KrisFlyer or Velocity

It really depends on if you already have a stack of either points already and what you plan on doing with those points.

Krisflyer points expire after 3 years, whereas velocity points don't. Both can be transferred to each other's program, albeit at a loss with the conversion rate.
 
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Agree with @MarkB123.

In general, KrisFlyer has far greater availability of rewards flights on SQ than Velocity. It also doesn’t impose significant carrier surcharges.

However, if you aren’t able to accrue enough KrisFlyer the above points are irrelevant. Velocity points are easy to come by compared to KrisFlyer.
 

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