Singapore-based fintech company Embed Financial Group Holdings has fully settled its outstanding Central Provident Fund (CPF) arrears totaling S$312,484, including applicable penalties, the prosecution informed the court on September 30. The payment resolves pending CPF contributions linked to several employees of the firm.
During the court session, the prosecutor requested a two-week adjournment to allow the CPF Board sufficient time to process the payment, with the subsequent hearing scheduled for October 14. Previous court proceedings on September 9 had ordered Embed Financial to pay an initial sum of S$100,000 by the end of that month. Dennis Ng, the company’s executive chairman and group chief executive, declined to comment following the hearing.
The Tripartite Alliance for Dispute Management reported that all nine employees who had filed salary claims against Embed Financial have since reached agreements on payment arrangements following mediation. According to charge sheets reviewed earlier in September, the company had failed to make CPF contributions for six employees, among them key executives such as deputy group CEO Eugene Leow, chief operating officer, former chief financial officer, and group head of strategic engagement.
The Ministry of Manpower had announced on September 8 that it was investigating Embed Financial for potential violations of the Employment Act related to non-payment of salaries. Embed Financial was established in 2024 by Dennis Ng, who has held senior positions at Prudential, Allianz and Citi. The founding team also includes Eugene Leow, formerly a senior executive at Mediacorp and SPH Media, and chief growth and technology officer Dallas Ng. Two additional co-founders are based in Africa.
Leow was among the employees identified in the charge sheets as having unpaid CPF contributions. The company’s recent settlement marks a significant step towards resolving the outstanding employee compensation issues that prompted regulatory and legal scrutiny.