Retail News CRM

Tag: Singapore

  • DHL: Machine learning to mitigate supplier risks

    DHL: Machine learning to mitigate supplier risks

    DHL introduced a new integral part of its Resilience360 supply chain risk management platform called DHL Supply Watch. The extension of DHL’s early warning system uses machine learning and natural language processing to detect disruptions in a company’s supply base before they cause financial losses or long lasting reputational damage.

    With Supply Watch, DHL Resilience360 is adding a broad range of new risk categories to the system’s existing portfolio to monitor supplier risks on a company level, including financial indicators, mergers & acquisition, environmental damages, supply shortages, quality issues and labor disputes, using publically available data found by monitoring of online and social media sources.

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  • Heightened danger in Singapore as cyber attacks increase

    Heightened danger in Singapore as cyber attacks increase

    Ransomware has rapidly moved from a “nuisance” to a public threat which could now endanger lives, a director of Singapore’s Cyber Security Agency told the CommunicAsia2017 conference on Tuesday.

    Ho Ka Wei, a director at the National Cyber Threat Analysis Center at the Cyber Security Agency of Singapore, said an increase in attacks in recent weeks-including the global WannaCry attack-has put agencies on “high alert” and led to “sleepless nights and non-stop action.”

    Ransomware attacks on the health system and facilities such as hospitals have the potential to threaten people’s lives, he said.

    “The number of attacks is increasing,” said Ho. “No one is spared.”

    “Critical infrastructure and government institutions continue to be attractive targets, and we see new sophisticated forms of ransomware and malware,” he said. “And now they are coming in malicious combos like WannaCry-which is both ransomware and a worm.”

    Attacks were also increasing in strength and power, with some measured at over one terabyte per second, where previously “20 gigabytes a second was considered quite high.”

    Ho outlined recent Advanced Persistent Threat (APT) attacks at two Singapore Universities in April, which were “carefully planned” with perpetrators seeking to steal government information and research.

    The APTs were designed to gain unauthorized access to networks and lurk there for long periods to access information.

    These attacks, at NTU and NTS, were identified and computers were isolated and then replaced.

    The threat environment, said Ho, escalates on a monthly basis, and will reach new levels with the unstructured rise of the IoT if rigorous action is not taken and standards enforced.

    “If IoT devices are unsecured by default, then they can be controlled and used,” said Ho. “The level of escalation is serious.”

    Singapore created the Cyber Security Agency two years ago under the auspices of the Prime Minister’s Office, and the country announced its first Cyber Strategy in October last year.

    Ho outlined four pillars to the strategy: to build a resilient infrastructure, create safer cyberspace, develop a vibrant cybersecurity ecosystem, and strengthen international partnerships.

    Digital technology, he said, was critical to Singapore’s “smart nation efforts” and the increased number of attacks from “new vectors” was a key national risk to overcome.

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  • Minister Ibrahim opens CommunicAsia2017

    Minister Ibrahim opens CommunicAsia2017

    “They say ‘change is the only constant’, but change has never come at a faster rate,” said Ibrahim. “Convergence and disruption are transforming the way we operate. Every so often, we see another Airbnb or Uber come along, up-ending the way our economies function.”

    Global upheaval

    “Across the world, we see greater calls for protectionism,” he said. “I am sure we recognize this reality in our countries. But how do we deal with such upheaval?”

    “We can, of course, try to protect our economies and close them off-take the easier path. But history has shown that those who resist change eventually fall behind and end up playing catch-up.”

    Digital strategies

    “As ministers and policy-makers, we have been looking at the policies to prepare our country, so that we are digitally ready to thrive in the future economy,” said Ibrahim. “The TechSkills Accelerator, or TeSA, we launched last year aims to deepen skills and capabilities. Over 10,000 ICT professionals have gained from TeSA so far.”

    “We will be training another 10,000 public servants in data science to improve capabilities in the public service. We are also reaching out to the small medium enterprises. With the SMEs Go Digital program, we want to help our small businesses scale up and boost productivity through technology.”

    Culture of experimentation

    “We want to encourage a culture of collaborating, sharing and experimenting,” said the Minister. “One way we are doing this is to provide dedicated spaces and tools for people to tinker around with innovative projects, and exchange ideas with others in the community.”

    “The PIXEL Lab at the Jurong Regional Library is one such space. Tools and equipment like 3D printers and micro-controllers are available for anyone who wants to play around with them.”

    Regulation without stifling innovation

    “How do we regulate without stifling innovation? Last year, the Monetary Authority of Singapore, or MAS, launched a regulatory sandbox for financial institutions and FinTech players. The idea is to provide a conducive space where certain regulatory requirements are relaxed for a period of time, to encourage firms to test their solutions. If the experiment fails-and there will be some that do, it does so within a confined space, without major impact on our financial system.”

    “Digital is the future, but the future is not only digital,” said Ibrahim. “I believe analogue will remain for some time in many of our countries. We must look into harnessing the benefits of digital to transform older, analogue processes and sectors. This is one way to ensure a more inclusive and equitable distribution of benefits we gain from technology.”

  • Megaport Singapore links up with AliCloud

    Megaport Singapore links up with AliCloud

    Megaport Singapore, a subsidiary of Australia’s Megaport, has entered into an arrangement to provide enterprises with direct and scalable access to Alibaba Cloud via the Megaport global SDN.

    By accessing Alibaba Cloud Express Connect, a high-speed dedicated network connection that securely links customers with their VPCs through Megaport’s SDN, enterprises can scale their cloud connectivity and enable rapid provisioning of capacity to Alibaba Cloud.

    From a single global account, Megaport customers can cut down latency and deploy globally on Alibaba Cloud’s network of cloud regions.

    Alibaba Cloud’s customers will be able to access Megaport’s global network in more than 20 major markets in the Asia Pacific, North American, and European regions with 150 points of presence.

    Alibaba Cloud will extend its edge closer to enterprises, provide consistent network performance for its customers, and expand its direct access capabilities around the world.

    “Megaport’s extensive global footprint is strengthened by our partnership with Alibaba Cloud,” said Vincent English, Chief Executive Officer of Megaport.

    “Direct, dedicated access to Alibaba Cloud’s services adds value to our platform. This partnership enables customers globally to directly access services from the leading cloud provider based in China. Partnering with China’s largest public cloud provider aligns with our strategy to enrich our Ecosystem and provides greater service options for our customers.”

  • Dairy Farm Singapore puts out unified POS terminals

    Dairy Farm Singapore puts out unified POS terminals

    Dairy Farm Singapore Group (DFSG) has confirmed it is deploying 2,000 new unified point of sales (POS) terminals across all Cold Storage, Market Place, Jasons, Giant, 7-Eleven and Guardian stores island-wide. Over 650 stores are expected to receive the new terminals in 2017.

    The new POS terminals will be deployed at its Cold Storage, Market Place, Jasons, Giant, 7-Eleven and Guardian Health and Beauty stores.

    While the company positions the investment as giving shoppers greater payment convenience, the project will net the group a reduction of 20%-30% (or 9-11 seconds) in the time required at checkout counters. It will also improve productivity with savings of 106 hours a day for all the stores.

    The collaboration between DFSG, NETS and UOB is in line with the Singapore Government’s Smart Nation initiative to leverage innovative technology in enabling the use of cashless payment in Singapore. It will accelerate the retail sector’s transition from using paper-based instruments to adopting electronic platforms that promote interoperability, efficiency and security, and offers a ubiquitous user experience that cuts across market segments and demographics. Implementing Unified POS solution is part of this vision as it is swift, simple, secure and accessible to all and accepted by all.

    In addition to credit and debit cards, the Unified POS system will support NETS, NETS FlashPay, Apple Pay, Android Pay, Samsung Pay, UOB Mighty Pay, and EZ-Link. DFSG’s co-brand card – the UOB Delight card – as well as its Tap For More loyalty programme via the PAssion card have also been integrated into the system.

    Dairy Farm Singapore finance director Tom van der Lee says “The implementation of the Unified POS system significantly simplifies and shortens the payment process for our customers.  It also has the added benefit of improving efficiency which means that cashiers now have more time to focus on what is truly important – serving our customers.”

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  • Singaporean banks bulk up in wealth management

    Singaporean banks bulk up in wealth management

    A pullback by global competitors is giving Singaporean banks opportunities to expand their wealth management operations in Asia. The latest case in point came on May 11, when Oversea-Chinese Banking said it is buying National Australia Bank’s retail banking operations in Singapore and Hong Kong.

    OCBC will acquire a mortgage portfolio worth $1.7 billion and a deposit portfolio of about $3.05 billion from NAB at around book value, the banks said. NAB’s retail business in Asia has centered on selling mortgages to wealthy individuals for overseas property investments. Australia’s largest bank, however, is selling off these businesses out of Singapore and Hong Kong, as it streamlines its Asian strategy to focus on corporate banking.

    When the transaction goes through, likely by the end of the year, OCBC’s mortgage portfolio will increase by 4%. But the real prize is the customer base of 11,000 affluent individuals — 7,000 in Singapore and the rest in Hong Kong. OCBC is keen to cross-sell its wealth management products, including asset management and insurance, to these people. Some of the customers may grow rich enough to be served by Bank of Singapore, its private bank subsidiary that looks after the superrich.

    OCBC has been aggressive about expanding its wealth management market share. The bank completed the acquisition of Barclays’ Asian private banking business in November 2016. The $227.5 million deal added $13 billion worth of Asian assets under management to Bank of Singapore’s portfolio. At the end of March, the unit’s assets under management came to $85 billion, more than 50% higher than the $55 billion at the end of 2015.

    DBS Group Holdings is showing similar aggressiveness. Last October, the state-linked bank announced it would buy the wealth and retail operations of Australia’s ANZ in five major markets in Asia. It agreed to pay a premium of 110 million Singapore dollars ($78 million) above book value. Upon completion, the transaction will boost DBS’ customer base by 1.3 million in Singapore, Hong Kong, China, Taiwan and Indonesia. Of those, 100,000 are wealth management clients, including 3,500 high net worth individuals.

    Seeking Scale

    Despite the growth of Asian wealth, banks face stiff competition for customers as well as talent. Globally, meanwhile, regulatory and compliance pressures are pushing up their operating costs. This is prompting a strategic rethink by some players. “Though NAB has grown a healthy private wealth business in Hong Kong and Singapore, without greater scale, its competitive position is not compelling,” said Peter Coad, the Australian bank’s executive general manager for international branches.

    “Without the scale, it is very hard to create a sustainable business” today, Tan Su Shan, head of consumer banking and wealth management at DBS Bank, said last year when the ANZ deal was announced. “You need to invest in digitalization, people, platforms and processes.”

    For Singaporean banks, though, expansion in wealth management enhances stability. “Income generation from wealth does provide earnings diversification for the banks, and the income is less volatile [than] trading income and deal-related income streams, like investment banking fees,” said Morningstar analyst Michael Wu.

    DBS was the No. 6 player on the region’s private banking scene in 2016, according to Asian Private Banker, followed by Bank of Singapore at No. 7. United Overseas Bank, the city-state’s third-largest bank, entered the top 20 in 14th place, having brought in more high net worth individuals via its corporate banking network.

    In the quarter through March, all three banks recorded profit increases despite sluggish interest income, thanks to stronger wealth management contributions.

    Asked if OCBC needs more acquisitions to achieve a bigger scale, CEO Samuel Tsien said he would continue looking at “opportunities that fit into our culture.”

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  • Singaporeans prefer electronic payments to cash

    Singaporeans prefer electronic payments to cash

    A Visa study has revealed that Singaporeans have the highest preference for electronic payments the in Southeast Asian region.

    According to the 2016 Visa Consumer Payment Attitudes survey, 87% of Singaporeans prefer making electronic payments to using cash, indicating the highest preference for electronic payments in the region.

    This figure could largely be attributed to an increased preference for using debit cards, with 62% of consumers saying they own and actively use debit cards, a 13% increase over the previous year.

    Nearly half (48%) of respondents stated they have more payment cards in their wallets now, compared to five years ago. The main reasons for not carrying large amounts of cash include an increased habit of using payment cards, mobile wallets and contactless cards. More than half (52%) of these respondents also said they believe card usage is safer than cash.

    In terms of payment habits and sentiments, 68% of respondents shared that they use electronic payment methods via mobile and wearable devices more often, resulting in a move away from cash. Sixty-six per cent also said they would like payments to be fully automated, doing away with the physical process of paying for a product or service. Sixty per cent of them also expressed being comfortable with the use of biometrics, such as fingerprinting and face recognition, for payment authentication.

    Awareness and usage of contactless payments in Singapore has also increased in the past year. Some 91% of Singaporeans said they are aware of contactless payments, compared to 87% in 2015. In addition, 71% of Singaporeans said they have used contactless payments, and the remaining 25% said they were keen to use it in the future.

    Ooi Huey Tyng, Visa Country Manager for Singapore and Brunei said, “Singapore is a developed market where more than 60% of all transactions are made electronically. However, this means that around 40% of payments in Singapore are still transacted using cash and cheques, presenting a significant opportunity for cash displacement. Certain segments in Singapore, such as hawker centres, food courts and wet markets, are heavily cash-based. Hence, it is important for the industry to work closely together to introduce new digital solutions to convert cash in these segments, so that Singapore can become truly cashless.”

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  • Equinix acquires 29 data centers from Verizon

    Equinix acquires 29 data centers from Verizon

    Equinix has completed its acquisition of 29 data centers in North and Latin America from Verizon Communications.

    The US $3.6 billion all cash deal includes over 1,000 customers, of which over 600 are net new, and approximately three million gross square feet of data center space.

    Equinix said the deal will accelerate its ability to help companies extend their IT operations to the digital edge, strengthens interconnection density on the Equinix global platform, accelerates business relationships in the government and energy sectors and supports its enterprise offering.

    Additionally, it adds three new markets (Bogotá, Culpeper and Houston) and provides additional capacity and the opportunity for expansion in markets where Equinix currently has a presence, including Atlanta, Denver, Miami, New York, São Paulo, Seattle and Silicon Valley.

    Spread across 15 cities in North and Latin America, the new assets bring Equinix’s total global footprint to over 175 International Business Exchange (IBX) data centers across 44 markets and approximately 17 million gross square feet.

    “As the technological shift to digital is transforming large sections of society and the global economy, companies are re-architecting their IT infrastructure to thrive in this new environment,”Equinix CEO Steve Smith said.

    “They are moving from traditional centralized infrastructure to a distributed model that keeps data closer to the customers, partners and employees using it. With this significant expansion of Equinix’s globally consistent footprint, our platform is even more valuable to companies that are leveraging this new model of interconnection at the digital edge.

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  • Apple Orchard Road opening on May 27

    Apple Orchard Road opening on May 27

    The wait for Apple fans will be over soon. Apple Orchard Road – the official name of the Apple retail store here – will be opening its doors on May 27 at 10am. Close to midnight last night, workers were seen pasting the opening date on the white facade covering the front of the store at Knightsbridge mall.

    It is not only the first Apple retail store in Singapore, but also the first one in South-east Asia. The store will open daily from 10am to 10pm.

    News of the Apple retail store here first broke in October 2015, after a former tenant of the mall, the Pure Fitness gym chain, sent a letter to its members informing them of its closure to make room for the Apple store. Four other tenants were also moved.

    In an exclusive interview during the opening of the Apple Dubai Mall store last month, Apple’s senior vice-president of retail Angela Ahrendts told: “We want to be on an iconic street, where people will naturally come, whether they are locals or tourists.”

    This is especially so when it is the first store in the country and it allows Apple to build a beautiful signature store for that community, she said.

    Retail experts said the Apple store’s location makes sense. Said Associate Professor Prem Shamdasani of the National University of Singapore Business School: “For more than a decade, Apple has been opening retail stores in very good locations in major cities globally to showcase its great products and enhance the brand experience for loyal fans and consumers.

    “Singapore’s position as a vibrant and progressive global city in South-east Asia will help to reinforce Apple’s brand leadership in the region,” he said.

    As of April, Apple has 495 retail stores in 20 countries.

    Apart from selling Apple products such as iPhones, iPads and MacBooks, as well as accessories, the local Apple store will have staff who Apple calls Geniuses – technical personnel who specialise in troubleshooting and repairs of products.

    Apple Orchard Road will also host hands-on sessions called Today at Apple, which launches in all Apple retail stores across the world this week.

    Taught by Creative Pros, who are the liberal arts equivalent of Apple’s technical Geniuses, these free educational sessions focus on the features of Apple products and allow anyone to learn skills like photography, illustration or coding.

    For the Singapore store, Apple has appointed 12 Singaporean creatives as Red Dot Heroes. They are people who have made a contribution in their fields like the arts, photography, music or film.

    They include street photographer Aik Beng Chia and illustrator Kristal Melson (see their profiles below), as well as film-maker Boo Junfeng and local singer Sezairi.

    These Singaporean creatives are similar to Apple’s Creative Pros and some of them will conduct workshops in Apple Orchard Road.

    Experts also see possible learning points for the retail industry from the Apple store.

    “When you want to control the store experience, you need to own and operate it,” said Mr Clement Teo, principal analyst at market research firm Ovum.

    “The bar for customer service in Apple stores and online is high, supported by trained Geniuses and expert advice from Creative Pros to help customers get the most out of their Apple products. Happy customers equal to loyal Apple customers,” Mr Teo added.

    Contrary to popular belief, Apple Orchard Road will not signal the end of Apple premium resellers (APRs) like Nubox and Epicentre, and repair centres such as QCD Technology.

    “They (APRs) will continue to adapt and survive – especially in suburban areas,” said Mr Teo. “Repair centres will be a great supplement to Apple for all sorts of warranty and repairs.”

    In fact, Prof Shamdasani said that the Apple retail store will enhance the brand’s value and attractiveness and help to expand the market for Apple products and services in Singapore, which, in turn, will benefit the APRs and repair centres.

    Apple Orchard Road will be run on 100 per cent clean energy using rooftop solar installations provided by Singapore-based solar energy provider Sunseap Group.

    iPhone and MacBook user Chung Weifang is excited about the new Apple store here. The 33-year-old communications executive said: “There is nothing like buying a product from the brand’s flagship store, where the customer experience begins the moment one steps into the retail space.”

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  • Singapore Airlines trimming several flights from capital express service

    Singapore Airlines trimming several flights from capital express service

    Singapore Airlines is cancelling several flights from its capital connect services later this year, in response to low demand during the off season.

    Since September, Singapore has flown Boeing 777-200 to Wellington via Canberra four times a week, a service which aviation experts said appeared to be winning strong support.

    Wellington Airport has publicly linked the service to its case to extend its runway south into Cook Strait in a bid to enable direct, long haul services to the capital.

    But the airline is dropping three return flights over three months. The flights were due to land and take off from Wellington on August 14, September 5 and October 24.

    The cancelled flights appear to be equivalent to just over a 5 per cent cut in capacity over the August-October period.

    Simon Turcotte, Singapore Airlines general manager New Zealand, said the decision not to operate the flights was part of normal operations.

    “During the low season we regularly make ad hoc changes to our flight schedules to meet market demand and ensure we are optimising the performance of the route during the low season,” Turcotte said.

    “We will work with affected customers to re-accommodate their travel requirements.”

    Wellington Airport spokesman Greg Thomas said it was not unusual for airlines to change schedules when considering low and high season.

    “We are happy with the performance of the service and have received positive feedback on the vast improvement in connectivity that Singapore Airlines has provided to Asia and onwards to Europe.”

    Brent Thomas, commercial director for House of Travel, said it was not unusual for airlines to make changes to schedules between seasons.

    “Ultimately the airlines will decide where they can get the best use of their aircraft because these are expensive pieces of machinery and the airlines need to determine where they can get the best returns.”

    A slight change in frequency did not mean a service was in jeopardy, Thomas said, however because of the organisation involved and the potential disruption to customers, changes suggested demand was low.

    “These kind of decisions, where they adjust schedules, certainly aren’t taken lightly,” Thomas said.

    The Singapore Airlines service has been in the headlines, both for its improved connectivity to Asia, the fact that it is the first scheduled wide-bodied service from Wellington, and the support the airline received to bring it here.

    When the service was confirmed, Wellington’s then Deputy Mayor Justin Lester said the short time on the tarmac in Canberra meant the service would cut the time it took to get from central New Zealand to Asia by at least 90 minutes.

    In the following days documents emerged showing Wellington Regional Economic Development Agency could provide up to $800,000 a year in marketing support towards the service, for 10 years.

    Shortly after flights commenced, it emerged that Wellington City Council generated almost no paperwork in the decision to agree the subsidy, prompting calls from councillors to rein in chief executive Kevin Lavery’s delegated authority over spending.

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  • Spirits retail salon The Proof Flat opens in Singapore

    Spirits retail salon The Proof Flat opens in Singapore

    A new spirits and cocktail retail ‘salon’ has opened in Singapore. Dubbed The Proof Flat, the new space is located on HongKong Street and is the third retail experience launched by Proof & Company — the firm also behind award-winning bar concepts 28 HongKong Street and Manhattan Bar.

    The Proof Flat is a residential apartment, situated on the second floor of a 1940s’ Singapore shop house. It is home to the fictional EC Proof, the embodiment of Proof and Company and an ‘advocate for extraordinary spirits’.

    “We imagined the apartment as the place where EC’s friends would visit him to hang out and relax with bartenders and distillers, sampling some of the world’s best artisanal spirits,” said Proof and Co founder Spencer Forhart, a press release. The bricks and mortar retail salon is for those who appreciate fine spirits and cocktails – and value insider advice from some of the industry’s most prolific drinks experts.

    Customers enter a stylish ‘home’ where they can taste and purchase a wide array of spirits (roughly 350 bottles), as well as get the full set of apparatus required to setup their own at-home bar. The Proof Flat also accepts personal appointments and includes bar tools, bar pantry items and books on cocktails and spirits.
    The store design is by the group’s long-time collaborators, Matt Shang and Paul Semple from multidisciplinary design studio, Hassell.
    Inside, a neutral palette of whites and marble floors meets glossy cabinetry and panelling of teal blue with burgundy contrasts.

    Key styling points include customised furniture pieces from Indonesia, an ethnic rug from Turkey, as well as reindeer pelts and portraits of fictionalised characters, known to the elusive EC Proof.

    The Proof Flat also boasts an e-commerce store found at ecproof.com.

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  • Decathlon opened its biggest Singapore store

    Decathlon opened its biggest Singapore store

    Sporting goods retailer Decathlon‘s biggest store yet in Singapore has opened its doors on Saturday (May 13) morning.

    Already boasting two mega stores here in the Republic – one at City Square Mall and another at Bedok, its third and largest outlet is located at the FairPrice Hub, Joo Koon.

    Spanning 4,000 square metres of sporting retail space, the outlet will also be the site of Decathlon’s new e-commerce hub which will provide a multi-channel sales experience.

    Shoppers can order items online through its new website which will be launched in June. Sports advisers on site will pick the items directly in the store and package them for delivery within the same day. It is aiming for delivery within six hours.

    Shoppers can also opt for the “Click and Collect” option and pick items up from any of Decathlon’s three stores.

    Additionally, the store has 10 experience zones and Singapore’s first slack line, golf-putting green, mini-football arena and a running track with two different surfaces. Customers will be able to test equipment before purchasing them, and can return equipment if unhappy with the product.

    “Since we launched our first e-commerce and retail store in Singapore, we have seen a remarkable response from Singaporeans,” said Bastien Grandgeorge, Decathlon Singapore’s country leader.

    “Here we have 62 sports, and all under the same roof. We want the best experience for our customers and accessible sport for all.

    “Even if you’re not wealthy, anyone should be able to access sport.”

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  • OCBC buys Australia bank’s retail, wealth business in Singapore, Hong Kong

    OCBC buys Australia bank’s retail, wealth business in Singapore, Hong Kong

    With Australian banks retreating from the retail business in Asia, OCBC has scooped up the retail and wealth business in Singapore and Hong Kong of Australia’s largest business bank, National Australia Bank (NAB), to bump up both its mortgage portfolio and customer base.

    Observers said the deal reflects the surging costs for foreign banks in competing against local players in the retail and wealth space in Asia.

    While there is undoubted growth in wealth in the region, non-domestic players would have to spend significantly to expand their product and services suite beyond a boutique presence.

    “In American football, there’s a phrase, ‘Go big or go home’. And based on a cost-benefit analysis, it was time to go home,” said one observer, pointing to NAB’s exit from the Asian wealth business.

    The negotiations for the profitable business unit took about three months, The Business Times understands. The acquisition, in effect, has Singapore’s second-largest bank buying up about US$1.7 billion of mainly residential mortgage loans, with more than half of the properties in the major Australian cities of Sydney, Melbourne and Brisbane, OCBC announced on Thursday. Notably, over 50 per cent of these mortgage loans are booked in Hong Kong.

    The purchase price will match the value of the loan-book at the time that the transaction closes, which is expected to be by the end of the year.

    To be clear, the purchase comes with a US$3.05 billion deposit portfolio comprising a mix of currencies that include the Australian, Hong Kong, Singapore and US dollar.

    OCBC will reach about 11,000 new customers, with more than 7,000 in Singapore and about 4,000 in Hong Kong. Most of the customers are Singapore and Hong Kong residents.

    With the mortgages increasing the bank’s overall mortgage portfolio by about 4 per cent, one analyst noted that the bump is “negligible”.

    “OCBC does get 11,000 customers out of it – though how sticky they are is another issue. (But) the low customer acquisition cost is probably the attraction for OCBC,” he said.

    OCBC said the acquired business will be earnings accretive to the bank within the first year of completion.

    The mortgage portfolio is made up of mainly home loans with an average loan-to-valuation ratio of below 60 per cent, as weighted according to the value of the loans. NAB also has a “strong track record with negligible delinquencies”, OCBC said.

    The business adds to the bank’s overseas property financing programme for real estate in Australian cities such as Sydney, Melbourne and Perth.

    “This deal makes financial and strategic sense to us,” said Ching Wei Hong, OCBC’s chief operating officer, noting that the mortgage loan book would have required “time and money” to grow via organic means.

    “The mortgage portfolio to be transferred to us is a high quality and well-supported one, (while) the customers are in the affluent segment that we have been building.”

    The deal also comes amid surging profit contribution of regional business for OCBC. The bank’s shares closed on Thursday at S$10.56, up 10 cents.

    The market is drawing comparisons between the NAB transaction and the one signed by DBS and ANZ in November, with ANZ selling most of its wealth and retail business in Asia for S$110 million to Singapore’s largest bank.

    That S$110 million represented about 0.5 per cent of the S$23 billion of assets under management from ANZ’s wealth business, mostly out of Singapore and Hong Kong.

    The ANZ sale to DBS also included loans and deposits, but was also in effect a self-funded loan book. At the point of announcement, DBS said it would take up about S$11 billion of loans once financed by ANZ, as well as S$17 billion in total deposits owed to former ANZ customers.

    It should also be noted that ANZ took a A$265 million (S$275 million) loss on the sale to DBS, reflecting write-offs taken for software, goodwill and fixed assets, as well as transaction costs. By contrast, NAB said the sale will not have a material financial impact on it. It is now focused on helping business customers in Australia and New Zealand access the Asian markets.

    In a media statement, Neil Parekh, NAB’s general manager for Asia (ex-Greater China) said: “We wanted a buyer that could meet our customers’ growing demand for a wide range of wealth management solutions in Asia. OCBC is uniquely qualified to do so.

    “We will work closely with OCBC during the transition to completion to ensure a smooth process for customers moving to a business with a comprehensive product offering and strong presence in Asia.”

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  • Hugo Boss opens menswear store at Singapore Changi

    Hugo Boss opens menswear store at Singapore Changi

    Hugo Boss has opened a 95sq m store at Singapore Changi Airport Terminal 1.

    The Boss Menswear Store features a new interior concept featuring “clean, angular aesthetics” that has already been adopted by select stores in other cities.

    Hugo Boss considers the travel retail channel to be a dynamic part of the fashion business, and has opened its latest store at Changi Airport.

    The design is said to embrace harmony between lines, shapes and colours, and showcases the brand’s collections.

    “Throughout the store layout, matte and textile surfaces contrast with high-gloss and mirrored materials,” noted Hugo Boss. “The overall outcome is a refined space with a classic, yet airy, modern feel.”

    The store offers Boss Clothing, Boss Sportswear, Boss Green, and men’s shoes & accessories.

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  • DBS to reduce carbon footprint in 3-year partnership with DHL

    DBS to reduce carbon footprint in 3-year partnership with DHL

    DBS Bank will partner logistics company DHL Express Singapore to reduce its carbon footprint, according to a joint press release by the two firms on Tuesday.

    The three-year partnership will enable the bank’s global express shipments to become carbon neutral through DHL’s proprietary GoGreen Climate Neutral Service.

    Singapore’s largest bank will utilise the eco-friendly patented solution provided by DHL to calculate and estimate the carbon dioxide emissions of every DBS shipment based on weight and distance travelled.

    The emissions are then offset through reinvestments by the DHL carbon management programme into global climate protection projects. The entire process will be verified by an independent third party for accountability.

    “We believe that we have a role to play in promoting sustainable development,” said Ms Donna Trowbridge, group head of procurement services at DBS Bank.

    “Participating in this innovative initiative is another step we are taking to actively manage our carbon footprint, complementing ongoing efforts to cut our carbon emissions such as incorporating sustainable designs and practices into our offices and branches.”

    At the end of each year, DBS will receive an annual certificate that details the estimated carbon emissions from its GoGreen shipments that were neutralised in environmental protection projects.

    Examples of the global climate protection projects that are part of the carbon management scheme include a biomass power plant in India and wind farms in the eastern and north-central regions of China.

    “As large global companies, we have the power to make huge waves not only in the economy but also in the well-being of societies and the environment. Hence, we are obligated to utilise business practices that ensure both quality of service and future of our green environment,” said Mr Frank-Uwe Ungerer, senior vice-president and managing director of DHL Express Singapore.

    In 2016, DBS’ carbon emissions across its offices and branches in six key markets — Singapore, Hong Kong, China, India, Indonesia and Taiwan — fell by 4 per cent, said the bank.

    Other efforts to cut down on the bank’s carbon footprint include reducing air travel by encouraging video-conferencing and online collaboration tools.

    DBS was the first bank in Singapore to achieve the Green Mark certification endorsed by the National Environment Agency for its branch network in Singapore.

    The DHL GoGreen policy is part of the international group’s commitment to contribute to the communities and regions in which the company operates, and covers environmental management, waste consumption and sustainable sourcing.

    In Singapore, DHL Express tracks its annual carbon emissions and is the official logistics partner of the e-waste recycling Renew programme.

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