This image is most probably of Pi Lu Zhe Nafo, also known as Vairocana, or the Dharma Body of the historical Buddha.
It has been carved from a single piece of wood other than the hat finial, and has been lacquered and gilded.
The image sits cross-legged and with hand laying atop one another on the lap. The figure’s robes fall gracefully to the floor, in a naturalistic manner.
The image might have been carved in the Chinese communities of Singapore of the Malay Peninsula or was imported to those communities from China.
Possibly, something rested on the figures hands. But otherwise, it is in excellent condition.
Stevens, K., Chinese Gods: The Unseen World of Spirits and Demons, Collins & Brown, 1997.