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Great Eastern's 3-year 2.05% endowment plan selling well

Singapore

GREAT Eastern's three-year single premium endowment plan offering a guaranteed payout of 2.05 per cent is selling well, said a company official.

The insurer, a unit of OCBC Bank, launched the product last week. The plan also provides coverage against death and total and permanent disability at up to 105 per cent of the single premium during the policy term.

"The ...more

Cashless payment trend 'may profit banks'

The growing trend towards cashless payment systems could lift local bank profits by up to 9 per cent over the next two years, according to Maybank Kim Eng Research.

Analyst Ng Li Hiang said in a research report yesterday that the higher adoption of such payments would increase credit card use, which would potentially lift bank revenue. If 40 per cent to 70 per cent of expenditure here shifts ...more

Banks need to keep up with tech-driven changes in the industry

THE former Citigroup Inc CEO, Vikram Pandit, said recently that new technologies such as artificial intelligence (AI) could result in a 30 per cent cut in banking jobs over the next five years. AI and robotics are indeed reducing the need for staff in many back-office roles. The adoption of AI is not just resulting in staff reductions, it is also changing traditional processes and systems within financial ...more

DBS clients can now track cross-border payment live

DBS Bank's business clients in Singapore and Hong Kong can now track their cross-border payments in real time, so they can manage their cash better.

In the past, companies have struggled to track cross-border payments as these transactions are routed through multiple banks, each with different processing times.

But now companies can find out, for example, whether funds have been ...more

AIA's new firm 'luring hundreds of rival agents'

Singapore

THE contest for experienced insurance agents in Singapore has renewed in recent months with about 300 agents poached by a rival - the biggest migration in recent years.

Market sources shared with The Business Timesthat a group of about 300 - some peg the number at 400 - agents from Great Eastern are moving to rival AIA's newly-set-up financial advisory (FA) arm, AIA Financial ...more

When banks try to apply new tech to outdated ways

THE awareness that technology not only will, but already is, shaping finance is undisputed, even by the most technology shy firms. But it is time to invent the bank of the future rather than trying to fix a model that is no longer fit for purpose. Here are three steps that banks can take to help prepare for what the future holds.

The idea that the future of banking will be defined by technology ...more

Going cashless? Grab may be Singapore's answer

CASHLESS has become a buzzword of late, thanks to Prime Minister Lee Hsien Loong's recent rallying call for Singapore to expeditiously boost its e-payments systems. In his National Day Rally speech last month, Mr Lee cited China as the country that has gone the furthest with e-payments, boasting apps such as WeChat and Alipay that can be used for nearly all payments.

Since then, there has ...more

StanChart's global footprint a big plus for Belt and Road

Singapore

STANDARD Chartered's global corporate and institutional banking business is building off momentum that may see a greater boost from demands along One Belt One Road, said Simon Cooper, the CEO of the global bank's largest business division.

This follows double-digit growth in network income for the first half of 2017, with more than 80 new OECD-based corporate and institutional ...more

What is fuelling bitcoin's astounding gains?

It is difficult to look at bitcoin's heady price now without wishing that you had invested in the crypto-currency years ago - or even just a few months back.

Bitcoin's price surge is nothing short of astounding. A mere US$100 (S$136 ) investment made seven years ago would have turned you into a multimillionaire by now.

Even buying bitcoin six months ago when it shot past the value ...more

AI in investment is here to stay, and we should embrace it

ARTIFICIAL Intelligence (AI) in the financial world has since come a long way from the automated trading systems (ATS) that came into infamous prominence during the Flash Crash of 2010. The "legendary" freak stock crash on the New York Stock Exchange saw share prices of some firms drop to near zero, while Apple's skyrocketed to US$100,000, before returning to normalcy in the span of a few minutes. ...more

Asia a transaction banking goldmine for StanChart

Singapore

ASIA's burgeoning economies are often the only growth engine for many multinationals and that in turn has helped boost Standard Chartered Bank's transaction banking business.

"Transaction banking is doing very well, revenues grew double digits in first half year-on-year," said Alex Manson, StanChart global head of transaction banking.

The business enjoyed strong ...more

DBS launches digibank in Indonesia

Singapore

DBS on Tuesday launched its digibank in Indonesia, staking a claim on the country's emerging wealth by taking advantage of the swell of Internet usage there.

In going paperless, the mobile-led bank uses technology such as biometrics and artificial intelligence to serve banking customers.

Indonesian citizens living in the Greater Jakarta area - namely in Jakarta, ...more

E-payments use in Singapore only scratching surface: PayPal

Singapore

SMACK on the heels of Prime Minister Lee Hsien Loong's call to transform Singapore into a Smart Nation is global online payments service provider PayPal's research showing just how much further Singapore needs to go to achieve that.

New research by the American company, released on Tuesday, showed that while Singapore may be one of the world's most digitally literate countries, ...more

Singapore looks into common QR code for cashless payments

Singapore

BY the end of this year, Singapore may have a common quick-response (QR) code through which users can make payments by just scanning those squiggly squares with their smartphones.

A successor to the vertical bar code, a common QR code promises to bring Singapore closer to its dream of becoming a Smart Nation - one where cashless payments are embraced by both young and old.

On ...more

Prudential, Great Eastern make key appointments

Singapore

TWO insurers in Singapore have each made a new senior executive appointment.

Prudential Singapore on Monday said Roy Lim, its current head of manpower, recruitment and competency, would officially assume the position of chief agency officer (CAO) from Sept 1 and oversee the insurer's 4,000 odd agents.

Mr Lim, who joined the insurer in 2014, takes over from Jon Sandham, ...more
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