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Singapore Banking & Finance Services News

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UOB gets nod to expand branch network in Vietnam

Hanoi, Vietnam

UNITED Overseas Bank (UOB) is on track to become the first Singapore bank to set up a network of branches in Vietnam.

The State Bank of Vietnam announced on Thursday that it has given its in-principle approval for UOB to be granted a foreign-owned subsidiary bank licence by June.

The announcement by Vietnam's central bank was made on the third day of Singapore ...more

Keen competition keeping S'pore motor premiums steady


GOOD news for motorists - insurance premiums will stay flat this year as competition continues to be keen.

The General Insurance Association of Singapore (GIA) said that, despite last year's industry predictions that premiums had bottomed out, "a notable feature in the motor insurance industry in 2016 was the entry of new market players".

"This is good as it offers ...more

Next financial crisis may be triggered by a cyberattack, says MAS chief


EMERGING technologies help reduce risks in the financial sector, but they may also accentuate some risks or even create new ones, such as cyberattacks and runaway algorithms, warned Ravi Menon, managing director of the Monetary Authority of Singapore.

In his keynote address at an annual forum by the Australian Securities and Investments Commission in Sydney on Monday, he ...more

First SaaS-based predictive platform for life insurers


TEL Aviv-based insurtech company Atidot has launched the first SaaS-based (software as a service-based) predictive analytics platform for life insurers, where it can clean and sort data, as well as generate real time premium rates based on the information gathered.

The Israeli firm taps Big Data modelling and decision making tools to help life insurers make decisions, such ...more

Comeback tale of two fellow UK insurers

THEY say when one door closes, another opens. In the case of Prudential and Aviva, they might have had doors slammed in their faces last year, but things still panned out, well, not too shabbily considering the circumstances.

Let's start with Prudential, which has greater cause to pat itself on the back.

Its new business growth was modest with annual premium equivalent (APE) rising ...more

New UBS services for foreign residents here


UBS Wealth Management on Wednesday said it has set up a new service to offer specialised financial services for foreigners residing in Singapore.

The team is "especially dedicated to this underserved segment of the Singapore community", said the top Swiss private bank in Asia-Pacific, which manages 292 billion Swiss francs (S$409 billion) in this region.

UBS said ...more

Banks must make tough choices now

EIGHT years after the financial crisis, retail banks are still struggling to function as thriving, profitable businesses with clear, focused strategies. Most are a long way from achieving the return-on-equity levels they produced prior to the crisis. On top of the macro challenges - tougher regulations, near-zero interest rates, and persistently sluggish economic growth - they must figure out what ...more

Banks tussle for the brightest from the Class of 2017


DURING the annual campus recruitment season that is now drawing to a close, the banks have been fanning out to Singapore's universities in an attempt to woo the brightest sparks into joining them.

Even amid this slow economy, the banks, both foreign and local, collectively have 2,000 jobs on offer; openings at the three local banks alone account for about three-quarters ...more

AIA names new CEO as Tucker moves to HSBC


HONG KONG-LISTED insurer AIA Group will have a new chief after its former chief executive of seven years moves to Europe's biggest lender HSBC to take up the role of non-executive group chairman.

Mark Tucker, the insurer's former group CEO and president, will succeed outgoing HSBC veteran Douglas Flint as chairman on Oct 1, marking the first time the British bank has hired ...more

Credit Suisse Asia-Pac staying focused on clients


CREDIT SUISSE Asia Pacific's private banking arm hopes to ride on momentum after posting record net revenue in 2016 that has outpaced the competition, said its top executive. And this comes even as the bank wants to be clearer on businesses that it would be happy to give to other banks with a different risk appetite.

"We have started the year pretty strong," said Francesco ...more

DBS in search of new CIO: report


DBS Bank is said to have commenced a search for a new chief investment officer (CIO) to replace Lim Say Boon, who is retiring after seven years.

An AsiaOne report quoted CNBC as saying that Mr Lim has agreed to continue to work with DBS in an advisory capacity until a permanent successor is found.

Mr Lim, who turns 60 this year, joined DBS as CIO for wealth management ...more

China Life makes big splash in Singapore


CHINA Life Insurance is stamping its footprint in Singapore in a big way and in more ways than one.

Less than two years after China's life insurer opened its first office here, the Beijing-based company is now the title sponsor for one of the country's major swimming competitions.

The China Life Insurance Singapore National Age Group (Snag) Swimming Championships, ...more

Citigroup appoints new Asean head for corporate, investment banking


CITIGROUP announced on Friday a newly appointed head for corporate and investment banking (CIB) for the Association of Southeast Asian Nations (Asean).

David Biller, 41, will assume the new role in addition to his current role as head of diversified industrials for the Asia-Pacific. He will take over from Will McLane, who led the Asean CIB franchise for the past five years.

Additional ...more

Pledge to boost number of women leaders in FIs


A GROUP of male senior leaders of some financial institutions in Singapore have pledged to increase the proportion of women in senior leadership roles at their workplace.

Nineteen of them, representing 15 financial institutions, have pledged to achieve 30 per cent of women in senior leadership roles in Singapore by 2020.

It was an initiative by Financial Women's ...more

Singapore to expand use of blockchain technology


SINGAPORE will look at more ways to explore blockchain technology, following a successful experiment with interbank settlement.

THE Monetary Authority of Singapore (MAS) on Thursday said that it would test blockchain technology on settlement in bond trading to make the process more efficient. The project will be driven by the Singapore Exchange.

MAS will also focus ...more
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