“There has been some online speculation as to the size of the grant,” Edwin Tong, minister for culture, community and youth, told parliament on Monday.

“It is not accurate and not anywhere as high as speculated, but due to business confidentiality reasons we cannot reveal the specific size of the grant or the conditions of the grant.”

Speculation over the matter gained steam online after Thai Prime Minister Srettha Thavisin said Singapore offered subsidies of up to US$3 million for each concert in exchange for Swift agreeing not to perform elsewhere in the region during her Eras tour.

The economic benefits to Singapore including additional tourist arrivals and spending on entertainment and retail in Singapore are “significant” and outweigh the size of the grant, Tong said.

A tie-up with the third-largest bank in Singapore that allowed cardholders in Southeast Asia to buy pre-sale tickets for popular artists like Swift and Ed Sheeran helped the lender’s credit card fees surge 66% to a new high of S$382 million (US$284 million) in 2023.