Embed Financial Group pays off more than $312,000 in outstanding CPF arrears
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In an earlier court hearing on Sept 9, the prosecution said Embed Financial Group Holdings owed $312,484 in CPF arrears. The firm was ordered by the court to pay $100,000 by Sept 30.
ST PHOTO: KELVIN CHNG
- Embed Financial Group Holdings has fully paid over $312,000 in outstanding CPF arrears and settled all related dues with the CPF Board.
- The company faced multiple salary claims from employees, leading to agreements on payment schedules after mediation by TADM.
- EFGH's planned US listing via SPAC remains uncertain, while it continues sponsorships for major sports events in Singapore.
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SINGAPORE – Singapore-headquartered fintech firm Embed Financial Group Holdings has settled all its outstanding CPF arrears of $312,484.
The sum includes a composition penalty, the prosecution said in court on Sept 30.
The court granted the prosecutor’s request for a two-week adjournment for the Central Provident Fund Board to process the payment, and the next hearing will be on Oct 14.
Embed executive chairman and group chief executive Dennis Ng declined comment when approached by The Straits Times after the court hearing.
In an earlier hearing on Sept 9, the court had ordered the company to pay $100,000 by Sept 30.
Separately, the Tripartite Alliance for Dispute Management said that all nine employees who had lodged salary claims against Embed have reached agreements with the company on payment schedules following mediation.
According to charge sheets seen by ST in early September, Embed had failed to pay CPF contributions to six employees, including its deputy group CEO, chief operating officer, former chief financial officer and group head of strategic engagement.
The Ministry of Manpower had previously said on Sept 8 that it is investigating Embed for possible offences relating to the non-payment of salaries under the Employment Act.
Embed was founded in 2024 by Ng, 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.
According to charge sheets seen by ST, Leow was among the six employees who were owed CPF contributions.