Retail News CRM

Tag: framework

  • TRAI releases consultation paper on satellite gateway

    TRAI releases consultation paper on satellite gateway

    Telecom Regulatory Authority of India (TRAI) has extended an invitation to industry stakeholders to gather inputs on a framework for satellite gateways in India. This will facilitate the launch of satellite communication services in India.

    Prior to this, the Department of Telecommunications (DoT) has requested TRAI to furnish recommendations on licensing framework for establishing a satellite gateway. DoT has requested TRAI to address existing limitations in satellite gateway operations as there is no provision regarding the use of gateway by service providers established by a satellite constellation operator.

    The regulator is called to look into factors and make recommendations on entry fee, license fee, bank guarantee, NOCC charges, and other issues which may concern LEO, MEO and HTS systems.

    TRAI has since released a consultation paper to garner inputs by 13 December.

    Lees ook:

  • UOB Issues First Green Trade Financing Under Industry Framework

    UOB Issues First Green Trade Financing Under Industry Framework

    The loans will help two of the bank’s clients in Singapore’s food supply chain build on their sustainability initiatives and strengthen their supply chain resilience.

    UOB has extended its first green trade finance facilities under the Green Finance Industry Taskforce’s Green and Sustainable Trade Finance and Working Capital Framework to palm oil and derivatives products producer Musim Mas and aquaculture company Barramundi, the bank said in Wednesday.

    Muslim Mas, which has been incorporating sustainability into its corporate agenda, will use the funds to supporting its working capital needs, in particular its sourcing of certified palm oil from responsible suppliers. Barramundi will further its sustainability initiatives to contribute to greater resilience and security in the seafood ecosystem, and source sustainable raw materials as part of its adoption of innovative solutions such as using climate-resilient and sustainable technologies.

    We are actively engaging our clients to reinforce the importance of sustainability to their business… Our collaborative approach helps to drive greater market adoption for green financing and encourages more businesses to advance responsibly, Frederick Chin, UOB head of group wholesale banking and markets, said in the announcement.

    UOB’s sustainability chief Eric Lim previously said the bank wants to help businesses advance responsibly on their sustainability journey and help their business models transition, as part of its goal of reaching $15 billion in sustainability loans by 2023.

    To qualify for green trade financing, companies must have a clear sustainability strategy and provide documents that show how the funds will be used, UOB noted. Companies also need to submit records that demonstrate the positive sustainability outcomes from their business activities or trades related to green trade financing.

    UOB highlighted, citing Singstat data, that more than S$1 trillion worth of trade flows through Singapore, of which more than S$90 billion meets the requirements of being green and sustainable.

    These trade flows provide an immense opportunity for us to work with companies to offer green trade financing and to support their trade flows through our regional network capabilities, Chin said

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

  • Singapore Launches Framework to Attract Investment Funds

    Singapore Launches Framework to Attract Investment Funds

    The new corporate structure can be used for a wide range of investment funds and provides fund managers greater operational flexibility and cost savings.

    Singapore is courting more funds to base themselves in the city-state with the launch of a new framework that caters to the needs of global investment funds and investors, and a grant scheme to encourage industry adoption of the framework.

    Under the Variable Capital Companies (VCC) framework, announced by the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) on Wednesday, fund managers will have greater flexibility in share issuance/redemption and the payment of dividends. Managers will also be able to incorporate multiple funds in a single VCC to save costs, the statement said.

    The three-year VCC grant scheme will help defray costs of incorporating or registering a VCC by co-funding up to 70 percent of eligible expenses paid to Singapore-based service providers, capped at S$150,000 for each application, with a maximum of three VCCs per fund manager.

    Marking the launch, a total of 20 investment funds, from a group of 18 fund managers that participated in a VCC pilot program by MAS and ACRA in September 2019, were incorporated or re-domiciled under the new framework on Wednesday.

    Benny Chey, MAS assistant managing director, Development and International, called the launch of VCC a «significant chapter in the development of Singapore as a full-service international fund management and domiciliation hub» and said it would also create new opportunities for Singapore-based fund service providers as more fund managers to use the VCC to structure their investment funds.

    Anshuman Asthana, regional head of Product Management, Securities Services, ASEAN and South Asia, Standard Chartered Bank, called the VCC structure a game-changer for the asset management industry and said the structure would also give Asia’s start-up ecosystem a boost.

    With more private equity and hedge funds expected to domicile in Singapore, they can more easily continue their financing support for Fintech start-ups and help them grow in size. This will help solidify Singapore’s position as a technology and innovation hub for the region,» Asthana said.

    Lees ook:

  • Vietnam to develop legal framework for Bitcoin

    Vietnam to develop legal framework for Bitcoin

    The government is looking to cash in on taxes from the virtual money. Amid concerns that Bitcoin can be used for money laundering, creating chaos in the financial markets, Vietnamese regulators, rather than banning Bitcoin, are looking to manage the virtual money through a new legal framework.

    Since Bitcoin transactions are mainly conducted on the internet, it makes it difficult for the government to collect taxes. This means losses to the budget revenue due to tax evasion, said a recent government proposal.

    The proposal also pointed out that Bitcoin can be used to launder money, purchase illegal weapons and arms, and enable corruption and bribery.

    The justice ministry, along with the central bank, the information ministry and the trade ministry, has been tasked with bringing a regulatory framework to the table by the end of next year.

    Vietnamese lawmakers admit that they are behind other countries when it comes to defining virtual currency and how it can be regulated.

    They are also aware that electronic payments are on the rise in Vietnam, with over 2.2 million electronic wallets currently active across the country.

    Besides, as Vietnam is experiencing an e-commerce boom, Bitcoin and other types of virtual money could be used as non-cash payments in the future.

    Vietnam expects revenue from online retail to hit $10 billion by 2020, accounting for 5 percent of total nationwide revenue from sales of goods and services, according to the government’s e-commerce development plan for 2016-2020.

    The Southeast Asian country forecasts rapidly growing demand for online shopping with 30 percent of the population buying goods and services over the internet.

    The justice ministry said that there are no rules in place to regulate Bitcoin as well as other electronic forms of money, and this must change.