Credit Counselling Singapore (CCS) Chairman Kuo How Nam has stepped down on 13 November 2020 as Chairman and Board member of CCS.

Mr. Kuo was a founding member of CCS when it started off as a trial project in 2003. Mr. Kuo served as the President of the Society from 2004 to 2016, and he continued as Chairman of CCS when the society changed its legal entity to company limited by guarantee in July 2016.

Under Mr. Kuo’s leadership, CCS has grown into an organisation with a full- time staff strength of 61 in October 2020. During its 16 years history, CCS has counselled more than 30,000 individuals and put up more than 20,000 debt repayment proposals under its Debt Management Programme (DMP). The total amount of unsecured consumer debts under DMP add up to $1,957 million as at September 2020.

We are now a trusted partner with various stakeholders in forging win-win solutions for both debtors and creditors.
~ Mr Kuo How Nam, Outgoing Chairman

During Mr. Kuo’s service, CCS became a trusted partner with banks in helping indebted individuals restructure their debts. CCS is also active in public education programmes in credit management and retirement planning. CCS was appointed to administer the Repayment Assistance Scheme by the banking industry when MAS introduced a national cap on individual borrowing limits in 2015.

In addition, CCS signed an MOU in October 2019 with the Credit Association of Singapore involving the moneylenders whereby indebted individuals can be assisted.

CCS extended the range of its services from individuals to business enterprises in 2020. CCS is the facilitator for a Sole Proprietorships and Partnerships (SPP) debt relief scheme supported by The Association of Banks in Singapore (ABS), Monetary Authority of Singapore (MAS), Enterprise Singapore (ESG) and the Participating Financial Institutions under the ESG loan schemes. The SPP Scheme is targeted at sole proprietors and partnerships whose businesses are experiencing difficulties in servicing their loan commitments but are likely to recover given time and concession for their loan repayment terms. This Scheme was launched on 2nd November 2020.

With Mr. Kuo stepping down, Mr. Ang Hao Yao, aged 48, who has served as a Board member in CCS since 2015 will take over the helm.

Mr. Kuo said “It has been an eventful 17 years with the launch of CCS as a pilot project in 2003. We had initial difficulties but over time our efforts in encouraging responsible borrowing as well as restructuring of loans for distressed individual debtors has met with encouraging results. We are now a trusted partner with various stakeholders in forging win-win solutions for both debtors and creditors. I am stepping down as Chairman and Board member as part of our succession planning to make way for new members who can take the organisation into the future. I have worked very closely with the new Chairman, Mr. Ang Hao Yao, for the last few years. I am confident that the new Chairman, Mr. Ang, as well as new board members, will continue the good work done by CCS and bring it to even greater heights in the future."

I look forward to helping consumers and small businesses who are in debt distress, particularly those affected by covid-19, to resuscitate themselves. I also aim to make CCS the leading organisation for all matters related to debt distress for the man in the street.
~ Mr. Ang Hao Yao, Incoming Chairman

Mr. Ang is currently a private investor and has worked in consumer and corporate banking as well as corporate debt restructuring in a local bank. He is also the Honorary Secretary of the Securities Investors Association (Singapore) and serves in the Finance Committees of The National Kidney Foundation and SingHealth Fund. He has previously served as the Chairman of SATA CommHealth and as a member of the Charity Council.

With this new appointment, Mr. Ang said “I look forward to helping consumers and small businesses who are in debt distress, particularly those affected by covid-19, to resuscitate themselves. I also aim to make CCS the leading organisation for all matters related to debt distress for the man in the street.”

CCS believes that Mr. Ang’s broad experience in the charity and commercial sectors will enable him to bring CCS forward by providing improved services to our clients as well as broaden our client base.