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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.

  • BNP Paribas Wealth Management Amplifies AI Integration with New Excellence Center in Singapore

    BNP Paribas Wealth Management Amplifies AI Integration with New Excellence Center in Singapore

    BNP Paribas Wealth Management has recently established an Artificial Intelligence (AI) Center of Excellence in Singapore. This new AI hub signifies the bank’s commitment to harnessing digital innovation in Asia’s burgeoning financial sector.

    The Four Pillars of Success

    The newly-formed AI Center of Excellence is built upon four fundamental principles: innovation, deployment, acceleration, and upskilling. The center aims to work in conjunction with BNP Paribas Wealth Management’s central office in Paris and various Singapore-based innovation ecosystems. This will foster responsible AI adoption across the region, with a particular emphasis on co-developing generative and predictive AI solutions. These solutions are aimed at enhancing portfolio analytics, streamlining client onboarding, and automating advisory services.

    Investing in Employee Learning

    In addition to the establishment of the AI hub, BNP Paribas has rolled out a comprehensive learning and development curriculum. This program is designed to equip employees with practical AI skills, catering to all tiers of the workforce. From technology experts and business leaders to AI ambassadors and catalysts, the bank is committed to fostering a culture of continuous learning and innovation.

    Arnaud Tellier, CEO for Asia at BNP Paribas Wealth Management, acknowledges the transformative role of AI in the wealth management industry. He also emphasizes the center’s alignment with Singapore’s national AI strategy. Tellier stated that this development aims to “integrate innovation, governance, and human expertise to deliver trusted, insightful, and high-value client experiences”. He added that this will be “powered by AI that is secure, seamless, and deeply personalized to each individual’s goals.”

    Questions & Answers

    What is the primary purpose of the AI Center of Excellence?
    Its main goal is to foster responsible AI adoption across the region, with a focus on co-developing generative and predictive AI solutions for portfolio analytics, client onboarding, and advisory automation.

    What is the bank’s approach to employee learning in light of the new AI hub?
    BNP Paribas has launched a comprehensive learning and development curriculum designed to equip its employees, from tech experts to AI ambassadors, with practical AI skills.

    How does the CEO of BNP Paribas Wealth Management see the role of AI in the industry?
    Arnaud Tellier sees AI as a transformative force in wealth management, enabling the delivery of secure, seamless, and deeply personalized client experiences.

  • Thailand Abolishes Tax Exemptions for Online Purchases from Abroad: A Boost for Local Businesses

    Thailand Abolishes Tax Exemptions for Online Purchases from Abroad: A Boost for Local Businesses

    Thailand is set to impose taxes on all foreign goods sold through online platforms starting from January of next year. This move marks an end to the existing exemptions granted to low-value imports that are priced under 1500 baht (US$46.30).

    Creating a Fair Business Environment

    Panthong Loikulnan, the director-general of the customs department, has said that the motivation behind this change is to establish a more level playing field for local businesses and to increase government revenue. He stated, “The absence of duties grants foreign goods an advantage over Thai businesses. This is particularly unjust to our SMEs.”

    In the new system, all imported goods, regardless of their value, will be subject to customs duties and value-added tax (VAT) as mandated by law. This change is set to replace the existing tariff exemption which is due to expire at the end of this year.

    Currently, imported goods priced below 1500 baht account for over 30 billion baht ($927 million) in annual imports.

    Loikulnan has indicated that enforcing an average 10 per cent duty could generate at least an additional 3 billion baht ($92.7 million) in government revenue each year.

    Ensuring Compliance

    The system will primarily depend on data verification from online platforms. Random inspections will also be carried out to ensure compliance.

    Thailand’s customs department has been engaging in discussions with major e-commerce operators, including Shopee and Lazada, to directly link their sales and import data.

    Loikulnan stated that this reform will assist in leveling the playing field for domestic retailers who are already paying taxes, particularly the small and medium-sized enterprises that are affected by the surge of low-cost imported products.

    He expressed concerns about the delay in implementing this process, stating that, “If we procrastinate, we will find ourselves at a disadvantage because all other countries are beginning to face the same issue: domestic sellers pay taxes, but foreign goods are imported tax-free.”

    Future Suggestions

    For the longer term, Loikulnan suggested introducing a “lump-sum tax”, which would be a flat rate of 20 to 30 per cent per imported package. He believes this would help simplify the system and increase its efficiency. However, he noted that such a change would necessitate legislative amendments and would require time to implement.

    Questions & Answers

    What is the motivation behind the imposition of taxes on foreign goods sold online?
    The introduction of the tax is aimed at creating a level playing field for local businesses and increasing government revenue.

    How will the system ensure compliance?
    The system will primarily depend on data verification from online platforms, with random inspections being carried out to ensure compliance.

    What is the ‘lump-sum tax’ that is being suggested for the longer term?
    The ‘lump-sum tax’ refers to a flat rate of 20 to 30 per cent per imported package. This is aimed at simplifying the system and increasing its efficiency.

  • Swiss Innovation Meets Asian Fintech: Spotlight on Switzerland at Singapore Fintech Festival 2025

    Swiss Innovation Meets Asian Fintech: Spotlight on Switzerland at Singapore Fintech Festival 2025

    Switzerland is set to be a focal point at the Singapore Fintech Festival 2025, which will mark the country’s ninth consecutive year of participation. The Swiss Pavilion is a testament to how Swiss innovation, trust, and cooperation continue to significantly impact Asia’s rapidly transforming fintech and digital finance sector.

    Switzerland’s Stalwart Presence

    Since its initial appearance at the Singapore Fintech Festival, the Swiss Pavilion, facilitated by Switzerland Global Enterprise and the Swiss Business Hub South East Asia + Pacific, has become a fundamental aspect of the event. The combination of Switzerland’s extensive financial expertise and avant-garde technology offers a one-of-a-kind value proposition for global partners.

    The Pavilion, themed ‘Innovation Meeting Trust,’ underscores the nation’s leadership in digital assets, AI-driven finance, and secure financial infrastructure.

    Switzerland’s Deep Tech Prowess

    “Switzerland has become a beacon for deep tech capabilities, bolstered by its capacity to innovate with integrity,” stated Renée Koh, Deputy Head of the Swiss Business Hub South East Asia + Pacific.

    She indicated that Switzerland could serve as a connecting bridge for Asia’s vast deep tech ambitions, linking ecosystems through trust, expertise, and a shared vision.

    Establishing Connections Among Innovation Hubs

    The Pavilion, part of Switzerland’s broader global innovation strategy, which includes its forthcoming participation at Expo 2025 Osaka, emphasizes the country’s dedication to sustainable, trust-based innovation.

    Given the rapidly growing fintech scene in Asia, Swiss institutions are positioning themselves as trustworthy partners for research, venture scaling, and digital transformation efforts.

    Koh highlighted the Swiss collaborative model that underpins their global success, “Our innovation infrastructure is intended for partnerships, be it through talent acquisition, R&D alliances or venture scaling.”

    Showcasing Swiss Excellence

    The 2025 Pavilion congregates an impressive variety of Swiss companies and institutions pushing the frontiers of global finance. The participants, including the Swiss National Bank, Securosys, ti&m, Chartered Investment, QAI Ventures, Scenario-X, Unique.ai, and Zweyberg, showcase Switzerland’s strengths in secure technology, asset tokenization, AI, and wealth management innovation.

    The exhibits represented at the Pavilion, ranging from tokenized investment structures to AI-based identity verification, reflect the expanse of Switzerland’s fintech ecosystem. The Swiss National Bank’s involvement, in particular, underscores the central role of innovation in contemporary central banking and digital currency research.

    A Platform for Collaboration

    The Singapore Fintech Festival, the world’s largest fintech gathering, is organized by the Monetary Authority of Singapore (MAS) in partnership with The Association of Banks in Singapore. The Festival brings together policymakers, technologists, and financial leaders, providing an excellent platform for Switzerland to bolster its reputation for stability, integrity, and superior quality innovation.

    Switzerland’s consistent presence via the Swiss Pavilion not only highlights the country’s fintech leaders but also strengthens cross-border collaboration with Asia’s financial juggernauts.

    This year’s participation emphasizes Switzerland’s message: that innovation, trust, and global collaboration are the core pillars of the digital economy.

    Questions & Answers

    What is Switzerland’s theme for the Singapore Fintech Festival 2025?
    Switzerland’s theme for the festival is ‘Innovation Meeting Trust,’ which highlights its leadership in digital assets, AI-driven finance, and secure financial infrastructure.

    What is the role of the Swiss Pavilion at the Singapore Fintech Festival?
    The Swiss Pavilion demonstrates Switzerland’s extensive financial knowledge and cutting-edge technology, offering a unique value proposition for global partners. It also showcases a variety of Swiss companies pushing the boundaries of global finance.

    What does Switzerland’s consistent presence at the Singapore Fintech Festival signify?
    Switzerland’s ongoing presence highlights the country’s financial technology leaders, while also strengthening cross-border collaboration with Asia’s financial powerhouses. It underlines Switzerland’s commitment to innovation, trust, and global collaboration.

  • Forrester Predicts Imminent Bust for Majority of APAC Stablecoin Ventures in 2026

    Forrester Predicts Imminent Bust for Majority of APAC Stablecoin Ventures in 2026

    In the coming year, the majority of stablecoin launches in Asia are predicted to fail, according to recent projections from research and advisory firm Forrester. In their 2026 Payments Predictions report, they estimate that 80% of local stablecoin launches in Asia Pacific will not succeed. The report cites several reasons for this projected failure, including a lack of practical uses, high compliance costs, and competition from Central Bank Digital Currencies (CBDCs) and tokenized deposits.

    The Future of Stablecoins in Asia

    Forrester’s predictions suggest that stablecoins pegged to the US dollar will continue to dominate the global supply. This is anticipated to occur as regional banks and regulatory authorities prioritize the development of scalable alternatives such as mBridge, ISO 20022, and CBDCs.

    However, stablecoins as a whole are not expected to find scalable use cases within the retail payments sector during 2026. This is due to several factors, including a poor user experience, complex infrastructure requirements, trust issues, and competition from existing digital payment options. The firm proposes that there may be more practical applications for stablecoins in the realms of B2B cross-border payments and the crypto-native economy.

    Predictions on AI Agents

    In addition to their projections on stablecoins, Forrester has also predicted trends for artificial intelligence (AI) agents. They anticipate that “true agentic payment” – transactions executed autonomously by AI – will make its debut in the B2C space in 2026. However, this technology is expected to remain experimental due to technical challenges and issues around consumer trust. Widespread implementation is predicted to start in 2027.

    In the B2B sector, AI agents are forecasted to execute one-third of all payments, as the technology can effectively address complexities in associated processes like invoicing and accounts payable.

    Senior Analyst at Forrester, Meng Liu, remarked, “Agentic and stablecoin payments are set to reshape global payment ecosystems by 2026, introducing diverse standards, protocols, business models, and blockchains that will drive significant fragmentation.”

    Questions & Answers

    Why are most stablecoin launches in Asia projected to fail in 2026?
    Forrester cites reasons such as lack of utility, high compliance costs, and competition from Central Bank Digital Currencies and tokenized deposits.

    What is the future outlook for stablecoins in retail payments?
    Forrester predicts that stablecoins will not find scalable use cases for retail payments in 2026 due to a range of challenges including poor user experience and trust issues.

    What are the predictions around AI agents in the B2B sector?
    In the B2B sector, AI agents are expected to handle one-third of all payments by resolving complexities in adjoining processes like invoicing and accounts payable.

  • Balancing Speed and Security: UOB CEO Wee Ee Cheong’s Take on AI Adoption in Fintech

    Balancing Speed and Security: UOB CEO Wee Ee Cheong’s Take on AI Adoption in Fintech

    United Overseas Bank (UOB) CEO, Wee Ee Cheong, recently expressed his concerns over the potential risks that come with the swift implementation of technology. He emphasized that in the financial services sector, ensuring security and maintaining trust is crucial to prevent undesired consequences.

    Striking a Balance between Progress and Risk

    There’s no denying that the integration of artificial intelligence (AI) brings about a myriad of advantages. However, it is equally important to recognize that with these benefits comes an array of risks. These risks can take various forms, from distorted results due to faulty data interpretation, breaches of data privacy, to the rise of sophisticated fraudulent activities. Wee Ee Cheong highlighted that the pace at which these technologies are adapted should be tempered with appropriate security measures.

    According to Wee, “Speed without security is fragile. The foundation of lasting relationships is trust,” while speaking at the Singapore FinTech Festival in 2025. He underscored the importance of regulatory transparency and the need for standardization within the industry.

    AI: An Aid, Not a Substitute

    Wee also shed light on the broader societal implications of the widespread use of AI, emphasizing that technology cannot and should not replace humans.

    “AI cannot replicate the empathy in advice, the ethics in decision-making, or the leadership and judgement that builds trust over time,” said Wee. He stressed the role of AI as a tool to assist humans in improving efficiency and increasing productivity rather than replacing them.

    A “Mindset-First” Approach

    Wee proposes that the financial sector should adopt a “mindset-first approach”. This approach centers on problem-solving guided by purpose and value, as opposed to a “technology-first approach” that promotes innovation solely for its own sake.

    As an illustration of this approach, he mentioned initiatives at UOB such as a program that has assisted 1,000 SMEs in Southeast Asia in the initial stages of AI integration and efforts to improve the skills of the bank’s 32,000 employees through an innovation academy.

    By working together, Wee believes we can shape a financial industry that is resilient, adaptive, and aligned with society’s changing needs and values.

    Questions & Answers

    What are the potential risks associated with the rapid adoption of AI in the financial sector?
    Answer: Risks can range from data misinterpretation leading to inaccurate results, violation of data privacy, and the emergence of sophisticated fraud schemes.

    What is the role of AI according to UOB CEO, Wee Ee Cheong?
    Answer: Wee views AI as a tool to aid humans in increasing efficiency and productivity, not as a replacement for human empathy, ethics, leadership and judgement.

    What approach does Wee advocate for in the financial sector regarding technology adoption?
    Answer: Wee advocates for a “mindset-first approach” that focuses on problem-solving guided by purpose and value, as opposed to a technology-centric approach that promotes development purely for the sake of innovation.

  • Mcredit’s B+ Rating Affirmed by Fitch Ratings, Highlighting Strong Financial Performance and Digital Transformation Progress

    Mcredit’s B+ Rating Affirmed by Fitch Ratings, Highlighting Strong Financial Performance and Digital Transformation Progress

    Fitch Ratings, a globally recognized credit rating agency, has once again affirmed the Long-Term Issuer Default Rating (IDR) of MB Shinsei Consumer Credit Finance Limited Liability Company (Mcredit), maintaining it at B+ with a stable outlook. This represents the second consecutive year Mcredit’s long-term credit rating has been upheld at this level.

    Steady Financial Foundation

    In a previous assessment in June 2025, the Vietnam Investment Credit Rating Joint Stock Company conferred an A- long-term issuer rating on Mcredit. This underlined Mcredit’s firm financial base, consistent market standing, and escalating acclaim within Vietnam’s consumer finance landscape.

    Fitch’s rating highlights the consistent backing from Mcredit’s two strategic shareholders, the Military Commercial Joint Stock Bank (MB) and SBI Shinsei Bank based in Japan. This collaboration has not only bolstered the company’s financial stamina and fostered transparent governance, but it has also encouraged a mutual emphasis on sustainable growth and digital innovation.

    Focus on Digital Transformation

    In response to evolving market trends, Mcredit has accelerated its comprehensive digital transformation in recent years. By effectively utilizing its strategic ecosystem – which includes partners like MB, MoMo, Viettel, and ZaloPay – Mcredit has been able to broaden its customer reach and diversify its offerings.

    This tactical approach has resulted in robust operational performance and sustained growth. In the first half of 2025, Mcredit reported a 31% year-on-year increase in total operating income. Profit before tax grew 11%, and the cost-to-income ratio (CIR) saw a 5.4 percentage point improvement compared to the previous year.

    Positive Ratings Reaffirm Business Strategy

    The favorable assessments Mcredit received from both Fitch Ratings and the Vietnam Investment Credit Rating Joint Stock Company underscore the company’s strong risk management, sustainable business strategy, and prowess in digital innovation. These ratings have further boosted market confidence for customers, partners, and investors both within Vietnam and internationally.

    Questions & Answers

    What is Mcredit’s Long-Term Issuer Default Rating (IDR) as affirmed by Fitch Ratings?
    Mcredit’s Long-Term Issuer Default Rating (IDR) has been affirmed as B+ with a stable outlook by Fitch Ratings.

    How have Mcredit’s strategic partnerships contributed to its operations?
    Mcredit’s partnerships have contributed to the company’s robust financial status, transparent governance, and focus on sustainable growth and digital transformation. They have also helped the company diversify its offerings and expand its customer base.

    What are some of Mcredit’s recent operational performance metrics?
    In the first half of 2025, Mcredit reported a 31% year-on-year increase in total operating income. Additionally, profit before tax rose 11%, and the cost-to-income ratio (CIR) improved by 5.4 percentage points compared to the previous year.

  • Vietnam’s Gold Prices Skyrocket to 3-Week High Amid Global Rate Surge and U.S. Government Resumption

    Vietnam’s Gold Prices Skyrocket to 3-Week High Amid Global Rate Surge and U.S. Government Resumption

    The price of gold in Vietnam saw a significant increase on Tuesday, reaching its peak since October 21st. This uptick was reflective of a global surge in gold prices, spurred by the anticipation of the U.S. government’s resumption.

    Saigon Jewelry Company reported a 1.20% increase in their gold prices, now standing at VND152 million (US$5,777.28) per tael. A tael, a common unit of measurement used in East Asia, equates to 37.5 grams or 1.2 ounces.

    Rise in Gold Jewelry Prices

    In line with the increase in gold prices, the cost of gold rings also saw a rise of 1.35%, now costing VND149.8 million per tael. So far this year, the price of gold in Vietnam has surged by a substantial 80.5%.

    Global Gold Rates

    Internationally, gold prices have been on a steady upward trend, reaching near three-week highs on Tuesday. These gains are believed to be influenced by expectations of another U.S. Federal Reserve interest rate cut in December, as well as indications of an end to the U.S. government shutdown.

    The price of spot gold also increased by 0.7%, reaching $4,142.83 per ounce, its highest since October 24th.

    Impact of U.S. Government Shutdown

    The U.S. Senate recently passed a deal to restore U.S. federal funding, marking an end to the longest government shutdown in history. This shutdown led to delays in key economic indicators, such as the U.S. non-farm payrolls report.

    The end of the shutdown is expected to provide more clarity on the U.S. economic outlook as well as the Federal Reserve’s interest rate trajectory. It is believed that the resolution of the shutdown has lifted a level of uncertainty, allowing markets to refocus on major speculative narratives for the year.

    According to Ilya Spivak, head of global macro at Tastylive, the upside is still favored for the rest of the year. With the path of least resistance for gold trending back to October’s high, it is anticipated that prices may continue to rise thereafter.

    Questions & Answers

    What caused the recent surge in gold prices in Vietnam and globally?
    Anticipation of the resumption of the U.S. government and expectations of another U.S. Federal Reserve interest rate cut in December are believed to have spurred the recent surge in gold prices.

    How has the U.S. government shutdown impacted the gold market?
    The U.S. government shutdown led to delays in key economic indicators, creating a level of uncertainty in the market. With the resolution of the shutdown, this uncertainty has been lifted, allowing markets to refocus and consequently affecting gold prices.

    What is the outlook for gold prices for the rest of the year?
    According to experts, the upside is still favored for the rest of the year, with potential for prices to continue rising.

  • UOB Bumps Up Vietnam’s Economic Growth Projection to 7.7%, Beating Previous Estimates Despite US Tariff Challenges

    UOB Bumps Up Vietnam’s Economic Growth Projection to 7.7%, Beating Previous Estimates Despite US Tariff Challenges

    United Overseas Bank (UOB) of Singapore has revised its predicted GDP growth rate for Vietnam upward, from 7.5% to 7.7%. This adjustment comes in response to Vietnam’s stronger-than-anticipated economic performance in the third quarter.

    Impressive Economic Performance Despite U.S. Tariff Threats

    Despite looming threats of U.S. tariffs, Vietnam showcased a robust economic performance by achieving a growth rate of 8.23% in the third quarter. This growth was primarily fueled by a surge in exports and manufacturing, according to UOB.

    In the year’s first nine months, exports soared by 16% year-on-year, while manufacturing rose by 10.8%. The Purchasing Managers’ Index also showed signs of recovery, expanding for three consecutive months following a three-month phase of contraction.

    Stabilized Outlook and Foreign Direct Investment

    The economic indicators suggest a stabilized economic outlook for Vietnam. This notion is further supported by the accelerated pace of foreign direct investment (FDI) into the country. FDI grew by 8.5% to reach $18.8 billion. If this trend continues, the year-end figures could potentially match 2024’s record-breaking total of $25.4 billion.

    However, UOB cautions that Vietnam’s open economy makes it susceptible to trade frictions. Exports of goods and services make up a significant 83% of Vietnam’s GDP, the second highest among ASEAN nations.

    Concerns Over the Impact of Tariffs and Exchange Rates

    Despite the robustness of Vietnam’s trade activities in the face of U.S. tariffs, there are concerns that export orders might dwindle as order frontloading eases and higher prices affect U.S. consumer demand in 2026.

    Another area requiring attention is the foreign exchange market. The Vietnamese dong was the second worst-performing Asian currency in the first nine months of 2025, depreciating 3.55% against the U.S. dollar. The currency that fared worse was the Indian rupee, which fell by 3.58%.

    Other Predictions of Vietnam’s Economic Growth

    Aside from UOB, other financial institutions have also revised their growth forecasts for Vietnam this year. HSBC, a British bank, predicts a growth figure of 7.9%, while the Asian Development Bank anticipates a growth rate of 6.7%.

    Vietnam’s Prime Minister, Pham Minh Chinh, expressed optimism last month, stating that with the current growth momentum, Vietnam could surpass its GDP growth target of 8% for this year, barring any major disruptions.

    Questions & Answers

    What is the revised GDP growth forecast for Vietnam by UOB?
    UOB has revised the GDP growth forecast for Vietnam from 7.5% to 7.7%.

    What factors are contributing to Vietnam’s economic growth?
    Strong exports, manufacturing, and foreign direct investment have been significant contributors to Vietnam’s economic growth.

    What concerns does UOB express regarding Vietnam’s economy?
    UOB has expressed concerns about possible trade friction due to Vietnam’s open economy. There are also concerns about the performance of the Vietnamese dong in the foreign exchange market.

  • Dollar Soars to Monthly Peak Against Vietnamese Dong Amid Anticipated US Shutdown End

    Dollar Soars to Monthly Peak Against Vietnamese Dong Amid Anticipated US Shutdown End

    A 49-year-old Singaporean has triumphed over 700 competitors to secure the opportunity to manage Chick-fil-A’s first restaurant in Asia.

    In a turn of events, Cambodian magnate Chen Zhi was tricked by an executive from his own Singapore family office.

    The spotlight is now on the world’s largest creditor, a status that has become the focus of attention globally.

    The bodies of missing Russian cryptocurrency millionaire Roman Novak and his wife have been discovered in the Dubai desert.

    Over 230 individuals fell sick in Ho Chi Minh City due to suspected Salmonella poisoning from consuming banh mi.

    Confusion Over New Vietnamese Education Laws

    Parents in Vietnam are grappling with the recent introduction of fines for compelling children to study, leading to widespread confusion.

    In a tragic incident in northern Vietnam, a woman caused a fatal accident by obstructing the road to dry rice.

    Seven footballers who were naturalized in Malaysia are now seeking compensation from the Football Association of Malaysia (FAM) following a FIFA ban.

    Interestingly, a Vietnamese individual is found to consume 81 packs of instant noodles annually, surpassing Koreans.

    Thailand has issued a new law where daytime drinking could be penalized with a $300 fine.

    The U.S. Dollar and Vietnamese Dong

    The U.S. dollar has reached a one-month high against the Vietnamese dong. On a Tuesday morning, Vietcombank sold the greenback at a 0.05% higher rate, pegging it at VND26,373.

    However, on the black market, the dollar saw a 0.36% fall, trading at VND27,650.

    Globally, the yen, seen as a safe-haven, reached its lowest since February on the same Tuesday. Riskier currencies held firm against the dollar, as traders predicted an end to the U.S. government shutdown in the coming days.

    The euro maintained stability at $1.1555, while sterling gradually edged higher to $1.3165.

    A deal that would restore U.S. federal funding and conclude the longest shutdown was passed by the U.S. Senate late on Monday. It now awaits the approval of the House, where Speaker Mike Johnson has expressed his intent to pass it by Wednesday and forward it to President Donald Trump for his signature.

    Questions & Answers

    Who is the Singaporean that emerged victorious over 700 competitors to run Chick-fil-A’s first restaurant in Asia?
    Details about this individual are yet to be disclosed.

    What law has recently been introduced in Vietnam in relation to children’s education?
    A new law has been enacted in Vietnam that imposes fines on parents who force their children to study.

    What is the current situation of the U.S. dollar against the Vietnamese dong?
    The U.S. dollar recently hit a one-month high against the Vietnamese dong, being sold 0.05% higher at VND26,373 by Vietcombank. However, it experienced a 0.36% drop on the black market, being traded at VND27,650.

  • Jim Wang Takes Helm as CEO of Standard Chartered’s China Securities Unit: A Leap Forward in Asia’s Financial Landscape

    Jim Wang Takes Helm as CEO of Standard Chartered’s China Securities Unit: A Leap Forward in Asia’s Financial Landscape

    Standard Chartered recently revealed that it has chosen a new leader for its securities division in mainland China.

    Appointment of New CEO for Standard Chartered Securities (China) Limited

    Standard Chartered Securities (China) Limited (SCSCL), the Chinese securities branch of Standard Chartered’s Hong Kong banking unit, has welcomed Jim Wang into the role of CEO. Wang will be responsible for supervising the company’s comprehensive operations and will report directly to its board of directors.

    About Jim Wang

    Wang boasts an impressive career that spans two decades, during which he accumulated experience in various fields including securities, asset management, and banking. He has held high-ranking positions at multiple leading financial institutions, both domestically and internationally.

    Comments on Wang’s Appointment

    John Thang, Head of Markets and Strategic Client Management & Solutions for Hong Kong, Greater China & North Asia, made laudatory comments about Wang’s appointment. He noted, “Jim’s extensive international and domestic experience makes him an invaluable addition to our team. His deep understanding of China’s fixed income capital markets coupled with his proven leadership and management skills, underscored by a consistent record of delivering excellent business performance, makes him the perfect fit for this role.”

    Questions & Answers

    Who is the newly appointed CEO of Standard Chartered Securities (China) Limited (SCSCL)?
    Jim Wang was recently selected as the CEO of Standard Chartered Securities (China) Limited (SCSCL).

    What is Jim Wang’s primary responsibility in his new role?
    Wang will be in charge of overseeing the company’s overall operations and will be directly reporting to its board of directors.

    What can be said about Jim Wang’s professional experience?
    Jim Wang’s professional journey spans over 20 years, and includes experience in securities, asset management, and banking. He has served in senior managerial roles at several leading financial institutions both domestically and internationally.

  • Amundi Amplifies Asia Presence with Key Appointment in Investment Specialist Team

    Amundi Amplifies Asia Presence with Key Appointment in Investment Specialist Team

    Leading French asset management company, Amundi, has recently enhanced its team of investment specialists in Asia, welcoming a new addition to their ranks.

    New Appointment Bolsters Team

    Amundi has announced the appointment of Chloe Shea to the position of Head of Investment Specialists, Multi-Asset and Solutions for Asia, excluding Japan. In her new role, Shea will work closely with clients and portfolio managers. Utilizing Amundi’s research and investment platform, Shea is set to develop solutions that generate alpha.

    Hong Kong Base

    Shea will be based in Hong Kong and will report to Florian Neto, the Head of Investment for Asia, and Dan Levy, the Head of Solutions Business Development and Investment Specialists.

    Extensive Industry Experience

    Shea brings with her over 15 years of experience in client consulting, manager research, and multi-asset investments. Her previous roles include an Investment Director position at Schroder Investment Management’s multi-asset team. Earlier in her career, she was also employed at Manulife Asset Management and Towers Watson Investment Services.

    Questions & Answers

    Who has Amundi recently appointed to their investment specialist team in Asia?

    Amundi has recently appointed Chloe Shea as the Head of Investment Specialists, Multi-Asset and Solutions for Asia, excluding Japan.

    What will be Chloe Shea’s role?

    Chloe Shea will work closely with clients and portfolio managers to develop alpha-generating solutions using Amundi’s research and investment platform.

    What is Chloe Shea’s industry experience?

    Shea brings over 15 years of industry experience, including her previous role as an Investment Director at Schroder Investment Management’s multi-asset team. She has also worked at Manulife Asset Management and Towers Watson Investment Services.

  • DBS and Franklin Templeton Pioneer Singapore’s First Tokenized Retail Fund: A Leap towards Digital Finance

    DBS and Franklin Templeton Pioneer Singapore’s First Tokenized Retail Fund: A Leap towards Digital Finance

    Singapore has made a bold move towards mainstream digital finance through the launch of its first tokenized retail fund. The innovative initiative, the result of a collaboration between Franklin Templeton and DBS Bank, offers a US dollar short-term money market strategy recorded on a blockchain register. With a minimum requirement of just US$20, it’s anticipated to be available to retail customers in the first quarter of 2026.

    Market Approval and Distribution

    The Monetary Authority of Singapore (MAS) has granted its approval for the fund, known as the Franklin Onchain US Dollar Short-Term Money Market Fund. This endorsement ushers in a regulated, low-volatility cash vehicle on blockchain rails. The process of tokenization allows for fractional ownership, expedited record-keeping, and near real-time transparency, all while maintaining the familiar economic structure of a money market fund.

    For now, the fund is accessible through DBS relationship managers for wealth clients and accredited investors, with plans for a broader retail rollout in 2026. The low minimum requirement of US$20 significantly reduces the barrier to entry compared to traditional share classes, making high-quality, short-duration U.S. dollar assets more accessible to a wider range of investors.

    The Importance of Tokenization

    The adoption of an on-chain share register provides investors with increased transparency, including daily yield accrual and real-time fund data. It also results in improved operational efficiency in the subscription, transfer, and redemption processes. The blockchain’s tamper-resistant ledger further enhances auditability throughout the investment lifecycle.

    The tokenized model follows closely in the footsteps of Franklin Templeton’s Luxembourg-domiciled US Dollar Short Term Money Market Fund, a strategy boasting over 30 years of performance history. The key benefits? Liquidity, capital stability, and competitive cash yields, now amplified by the speed and transparency offered by blockchain technology.

    Powered by Proprietary Technology

    The Benji Technology Platform, Franklin Templeton’s proprietary solution, drives the fund’s blockchain-integrated record-keeping and administration. This technology stack is also available as a white-label infrastructure for banks and asset managers looking to tokenize securities or support fully on-chain money market funds across a variety of use cases, including retail, wealth, institutional, and collateral.

    Reducing Entry Barriers through Digital Innovation

    DBS Bank, known for its digital leadership and financial robustness, targets this investment opportunity at the mass-affluent and retail segments. Franklin Templeton, having been involved in digital assets since 2018, has demonstrated its commitment to advancing the tokenization of financial assets by launching the first fully tokenized UCITS fund in 2024.

    Future Expectations

    For investors, the core economics remain the same as in a traditional cash fund, but the added advantage of blockchain registry provides faster settlement, better transparency, and potential integration with programmable finance. The retail launch timeline, secondary-market transfer mechanisms, and tokenization adoption rate by other banks and asset managers will be key milestones to watch.

    Questions & Answers

    What is the significance of the tokenized fund?
    Participating in the fund allows investors to take advantage of enhanced transparency, faster record-keeping, and near real-time transparency while preserving the familiar economics of a money market fund.

    Who currently has access to the fund?
    The fund is immediately available to DBS Bank’s wealth clients and accredited investors, with a broader retail rollout planned for 2026.

    What is the minimum investment requirement for the fund?
    The minimum requirement to participate in the fund is just US$20, significantly reducing the barrier to entry compared to traditional share classes.

  • Samsung Set to Shake Up Personal Finance: Barclays Partnership Brings Samsung Credit Card to Compete with Apple

    Samsung Set to Shake Up Personal Finance: Barclays Partnership Brings Samsung Credit Card to Compete with Apple

    Samsung is reportedly preparing to launch a Samsung-branded credit card in the United States, in a strategic collaboration with Barclays that will capitalize on Visa’s extensive global payment network.

    Samsung Eyes U.S. Financial Sphere

    Samsung is reportedly planning to broaden its financial services portfolio in the U.S. market. A partnership with the British banking giant, Barclays, would provide a solid foundation for both companies to further penetrate the U.S. market. For Samsung, this means fostering increased loyalty within its client base; for Barclays, it opens up opportunities for greater lending scope.

    The formal announcement of the partnership is expected by the end of the year, with Visa being selected to manage the payment network.

    If successful, the Samsung credit card is unlikely to be a singular venture. It has been suggested that the credit card could be the cornerstone of a more expansive financial product offering, potentially involving a high-yield savings account, a digital prepaid account, and even a buy-now, pay-later option.

    Samsung’s Bid to Emulate Apple’s Success

    With this move, Samsung is evidently looking to replicate Apple’s successful foray into the U.S. financial sector. Apple has already established a strong foothold in the country with the Apple Card and Apple Pay, while Samsung’s financial tools have yet to achieve similar success.

    Samsung anticipates that by launching its own credit card, it can further solidify its ecosystem through Samsung Wallet. The card could provide cashback rewards that are directly deposited into users’ Samsung accounts, offering them an easy way to finance future purchases. This setup is expected to encourage users to remain within Samsung’s ecosystem, regardless of whether they’re purchasing a new Galaxy phone, a TV, or even a smart refrigerator.

    This strategy reflects the approach taken by Apple back in 2019 when it launched the Apple Card, in cooperation with Goldman Sachs and Mastercard. The card, which offers cashback benefits and interest-free financing for Apple products, has been successful in substantial growth of Apple’s financial presence.

    Broadening Samsung’s Ecosystem

    Samsung and Apple have been longstanding competitors in the smartphone market, but as hardware advancements slow down, the focus of competition is shifting towards ecosystem services. Financial products such as the prospective credit card could enable Samsung to fortify its relationship with U.S. consumers, thereby enhancing the relevance of Samsung Wallet.

    If Samsung’s plans come to fruition, it could be a significant step into the realm of personal finance. It’s clear that the ongoing rivalry with Apple is evolving, moving from a battle over pocket space to a contest for wallet share.

    Questions & Answers

    What is Samsung’s projected strategy for the U.S. financial market?
    Samsung reportedly plans to launch a Samsung-branded credit card, in partnership with Barclays and utilizing Visa’s global payment network, with potential future offerings including a high-yield savings account and a digital prepaid account.

    What is the aim of Samsung’s credit card venture?
    Samsung hopes to enhance customer loyalty and keep users within its ecosystem by offering incentives such as cashback rewards which can be easily used for future purchases.

    How does this move reflect the changing competition between Samsung and Apple?
    As hardware development slows, competition is shifting to ecosystem services. Both companies are expanding into the financial sector, with Samsung’s credit card venture marking a new stage in its rivalry with Apple.

  • Unlock Personalized Deals and Tailored Ads with Google Wallet’s Latest Update: Here’s How

    Unlock Personalized Deals and Tailored Ads with Google Wallet’s Latest Update: Here’s How

    Google has been improving its Google Wallet app, making it a convenient hub for Android users to digitally store items such as credit and debit cards, passports, tickets, and transit passes. Despite these features, Google Wallet may not be as frequently used as other Google apps, such as YouTube, Messages, Keep, Drive, Email, Chrome, and the Google app.

    Upcoming Changes to Google Wallet

    However, Google Wallet should not be disregarded. Reports suggest that Google has been undergoing modifications to enhance the app’s utility. Insights from a recent teardown of the Wallet app indicate that Google is developing the Google Transit Card. This feature will enable users to pay for public transportation using a specific card without the necessity to unlock their phone, an addition that will undoubtedly be beneficial and time-saving for daily commuters.

    Additionally, the Wallet app is set to offer unique deals based on the loyalty cards stored within the app, provided certain settings are enabled.

    Data Management and Privacy Settings

    A forthcoming update to the Google Wallet app will allow U.S. users to manage their data and privacy settings. These settings can be utilised to create personalised experiences across Google. With your Google Wallet payment information and activity enabled for personalising content and experiences across Google, you will be able to view recommendations or deals based on the loyalty cards in your wallet.

    Google can utilise your purchasing information and details about the loyalty cards in your wallet to provide special deals and personalised ads that may be of interest to you. If you are uncomfortable sharing information about your wallet’s loyalty cards and purchases with Google, these settings can be disabled.

    Enabling Personalisation Settings

    To enable this setting in the app, open the Google Wallet app and tap on the profile icon in the upper right corner. Navigate to Your data in Wallet > Manage data from Wallet and payments services, then toggle on or off the setting Use Wallet to personalise experiences across Google.

    If you’re using a desktop computer, go to wallet.google.com, select Settings from the left sidebar, then under “Data & Privacy,” toggle on or off Use Wallet to personalise experiences across Google.

    Wallet History for Personalised Ads

    The Wallet History feature uses information from Google Wallet and payment services to help Google serve you more customised and useful ads. This setting can be turned on within the app by navigating to Your data in Wallet > Manage data from Wallet and payments services > Use Wallet to personalise Google Ads. Users can toggle this setting on or off at My Ad Center.

    This setting can also be activated via desktop by going to wallet.google.com, selecting Settings on the left, then under “Data & Privacy,” toggling on or off Use Wallet to personalise Google Ads. Users will be directed to My Ad Center to complete the process.

    When both settings are enabled, Google will utilise the data from your purchases, loyalty cards, event tickets, and boarding passes to offer more personalised services. These can manifest as personalised ads, promotions, and recommendations.

    Rolling out the Update

    Google has stated that the update to Google Wallet will be gradually rolled out. Users who do not yet see these settings in the Google Wallet app should expect to receive them in due course. When the settings become available in your Google Wallet app, you will receive a notification from Google.

    Questions & Answers

    What updates are being made to the Google Wallet app?
    In addition to the existing features, Google is reportedly developing a Google Transit Card to simplify payments for public transportation, and is also enhancing data and privacy settings to offer personalised experiences based on stored loyalty cards.

    What is the Google Transit Card?
    The Google Transit Card is a new feature being developed for the Google Wallet app. It will allow users to pay for public transportation using a specific card, without having to unlock their phone.

    How can I personalise my experience on Google Wallet?
    With the upcoming update, users can manage their data and privacy settings, which will then be used to offer personalised deals and recommendations based on the loyalty cards stored in your wallet. You can also enable Wallet History to receive more customised ads.

  • Singapore FinTech Festival 2025: Blueprint for Next Decade’s Financial Technology Revolution Begins This Week

    Singapore FinTech Festival 2025: Blueprint for Next Decade’s Financial Technology Revolution Begins This Week

    The Singapore FinTech Festival (SFF) 2025, the country’s premier annual financial technology event, is set to begin this week. The highly anticipated conference will feature over 800 speakers covering a myriad of topics within the industry.

    Looking Ahead to a Decade of Innovative Finance

    This year’s theme, “Technology Blueprint for the Next Decade of Finance,” aptly underscores the forward-looking spirit of the event. Scheduled for November 12 to 14, the festival marks its 10th year of being a central hub for fintech thought leadership and innovation. The event is a collaborative effort between the Monetary Authority of Singapore (MAS), the Global Finance & Technology Network (GFTN), Constellar, and the Association of Banks in Singapore (ABS).

    Across more than 400 sessions, over 800 speakers will discuss topics such as artificial intelligence, tokenization, settlement assets, quantum technology, and financial inclusion. In addition to these speakers, the event will host over 500 sponsors and exhibitors, creating a truly global platform with over 40 international pavilions spread across six exhibition halls.

    Insights Forum and Beyond

    Before the main conference, the Insight Forum will take place from November 10 to 11. This pre-event will include Public-Private Roundtables, the second annual Layer 1 Summit, and Thematic Spotlights.

    Kenneth Gay, Chief FinTech Officer at MAS, reflected on the significance of this milestone. He noted that SFF 2025 presents a pivotal moment in the financial technology industry, setting the stage for the next decade of fintech growth and transformation.

    Similarly, Sopnendu Mohanty, Group CEO of GFTN, highlighted the importance of responsible AI utilization, safe scaling in tokenization, and the readiness for a quantum future. According to Mohanty, these areas will be critical in shaping resilient and innovative financial infrastructures.

    Chua Wee Phong, Group CEO of Constellar, shared that apart from the exhibition, the festival will also offer immersive experiences, such as a new interactive digital engagement initiative powered by Ant International’s Antom. This, along with elements like the SFF Gallery, live-streamed sessions, and after-party celebrations, will contribute to a unique festival atmosphere centered on discovery, networking, and innovation.

    Questions & Answers

    What is the theme of the Singapore FinTech Festival (SFF) 2025?
    The theme for SFF 2025 is “Technology Blueprint for the Next Decade of Finance.”

    What topics will the speakers at SFF 2025 cover?
    The speakers will cover a range of topics, including artificial intelligence, tokenization, settlement assets, quantum technology, and financial inclusion.

    What are some highlights beyond the exhibition at SFF 2025?
    Beyond the exhibition, the festival will feature immersive experiences like a new interactive digital engagement initiative, the SFF Gallery, live-streamed sessions, and after-party celebrations.