Banks in Singapore band together to lift standards for commodity financing

BANKS with operations in Singapore are banding together to raise industry standards for commodity financing in Singapore.

Banks in Singapore band together to lift standards for commodity financing

BANKS with operations in Singapore are banding together to raise industry standards for commodity financing in Singapore.

Wirecard 'assessing' if it can continue providing Singapore services

WIRECARD has told Singapore regulators it is "assessing" if it can continue providing services in the Republic - days after the parent of the German fintech collapsed into insolvency after admitting that 1.9 billion euros (S$2.98 billion) in cash on its balance sheet is likely non-existent.

Wirecard to assess Singapore services amid parent's insolvency filing in Germany

WIRECARD has told Singapore regulators it is "assessing" if it can continue providing services in the Republic, with the parent of the German fintech collapsing into insolvency this month after admitting that 1.9 billion euros (S$2.98 billion) in cash on its balance sheet is likely non-existent...

UOB's Dennis Khoo leaving to 'pursue other opportunities'

DENNIS Khoo, the head of UOB's TMRW digital group - which manages UOB's mobile-only bank operations under the TMRW brand - is leaving to "pursue other opportunities", the bank said on Monday.

UOB's TMRW group head Dennis Khoo to leave bank

THE head of the UOB's TMRW digital group, which manages the bank's mobile-only bank operations under the TMRW brand, is leaving the bank. UOB said on Monday that Dennis Khoo will be leaving it to "pursue other opportunities".

Singapore sees broader transition to new rates benchmark next year

SINGAPORE expects to see a fuller transition to the use of its alternative benchmark rate, the Singapore Overnight Rate Average (SORA), starting next year, with key banks in the Republic ready to trade SORA derivatives that should boost market participation and liquidity.

Twenty-three-year-old to be charged with unlicensed Bitcoin dealing tied to online scams

A 23-year-old Singaporean will be charged with unlicensed Bitcoin dealing, with the alleged transactions tied to proceeds from victims of online scams.

SASS AND THE CITY

Conference calls are the new miserable punch clock

I'M LATE to the party that is The Marvelous Mrs Maisel, an American dramedy centring around an upper-middle-class Jewish woman who takes on stand-up comedy in the late 1950s. Besides juxtaposing her corset-bound lifestyle against her potty-mouthed humour, the show tells of a woman who was forced...

A New Benchmark

The Singapore Overnight Rate Average (SORA) will soon replace the current Swap Offer Rate (SOR) as a benchmark for loans. Here’s how SORA will be computed

VIRUS OUTBREAK

US dollar shortage in March threatened to spark off another financial crisis

THE severe stresses in the global financial markets in just about two weeks in March were enough for the Monetary Authority of Singapore (MAS) to dust off contingency plans for another financial crisis.

Debt build-up sets back hopes of recovery in H2: MAS chief

THE accumulation of debt - seen in emerging markets and around the world - is likely to be the "number-one aftermath" of the Covid-19 outbreak to be dealt with from as early as next year, with expectations of a recovery in the second half of this year set to be "severely tested", said Ravi Menon...

UBS commits to hiring 300 more in Singapore over 18 months

ASIA'S largest wealth manager UBS said on Wednesday it will commit to create some 300 new jobs here by tapping on the government's Job Support Scheme, with an aim to hire both graduates in Singapore and mid-career individuals over the next 18 months.

Digibank aspirants to show MAS updated proposals

THE 21 digital bank applicants in Singapore will be scrubbing through numbers and updating them to show the Monetary Authority of Singapore (MAS) from this month how their businesses and finances have been impacted by the global pandemic.

Digital bank applicants to update MAS on Covid-19's business impact from June

THE 21 digital bank applicants in Singapore will update the Monetary Authority of Singapore (MAS) from this month on how their business and finances have been impacted by the global pandemic, The Business Times (BT) understands. 

HOCK LOCK SIEW

For banking to go digital, the first steps need to begin with empathy

IT SEEMS like a natural course correction with the virus outbreak. As banks have to limit physical interactions with customers, more transactions are moving online.

SASS AND THE CITY

These are a few of my favourite pre-pandemic things

"Thus each of us had to be content to live only for the day, alone under the vast indifference of the sky. This sense of being abandoned, which might in time have given characters a finer temper, began, however, by sapping them to the point of futility. For instance, some of our fellow citizens...

Dialling up the future of call centres at banks

HERE'S a peek into the future of customer centres at banks. An online transaction fails to go through, and right there and then, the bank will send the customer a chat message, a text, or an e-mail, before having him or her ring up the bank to deal with the problem.

BANK EARNINGS

Singapore banks brace themselves for tough months ahead

SINGAPORE banks posted lower earnings in the first quarter after bulking up their provisions to cushion against economic stresses brought on by the virus outbreak, and against some of their oil-and-gas exposure.

Singapore banks see hefty provisions yank down Q1 earnings

SINGAPORE banks posted lower earnings in the first quarter after fattening their provisions to cushion against economic stresses brought on by the virus outbreak, as well as against some of their oil-and-gas exposure. 

HOCK LOCK SIEW

How Singapore's keeping credit open to SMEs

CREDIT is flowing to small and medium-sized enterprises (SMEs), the lifeblood of Singapore's economy, amid the novel coronavirus outbreak.

VIRUS OUTBREAK

UOB has approved S$4b in loans backed by government to hard hit mid-sized enterprises

UOB has approved S$4 billion in loans under Enterprise Singapore's (ESG) temporary bridging loan programme (TBLP) since the government increased its risk-share of such loans to 90 per cent a month ago.

UOB extends S$4b in loans under government-assisted loan scheme

United Overseas Bank (UOB) on Tuesday said it has approved S$4 billion in loans under Enterprise Singapore's (ESG) temporary bridging loan programme (TBLP) since the government increased its risk-share of such loans to 90 per cent a month ago.

Economic pain will make slower but surer imprint in banks' results

DBS'S latest guidance following its Q1 results is likely to bring the local banking sector to closer certainty of credit costs hitting previous crises levels, though relief measures from the government and guidance from the Monetary Authority of Singapore (MAS) on what defines defaults does...

BANK EARNINGS

DBS to bring credit cost estimates closer to past crisis levels; Q1 earnings down 29% to S$1.1b

DBS has guided for credit costs over the next two years to be "comparable" to past crises levels, and disclosed that its oil-and-gas (O&G) portfolio makes up the largest chunk of its lending to industries made vulnerable by the Covid-19 pandemic.