In order to ensure the stability of the banking system in Singapore, the Singapore Deposit Insurance Corporation (SDIC) was incorporated in 2006 to administer the Deposit Insurance Scheme and Policy Owners' Protection Scheme, as well as to manage the underlying funds.
Starting from today (1 April), depositors and insurance policy owners will be able to enjoy enhanced protection in the event that their financial institution fails. This article will address the overview of the 2 Schemes as well as the recent revision made.