Why is it that almost everywhere hiring companies want 'degree holders'? Having a degree does not equate to being intelligence. A diploma holder can do the job well and can be a hard worker too?

Well, unfortunately Singapore's system is still fairly traditional, the bias-ness of knowledge over skills is there, while the world progresses to a skills-based economy.

A forward-thinking employer would be seeking talents who have the skills the role requires, rather than using education as a filter or minimum requirement.

Having paper vs no paper is clearer than trying to figure out if someone is intelligent and/or has genuinely good personality in x minutes (though it may be doable with much effort).

If there's many applicants, the former is the most straightforward approach to sieving out x%.

There must be companies who look at people beyond their papers. Find them!