Fintech firm Embed Financial Group Holdings charged over $312,000 in unpaid CPF contributions
The court ordered EFGH to pay $100,000 by the next court hearing on Sept 30.
Singapore-based fintech firm Embed Financial Group Holdings (EFGH) was accused on Sept 9 of not paying Central Provident Fund (CPF) contributions for six employees in March 2026. During court proceedings, EFGH's representative, Lynn Goon, claimed the company had received foreign investment funding and requested an extension until the end of the month for signature of agreements.
The prosecutor stated that EFGH owes $312,484 in CPF contributions, with $300 already paid to the CPF Board. The court agreed to give the company more time until their next hearing on Sept 30, ordering EFGH to pay $100,000. The charges include failure to pay CPF contributions to the deputy group CEO, chief operating officer, former CFO, and group head of strategic engagement.
The Ministry of Manpower, the CPF Board, and the Tripartite Alliance for Dispute Management (TADM) have been working on mediation to resolve the situation. Income Insurance terminated its plan to sell digital insurance platform Hive to EFGH, as 27 of the 42 existing Hive employees would remain employed by the insurer. EFGH was founded in 2024 by Dennis Ng and his co-founders Eugene Leow and Dallas Ng, and plans to list in the US by merging with a US SPAC.
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