SINGAPORE – Singapore-headquartered fintech firm Embed Financial Group Holdings (EFGH) was charged on Sept 9 with failing to pay CPF contributions for six employees for the month of March 2026.
Appearing in court, the firm’s representative Lynn Goon, group head of the CEO office, said EFGH has secured funding from foreign investors. She asked for an extension until the end of the month for agreements to be signed.
The prosecutor said EFGH owes $312,484 in CPF contributions.
To date, the firm has paid $300 to the CPF Board. The court granted her request for more time until the end of the month, ordering EFGH to pay $100,000 by the next court hearing on Sept 30.
When approached after the court hearing for more details, Goon declined comment.
According to charge sheets seen by ST, EFGH failed to pay CPF contributions to its deputy group CEO, chief operating officer, former chief financial officer, and group head of strategic engagement, among others.
On Sept 8, the Ministry of Manpower (MOM), CPF Board and the Tripartite Alliance for Dispute Management (TADM) said in a joint statement that TADM had received six salary claims against EFGH by Sept 4, and was working with the relevant parties to resolve them through mediation.
MOM is investigating EFGH for possible offences on non-payment of salaries under the Employment Act.
The same day, Income Insurance said it has terminated the proposed sale of Hive, its digital insurance platform, to EFGH. Its employees who were supposed to be transferred to EFGH will “remain employed by Income Insurance for now”.
The insurer had said in June that it would sell Hive to EFGH for an undisclosed sum. Income would remain a customer of the platform after the sale, and 27 of 42 existing Hive employees would be transferred to EFGH.
EFGH was founded in 2024 by Dennis Ng, its executive chairman and group chief executive who previously held senior roles at Prudential, Allianz and Citi.
The founding team also includes deputy group CEO Eugene Leow, previously a senior executive at Mediacorp and SPH Media, and chief growth and technology officer Dallas Ng. The other two co-founders are based in Africa.
In December 2025, the company revealed its plan to list in the US by merging with a US-listed special purpose acquisition company (SPAC), in a deal valuing the company at about US$425 million (S$538 million).
In June 2026, EFGH announced three senior leadership appointments, including Goon’s and group head of corporate development Tracey Guo, to “better support specific operational requirements as EFGH prepares to function as a publicly listed entity”. Leow was redesignated from global chief of communications to deputy group CEO.
Earlier in 2026, EFGH was named partner for the BYD Singapore International Marathon in December and announced a five-year sponsorship partnership with the Singapore National Olympic Council.
EFGH also extended its sponsorship of the Tour de France Singapore Criterium for three more years after coming on board in 2025, with the race returning on Nov 7 and 8.
