MAS nudges finance firms to cap dividends, as it did for Singapore banks
THE Monetary Authority of Singapore (MAS) on Friday urged finance companies incorporated in Singapore to cap their fiscal 2020 total dividends per share at 60 per cent of fiscal 2019's level, the same way the regulator called for the Singapore banks to do so.
OCBC takes knife to offshore support sector exposure; Q2 profit down 40%
OCBC's Q2 net profit fell by a larger-than-expected 40 per cent after it took S$350 million in provisions to write down the carrying value of the existing offshore support vessels (OSVs) that back corresponding impaired loans - a move that has crunched down its exposure to the offshore support...
UOB starts restructure work for debts paused on payments; Q2 profit down 40%
UOB has set up restructuring teams to assess borrowers who have taken a debt holiday amid the gradual unwinding of government relief measures towards the end of the year.
DBS says moratoria still masking Covid-19 damage; Q2 net profit down 22%
DBS chief Piyush Gupta expects top line and net interest margin (NIM) – a key indicator of profitability for banks – to deteriorate over the rest of the year, as the full impact of interest rates continue to flow through its loan book.
StanChart Singapore gets boost in presence with FTA backing
A RECENT free trade agreement between the European Union and Singapore has paved the way for Standard Chartered Bank Singapore to raise its presence in the Republic - and possibly in time, on the digital front in the same way the Singapore banks can.
StanChart to boost presence in Singapore as first 'significantly rooted foreign bank' here
A RECENT free trade agreement between the European Union and Singapore has paved the way for Standard Chartered Bank Singapore (StanChart Singapore) to raise its presence in the Republic.
Close to 10% of Singapore mortgages, or over S$15b, under debt moratorium
THE three local banks in Singapore are estimated to have granted payment deferments to more than S$15 billion worth of mortgages as at the end of June this year.
MAS reviewing banks' capital plans, including dividend payouts
AMID "substantial uncertainty" over the global economic outlook as corporate defaults are set to rise, the Singapore regulator is now in "close discussions" with Singapore banks on their capital management ahead, which would include conversations around - though not limited to - restricting...
MAS sees 'highly uncertain' global outlook ahead amid Covid-19 crisis
THERE is "substantial uncertainty" over the global economic outlook amid the Covid-19 crisis, said Monetary Authority of Singapore's (MAS) managing director Ravi Menon on Thursday.
Great Eastern's fintech move in Malaysia may open digital banking door to OCBC
OCBC Bank may be facing the prospects of a digital banking licence in Malaysia, if a deal made by its insurance arm Great Eastern in late June is anything to go by.
A gentle path towards greater resistance
WHEN they say don't sweat the small stuff, they haven't done barre exercises.
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.
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
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.