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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HSBC to move HQ to Marina Bay Financial Centre from 2020

Singapore

HSBC Singapore will be relocating its head office from its current premises at HSBC Building, 21 Collyer Quay, to Marina Bay Financial Centre (MBFC) Tower 2 from April 2020 to accommodate the company's rapid growth plans.

The bank has said that it is planning a 10 per cent increase in its Singapore headcount across all business lines over the next three years. It has a current ...more

Fear no more the cashless wave

IT is not every day that a team of young university graduates reject lucrative job offers from top multinational companies to start up their own company.

And it is even more uncommon given that the startup bears little relevance to the graduates' fields of study.

But FOMO Pay co-founders Zack Yang and Louis Liu, who were engineering students, believe that creating their fintech startup ...more

Regulators need to tighten reins on fintechs

THERE are no signs of real haste from global regulators in keeping financial technology (fintech) firms in further check. Yet, it may be time for regulators here to expand their supervisory scope, as large fintech firms start to stake a claim on financial services in Southeast Asia.

The Basel Committee on Banking Supervision has signalled that it believes fintech firms pose little threat to ...more

MAS wants binding cyber security rules for Singapore financial institutions

Singapore

THE Monetary Authority of Singapore (MAS) has moved to tighten the rules on cyber security for financial institutions (FIs) in Singapore by proposing to make legally binding a set of six essential cyber security measures to protect their IT systems.

The measures are already part of its existing MAS Technology Risk Management Guidelines, but the financial regulator is proposing ...more

Banking with the times

TODAY'S banks operate in unique times. As they rapidly digitalise to seize new opportunities of growth, they are also confronted with the challenges presented by the platform economy and strong financial technology (fintech) entrants that could pose serious competition.

The vortex of forces that they face includes: the ongoing impact and adoption of technology such as robotic process automation ...more

MAS and Dubai authority sign fintech accord

Singapore

THE Monetary Authority of Singapore (MAS) and the Dubai Financial Services Authority (DFSA) have signed an agreement that paves the way for each party to refer fintech companies to the other, as well as facilitate the sharing of information on innovation in the financial sector.

They have also agreed to work on joint projects on the application of key technologies; these ...more

Temasek unit, BOC lift community bank network by 27 more units

Singapore

TEMASEK-owned Fullerton Financial Holdings (FFH) and Bank of China have jointly acquired 27 community banks from China Construction Bank for RMB1.606 billion (S$321.3 million) - a new record in terms of the number of community banks being transferred in a single transaction.

The public listing and auctioning process of the state-owned assets to be transferred were facilitated ...more

Global Finance names DBS world's best bank

Singapore

DBS Bank has become the first Singaporean and Asian winner of Global Finance Magazine's Best Bank in the World Award, unseating last year's winner ING.

This came after DBS was named Asia's top bank in May, replacing 2017 winner ICBC, in the magazine's annual World's Best Bank Awards.

"To become the Best Bank in the World requires a special combination of safety ...more

Keep investing in cashless economy

The Association of Banks in Singapore (ABS) has contributed yet again to the evolution of Singapore's cashless society by launching PayNow Corporate. It is an extension of PayNow, the peer-to-peer instant funds transfer service that requires one to know only a payee's mobile or NRIC number. PayNow Corporate will enable businesses, corporates and official agencies to pay and receive Singapore dollar ...more

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
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