November 28, 2020

Info IEC

Business & Finance Information

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Fri, Nov 27, 2020 – 12:10 PM

RESTRUCTURING specialist KordaMentha has been named liquidators of department store operator Robinson & Company (Singapore), according to a memorandum seen by The Business Times (BT).

KordaMentha’s Cameron Duncan and David Kim, previously the provisional liquidators, were approved at an online creditors’ meeting on Thursday to wind up the ailing company, which announced in late October that it would shutter for good in Singapore after more than a century in business.

The majority of Robinsons’ 442 creditors, owed some S$31.7 million in total, also gave the green light on resolutions such as the appointment

Thu, Nov 26, 2020 – 1:34 PM

SINGAPORE’s financial services sector has remained resilient against the economic toll of the Covid-19 pandemic, creating some 1,900 net jobs for Singaporeans in the first half of the year.

But this trend may not be here to stay, as rising demand for tech roles in the industry continues to outstrip the ability to build up the relevant skills, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), at a webinar hosted by MAS and the Institute of Banking and Finance (IBF) Singapore on Thursday.

“We should not be complacent. Just

FINTECH company IN Financial Technologies has received S$5 million in a round led by DeClout Ventures, the corporate venture capital arm of the DeClout group.

IN Financial’s wholly-owned subsidiary Cash-IN-Asia operates a business-to-business (B2B) financing platform for micro, small and medium enterprises (MSMEs) in the Asia-Pacific.

Such MSMEs usually have little access to business financing, said Cash-IN-Asia in a joint statement with DeClout Ventures on Wednesday.

The platform, powered by artificial intelligence (AI) and data analytics, is fully digital and allows clients to complete the onboarding and application process in three minutes, according to the startup. MSMEs can thus have

Tue, Nov 24, 2020 – 1:00 PM

THERE are growing concerns that a market correction may be on the cards next year for Asia-Pacific (APAC) real estate, which has thus far been resilient amid the coronavirus pandemic, particularly when compared to Western markets.

A regional forecast report by non-profit education and research institute Urban Land Institution (ULI) and PwC released on Tuesday noted that the Covid-19 outbreak has had a limited impact on local real estate markets this year.

However, stress may surface soon, particularly in China, India and Australia, which will likely be sources of forced sales next year.

Mon, Nov 23, 2020 – 1:06 PM

COVID-19 has put a strain on Singaporeans’ financial health, impacting their ability to pay their housing loans and dragging down their passive income, according to the latest survey by OCBC.

The OCBC Financial Wellness Index, which launched in 2019, has dipped to 61 this year, down from 63, on the back of the pandemic fallout and the resulting global economic slowdown.

A total of 2,000 working adults in Singapore between the ages of 21 and 65 were surveyed online between Sept 2 and Oct 3 this year.

About a third of respondents (31

Sun, Nov 22, 2020 – 10:00 AM

INVESTORS will have easier access to Hong Kong-listed technology stocks next month, as OCBC works towards the listing of a tech-focused exchange-traded fund on the Singapore Exchange. (see amendment note)

The Lion-OCBC Securities Hang Seng TECH ETF will track the Hang Seng TECH Index, which is made up of the top 30 technology companies listed in Hong Kong by market capitalisation.

As at end-October, the index’s five largest constituents by weight were Tencent, Meituan Dianping, Sunny Optical, Alibaba and Ali Health.

The index returned 36.25 per cent in 2019 and 35.30

Sat, Nov 21, 2020 – 5:50 AM


CIMB Singapore has dropped three long-time banking heads, as the lender restructures its business amid dismal results in the Republic.

The three business heads cut are Josandi Thor, head of consumer banking; Yong Jiunn Run, head of commercial banking; and Lai Ven-Li, head of corporate banking.

The Business Times understands that this was announced in an internal memo to Singapore staff earlier this week. This was first reported by financial services website eFinancialCareers.

In response to queries from BT, a spokesperson from the bank said that it does not comment on internal

CIMB Singapore has dropped three long-time banking heads, as the lender restructures its business amid dismal results in the Republic.

The three business heads cut are Josandi Thor, head of consumer banking, Yong Jiunn Run, head of commercial banking, and Lai Ven-Li, head of corporate…

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Wed, Nov 18, 2020 – 1:04 PM

PRUDENTIAL Singapore on Wednesday said it plans to hire more mid-career individuals and fresh graduates amid the Covid-19 downturn.

The life insurer intends to hire up to 500 more financial consultants in 2021 than this year, as the “current health crisis has triggered growing awareness of and interest in insurance”, it said in a press statement.

The new hires will include up to 200 mid-career individuals selected for its new S$1 million talent management programme, slated to launch in January next year.

Eligible candidates will undergo a two-year training programme, including a 12-month