Retail News CRM

Category: Finance

Retail News Asia is committed to providing both local and global retailers with the latest Finance news throughout the Asian market. This on a daily base.

  • Binance Unveils Singapore Crypto License Ambitions

    Binance Unveils Singapore Crypto License Ambitions

    Cryptocurrency exchange giant, Binance, has applied for an operating license in Singapore which continues to lure new players following the recent progressive developments in its regulatory regime.

    Founded in 2017, Binance experienced extremely rapid growth before achieving an estimated market cap of $1.3 billion by early January 2018. The Malta-headquartered exchange now has offices located globally including in Singapore where it is backed by Temasek’s venture capital arm Vertex Venture.

    Whilst initially focused only on crypto-to-crypto trading platforms, which allowed Binance to grow without dealing with banks and regulators, the firm began to focus on the development of formal exchanges in jurisdictions with a relevant regulatory regime like Singapore.

    We have already applied,» said Binance co-founder and CEO Zhao Changpeng. «We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

    Last month, Singapore introduced the Payment Services Act which will formally regulate companies engaging in activities ranging from digital payments to the trading of tokens like Bitcoin or Ether. In addition to an expanded regime, the Monetary Authority of Singapore’s supervisory powers were also enlarged to cover cybersecurity risks and controls on money laundering and terrorism financing from such activities.

    Greater clarity for businesses through explicit regulation was expected to be a key driver for new entrants. Other reported applicants thus far include Tokyo-based crypto exchange operator Liquid Group Inc and London-based Luno.

    Lees ook:

  • HSBC Joins Singapore Banks In Local Relief Measures

    HSBC Joins Singapore Banks In Local Relief Measures

    HSBC Singapore is the latest to join other Singapore banks in announcing a slew of relief measures to help businesses and retail customers tide through the effects of the Covid-19 outbreak.

    HSBC announced on Friday its set of support measures for Singapore clients, joining DBS, Standard Chartered, OCBC who already pushed out their relief packages on Thursday. UOB had announced mid-week it would set aside S$3 billion to support small- and medium-sized enterprises (SME).

    The bank’s set of support measures aims to ease Singapore’s flow of commercial trade, which includes maturity extensions to SGD$600 million of current trade loans and 1-hour turnaround on the issuance of shipping guarantees. «Trade underpins Singapore’s economy and society. The measures that we have introduced today aim to facilitate the continued flow of trade by easing the cashflow and operational pressures faced by businesses tackling supply chain disruptions. We are committed to supporting our customers,» said Tony Cripps, Chief Executive Officer of HSBC Singapore.

    In addition, it is waiving amendment fees on Letters of Credit impacted by delays, plus providing enhanced support to enable customers to shift towards digital processing.

    On Thursday, DBS provided details of its liquidity relief packages to address their customers’ «most urgent cash flow needs» after the lender announced its year-end results. In particular, it will provide a six-month principal repayment moratorium for SME property loans.

    In addition, DBS will offer an extension of import facilities of up to 60 days to act as immediate cash-flow support for businesses coping with disruptions from the Covid-19 situation. These relief packages will be available to customers with good repayment histories when they apply, it added. Assistance for affected retail customers will be shared on DBS/POSB’s website from 17 February.

    Standard Chartered is looking to offer loan tenor extensions and principal moratoria of up to 12 months for affected clients with business banking installment loans upon request. Other forms of support could include bill maturity extensions of up to three months for clients with trade facilities who face delayed trade payments, waivers of business banking late fees and related charges such as restructuring costs for up to six months, and extra loans or overdrafts against their property for clients with commercial mortgages.

    For OCBC, it will offer targeted support to customers across its core markets which include Singapore, Malaysia, China, Hong Kong, and Macau. Measures include letting customers restructure their loans, providing a moratorium on principal repayment for loans, extending the due date of affected trade finance bills, and extending bridging loans in the form of additional working capital financing.

    The bank will not limit he help it will extend to customers, noting that the scale of the virus outbreak is «different from that of previous challenges» due to increased connectivity in the region, said OCBC chief executive Samuel Tsien in a media statement.

    Lees ook:

  • UBS with a personal touch

    UBS with a personal touch

    One of the key challenges facing wealth managers today is how to gauge the needs of their clients. UBS has designed an app that will help its bankers to collect information going far beyond the core financial interests.

    What are you passionate about? Who are the people you care about most? What do you really want to do with your wealth and life?

    These are questions that the wealth management of UBS will put to its U.S. clients soon with the help of an app it designed together with Deloitte consultants. The new app is designed to help clients gain a more complete picture of their total wealth.

    The bank worked closely with clients and financial advisers in the launch of the application, it said in a statement. The clients can expect tailor-made insights through the use of the app.

    Apart from gathering information about the personal needs of clients with the help of algorithms, the app also introduces functionality that lets clients set and track financial milestones, alongside enhanced online account management features.

    In a bid to enhance the communication between client and relationship manager, the bank is introducing a one-click connection to the financial adviser. This feature sets the app apart from rival bids.

    The app will also help customers keep a view over their finances at UBS and other companies, something that UBS rivals also are keen to introduce as it would help them in advising their clients.

    Lees ook:

  • Standard Chartered Robber to Face Charges in Singapore

    Standard Chartered Robber to Face Charges in Singapore

    The man, wanted in connection with the 2016 robbery of a Standard Chartered branch in Holland Village, will face charges in Singapore after his appeal against extradition from the U.K. was dismissed by a London judge.

    Canadian national David James Roach will face extradition to Singapore from London, where he is currently held, to face charges of robbery and money laundering, the Singapore Police Force said in a statement on Thursday.

    The Singapore authorities will do whatever is necessary and permissible within our legal framework to seek justice against those who commit crimes in Singapore, regardless of nationality and where they might have fled to, the statement said.

    The 28-year-old suspect took $30,490 in cash from the bank in a robbery that took place on the morning of July 7, 2016. By the time the police were able to establish his identity, he had already fled to Bangkok, Thailand. He was later detained by local authorities and found guilty of violating money-laundering laws by bringing money from the robbery into Thailand.

    After serving a 14-month sentence, he returned to Canada on January 11, 2018, but was detained in London during a stopover at the request of Singapore authorities.

    Robbery carries a 10 years’ jail and at least six strokes of the cane, while the money laundering charge comes with a 10-year sentence and a S$500,000 ($360,000) fine. For the extradition to proceed, Singapore authorities have agreed to the U.K.’s request to waive the caning if Roach is found guilty.

    Lees ook:

  • AXA Investment Management Launches All China Strategy

    AXA Investment Management Launches All China Strategy

    AXA Investment Managers as launched its All China Evolving Trends strategy, which aims to provide investors with access to the growing pot of investable Chinese equities listed both in China and abroad.

    The strategy will invest in A-Shares listed on the Shanghai and Shenzhen stock exchanges traded via the HongKong Stock Connect, H-shares listed in Hong Kong as well as Chinese companies that are listed globally. It will be managed by William Chuang, who has over 18 years of investment experience and currently oversees the Greater China region research for AXA Investment Managers (AXA IM) Framlington Equities investment platform.

    We see that the Chinese equity market offers a diverse and attractive set of opportunities to investors. Our goal is to tap into those opportunities with a robust investment approach and the flexibility to invest across Chinese onshore and offshore equities,» said Chuang, portfolio manager at AXA IM in a media statement on Friday.

    We have been researching Chinese companies for many years, we felt this was the optimum time to launch an All-China strategy as the Chinese A-share market attracts greater interest following inclusion into various indices and importantly, there are plenty of high-quality companies which are benefitting from structural growth drivers including rising consumption, technology innovation and shifting demographics,» Chuang added.

    Utilizing a fundamental, bottom-up investment approach, Chinese companies will be selected through the lens of five long term investment trends which form the basis of AXA IM Framlington Equities’ evolving economy thematic range:

    • Aging and Lifestyle – the changing ways that people are living across the globe as life expectancies rise.
    • Connected Consumer – technological advancements that enable companies to engage their customers more deeply in a digital economy.
    • Automation – applications of robotics and automation to improve or optimize processes across various industries.
    • CleanTech – low-carbon economy solutions and sustainable resources management.
    • Transitioning Societies – economic inclusion and changing consumption patterns of the growing global middle class, particularly in the developing world.

    In addition to the launch, AXA IM has hired Natalia Mu as an Investment Specialist to provide further expertise in the region. She works closely with William and the AXA IM Framlington Equities thematics portfolio managers and assists sales teams across Asia.

    We are convinced that the secular themes we have identified will accelerate and evolve over the next decade and believe investors should be invested in active strategies that aim to capture those opportunities. China is a key strategic focus for AXA IM, and the launch of the strategy is a logical progression of the thematic range, said Matthew Lovatt, Global Head of AXA IM Framlington Equities.

    Lees ook:

    Lees ook:

    Lees ook:

  • HSBC Joins Singapore Banks In Local Relief Measures

    HSBC Joins Singapore Banks In Local Relief Measures

    HSBC Singapore is the latest to join other Singapore banks in announcing a slew of relief measures to help businesses and retail customers tide through the effects of the Covid-19 outbreak.

    HSBC announced on Friday its set of support measures for Singapore clients, joining DBS, Standard Chartered, OCBC who already pushed out their relief packages on Thursday. UOB had announced mid-week it would set aside S$3 billion to support small- and medium-sized enterprises (SME).

    The bank’s set of support measures aims to ease Singapore’s flow of commercial trade, which includes maturity extensions to SGD$600 million of current trade loans and 1-hour turnaround on the issuance of shipping guarantees. «Trade underpins Singapore’s economy and society. The measures that we have introduced today aim to facilitate the continued flow of trade by easing the cashflow and operational pressures faced by businesses tackling supply chain disruptions. We are committed to supporting our customers,» said Tony Cripps, Chief Executive Officer of HSBC Singapore.

    In addition, it is waiving amendment fees on Letters of Credit impacted by delays, plus providing enhanced support to enable customers to shift towards digital processing.

    On Thursday, DBS provided details of its liquidity relief packages to address their customers’ most urgent cash flow needs after the lender announced its year-end results. In particular, it will provide a six-month principal repayment moratorium for SME property loans.

    In addition, DBS will offer an extension of import facilities of up to 60 days to act as immediate cash-flow support for businesses coping with disruptions from the Covid-19 situation. These relief packages will be available to customers with good repayment histories when they apply, it added. Assistance for affected retail customers will be shared on DBS/POSB’s website from 17 February.

    Standard Chartered is looking to offer loan tenor extensions and principal moratoria of up to 12 months for affected clients with business banking installment loans upon request. Other forms of support could include bill maturity extensions of up to three months for clients with trade facilities who face delayed trade payments, waivers of business banking late fees and related charges such as restructuring costs for up to six months, and extra loans or overdrafts against their property for clients with commercial mortgages.

    For OCBC, it will offer targeted support to customers across its core markets which include Singapore, Malaysia, China, Hong Kong, and Macau. Measures include letting customers restructure their loans, providing a moratorium on principal repayment for loans, extending the due date of affected trade finance bills, and extending bridging loans in the form of additional working capital financing.

    The bank will not limit he help it will extend to customers, noting that the scale of the virus outbreak is «different from that of previous challenges» due to increased connectivity in the region, said OCBC chief executive Samuel Tsien in a media statement.

  • Standard Chartered Launches Singapore-Based Venture

    Standard Chartered Launches Singapore-Based Venture

    The bank is partnering with Australia-based start-up Assembly Payments to deliver next-generation payment solutions to merchants globally.

    Standard Chartered is launching a new payments venture to be headquartered in Singapore as part of a strategic partnership with Assembly Payments, the two parties announced on Tuesday.

    The joint venture will offer merchants globally a digital payment platform to manage transactions across multiple payment types and countries, including online, mobile and point-of-sale, digital wallets, debit and credit cards and real-time payments, a joint statement said.

    As the world moves towards platform-based e-commerce, the need for the next generation of tools to empower merchants and enable financial inclusion continues to grow, Alex Manson, head of SC Ventures, the bank’s innovation, fintech investment and ventures arm, said.

    The payments venture is the latest in a series of new business models the bank has launched recently, which include a strategic joint venture with PCCW, HKT and Ctrip Finance in Hong Kong to deliver a new standalone digital retail bank, virtual banking partnerships in Taiwan and Korea and SME-focused financial and business services platform Solv in India.

    Assembly, which already offers these services in its home market, said the partnership better positions it to capture a larger slice of the $29 trillion international payments market and exponentially grow its business.

    Since its founding in 2013, Assembly has already raised $70 million in equity financing. Its rapid growth has been spurred on by the introduction of the country’s fast payment network, the New Payments Platform.

     

     

    Lees ook:

  • Mastercard to Enter China Payments Market

    Mastercard to Enter China Payments Market

    Mastercard’s joint venture in China has been the green light given by the People’s Bank of China for it to begin formal preparations to set up a domestic bankcard clearing institution in China.

    Mastercard’s joint venture with NetsUnion Clearing will need to complete preparation work within a year, following its approval to begin operations in the country, China’s central bank said in a press statement on Tuesday.

    The approval of the preparation application of the bank card clearing institution of Wanshilian is another concrete reflection of China’s opening up of the financial industry and deepening financial supply-side reform, PBOC said in the statement.

    In 2015, China opened its bank card clearing market to foreign players but in practice has been slow to actually spur competition currently still dominated by state-owned UnionPay. The first foreign company to start preparations for the business was American Express in 2018 through a joint venture with Chines fintech firm LianLian.

    China is a vital market for us and we have reiterated our unwavering commitment to helping drive a safer, more inclusive and seamless payments ecosystem for Chinese consumers and businesses, Ajay Banga, president and CEO, Mastercard, said in a statement.

    China’s mobile payments market is worth some $27 trillion, according to iResearch.

    American Express is also close to receiving approval for its bank card clearing business in China. Earlier in January, the People’s Bank of China announced the acceptance of its application.

    Lees ook:

  • DBS Evacuates Staff as Covid-19 Case Detected

    DBS Evacuates Staff as Covid-19 Case Detected

    An employee at its headquarters, who was tested on 11 February, was confirmed to have been infected with the novel coronavirus or Covid-19.

    DBS has evacuated its staff from the bank’s Marina Bay Financial Center (MBFC) Tower 3 headquarters following confirmation that one of its employees there had contracted the Covid-19 virus.

    In a statement released on Wednesday, the bank said it is «providing the employee and his family with every support and guidance» and is conducting detailed contact tracing with all employees and other parties that the infected employee may have come into contact with. It is also deep cleaning and disinfecting the affected office space in accordance with Ministry of Health guidelines.

    In the meantime, staff on the affected floor have been instructed to work from home, and all employees will be provided a personal hygiene and protection care pack, the bank said.

    The news comes a day after two cases were reported in Singapore’s central business district, with one located just next door at MBFC Tower 1, where Standard Chartered is a key tenant. The other case is an employee of United Industrial Corporation (UIC), who works at Clifford Centre.

    Buildings in the area have stepped up preventive measures in recent days, requiring all tenants and guests to undergo a temperature screening before entering and to fill up forms with their contact information and recent travel history.

    Lees ook:

    Lees ook:

    Lees ook:

  • Vietnam scraps plans to limit foreign ownership in e-payment firms

    Vietnam scraps plans to limit foreign ownership in e-payment firms

    Vietnam’s central bank has decided not to cap foreign ownership of e-payment companies at 49 percent after consulting with experts.

    Foreign investment plays an important role in payment intermediaries’ functioning since they rely on technology, and limiting foreign ownership would hamper foreign investment in this segment and the fintech sector in general, the State Bank of Vietnam (SBV) said in a statement on Monday.

    In some digital payment firms, foreign ownership already exceeds 49 percent, and so a change in regulations could affect their activities, it said.

    The SBV had released a draft of its foreign ownership cap proposal in November for consultation, saying it wanted to balance the ease of attracting foreign capital with ensuring an active role for local firms in the fintech sector.

    According to the central bank, by the end of the first quarter this year, there were 27 e-wallets in the market though five parent companies owned 90 percent of them. The five, which the SBV did not name, have foreign ownership of 30-90 percent, it said.

    Economists have said that the potential for cashless payment in Vietnam is huge due to a growing middle class and rapidly improving telecom infrastructure. The government wants to make 90 percent of all transactions cashless by the end of this year.

    But the reliance on cash remains overwhelming, with 80 percent of Vietnamese preferring to use cash for daily transactions, according to the Ministry of Industry and Trade.

  • Coronavirus Hits Singapore CBD

    Coronavirus Hits Singapore CBD

    Staff of major firms are being told to work from home and temperature screening and sanitation are being stepped up at many towers in the central business district as two cases emerge.

    The novel coronavirus outbreak in Singapore has spread to its financial district, with two employees at buildings in the area found to have been infected, «The Business Times» reported, citing circulars seen by the publication.

    The first, who contracted the virus on February 8, works at Marina Bay Financial Centre (MBFC) Tower 1, where Standard Chartered is a key tenant. DBS has offices in Tower 3. The building’s management said that affected office space, lifts and ground floor common area have been deep cleaned and disinfected in accordance with Ministry of Health guidelines, according to the report.

    The other, an employee of United Industrial Corporation (UIC), works at Clifford Centre. No other UIC employee has displayed any signs of the virus as of February 7, a circular said, noting the building has since been disinfected.

    The Monetary Authority of Singapore (MAS) issued an advisory urging financial institutions to adopt additional measures and precautions on Friday, the same day the city-state raised its response level to Orange, the same level as during the Sars epidemic in 2003.

    They include maintaining effective internal controls across operations should split team arrangements be implemented, anticipating and preparing for an increase in demand for services such as cash withdrawal or online financial services, informing customers of the availability of services and operating hours, and supporting staff morale.

    It also warned of the heightened risk of cyber threats as actors take advantage of the situation to conduct email scams, phishing and ransomware attacks.

    As a precaution against the novel coronavirus, UOB has closed two banking outlets in Shanghai and Beijing, the bank said in a media statement on Monday.

    UOB’s Commercial Banking Centre in Kwun Tong, Hong Kong remains closed until 14 February. Corporate customers are encouraged to use the Tsim Sha Tsui and Causeway Bay branches during this time.

    Lees ook:

  • HSBC Offers Buffer for Hong Kong SMEs

    HSBC Offers Buffer for Hong Kong SMEs

    HSBC continues to show support for small to medium-sized businesses hit by the coronavirus outbreak in Hong Kong with additional liquidity relief of $30 billion.

    The bank said during the weekend that it would extend $3.9 billion of additional liquidity relief to affected businesses as the coronavirus outbreak has led to 36 infected individuals and one death in Hong Kong.

    According to HSBC, the initiative will target taxi and public light bus operators; borrowers of property-secured commercial loans; trade finance customers; and borrowers of import trade loans. Relief measures include temporary interest-only repayments, extensions to repayment schedules and the creation of overdraft facilities. In addition to SMEs, the bank is now mulling additional initiatives to support individuals.

    Our community needs every bit of help at this unprecedented time, said HSBC’s Hong Kong chief executive Diana Cesar in a report. We are committed to supporting our customers and will introduce more initiatives that will provide near-term relief.

    HSBC becomes the seventh local lender to announce support for the relief efforts after ICBC Asia recently said it would provide temporary interest-only payment arrangements for mortgage loan borrowers, waited or reduced credit card late payment penalties alongside improved fees and rates for investment and deposit products.

    Other lenders that have publicly announced support include Bank of China (Hong Kong), Bank of East Asia, China Citic Bank International, Hang Seng Bank and Standard Chartered.

    Efforts in Hong Kong mirror that of mainland China’s which include support from both the local financial sector as well as global players like UBS and Julius Baer. Meanwhile, the coronavirus outbreak continues to worsen with reported infections now rising beyond 40,000 and deaths exceeding 900.

    Lees ook:

    Lees ook:

  • OCBC Applies Analytics For Charity Work

    OCBC Applies Analytics For Charity Work

    Besides contributing $300,000 and manpower to a community shop, the bank will also leverage its data analytics to guide them on the distribution of food items.

    OCBC Bank will contribute S$300,000 and volunteer support for the operation of the first community shop in Singapore – Community Shop @ Mountbatten, set up by Food from the Heart (FFTH). The donation will spread over five years to fund the shop set-up, operations, and food supplies.

    We are committed to helping the needy in a strategic manner. This community shop is another good initiative to ensure that food donations match the needs of beneficiaries, and we will consider scaling up across other parts of Singapore if it is successful, said Koh Ching Ching, OCBC Bank’s head of group brand and communications in a statement.

    On top of the monetary contributions, the bank’s staff will volunteer at the shop when needed. Community Shop @ Mountbatten will enable close to 5,000 eligible households to obtain preferred food items instead of standard packages from charities and donors that may include items they do not require.

    to assist in a year-long exercise to capture data to guide the provision of food items that match the needs of families in need.

    In 2017, OCBC Bank started supporting FFTH by providing eggs to 2,500 households monthly. The on-going project has seen the distribution of close to 900,000 eggs to 3,800 households cumulatively.

    This will help minimize the stockpiling of unwanted food items and reduce food waste. The households that stand to benefit from this initiative include those from the Mountbatten, Macpherson and Marine Parade constituencies.

  • DBS Makes First Transaction on Networked Trade Platform

    DBS Makes First Transaction on Networked Trade Platform

    The platform, which connects players in the trade value chain in Singapore to their counterparts abroad, cuts trade processing time from about one week to a day.

    DBS Bank has completed the first fully digital trade settlement on Singapore’s Network Trade Platform – a $3.5 million letter of credit transaction between car manufacturer Audi and its local distributor Premium Automobiles.

    The first transaction is a «critical step towards transforming documentary trade, of which domestic letters of credit constitute around $150 billion of Singapore’s trade flows», DBS said.

    A second trade among the two parties, valued at $2.8 million, is currently in the works.

    The NTP is part of a wider concerted effort by the Singapore government to drive an industry-wide digital transformation to build a trade and logistics digital ecosystem that connects businesses, community systems and platforms and government systems.

    «Digitalizing a traditionally paper-centric trade ecosystem requires support from like-minded industry partners who embrace technology and change,» said Serene Ho, director of Networked Trade Platform Office (NTPO). She said the office would continue to work with financial institutions and industry partners to «realize Singapore’s vision of a paperless trade ecosystem».

    In the statement, DBS highlighted its other recent initiatives to digitize trade, including the ICC Tradeflow Platform with Trafigura; HeveaConnect, a digital trading marketplace for sustainable rubber; Agrocorp, a digital trade platform for commodities; and YunLiangMeng, a blockchain platform for automotive logistics.

    Lees ook:

  • Standard Chartered Hires Senior Strategist From BCG

    Standard Chartered Hires Senior Strategist From BCG

    The move continues the bank’s string of similar hires from top global consulting firms to its Singapore office.

    Standard Chartered has hired Douglas Jackson as managing director of group strategy, who moved from Boston Consulting Group earlier this month.

    His move continues a string of recent hires by the bank, which has been bringing on consultants due to its restructuring drives that have taken place since the appointment of CEO Bill Winters in 2015.

    The publication noted the bank’s 2019 hire of Pierre Paoli, who moved from BCG to lead its strategic initiatives unit for commercial and institutional banking, the hire of IBM consultant Sushil Anand as head of computational and digital advisory for wealth management, and former Deloitte and UBS strategist Christopher Williams as global head of strategy, governance and change for technology services.

    The bank, which makes two-thirds of its profits from Asia, will certainly benefit from Jackson’s intimate familiarity with the region, where he helped global and local companies realize their ambitions in Southeast Asia. His expertise includes strategy, business model innovation, risk management and operations transformation, particularly in finance and the public sector.

    According to his LinkedIn profile, Jackson spent more than 10 years at the management consulting firm’s Vietnam office, most recently as a senior advisor. His time in the country also included a secondment at Vietnam International Bank in Hanoi. Prior to that, Jackson was also stationed in Thailand for almost 10 years as country manager of A.T. Kearney, and was a branch manager for J.P. Morgan in Seattle.

    Lees ook:

    Lees ook:

    Lees ook: