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


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Bank of Singapore gets regulatory nod to launch Luxembourg unit


BANK of Singapore (BOS), the private banking arm of OCBC Bank, has been granted a licence to operate a wealth management subsidiary in Luxembourg, Western Europe, in what it claims is a first for a Singapore private bank.

Through its new unit, BOS Wealth Management Europe Soci�t� Anonyme (SA), BOS will be able to offer customised private banking solutions and investment ...more

StanChart Singapore names Patrick Lee as its new CEO


STANDARD Chartered Bank has appointed veteran banker Patrick Lee as chief executive officer of the bank in Singapore, it said on Monday.

Mr Lee joined Standard Chartered in 2012, and his most recent position was head of global banking, Singapore, for which he will remain responsible until a successor is announced.

The 46-year-old will be based in Singapore and will ...more

Net increase of 7,800 jobs in financial industry in last 2 years: MAS


THE number of net jobs created for Singapore's financial industry is set to exceed the 8,000 target by year end - and the nation is just halfway through its efforts to transform its financial industry.

There was a net increase of 7,800 jobs in financial services and FinTech over 2016 and 2017, close to the target of 8,000 set under the five-year Industry Transformation Map ...more

Insurance, asset management prospects with Belt and Road

BELT and Road's (BRI) potential to transform Asia's burgeoning infrastructure needs is well known but the opportunities for the insurance and asset management sectors - particularly in Singapore - are a little less understood.

China's President Xi Jinping has described Belt and Road as "the project of the century" and, if delivered, the benefits will be immense to the recipient nations.

In ...more

DBS eyes Taiwan, Japan, Europe in hunt for bonds growth


DBS Bank's ambition of becoming a fixed income house to match global banks is gaining traction though current challenging financial markets make the strategy tough to execute.

International banks' commitment to Asia has waxed and waned depending on their fortunes but this is not an option for DBS, said Clifford Lee, the bank's head of fixed income.

As Asian investors ...more

Enhancing supervision, cyber risk among key issues for next decade: MAS's Menon


FINANCIAL regulators could grapple with evaluating reforms, enhancing supervision and cyber risk over the next decade, Monetary Authority of Singapore (MAS) managing director Ravi Menon said this week in a speech aimed at imagining plausible future scenarios.

Speaking at the Symposium on Asian Banking and Finance held by the Federal Reserve Bank of San Francisco on Monday, ...more

DBS, Stripe, Visa to power CarouPay


SINGAPORE'S largest bank, DBS, has been confirmed to be a mobile wallet partner of Carousell, the Singapore-based online classifieds startup that in May unveiled it has raised US$85 million in Series C funding, with DBS joining as a new investor.

On Wednesday, Carousell announced the launch of its long-awaited mobile payment service, CarouPay, which is developed in partnership ...more

PayNow expanding scope to include businesses


FROM August 13, businesses will be able to send and receive funds from customers and other businesses through peer-to-peer transfer service PayNow, the Association of Banks in Singapore (ABS) announced on Wednesday.

As part of Singapore's Smart Nation drive to adopt digital payments, PayNow Corporate will let business owners and the government link their unique entity numbers ...more

Singapore can use less cash and be cheque-free by 2025: Ong Ye Kung


E-PAYMENTS are catching on and the government hopes to further reduce the use of cash and make Singapore cheque-free by 2025.

It is also beefing up consumer protection against e-payment risks, said Minister for Education Ong Ye Kung at the 45th annual dinner of the Association of Banks in Singapore (ABS) on Wednesday.

The minister, who is a member of the Monetary ...more

Fintech all set to transform SME financing

THE business sentiment among Singapore's small and medium enterprises (SME) is upbeat, as the country's economy expands and productivity gains start coming in from technology investments. But there is one nagging issue that is tempering the mood. And that is nothing but an age-old problem: poor cash flow.

Cash flow constraints threaten to hold SMEs back on their growth strategies. Payment ...more
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