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Banks to tackle 'black hole' of cross-border payments

Singapore

THE "black hole" of cross-border payments may be demystified slowly, as banks in Asia and around the world are keen to tap services to track payment flows, and in time, to recall payments in the event of fraud.

Some 24 banks in the Asia-Pacific have signed up for a new cross-border tracking service launched by payment network service Swift, as the financial institutions ...more

Insurers have to tackle the uncertainties of autonomous vehicles

THE global market for driverless cars is expected to reach US$42 billion by 2025 , with more than 30 companies around the world already known to have invested heavily in the necessary R&D. Singapore, as part of its Smart Nation journey, is now joining the movement and making headway in this space.

Driverless vehicle trials are already taking place at one-north, Nanyang Technological University, ...more

OCBC taps Indonesian wealth with new onshore private banking services

Singapore

OCBC looks to entrench itself deeper in the wealth management business in this region by tapping into the burgeoning wealth in Indonesia that is held onshore.

The move also follows a headline tax amnesty programme in Indonesia that led to a total repatriation of 84.5 trillion rupiah (S$8.8 billion) from Singapore to Indonesia this year.

OCBC on Monday launched its ...more

Lombard Odier to partner Asean banks for steady growth

Singapore

SWISS private bank Lombard Odier expects to again grow its earnings by at least 10 per cent in Asia this year, spurred by various partnerships it has signed with local banks in the region.

The strategy not only caters to the unique attributes of regional high-net-worth clients, but also helps to bolster the offshore presence of Lombard Odier, which has Singapore as its Asian ...more

OCBC offers safehouse for 'rebels' to hatch breakthrough ideas

Singapore

THIS is a story about a group of bankers who have gone rogue. But unlike most rebellion tales, this is slated for a happy ending.

The hideout is OCBC Bank's fintech (financial technology) lab The Open Vault at New Bridge Road. The inviting gatekeeper to the nice office digs is Pranav Seth, head of OCBC's e-business and business transformation, who has in recent months quietly ...more

Top interns rake in up to S$10,000 a month at major foreign banks

Singapore

ALEX (not his real name) raked in close to S$9,000 a month last summer as an undergraduate intern in Singapore. His secret? Working in the sales and trading division at a foreign investment bank.

And his is apparently a fairly typical case, at least among those who land internships in investment banking or sales and trading at foreign banks such as Goldman Sachs, JP Morgan, ...more

Know your DNA, know what to eat

Prudential recently introduced myDNA, a health tool that analyses genetic information to provide diet and fitness recommendations.

It offers a comprehensive report with fitness and diet recommendations, a mobile application, on-demand chat with a dietitian and a suite of wellness activities to help customers adopt healthy lifestyles.

The myDNA kit is available to consumers at a ...more

Banks get digital platform for trade finance processes

A financial technology (fintech) firm has launched a platform that digitises a slew of banking processes still being done manually.

Five financial institutions, including DBS Group, Bank of China and UniCredit, have already joined the platform, while 11 others have signed a letter of intent to do so in the next few months. They include HSBC, Standard Chartered, ANZ and Bank of America Merrill ...more

NAB bolt-on right for OCBC but test lies ahead

LAST week OCBC Bank said it had entered into an agreement to buy a mortgage loan book worth about US$1.7 billion and a US$3.05 billion deposit portfolio from National Australia Bank (NAB).

Although OCBC's press release headlined the transaction as buying NAB's private wealth business in Singapore and Hong Kong, the statement detailed the acquisition as comprising mortgages and deposits. It ...more

Insurers dragging their feet over new accounting standard: PwC

Singapore

TIME is running out for insurers here and abroad who have been slow to prepare for the reforms that are on the cards to improve transparency and comparability of profit reporting.

The new accounting standard, International Finance Reporting Standard or IFRS 17, may only take effect from Jan 1, 2021, but PwC Singapore said insurers have little time and much to do to update ...more

UBS launches new anti-money laundering programme

Singapore

UBS and the Wealth Management Institute (WMI) yesterday announced the launch of a new initiative, a programme on anti-money laundering (AML) risk management.

The programme of work is sponsored by UBS for a period of three years. It aims to deepen AML competencies in the wealth management industry to fight financial crime, and reinforce Singapore's efforts to adhere to the ...more

Higher Q1 profits meet analysts' forecasts, but valuations still lofty

Singapore

FIRST-quarter corporate earnings met analysts' expectations with the banks turning in a surprisingly strong performance, analysts said.

But an uncertain outlook and relatively rich valuations raise doubt about whether the mildly positive start can lift market prices.

"We've had two years of earnings decline, and this time around there are no major downgrades - banks ...more

OCBC buys Australia bank's retail, wealth business in Singapore, HK

Singapore

WITH Australian banks retreating from the retail business in Asia, OCBC has scooped up the retail and wealth business in Singapore and Hong Kong of Australia's largest business bank, National Australia Bank (NAB), to bump up both its mortgage portfolio and customer base.

Observers said the deal reflects the surging costs for foreign banks in competing against local players ...more

Banks continue to drive STI up

THE three banks have been pivotal in sending the Straits Times Index (STI) upwards over the past year or so, and it was again the case on Tuesday that gains in all three that came after OCBC released better-than-expected figures helped the index rise 12.99 points to 3,249.97.

Turnover was a robust 2.2 billion units worth S$1.4 billion and in keeping with many sessions this month, the broad ...more

Greener pastures abroad, wealth fees drive profits for Singapore banks

Singapore

SINGAPORE banks are chalking up growth from beyond their home turf, where growth is slowing and banks have been working through exposure to the embattled oil-and-gas segment.

The first-quarter results of the three lenders beat analysts' expectations, fuelled as well by a surge in the wealth management business that rode on the positive market sentiment so far, although DBS ...more
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