Stefanie Yuen Thio quoted in BT: “FICA could affect perceptions of Singapore as global hub”

CLOSE

Directory

Thio Shen Yi, SC

Joint Managing Partner

Litigation

Stefanie Yuen Thio

Joint Managing Partner

Corporate

Derek Loh

Partner

Litigation

Jennifer Chia

Partner

Corporate

Melvin Chan

Partner

Litigation

Ian Lim

Partner

Litigation

June Ho

Partner

Corporate

Kelvin Koh

Partner

Litigation

Ong Pei Ching

Partner

Litigation

Mark Jacobsen

Partner

Corporate

Felicia Tan

Partner

Litigation

Jeffrey Chan, SC

Senior Director

Litigation

Prof Tang Hang Wu, PhD

Consultant

Litigation

Prof Hans Tjio

Consultant

Corporate

Kenneth Chua

Director

Litigation

Mijung Kim

Director

Litigation

Tania Chin

Director

Litigation

Leon Lim

Director

Corporate

Nanthini Vijayakumar

Director

Litigation

Nicholas Ngo

Associate Director

Litigation

Kevin Elbert

Associate Director

Litigation

Timothy Yong

Associate Director

Litigation

Eugene Neo

Associate Director

Litigation

Benjamin Bala

Associate Director

Litigation

Vu Lan Nguyen

Associate Director

Litigation

Stephanie Chew

Associate Director

Litigation

Ernest Low

Associate Director

Corporate

Elizabeth Tan

Associate Director

Litigation

Crystal Tan Shi Ying

Associate Director

Litigation

Brenda Chow

Senior Associate

Corporate

Heather Chong

Senior Associate

Corporate

Nicole Lee

Senior Associate

Corporate

Tay Quan Li

Senior Associate

Litigation

Lyn Toh Leng

Senior Associate

Corporate

Angela Chai Rui Min

Senior Associate

Litigation

Arthur Chin Yen Bing

Senior Associate

Litigation

Joshua Phang Shih Ern

Senior Associate

Litigation

Chow Jian Hui

Senior Associate

Corporate

Jeanne Goh Enchi

Senior Associate

Litigation

Lau Tin Yi

Senior Associate

Corporate

Phoon Wuei

Senior Associate

Litigation

Terence Yeo

Senior Associate

Litigation

Juliana Lake

Senior Associate

Litigation

Kashib Shareef bin Ahmad Hussain

Associate

Corporate

Goh Min Yi

Associate

Corporate

Sherlyn Lim Li Xuan

Associate

Litigation

Vanessa Cheong Shu Qi

Associate

Corporate

Lee Shu Zhen

Associate

Corporate

Nikita Garg

Associate

Litigation

Annabelle Lee Jia Xin

Associate

Corporate

Ang Kai Le

Associate

Litigation

Glenn Ng Qiheng

Associate

Litigation

Isaac Tay Zhuo Yan

Associate

Litigation

Markus Low Yu Wen

Associate

Corporate

Nicholas Fu Wei Jun

Associate

Litigation

Krisly Aw Jiaxin

Associate

Corporate

Shawn Tan Yi Wei

Associate

Corporate

Stasia Ong Pei Qi

Associate

Litigation

Sarah Kim Mun Jeong

Associate

Litigation

News

1 October 2021

Stefanie Yuen Thio quoted in BT: “FICA could affect perceptions of Singapore as global hub”

Features Stefanie Yuen Thio

On 01 October 2021, TSMP Law Corporation joint managing partner Stefanie Yuen Thio was quoted in a Business Times article on how FICA could affect Singapore as a global business hub.

Stefanie said “I don’t think corporates will worry about business being disrupted or curtailed, except Internet service providers and social media platforms, who could be the recipient of a directive under FICA.”

While there are good reasons to be worried about hostile foreign interference, the concern “for the business world and Singapore’s position as an international hub is the perception that the Act could be used to stamp out dissent”, she said.

She also said “Even as we try to encourage more MNCs and foreign corporates to base their overseas headquarters here, they will want to feel that they can be good corporate citizens in such an important business hub.”

Yet FICA may nonetheless erode Singapore’s standing. “The bigger issue is whether foreign companies feel that Singapore continues to be an open and welcoming place to do business,” she added.

She said strict border curbs amid Covid-19 and discourse about foreigners “taking jobs from locals” have already led to expatriates feeling less welcome. “If FICA is seen as another line drawn in the sand, where foreigners’ views and collaborations are less welcome, that may affect the business world’s perception of whether Singapore is an open and global city”, she added.

She said it “would be extremely helpful for the Minister to share in Parliament about the types of scenarios and behaviours that FICA, if passed, is intended to catch”.