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

NEWS

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Life insurance industry sees 20% rise in new business in H1

Singapore

THE life insurance industry posted a robust performance in the first half of this year, boosted by strong sales of investment-linked plans and a positive attitude towards protection and retirement needs.

Weighted new business premiums jumped 20 per cent to S$2.02 billion from the same period in 2017, according to a half-yearly review by the Life Insurance Association Singapore ...more

PayNow Corporate launched today

Singapore

THE NEW PayNow Corporate e-payment service, launched on Monday morning, allows businesses and the Singapore government to instantly make and receive payments by using their respective Unique Entity Numbers.

It is an extension of peer-to-peer funds transfer service PayNow, introduced in July 2017, which only requires knowledge of the payee's mobile number or NRIC.

As ...more

For Singapore startups, India is a land of fintech opportunities

A HUGE 1.3 billion population, strong government support for going cashless, and an "existential crisis" faced by traditional financial institutions (FIs), are among the factors that make India a promising land for Singapore fintech startups, The Business Times has learnt.

As many as five Singapore fintech startups have set up shop in India or sold their solutions to companies in India in ...more

GrabPay trains sight on govt efforts in e-payment collaboration

Singapore

GRABPAY is watching with close interest how Singapore will soon roll out e-payments at food establishments such as hawker centres and coffee shops, with the mobile wallet player eager to boost partnerships among financial players here, said a top executive at the firm.

In April, the government had called for solutions from financial players here to offer "micropayments" ...more

EZ-Link, Mastercard, You Tech launch e-wallet

Singapore

EZ-Link on Tuesday said it has taken a step into fintech with the launch of YouTrip, a mobile wallet that allows users to pay in over 150 currencies when abroad without any fees.

YouTrip is developed by EZ-Link in partnership with Mastercard and Hong Kong-based mobile payments startup You Technologies Group.

Nicholas Lee, chief executive officer of EZ-Link, said ...more

OCBC partners NTU on private banking skills training

OCBC Bank yesterday said it would upskill more than 330 retail banking wealth advisers with private banking skills in a new partnership with the Wealth Management Institute (WMI) of Nanyang Technological University (NTU).

The partners have launched the OCBC-WMI Wealth Advisory Programme, under which retail banking wealth advisers would be trained on investment advisory principles in portfolio ...more

Challenges of a booming private bank industry

Roundtable participants

- Tan Su Shan, DBS Bank group head of wealth management and consumer banking group - Ong Yeng Fang, UOB managing director, head of private bank - Lok Yim, Deutsche Bank, head of wealth management Asia-Pacific and chief country officer Hong Kong - Alvin Lee, Maybank head of group wealth management and community financial services Singapore - August Hatecke, UBS ...more

MAS tells financial institutions to tighten customer verification

Singapore

ADDRESSING the potential risk that information stolen during the cyber attack on SingHealth may be used by fraudsters to impersonate customers and perform unauthorised financial transactions, the Monetary Authority of Singapore (MAS) has ordered financial institutions to tighten their customer-verification processes.

With immediate effect, all financial institutions should ...more

Singapore banks step up pace of cutting, reskilling tellers

Singapore

SINGAPORE banks' plans to retrain their frontline staff are gathering pace, with OCBC being the latest to put out fresh targets in reskilling over 300 of its bank tellers here.

The bank said on Monday it would cut half of its bank teller jobs in two years. All the tellers at the 51 local branches of Singapore's second-largest bank will be retrained over the next five years ...more

UOB doubles down on AI with investment in Israeli fintech

Singapore

UOB is ramping up its artificial intelligence (AI) investments, as it took a minority stake in Israeli fintech firm Personetics on Thursday to boost its use of machine learning and data analytics across its markets in South-east Asia.

The investment amount was not disclosed, though it is understood that UOB has joined other global banks and investors such as Spanish lender ...more
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