Advisory Groups
Advisory Committee for Chinese Programmes (ACCESS)CHAIRPERSON
Assoc Prof
Foo Tee Tuan

Director,
Centre for Chinese Studies,
Singapore University of Social Sciences

VICE-CHAIRPERSONMr Marcus Phuah Kok Liang
Lawyer,Marcus Phuah & Co.

MEMBERS
Ms Adelina Koh Kui Hong

Ms Giselle Yen Qianyong

Mr Alan Li Weilun

Ms Iris Lin Liping

Associate Director,
Finexis Advisory

Content Strategist and Consultant,
Septus Singapore Pte Ltd

Ms Annabelle Teo Li Fong
Senior Manager,
Ministry of Education

Ms Chu Yi Jing Mel

Student,
Singapore Management University

Mr Chung Kwang Tong

Secretary-General,
Quan Zhen Cultural Society (Singapore)

Mr Danny Yeo

Administration Executive,
BW Monastery

Senior Assistant Director,
Fei Yue Community Services

Ms Jovis Ang

Assistant Director,
Quality Service,
Ministry of Law

Ms Josephine Gan

Secretary-General,
Singapore Hokkien Huay Kuan

Mr Lee Ee Wurn

Programmes Director,
Singapore Chinese Cultural Centre

Business Owner and Media Personality,
Danny Yeo Pure Talents

Dr Liew Kai Khiun

Ms Diana Ser

Ms Lim Li Khee

Business Owner and Media Personality

Cultural Researcher
Engineer

Mr Ray Ng

Editor, Audio Content,
Chinese Media Group
SPH Media Ltd

Ms Samantha Loh

Senior Lecturer,
School of Management andCommunication,
Republic Polytechnic

Mr Su Zhangkai

Honorary Secretary,
Nam Hwa Opera Ltd

Ms Teh Shi Ling

Head of Department(Special Assistance Plan),
Dunman High School

Ms Wong Pei Wen

Senior Lecturer,
Deputy Programme Director,
Master of Media and Communication,
Nanyang Technological University

Mr Yeo Eng Koon
Director

34

Committees & Advisory Groups
Advisory Council on the Ethical Use of AI and Data
CHAIRPERSONMr V K Rajah SC

Former Judge of Appeal and theAttorney General of Singapore,
Duxton Hill Chambers (Singapore
Group Practice)

MEMBERSMr Andreas Ebert

Dr Francesca Rossi

Mr Andrew Wyckoff

Dr Hiroaki Kitano

Worldwide National Technology Officer,
Microsoft
Director of the Science, Technology
and Innovation Directorate,OECD

Mr Blaise Aguera y Arcas

Fellow and AI Ethics Global Leader,IBM

President and Chief Executive Officer,
Sony Computer Science Lab

Dr Ieva Martinkenaite

Engineering Fellow,
Google Research

Vice President of Telenor Researchand Head of AI and Analytics,
Telenor GroupMr Chia Song Hwee

Ms Kathy Baxter

Deputy Chief Executive Officer,
Temasek International

Principal Architect, Ethical AI Practice,
Salesforce

Ms Kay Firth-Butterfield

Executive Director at Centre for
Trustworthy Technology,
World Economic Forum Centre

Mr Piyush Gupta

Chief Executive Officer,
DBS Group

Mr Shameek Kundu

Head of Financial Services andChief Strategy Officer,
TruEra Inc

Dr Tan Geok Leng

Chief Executive Officer,
AIDA Technologies

35

Committees & Advisory Groups
Arts Consultative Panel (ACP)CHAIRPERSON
Mr Jacky Foo
Board Member,
TAL Group

VICE-CHAIRPERSON
Mr Albert Lee K HBusiness Management Consultant

Ms Suree Rohan

Principal,
Rohan Mah & Partners LLP

MEMBERS
Ms Amalina Binte Abdul Nasir

Mr Eng Chek Hong, Jeffrey

Ms Kavitha Krishnan

Mr Andrew Yap

Mr Eric Watson

Mdm Khoo Ming Fern

Mr Ang Song Nian

Ms Fajaria Binte
Muhammed Fajari

Mr Koh Chee HuiHomemaker

Vice-Principal,
Nanyang Junior College

Mr George Lim Hock Seng

Mdm Leau Wan Hwee

Miss Goh Yi Mei Jennifer

Miss Lieu Hui Xian

Product Policy Manager (Trust and Safety),
TikTokBusiness Consultant

Lecturer,
School of Art, Design and Media,
Nanyang Technological University

Ms Audrey Lim Fangyun
Presenter / Producer;
Chief Executive Officer,
Take Back the Nights

Mr Charles Lim
ArtistMiss Chew Wei Shan
Independent Artist

Ms Chong Xiu Min

Senior Manager (Digital Readiness),
National Library Board

Dr Elmie Nekmat

Associate Professor,
Department of Communications and
New Media;
Assistant Dean for Research,
Faculty of Arts and Social Sciences,
National University of Singapore

Sole Proprietor,
Eng Tiang Huat Chinese Cultural Shop
Composer / Conductor / Pedagogue

Retiree

Co-Founder,
Blossom World Society

Mdm Hanim Mohd Salleh

Co-Founder / Artistic Director,
Maya Dance Theatre Ltd

Consultant

Educator

Organisational Development andHuman Resource Manager,
Bludotasia Engineering Pte Ltd

Associate Editor,
Berita Harian / Berita Minggu Editorial,
SPH Media Limited, Editor’s Office

Mdm Lim Sok Geok

Mr Jack Kenneth Tan

Mr Lim Zong Wei Alex

Dr Jasbir Singh

Dr Margaret Chan

Gallery Administrator,
Richard Koh Fine Art

Director (President’s Office),
Nanyang Technological University

Dr Joel Gn

Adjunct Lecturer,
Faculty of Design,
LASALLE College of the Arts

General Manager,
MPC Holdings Pte Ltd
Director,
AudioLocket Pte Ltd
Retiree

Mr Maurice Alphonso
Scientist,
Plexchem Technologies

36

Committees & Advisory Groups
Arts Consultative Panel (ACP) cont’d
MEMBERSMr Michael Cheng Seow Wee
Applied Drama Practitioner
and Educator / Artistic Director,
Tapestry Playback Theatre Ltd

Ms Ng Wei Chin

Director / Producer,
Light Carriage Productions

Ms Nurul Amalina
Binte Jamaludin

Subject Head, English Language,
Ministry of Education

Ms Ong Zhen Min

Director (Content Publishing),
National Gallery Singapore

Mr Ow Yeong Wai Kit
Education Officer,
Ministry of Education

Dr Robert Liew

Director,
Arts Management Associates

Miss Serene Choo
Analyst,Singapore Police Force

Ms Sri Rathi Mei Ling

Mr Tan Khye Suan

Executive Director,
Epworth Community Services

Ms Tan Mei Hui

Head of Department(Aesthetics and Craft),
Ministry of Education

Producer & Presenter / Business
Development Manager, Film Mall Pte Ltd;
Health and Fitness Professional,
Maximum Wellness Singapore

Mr Tang Wing Fai

Mr T. Thambyrajah

Senior Counsel

Chief Operating Officer,
SINDA

Mr Tan Choon Hiong
Director,
AIWEI Pte Ltd

Executive Director,
King Kong Media Production Pte Ltd

Ms Yip Suet Ling
Mr Zhuo Zihao

Freelance Dance Artist

37

Committees & Advisory Groups
Broadcast, Publications and Arts Appeal Committee (BPAAC)
CHAIRPERSONDr Suzaina Kadir

Vice-Dean (Academic Affairs),
Lee Kuan Yew School of Public Policy,
National University of Singapore

VICE-CHAIRPERSONMr Low Sze Wee

Chief Executive Officer,
Singapore Chinese Cultural Centre

MEMBERSDr Adele Tan

Dr Carol Balhetchet

Mr Adrian Quek

Mr Jim Lim Teck Hwee

Senior Curator,
National Gallery Singapore
Senior Manager,
CapitaLand Investment (Retail andWorkspace)

Mr Albert Tan

Senior Manager,
National Centre of Excellence for
Workplace Learning

Ms Annette ChongHomemaker

Mr Bala Reddy

Senior District Judge,
State Courts

Clinical Psychologist,
Dr Carol & Associates

Director and Principal Trainer,
REAL Academy

Mr Liew Chin Choy
Director cum Treasurer,
Apsaras Arts Ltd

Ms Mona Lim

Specialist Teacher (Music),
St Joseph’s Institution

Ms Sabrina Goh

Associate Lecturer,
Ngee Ann Polytechnic

Mdm Som Bte Mohamed Said
Founder / Artistic Director andChoreographer,
Sri Warisan Som Said Performing
Arts LtdDr Tan Hun Tong

Professor,
Nanyang Technological University

Mdm Tan Yok Ching, Ruby
Director,
Pedagogical Excellence,
Academy of Singapore Teachers,
Ministry of Education

38

Committees & Advisory Groups
Digital For Life Fund Steering Committee
CHAIRPERSONMr Lew Chuen Hong

Chief Executive Officer,
Infocomm Media Development Authority

MEMBERS
People Sector

Private Sector

Public Sector

Mr Aow Jia Rong

Mr Lien Choong LuenMr Philip Ong Wee Kiat

Dr Elmie Nekmat

Mr Sim Feng-Ji

President,
SCS Youth,
Singapore Computer Society

Ms Hazlina Abdul Halim

President,
Singapore Muslim Women’s Association

Mr John Ang

President,
Fei Yue Community Services

Ms Soh Swee Ping

Chief Executive Officer,
Council for Third Age

Mr Tony Soh Cheow Yeow

Chief Executive Officer,
National Volunteer & Philanthropy
CentreGeneral Manager,
Gojek Singapore

Associate Professor,
Department of Communications and
New Media;
Assistant Dean for Research,
Faculty of Arts and Social Sciences,
National University of Singapore

Mr Quek Siu Rui

Co-Founder and Chief Executive Officer,
Carousell

Ms Varsha Bipinchandra
Chief Financial Officer,
Rekanext Capital

Mr William Ang

Chief Technology and Operations
Officer, Singapore and ASEAN,
Standard Chartered Bank

Mr Wong Wai Meng
Chairman,
SG TechMs Yeo Lik Khim
Partner,
KPMG

Deputy Secretary,
Ministry of Culture, Community & Youth

Deputy Secretary,
Smart Nation and Digital Government
OfficeMs Tan Li San

Chief Executive Officer,
National Council of Social Service

39

Committees & Advisory Groups
Films Appeal Committee (FAC)
CHAIRPERSONMr Tan Boon Huat

Retired,Singapore Administrative Service

VICE-CHAIRPERSON
Mrs Joni Ong

Managing Director,
GPTW Institute (S) Pte Ltd;Managing Director,
Kanesaka Sushi Pte Ltd

MEMBERSMr Andrew Tan
Board & Advisory

Currently sitting on several Listed /Non-Listed Boards and Non-Profit

Ms Ang Bee Lian

Director-General of Social Welfare,
Ministry of Social and Family
Development

Mr Lim Huan Chiang

Dr Mohamad Shamsuri Juhari
Research Fellow,
Institute of Policy Studies,
Lee Kuan Yew School of Public Policy,
National University of Singapore

Dr Natalie Lee San Pang

Associate Professor and Deputy Head,
Communications and New Media,
National University of Singapore

JP, BBM(L), PB
Group Chief Executive Officer /Executive Director,
A-Smart Holdings Ltd

Ms Ranjani Rangan

Mdm Lim Sok Geok, PBM

Mr Ravindran Nagalingam

Mr Mark Kwan

Ms Samantha Loh

General Manager,
MPC Holdings Pte Ltd

Teacher,Compassvale Secondary School

Executive Director andChief Executive Officer,
Changi Travel Exchange Pte Ltd
Senior Lecturer,
RMIT University

Senior Lecturer,
School of Management andCommunication,
Republic Polytechnic

Prof Shirley Ho

Associate Vice President(Humanities, Social Sciences, and ResearchCommunication), President’s Office;President’s Chair Professor in
Communication Studies,
Wee Kim Wee School of Communication
and Information,
Nanyang Technological University

Ms Simran Kaur Toor

Chief Executive Officer,
SG Her Empowerment Limited

Mdm Zulaiha Binte Yusuf
Deputy Chief Executive Officer,
Yayasan MENDAKI

40

Committees & Advisory Groups
Films Consultative Panel (FCP)CHAIRPERSON
Ms Cheryl Ng

Founding Director, Great Expectations
Communications Laboratory;
Adjunct Lecturer, Ngee Ann Polytechnic

VICE-CHAIRPERSONDr Syed Harun
Bin Taha Alhabsyi

Consultant Psychiatrist

Mr Marcus Phuah
Lawyer and Founder,
Marcus Phuah & Co.

MEMBERSMr Adrian Kwong
Managing Director,
Consigclear LLC

Mr Adrian Quek

Senior Manager,
CapitaLand Investment (Retail andWorkspace)

Mr Ahmad Al-Mahir Abu Bakar
Senior Education Advisor,
Department of Educational
Development,
Singapore Polytechnic

Mr Albert Tan

Manager,National Centre of Excellence for
Workplace Learning

Ms Alyssa Rae Tan

Manager,
Singapore Tourism Board(Exhibitions and Conferences II,
Experience Development Group)

Adjunct Assoc Prof
Angie Chew

Chief Executive Officer
and Mindfulness Principal,
Brahm Centre Ltd

Ms Chin Kim Fah

Part-time Teacher and Translator

Ms Chua Ai Liang
Senior Consultant,National Arts Council

Mr David Zee Keng Kok

Student,
National University of Singapore

Ms Deborah Lee

Innovation Specialist(Enterprise Business Skills),
Prudential Assurance Company
Singapore

Ms Estee Marlina
Mohamed-CurranHomemaker

Mr Haider Tyebally

Engineer,
Cundall Singapore Pte Ltd

Ms Helen Hong

Senior Research Analyst,
Corporate Research Office,Ministry of Education

Mr Izuan Bin Mohamed Rais
Mosque Executive Chairman,
Majlis Ugama Islam Singapura

Ms Dione Goh Si Ping

Dr Jiow Hee Jhee

Ms Dionis Chiua

Ms June Kong

Mr Edward Ong Keng Wan

Mr K. Balakumaran

Assistant Content Manager,
Simply Health Hub LLP
Director,
Lean Bento Pte Ltd

Broking Director,
Windward Insurance Broker Pte Ltd

Assistant Professor,
Singapore Institute of Technology
Assistant Director,
National Archives of Singapore
Education Consultant /Managing Director,
Kovan Learning Centre and
The Thinkers Learning Centre41

Committees & Advisory Groups
Films Consultative Panel (FCP) cont’d
MEMBERSMr Kan Rong Han

Ms Marianne Sim Soek Lin

Mr Karthik s/o Ramasamy

Ms Medha Lim

Postgraduate

Civil Servant,Ministry of Social and Family
Development

Ms Khoo Sim Eng

Head,Film Studies Minor,
Singapore University of Social Sciences

Dr Koh Wei Chern

Associate Professor,
Singapore University of Social Sciences

Mr Lee Chee Tian

Producer and Screenwriter,
The Big Shots

Mr Leo Kee Luei

Student,
National University of Singapore

Mr Lim Tat Kuan
Legal Counsel,
Jurong Port Pte Ltd

Ms Lim Xiu Ling

Senior Officer(Communications andEngagement Group),
Ministry of Education

Teacher,
School of the Arts

Senior Manager (Government Comms),
Government Technology Agency

Mr Michael Evan Teo

Ms Nadia Yeo

Deputy Director,
Legislation and Policy Advisory,
Ministry of Home Affairs

Dr Nurhafihz Bin Noor
Lecturer and Consultant,
2435 Consulting LLP

Operations Administrator (Part-time),
Arcodyn (Singapore) Pte Ltd;
Student,
Northumbria University

Ms Phyllis Lee

Mr Michael Kam Leong Huat

Mr Siti Nooraishah Sahud

Senior Lecturer,Manager (Partnerships and Projects),
School of Film and Media Studies,
Ngee Ann Polytechnic

Mr Mock Yi Jun

Co-Founder and President,
Advisory Singapore

Mr Mohamed Razali Bin
Abdul Hamed
Principal,
Junyuan Secondary School

Ms Mona Lim

Specialist Teacher,
St. Joseph’s Institute

Ms Moo Lee Yin

Civil Servant,Enterprise Singapore

Manager,National University Health System
Planning OfficeSelf-Employed / Freelance Designer

Ms Susheel Kaur

Instructor,
Department of Psychology,
National University of Singapore

Mr Tan Cher Chong

Master Teacher,Academy of Singapore Teachers,
Ministry of Education

Ms Yap Foon Lyn

Director,
Biblical Graduate School of Theology

42Committees & Advisory Groups
Indian Programmes Advisory Committee (IPAC)CHAIRPERSON
Mr Murali Pillai, SC

Partner,Rajah and Tann Singapore LLP

VICE-CHAIRPERSONMr Ravindran Nagalingam
Senior Lecturer,
RMIT University

Mrs Sarojini Padmanathan, JP, PB
Director,
Corporate Services Group – Engagement,
Innovation and Professional Development,
Health Sciences Authority

MEMBERSMr Abbas Ali Mohamed Irshad

Ms Jayasutha Samuthiran

Mr Shekaran K Krishnan

Mr Anbarasu Rajendran, JP

Mr Kannan Chettiar

Mr Subramanian Ganesh

Head of Corporate Affairs for ASEAN,
Tata Consultancy Services Asia PacificChief Executive Officer,
Singapore Indian Development
Association

Ms Bharathi Manogaran

Head of Centre,
Methodist Welfare Services Yishun
Family Service Centre

Global Brand Manager,
William Grant & Sons

Co-Founder and Managing Director,
Avvanz Pte Ltd

Mr Kanna Kannappan
Account Director,
BT Singapore

Ms Bharathi Rani Arunachalam

Mr Krishnan Aravinthan(@Mohd Shafiq Bin Abdullah)

Ms Halida Thanveer

Dr Lavanya BalachandranLecturer,Ngee Ann Polytechnic

Research Assistant,Singapore Nuclear Researchand Safety Initiative,
National University of Singapore

Ms Harini V

Dispute Resolution Analyst,
World Bank

Director,
Physical, Sports and Outdoor Education,
Ministry of Education
Lecturer,
College of Alice and Peter Tan,National University of Singapore

Dr M. Premikha

Resident,
Preventive Medicine,National University Health System

Partner,
Ernst & Young LLP

Chief Financial Officer and Executive
Board Member,
Tower Transit Singapore

Ms Vanita Kaneson

Assistant Director (Centre of Specialist
Services) and Lead Court Counsellor,State Courts

Ms Veena Rachel Amudhan
Lead,
Marketing and Communications,
FriendzoneSG

43

Committees & Advisory Groups
IT Standards Committee (ITSC)CHAIRPERSONMr Chak Kong SoonManaging Partner,
Stream Global Pte Ltd

DEPUTY CHAIRPERSONADVISORMr Harish Pillay

Mr Yap Chee Yuen

Head,
Community Architecture and Leadership,
Red HatGroup Chief Information Officer,
Surbana Jurong Private Limited

TECHNICAL COMMITTEE CHAIRPERSONSArtificial IntelligenceeFinancial Services

Internet of Things

Mr Koo Sengmeng

Mr Lim Heng Hai

Mr Lim Chee Kean

Green Information Technology

Multimedia Representation

Mr Andy Sim

Mr Lim Chong Soon

(Co-Chairman)
Senior Deputy Director,
AI Innovation,
AI Singapore

Mr Gerry Chng

(Co-Chairman)
Executive Director,
Cyber Risk Advisory,
Deloitte

Blockchain and Distributed
Ledger Technologies
Mr Tan Sian Lip(Chairman)
Chief Executive Officer,
Halia Labs

Ms Yvonne Zhang(Deputy Chairman)
Sustainability and Climate
Change Leader,Southeast Asia,
Deloitte

Cloud Computing andData Standards
Mr Raju Chellam

Principal Consultant,
TechCreate Solution Pte Ltd

Vice President and Managing Director,
Dell Technologies Singapore

Identification Technology
Mr Lin Yih

General Manager,
Panasonic Research & Development
Center Singapore

Security and Privacy Standards(Chairman)
Director,
Digital Applied Research andTechnology Pte Ltd

Mr Joseph Gan

Mr Kelvin Lim

Mr Henry Tan(Deputy Chairman)
Deputy Chief Specialist,
Systems Specialists,
Rail / Road Systems Engineering Group,
Land Transport Authority

Mr Lawrence Chen Tai Pang
(Deputy Chairman)
Principal Research Engineer,
Institute for Infocomm Research(Chairman)
In personal capacity

Information Technology for
Older Adults

Ms Chen Yew Nah

Assoc Prof Calvin Chan

(Deputy Chairman)
Founder,
Zeles Network Ltd

Chief Executive Officer,
Ascent Solutions Pte Ltd

Director,
Office of Graduate Studies,
Singapore University of Social Sciences(Chairman)
Co-Founder and Chief Executive Officer,
V-Key Pte Ltd(Deputy Chairman)
Senior Assistant Director,
Cybersecurity Certification Centre,
Cyber Security Agency of Singapore

44Committees & Advisory Groups
IT Standards Committee (ITSC) cont’d
MEMBERSMr Andy Phang

Assistant Director,
Standard Development andRegulatory Technology,
Infocomm Media Development Authority

Mr Andy Sim

Vice President and Managing Director,
Dell Technologies Singapore

Assoc Prof Benjamin Gan
Kok Siew

Associate Professor,
School of Computing andInformation Systems,
Singapore Management University

Dr Huang Zhiyong

Associate Professor,
School of Computing,National University of Singapore

Mr Kelvin Ng

Deputy Director,
IT Infrastructure and Services,
Nanyang Polytechnic

Prof Li Xiaoli

Principal Scientist and Head,
Machine Intellection,
Institute for Infocomm Research

Ms Lim Bee Kwan

Assistant Chief Executive,
Governance and Cybersecurity,
Government Technology Agency

Mr Ong Hian Leong

Founder and Managing Director,
1Citadel Pte Ltd

Mr Rodney Tan

Director,
Cyber Security Engineering Centre,
Cyber Security Agency of Singapore

Mr Sam Liew

Managing Partner,
Government Strategic Business Group,
NCS Group

45

Committees & Advisory Groups
Malay Programmes Advisory Committee (MPAC)
CHAIRPERSON
Ms Zarina Yusof

Head,
Community Care,
The National Kidney Foundation Singapore

VICE-CHAIRPERSONDr Elmie Nekmat

Associate Professor,
Department of Communications and
New Media;
Assistant Dean for Research,
Faculty of Arts and Social Sciences,
National University of Singapore

MEMBERS
Ms Attiya Ashraf Ali

Senior Consultant,
Climate Change and Sustainability
Services,
Ernst & Young LLPDr Bibi Jan Md Ayyub

School Counsellor,
Gan Eng Seng Secondary School

Ms Fuziah Taha, PBM

Educational Consultant and Trainer

Mr Hisham Hashim
Deputy Director,
Communications,
Yayasan MENDAKI

Ms Khartini Abd Khalid

Senior Lecturer and Academic Manager,
Ngee Ann Polytechnic(School of Interdisciplinary Studies)

Mr Mohamed Hairianto
Mohamed Diman
Multimedia Correspondent,
Presenter,
The Straits Times

Mr Mohamed Sufiyan Bin
Mohamed Hanafi

Ms Norshima Abdul Aziz

Mr Mohammad Hisham Bin
Hambari

Ms Nuraishah Binte Mohd Isa

Mr Muhd Fuadi Bin Rahmat

Mdm S Hamidah Binte
S Abdullah Bahashwan

Manager (Collections Management),
Heritage Conservation Centre,
National Heritage Board

Deputy Director and Head,Media Relations,Nanyang Technological University
Adjunct Lecturer
PhD Candidate

Mr Muhd Nur Hidayat Bin Amir
Deputy Public Prosecutor,
Attorney-General’s Chamber

Director,
Organisational Development andPartnership,
KidStart Spore Ltd
Assistant Director,
Malay Language Mother Tongue
Languages Branch Curriculum Planningand Development Div 1,
Ministry of Education

Senior Counsellor,Club Heal

Mr Sallim bin Abdul Kadir,
BBM, PBM, JP, FCA

Senior Police Officer,
Singapore Police Force

Chairman,Industrial & Services Co-operative
Society Ltd

Ms Norazirah Binte Mohd Amin

Mr Shabirin Ariffin

Mr Muhd Omar SharifStudent,
National University of Singapore

Adjunct Lecturer,
Nanyang Polytechnic

Ms Zubaidah Nazeer

Regional Director,
Public Affairs (Public Policy),
Asia Group Advisors

46

Committees & Advisory Groups
Media Literacy Council (MLC)
CHAIRPERSONMr Lock Wai Han

Chief Executive Officer,
OKH Global Ltd

VICE-CHAIRPERSONDr Carol Soon

Principal Research Fellow,
Institute of Policy Studies,
National University of Singapore

MEMBERSMr Anbarasu RajendranChief Executive Officer,
SINDA

Ms Anita Low-Lim

Chief Transformation Officer,
TOUCH Community Services

Ms Clara Koh

Head of Public Policy,
Singapore,Meta

Dr Elmie Nekmat

Associate Professor,
Department of Communications and
New Media;
Assistant Dean for Research,
Faculty of Arts and Social Sciences,
National University of Singapore

Dr Jiow Hee Jhee

Associate Professor andProgramme Leader,
Singapore Institute of Technology

Prof Lim Sun Sun

Vice President, Partnerships andEngagement;
Professor of Communication andTechnology,
Singapore Management University

Dr May Oo Lwin

Chair and President’s Chair
Professor of Communication Studies,
Wee Kim Wee School of Communication
and Information,
Nanyang Technological University

Ms Monrawee
Ampolpittayanant

Ms Pauline Phoon
Founder,
COMEBACK Pte Ltd

Mrs Quek Li Gek
Director,
Guidance Branch,
Ministry of Education

Head of Public Policy,
Government and Philanthropy,
Southeast Asia,X

Ms Rachel Teo

Dr Natalie Pang

Ms Susan Ng

Associate Professor,
Department of Communications and
New Media;
Principal Investigator, Centre for Trusted
Internet and Community,
National University of Singapore

Ms Ng Zhen Yi

Senior Manager,
Government and Public Affairs APAC,
The LEGO GroupMr Noor Azlan Bin Salim
Deputy Director (Partnerships),
MENDAKI

Lead,
Government Affairs and Public Policy,
GoogleProducer-Presenter,
CNA938,Mediacorp Pte Ltd

Ms Tan Leng Tuan

Editor,Chinese Media Group,
Singapore Press Holdings

Ms Teresa Tan

Director,
Public Policy, Southeast Asia,
ByteDance

Mr Xander Ong

Chief Executive Officer,
Centre for Fathering

47

Committees & Advisory Groups
Programme Advisory Committee for English Programmes (PACE)CHAIRPERSONDr Gan Su-lin, JP, PBM

Communications & Engagement
Consultant

VICE-CHAIRPERSONProf Shirley Ho

Associate Vice President (Humanities,
Social Sciences, and ResearchCommunication), President’s Office;President’s Chair Professor in
Communication Studies, Wee Kim
Wee School of Communication andInformation,
Nanyang Technological University

MEMBERS
Ms Amy Khoo

Vice-Principal,
Arts,
School of the Arts

Ms Angelina FernandezGroup Director,
Corporate Communications,
A*STARMr Azhar Abdul Salam

Assistant Director,
Nanyang Technological University

Mr Foo Yang Chiang, Justin,
BBM

Mr Reddy Kannan Yugesh

Ms Jade Seah

Mr Russell Yap

Ms Jeannett Lay Jia Xin

Mr Ryo Leong

VolunteerMedia Consultant,
Brighter Holdings Pte Ltd
Head of Department,
Character and Citizenship Education,
Frontier Primary School

Mr Chan Jianhong

Ms Judy Chia

Mr Danish Hisham

Ms Lee Ke Ning

Sales Manager,
Mobile Workforce Solution Pte Ltd
Product Manager,
Affinite Solutions

Dr Faisal Bin Abdul Aziz
Deputy Clinical Director,
Dental,Nuffield Holdings

Ms Foo Siew Fong, PBM
Partner,
Harry Elias Partnership LLP

Founder,
Word Laboratory Pte Ltd
Owner,
Optimax Office Supplies;
Freelance Production Manager

Ms Lisa Teh

Video Producer,
Left Profile Holdings Pte Ltd

Ms Lynnette Leow Leh Hoon
Volunteer

Mr Malcolm Ong

Director,
Seng Foo Building Construction

Undergraduate,
National University of Singapore
Research Assistant,National University of Singapore

Narrative Marketer / Content Strategist,
Content Play

Ms Siti Aisyah Binte Ramli
Manager,
School Ready Department,
Yayasan MENDAKI

Mr Tan Chee Wei, Alex
Director,
Deloitte Consulting

Ms Tan Soo Yean

Senior Lecturer,
School of Humanities andBehavioural Sciences,
Singapore University of Social Sciences

48

Committees & Advisory Groups
Publications Consultative Panel (PCP)CHAIRPERSON
Mrs Triena Noeline Ong

Director,
Etymology: International Book Publishingand Editorial Services

VICE-CHAIRPERSONDr Chitra Sankaran

Associate Professor (Literature),
National University of Singapore

MEMBERSDr Aaron Ng Yi Kai

Assistant Professor,
Business, Communications andDesign Cluster,Singapore Institute of Technology

Mr Ace Khong Wei Hoong

Senior Multimedia Engineer,
Institute of Molecular and Cell Biology,
A*STARDr Angeline Khoo

Retired Associate Professor,
Nanyang Technological University

Dr Anitha Devi Pillai

Senior Lecturer (Academic),
National Institute of Education,
Nanyang Technological University

Dr Gilbert Yeoh Guan Hin

Senior Lecturer,
Department of English Language
and Literature,
National University of Singapore

Mdm Haslinda Putri Harun
Director,
The Kids Dentist

Mr Jackie Goh Wei Chin
Chief Executive Officer,
Eclub Pte Ltd

Dr Jenny Quek Hwee Huang
Adjunct Teacher,
Seed Institute

Dr Joel Aik Cze Loong

Undergraduate,
Singapore Institute of Technology

Adjunct Principal Research Scientist,
National Environment Agency;
Adjunct Assistant Professor,
Duke-NUS Medical School

Ms Dierdre Grace Morgan

Dr Kevin Co Hao Ming

Mr Ee Kim Lock

Ms Lee Kuan Fung

Ms Claire Chua Xin Yi

Lawyer (Director),
Drew & Napier LLC

Head (Selection),
National Library Board

Dental Surgeon and Clinical Director,
TLC Dental Centre
Director,
Garoo Creation Pte Ltd

Ms Liang Huiyu
Educationist

Ms Lim Si Qi

Swimming Instructor,
Australian International School

Mr Lionel Goh Tian Hui

Undergraduate,
Singapore Institute of Technology

Ms Nazlene Zainal Alias
Lecturer,
Temasek Polytechnic

Mr Norman Bin Sawi
Journalist,
Singapore Press Holdings

Mr Sean Kong Wai Piew

Chief Growth Officer,
Halogen Foundation Singapore

Mr Varian MonteiroCounselling Consultant,
The Relational Counselling Studio

Mr Wilson Sim Sihan

Assistant Director (Communications
Group),
Public Sector

Mdm Zaleha Binte Ahmad

Centre Director,
Social Services Division,
Association of Muslim Professionals

49

Committees & Advisory Groups
Political Films Consultative Committee (PFCC)CHAIRPERSON
Mr Alan Chan

Chairman,Land Transport Authority

MEMBERSDr Carol Soon

Senior Research Fellow andHead of Society and Culture
Department,
Institute of Policy Studies

Mr Chua Chim Kang

Chief Editor,
Chinese News and Current Affairs,
Mediacorp Pte Ltd

Mr Daniel Yun

Director,
Blue3 Asia Pte Ltd

Mr Daren Shiau

Partner;
Co-Head,Corporate Department,
Allen & Gledhill LLP

Ms Grace Ho

Mr M. Rajaram

Ms Han Yong May

Dr Norman Vasu

Mr Jeffrey Chan Wah Teck, SC

Dr Norshahril Saat

Deputy News Editor,
SPH Media Trust

Editor,Chinese Media Group NewsHub,
Singapore Press Holdings
Adjunct Professor,
Faculty of Law,
National University of Singapore

Mr Kelvin Tong
Filmmaker,
Boku Films

Partner and Chairman,
K&L Gates Straits Law LLC

Senior Lecturer,
NUS College,
National University of Singapore
Senior Fellow,
ISEAS-Yusof Ishak Institute

Dr Suzaina Kadir

Vice Dean,
Academic Affairs;
Associate Professor,
Lee Kuan Yew School of Public Policy

50Committees & Advisory Groups
Stamp Advisory Committee (SAC)
CHAIRPERSON
Mr Lim Chong Jin
Director,
AD Planet Group

VICE-CHAIRPERSONDr Chua Eu Tiong

Head,
Radiation Oncology,
National Cancer Centre Singapore

MEMBERS
Ms Julia Chee

Director and Chief Archivist,
National Archives of Singapore

Mr Lim Meng Wei
Principal,
Pei Chun Public School

Ms Neo Su Yin

Chief Executive Officer (Singapore),
Singapore Post Limited

Mr Ong Tong San

Senior Director,
Market Access and Competition
Development,
Infocomm Media Development Authority

Mr Pitt Kuan Wah(Retired) Former Director,
National Archives of Singapore,
ISEAS-Yusof Ishak Institute Library

Mdm Siti Habibah Siraj
Principal Architect,
SZ Architects

Mr Tay Tong

Director,
Sector Development (Visual Arts),
National Arts Council

Dr Uma Rajan

Independent Consultant

Dr Venka Purushothaman

Vice President (Academic) and Provost,
LASALLE College of the Arts

51

Committees & Advisory Groups
Singapore Film Commission (SFC) Advisory Committee
CHAIRPERSON
Ms Jennie Chua

Chairman,Vanguard Healthcare

MEMBERSMr Boo Junfeng

Mr Freddie Yeo

Ms Lim Ting Li

Mr Charles Maideen

Ms Han Minli

Mr Sebastian Tan

Co-Founder,
Viddsee

Mr K. Rajagopal

Ms Yvonne Tham

Mr Eric Khoo

Ms Karen Chan

Director,
Peanut Pictures
Academic

Mr Derek Tan

Director,
Zhao Wei Films

Chief Operating Officer,
Infinite Frameworks
Director,
Filmgarde
Director

Executive Director,
Asian Film Archive

Director,
Postal Sound Pte Ltd
Group Managing Director,
Shooting Gallery Asia
Chief Executive Officer,
The Esplanade Co Ltd

52Committees & Advisory Groups
Telecommunications Standards Advisory Committee (TSAC)CHAIRPERSONFOCUS AREA 1
CHAIRPERSONFOCUS AREA 3
CHAIRPERSONDr Chin Woon Hau

Dr Sun Sumei

Mr Anil Nihalani

FOCUS AREA 6CHAIRPERSONFOCUS AREA 7
CHAIRPERSONDr Oh Ser Wah

Mr Lin Yih

Director,Standards Development
and Regulatory Technology,
Infocomm Media Development Authority

Founder,
Whizpace Pte Ltd

Acting Executive Director,
Institute for Infocomm Research

Head,
Digital Products and Technology,
Mediacorp Pte Ltd

Director,
Digital Applied Research and Technology

MEMBERSMr Adrian Chang

Director,
Futures and Information Technology;
Chief Information Officer,
Civil Aviation Authority of Singapore

Mr Andy Phang

Assistant Director,
Standard Development
and Regulatory Technology,
Infocomm Media Development Authority

Mr Anil Nihalani

Head,
Digital Products and Technology,
Mediacorp Pte Ltd

Dr Biplab Sikdar

Associate Professor,
Department of Electrical andComputer Engineering,
National University of Singapore

Mr Denis Seek

Chief Technology Officer,
M1 Limited

Mr Dennis Khoo

Director,
Port Systems Division,
Maritime and Port Authority ofSingapore

Dr Forest Tan

Associate Professor,
InfoComm Technology Cluster,Singapore Institute of Technology

Mr Kenneth Loh

RF Manager,
Simba Telecom Pte Ltd

Mr Kok Yixiong

Deputy Director,
IT, Electrical and Infrastructure,
Enterprise Singapore

Mr Lee Yeu Chin

Vice President,
Fixed and TV Networks,
StarHub Ltd

Mr Lim Wee Seng

Director,
Energy Management System /Power System Operation Division,
Energy Market Authority

Ms Louisa Lim

Head,
Mobile Network Strategy andAccess Engineering,Singapore Telecommunications Ltd

Mr Marcus Tan Cheng Lin

Head of Cybersecurity Department,
Institute for Infocomm Research

Mr Mark Tan

Deputy Director,
Security Engineering andOperations Section,
Housing Development Board

Mr Peter Quek

Group Director IT,
Cybersecurity and Digital Services,
Land Transport Authority

Dr Teh Kah Chan

Associate Professor,
School of Electrical and Electronic
Engineering,
Nanyang Technological University

Mr Yip Yew Seng

Honorary Secretary,
Association of Telecommunications
Industry of Singapore

53Committees & Advisory Groups
Telecommunications Standards Advisory Committee (TSAC) cont’d
ASSOCIATE MEMBERS
Mr Albert Tioe

Principal Solution Architect,
Ericsson Telecommunications Pte Ltd

Mr Dilip Venkitachalam
Senior Vice-President,
Operations,
Mobileum Pte Ltd

Mr Mahesh Basavaraju

Market Segment Manager
Wireless Communications,Rohde & Schwarz Regional
Headquarters Singapore Pte Ltd

Mr Michael Galang

Customer Chief Technology Officer,
Southeast Asia;
Customer Experience,
Asia-Pacific and Japan,
Chief Technology Officer,
Nokia Technology Pte Ltd

Mr Paul Jesemann

Regional Chief Technology Officer,
Mavenir Systems

Mr Samuel Tan

Senior Director,
Head Engineering Enterprise / Telco+,
NCS

Mr Sia Chiew Shin

Head Mobile Solutions,
MyRepublic Limited

Mr Thomas Chan

Solution Architect,
Huawei International Pte Ltd

Mr Yao Shih Jih

Executive Vice President;
Head, Smart Utilities andInfrastructure, Urban Solutions,
ST Engineering Electronics

54

Info-communications Media Development Authority
and its subsidiaries

Consolidated Annual Report
Year ended 31 March 2023

Info-communications Media Development Authority
Independent Auditor’s Report
Year ended 31 March 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF INFO-COMMUNICATIONS MEDIADEVELOPMENT AUTHORITY
Report on the Audit of the Financial Statements
Our Opinion
In our opinion, the accompanying consolidated financial statements of Info-communications MediaDevelopment Authority (the “Authority”) and its subsidiaries (the “Group”) and the statement of financial
position, statement of comprehensive income and statement of changes in equity of the Authority areproperly drawn up in accordance with the provisions of the Public Sector (Governance) Act 2018 (the“Public Sector (Governance) Act”), the Info-communications Media Development Authority Act 2016 (the“IMDA Act”) and Statutory Board Financial Reporting Standards (“SB-FRS”) so as to present fairly, in allmaterial respects, the state of affairs of the Group and the Authority as at 31 March 2023 and the results
and changes in equity of the Group and the Authority and cash flows of the Group for the financial year
ended on that date.
What we have audited
The financial statements of the Group and the Authority comprise:
•
•
•
•
•

the statements of financial position of the Group and the Authority as at 31 March 2023;
the statements of comprehensive income of the Group and the Authority for the financial year
ended 31 March 2023;
the statements of changes in equity of the Group and the Authority for the financial year thenended;
the consolidated statement of cash flows of the Group for the financial year then ended; andthe notes to the financial statements, including a summary of significant accounting policies.

Basis for Opinion
We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion.
Independence
We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority
Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”)
together with the ethical requirements that are relevant to our audit of the financial statements in
Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements
and the ACRA Code.

2

Info-communications Media Development Authority
Independent Auditor’s Report
Year ended 31 March 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF INFO-COMMUNICATIONS MEDIADEVELOPMENT AUTHORITY (continued)
Other Information
Management is responsible for the other information. The other information comprises the Statement by
Info-communications Media Development Authority (but does not include the financial statements andour auditor’s report thereon), which we obtained prior to the date of this auditor’s report, and the othersections of the annual report (the “Other Sections”), which are expected to be made available to us afterthat date.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
identified above when it becomes available and, in doing so, consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date ofthis auditor’s report, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
When we read the Other Sections, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and take appropriate actions inaccordance with SSAs.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of financial statements inaccordance with the provisions of the Public Sector (Governance) Act, the IMDA Act and SB-FRS, and forsuch internal control as management determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
A statutory board is constituted based on its constitutional act and its dissolution requires Parliament’s
approval. In preparing the financial statements, management is responsible for assessing the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless there is intention to wind up the Group or for the Group tocease operations.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.

3

Info-communications Media Development Authority
Independent Auditor’s Report
Year ended 31 March 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF INFO-COMMUNICATIONS MEDIADEVELOPMENT AUTHORITY (continued)
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that anaudit conducted in accordance with SSAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements.
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:•

Identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.

•Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Group’s internal control.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

•

Conclude on the appropriateness of management’s use of the going concern basis of accounting and,based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Group’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’sreport to the related disclosures in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or conditions may cause the Group to cease to continue
as a going concern.

•

Evaluate the overall presentation, structure and content of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and eventsin a manner that achieves fair presentation.

•

Obtain sufficient appropriate evidence regarding the financial information of the entities or businessactivities within the Group to express an opinion on the consolidated financial statements. We areresponsible for the direction, supervision and performance of the group audit. We remain solely
responsible for our audit report.

4

Info-communications Media Development Authority
Independent Auditor’s Report
Year ended 31 March 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF INFO-COMMUNICATIONS MEDIADEVELOPMENT AUTHORITY (continued)
Auditor’s Responsibilities for the Audit of the Financial Statements (continued)
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
Report on Other Legal and Regulatory Requirements
OpinionIn our opinion:(a) the receipts, expenditure, investment of moneys and the acquisition and disposal of assets by the
Authority during the year are, in all material respects, in accordance with the provisions of the Public
Sector (Governance) Act, the IMDA Act and the requirements of any other written law applicable tomoneys of or managed by the Authority; and(b) proper accounting and other records have been kept, including records of all assets of the Authority
and of the subsidiaries incorporated in Singapore of which we are the auditors whether purchased,
donated or otherwise.
Basis for Opinion
We conducted our audit in accordance with SSAs. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Compliance Audit section of our report. We are
independent of the Group in accordance with the ACRA Code together with the ethical requirements thatare relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ACRA Code. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on
management’s compliance.
Responsibilities of Management for Compliance with Legal and Regulatory Requirements
Management is responsible for ensuring that the receipts, expenditure, investment of moneys and theacquisition and disposal of assets, are in accordance with the provisions of the Public Sector (Governance)
Act, the IMDA Act and the requirements of any other written law applicable to moneys of or managed by
the Authority. This responsibility includes monitoring related compliance requirements relevant to the
Authority, and implementing internal controls as management determines are necessary to enable
compliance with the requirements.

5

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Statements of financial position
As at 31 March 2023
2023
$’000

Group
2022
$’000

Authority
2023
2022
$’000
$’000

91,124
8,507
1,686
–
187
830,946
932,450

107,715
5,165
750
–
555
787,647
901,832

68,857
3,488
1,686
30,163
187
830,946935,327

82,501
5,039
750
22,313555
787,647
898,805

153,342
105,4928,929–
779,574433
1,047,770

207,779
14,011
1,362–
777,060537
1,000,749

153,342103,2318,929
884
721,124433
987,943

207,779
13,6371,362
511
728,454537
952,280

1,980,220

1,902,581

1,923,270

1,851,085

11
12

60,062635,645
100,363
796,070

55,100635,645
12,830703,575

60,062
622,452
88,161
770,675

55,100622,452
4,695
682,24719
15613,486
50,676–
19,24921,839183

682,01361,855–21,31522,537
172

612,953
50,514
12,2402,381
21,839183

681,50361,855
12,2406,577
22,537172

10,47464
715,971

10,092
14
797,998

5,117–
705,227

4,886–
789,770

116,075
140,912
12,598
192,584
3,127
2,239
644
468,179

126,872
138,784
12,274
119,366
3,280–
432
401,008

111,147
136,069
12,347
182,439
3,127
2,239
–
447,368

113,271
134,739
12,167
115,6113,280––
379,068

1,184,150
1,980,220

1,199,006
1,902,581

1,152,595
1,923,270

1,168,838
1,851,085

55,446

170,11055,446

170,110

Note

AssetsProperty, plant and equipment
Intangible assets
Investment in associate
Investments in subsidiaries
Deferred scholarship expenditure
Financial assets at FVTPL, including derivatives
Non-current assets
Financial assets at FVTPL, including derivatives
Trade and other receivables
Contract assets
Amount due from subsidiaries
Cash and cash equivalents
Deferred scholarship expenditure
Current assets

4
5
6
7
9

9
10
19
8

Total assets
EquityShare capital
Capital accountAccumulated surplus
Total equity
Liabilities
Contract liabilities
Lease liabilities
Amount due to a subsidiary
Deferred capital grants
Provision for pension and medical benefits
Provision for ex-gratia
Provision for reinstatement of property, plant andequipment
Deferred tax liabilities
Non-current liabilities
Trade and other payables, including derivatives
Contract liabilities
Lease liabilities
Grants received in advance
Provision for pension and medical benefits
Provision for contribution to consolidated fund
Income tax payable
Current liabilities

17
13

14
19
15
16
13
24

Total liabilities
Total equity and liabilities
Net assets of trust and agency funds

18

The accompanying notes form an integral part of these financial statements.

7

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Statements of comprehensive income
Year ended 31 March 2023
Group
2023
General Restricted
Note
Fund
Funds
$’000
$’000

Total
$’000

Group
2022
General Restricted
Fund
Funds
$’000
$’000

Total
$’000

IncomeRevenue
Interest income
Investment income
Other income

19

Net fair value loss

23

20

176,504
11,5704,915
1,586
194,575

376
30
–
180
586

(36,740)–

176,880 169,464
11,6002,165
4,915 45,215
1,766
1,098
195,161 217,942(36,740)(52,979)

82
30
–
3,044
3,156

169,546
2,195
45,2154,142
221,098–(52,979)

Expenses
Employee compensation
21
Professional and consultancy
fees
Outreach, events andpublicity expenses
IT expenses
Irrecoverable Goods andServices Tax
General and administrative
expenses
Rental expenses
Lease interest expense
15
Staff training
Depreciation and4, 5amortisation expenses
Other expenses
Total operating expenditure(17,024)(9,381) (26,405) (15,494) (10,513) (26,007)(6,521) (17,794) (24,315)(2,270) (19,370) (21,640)(247,794) (124,010) (371,804) (227,232) (118,806) (346,038)

Development expenses(21,186)

Deficit before Government
grants and share of loss of
associate

22(130,627)(63,327) (193,954) (128,987)(45,651) (174,638)(14,287)(9,704)(23,991)(17,820)(9,039)(26,859)(10,981)(49,412)(8,329)(9,922)(19,310)(59,334)(10,689)(37,683)(12,395)(16,392)(23,084)(54,075)(7,451)(2,850)(10,301)(5,317)(4,011)(9,328)(6,409)(435)(1,195)(3,452)(1,282)
(968)
(131)
(322)

(7,691)(1,403)(1,326)(3,774)(5,453)(204)(1,369)(1,946)(1,213)
6
(212)
(16)

(6,666)(198)(1,581)(1,962)(66,507)(87,693)(111,145) (189,931) (301,076)(30,816)(54,673)(85,489)(93,085) (170,323) (263,408)

The accompanying notes form an integral part of these financial statements.

8

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Statements of comprehensive income (continued)
Year ended 31 March 2023

Note

Deficit before Government
grants and share of loss of
associate (continued)
Government grants
Government grants
Deferred capital grants
amortised
Total Government grants

Group
2023
General Restricted
Fund
Funds
$’000
$’000

Total
$’000

Group
2022
General Restricted
Fund
Funds
$’000
$’000

Total
$’000

(111,145) (189,931) (301,076) (93,085) (170,323) (263,408)

16

206,007

184,052

390,059

51,522

160,713212,235

17

732
206,739

3,881
187,933

4,613
394,672442
51,964

5,022
165,735

5,464
217,699

Share of loss for associate(1,584)–(1,584)(1,770)–(1,770)Net surplus/(deficit) before
contribution to
consolidated fund and tax

94,010(1,998)92,012(42,891)(4,588)(47,479)(2,239)
(698)

–
(14)

(2,239)
(712)

–
(412)

–
–

–
(412)

91,073(2,012)

89,061(43,303)(4,588)(47,891)(1,528)–(1,528)

1,555

–

1,555

(1,528)–(1,528)

1,555

–

1,555

89,545(2,012)87,533(41,748)(4,588)(46,336)

Contribution to consolidated
fund
Tax expenses

24
25

Net surplus/(deficit) for theyear
Other comprehensive
income/(loss)
Items that will not bereclassified to income or
expenditure
Actuarial (loss)/gain
recognised on provision
for pension and medical
benefits
Total other comprehensive(loss)/income
Total comprehensive
income/(loss)

13

The accompanying notes form an integral part of these financial statements.

9

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Statements of comprehensive income (continued)
Year ended 31 March 2023

Note

Authority
2023
General Restricted
Fund
Funds
$’000
$’000

Total
$’000

Authority
2022
General Restricted
Fund
Funds
$’000
$’000

Total
$’000

169,258
11,271
4,915
3,225
188,669

–
30
–
227
257

169,258
11,301
4,915
3,452
188,926

163,944
2,113
45,2152,983
214,255

–
30
–
3,044
3,074

163,944
2,143
45,215
6,027
217,329–(36,740)(52,979)–(52,979)

IncomeRevenue
Interest income
Investment income
Other income

19

Net fair value loss

23

(36,740)

21(126,791)(55,165) (181,956) (124,869)(42,545) (167,414)(16,731)(9,500)(26,231)(20,213)(8,866)(29,079)(10,962)(48,194)(7,934)(9,381)(18,896)(57,575)(9,806)(36,607)(12,395)(16,266)(22,201)(52,873)(7,451)(2,639)(10,090)(5,317)(4,011)(9,328)(6,535)(140)(1,195)(3,442)

(394)
(970)
(18)
(315)

(6,929)(1,110)(1,213)(3,757)(5,202)(204)(1,369)(1,941)(1,167)
6
(157)
(9)

(6,369)(198)(1,526)(1,950)

Expenses
Employee compensation
Professional and consultancy
fees
Outreach, events andpublicity expenses
IT expenses
Irrecoverable Goods andServices Tax
General and administrative
expenses
Rental expenses
Lease interest expense
Staff training
Depreciation andamortisation expenses
Other expenses
Total operating expenditure
Development expenses
Deficit before Government
grants and share of loss of
associate

20

15

4, 5

(16,865)(4,795) (21,660) (15,356)(8,260) (23,616)(6,690) (17,526) (24,216)(2,444) (19,321) (21,765)(244,996) (108,637) (353,633) (223,328) (112,991) (336,319)

22(21,186)(91,742) (112,928)(114,253) (200,122) (314,375)(31,010)(76,717) (107,727)(93,062) (186,634) (279,696)

The accompanying notes form an integral part of these financial statements.

10

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Statements of comprehensive income (continued)
Year ended 31 March 2023

Note

Deficit before Government
grants and share of loss of
associate (continued)

Authority
2023
General Restricted
Fund
Funds
$’000
$’000

Total
$’000

Authority
2022
General Restricted
Fund
Funds
$’000
$’000

Total
$’000

(114,253) (200,122) (314,375)(93,062) (186,634) (279,696)

16

206,007

195,731401,738

51,522

179,001

230,52317

732
206,739722
196,453

1,454
403,192

442
51,964

3,760
182,761

4,202
234,725

Share of loss for associate(1,584)–(1,584)(1,770)–(1,770)Net surplus/(deficit) before
contribution to
consolidated fund and tax

90,902(3,669)87,233(42,868)(3,873)(46,741)(2,239)–––(2,239)
–

–
–

–
–

–
–

88,663(3,669)84,994(42,868)(3,873)(46,741)(1,528)–(1,528)

1,555

–

1,555

(1,528)–(1,528)

1,555

–

1,555

87,135(3,669)83,466(41,313)(3,873)(45,186)

Government grants
Government grants
Deferred capital grants
amortised
Total Government grants

Contribution to consolidated
fund
Tax expenses
Net surplus/(deficit) for theyear
Other comprehensive
income/(loss)
Items that will not bereclassified to income or
expenditure
Actuarial (loss)/gain
recognised on provision
for pension and medical
benefits
Total other comprehensive(loss)/income
Total comprehensive
income/(loss)

24

13

The accompanying notes form an integral part of these financial statements.

11

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Statements of changes in equity
Year ended 31 March 2023

Note

Share
capital$’000<---------- Accumulated surplus ---------->
GeneralRestricted
Fund
Funds
Subtotal
$’000
$’000
$’000

Capitalaccount
$’000

Total
$’000

Group
At 1 April 2021
Net deficit for the year
Other comprehensive income
Actuarial gain recognised on provision for pension
and medical benefits
Total other comprehensive income

13

Total comprehensive loss
Transaction with owner, recognised directly inequityContribution by and (distribution to) owner
Issuance of shares
Dividends paid ($1 per share)
Total contribution by and (distribution to) owner
At 31 March 2022

11

26,194

635,645

83,464–

83,464745,303––(43,303)(4,588)(47,891)(47,891)

–
–

–
–

1,555
1,555

–
–

1,555
1,555

1,555
1,555

–

–

(41,748)(4,588)(46,336)(46,336)

28,906–28,90655,100–––635,645–(24,298)(24,298)
17,418–––(4,588)–(24,298)(24,298)
12,83028,906(24,298)
4,608
703,575

The accompanying notes form an integral part of these financial statements.

12

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Statements of changes in equity (continued)
Year ended 31 March 2023

Note

Share
capital$’000<---------- Accumulated surplus ---------->
GeneralRestricted
Fund
Funds
Subtotal
$’000
$’000
$’000

Capitalaccount
$’000

Total
$’000

Group
At 1 April 2022
Net surplus/(deficit) for the year
Other comprehensive income/(loss)
Actuarial loss recognised on provision for pension
and medical benefits
Total other comprehensive loss

13

Total comprehensive income/(loss)
Transaction with owner, recognised directly inequityContribution by and (distribution to) owner
Issuance of shares
Total contribution by and (distribution to) owner
At 31 March 2023

11

55,100635,645

17,418(4,588)

12,830703,575––

91,073(2,012)

89,06189,061––––(1,528)(1,528)––(1,528)(1,528)(1,528)(1,528)––89,545(2,012)87,53387,533

4,962
4,962
60,062

–
–

–
–

–
–

–
–

635,645

106,963(6,600)100,363

4,962
4,962
796,070

The accompanying notes form an integral part of these financial statements.

13

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Statements of changes in equity
Year ended 31 March 2023

Note

Share
capital$’000<---------- Accumulated surplus ---------->
GeneralRestricted
Fund
Funds
Subtotal
$’000
$’000
$’000

Capitalaccount
$’000

Total
$’000

Authority
At 1 April 2021
Net deficit for the year
Other comprehensive income
Actuarial gain recognised on provision for pension
and medical benefits
Total other comprehensive income

13

Total comprehensive loss
Transaction with owner, recognised directly inequityContribution by and (distribution to) owner
Issuance of shares
Dividends paid ($1 per share)
Total contribution by and (distribution to) owner
At 31 March 2022

11

26,194622,452

74,179–74,179722,825––(42,868)(3,873)(46,741)(46,741)

–
–

–
–

1,555
1,555

–
–

1,555
1,555

1,555
1,555

–

–

(41,313)(3,873)(45,186)(45,186)

28,906–28,90655,100–––622,452–(24,298)(24,298)
8,568

–
–
–
(3,873)–(24,298)(24,298)
4,695

28,906(24,298)
4,608
682,247

The accompanying notes form an integral part of these financial statements.

14

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Statements of changes in equity (continued)
Year ended 31 March 2023

Note

Share
capital$’000<---------- Accumulated surplus ---------->
GeneralRestricted
Fund
Funds
Subtotal
$’000
$’000
$’000

Capitalaccount
$’000

Total
$’000

Authority
At 1 April 2022
Net surplus/(deficit) for the year
Other comprehensive income/(loss)
Actuarial loss recognised on provision for pension
and medical benefits
Total other comprehensive loss

13

Total comprehensive income/(loss)
Transaction with owner, recognised directly inequityContribution by and (distribution to) owner
Issuance of shares
Total contribution by and (distribution to) owner
At 31 March 2023

11

55,100622,452

8,568(3,873)

4,695

682,247––

88,663(3,669)84,99484,994––––(1,528)(1,528)––(1,528)(1,528)(1,528)(1,528)––87,135(3,669)83,466

83,466

4,962
4,962
60,062

–
–

–
–

–
–

–
–

622,452

95,703(7,542)

88,161

4,962
4,962
770,675

The accompanying notes form an integral part of these financial statements.

15

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Consolidated statement of cash flows
Year ended 31 March 2023
Group
Note

Cash flows from operating activities
Deficit before Government grants and share of loss of associate
Adjustments for:
Depreciation and amortisation expenses
Net fair value loss
Transfer to development expenses
Interest income
Loss on disposal of property, plant and equipment andintangible assets
Amortisation of deferred scholarship expenditure to the income
or expenditure
Interest expense on lease liabilities
Changes in:- deferred scholarship expenditure- trade and other receivables- contract assets- trade and other payables- contract liabilities- provision for pension and medical benefits- write-back of ex-gratia provision
Cash used in operations
Tax paid
Payment of pension and medical benefits
Net cash used in operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Investment in associate
Purchase of investment funds
Proceeds from divestment of investment funds
Interest received
Net cash used in investing activities
Cash flows from financing activities
Government grants received
Issuance of shares
Payment of dividends
Principal payment of lease liabilities
Interest paid
Net cash provided by financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year

4, 5
23

15

13

5
9
9

16
11
15
15

8

2023
$’000

2022
$’000

(301,076)(263,408)

26,40536,740–(11,600)

26,00752,979(4,539)(2,195)

149

2,051

467
1,326
(247,589)

785
1,581
(186,739)

5(91,481)(7,567)(16,621)(66,399)560
11(429,081)(450)(2,939)(432,470)(1,577)28,876
2,809
21,37474,551324
4(60,378)(518)(3,194)(64,090)(3,884)(9,039)(2,520)(1,339,488)
1,319,710
11,600(23,621)(23,957)(5,597)(2,520)(1,002,437)
903,387
2,195(128,929)

465,824
4,962–(10,855)(1,326)458,605

239,647
28,906(24,298)(11,634)(1,581)
231,040

2,514
777,060
779,574

38,021
739,039
777,060

The accompanying notes form an integral part of these financial statements.

16

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

(i)

ensuring that telecommunication services are reasonably accessible to all persons in
Singapore, and are supplied as efficiently and economically as practicable and at
performance standards that reasonably meet the social, industrial and commercial
needs of Singapore; and(ii)

determining or approving prices, tariffs and charges for the provision of
telecommunication systems and services;(d) to regulate the provision and use of media services, and equipment and facilities used inconnection with media services, in Singapore, including by(i)facilitating the provision of an adequate range of media services that serves theinterests of the general public;(ii)

ensuring that media services are provided at a high standard in all respects,
particularly in respect of the quality, balance and range of subject matter of theircontent; and(iii)

ensuring that the content of media services is not against public interest, public orderor national harmony, and does not offend against good taste or decency;(e) to promote the use of the Internet and electronic commerce in Singapore and to establish
regulatory frameworks for that purpose;(f)to regulate and manage domain names of Internet websites in Singapore;(g) to promote the use of information and communications technology in Singapore and,
where necessary, to collaborate with the Government Technology Agency (established bysection 3 of the Government Technology Agency Act 2016) in respect of that;(h) to promote, where suitable, self‑regulation in the information, communications and media
industry in Singapore;(i)to advise the Government on matters relating to the information, communications andmedia industry and the functions of the Authority;(j)to represent Singapore and advance Singapore’s interest internationally in matters relating
to the information, communications and media industry;(k) to promote research and development into technological matters relating to theinformation, communications and media industry;(l)to promote and set standards for the training, and the upgrading of the competencies, of
persons for the purposes of the information, communications and media industry in
Singapore;(m) to provide consultancy services in or outside Singapore relating to the information,communications and media industry;18

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023(n) to operate the nationwide parcel locker network via Pick Network Pte Ltd, a fully-owned
subsidiary of IMDA;(o) to perform such other functions as may be conferred on the Authority by any other act,
including being designated as the Personal Data Protection Commission responsible for theadministration of the Personal Data Protection Act 2012, being designated as the Postal
Authority responsible for the administration of the Postal Services Act, as well as being theCompetent Authority appointed to give effect to the instructions of the Minister forCommunications and Information and any Minister where prescribed by the Protection
from Online Falsehoods and Manipulation Act 2019.

2

Basis of preparation

2.1

Statements of compliance
The financial statements have been prepared in accordance with the provisions of the Public
Sector (Governance) Act 2018 “(the Public Sector (Governance) Act)”, the Info-communications
Media Development Authority Act 2016 (the IMDA Act) and Statutory Board Financial ReportingStandards (“SB-FRS”), including Interpretations of SB-FRS (“INT SB-FRS”) and SB-FRS GuidanceNotes as promulgated by the Accountant-General.

2.2

Basis of measurement
The financial statements have been prepared on the historical cost basis except as otherwise
described in the notes below.

2.3

Functional and presentation currency
The financial statements are presented in Singapore dollars, which is the Authority’s functional
currency. All financial information presented in Singapore dollars have been rounded to thenearest thousand, unless otherwise stated.

2.4

Use of estimates and judgements
The preparation of the financial statements in conformity with SB-FRSs requires management
to make judgements, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions toaccounting estimates are recognised in the period in which the estimates are revised and in any
future periods affected.
Information about critical judgements in applying accounting policies that have the mostsignificant effect on the amounts recognised in the financial statements relate to theclassification of financial instruments, and are disclosed in Note 3.3.

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Information about assumptions and estimation uncertainties that have a significant risk ofresulting in a material adjustment within the next financial year are as follows:
Provision for pension and medical benefits
Provision for pension and medical benefits is estimated by management based on the mostrecent valuation by professional actuaries. Changes to assumptions and estimates used in thevaluation would result in changes to the provision for pension and medical benefits amounts
estimated (Note 13).
Valuation of investments
The determination of fair value for financial assets for which there are no observable market
price requires the use of valuation techniques as described in Note 29. For financial instrumentsthat trade infrequently and have little price transparency, fair value is less objective and requires
varying degrees of judgement depending on liquidity, concentration, uncertainty of market
factors, pricing assumptions and other risks affecting the specific instrument.
Licence fees
Licence fees are billed in advance based on a percentage of the licencees’ total qualifying income
or annual gross turnover. The licence fees are recognised evenly over the licence period and aresubsequently adjusted based on the latest available information. Changes to the estimates usedin the determination of licence fee would result in changes to the licence fee revenue recognised
for the financial year.

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3

Significant accounting policies
The accounting policies set out below have been applied consistently to all periods presented in
the financial statements.

3.1

Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is
exposed to, or has rights to, variable returns from its involvement with the entity and has theability to affect those returns through its power over the entity. The financial statements of thesubsidiaries are included in the consolidated financial statements from the date that control
commences until the date that control ceases.
The accounting policies of the subsidiaries have been changed when necessary to align themwith the policies adopted by the Group.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising fromintra-group transactions, are eliminated in preparing the consolidated financial statements.
Subsidiaries in the separate financial statements
Investments in subsidiaries are stated in the Authority’s statement of financial position at costless accumulated impairment loss.

3.2

Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the functional currencies of the Authority
and its subsidiaries at exchange rates at the dates of the transactions. Monetary assets andliabilities denominated in foreign currencies at the reporting date are translated to thefunctional currency at the exchange rate at that date. The foreign currency gain or loss onmonetary items is the difference between amortised cost in the functional currency at the
beginning of the year, adjusted for effective interest and payments during the year, and theamortised cost in foreign currency translated at the exchange rate at the end of the year.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fairvalue are translated to the functional currency at the exchange rate at the date that the fairvalue was determined. Non-monetary items in a foreign currency that are measured in terms ofhistorical cost are translated using the exchange rate at the date of the transaction. Foreign
currency differences arising on translation are recognised in income or expenditure.

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3.3

Financial instruments(i)

Recognition and initial measurement
Non-derivative financial assets and financial liabilities
Trade receivables are initially recognised when they are originated. All other financial assets andfinancial liabilities are initially recognised when the Group becomes a party to the contractual
provisions of the instrument.
A financial asset (unless it is a trade receivable without a significant financing component) or
financial liability is initially measured at fair value plus, for an item not at fair value through profit& loss (“FVTPL”), transaction costs that are directly attributable to its acquisition or issue. A tradereceivable without a significant financing component is initially measured at the transaction
price.

(ii)

Classification and subsequent measurement
Non-derivative financial assets
On initial recognition, a financial asset is classified as measured at amortised cost or FVTPL.
Financial assets are not reclassified subsequent to their initial recognition unless the Groupchanges its business model for managing financial assets, in which case all affected financial
assets are reclassified on the first day of the first reporting period following the change in thebusiness model.
Financial assets at amortised cost
A financial asset is measured at amortised cost if it meets both of the following conditions andis not designated as at FVTPL:••

it is held within a business model whose objective is to hold financial assets to collectcontractual cash flows; andits contractual terms give rise on specified dates to cash flows that are solely payments ofprincipal and interest on the principal amount outstanding.

Financial assets at FVTPL
All financial assets not classified as measured at amortised cost are measured at FVTPL. On initialrecognition, the Group may irrevocably designate a financial asset that otherwise meets therequirements to be measured at amortised cost or at fair value through other comprehensive
income (“FVOCI”) as at FVTPL if doing so eliminates or significantly reduces an accounting
mismatch that would otherwise arise.

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Financial statements
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Financial assets: Business model assessment
The Group makes an assessment of the objective of the business model in which a financial asset
is held at a portfolio level because this best reflects the way the assets are managed andinformation is provided to management. The information considered includes:
•

•
•
•
•

the stated policies and objectives for the portfolio and the operation of those policies inpractice. These include whether management’s strategy focuses on earning contractualinterest income, maintaining a particular interest rate profile, matching the duration of thefinancial assets to the duration of any related liabilities or expected cash outflows or realising
cash flows through the sale of the assets;
how the performance of the portfolio is evaluated and reported to the Group’s
management;
the risks that affect the performance of the business model (and the financial assets held
within that business model) and how those risks are managed;
how managers of the business are compensated e.g. whether compensation is based on thefair value of the assets managed or the contractual cash flows collected; andthe frequency, volume and timing of sales of financial assets in prior periods, the reasons forsuch sales and expectations about future sales activity.

Financial assets that are held-for-trading or are managed and whose performance is evaluatedon a fair value basis are measured at FVTPL.
Non-derivative financial assets: Assessment whether contractual cash flows are solely
payments of principal and interest
For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset
on initial recognition. ‘Interest’ is defined as consideration for the time value of money and forthe credit risk associated with the principal amount outstanding during a particular period oftime and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as
well as a profit margin.
In assessing whether the contractual cash flows are solely payments of principal and interest,
the Group considers the contractual terms of the instrument. This includes assessing whether
the financial asset contains a contractual term that could change the timing or amount ofcontractual cash flows that it would not meet this condition. In making this assessment, theGroup considers:••••contingent events that would change the amount or timing of cash flows;
terms that may adjust the contractual coupon rate, including variable rate features;
prepayment and extension features; andterms that limit the Group’s claim to cash flows from specified assets (e.g. non-recoursefeatures).

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Financial statements
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A prepayment feature is consistent with the solely payments of principal and interest criterion
if the prepayment amount substantially represents as unpaid amounts of principal and intereston the principal amount outstanding, which may include reasonable additional compensationfor early termination of the contract. Additionally, for a financial asset acquired at a significant
discount or premium to its contractual par amount, a feature that permits or requires
prepayment at an amount that substantially represents the contractual par amount plus accrued(but unpaid) contractual interest (which may also include reasonable additional compensationfor early termination) is treated as consistent with this criterion if the fair value of the
prepayment feature is insignificant at initial recognition.
Non-derivative financial assets: Subsequent measurement and gains and losses
Financial assets at FVTPL
These financial assets are subsequently measured at fair value. Net gains and losses, including
any interest or dividend income, are recognised in income or expenditure.
Financial assets at amortised cost
These financial assets are subsequently measured at amortised cost using the effective interest
method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange
gains and losses and impairment are recognised in profit or loss. Any gain or loss onderecognition is recognised in income or expenditure.
Non-derivative financial liabilities: Classification, subsequent measurement and gains andlossesThe Group’s other non-derivative financial liabilities are classified as other financial liabilities.
Other financial liabilities are initially measured at fair value less directly attributable transaction
costs. They are subsequently measured at amortised cost using the effective interest rate
method. Interest expense and foreign exchange gains and losses are recognised in profit or loss.
These financial liabilities comprised trade and other payables and amount due to a subsidiary.
(iii)

Derecognition
Financial assets
The Group derecognises a financial asset when the contractual rights to the cash flows from thefinancial asset expire, or it transfers the rights to receive the contractual cash flows in atransaction in which substantially all of the risks and rewards of ownership of the financial asset
are transferred or in which the Group neither transfers nor retains substantially all of the risks
and rewards of ownership and it does not retain control of the financial asset.

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Financial statements
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Financial liabilities
The Group derecognises a financial liability when its contractual obligations are discharged orcancelled, or expire.
On derecognition of a financial liability, the difference between the carrying amountextinguished and the consideration paid (including any non-cash assets transferred or liabilities
assumed) is recognised in income or expenditure.
(iv)

Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the statementof financial position when, and only when, the Group currently has a legally enforceable right to
set off the amounts and it intends either to settle them on a net basis or to realise the asset andsettle the liability simultaneously(v)

Cash and cash equivalents
Cash and cash equivalents comprise cash and bank balances and are used by the Group in the
management of its short-term commitments.

(vi)

Derivative financial instruments
The Group holds derivative financial instruments for efficient portfolio management of theinvestment portfolio. Embedded derivatives are separated from the host contract andaccounted for separately if the host contract is not a financial asset and certain criteria are met.
Derivatives are initially measured at fair value and any directly attributable transaction costs arerecognised in income or expenditure as incurred. Subsequent to initial recognition, derivatives
are measured at fair value, and changes therein are generally recognised in income or
expenditure.

(vii)

Share capital
Ordinary shares issued in accordance with FCM 26/2008 - Capital Management Framework for
Statutory Boards, are classified as equity. The shares issued are held by the Minister for Finance,
incorporated by the Minister for Finance (Incorporation) Act 1959.

3.4

Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation andaccumulated impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost ofself-constructed assets includes:•

the cost of materials and direct labour;25

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Financial statements
Year ended 31 March 2023••

any other costs directly attributable to bringing the assets to a working condition for theirintended use;when the Group has an obligation to remove the asset or restore the site, an estimate of thecosts of dismantling and removing the items and restoring the site on which they are located.

The gain or loss on disposal of an item of property, plant and equipment, calculated as thedifference between the net proceeds from disposal and the carrying amount of the item, isrecognised in income or expenditure.
The cost of replacing a component of an item of property, plant and equipment is recognised in
the carrying amount of the item if it is probable that the future economic benefits embodied
within the component will flow to the Group, and its cost can be measured reliably. The carrying
amount of the replaced component is derecognised. The costs of the day-to-day servicing ofproperty, plant and equipment are recognised in income or expenditure as incurred.
Depreciation is based on the cost of an asset less its residual value. Significant components ofindividual assets are assessed and if a component has a useful life that is different from theremainder of that asset, that component is depreciated separately.
Depreciation is recognised as an expense in income or expenditure on a straight-line basis overthe estimated useful lives of each component of an item of property, plant and equipment,
unless it is included in the carrying amount of another asset, and is recognised from the datethat the property, plant and equipment are installed and are ready for use. Assets underconstruction are not depreciated.
The estimated useful lives are as follows:
Lockers
VehiclesFurniture, fittings and equipment
Computers
Leasehold improvements
Office premises
Building

7 years
5 years or over the lease term (Note 3.9)
5 years
3 years
Over the lease term
Over the lease term (Note 3.9)
50 years

Depreciation methods, useful lives and residual values are reviewed at the end of each reporting
period and adjusted if appropriate.

3.5

Intangible assets
Computer systems including software development costs are capitalised on the basis of thecosts incurred to bring to use or develop the specific system. Direct expenditures including
employee costs, which enhances or extends the performance of computer or application systembeyond its specifications and which can be reliably measured, is added to the original cost of thesystem. Costs associated with maintaining the computer system are recognised as expenses
when incurred.

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Financial statements
Year ended 31 March 2023

Development expenditure is capitalised only if development costs can be measured reliably, theproduct or process is technically and commercially feasible, future economic benefits areprobable, and the Group intends to and has sufficient resources to complete development andto use or sell the asset. The expenditure capitalised includes the cost of materials, direct labour,
overhead costs that are directly attributable to preparing the asset for its intended use. Other
development expenditure is recognised in income or expenditure as incurred.
Computer systems are measured at cost less accumulated amortisation and accumulated
impairment losses. These costs less residual values, are amortised and recognised to income or
expenditure using the straight-line method over their estimated useful lives of 3 to 5 years or
licence period, whichever shorter.
In respect of internally constructed intangible assets, amortisation is recognised from the datethat the asset is completed and ready for use. Systems under development are not amortised.
The amortisation period and amortisation method of intangible assets are reviewed at the endof each reporting period.

3.6

Impairment(i)

Non-derivative financial assets
Non-derivative financial assets and contract assets
The Group recognises loss allowances for expected credit losses (ECLs) on financial assets
measured at amortised costs and contract assets (as defined in SB-FRS 115).
Loss allowances of the Group are measured on either of the following bases:• 12-month ECLs: these are ECLs that result from default events that are possible within the
12 months after the reporting date (or for a shorter period if the expected life of the
instrument is less than 12 months); or• Lifetime ECLs: these are ECLs that result from all possible default events over the expected
life of a financial instrument or contract asset.
Simplified approach
The Group applies the simplified approach to provide for ECLs for all trade receivables andcontract assets. The simplified approach requires the loss allowance to be measured at an
amount equal to lifetime ECLs.
General approach
The Group applies the general approach to provide for ECLs on all other financial instruments.
Under the general approach, the loss allowance is measured at an amount equal to 12-month
ECLs at initial recognition.

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Financial statements
Year ended 31 March 2023

At each reporting date, the Group assesses whether the credit risk of a financial instrument has
increased significantly since initial recognition. When credit risk has increased significantly sinceinitial recognition, loss allowance is measured at an amount equal to lifetime ECLs.
When determining whether the credit risk of a financial asset has increased significantly sinceinitial recognition and when estimating ECLs, the Group considers reasonable and supportable
information that is relevant and available without undue cost or effort. This includes bothquantitative and qualitative information and analysis, based on the Group’s historicalexperience and informed credit assessment and includes forward-looking information.
If credit risk has not increased significantly since initial recognition or if the credit quality of thefinancial instruments improves such that there is no longer a significant increase in credit risk
since initial recognition, loss allowance is measured at an amount equal to 12-month ECLs.
The Group considers a financial asset to be in default when:• the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by
the Group to actions such as realising security (if any is held); or• the financial asset remains outstanding for more than a reasonable range of past due days,
taking into consideration historical payment track record as well as general industry trend.
The Group considers a contract asset to be in default when the customer is unlikely to pay its
contractual obligations to the Group in full, without recourse by the Group to actions such as
realising security (if any is held).
The maximum period considered when estimating ECLs is the maximum contractual period overwhich the Group is exposed to credit risk.
Measurement of ECLs
ECLs are probability-weighted estimates of credit losses. Credit losses are measured at thepresent value of all cash shortfalls (i.e. the difference between the cash flows due to the entity
in accordance with the contract and the cash flows that the Group expects to receive). ECLs are
discounted at the effective interest rate of the financial asset.
Credit-impaired financial assets
At each reporting date, the Group assesses whether financial assets carried at amortised costare credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a
detrimental impact on the estimated future cash flows of the financial asset have occurred.
Evidence that a financial asset is credit-impaired includes the following observable data:• significant financial difficulty of the borrower or issuer;• a breach of contract such as a default or being more than a reasonable range of past duedays;• the restructuring of a loan or advance by the Group on terms that the Group would notconsider otherwise;• it is probable that the borrower will enter bankruptcy or other financial reorganisation; or• the disappearance of an active market for a security because of financial difficulties.

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Financial statements
Year ended 31 March 2023

Presentation of allowance for ECLs in the statement of financial position
Loss allowances for financial assets measured at amortised cost and contract assets are
deducted from the gross carrying amount of these assets.
Write-off
The gross carrying amount of a financial asset is written off (either partially or in full) to theextent that there is no realistic prospect of recovery. This is generally the case when the Group
determines that the debtor does not have assets or sources of income that could generatesufficient cash flows to repay the amounts subject to the write-off. However, financial assetsthat are written off could still be subject to enforcement activities in order to comply with theGroup’s procedures for recovery of amounts due.
(ii)

Non-financial assets
The carrying amounts of the Group’s non-financial assets are reviewed at each reporting dateto determine whether there is any indication of impairment. If any such indication exists, thenthe asset’s recoverable amount is estimated. For intangible assets that are not yet available foruse, the recoverable amount is estimated each year at the same time. An impairment loss isrecognised if the carrying amount of an asset or its related cash-generating unit (“CGU”) exceeds
its estimated recoverable amount.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair valueless costs to sell. In assessing value in use, the estimated future cash flows are discounted totheir present value using a pre-tax discount rate that reflects current market assessments of thetime value of money and the risks specific to the asset or CGU. For the purpose of impairment
testing, assets that cannot be tested individually are grouped together into the smallest groupof assets that generates cash inflows from continuing use that are largely independent of the
cash inflows of other assets or CGUs.
Impairment losses are recognised in income or expenditure. Impairment losses recognised in
respect of CGUs are allocated to reduce the carrying amounts of the assets in the CGU on a pro
rata basis.
Impairment losses recognised in prior periods are assessed at each reporting date for any
indications that the loss has decreased or no longer exists. An impairment loss is reversed if
there has been a change in the estimates used to determine the recoverable amount. An
impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed
the carrying amount that would have been determined, net of depreciation or amortisation, if
no impairment loss had been recognised.

3.7

Deferred scholarship expenditure
Expenditures incurred in providing scholarships prior to the formation of IMDA were capitalised
and stated at cost less accumulated amortisation. Amortisation is calculated on a straight-line
basis to write off the cost over the period of the scholarship bond from 1 to 6 years commencing
from the year that the scholars commence employment with the Authority.

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Year ended 31 March 2023

Following the formation of IMDA, scholarship expenditures are recognised as an expense when
the scholarship expense is incurred.

3.8

Employee benefits(i)Defined contribution plans
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed
contributions into a separate entity and will have no legal or constructive obligation to pay
further amounts. Obligations for contributions to defined contribution pension plans arerecognised as an employee benefit expense in income or expenditure in the periods during
which related services are rendered by employees.
Contributions on the employees’ salaries are made to the Central Provident Fund (“CPF”) as
required by law. CPF contributions are recognised as employee compensation expenses in the
period when the employees rendered their services.

(ii)

Defined benefit plans
The Group operates a defined benefit pension plan that provides certain post-employment
pension benefits for eligible employees.
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan.
The Group’s net obligation in respect of defined benefit pension plans is calculated separately
for each plan by estimating the future benefit that the employees have earned in return for theirservice in the current and prior periods; that benefit is discounted to determine its present
value. The fair value of any plan assets is deducted. The Group determines the net interest
expense (income) on the net defined benefit liability (asset) for the period by applying thediscount rate used to measure the defined benefit obligation at the beginning of the period tothe net defined benefit liability (asset). The discount rate is the yield of the Singapore
Government bond rate that has maturity dates approximating the terms of the Group’s
obligations and that are denominated in the same currency in which the benefits are expected
to be paid.
The calculation is performed annually by a qualified actuary using the projected unit credit
method to determine the present value of defined benefit obligations and the current service
cost. Under the method, a “projected accrued benefit” is calculated for each benefit. For all
active members of the scheme, the “projected accrued benefit” is based on the scheme’s accrual
formula and upon service as of the valuation date, but using the employee's scheme salary,
projected to the age at which the benefit is expected to be payable. For inactive members, it is
the total benefit. The defined benefit obligations are the discounted present value of the“projected accrued benefits”. The service cost is the corresponding value of benefits earned by
active members over the year as a result of one more year of service.
Re-measurements from defined benefit plans comprise actuarial gains and losses, the return onplan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The
Group recognises them immediately in other comprehensive income and all expenses related todefined benefit plans in employee compensation in income or expenditure.

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When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed
benefit related to past service by employees, or the gain or loss on curtailment, is recognised
immediately in income or expenditure when the plan amendment or curtailment occurs.
The Group recognises gains and losses on the settlement of a defined benefit plan when thesettlement occurs. The gain or loss on settlement is the difference between the present valueof the defined benefit obligation being settled as determined on the date of settlement and thesettlement price, including any plan assets transferred and any payments made directly by theGroup in connection with the settlement.
(iii)

Termination benefits
Termination benefits are recognised as an expense when the Group is committed demonstrably,
without realistic possibility of withdrawal, to a formal detailed plan to either terminate
employment before the normal retirement date, or to provide termination benefits as a resultof an offer made to encourage voluntary redundancy. Termination benefits for voluntary
redundancies are recognised as an expense if the Group has made an offer of voluntary
redundancy, it is probable that the offer will be accepted, and the number of acceptances canbe estimated reliably. If benefits are payable more than 12 months after the reporting date, they
are discounted to their present value.

(iv)

Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are
expensed as the related service is provided. A liability is recognised for the amount expected tobe paid under short-term cash bonus if the Group has a present legal or constructive obligation
to pay this amount as a result of past service provided by the employee, and the obligation canbe estimated reliably.

(v)

Employee leave entitlements
Employee entitlements to annual leave are recognised when they accrue to employees. Accrualis made for the unconsumed leave as a result of services rendered by employees up to thereporting date.

(vi)

Provision for ex-gratia payments
This amount is provided for payments to be made to former Singapore Broadcasting Corporation(“SBC”) staff transferred from MDA to the Group. The provision is computed based on theguidelines contained in the Ministry of Finance (Revenue) Circular No. 4/94 dated 10 August
1994.

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3.9

LeasesAt inception of a contract, the Group assesses whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. To assess whether a contract conveys
the right to control the use of an identified asset, the Group uses the definition of a lease in SBFRS 116.
As a lessee
At commencement or on modification of a contract that contains a lease component, the Group
allocates the consideration in the contract to each lease component on the basis of its relative
stand-alone prices. However, for the leases of office premises the Group has elected not toseparate non-lease components and account for the lease and non-lease components as a single
lease component.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount of thelease liability adjusted for any lease payments made at or before the commencement date, plus
any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying
asset or to restore the underlying asset or the site on which it is located, less any lease incentives
received.
The right-of-use asset is subsequently depreciated using the straight-line method from thecommencement date to the end of the lease term, unless the lease transfers ownership of theunderlying asset to the Group by the end of the lease term or the cost of the right-of-use asset
reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be
depreciated over the useful life of the underlying asset, which is determined on the same basis
as those of property and equipment. In addition, the right-of-use asset is periodically reduced
by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are notpaid at the commencement date, discounted using the interest rate implicit in the lease or, if
that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, theGroup uses its incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate by obtaining interest rates from various
external financing sources and makes certain adjustments to reflect the terms of the lease andtype of the asset leased.
Lease payments included in the measurement of the lease liability comprise the following:• fixed payments; and• lease payments in an optional renewal period if the Group is reasonably certain to exercise
an extension option.

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The lease liability is measured at amortised cost using the effective interest method. It isremeasured if the Group changes its assessment of whether it will exercise a purchase,
extension or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment is made to thecarrying amount of the right-of-use asset, or is recorded in income or expenditure if the carrying
amount of the right-of-use asset has been reduced to zero.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of lowvalue assets and short-term leases, including IT equipment. The Group recognises the lease
payments associated with these leases as an expense on a straight-line basis over the lease term.

3.10

Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal orconstructive obligation that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are determined bydiscounting the expected future cash flows that reflects current market assessments of the timevalue of money and the risks specific to the liability.

3.11

Dividends
Dividends payable to the Minister for Finance, incorporated by the Minister for Finance(Incorporation) Act 1959, the ultimate shareholder, are recognised when the Authority approves
the dividends for payment.

3.12

Trust and agency funds
Moneys received from the Government of Singapore and other organisations where theAuthority is not the grant scheme owner and beneficiary, are accounted for as trust and agency
funds in accordance with SB-FRS Guidance Note 3.
The total net assets and liabilities of the trust and agency funds are presented as a separate line
at the bottom of the statement of financial position of the Authority. Trust and agency funds areaccounted for on a cash basis. Under the cash basis, receipts are accounted for and taken up on
the fund accounts when received, instead of when earned. Disbursements made are accounted
for when paid, instead of when incurred.

3.13

Restricted funds
These are funds set aside for specific purposes and for which separate disclosure are made asthese funds are material and subject to restrictions on the ability of the Authority to distributeor otherwise apply its funds. The treatment is in accordance with SB-FRS Guidance Note 1.
Restricted funds are accounted for on an accrual basis.

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3.14

Revenue recognition
Revenue is recognised over time following the timing of satisfaction of the performanceobligation (“PO”). The following table provides information about the nature and timing of thesatisfaction of performance obligations in contracts with customers, including significant
payment terms, and the related revenue recognition policies of significant revenue streams.
Licence fees
Nature of services

The Group grants licences to telecommunications and media
companies based on their nature of operations. The licences
vary based on licence types, periods and the licencee’s total
qualifying income or annual gross turnover.

When revenue is recognised

The Group has assessed that these contracts qualify for overtime revenue recognition as the Group generally has
enforceable rights to payment for licences granted till date.
The revenue recognised is assessed by reference to thecontract term elapsed in proportion to the full licence period
granted.
Revenue is recognised to the extent that it is highly probablethat a significant reversal in the amount of cumulative revenue
recognised will not occur.
Subsequent adjustments are made based on the latest
available information on the licencee’s total qualifying income
or annual gross turnover as mandated by the licenceconditions.
Additional fees earned relating to subsequent adjustments
which are not yet billed are reflected under contract assets inthe statement of financial position. The contract assets aretransferred to trade receivables when the Group invoices thelicencees.

Significant payment terms

Licence fees are billed in accordance with the licencees’
financial year prior to the commencement of the licence.
Fees received in advance are reflected under contract
liabilities in the statement of financial position. Fees that are
expected to be recognised as revenue in the next 12 months
will be classified as contract liabilities under current liabilities.

34

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Frequency fees
Nature of services

The Group allocates and assigns frequencies totelecommunication companies. The fees are fixed by theGroup and allocated to the telecommunication companies
through different methods, including auctions andassignments.

When revenue is recognised

The Group has assessed that these contracts qualify for overtime revenue recognition as the Group generally has
enforceable rights to payment for frequencies granted tilldate. The revenue recognised is assessed by reference to thecontract term elapsed in proportion to the full frequency
period granted.

Significant payment terms

Frequency fees are billed in advance during the allocation andassignment period. Fees received in advance are reflectedunder contract liabilities in the statement of financial position.
Fees that are to be recognised as revenue in the next 12months will be classified as contract liabilities under current
liabilities.

Service fees
Nature of services

The Group earns revenue from providing services, including
registration and renewal of domain names and Singapore SMS
Sender IDs.

When revenue is recognised

Service fees revenue are recognised over the validity period,
net of incentive rebates.

Significant payment terms

Fees are billed at the start of the registration and renewal
process and are payable immediately. Registration andrenewal fees received in advance are reflected under contract
liabilities in the statement of financial position.
Fees that are to be recognised as revenue in the next 12months will be classified as contract liabilities under current
liabilities.

Parcel locker fees
Nature of services

The Group earns revenue from the provision of parcel locker
storage and services.

When revenue is recognised

Booking fees are recognised over time when the services are
rendered, net of incentive rebate.

Significant payment terms

Fees are billed once every month. A contract asset isrecognised for the revenue recognised which are not yet billed.

35

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

3.15Interest income and expense
Interest income or expense is recognised using the effective interest method.
The ‘effective interest rate’ is the rate that exactly discounts estimated future cash payments orreceipts through the expected life of the financial instrument to:••

the gross carrying amount of the financial asset; orthe amortised cost of the financial liability.

In calculating interest income and expense, the effective interest rate is applied to the grosscarrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of
the liability. However, for financial assets that have become credit-impaired subsequent to initialrecognition, interest income is calculated by applying the effective interest rate to the amortised
cost of the financial asset. If the asset is no longer credit-impaired, then the calculation ofinterest income reverts to the gross basis.

3.16

Government grants
Government grants and contributions from other organisations are recognised initially as Grants
received in advance at their fair value where there is reasonable assurance that they will bereceived and the Authority will comply with the conditions associated with the grants andcontributions.
Government grants received to meet the Authority’s operating expenditure are recognised in
the income or expenditure as income on a systematic basis in the same financial periods in which
the expenses are recognised.
Government grants utilised for the purchase or the construction of depreciable tangible andintangible assets are recorded in the deferred capital grants account. The deferred capital grants
are amortised to income or expenditure over the period necessary to match the annual
depreciation and amortisation charge of these assets purchased with the related grants. On
disposal of these assets, the balance of the related deferred capital grant is recognised in income
or expenditure to match the net book value of the assets disposed.

3.17

Investment income
Investment income comprises mainly dividend income from quoted investments which areclassified as financial assets at FVTPL. Dividend income is recognised in income or expenditureon the date which the Group’s right to receive payment is established.

36

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

3.18

Contribution to Consolidated Fund
The Authority is required to make contributions to the Consolidated Fund in accordance with
the Statutory Corporations (Contributions to Consolidation Fund) Act 1989. The provision isbased on guidelines specified by the Ministry of Finance. It is computed based on a percentage
pegged at the prevailing corporate tax rate for the period of assessment on the net surplus of
the Authority and after deducting prior year’s accumulated deficits in accordance with FCM
5/2005 – Framework for Contribution to Consolidated Fund by Statutory boards. Contributions
are provided for on an accrual basis.
The Authority is allowed to carry forward its deficits to offset its future surplus. The deficits haveno expiry date.
The benefits associated with the deficits are recognised as deferred benefits on Contribution toConsolidated Fund to the extent that realisation of the related benefits through future surplus
is probable.

3.19

Investment in associates
Associates are entities over which the Authority has significant influence, but not control,
generally accompanied by a shareholding giving rise to voting rights of 20% and above.
Investment in associates is accounted for using the equity method of accounting less impairment
losses, if any in the Authority’s financial statements.

(i)

Acquisition
Investment in associates is initially recognised at cost. The cost of an acquisition is measured at
the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at
the date of exchange, plus costs directly attributable to the acquisition. Goodwill on associates
represents the excess of the cost of acquisition of the associates over the Authority’s share of
the fair value of the identifiable net assets of the associates and is included in the carrying
amount of the investment.

(ii)

Equity method of accounting
Under the equity method of accounting, the investment is initially recognised at cost andadjusted thereafter to recognise Authority’s share of its associates’ post-acquisition profits orlosses of the investee in profit or loss and its share of movements in other comprehensive
income of the investee’s other comprehensive income. Dividends received or receivable fromthe associates are recognised as a reduction of the carrying amount of the investment. When
the Authority’s share of losses in an associate equals to or exceeds its interest in the associates,
the Authority does not recognise further losses, unless it has legal or constructive obligations tomake, or has made, payments on behalf of the associates. If the associates subsequently reportprofits, the Authority resumes recognising its share of those profits only after its share of the
profits equals the share of losses not recognised.

37

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Unrealised gains on transactions between the Group and Authority and its associates are
eliminated to the extent of the Group and Authority's interest in the associates. Unrealised
losses are also eliminated unless the transactions provide evidence of impairment of the assets
transferred. The accounting policies of associates are changed where necessary to ensure
consistency with the accounting policies adopted by the Authority.
(iii)

Disposals
Investment in associates is derecognised when the Authority loses significant influence. If theretained equity interest in the former associates is a financial asset, the retained equity interestis measured at fair value. The difference between the carrying amount of the retained interestat the date when significant influence is lost, and its fair value and any proceeds on partial
disposal, is recognised in income or expenditure.

3.20

New standards and interpretations
On 1 April 2022, the Group has adopted the new or amended SB-FRS and Interpretations of SBFRS (“INT SB-FRS”) that are mandatory for application for the financial year. Changes to theGroup’s accounting policies have been made as required, in accordance with the transitional
provisions in the respective SB-FRS and INT SB-FRS.
The adoption of these new or amended SB-FRS and INT SB-FRS did not result in substantialchanges to the Group’s accounting policies and had no material effect on the amounts reported
for the current or prior financial years, except for the adoption of SB-FRS Guidance Note 3(Revised) - Accounting and Disclosures for Trust Funds and SB-FRS Guidance Note 11 Accounting for Grants Administered by Statutory Boards.
Adoption of SB-FRS Guidance Note 3 (Revised) and SB-FRS Guidance Note 11
SB-FRS Guidance Notes 3 (Revised) and SB-FRS Guidance Note 11 were issued in November 2022
and are effective for financial years beginning on or after 1 January 2023. As early application ispermitted, the Group has adopted these Guidance Notes in preparing the financial statements
for the financial year ended 31 March 2023.
In the revised SB-FRS Guidance Note 3, the definition of “control” was updated based onprinciples set out in SB-FRS Conceptual Framework. It also included factors for consideration to
guide Statutory Board in assessing whether it bears/enjoys risks and rewards associated withthe fund.
SB-FRS Guidance Note 11 introduces a concept of "grant scheme owner" which is one thatexercises control over the fund by directing the use of the fund, so as to obtain benefits from its
activities.
A Statutory Board which is a grant scheme owner usually receives the funding to administer the
grant scheme in one of the following ways:
a. Funds received as part of its operating grant (together with the portion used to defray its
operating costs); or
b. Funds received and held by Statutory Board solely to administer the grant scheme prior to
disbursement to grant recipients.

38

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

As a grant scheme owner, income and expenditure of all funds under the control of the Statutory
Board are to be taken to the Statement of Comprehensive Income.
With the adoption of SB-FRS Guidance Note 3 and 11, certain Trust and Agency funds will bereclassified as Restricted funds as a result of reassessment under the provisions of the GuidanceNotes. The Group has adopted the Guidance Notes retrospectively, with restatement of thecomparative information.
The adoption of the Guidance Notes resulted in adjustments to the comparative balance sheet,of the Group and Authority. The differences from the balance sheet as previously reported as at
31 March 2022 are as follows:

Statements of financial position

Group and Authority
AssetsProperty, plant and equipment

31 March 2022
Increase/(decrease)
$’000
2,290

Intangible assets
Trade and other receivables

938
2,031

Cash and cash equivalents

40,58845,847

Liabilities
Lease liabilities
Deferred capital grants

1,166
3,037

Trade and other payables

2,456

Grants received in advance

39,18845,847

Total Equity
Net assets of trust and agency funds–(44,882)

There is no impact to the opening retained earnings of the Group and Authority for financial
year ended 31 March 2022.

39

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

The adoption of the Guidance Notes resulted in adjustments to the statements ofcomprehensive income of the Group and Authority as at 1 April 2022. The differences from thestatements of comprehensive income as previously reported as at 31 March 2022 are as follows:
Statements of comprehensive income

Group and Authority
Income31 March 2022
Increase/(decrease)$’000

Interest income

30

Other income

341

Expenses
Employee compensation(18,908)

Professional and consultancy fees

(2,308)Outreach, events and publicity expenses(2,400)IT expenses(12,944)

Irrecoverable Goods and Services Tax(1,746)

General and administrative expenses(526)

Lease interest expense
Depreciation and amortisation expenses
Other expenses(153)(3,844)(65)

Development expenses(20,146)

Deficit before Government grants and share of loss of associate(62,669)

Government grants
Government grants
Deferred capital grants amortised

60,353
2,316

Total Government grants

62,669There is no impact to the opening retained earnings of the Group and Authority for financial
year ended 31 March 2022.

40

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

The adoption of the Guidance Notes resulted in adjustments to the comparative consolidated
statement of cashflows of the Group. The differences from the consolidated statement of
cashflows of the Group as previously reported as at 31 March 2022 are as follows:

Consolidated statement of cashflowsGroup
Net cash used in operating activities
Net cash used in investing activities
Net cash provided by financing activities
Total increase in cash

31 March 2022
Increase/(decrease)$’000(58,666)(1,893)
71,031
10,472

New standards and interpretations not adopted by the GroupA number of new standards, amendments to standards and interpretations are effective forannual periods beginning on or after 1 April 2023, and earlier application is permitted. Except
for the adoption of SB-FRS Guidance Note 3 (Revised) and 11 the Group has not early applied
the new standards and interpretations in preparing these statements.

41

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

4

Property, plant and equipment

Vehicles$’000

Furniture,
fittings andequipment$’000

Lockers$’000

Cost
At 1 April 2021
Additions
Transfer
Disposals
At 31 March 2022

2,303
–
–
(1,282)
1,021

7,222
181
–
(225)
7,178

–
24,1452,753–
26,898

11,9491,608–(97)
13,46011,729396
389–
12,514

At 1 April 2022
Additions
Transfer
Disposals
At 31 March 2023

1,021
179
–
(239)
961

7,178
786
14
(2,932)
5,046

26,89880
47–
27,025

13,460371–(408)
13,423

12,514
325
303
(578)
12,564

LeaseholdComputers improvements
$’000
$’000

Officepremises$’000

Assets underconstruction
$’000

Total
$’000

160
–
–
–
160

116,491
1,231–(1,550)*116,1723,358
93(3,142)(25)
284

153,21227,654–(3,179)177,687

160
–
–
–
160

116,172
1,741–(7,609)110,304

284
784
(364)
–
704

177,687
4,266–(11,766)
170,187

Building
$’000

Group

* This relates to a downward revision in the provision for reinstatement during the financial year ended 31 March 2022.

42

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Vehicles$’000

Furniture,
fittings andequipment$’000

Lockers$’000

Accumulated depreciation
At 1 April 2021
Depreciation for the year
Disposals
At 31 March 2022

1,577
222
(854)
945

6,103
447
(225)
6,325

–
1,916
–
1,916

9,279
1,790
(97)
10,972

5,305
1,092
–
6,397

160
–
–
160

28,38014,877–43,257––––50,804
20,344(1,176)
69,972

At 1 April 2022
Depreciation for the year
Disposals
At 31 March 2023

945
71
(239)
777

6,325
494
(2,932)
3,887

1,916
3,489
–
5,405

10,972
1,770(408)
12,334

6,397
1,624
(578)
7,443

160
–
–
160

43,257
13,409(7,609)49,057––––

69,972
20,857(11,766)
79,063Carrying amounts
At 31 March 2022
At 31 March 2023

76
184

853
1,159

24,982
21,620

2,488
1,089

6,117
5,121

–
–

72,91561,247284
704

107,715
91,124

LeaseholdComputers improvements
$’000
$’000

Building$’000

OfficeAssets underpremises construction
$’000
$’000

Total
$’000

Group

Property, plant and equipment includes right-of-use assets of $61,247,000 (2022: $72,915,000) related to office premises and vehicles.

43

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Vehicles$’000

Furniture,
fittings andequipment
$’000

2,303
–
–
(1,282)
1,021

7,222
181
–
(225)
7,178

11,213
1,592–(97)
12,708

11,729396
389–
12,514

160
–
–
–
160

115,932
1,231–(1,550)*115,613

603
–
(389)
(25)
189

149,162
3,400–(3,179)149,383

1,021
179

7,178
786
14
(2,932)
5,046

12,708290

12,514
325
303
(578)
12,564

160

115,613
1,234

149,383
3,464

–

189
650
(317)

(7,047)
109,800–

522(11,204)
141,643

LeaseholdComputers improvements
$’000
$’000

Building$’000

Officepremises$’000

Assets underconstruction
$’000

Total
$’000

Authority
Cost
At 1 April 2021
Additions
Transfer
Disposals
At 31 March 2022
At 1 April 2022
Additions
Transfer
Disposals
At 31 March 2023

–

(239)
961

–

(408)
12,590

–
–
–

160

–

* This relates to a downward revision in the provision for reinstatement during the financial year ended 31 March 2022.

44

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Vehicles$’000

Furniture,
fittings andequipment$’000

Accumulated depreciation
At 1 April 2021
Depreciation for the year
Disposals
At 31 March 2022

1,577
222
(854)
945

6,103
447
(225)
6,325

8,621
1,728
(97)
10,252

At 1 April 2022
Depreciation for the year
Disposals
At 31 March 2023

945
71
(239)
777

6,325
493
(2,932)
3,886

Carrying amounts
At 31 March 2022
At 31 March 2023

76
184

853
1,160

LeaseholdComputers improvements
$’000
$’000

Building$’000

Officepremises$’000

Assets underConstruction
$’000

5,305
1,092
–
6,397

160
–
–
160

28,247
14,556–42,803––––50,01318,045(1,176)
66,882

10,252
1,727(408)
11,571

6,397
1,624
(578)
7,443

160
–
–
160

42,803
13,193(7,047)
48,949––––66,882
17,108(11,204)
72,786

2,456
1,019

6,117
5,121

–
–

72,81060,851

189522

82,501
68,857

Total
$’000

Authority

Property, plant and equipment includes right-of-use assets of $60,851,000 (2022: $72,810,000) related to office premises and vehicles.

45

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

5

Intangible assets
Computersystems$’000

Systems underdevelopment
$’000

Cost
At 1 April 2021
Additions
Reclassification
Disposal
At 31 March 2022

32,837
4,818
23(4,039)33,639

215
779
(23)
–
971

33,052
5,597–(4,039)34,610

At 1 April 2022
Additions
Reclassification
Disposal
At 31 March 2023

33,6397,803
1,230(1,129)41,543971
1,236(1,230)(149)
828

34,6109,039–(1,278)42,371

Accumulated amortisation
At 1 April 2021
Amortisation for the year
Disposal
At 31 March 2022

27,773
5,663(3,991)
29,445––––27,773
5,663(3,991)
29,445

At 1 April 2022
Amortisation for the year
Disposal
At 31 March 2023

29,445
5,548(1,129)33,864––––29,445
5,548(1,129)33,864

Carrying amounts
At 31 March 2022
At 31 March 2023

4,194
7,679

971
828

5,165
8,507

Total
$’000

Group

46

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Computersystems$’000

Systems underdevelopment
$’000

Cost
At 1 April 2021
Additions
Reclassification
Disposal
At 31 March 2022

30,9784,778
23(4,039)31,740

215
779
(23)
–
971

31,193
5,557–(4,039)32,711

At 1 April 2022
Additions
Reclassification
Disposal
At 31 March 2023

31,7401,935
1,230(1,129)33,776971
1,215(1,230)(149)
807

32,711
3,150–(1,278)34,583

Accumulated amortisation
At 1 April 2021
Amortisation for the year
Disposal
At 31 March 2022

26,092
5,571(3,991)
27,672––––

26,092
5,571(3,991)
27,672

At 1 April 2022
Amortisation for the year
Disposal
At 31 March 2023

27,672
4,552(1,129)31,095––––27,672
4,552(1,129)31,095Carrying amounts
At 31 March 2022
At 31 March 2023

4,068
2,681

971
807

5,039
3,488

Total
$’000

Authority47

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

6

Investment in associate
During the financial year, the Authority injected $2,520,000 into Singapore Trade Data
Exchange Services Pte Ltd, maintaining its 40% equity interest in the company.
Details of the associate are as follows:

Name of Entity

Singapore Trade Data Exchange
Services Pte Ltd

Place of business / country ofincorporation% of ownership interest
31 March
2023
2022
%
%

Singapore40

40Singapore Trade Data Exchange Services Pte Ltd is a market development company, to drive
business development and adoption of the digital infrastructure, Singapore Trade Data
Exchange (SGTraDex), including new use case development and additional value-added services
and platforms. SGTraDex aims to address inefficiencies in the supply chain ecosystem by sharing
key event, cargo, and document data in a trusted and secure manner.
Summarised financial information for associate
Summarised balance sheet
Singapore Trade Data Exchange Services
Pte Ltd
31 March

Current assets
Current liabilities
Non-current assets
Non-current liabilities

2023
$’000

2022
$’000

4,628
415
1
–

5,389
3,517
2
–

48

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Summarised statement of comprehensive income
Singapore Trade Data Exchange
Services Pte Ltd
For the year ended 31 March

Revenue
Net loss
Total comprehensive loss

2023
$’000

2022
$’000

607
(3,960)(3,960)327(4,426)(4,426)The information above reflects the amounts presented in the financial statements of theassociate (and not the Authority’s share of those amounts).
Reconciliation of summarised financial information
Reconciliation of the summarised financial information presented, to the carrying amount of the
Authority’s interest in the associate, is as follows:
Singapore Trade Data
Exchange Services Pte Ltd
31 March

Net assets
Authority’s equity interest
Authority’s share of net assets
Carrying value

2023
$’000

2022
$’000

4,214
40%
1,686
1,686

1,874
40%
750
750

There are no contingent liabilities relating to the Authority’s interest in the associate.

49

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

7

Investments in subsidiaries
Authority
2023
$’000
Unquoted shares, at cost

2022
$’000

30,16322,313

Details of the subsidiaries are as follow:
Country ofincorporationand operation

Effective equity
interest held by the
Authority
2023
2022
%
%

Name of subsidiary

Principal activity

Singapore Network Information
Centre (SGNIC) Pte Ltd 1

Registry of internet
domain names

Singapore

100

100

Pick Network Pte Ltd 1

Deploy, own andoperate the
Nationwide Parcel
Locker Network

Singapore

100

100

Singapore

100

100

Singapore Trade Data Exchange Operate and maintain(SGTRADEX) Technologies Pte the technology utility
Ltd 1that facilitates trusted
and secured sharingof data between ecosystem partners
1

Audited by PricewaterhouseCoopers LLP, Singapore

50Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

8

Cash and cash equivalents
Group
Note

General Fund
Restricted Funds

Cash held with custodian bank
Cash held with AccountantGeneral’s Department (“AGD”)
Cash held with AGD managed by the
Authority on behalf of otherministries

26

18

2023
$’000

2022
$’000

Authority
2023
2022
$’000
$’000

547,703
231,871779,574

637,101
139,959
777,060

527,848
193,276
721,124

616,961
111,493
728,454

48,514

66,79548,514

66,795786,506

880,375

728,056

831,769(55,446)779,574(170,110)
777,060(55,446)
721,124(170,110)
728,454

Cash held with custodian bank is available for use by the Group in the management of its shortterm commitments.
The Group participates in the AGD’s Centralised Liquidity Management Scheme (“CLM”)
whereby the Group’s cash is pooled together and managed centrally by AGD, a related party.
Individual accounts are still maintained for daily transaction purpose and funds are transferredfrom cash held with AGD and is used by the Group in the management of its short-term
commitments. AGD pays interest on the Group’s cash balances participating in AGD’s CLM. The
average effective interest rate during the year was 1.6% per annum (2022: 0.3% per annum).
Cash and cash equivalents of the Group include an amount of $24,966,000 (2022: $25,817,000)
earmarked for payment of pension and medical benefits to eligible employees as disclosed in
Note 13.

51

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

9

Financial assets at FVTPL
Note

At 1 April
Addition
Divestment
Net fair value loss recognised in income or expenditure
At 31 March

23

Financial assets at FVTPL- Quoted investment funds- Unquoted investment funds- Forward exchange contracts and futures

29

Non-current
Current

10

Group and Authority
2023
2022
$’000
$’000
995,426
1,339,488(1,319,710)(30,916)
984,288949,690
1,002,437(903,387)(53,314)995,426

932,01545,046
7,227
984,288

950,293
33,14911,984995,426

830,946
153,342984,288

787,647
207,779
995,426

Trade and other receivables
Group
2023
$’000

Trade receivables
Less: allowance for impairment oftrade receivables
Other receivables- due from MCI- sundry debtors- interest receivable from AGD
Advances and deposits
Prepayments

2022
$’000

Authority
2023
2022
$’000
$’000

9,131

4,351

7,436

4,268

–
9,131

(244)
4,107

–
7,436

(244)
4,024

45,29038,281
9,771
1,845
104,318
1,174
105,492

2,548
3,088
1,352
1,948
13,043968
14,01145,29038,2819,521
1,816
102,344887
103,231

2,548
3,088
1,319
1,948
12,927710
13,637

Unless otherwise agreed or stated in agreements or licence conditions, IMDA allows a standard
30 days credit terms. Late payment fees are charged at prevailing Government interest rate.
Other receivables amounts are unsecured. There is no allowance for impairment arising fromthese outstanding balances (2022: $244,000).

52

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

11

Share capitalGroup and Authority
2023
Number ofshares$’000
At 1 April
Issuance of shares
At 31 March

55,1004,962
60,06255,099,612
4,962,500
60,062,112

2022
Number ofshares$’000
26,19428,90655,10026,194,080
28,905,532
55,099,612

During the year, the Authority issued additional 4,962,500 (2022: 28,905,532) shares at $1 pershare. The newly issued shares rank pari passu in all aspects with the previously issued shares.
All shares issued are held by the Minister for Finance, incorporated by the Minister for Finance(Incorporation) Act 1959. The holder of these shares is entitled to receive dividends as and whendeclared by the Authority. All shares issued carry no voting rights and have no par value.

12

Capital account
The capital account comprises the capitalisation of net assets transferred from the MDA andcertain divisions of IDA on 1 October 2016, the date of establishment of the Group and the
Authority upon the restructuring of MDA and IDA to form IMDA and GovTech.

13

Provision for pension and medical benefits
The provision for pension and medical benefits relates to benefits payable upon retirement of
employees from the former Singapore Broadcasting Authority who were transferred to MDA
and employees from the former Telecommunications Authority of Singapore who weretransferred to IDA. These employees were transferred to the Authority from MDA and IDA upon
the establishment of the Authority on 1 October 2016. The Group no longer provides such
benefits to its active employees.
The Group contributes to the following post-employment defined benefit plans:• Pension benefits – The plan provides pension benefits to pensionable employees with at least

10 years of pensionable services.
• Post-retirement benefits – The plan provides its eligible employees and their dependents

with post-retirement medical benefits.
The employee benefits plans expose the Group to actuarial risks, such as longevity risk andinterest rate risk. As at 31 March 2023, the Group expects to pay $24,966,000 (2022:$25,817,000) in contributions to its defined benefit plans.

53

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

(a) The amount recognised in the statements of financial position is determined as follows:
Group and Authority
2023
2022
$’000
$’000
Present value of obligations
Comprising:- Current- Non-current

24,96625,817

3,127
21,83924,966

3,280
22,53725,817(b) The amounts recognised in income or expenditure as employee compensation are as
follows:
Group and Authority
2023
2022
$’000
$’000
Interest cost
(c)

560

324

The amounts recognised in other comprehensive income are as follows:
Group and Authority
2023
2022
$’000
$’000
Actuarial gain/(loss) arising from:
Financial assumptions
Experience adjustment930(2,458)(1,528)

1,911
(356)
1,555

(d) Movement in the fair value of pension and medical benefits is as follows:
Group and Authority
2023
2022
$’000
$’000
At 1 April
Interest cost
Actuarial loss /(gain) recognised in othercomprehensive income
Benefits paid
At 31 March

25,817560

30,242324

1,528(2,939)24,966(1,555)(3,194)25,81754

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

The principal assumptions used in determining the Group and Authority’s pension
obligations are:Group and Authority
2023
2022
Discount rates- Pension- Medical Benefits

2.94%
2.94%

2.30%
2.30%

The discount rates used are based on the interpolated yield rate of Singapore Government
Bonds with durations relating to pension and medical benefits of 5.8 years and 6.4 years
respectively (2022: 5.8 years and 6.2 years), which are the weighted durations of future
benefit payments. The Singapore Mortality Table S2004-08M/F with improvement basedon historical reduction of mortality rates, was used for purpose of the latest valuation ofpension liabilities.
Sensitivity analysis
The calculation of the defined benefit obligation is sensitive to the assumptions set out
above. The following table summarises how the impact on the defined benefit obligation
at the end of the reporting period would have increased/(decreased) as a result of changes
in the assumptions by 0.5 percent, holding all other assumptions constant.
Defined benefit obligation
0.5 percent
0.5 percent
increasedecrease
$’000
$’000
Group and Authority
31 March 2023
Discount rates- Pension- Medical Benefits

(599)
(92)

631
96

31 March 2022
Discount rates- Pension- Medical Benefits

(627)
(90)

659
95

Although the analysis does not take account of the full distribution of cash flows expectedunder the plan, it does provide an approximation to the sensitivity of the assumptions
shown.

55

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

14

Trade and other payables
Group
Note

Trade and other payables
Accrued operating expenses
Accrued development
expenses
Accrued payroll related costs
Advance due to MCI
Deposits received
Forward exchange contracts,
futures and options

15

29

2023
$’000

2022
$’000

Authority
2023
2022
$’000
$’000

21,43018,24527,512
20,791

20,935
14,826

20,94614,14918,088
48,119–397

21,19348,0204,963
421

18,08847,105–397

21,19347,627
4,963
421

9,796
116,075

3,972
126,872

9,796
111,147

3,972
113,271

2023
$’000

2022
$’000

Authority
2023
2022
$’000
$’000

50,676
12,59863,27461,855
12,274
74,12950,514
12,34762,861

Lease liabilities
Group

Lease liabilities- Non-current- Current

61,855
12,16774,022

Leases as lessee
The Group leases office premises and vehicles, with some leases having an option to renew thelease at the end of their lease term.
The Group leases IT equipment with contract terms of one to three years or less. These leases
are short-term and/or leases of low-value items. The Group has elected not to recognise rightof-use assets and lease liabilities for these leases.

56

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Information about leases for which the Group is a lessee is presented below.
Right-of-use assets
Vehicles
2023
2022
$’000
$’000

Officepremises
2023
2022
$’000
$’000

2023
$’000

2022
$’000

72,915(13,409)
1,741–
61,247

72,915(13,409)
1,741–
61,247

88,665(15,005)
1,231(1,976)
72,915

Total

Group
Balance at 1 April
Depreciation charge for the year
Additions to right-of-use assets
Disposal of right-of-use assets
Balance at 31 March

–
–
–
–
–

554
(128)
–
(426)
–

Vehicles
2023
2022
$’000
$’000

88,111(14,877)
1,231(1,550)72,915

Officepremises
2023
2022
$’000
$’000

2023
$’000

2022
$’000

72,810(13,193)
1,234–
60,851

72,810(13,193)
1,234–
60,851

88,239(14,684)
1,231(1,976)
72,810Total

Authority
Balance at 1 April
Depreciation charge for the year
Additions to right-of-use assets
Disposal of right-of-use assets
Balance at 31 March

–
–
–
–
–

554
(128)
–
(426)
–

87,685(14,556)
1,231(1,550)72,81057

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Amounts recognised in income or expenditure
Group
2023
$’000

Interest on lease liabilities
Expenses relating to short-term leases
Expenses relating to leases of low-value assets,
excluding short-term leases of low-value assets

2022
$’000

1,326
977

1,581
199

550

450

Authority
2023
2022
$’000
$’000

Interest on lease liabilities
Expenses relating to short-term leases
Expenses relating to leases of low-value assets,
excluding short-term leases of low-value assets

1,213
977

1,526
199

550

450

Reconciliation of movements of liabilities to cash flows arising from financing activities
Group

Lease liabilities
2023
2022
$’000
$’000

Balance at 1 April

74,12985,763

Changes from financing cash flows
Interest paid
Principal payment of lease liabilities
Total changes from financing cash flows(1,326)(10,855)(12,181)(1,581)(11,634)(13,215)

Other changes
Interest expense
Total liability-related other changes
Balance at 31 March

1,326
1,326
63,274

1,581
1,581
74,12958

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Authority

Lease liabilities
2023
2022
$’000
$’000

Balance at 1 April

74,02285,337

Changes from financing cash flows
Interest paid
Principal payment of lease liabilities
Total changes from financing cash flows(1,213)(11,161)(12,374)(1,526)(11,315)(12,841)

Other changes
Interest expense
Total liability-related other changes
Balance at 31 March

1,213
1,213
62,861

1,526
1,526
74,02259

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

16

Grants received in advance
Note

General Fund
2023
2022
$’000
$’000

Restricted Funds
2023
2022
$’000
$’000

Total
2023
2022
$’000
$’000

Group
At 1 April
Received during the year
Transfer to development expenses
Transfer to deferred capital grants
Transfer to income or expenditure
as government grants
At 31 March

12,471
203,327
17––

12,496 106,895 100,664 119,366 113,160
51,517 262,497 188,130 465,824 239,647–– (1,085)– (1,085)(20)(2,547) (20,101)(2,547) (20,121)(206,007) (51,522) (184,052) (160,713) (390,059) (212,235)
9,791 12,471 182,793 106,895 192,584 119,366

Note

General Fund
2023
2022
$’000
$’000

Restricted Funds
2023
2022
$’000
$’000

Total
2023
2022
$’000
$’000

Authority
At 1 April
Received during the year
Transfer to development expenses
Transfer (to)/from deferred capital
17
grantsTransfer to income or expenditure
as government grants
At 31 March

12,471
203,327––

12,496 103,140 100,664 115,611 113,160
51,517 262,497 186,663 465,824 238,180–– (1,085)– (1,085)
(20)

2,742

(4,101)

2,742(4,121)(206,007) (51,522) (195,731) (179,001) (401,738) (230,523)
9,791 12,471 172,648 103,140 182,439 115,611

60

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

17

Deferred capital grants
Note

General Fund
2023
2022
$’000
$’000

Restricted Funds
2023
2022
$’000
$’000

Total
2023
2022
$’000
$’000

Group
At 1 April
Transfer from grants received inadvance
Transfer to development expenses
Transfer to income or expenditure
as deferred capital grants
amortised
At 31 March

16

Note

1,299

1,721

20,016

8,391

21,315

10,112

–
–

20

2,547

2,547

–

–

20,101(3,454)–

20,121(3,454)

(732)
567

(442)
1,299

(3,881)
18,682(5,022)20,016(4,613)
19,249(5,464)
21,315General Fund
2023
2022
$’000
$’000

Restricted Funds
2023
2022
$’000
$’000

Total
2023
$’000

2022
$’000

Authority
At 1 April
Transfer (to)/from grants received
in advanceTransfer to development expenses
Transfer to income or expenditure
as deferred capital grants
amortised
At 31 March

16

1,299

1,721

5,278

8,391

6,577

10,112––20(2,742)–

4,101(3,454)(2,742)

–

–

4,121
(3,454)

(732)
567

(442)
1,299

(722)
1,814

(3,760)5,278(1,454)2,381(4,202)
6,577

61

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

18

Trust and agency funds
Details of the trust and agency funds are set out below and have been prepared from the recordsof these funds and reflect only transactions handled by the Group:
The receipts and expenditure for the financial year are taken directly to the funds’ accounts,
and the net assets of these funds at the reporting date are as follows:
Group and Authority
2023
2022
$’000
$’000
Public Service Broadcast (“PSB”)
SMEs Go Digital
Smart Systems Strategic Research Programme (“SSSRP”)
Others40,322
3,449–
11,67555,446

128,788
3,449
16,71821,155
170,11062

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

PSB
2023
$’000

2022
$’000

SMEs Go Digital
2023
2022
$’000
$’000

Others

SSSRP

Total

2023
$’000

2022
$’000

2023
$’000

2022
$’000

2023
$’000

2022
$’000

Group & Authority
At 1 April
Government grants received
Interest received
Less: Funds utilised in theyear
At 31 March

128,788308,953–

92,194454,360
–

3,449
–
–

3,449
–
–

16,718––28,727
9,452–

21,1552,776
55

20,72914,853
129

170,110
311,72955

145,099478,665129(397,419)
40,322(417,766)
128,788

–
3,449

–
3,449

(16,718)–(21,461)
16,718(12,311)
11,675(14,556)
21,155(426,448)
55,446(453,783)
170,110

Represented by:
Cash and cash equivalents
Net Assets

40,32240,322

128,788
128,788

3,449
3,449

3,449
3,449

–
–

16,718
16,718

11,675
11,675

21,155
21,15555,44655,446

170,110170,11063

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Public Service Broadcast (“PSB”)
PSB supports programmes that promote social objectives and national harmony as well as serve
the interests of television viewers. Hence, broadcasters in Singapore are required to carry these
programmes as specified in their licences. Being commercially less viable, there is a need tosupport these programmes through public service programming funding.
SMEs Go Digital
SMEs Go Digital aims to help Small Medium Enterprises (“SMEs”) build stronger digital
capabilities to seize the opportunities for growth in the digital economy.
Smart Systems Strategic Research Programme (“SSSRP”)
SSSRP is a programme under Research, Innovation and Enterprise 2023 that was established tobuild upon the Interactive Digital Media Strategic Research Programme by ensuring translationof research and development outputs and the development of info-communications andtechnology capabilities.
Others
The following trust and agency funds are included in “Others”:•

Green Data Centre programme is a programme initiated under the Energy National
Innovation Challenge to improve data centre energy efficiency in the Singapore context
through Research, Development and Demonstrations.

•

Wireless@SG programme aims to catalyse the mobile broadband market and encourage abroadband lifestyle amongst citizens.

•

Increase SME Productivity with Infocomm Adoption & Transformation programme aims tohelp SMEs use technology to enhance their productivity and growth by increasing the rateof adoption and raising SMEs’ info-communications capabilities.

64

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

19

Revenue
Disaggregation of revenue from contracts with customers
Group

Licence fees
Frequency fees
Service fees
SMS Sender IDs
Parcel Locker Fees

2023
$’000

2022
$’000

Authority
2023
2022
$’000
$’000

87,267
81,991
5,639
1,607
376
176,880

77,23986,705
5,520–
82
169,546

87,267
81,991–––
169,258

77,23986,705–––
163,944

Contract balances
The following table provides information about contract assets and contract liabilities
recognised under SB-FRS 115.
Group

Contract assets- Current
Contract liabilities- Non-current- Current

31 March

31 March

2023
$’000

2022
$’000

8,929

1,362

613,486
140,912754,398

682,013
138,784
820,797

Authority
31 March

31 March

2023
$’000

2022
$’000

4,171

8,929

1,362

4,171

605,035
141,211746,246

612,953
136,069
749,022681,503134,739816,242

604,478
137,444
741,922

1 April
2021

$’000

1 April
2021

$’000

The contract assets primarily relate to the Group’s rights to additional fees relating tosubsequent adjustments which are not yet billed at the reporting date.
The contract liabilities primarily relate to advance consideration received from licencees. Fees
that are expected to be recognised as revenue in the next 12 months will be classified as contract
liabilities under current liabilities.

65

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Significant changes in the contract assets and the contract liabilities balances during the year
are as follows:Group
Authority
2023
2022
2023
2022
$’000
$’000
$’000
$’000
Contract assets
Contract assets reclassified to
trade receivables(1,362)(4,171)(1,362)(4,171)
Changes in estimates for licence
fees
8,929
1,362
8,929
1,362
Group

Contract liabilities
Revenue recognised that was
included in the contract
liabilities balance at the
beginning of the year

2023
$’000

2022
$’000

Authority
2023
2022
$’000
$’000

(138,784)(175,206)(134,739)(163,642)

Trade receivables from contracts with customers
Group
31 March 31 March

Trade receivables
Less: allowance for impairmentof trade receivables

2023
$’000

2022
$’000

9,131
–

9,131

20

Authority
1 April
2021

31 March 31 March

1 April
2021

$’000

2023
$’000

2022
$’000

4,351

16,675

7,436

4,268

16,675

(244)
4,107

(305)
16,370

–

7,436

(244)
4,024

(305)
16,370$’000

Other income
Group
2023
$’000

Donation
Dividend from a subsidiary
Recharges to subsidiaries
Others

481
–
–
1,285
1,766

Authority
2022
$’000

3,115
–
–
1,027
4,142

2023
$’000

481
1,139
413
1,419
3,452

2022
$’000

3,115
1,275
668
969
6,027

66

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

21

Employee compensation
Group
Note

Wages and salaries
Employer’s contribution
to CPF
Interest cost for pension
and medical benefits
Other benefits

22

13

Authority

2023
$’000

2022
$’000

2023
$’000

2022
$’000

170,689

151,082

159,825

144,741

17,83816,175

16,92815,464560
4,867
193,954324
7,057
174,638

560
4,643
181,956

324
6,885
167,414Development expenses
General Fund
2023
2022
$’000
$’000

Restricted Funds
2023
2022
$’000
$’000

Total
2023
$’000

2022
$’000

12,704
–
–
–
–
–
–
–
8,482
21,186

22,648
–
–
1,241
4,954
20,380
2,078
6,826
8,380
66,50735,352
–
–
1,241
4,954
20,3802,078
6,826
16,862
87,69337,755
12,035
1,687
5,130
8,616
9,121
–
2,690
8,455
85,489Group
Digital Economy Framework
for Action
Digital Resilience Bonus
Hawkers Go Digital
NEU PC Plus 3.0
Seniors Go Digital
TechSkills Accelerator
Digital Transformation Plan
Building Digital Readiness
Others25,350
–
–
–
–
–
–
–
5,466
30,816

12,405
12,035
1,687
5,130
8,616
9,121
–
2,690
2,989
54,67367

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

General Fund
2023
2022
$’000
$’000

Restricted Funds
2023
2022
$’000
$’000

Total
2023
2022
$’000
$’000

Authority
Nationwide Parcel Locker
Network
Digital Economy Framework
for Action
Digital Resilience Bonus
Hawkers Go Digital
NEU PC Plus 3.0
Seniors Go Digital
TechSkills Accelerator
Digital Transformation Plan
Building Digital Readiness
Others

–

–

5,453

22,044

5,453

22,044

12,704
–
–
–
–
–
–
–
8,482
21,18625,567
–
–
–
–
–
–
–
5,443
31,01022,648
–
–
1,859
4,954
21,02722,067
6,826
6,908
91,742

12,405
12,035
1,687
5,130
8,616
9,121
–
2,690
2,989
76,71735,352
–
–
1,859
4,954
21,02722,067
6,826
15,390112,928

37,972
12,035
1,687
5,130
8,616
9,121
–
2,690
8,432
107,727

Nationwide Parcel Locker Network
The Nationwide Parcel Locker Network is launched and operated by Pick Network Pte Ltd, a
subsidiary of the Authority. The Parcel Locker Network provides consumers with greater
convenience, while enhancing the efficiency and sustainability of the urban logistics sector
amidst the e-commerce boom.
Digital Economy Framework for Action (formerly Infocomm Media 2025)
The Digital Economy Framework for Action identifies and focuses on key priority areas to grow
Singapore’s digital economy and achieve Singapore’s goal to be a leading digital economy which
continually reinvents itself.
Digital Resilience Bonus (“DRB")
As part of the Fortitude Budget, the DRB was launched to uplift the digital capabilities of a broadbase of enterprises in the Food Services and Retail sectors. Eligible Food Services and Retailenterprises that adopt pre-defined categories of digital solutions can receive one-time cash
payouts of up to $10,000. Programme has ended during the financial year 31 March 2022.
Hawkers Go Digital
Hawkers Go Digital programme helps stallholders who have not begun using digital tools to getonboard with digital transformation through the adoption of e-Payment. This will build on
existing efforts to drive adoption among stallholders at the NEA Hawker Centres/Wet Markets,
HDB Coffeeshops and JTC industrial canteens. Programme has ended during the financial year
31 March 2022.

68

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

NEU PC Plus 3.0 (“NPP")
NPP programme offers low-income households with students or persons with disabilities theopportunity to own a brand new computer at an affordable price. The programme has beenenhanced to make digitalisation more accessible, to those who need it, such as low-income
students who require digital access for home-based learning.
Seniors Go Digital
Seniors Go Digital programme equips our seniors with basic digital skills in communication,access to government digital services and make e-payment through the conduct of 1:1 training
and learning journey at the SG Digital community hubs. It also addresses the affordability gap
with its Mobile Access for Seniors scheme.
Techskills Accelerator
The TechSkiIls Accelerator is a tripartite initiative between the government, industry and the
National Trades Union Congress, to build and develop a skilled information and communications
technology workforce for the Singapore economy, and to enhance employability outcomes forindividuals.
Digital Transformation Plan
The Digital Transformation Plan focuses on growing new capabilities and opportunities forenterprises and workers, and increase Singapore’s economic sectors’ technology absorptive
capacities.
Building Digital Readiness
The implementation of Building Digital Readiness is in support of the national effort to build
digital readiness in Singaporeans which is part of Singapore’s Smart Nation drive to transform
Singapore, to ensure it continues to be competitive and vibrant, and to create jobs for individuals
and opportunities for businesses. This ensures that all Singaporeans are digitally ready totransact and live in the digital society, with a particular emphasis on those who might be at riskof being excluded from the opportunities afforded by technology.

69

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

23

Net fair value loss
Note

Net change in fair value of financial assets at FVTPL
Net change in fair value of forward exchange contracts,
futures and options
Net fair value loss

24

9Group and Authority
2023
2022
$’000
$’000
(30,916)(53,314)(5,824)(36,740)

335(52,979)

Provision for contribution to Consolidated FundThe contribution to the Consolidated Fund is made in accordance with Section 3(a) of the
Statutory Corporations (Contributions to Consolidated Fund) Act 1989. The contribution is basedon 17% of the net surplus of the Authority.
Following the restructuring of the MDA and IDA, the net deficit position of $100,567,000 from
MDA was brought forward to the Authority on 1 October 2016.
With net surplus of $87,233,000 (2022: net deficit of $46,741,000) recognised in the current
year, the Authority has accumulated unrecognised deficits of $NIL (2022: $74,061,000) at thereporting date.

25

Tax expenses
Tax expenses represent the current and deferred tax of the subsidiaries of the Authority under
the local tax legislation. The Authority is exempted from income tax under the provisions ofIncome Tax Act 1947.

70

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

26

Net assets of Restricted Funds
Group
Note

Intangible assets
Property, plant andequipment
Non-current assets
Cash and cash equivalents
Trade and other receivables
Current assets
Total assets

8

2023
$’000

Authority
2022
$’000

2023
$’000

2022
$’000

5,621

2,882

914

2,882

24,25429,87527,88830,770

2,057
2,971

2,707
5,589

231,871
41,216
273,087
302,962

139,959
2,650
142,609173,379

193,276
41,007234,283
237,254

111,4932,460
113,953
119,542

Lease liabilities
Provision for reinstatementof property, plant andequipment
Non-current liabilities

162

115

–

115

6,046
6,208

5,892
6,007

688
688

686
801

Trade and other payables
Lease liabilities
Grants received in advance
Deferred capital grants
Current liabilities
Total liabilities

10,907
1,873
182,793
18,682
214,255
220,463

24,353
1,273
106,895
20,016
152,537
158,544

7,739
1,622
172,648
1,814
183,823
184,511

12,107
1,166
103,140
5,278
121,691
122,492

82,49914,83552,743(2,950)16
17

Net assets

27

Commitments(a)Capital commitments of General and Restricted Funds
Capital expenditures contracted for at the reporting date but not recognised in the financial
statements are as follows:
Group
2023
$’000
Property, plant and equipment

33,461

Authority
2022
$’000
3,832

2023
$’000
19,631

2022
$’000
3,699

71

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023(b)

Restricted Funds
Commitments for Restricted Funds at reporting date are as follows:
Group and Authority
2023
2022
$’000
$’000
Amount committed but yet to be disbursed

408,077

420,833

The commitments will be funded by ministries and will be drawn down in accordance with therespective agreed schedules with the ministries. The Group regularly reviews its forecast
submitted to the ministries to ensure adequate funds in meeting its commitments as and when
it falls due under Restricted Funds.

28

Related party transactions
For the purpose of these financial statements, parties are considered to be related to the
Authority if the Authority has the ability, directly or indirectly, to control the party or exercise
significant influence over the party in making financial and operating decisions, or vice versa, or
where the Authority and the party are subject to common control or common significant
influence. Related parties may be individuals or other entities.

(a)Significant related party transactions
Some of the Authority’s transactions and arrangements are with related parties and the effectof these transactions and arrangements between the parties are reflected in these financial
statements.
The amount due to a subsidiary relates to funds placed by the subsidiary with the Authority as
the Authority manages the funds by investing in debt and equity securities on a pooled basis for
up to 5 years. The outstanding balance due to a subsidiary is unsecured and bears interest at a
fixed rate of 2.0% per annum (2022: 2.0% per annum).
The amount due from subsidiaries mainly relates to recharges of certain expenses from the
Authority. The outstanding balance due from subsidiaries is unsecured, interest-free andrepayable on demand (Note 10).
The remaining balances with related parties are unsecured, interest-free and repayable on
demand (Note 10).

72

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

During the financial year, other than disclosed elsewhere in the financial statements, thesignificant transactions with related parties which were carried out in the normal course ofbusiness are as follows:
Group and Authority
2023
2022
$’000
$’000
MCI
Services and related expenses
Computer and Info-technology related expenses
Expenses paid on behalf of MCI(6,735)(16,405)(4,444)(2,451)(13,659)(6,099)Authority
2023
2022
$’000
$’000
Subsidiaries
Dividend income
Professional service fees income
Lease income
Other income
Recovery of manpower charges
Recovery of IT Costs & other expenses
Interest expenses
Computer and Info-technology related expenses
Services and related expenses

1,139
28
333
41
4,078
452
(240)
(126)
(2,542)

1,275
42
354
55
3,045
225
(240)
(204)
(2,448)Group and Authority
2023
2022
$’000
$’000
Other Ministries and Statutory Boards
Services and related expenses incurred in relation to other
Ministries
Services and related expenses incurred in relation to other
Statutory Boards
Computer and Info-technology related expenses
Lease expense
Expenses paid on behalf of other Ministries and Statutory
Boards(6,659)(6,607)(22,921)(15,995)(977)(37,666)(12,063)(1,471)(6,483)(5,554)73

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023(b)

Compensation of key management personnel
Key management personnel remuneration is as follows:
Group and Authority
2023
2022
$’000
$’000
Wages and salaries
Employer’s contribution to Central Provident Fund
Board members’ allowances

29

6,541
272
312
7,125

5,878
224
287
6,389

Financial risk management
Overview
The Group has exposure to market risk (including currency, price and interest rate risk), credit
risk and liquidity risk from its use of financial instruments.
Risk management framework
The Board is responsible for setting the objectives and underlying principles of financial risk
management for the Group. The Management establishes the detailed policies such as exposure
limits, risk identification and measurement which are approved by the Board.
The Management measures actual exposure against the limits set and prepares regular reports
for the review of the Board. The information presented below is based on information received
by key management.

(a)Market risk
Market risk refers to the risk arising from uncertainty in the future values of a financial
instrument, resulting from movements in factors such as equity prices, foreign exchange rates
and market interest rates. The Group’s exposure to each of these factors is presented in thefollowing paragraphs.
Currency risk
The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch
between the currencies in which investment funds, forward exchange contracts and futures aredenominated in a currency other than the respective functional currency of the Group. The
functional currency of the Authority and its subsidiaries is the Singapore dollar (SGD).

74

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

The summary of quantitative data about the exposure to currency risk as reported to the
management based on its risk management policy is as follows:
UnitedStates Japanese
Yen
Dollar
$’000
$’000

Great
Canadian Britain
Dollar
Pound
$’000
$’000

New
Australian Zealand
Dollar
Dollar
$’000
$’000

Euro
$’000

462,250

21,686

93,65819,606

23,69815,128

3,815

10,194(5,012)457,238(344)
21,342(971)
92,687(37)
19,569(142)
23,556(80)
15,04853,820

1310,207(453,303) (20,236) (90,604) (19,039) (22,669)
3,935
1,106
2,083
530
887

(14,964)84(3,507) (10,125)
313
82

UnitedStates
Dollar$’000

Japanese
Yen
$’000

Euro
$’000

Australian Swedish
Dollar
Krona
$’000
$’000

398,863

77,23750,291

56,62812,19622,393

6,697

1,515

5,483
404,346

1,581
78,818227
50,518121
56,749(37)
12,159202
22,595

21
6,718

4
1,519

(418,890) (77,656) (48,715) (55,886) (12,199)(14,544)
1,162
1,803
863
(40)

(21,676)919(6,385)
333

(693)
826

Swiss
Franc
$’000

Group and
Authority
31 March 2023
Investment funds
Forward exchange
contracts,
futures andoptions, net
Less: Currency
forwards
Net exposure

Great
Canadian Britain
Dollar
Pound
$’000
$’000

Swiss
Franc
$’000

Group and
Authority
31 March 2022
Investment funds
Forward exchange
contracts andfutures, net
Less: Currency
forwards
Net exposure

75

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Sensitivity analysis
A 10% strengthening of the Singapore dollar against the currencies listed below at 31 Marchwould have decreased/(increased) net surplus by the amounts shown below. This analysis
assumes that all other variables remain constant.
Group and Authority
Income or
expenditure
2023
2022
$’000
$’000
United States Dollar
Japanese Yen
EuroCanadian Dollar
Great Britain Pound
Australian Dollar
Swedish Krona
New Zealand Dollar
Swiss Franc

394
111
208
53
89
8
33
31
8

(1,454)
116
180
86
(4)
92
33
34
83

An equal change in the opposite direction would have increased/(decreased) income or
expenditure by the same amount.
Price risk
Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuatearising from changes in market prices (other than those arising from interest rate risk or currencyrisk), whether those changes are caused by factors specific to the individual financial
instruments or its issuer, or factors affecting similar financial instruments traded in the market.
The Group is exposed to price risk arising from its investment funds categorised as financial
assets at FVTPL. The risk is managed through fund diversification across different asset classes
in various markets. The market risk associated with these investments is the potential loss in fairvalue resulting from the decrease in the market prices or net asset value of investment funds.

76

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Sensitivity analysis
A 10% decrease in the underlying market prices or net asset value of investment funds at thereporting date, with all other variables remain constant, would decrease net surplus by thefollowing amount:Group and Authority
2023
2022
$’000
$’000
Quoted investment funds
Unquoted investment funds

93,201
4,505

95,0293,315

A 10% increase in the underlying market prices or net asset value of investment funds would
have had the equal but opposite effect to the amounts shown above, on the basis that all othervariables remain constant.
Interest rate risk
The Group’s exposure to interest rate risk for changes in interest rates arises primarily from cash
held with AGD.
The Group periodically reviews and monitors interest rate fluctuations to ensure that the
exposure to interest rate risk is within acceptable limits. Surplus funds are placed with AGD.
The table below set out the Group’s exposure to interest rate risk.
Group

Variable rate instrument
Cash held with AGD

Note

2023
$’000

2022
$’000

Authority
2023
2022
$’000
$’000

8

786,506

880,375

728,056

831,769

Cash flow sensitivity analysis for variable rate instruments.

77

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

A change of 100 basis points in interest rates at the reporting date would haveincreased/(decreased) net surplus or deficit by the amounts shown below. This analysis assumes
that all other variables, in particular foreign currency rates, remain constant.
Net surplus/(deficit)
100bp
100bp
increasedecrease
$’000
$’000
Group
31 March 2023
Variable rate instruments

7,865(7,865)31 March 2022
Variable rate instruments

8,804(8,804)

Net surplus/(deficit)
100bp
100bp
increasedecrease
$’000
$’000
Authority(b)

31 March 2023
Variable rate instruments

7,281(7,281)31 March 2022
Variable rate instruments

8,318(8,318)Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligation resulting
in financial loss to the Group and the Authority. The carrying amounts of financial assets andcontract assets represent the Group and the Authority’s maximum exposures to credit risk. The
Group and the Authority do not require any collateral in respect of their financial assets.
Cash and cash equivalents are mainly cash held with AGD and banks which have high creditratings as determined by international credit-rating agencies. The Group considers that its cash
and cash equivalents have low credit risk based on the external credit ratings of thecounterparties. The amount of the allowance on cash and cash equivalents was negligible.
The Group limits its credit risk exposure in respect of investments by placing its funds only withprofessional fund managers. The Group and the Authority has no collateral in respect of theseinvestments.

78

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Impairment losses
The ageing of trade receivables and contract assets at the reporting date was:
Group

Gross
$’000
Not past due
Past due less than 3 months
Past due 3 to 6 months
Past due beyond 6 months

2023
Impairment
losses$’000

17,63321–395
18,049

–
–
–
–
–

Gross
$’000

2022
Impairment
losses
$’000

4,869
317
131
396
5,713

–

(84)
(3)
(157)
(244)

Authority

Gross
$’000
Not past due
Past due less than 3 months
Past due 3 to 6 months
Past due beyond 6 months

2023
Impairment
losses$’000

15,94921–395
16,365

–
–
–
–
–

Gross
$’000

2022
Impairment
losses
$’000

4,787
317
131
396
5,631

–

(84)
(3)
(157)
(244)

For trade receivables and contract assets, the Group applies the simplified approach permitted
by the SB-FRS 109, which requires expected lifetime credit losses to be recognised from initialrecognition of the receivables.

79

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Based on an assessment of quantitative and qualitative factors that are indicative of the risk ofdefault (including but not limited to external ratings, audited financial statements, management
accounts and cash flow projections, and available press information, if available, and applying
experienced credit judgement), these exposures are considered to have low credit risk.
There was no impairment loss recognised for other receivables during the year.
Group and Authority
2023
2022
$’000
$’000
At 1 April
Impairment loss recognised in income or expenditure
Write back due to monies received recognised inincome or expenditure
At 31 March

244
–

(244)
–

305
244
(305)
244

There is no impairment in trade receivables in current financial year. Previous year’s impairment
in trade receivables was due to several debtors who have not paid their outstanding amounts
despite reminders. These amounts were subsequently received in the current year, resulting ina write-back.
(c)Liquidity risk
Liquidity risk is the risk of not being able to meet financial obligations arising from fluctuations
in cash flow of financial assets.
The Group and the Authority are not subject to regulatory requirement to maintain minimum
cash level. It is the policy of the Group and the Authority to maintain a level of cash deemed
adequate by the management to finance its operations and mitigate the effects of fluctuations
in cash flows.
The financial liabilities of the Group and the Authority are presented in the statements offinancial position. The current liabilities are non-interest bearing and repayable within one year
from the end of the reporting period. The financial assets of the Group and the Authority areable to meet these financial obligations.

80Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

The following are the contractual maturities of financial liabilities of the Group and Authority.
The amounts are gross and undiscounted, and include estimated interest payments and exclude
the impact of netting arrangements:
Carrying
amount$’000

Contractual
cash flows$’000

Cash flows
WithinBetween one
a yearto five years
$’000
$’000

More than five
years
$’000

Group
2023
Non-derivative financial
liabilities
Trade and other payables*
Lease liabilities
Derivative financial
instruments
Forward exchange contracts
and futures (gross-settled):- Outflow- Inflow
Forward exchange contracts
and futures (gross-settled):- Outflow- Inflow(106,279)(63,274)(169,553)(106,279)(63,274)(169,553)––(32,812)(32,812)(17,864)(17,864)

–
–
–

–
–
–

–
–
–
–

–
–
–
–

(32,812)(17,864)

Cash flows
WithinBetween one
a yearto five years
$’000
$’000

More than five
years
$’000

(106,279)(12,598)(118,877)

7,227

–

–

–
–

(825,057)
832,284(825,057)
832,284(9,796)––––(313,143)
303,347(313,143)
303,347(2,569)(172,122)(2,569)(172,122)(2,569)(121,446)

Carrying
amount$’000

Contractual
cash flows
$’000

Group
2022
Non-derivative financial
liabilities
Trade and other payables*
Lease liabilities
Derivative financial
instruments
Forward exchange contracts
and futures (gross-settled):- Outflow- Inflow
Forward exchange contracts
and futures (gross-settled):- Outflow- Inflow(122,900)(74,129)(197,029)(122,900)(13,472)(136,372)–(47,251)(47,251)–(17,864)(17,864)(836,262)
848,246(836,262)
848,246––––(275,902)
271,930
8,012(193,475)(275,902)
271,930
8,012(128,360)–––(47,251)–––(17,864)

11,984(3,972)

8,012(189,017)*(122,900)(78,587)(201,487)

Excludes derivatives (shown separately).

81Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Carrying
amount$’000

Contractual
cash flows$’000

Withina year$’000

Cash flows
Between one
to five years$’000

More than five
years
$’000

Authority2023
Non-derivative financial
liabilities
Trade and other payables*
Lease liabilities
Amount due to a subsidiary

Derivative financial
instruments
Forward exchange contracts
and futures (gross-settled):- Outflow- Inflow
Forward exchange contracts
and futures (gross-settled):- Outflow- Inflow2022
Non-derivative financial
liabilities
Trade and other payables*
Lease liabilities
Amount due to a subsidiary

Derivative financial
instruments
Forward exchange contracts
and futures (gross-settled):- Outflow- Inflow
Forward exchange contracts
and futures (gross-settled):- Outflow- Inflow*(101,351)(62,861)(12,240)(176,452)(101,351)(66,148)(12,480)(179,979)(101,351)(13,379)(240)(114,970)–(44,170)(12,240)(56,410)–(8,599)–(8,599)

7,227
–
–

–
(825,057)
832,284–(825,057)
832,284

–
–
–

–
–
–

(9,796)––(2,569)(179,021)–(313,143)
303,347(2,569)(182,548)–(313,143)
303,347(2,569)(117,539)––––(56,410)––––(8,599)(109,299)(74,022)(12,240)(195,561)(109,299)(78,480)(12,720)(200,499)(109,299)(13,365)(240)(122,904)–(47,251)(12,480)(59,731)–(17,864)–(17,864)

11,984–(836,262)
848,246–(836,262)
848,246––––(3,972)––
8,012(187,549)–(275,902)
271,930
8,012(192,487)–(275,902)
271,930
8,012(114,892)––––(59,731)––––(17,864)

Excludes derivatives (shown separately).

The maturity analyses show the contractual undiscounted cash flows of the Group’s financial
liabilities on the basis of their earliest possible contractual maturity. The cash inflows/(outflows)
disclosed represent the contractual undiscounted cash flows relating to derivative financial
liabilities held for risk management purposes and which are usually not closed out prior tocontractual maturity. The disclosure shows gross cash inflow and outflow amounts forderivatives that have simultaneous gross cash settlement e.g. forward exchange contracts andfutures. It is not expected that the cash flows included in the maturity analysis could occur
significantly earlier, or at significantly different amounts.

82

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023(d)

Capital management
The Group and the Authority manage their capital to ensure that the Group and the Authority
will continue as going concern. The capital structure of the Group and the Authority comprise
only equity as reflected in the statements of changes in equity.
The Group and the Authority review their capital structure periodically. As part of this review,the cost of capital and associated risks are considered. The Authority is not subject to any capitalrequirements under the IMDA Act or any other externally imposed capital requirements, except
for those mandated by the Ministry of Finance.

(e)Accounting classifications and fair values
Determination of fair values
Financial assets at FVTPL
The fair value of the quoted investment funds was based on the market bid price. These were
included in Level 1.
The fair value of financial instruments that are not traded in an active market is determinedusing valuation techniques. These instruments were included in Level 3.
Other financial assets and liabilities
The carrying amounts of cash and cash equivalents, trade and other receivables, trade and otherpayables and amount due from subsidiaries are assumed to approximate their fair values
because of the short period to maturity.
Valuation techniques and significant unobservable inputs
The following table show the valuation techniques used in measuring Level 2 and Level 3 fairvalues, as well as the significant unobservable inputs used.

83

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Financial instruments measured at fair value

Type

Valuation TechniqueSignificant unobservable
inputsMarket comparison
technique: The Group and the
Authority used a variety ofmethods and madeassumptions that were basedon market conditions existingin prior year. The fair value of
unquoted investment funds
was based on realisation priceprovided by the professional
fund managers of thoseinvestment funds.

Fund manager’s relianceon third party market
data providers (which
may involve using offinancial models,
historical trade data orcomparable security
information) with regard
to the realisation priceused in determining thevalue of investment
funds.

Inter-relationshipbetween key
unobservable inputs
and fair value
measurement

Group and
Authority
Financial
instruments at
FVTPL

The estimated fairvalue of financial
assets at FVTPL
classified under Level
2 and 3 would
decrease if thevaluation ofrealisation price waslower.

Fair value hierarchy
The table below presents the fair value measurements for financial assets and financial
liabilities, by the levels in the fair value hierarchy based on the inputs to valuation techniques.
There are no transfers between levels in both prior and current year.
The different levels are defined as follows:(i) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);(ii) inputs other than quoted prices included within Level 1 that are observable for the asset
or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices) (Level 2); and(iii) inputs for the asset or liability that are not based on observable market data (unobservable
inputs) (Level 3).

84

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

The carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy are as follows. It does
not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonableapproximation of fair value.

Note

Amortised
cost
$’000

Carrying amount
Other
Mandatorily
financial
at FVTPL
liabilities
$’000
$’000

Fair value

Total
$’000

Level 1$’000

Level 2$’000

Level 3
$’000

Total
$’000

935,5633,679

45,046984,288

7,002

2,794

–

9,796

Group
31 March 2023
AssetsFinancial assets measured
at fair value
Financial assets at FVTPL

9–984,288–984,288

Financial assets not measured
at fair value
Cash and cash equivalents
Trade and other receivables *8
10779,574
104,318
883,892

–
–
–

–
–
–

779,574
104,318
883,892

Liabilities
Financial liabilities measured
at fair value
Forward exchange contracts andfutures

14

–

9,796

–

9,796

Financial liabilities not measured
at fair value
Trade and other payables
Lease liabilities

14
15

–
–
–

–
–
–

106,279
63,274
169,553

106,279
63,274
169,553* Excludes prepayments

85

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Note

Amortised
cost
$’000

Carrying amount
Other
Mandatorily
financial
at FVTPL
liabilities
$’000
$’000

Fair value

Total
$’000

Level 1$’000

Level 2$’000

Level 3
$’000

Total
$’000

957,640

4,638

33,148995,426

1,611

2,361

–

3,972

Group
31 March 2022
AssetsFinancial assets measured
at fair value
Financial assets at FVTPL

9–995,426–

995,426

Financial assets not measured
at fair value
Cash and cash equivalents
Trade and other receivables *8
10

777,060
13,043
790,103

–
–
–

–
–
–

777,060
13,043
790,103

Liabilities
Financial liabilities measured
at fair value
Forward exchange contracts andfutures

14

–

3,972

–

3,972

Financial liabilities not measured
at fair value
Trade and other payables
Lease liabilities

14
15

–
–
–

–
–
–

122,900
74,129197,029

122,900
74,129197,029* Excludes prepayments

86

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Note

Amortised
cost
$’000

Carrying amount
Other
Mandatorily
financial
at FVTPL
liabilities
$’000
$’000

Fair value

Total
$’000

Level 1$’000

Level 2$’000

Level 3
$’000

Total
$’000

935,5633,679

45,046984,288

7,002

2,794

–

9,796

Authority
31 March 2023
AssetsFinancial assets measured
at fair value
Financial assets at FVTPL
Financial assets not measured
at fair value
Cash and cash equivalents
Trade and other receivables *Amount due from subsidiaries
Liabilities
Financial liabilities measured
at fair value
Forward exchange contracts andfutures
Financial liabilities not measured
at fair value
Trade and other payables
Lease liabilities
Amount due to a subsidiary9–984,288–984,2888
10721,124
102,344884
824,352

–
–
–
–

–
–
–
–

721,124
102,344884
824,352

14

–

9,796

–

9,796

14
15

–
–
–
–

–
–
–
–

101,351
62,861
12,240176,452

101,351
62,861
12,240176,452* Excludes prepayments

87

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

Note

Amortised
cost
$’000

Carrying amount
Other
Mandatorily
financial
at FVTPL
liabilities
$’000
$’000

Fair value

Total
$’000

Level 1$’000

Level 2$’000

Level 3
$’000

Total
$’000

957,640

4,638

33,148995,426

1,611

2,361

–

3,972

–

12,240–12,240

Authority
31 March 2022
AssetsFinancial assets measured
at fair value
Financial assets at FVTPL
Financial assets not measured
at fair value
Cash and cash equivalents
Trade and other receivables *Amount due from subsidiaries
Liabilities
Financial liabilities measured
at fair value
Forward exchange contracts andfutures
Financial liabilities not measured
at fair value
Trade and other payables
Lease liabilities
Amount due to a subsidiary9–995,426–

995,4268
10728,454
12,927511
741,892

–
–
–
–

–
–
–
–

728,454
12,927511
741,892

14

–

3,972

–

3,972

14
15

–
–
–
–

–
–
–
–

109,299
74,022
12,240195,561

109,299
74,022
12,240195,561* Excludes prepayments

88

Info-communications Media Development Authority
Financial statements
Year ended 31 March 2023

30

Subsequent events
Incorporation of subsidiaryOn 31 May 2023, the Group incorporated a wholly-owned subsidiary, a public company limited
by guarantee, AI Verify Foundation Ltd. The Company is established for the development andpromotion of software and community for implementation of responsible and trustworthy
artificial intelligence and artificial intelligence testing.

8955