The 52-year-old is one of three bidders at the table to buy the financially stricken Scottish Premier League champions alongside Paul Murray and his Blue Knights consortium and US businessman Bill Miller.
A surprise bid from Germany was kicked out by administrators Duff and Phelps yesterday afternoon.
Murray has been the most vocal in his bid to buy the Ibrox club but Ng has today spoken for the first time about his plans to rescue Rangers and expand their brand in Asia.
His move comes just hours after Duff and Phelps announced that the total debts of the club could rise to £134million, with the future of the 140-year-old institution still hanging in the balance.
Ng is a director of private equity fund Financial Frontiers and chairman of Singapore S League side Hougang United and has revealed his plans to expand football in his homeland if he can win the keys to Ibrox.
He said: "This is a chance to put Singapore on the world football map. We're not just doing this for financial reasons. If we take over Rangers, we've got plans that will positively impact Singapore football in the long run."
The revelation that Rangers' debts could spiral to £134m, including around £94m to Her Majesty's Revenue and Customs, has shocked supporters as the full extent of the disastrous Craig Whyte era has become clear.
Many fans have feared that liquidation is now inevitable at Ibrox but Ng has no plans to wind up Rangers and has pledged to provide a £12m pot towards a Company Voluntary Agreement, allowing the club to pay off their debts at a fraction of their total cost.
Despite his vast personal fortune, Ng will not throw money at Rangers' problems and has come to the table with a plan to stabilise the club's finances and grow the club via investments in emerging markets.
Ng's CVA offer may not be enough to tempt Duff and Phelps into giving him preferred bidder status, however, with the Blue Knights able to offer more to creditors as a result of a deal struck between Murray and Ticketus which would see Rangers pay off just £10m of the £27m the London-based company are owed.
Ng said: "We've told the administrators that we'll set aside £12m to be split among the creditors. For every dollar of debt the club owes, about 20 cents will be paid back, while the rest will be written off."
While Ng has emerged as the man fronting the big money bid from Singapore, the Evening Times understands he would take a backseat from running the club on a day-to-day basis.
A board, consisting of UK-based Rangers supporters, would be put in place, with a number of financial experts already approached about guiding the club on the road to recovery.
Should Ng's consortium win control at Ibrox, it is understood they will engage with supporters' groups to harness their power and play a role in returning the Gers to their former glory.
Ng is not the only foreign investor keen on a buyout bid, with American millionaire Miller today revealed as the third man at the table.
Miller is chairman of the world's largest manufacturer of towing and recovery equipment but is not reported to be a football fan, instead being known for his support of US motorsport series NASCAR and IndyCar.
The 65-year-old was initially part of the Club 9 consortium that looked into a takeover before pulling out of the running before Wednesday's deadline and has a chequered past in sports, with a number of his investments, including the Team Racing Auto Circuit NASCAR outfit, falling through before getting off the ground.
Miller will have to win over the Ibrox crowd if he is given the green light to buy Rangers, with fans wary over his intentions and keen to fend off any move to place the club in liquidation.
It has left Murray as the fans' choice and the former Gers director insists he has not been scared off by the huge debts he would face if his bid is successful.
Murray said: "It's important not to get carried away by headline figures."