SINGAPORE — Three more employees of Singapore fintech company Embed Financial Group Holdings (EFGH) have filed salary claims, bringing the total number of claims against the company to nine, according to Singapore’s Tripartite Alliance for Dispute Management (TADM).
TADM told The Straits Times that the three additional claims were received between September 4 and September 23, 2026. All nine employees have since reached agreements with Embed on payment schedules following mediation by TADM.
The development adds to growing scrutiny surrounding the Singapore-based fintech firm, which is separately facing legal proceedings over allegedly unpaid Central Provident Fund (CPF) contributions for six employees.
Nine Salary Claims, Payment Agreements Reached
The latest three claims bring the number of salary disputes handled through TADM from six to nine.
While the claims have been resolved through mediation agreements on payment schedules, Singapore’s Ministry of Manpower (MOM) is separately investigating Embed for possible offences relating to the non-payment of salaries under the Employment Act.
It remains unclear whether a former Embed employee who separately filed a case with Singapore’s Employment Claims Tribunals is included among the nine claimants. The employee subsequently withdrew that tribunal case and underwent mediation with Embed, according to The Straits Times.
Separate CPF Case Puts More Pressure on the Company
The salary claims come as Embed faces a separate case involving CPF contributions.
The company appeared in court on September 9 over its failure to make CPF contributions for six employees for March 2026. A prosecutor told the court that the outstanding contributions totaled S$312,484, while only S$300 had been paid at that point.
Court documents cited by The Straits Times indicate that the affected employees included senior executives such as the deputy group CEO, chief operating officer, former chief financial officer and group head of strategic engagement.
Embed representative Lynn Goon told the court that the company had secured funding from foreign investors and requested additional time for agreements to be completed. The court ordered the company to pay S$100,000 by its next hearing on September 30.
Income Insurance Cancels Hive Deal
The employment disputes also come after Income Insurance terminated its proposed sale of digital insurance platform Hive to Embed.
The deal, announced in June, would have transferred ownership of Hive to Embed, with 27 of Hive’s 42 employees expected to move to the fintech company. Income Insurance said on September 8 that the affected employees would remain with Income Insurance for the time being.
The termination followed action over the alleged CPF payment failures. Singapore authorities have said the CPF matter is before the courts, while MOM is investigating the separate salary-related allegations.
Embed’s Expansion Plans Under the Spotlight
Embed Financial Group Holdings was founded in 2024 by Dennis Ng, who serves as executive chairman and group CEO. Before founding the company, Ng held senior positions at Prudential, Allianz and Citi, according to The Straits Times.
The fintech had also pursued an ambitious expansion strategy. In December 2025, Embed announced plans to pursue a US listing through a merger with US-listed SPAC WinVest Acquisition Corp, in a transaction that valued the company at roughly US$425 million. The status of that proposed listing remains unclear.
The company has also announced partnerships involving sports, insurance and technology, including relationships connected to the BYD Singapore International Marathon, Tour de France Singapore Criterium, QuikBot Technologies, Aon and SimplyGo. The status of some of those relationships has not been publicly clarified amid the recent developments.
Embed has been contacted for comment.
For now, the immediate picture is a company dealing with nine salary claims that have reached payment agreements through mediation, alongside a separate CPF case in court and an ongoing MOM investigation into possible salary-related offences. The September 30 court hearing is expected to provide the next significant update on the CPF matter.
WWC ONE MEDIA G,A
