After the First World War when prices of food and other essentials escalated, many civil servants resorted to borrowing from moneylenders who charged very high interest rates.

[2] In response to these circumstances, the British colonial authorities decided to pass the Straits Settlement Co-operative Societies Ordinance on 3 November 1924.

[3] After this ordinance was passed, 43 thrift and loan societies were formed in just 15 years, between 1925 and 1940.

[4] On 16 November 1933, the Singapore Urban Co-operative Union Ltd was registered to serve as a coordinating body for the thrifts and loans societies.

[7] In September 1980, the Singapore National Co-operative Federation (SNCF) was formed.