In 1932, a few dedicated and public spirited Customs personnel initiated the idea to form a Thrift and Loan Society with the objective of encouraging co-operation, self-help and thrift amongst customs employees. An inaugural meeting was held on 5th April 1932 to consider the formation of a Co-operative Thrift and Loan Society. Draft By-laws were put up and with the unanimous support of 100 members present, paved the way for the registration of the Society. The Society was registered on 12th April 1932, then under the name of Singapore Government Monopolies Co-operative Thrift & loan Society Ltd.

The first Chairman of the Society was Mr W E Pepys. Together with some colonial and clerical staff, they formed the first Committee of Management under the name of Singapore Government Monopolies Co-operative Thrift & Loan Society Ltd. The first AGM of the Society was held on 31st August 1933. In 1941, the name of the Society was changed to Customs Co-operative Thrift & Loan Society Ltd.

In the on-going years, the Society became more organised and more customs staff began to realise the advantages that were to be gained by becoming members and consequently in the growth of funds of the Society. By 1954, the membership of the Society rose to 251 members with an annual turnover of $250,000. In the 50s’ the Society went into difficult time. Membership waned as the Management Committee who comprised mainly of colonial and clerical members neglected the interest of the Customs staff. However, in 1957, the union officials of the Singapore Government Workers’ Union, began to play an active role in the co-operative movement, and in 1958, under the leadership of Mr Chia Siew Lian and his team, the Society prospered. By 1960, the membership of the Society grew to 560.

In 1963, the newly formed Committee of Management brought sweeping changes such as increasing the maximum loan to 6 times the monthly salary plus the paid-up subscription of members to a maximum of $2,400. Services were also improved and new loan schemes were introduced to meet members’ needs.

A landmark in the history of the Society was the setting up of the Scholarship awards in 1936 when the Committee of Management began to recognise the need to give more awards to members’ children who had excelled in their studies. About 12 awards were given annually. From 1987 onwards, these awards were further increased to 35 each year.

In 1976, the Society progressed further by introducing the Common Good Fund for the benefit its members. The fund provided financial grants and reliefs to members of the Society, such as, hospitalisation, retirement and death benefits.

Today, the Society with total assets of $13,243,939 continues with its core activity of  providing  credit facilities and also offers its members subsidised travel awards, family orientated activities and undertakes other socio-economic projects  e.g. bursary awards for members children, to provide value added services to its members.