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Daily Debrief: What Happened Today

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High-profile payments fintech Revolut has bowed out of the race for a digital banking licence in Singapore over high capital requirements, its top executive told The Business Times.

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Revolut bows out of Singapore digibank race: CEO

"BASED on our initial analysis, it does not make sense to have a banking licence here because of the capital requirements," said Revolut chief executive Nikolay Storonsky at the sidelines of the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) conference.


 

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Market voices on:

 

Singapore fintechs dominate funding within Asean: report

SINGAPORE remains the preferred base for fintech firms in the region, a new report by United Overseas Bank (UOB), PwC and the Singapore FinTech Association (SFA) has found. 


Singapore retail sales down 2.2% in September for 8th straight monthly fall

TOTAL sales value for the month was S$3.5 billion, with online sales making up 6.9 per cent. Excluding motor vehicles, the year on year decline a milder 0.3 per cent.


Amaravati capital city startup area project terminated: Sembcorp

AS the project is still in early stages and the land in the area has yet to be developed, costs incurred amount to “a few million dollars”. 


Singapore condo resale prices extend climb in October: SRX

CONDOMINIUM resale prices rose 0.8 per cent in October from the previous month, faster than the 0.4 per cent increase in September following three straight months of small dips. Sales volume for the month rose 3.6 per cent with 807 units resold compared with 779 units in September.


Corporate earnings


The STI today

Singapore shares gain 0.8% ahead of Trump’s Tuesday speech on US trade policy

SINGAPORE’S Straits Times Index (STI) managed to recover most of its 0.7 per cent loss on Monday closing 27.15 points or 0.8 per cent to 3,267.80.