An important resource for the dynamic banking and financial industry, providing a definitive list of banks, financial institutions in Singapore.


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OCBC testing fintech solutions in vetting money laundering


OCBC Bank is trying out two financial technology (fintech) solutions to augment its competency in combatting money laundering and terrorism financing.

The fintech companies involved are BlackSwan Technologies and Silent Eight. Both these companies were involved in the second fintech accelerator programme run by OCBC Bank's fintech unit, The Open Vault at OCBC.

The ...more

Fintech adoption in Singapore still lags global rate, says EY


SINGAPORE'S fintech adoption rate continues to be below the global average of 33 per cent, despite the increase from 15 per cent in 2015 to 23 per cent in 2017, according to the latest Ernst & Young (EY) FinTech Adoption Index.

This comes as Singapore draws more fintech companies and services, such as Lufax's first overseas online wealth management platform, as announced ...more

Why banks need new operating models

MANY banks have recognised that they need a truly differentiated strategy as the industry's economics have come under pressure from new technology and entrants with disruptive business models. For example, large technology firms such as Alibaba, the Internet giant in China, and Kakao, the messaging giant in South Korea, have been moving into markets such as payments, raising customers' expectations ...more

Freeing banks to take on tech firms for market share

The time may soon come when we can buy refrigerators or make doctors' appointments through our banks.

Regulators here plan to relax certain rules on "anti-commingling" so that banks here can invest up to 10 per cent of their capital funds in certain non-financial businesses.

In particular, they will be allowed to operate digital platforms that match buyers and sellers of consumer ...more

Great Eastern rebrands general insurance arm


GREAT Eastern Holdings has rebranded its general insurance arm as it looks to turn it into a significant source of growth for the group, with operations to follow suit in Malaysia at the end of August.

The composite insurer said in a Tuesday morning release that the arm, once known as Overseas Assurance Corporation (OAC), has been rebranded as Great Eastern General Insurance ...more

GIC still evaluating banks as investments


GIC's move to pare its stake in Swiss private bank UBS Group - resulting in an estimated loss of some 4 billion Swiss francs (S$5.73 billion) - comes as the sovereign wealth fund continues to evaluate investment opportunities in the banking sector based on valuations, growth prospects, and the credit-risk management of institutions.

"There are such banks," said GIC's group ...more

MSIG, DBS launch instant e-payment service for travel claims


MSIG and DBS announced the launch of Singapore's first instant electronic payment service for travel insurance claims this week. MSIG said it is the first to tap the bank's real-time payment service, using technology to focus on initiatives that will improve customer experience.

This service, rolled out through an application programming interface (API), will reduce the ...more

Cash is king for fund managers wary of valuations, global recovery


ASK Vinay Agarwal about valuations, and his brows furrow.

"I've never held so much cash before, at 13 per cent," said the Indian equities fund manager with First State Stewart Asia, who has US$650 million under his charge.

Companies he likes are expensive. And while earnings have perked up, sales volumes for many companies have not, he said.

"I just think ...more

Citi eyes expansion in Asian trade corridors to tap region's growth


CITI hopes to double its growth into major intra-Asia trade corridors that would add up to US$2 billion in lending, tapping on the region's trade flows estimated at US$2.5 trillion, said a top executive.

The shift in strategy to tap a greater share of intra-Asia flows, undertaken after a restructuring of Citi's corporate banking division last year, comes as regional clients ...more

Boom in fintech jobs as banks digitise

Never mind numeracy skills. To work in a bank these days, a job-seeker is better off being a designer, digital data analyst or tech developer.

The Monetary Authority of Singapore (MAS) in its annual report last week noted a net increase of 2,800 financial sector jobs last year, despite the slowdown in financial sector growth to 0.7 per cent from 5.7 per cent in 2015.

MAS managing ...more

Cyber, tech, insurance firm ties up with Lloyd's in Singapore


A NEW company specialising in cyber, technology and financial lines has joined the flurry of insurtech activities that have started picking up on the Singapore insurance scene.

Delta Insurance Singapore, backed by Delta International and affiliated with Delta Insurance New Zealand, is the first such Lloyd's coverholder in Singapore underwriting these types of businesses.

As ...more

More powers for MAS to resolve problems at banks in distress


THE Monetary Authority of Singapore (MAS) will hold more powers to resolve problems of distressed financial institutions in an orderly way.

Ong Ye Kung, Minister for Education (Higher Education and Skills) & Second Minister for Defence, presented the second reading of the MAS (Amendment) 2017 Bill in Parliament on Tuesday. The Bill has been passed.

Presenting the ...more

MAS to allow banks here to also invest in foreign e-commerce platforms

SINGAPORE banks will be allowed to buy stakes in e-commerce platforms outside of Singapore as well, the Monetary Authority of Singapore (MAS) told The Business Times on Thursday, as MAS this week announced that banks here would soon be able to invest in digital consumer platforms such as Carousell and Qoo10.

This is so that banks can invest in such "permissible non-financial businesses" that ...more

BOC launches regional debt capital market centre in S'pore


BANK of China launched its Debt Capital Market Centre (Asia) in Singapore on Thursday - the first such centre established by a Chinese bank in the Republic.

Leveraging on Bank of China's global expertise and distribution network, the regional centre will provide bond origination and distribution services for clients in the Asia-Pacific region.

The new centre will ...more

Financial sector jobs in focus as middleman role under threat


AS THE net new jobs created in the financial sector last year hit its lowest level since 2009, and some who have been laid off are struggling to find new jobs, the Monetary Authority of Singapore (MAS) is putting jobs and skills at the "front and centre" of its financial sector development.

MAS is working with financial institutions to identify early on jobs that might be ...more
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