The vote for the largely ceremonial role is widely viewed as a test of support for the ruling People's Action Party.
Singaporeans vote in the city-state's first contested presidential election in more than a decade on Friday.
The president's role is largely ceremonial, but the vote is closely watched as it signals support for the ruling party after a rare spate of political scandals.
The candidates should meet strict requirements: they must have served either as a high-ranking civil servant or the chief executive of a company with shareholder equity of at least at least 500 million Singaporean dollars ($370 million or €341 million).
The head of state formally oversees Singapore's accumulated financial reserves. He can veto key public positions and certain measures, as well as and approve anti-graft probes against the will of the prime minister.
Singapore's government is currently headed by Prime Minister Lee Hsien Loong of the People's Action Party (PAP), which has ruled the city-state continuously since 1959. PAP recorded its worst election result ever in 2020, but retained its majority of more than two-thirds.
Who is considered favorite?
Tharman Shanmugaratnam, the 66-year-old former deputy prime minister and finance minister is seen as the frontrunner. As required by law, he resigned from the ruling party before running for presidency, which is a non-partisan post under the constitution.
However, Shanmugaratnam is widely believed to be backed by the government. Observers said the vote for Shanmugaratnam could be an indication of the level of overall PAP support ahead of the 2025 general election, or of voters' dissatisfaction following recent scandals involving a corruption probe into the transport minister.
Political scandals are a rarity in a city that has used its reputation for clean government to become an international hub for a range of industries, including finance and aviation.
Who else is running for president?
Another candidate, former insurance executive Tan Kin Lian, has garnered support from several opposition leaders.
The third candidate is Ng Kok Song, 75. He is the former chief investment officer of Singapore's sovereign wealth fund, GIC, which manages the country's foreign reserves.
Incumbent Halimah Yacob ran unopposed for her six-year term in 2017.
Voting is compulsory for the more than 2.7 million eligible voters in Singapore. Anyone who does not vote without good reason risks being removed from the voters' list.
The vote will have no exit polls before a result is announced late Friday night.
Source: DW
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