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Tag: Banking

  • Singapore Fintech Partners Visa for Instant Remittances

    Singapore Fintech Partners Visa for Instant Remittances

    The partnership, using Visa’s push payment solution and secure network, allows consumers to transfer money in a faster, convenient and more secure way.

    Singapore cross-border fund transfer startup Nium is partnering with Visa to enable instant money transfers into recipients’ bank accounts through their 16-digit Visa debit card numbers, the firm announced in a press release on Monday.

    Designed for both peer-to-peer and business-to-business transfers, the rollout of the service currently covers remittances to Southeast Asian markets like Indonesia, Malaysia, Thailand, Vietnam and the Philippines.

    We understand that individuals’ and businesses’ need to receive money quickly, especially in markets where there are no instant payment solutions like FAST or IMPS, Prajit Nanu, Nium co-founder and CEO, said in the statement.

    Nium, formerly known as InstaReM, recently nixed plans to pursue a digital wholesale banking license, saying it would focus its efforts on its global business-to-business payments instead.

    The firm is part of Visa’s Fintech Fast Track program, which facilitates fintech partners to build and deliver new commerce experiences on Visa’s payments network.

  • SMFG, OCBC Join Bidding War for Bank Permata

    SMFG, OCBC Join Bidding War for Bank Permata

    Sumitomo Mitsui Financial Group and OCBC Group are believed to be readying their offers to compete for the acquisition of Indonesian lender PT Bank Permata.

    The two banks have separately conducted due diligence on Permata in the past several months, citing unnamed sources. This follows recent reports that OCBC was still making considerations on whether or not to submit a bid.

    The two banks earmarked as the frontrunners for the deal but DBS and other Southeast Asian lenders were also reportedly interested in Permata. At least two parties will be shortlisted for the final round, the report continued, with Bank Permata seeking a valuation exceeding 1.6 times book value.

    Currently, Standard Chartered and PT Astra International each own a 45 percent stake in Permata, a mid-sized lender with a 320-strong branch network in Indonesia.

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  • HSBC Hires Barclays Investment Banker

    HSBC Hires Barclays Investment Banker

    After a decade at the British multinational bank, the senior executive is headed to a rival, where she will support efforts to build its corporate banking business in Asia.

    HSBC has hired investment banker Misi Tang as the firm’s managing director and head of capital goods and autos for Asia-Pacific, citing people familiar with the matter.

    The role is based in Hong Kong, and will start in December, the publication said.

    Tang was previously a Hong Kong-based managing director and head of industrials, China at Barclays Capital, where she has worked since 2010, according to her LinkedIn profile. She was previously employed as an attorney at various law firms after starting her career as an analyst at Accenture.

    Tang’s hire follows HSBC’s appointment of Jeremy Choy as head of its Asia Technology Mergers & Acquisitions (M&A) team in June. Choy joined from boutique investment bank China Renaissance, where he worked for 4 years, most recently as managing director and head of M&A.

  • Singapore E-Wallet Inks Partnership With Thai Bank

    The Singapore-based firm has made its first foray into an overseas market, and is promising Thai travelers affordable options to pay with the competitive exchange rates when abroad.

    YouTrip, a multi-currency mobile wallet designed with travelers in mind, is taking its services to customers outside Singapore by launching in Thailand with a partnership with Kasikornbank (KBank), the firm announced in a press release on Tuesday.

    Juthasree Kuvinichkul, founding partner of You Technologies and Grab Thailand, will lead YouTrip’s Thailand operations. As part of the tie-up, YouTrip will be offered to KBank’s 11.6 million online customers, who will be able to register through their online banking app within 3 minutes.

    KBank president Patchara Samalapa said in the statement that he sees «strong potential» in the partnership with YouTrip. We also believe in the foreign exchange market which has benefited from the strong outbound tourism growth in Thailand, due to strong Baht, travel promotions, new flight routes openings, etc., he added.

    YouTrip allows users to pay in 150 currencies at 30 million Mastercard payment points worldwide with no hidden fees at wholesale exchange rates.

    Riding on the wave of Southeast Asia’s booming travel market, YouTrip has received strong interest in its multi-currency wallet since its launch in Singapore in August 2018, counting over 400,000 downloads of its mobile application in its home market, as well as 10 million transactions processed in the year since its launch, the statement said.

    In May, the firm announced that it closed a record $25.5 million pre-Series A fundraise – the largest for a fintech startup from Southeast Asia.

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  • OCBC 3Q Core Profit Up Slightly

    OCBC 3Q Core Profit Up Slightly

    Singapore’s second-largest lender reported core net profit of S$1.26 billion in the third quarter, slightly above the $1.25 billion reported a year earlier.

    However, OCBC Bank’s headline net profit slipped 6 percent to S$1.17 billion for its third quarter ended September 30, from S$1.25 billion a year ago due to a one-off charge at its Indonesian banking unit.

    The one-time charge of S$91 million arose as a result of refining the group’s expected credit loss modeling approach for Bank OCBC NISP. Excluding the one-time charge, the group’s core net profit of S$1.26 billion is slightly higher than $1.25 billion a year earlier.

    Loans rose year-on-year and fee income climbed to a record high led by wealth management as the private banking business managed to maintain net new money inflows, said OCBC chief executive Samuel Tsien in a statement.

    Net fees and commissions grew 10 percent to a new record of S$550 million from S$502 million a year ago, led by higher fees from wealth management, investment banking and remittance services.

    Net interest income for the quarter grew 6 percent to S$1.60 billion, stemming from a five basis point increase in net interest margin to 1.77 percent. Improved asset yields and a 2 percent increase in customer loans underpinned the improved net interest income.

    Non-interest income for the quarter increased 2 percent to S$1.06 billion from S$1.04 billion in the previous year. Total income for the quarter rose 4 percent to S$2.66 billion from S$2.54 billion a year ago.

    Not all sections of the bank’s results slip are glowing – net trading income was only S$182 million compared to S$213 million a year ago, as a decline in treasury income offset a rise in customer-related flow income.

    Global and regional economic growth continued to slow, and geo-political event risks have increased. We shall remain vigilant and will maintain prudent risk management practices while exercising disciplined cost management, Tsien said.

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  • OCBC Allows Instant Account Opening For Startups

    OCBC Allows Instant Account Opening For Startups

    Start-ups are now able to open an OCBC business banking account in Singapore immediately after incorporation, rather than having to wait one day. Once a business is incorporated, OCBC Bank can validate the start-up’s business profile issued by the Accounting and Corporate Regulatory Authority (ACRA). This is made possible due to an Application Programming Interface (API) between OCBC Bank and global information services provider, Experian (formerly known as DP Information).

    Banks play a key role in the start-up and SME ecosystem partly because the bank account is at the center of business operations. Given this role and our standing as banker to more than 1 in 2 SMEs in Singapore, we are in the best position to strengthen the connections among all players in this ecosystem, said Christie Chu, Head of Emerging Business and Commercial Banking Cash, OCBC Bank in a media statement on Monday.

    OCBC Bank launched a dedicated business supporting the start-up segment at the end of 2018. Since then, it has been engaging start-ups to understand the pain points when starting a business. With a track record of serving the start-up segment, the bank found that starting a business is a journey of discovery, and many stumble along the way.

    To that end, the team is putting together a start-up guide, with practical tips from successful entrepreneurs with first-hand experience. The guide will be accessible to all aspiring entrepreneurs on OCBC Bank’s website.

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  • Apple Card users are getting a major iPhone-related perk

    Apple Card users are getting a major iPhone-related perk

    Apple announced earlier today that’s it’s adding another benefit to the Apple Card starting this week, which is aimed to appeal to iPhone users. During its earnings call, Apple revealed a new program for Apple Card users that will allow them to buy or upgrade to a new iPhone much easier.

    Thanks to the new program, Apple Card owners will receive interest-free, 24-month financing on iPhone purchases. The new perk can be combined with the three percent cashback Apple Card users are getting on purchases from the company’s stores.

    The same offer is available through the iPhone Upgrade Program, so if you don’t have an Apple Card, that’s where you should look if you want to buy a new iPhone without having to pay for it upfront.

    The third option for Apple fans who just want to upgrade to a new iPhone is to take advantage of the company’s trade-in program, which will allow them to pay a lot less for a brand new model. And it looks like this is one of the options that many customers are taking advantage of, as CFO Luca Maestri said on the call. The number of iPhone trade-ins is more than five times higher than last year.

    The move is most likely another important step that brings Apple closer to the launch of the so-called “iPhone subscription,” which has been speculated for many years now. Tim Cook’s most recent comments certainly confirm Apple is considering such a service:

    We’re cognizant that there are lots of users out there that want a sort of a recurring payment like that and the receipt of new products on some sort of standard kind of basis, and we’re committed to make that easier to do than perhaps it is today.

    Although an “Apple Prime” doesn’t exist yet, Tim Cook’s statements suggest that if enough people are willing to pay every month for the privilege of having the latest iPhone, such a subscription service will eventually be made available.

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  • Maybank Kim Eng, PhillipCapital Among DDoS Targets

    Maybank Kim Eng, PhillipCapital Among DDoS Targets

    Disruptions caused by the cyberattack on the trading houses lasted from 30 minutes to the whole morning session on October 24.

    Maybank Kim Eng and PhillipCapital spokespersons have confirmed their brokerages were among those that faced disruptions last Thursday, when up to five trading houses were hit by distributed denial-of-service (DDoS) attacks.

    The impact was minimal as we swiftly mitigated the attack. At no point was the security of our clients’ information, online trading or Web services compromised, a Maybank Kim Eng representative said.

    PhillipCapital also confirmed that Phillip Securities and Phillip Futures were affected, but it took «immediate and appropriate actions» to limit the impact.

    The newspaper cited unnamed sources saying that RHB Securities, which operated the RHBInvest platform, was also affected. The firm declined to comment.

    A DDoS attack happens when the bandwidth or resources of a targeted system is flooded with unwanted traffic, making an online service or website unavailable.

    The Monetary Authority of Singapore (MAS) issued an advisory to financial institutions following the attacks to alert them of the increased risk of DDoS activities.

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  • DBS Leverages Allfunds Platform

    DBS Leverages Allfunds Platform

    DBS inks an agreement with Allfunds to leverage its fund distribution capabilities and boost penetration in Asia.

    DBS’s retail banking and wealth management arm will look to leverage from the partnership «access to a broad range of investment funds and utilize the asset servicing services which Allfunds provides in Asia, and globally,» according to a statement.

    According to Allfunds’ Asia regional manager David Perez de Albeniz, the partnership marks a common goal towards increasing mutual funds penetration in Asia, highlighting potential synergies between DBS’s «innovative digital offering» and Allfunds’ open-architecture platform. Marc Lansonneur, head of managed solutions, balance sheet products and investment governance at DBS Wealth, echoed the sentiments and underlined the comprehensiveness of the Allfunds platform.

    Allfunds presents a one-stop solution for our distribution needs – access to an extensive fund eco-system, leading technology proposition, and a full suite of servicing capabilities – which we seek to leverage to achieve greater convenience, efficiency, and productivity moving forward, Lansonneur said.

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  • HSBC advises to avoid a Lehman Crisis in China

    HSBC advises to avoid a Lehman Crisis in China

    More easing is required in the industry not only to improve ease of business, said a senior HSBC executive, but to prevent risks similar to the Lehman crisis.

    Peter Wong, deputy chairman, and Asia Pacific chief executive of HSBC, commented at a Shanghai financial summit on the need to improve corporate governance and investor protection in China in order to manage major systematic risks akin to the trigger of the last global financial crisis. We really don’t want to have another situation similar to the Lehman crisis in China, Wong said, according to a report.

    Whilst it has suggested greater stringency in certain facets, it also lauded regulatory easing, such as the recently relaxed foreign ownership rules, and urged for more similar moves. Wong proposed more easing in the insurance industry, such as ease of expansion into new cities and provinces, and in the banking industry, including the acquiring of deposits.

    It’s very difficult for foreign banks to get deposits in China, Wong said, adding that the country should «figure out a way» to address the issue, he said. We’ve been trying for a number of years. Now we’re developing, we’re increasing our share, but the journey is not easy.

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  • China Accelerates Blockchain Growth

    China Accelerates Blockchain Growth

    China’s national parliament has passed a new law on cryptography aimed to facilitate development concurrently with the country’s central banking efforts to launch its own digital currency.

    The newly adopted law, effective as of January 1, 2020, «was necessary for regulating the utilization and management of cryptography, facilitating the development of the cryptography business and ensuring the security of cyberspace and information», the National People’s Congress Constitution and Law Committee.

    The new law distinguishes cryptography into three classifications: core, common and commercial. Core and common cryptography will be strictly managed by Chinese authorities and used to protect confidential national information.

    If cryptography is deemed as commercial, which assumes no risk to state security or the public interest, cryptography management departments and other relevant personnel are unable to ask for disclosure of «exclusive information related to the cryptography such as source codes and must keep the business secrets and privacy they get in their duties strictly confidential.

    The new law marks a further acceleration of China’s blockchain-related policy which is likely to pave the way to various initiatives including the nation’s efforts to launch its own digital currency which its central bank claims is almost ready.

    The law was also enacted one day after President Xi Jinping called for more research and investments into blockchain technology, stressing competition from other major countries and the need for China to obtain first-mover to increase «influence and rule-making power in the global arena».

  • Standard Chartered and IFC Offer Trade Finance Facility

    Standard Chartered and IFC Offer Trade Finance Facility

    It will be used to help sustain trade flows in developing countries and narrow the gap in global trade finance.

    Standard Chartered and the International Finance Corporation (IFC), a member of the World Bank Group, are partnering on a $1 billion facility to boost trade financing in emerging markets the two parties announced in a press release on Wednesday.

    This arrangement will allow the two partners to equally share the risk of trade flows of a portfolio of small and medium-sized enterprises and is expected to enable $4 billion in trade finance in Asia, the Middle East and Africa in the next three years.

    The announcement noted the $1.5 trillion global trade finance gap and said the facility will bring trade finance to local and regional companies, some of which are credit-constrained and rely on bank trade facilities to manage cash flows and purchase raw inputs.

    Paulo de Bolle, senior director of IFC’s Financial Institutions Group called the facility a «unique partnership that can help counter de-risking trends in developing countries and support real-sector demand for trade finance.»

  • HSBC Ups Employee Childcare Benefits in India

    HSBC Ups Employee Childcare Benefits in India

    HSBC’s India arm has upgraded its female employee benefits, allowing reimbursement for daycare costs for their children up to the age of six.

    This marks an increase in the maximum age of a child from the previous two years old. For those seeking daycare reimbursement, each child is entitled per month to Rs 18,000 ($250) in Mumbai; $190 in National Capital Region, Bengaluru and Pune; and $141 in other cities.

    Mothers that do not wish for daycare reimbursement can receive a fixed $141 per month and HSBC claims to be the sole provider of such benefits.

    «With this policy, we have gone a step further to empower our women employees so that they can balance work life and motherhood better,» said Vikram Tandon, head human resources, HSBC India. This policy provides our working mothers the flexibility to choose the best from multiple childcare options for an extended time period.

  • UBS Reveals Client Overcharging Claims in Asia

    UBS Reveals Client Overcharging Claims in Asia

    Wealth management clients in Hong Kong and Singapore may have been overcharged, UBS said, adding that it is working with authorities and intends to reimburse affected customers.

    UBS claimed that it had identified and reported instances in which its global wealth management clients in Hong Kong and Singapore «may have been charged inappropriate spreads for bond transactions between 2008 and 2015.

    UBS intends to reimburse affected customers on a basis agreed with the relevant authorities,» the bank said in its third quarter report. UBS expects the relevant authorities will subject UBS to reprimands and fines as a result of their investigations.

    Despite the regulatory worries, Asia continues to be a primary growth driver for the bank, as evidenced by the latest figures. UBS’s global wealth management business posted net new asset of $10.9 billion in Asia, boosting the region’s total invested assets to $420 billion.

  • UBS Seeks Full Ownership of China Onshore Securities Firm by 2020

    UBS Seeks Full Ownership of China Onshore Securities Firm by 2020

    UBS continues to act as a pioneering foreign bank in mainland China taking full advantage of the accelerated timeline for foreign ownership cap removals by seeking full control of its securities joint venture by 2020.

    The accelerated removal of the ownership caps for securities companies means that UBS is expected to be permitted to increase its stake in UBS Securities China from the current level of 51 percent to 100 percent by 2020, the bank said during its quarterly result announcement this week. The exact effective date remains to be clarified.

    In July, Chinese authorities announced the removal of foreign ownership limits for securities, insurance and fund management companies next year, introduced a year earlier than planned.

    Others have also been actively taking advantage of Chinese liberalization including Citi which is reportedly setting up a wholly-owned onshore securities business.

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