The Singapore Statutory Boards Employees’ Co-operative Thrift and Loan Society Ltd (SSBEC) celebrated its 100th anniversary with a Gala Dinner on 4 October 2025, attended by Seah Kian Peng, Speaker of the Parliament of Singapore. Founded in 1925 to protect workers from exploitative moneylenders, SSBEC has grown into a trusted credit co-operative, offering a range of thrift and loan services.
In 2013, SSBEC faced a major crisis when internal fraud led to a loss of over $5m, nearly forcing its closure. However, 99.9% of its members voted to continue operations, leading to a successful restructuring. Today, SSBEC manages nearly $60m in assets and boasts over 11,000 members, making it one of Singapore’s largest co-operatives.
Seah Kian Peng praised SSBEC’s enduring spirit, stating, “For a century, SSBEC has placed its members at the heart of all it does, extending vital support to those in need and adapting to the changing times.”
SSBEC’s transformation is anchored in trust, innovation, and leadership empowerment. The co-operative has embraced digitisation to enhance member services, including loan applications and communication platforms. It remains committed to social responsibility, offering welfare initiatives and community outreach programmes.
As SSBEC embarks on its next century, it aims to continue its legacy of financial empowerment and community support, ensuring a resilient future for its members.
