It's operated by two for-profit companies, but the government paid the massive bill for the construction, sets the fares and even owns the rolling stock (trains) now:
...and of course, this being Singapore, the companies in question (SMRT Corp and SBS Transit) are themselves largely owned by various government entities (Temasek etc).
https://www.straitstimes.com/singapore/transport/government-...
...and of course, this being Singapore, the companies in question (SMRT Corp and SBS Transit) are themselves largely owned by various government entities (Temasek etc).