[15] The Competition Commission of Singapore (CCS) ruled that AMIP engaged in anti-competitive price-fixing that resulted in customers paying more, causing an adverse impact on the market.

[19] In August 2015, Cheng merged one of his franchise businesses, Lumina Looque Knowledge Hubs Pte Ltd, with a Chinese firm called ReTech that focused on educational technology,[20][8][21] and led the company to IPO on the Australian Stock Exchange in June 2017.

[25] In February 2023, Cheng's digital asset management company, Damoon Technologies, which allowed fiat money to cashless cryptocurrency transactions and vice-versa, was officially given regulatory approval by FINMA, Switzerland’s financial services watchdog.

[24] In August 2023, Anchored Coins, formerly known as Damoon Technologies, issued two fiat-backed stablecoins AEUR and ACHF on two major public blockchains.

[27] As NMPs are supposed to reflect nonpartisan views, the newspaper Today questioned his appointment in light of his membership in Young PAP.

[31] In 2012, Cheng was appointed to the newly formed Media Literacy Council (MLC) of Singapore's Ministry of Communications and Information, which was created to "promote civility and responsibility on the Internet".

[36][37] In November 2015, while he was on the Media Literacy Council, Cheng advocated for the killing of children of terrorists on the Facebook page of entrepreneur and commentator Devadas Krishnadas.