January 20, 2021

Info IEC

Business & Finance Information

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Tue, Jan 19, 2021 – 1:12 PM

RECENT moves by tech firms to acquire small Indonesian banks will add more colour to Asean’s financing landscape, but are unlikely to pose a material challenge to the biggest incumbent lenders in the near term, said Fitch Ratings.

This comes as the tech firms are first likely to target underserved or niche segments of the market which traditional banks tend to neglect, it added in the report.

In the past two months, there had been separate reports on consumer Internet firm Sea planning to acquire Bank Kesejahteraan Ekonomi (BKE), and mulling the purchase

Mon, Jan 18, 2021 – 2:37 PM

THE Monetary Authority of Singapore (MAS) on Monday issued revised technology risk management guidelines amid “clear indication” of a worsening cyberthreat environment.

This comes after the recent spate of cyberattacks on supply chains, which targeted multiple IT service providers through the exploitation of widely-used network management software, said the regulator in a statement.

MAS said the revised guidelines focus on addressing technology and cyber risks in an environment of growing use by financial institutions (FIs) of cloud technologies, application programming interfaces and rapid software development.

The guidelines outlined enhanced risk mitigation strategies for

Thu, Jan 14, 2021 – 4:39 PM

THE Monetary Authority of Singapore (MAS) on Thursday announced the appointment of Leong Sing Chiong as deputy managing director (Markets & Development).

The appointment takes effect on Feb 1, 2021.

Mr Leong, 51, will oversee the Markets and Investment Group, which conducts money-market and foreign-exchange operations, issues Singapore government securities and manages Singapore’s official foreign reserves.

He will also have oversight of MAS’ Fintech and Innovation Group, as well as the Development and International Group, which promotes Singapore as an international financial centre.

He takes over from Jacqueline Loh, deputy managing director (Markets

POPPING open a bright-red hongbao and pulling out crisp new bank notes has been a traditional Chinese New Year (CNY) experience for many people across Singapore, but that's due to change this year.

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“E-MONEY” and interbank transfers are duking it out in the region, as their growth outstrips that for debit and credit cards, a report projected on Thursday.

Card payments declined in 2020, with transactions having shrunk as retail activity dimmed during Covid-19 and banks slowed card issuances.

Amid stiff competition, tech firms are now turning from digital money services to banking, said the report from S&P Global Market Intelligence analyst Sampath Sharma Nariyanuri.

These non-banks are expected to dominate the fintech scene in Indonesia and the Philippines, while incumbents stay solid in Singapore, Thailand and Malaysia. A slew of non-banks –

Wed, Jan 13, 2021 – 2:12 PM

THE Singapore Exchange (SGX) has appointed Herry Cho as managing director, head of sustainability and sustainability finance – a newly created position as part of the company’s efforts to expand its sustainability efforts.

Ms Cho will assume the role from Feb 8, and drive the strategic direction of SGX’s environmental, social and governance ambitions, as well as further broaden and deepen its sustainable finance pillars. She will report to SGX’s chief executive officer Loh Boon Chye.

Previously the head of sustainable finance Asia Pacific at ING, Ms Cho was responsible for spearheading ING’s

Mon, Jan 11, 2021 – 11:12 AM

OCBC has appointed a seasoned hand in Greater China Helen Wong to be its new group chief executive officer from April 15.

Ms Wong, former chief…

Mon, Jan 11, 2021 – 1:06 PM

OCBC has launched a consumer loan for landed property homeowners looking to install solar panels on their homes.

The loan facility, which is Singapore’s first, provides these owners with a term-financing option for installing solar panels, defraying upfront costs to enable and accelerate clean energy adoption, the bank said in a press statement on Monday.

Each homeowner can borrow up to S$30,000 with a tenure of between one and five years to allow for greater flexibility on the repayment period, it added.

Moreover, the bank has exclusively partnered Sembcorp Industries’ electricity retail arm

Singapore

IT is likely to be a long-drawn affair for CoAssets’ promissory noteholders to claw back their investments – if they were to get back any at all, said industry watchers.

This comes as hundreds of retail investors – mainly promissory note holders of CoAssets’ various…

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