To raise the level of trust and confidence among businesses and consumers so as to facilitate Electronic Commerce (EC) growth in Singapore, the National Trust Council provided details on their initiatives today. The council will address pertinent issues such as trust marks, risk and fraud management, and best practices...
Singapore, 27 March 2001 | For Immediate Release
TrustSg programme launched to create a trusted EC environment
To raise the level of trust and confidence among businesses and consumers so as to facilitate Electronic Commerce (EC) growth in Singapore, the National Trust Council provided details on their initiatives today. The council will address pertinent issues such as trust marks, risk and fraud management, and best practices in e-business.
The National Trust Council comprises representatives from technology companies, Internet Service Providers, financial institutions and statutory boards. (See Annex A for list of council members) Chartered with the role of building businesses' and consumers' confidence, to enable e-transactions, the council's responsibilities include:
- Helping businesses and consumers increase trust and confidence in EC;
- Developing and promoting a national trust mark programme;
- Developing a risk management framework to reduce fraud in EC transactions, as well as to promote good business practices;
- Developing and promoting thought leadership and best practices for trusted EC environment;
- Identifying and making recommendations for policies and relevant areas to promote trust and reduce fraud in EC transactions; and
- Enhancing awareness among consumers and businesses in Internet fraud for EC transactions, through seminars, case studies and research.
To specifically look into areas of trust mark and risk and fraud management, two sub-committees have been formed under the National Trust Council. (See Annex B for list and roles of sub-committee members)
Commenting on the formation of the National Trust Council and sub-committees, Dr Wang Kai Yuen, Chairman of National Trust Council said, "A secure and trustworthy environment is imperative for the growth of EC in Singapore. To encourage e-transactions among businesses and consumers, it is essential that trust and confidence be instilled among users, so that they will embrace online EC technologies with ease. With Internet fraud being one of the major obstacles to EC adoption, it is therefore timely that the National Trust Council is set up to identify pertinent issues and address relevant concerns to promote trust and reduce fraudulent EC practices."
To promote sound e-business practices and boost consumer confidence in EC, the National Trust Council unveiled its first nation-wide trust mark initiative today - TrustSg programme. This programme aims to achieve the following goals:
- Provide national endorsement for local e-businesses and establish national branding for Singapore with the programme's trust mark - TrustSg seal; and
- Educate the public on the benefits of EC and the meaning of trust marks.
The National Trust Council will implement the TrustSg programme by accrediting appropriate organisations, such as trade associations, chambers of commerce and businesses to serve as the programme's Authorised Code Owners (ACO). ACOs operate codes of practice that meet standards set by the National Trust Council. Upon accreditation by the council, ACOs will be granted the TrustSg seal, and can thereafter award the TrustSg seal to merchants who adhere to their stringent codes of practice.
The TrustSg seal awarded by the ACOs identifies online merchants as EC enterprises that utilise good e-business practices. Together with the TrustSg seal, the accredited merchants will also receive the consumer or industry-specific trust mark from the ACOs. The first appointed ACO onboard for consumer-related online commerce is the Consumers Association of Singapore.
To encourage more businesses to attain the TrustSg seal, a trust mark certification fund is introduced. Through this funding programme, web-based businesses can enjoy subsidy of up to 50% of trust mark certification or accreditation fee. For business-to-consumer web-based retailers, the subsidy is capped at $800. As for business-to-business web-based retailers, the subsidy cap will be announced in due course.
Referring to the introduction of the TrustSg programme, Dr Wang said, "The introduction of TrustSg will increase businesses' and consumers' confidence when transacting online. In addition, it will also encourage consumers to engage in more online transactions and businesses to adopt good e-business practices. This will eventually increase EC transaction dollar values and volume, thus contributing to a vibrant e-marketplace and making Singapore a global trusted EC hub."
The National Trust Mark Programme is part of a series of initiatives under the National Trust Council to build trust and confidence among businesses and consumers in e-transactions. Following the announcement of the TrustSg programme, other initiatives to increase confidence in e-transactions will be undertaken. These include risk management framework development; education and promotion; and internationalisation.
ISSUED BY CORPORATE COMMUNICATION DEPARTMENT
INFOCOMM DEVELOPMENT AUTHORITY OF SINGAPORE
ON BEHALF OF THE NATIONAL TRUST COUNCIL
Notes to Editor:
1 For more information on TrustSg, visit CaseTrust. The speech made by Dr Wang Kai Yuen, Chairman of National Trust Council at today's press conference is also available in the "Newsroom" of the IDA website.
For media clarification, please contact:
Ms Dulcie Chan
Senior Manager, Corporate Communication
Infocomm Development Authority of Singapore
Tel: +65 6211-1999
Fax: +65 6211-2227
Email: dulcie_chan@imda.gov.sg
Ms Jennifer Toh
Manager, Corporate Communication
Infocomm Development Authority of Singapore
Tel: +65 6211-0508
Fax: +65 6211-2227
Email: jennifer_toh@imda.gov.sg
Annex A: List of National Trust Council Members
Chairman
Dr Wang Kai Yuen
Managing Director,
Member of Parliament for Bukit Timah GRC
Xerox Singapore Software Centre
Vice Chairman
Mr Johnny Moo
Adviser
Singapore Information Technology Federation
Council Members
Mr Enoch Ch'ng
Senior Director
Market Infrastructure & Risk Advisory Dept
Monetary Authority of Singapore
Ms Chua Siew Ling
Director, Commercial Electronic Commerce
Asia-Pacific Region
VISA International
Dr Kaizad Heerjee
Asst Chief Executive, Online Development Group
Infocomm Development Authority of Singapore
Mr John Ho Chi
Principal
Ernst & Young
Mr Bastari Irwan
Managing Director
e-Business Group
DBS Bank
Mr James Kang
Managing Director, Asia Pacific
Trustmarque (S) Pte Ltd
Mr Kyong Yu
General Manager
Starhub Internet Pte Ltd
Mr Lim Tow Cheng
Managing Director
Digiland International Pte Ltd
Mr William Lim
Director
SingBizInfo Pte Ltd
Mr Loh Kok Choy
Divisional Director
Local Enterprise Division
Singapore Productivity & Standards Board
Mr Patrick Lou
Director, Industry Development (Lifestyle)
Chief Information Officer
Singapore Tourism Board
Ms Tan Beng Tee
Director
International Trading &
Trade LogisticsTrade Development Board
Mr Tan Kian Chew
Chief Executive Officer
NTUC Fairprice Co-operative Ltd
Mr Tan Kin Lian
Chief Executive Officer
NTUC Income Insurance Co-operative Ltd
Dr Teo Ho Pin
President,
Member of Parliament for Sembawang GRC
Consumers Association of Singapore
Dr Toh See Kiat
Chairman,
Member of Parliament for Aljunied GRC
Commerce Trust Ltd & CommerceNet Singapore
Ms Wong Wai Ling
Vice President
Operations & Technology
Global Consumer Banking
Citibank NA
Mr Yong Voon Fee
Chief Executive Officer
Bexcom Pte Ltd
Annex B: National Trust Council Sub-Committees
The areas of focus identified under the National Trust Council are Trust Mark and Risk & Fraud management. Two sub-committees are formed to take charge of these mentioned areas.
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Focus areas of Trust Mark sub-committee
- Develop national trust mark programme;
- Accredit organisations who meet requirements as Authorised Code Owner (ACO) status to issue the TrustSg seal with their respective subject-matter specific trust marks;
- Educate businesses and consumers on benefits of the National Trust Mark programme and promote the TrustSg seal;
- Provide feedback and make recommendations for policies and relevant areas to promote the TrustSg seal to increase trust;
- Facilitate country-to-country initiatives and cross recognition with trust marks of international standards
List of Trust Mark Sub-Committee members
Chairman
Mr Johnny Moo
Adviser
Singapore Information Technology FederationMembers
Mr John Ho Chi
Principal
Ernst & YoungMr Kyong Yu
General Manager
Starhub Internet Pte LtdMr Patrick Lau
Director, Industry Development (Lifestyle) & CIO
Singapore Tourism BoardMr Lim Tow Cheng
Managing Director
Digiland MallMr Loh Kok Choy
Divisional Director, Local Enterprise Division
Singapore Productivity & Standards BoardMr Tan Kian Chew
Chief Executive Officer
NTUC Fairprice Co-operative LtdDr Teo Ho Pin
President, Member of Parliament for Sembawang GRC
Consumers Association of SingaporeDr Toh See Kiat
Chairman, Member of Parliament for Aljunied GRC
CommerceTrust Ltd & CommerceNet SingaporeMs Wong Shiow Pyng
Assistant Director Consumer Practice
Infocomm Development Authority of Singapore
- Focus areas of Risk & Fraud Management sub-committee
- Help businesses understand the risk of fraud in EC transactions;
- Help consumers understand the risk of fraud in EC transactions with the aim to increasing consumers' confidence;
- Develop a risk management framework to prevent and reduce fraud in EC transactions as well as promote good business practices; and
- Provide feedback and make recommendations for policies and relevant areas to reduce fraud in EC transactions.
List of Risk & Fraud Management sub-committee members
Chairman
Mr Bastari Irwan
Managing Director, e-Business Group
DBS BankMembers
Mr Enoch Ch'ng
Senior Director, Market Infrastructure & Risk Advisory Department
Monetary Authority of SingaporeMs Chua Siew Ling
Director, Commercial Electronic Commerce, Asia Pacific Region
VISA InternationalMr James Kang
Managing Director
Trustmarque (S) Pte LtdMr William Lim
Director
SingBizInfo Pte LtdMs Tan Beng Tee
Director, International Trading & Trade Logistic
Trade Development BoardMs Tan Ching Ching
Manager,E-Commerce Infrastructure
Infocomm Development Authority of SingaporeMr Tan Kin Lian
Chief Executive Officer
NTUC Income Insurance Co-operative LtdMs Wong Wai Ling
Vice President, Operations & Technology Global Consumer Banking
Citibank NAMr Yong Voon Fee
Chief Executive Officer
Bexcom.com
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