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.

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.

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...

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.

DBS' O&G portfolio makes up largest chunk of loans to industries hit by Covid-19

DBS on Thursday guided that its oil-and-gas (O&G) lending portfolio at S$23 billion makes up its single-largest loan exposure to impacted industries made vulnerable by the Covid-19 pandemic, and that it sees more allowances set aside specifically for O&G support services.

BIS arm calls for global hackathon to solve compliance problems

THE Bank of International Settlements (BIS), through its Singapore innovation hub arm, on Wednesday called for private firms to participate in a global "remote hackathon" to solve urgent problems related to regulatory compliance and ensuing supervisory processes.

BIS innovation hub in Singapore calls for global hackathon to solve compliance pain

THE Bank of International Settlements (BIS), through its Singapore innovation hub arm, on Wednesday called for private firms to participate in a global "remote hackathon" to solve urgent problems related to regulatory compliance and ensuing supervisory processes.

VIRUS OUTBREAK

Extended lockdown nudges Singapore towards record slump

WITH tightened lockdown measures that have been extended through to June 1, economists have pencilled in more sobering numbers that would cement the deepest recession that the Republic will ever print in its history.

A deeper recession in Singapore as 'circuit breaker' stretches to June: economists

WITH tightened "circuit-breaker" measures that have also been extended through to June 1, economists have pencilled in a deeper recession in Singapore for 2020. 

VIRUS OUTBREAK

MAS' near-zero cost funding to banks will halve borrowing rates for SMEs

SINGAPORE banks will just about halve the interest rates to small- and medium-sized enterprises (SMEs) on the latest tranches of government-assisted loans, as the central bank stepped in for the first time ever to directly offer funding at near-zero cost to financial institutions amid the virus...

MAS to directly lend to banks at near-zero cost, pumping cheap credit to SMEs

IN AN unprecedented move, the Monetary Authority of Singapore (MAS) will directly step in to lend Singdollars at an interest rate of 0.1 per cent per annum to eligible financial institutions, which will in turn offer loans priced off near-zero funding cost to small and medium-sized enterprises (...

SASS AND THE CITY

An uneasy solitude for introverts

THERE are memes that celebrate the Great Lockdown as a small win for the introverts. "I've been preparing for this moment my whole life," so the deadpan quotes go.

DBS to pay final dividend on May 26 after approval at AGM

DBS Group will pay its shareholders their final dividend for fiscal 2019 of 33 Singapore cents per share on May 26, once it gets approval from shareholders via a virtual annual general meeting (AGM) to be held on April 30 at 2.30pm, it said on Wednesday.

DBS to pay final dividend on May 26 on shareholder approval via virtual AGM on April 30

DBS Group will pay its shareholders their final dividend for fiscal 2019 of 33 cents per share on May 26, once it gets approval from shareholders via a virtual annual general meeting (AGM) to be held on April 30 at 2.30pm, Singapore's largest bank said on Wednesday.

VIRUS OUTBREAK

DBS, OCBC and UOB pledge no job cuts due to Covid-19

SINGAPORE banks, which are major employers here, have pledged no retrenchments as a result of the novel coronavirus outbreak.

UOB CEO records S$10.75m total salary for 2019, up 1.8%

UOB's chief executive Wee Ee Cheong recorded a 1.8 per cent increase in 2019 total salary to S$10.75 million, up from S$10.56 million, the bank's annual report put out on Wednesday showed.

Singapore banks pledge no job cuts due to Covid-19

SINGAPORE banks, which are major employers here, have pledged no retrenchments as a result of the novel coronavirus outbreak.

UOB CEO sees 1.8% lift in pay to S$10.8m; bank to defer April 30 AGM

UOB is due to defer its annual general meeting, which was slated originally for April 30, given the restrictions of mass gatherings due to the virus outbreak, BT understands.

HOCK LOCK SIEW

For Singapore banks, a lesson on greater transparency from Jamie Dimon

JPMORGAN'S long-standing CEO Jamie Dimon on Monday set out a 23-page shareholders' letter that outlined how the US bank is managing the crisis at hand, as brought on by the global virus outbreak.