1MDB SCANDAL

Singapore hits Goldman Sachs with US$122m payment, warning over 1MDB scandal

GOLDMAN Sachs Singapore has been charged by the Singapore authorities to pay US$122 million over its involvement in the 1MDB scandal.

MAS bans ex-BSI banker from financial services over US$5m 'secret profits' tied to 1MDB

THE Monetary Authority of Singapore (MAS) has banned Kevin Michael Swampillai, the former head of the wealth management services department of BSI Bank Singapore, permanently from any regulated activity tied to securities dealing and financial advisory.

Goldman Sachs to pay out US$122m to Singapore authorities over 1MDB scandal

THE Singapore authorities have fined Goldman Sachs Singapore US$122 million over its involvement in the 1MDB scandal.

Organic growth to drive UBS' goal of US$3b Asia-Pac profit

UBS, the world's largest wealth manager, is already seeing how long it would take for it to hit US$3 billion in full-year earnings from its Asia-Pacific operations, with 2020 earnings due to reach US$2 billion with ease.

UBS expects further growth from a rising Asia

UBS, the world's largest wealth manager, is already seeing how long it would take for it to hit US$3 billion in earnings from its Asia-Pacific operations, with full-year earnings due to easily hit US$2 billion by the end of 2020.

SASS AND THE CITY

Goodbye open office, and hello hybrids

SEE you in the office . . . in July next year. That's the message US tech giants are sending to their staff who are mostly working from home. The early heads-up that remote work is to stay for longer is meant to provide more certainty to employees in an uncertain time.

Big Tech is here, and it's snapping up real estate in Singapore

BIG Tech firms are snapping up office space in Singapore, taking advantage of crimped rents amid the recession set off by the Covid-19 pandemic. These include a gaggle of Chinese tech giants seeing Singapore as a base to expand into Asean.

CLIMATE CHANGE

MAS to drill deeper into climate risks for stress test on banks

THE Monetary Authority of Singapore (MAS) will, within the next two years, incorporate climate-related scenarios in the annual stress test for the financial industry, said its managing director Ravi Menon.

New green finance centre in Singapore to drive Asia-focused research, develop talent

IMPERIAL College Business School and the Lee Kong Chian School of Business at Singapore Management University (SMU) on Tuesday launched the Singapore Green Finance Centre.

Validus Capital joins Singapore banks in offering government-backed loans

VALIDUS Capital has joined the Singapore banks in offering government-backed loans under Enterprise Singapore's Enterprise Financing Scheme.

Relief extension to smoothen out credit costs for Singapore banks: analysts

ANALYSTS see a mild positive on the Singapore banks from the latest move by the Singapore regulator to extend debt relief for certain individuals and small businesses into 2021.

COMMENTARY

Lingering questions as Wirecard ends payment services in Singapore

FOR many, the writing was on the wall. The Monetary Authority of Singapore (MAS) on Wednesday directed Wirecard to cease its payment services, and have all related entities return all customers' funds by Oct 14.

BT EXCLUSIVE: NEWS ANALYSIS

Lingering questions as Wirecard ends payment services in Singapore

FOR many, the writing was on the wall. The Monetary Authority of Singapore (MAS) on Wednesday directed Wirecard to cease its payment services, and have all related entities return all customers' funds by Oct 14.

Singapore Aug bank lending falls for 6th straight session

BANK lending in Singapore in August fell for the sixth straight session over the month, preliminary data from the Monetary Authority of Singapore showed on Wednesday.

Bank lending in August falls for sixth straight session: MAS data

BANK lending in Singapore in August fell for the sixth straight session over the month, preliminary data from the Monetary Authority of Singapore showed on Wednesday. This was largely driven by weaker business lending.

Citi to open its largest wealth hub globally in Singapore in December

CITI will open its largest wealth hub globally in Singapore in December, tapping into growing wealth with a safely-distanced personal touch.

Singapore set to fine-tune debt moratorium schemes

SINGAPORE will soon calibrate its debt moratorium schemes, with the regulator looking to extend its programmes to certain borrowers beyond Dec 31 this year, while also ensuring that those with the ability to pay should begin repayment before the moratoriums expire, The Business Times understands...

Singapore to calibrate debt moratoriums soon

SINGAPORE will soon calibrate its debt moratorium schemes, with the regulator looking to extend its programmes to certain borrowers beyond Dec 31, while also ensuring that those with the ability to pay should begin repayment even before the moratoriums expire, The Business Times understands.

SASS AND THE CITY

Studying the hard truth about luck

SOMETIMES my mind runs to wild ideas to solve big problems. One issue that has bugged me for a while now - my last essay on this was 10 years ago - is how to bring a radical equaliser to the education system.

Singapore's resilient savers, and a question over the wealth gap

A SLEW of recent surveys from financial institutions point out that for those who can save, they have set aside buffers to insulate against financial threats from the health crisis that is Covid-19. But the data may also point to the widening wealth gap wrought by a global pandemic.

Singapore's resilient savers, and a question over the widening wealth gap

A SLEW of recent surveys from financial institutions point out that for those who can save, they have set aside buffers to insulate against financial threats from the health crisis that is Covid-19. But the data may also point to the widening wealth gap wrought by a global pandemic.

COMMENTARY

The bigger picture behind illicit money flows

THE latest report that slammed global banks for their part in channelling dirty money naturally stirred attention, with some international lenders having their share prices hit on the news.

BANK JOBS

Singapore banks stick to hiring plans even as UOB freezes wages

SINGAPORE banks have stuck to staffing plans made earlier in the year, including their commitments to retain jobs through to the end of 2020. But they are actively managing staff costs as Singapore remains in the throes of its worst recession.

UOB offers US$200m sustainability-linked loan to Wilmar International

UOB on Tuesday said it has offered a two-year US$200 million sustainability-linked loan to Wilmar International.

Succession plans at financial firms part of new accountability guidelines from MAS

FRESH guidelines from the Singapore regulator on the financial industry state that most financial institutions should have a succession plan that is "regularly reviewed and updated".