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Great Eastern to acquire Indonesia insurance firm for US$28m

Singapore

GREAT Eastern Holdings is acquiring Indonesia-registered PT QBE General Insurance Indonesia for US$28 million (S$38.4 million), as part of its broader strategy of building its general insurance operations into a significant business pillar and deepening its footprint in Indonesia.

The group announced on Tuesday that its unit Great Eastern General Insurance Limited entered ...more

Singapore private banks target Middle East, NRI clients

Singapore

SINGAPORE'S private banks are stepping up efforts to capture new clients in the Middle East market, which includes a significant non-resident Indian (NRI) segment.

India has the largest diaspora population in the world, with as many as 16 million Indians living outside the country of their birth, says the United Nations report on migration trends.

DBS Bank, Bank ...more

MAS unveils S$30m grant to bolster cybersecurity

Singapore

THE Monetary Authority of Singapore (MAS) on Monday launched a S$30 million Cybersecurity Capabilities Grant to raise the cybersecurity capabilities of the financial sector and help financial institutions develop local talent in cybersecurity.

Funded under the Financial Sector Technology and Innovation Scheme (FSTI), the grant will support the development of advanced cybersecurity ...more

DBS to expand in Middle East, will double number of private bankers

Singapore

DBS plans to expand in the Middle East, homing in on a growing wealth segment that looks towards Asia for investment opportunities, the bank said on Tuesday.

It will make its Dubai office a strategic hub for the Middle East, positioning itself as the partner of choice for clients wishing to access the Asian market. South-east Asia's biggest bank intends to double the number ...more

Singapore among choice locations for finance companies

Singapore

HONG Kong, Tokyo and Singapore are choice destinations in the region for finance companies to be based, a study said, with the financial services sector expected to continue to play a key role in growth for the region.

The report by Colliers International is based on a comprehensive study of 16 cities in developed and emerging markets across Asia, looking at nearly 60 criteria ...more

DBS makes new appointments to transaction banking team in bid to grow business

Singapore

DBS Bank has made new appointments to its transaction banking team as the lender seeks to grow the business.

Sriram Muthukrishnan, who joins the bank from HSBC, has been appointed group head of global transaction services (GTS) trade product management. Mr Muthukrishnan, who brings with him more than 20 years of banking experience in Singapore and the region, will be responsible ...more

The brave new world of digital currencies

Imagine this: One day, the Monetary Authority of Singapore (MAS) decides to issue its own digital currency for use by residents. High-denomination currency notes (S$50 notes and above) are abolished.

You are invited to open a bank account at the MAS. You are offered a rate of interest slightly higher than those available at commercial banks because the MAS saves a lot of money by no longer ...more

Three global banks open innovation labs in Singapore

Singapore

THREE global banks on Wednesday launched their respective innovation labs in Singapore amid the Singapore FinTech Festival.

Bank of China opened its first global fintech innovation lab in Singapore to spearhead its worldwide research and development (R&D) activities as well showcase its latest technologies.

The BOC Innovation Lab (Singapore) will also showcase artificial ...more

Singapore fintechs attracted 25% more funding this year: report

Singapore

FINTECH firms based in Singapore attracted 25 per cent more funding in the first 10 months of 2018 over the funding captured in the full year of 2017, with the US$222 million of funding taken up so far making up nearly half of the funding earmarked for fintech within Asean.

These were the findings from a report by UOB released on Tuesday. It showed that Singapore continued ...more

DBS shuffles senior management team, grooms talent within

Singapore

DBS Group Holdings has made several senior appointments that will take effect over the course of the next few months including naming Tan Su Shan as the next institutional banking head.

South-east Asia's biggest bank said on Tuesday that the new appointments underscore the bank's efforts to develop and deepen bench strength and grooming talent from within.

Ms Tan, ...more
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