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Tag: Singapore

  • Singapore Relaxes Border Restrictions for Travellers

    Singapore Relaxes Border Restrictions for Travellers

    The city-state will reopen its borders to fully vaccinated travelers from certain countries and is removing stay-home requirements for short-term visitors from several countries.

    Fully vaccinated travelers from Germany and Brunei will be able to come to Singapore without serving a stay-home notice, under a new Vaccinated Travel Lane arrangement announced on Thursday.

    At the same time, all travelers from Hong Kong and Macau, Mainland China, New Zealand and Taiwan, regardless of vaccination status, can enter without serving a stay-home notice, the Civil Aviation Authority of Singapore (CAAS) said.

    Vaccinated Travel Lane visitors will have to meet a set of criteria that includes taking designated flights that serve only vaccinated travelers, not transiting elsewhere, and undergoing PCR tests while in Singapore. Those who arrive on flights not under the Vaccinated Travel Lane will be subject to prevailing quarantine measures upon arrival, CAAS said.

    In response to the relaxed border measures, Singapore Airlines will operate five weekly Vaccinated Travel Lane flights from Frankfurt and Munich beginning September 7.

    Lufthansa, will also increase its flights to Singapore to three weekly, up from one currently – two of these will be for the designated Vaccinated Travel Lane.

    Separately, the Ministry of Transport announced that Singapore and Hong Kong have agreed not to pursue further discussions on the air travel bubble, owing to differences between the two cities in their strategy for managing the Covid-19 pandemic.

    «Both parties agreed that it would not be possible to launch or sustain the air travel bubble in its present form,» the announcement said.

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  • Korean Internet Giant Opens Blockchain Units in Singapore

    Korean Internet Giant Opens Blockchain Units in Singapore

    Kakao Group will pursue the globalization of its public blockchain project, Klaytn, from the city-state.

    South Korea’s Kakao Group has established two new blockchain entities in Singapore – nonprofit Klaytn Foundation and global accelerator unit Krust, it announced in a statement.

    Kakao Foundation said in a statement that it would work proactively and systematically to expand the Klaytn network, while Krust, led by Dean Song, will work with the foundation to help accelerate its mission.

    We will actively invest our human as well as financial resources in developers and businesses of the blockchain world to accelerate the growth of our ecosystem and the development of our technology, the foundation said. Founded in 2010, Kakao Group operates messenger app KakaoTalk and internet bank KakaoBank. Kakao also recently won a bid to pilot South Korea’s central bank digital currency (CBDC) project.

    The Singapore development is funded by a $300 million blockchain development war chest that also includes an improvement reserve fund used for service maintenance purposes.

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  • DBS Receives In-Principle Crypto Approval in Singapore

    DBS Receives In-Principle Crypto Approval in Singapore

    DBS becomes Singapore’s second crypto player to secure an in-principle approval from the Monetary Authority of Singapore to offer token services.

    DBS Vickers – the brokerage arm of DBS – has received in-principle approval from the MAS under the Payment Services (PS) Act to provide digital payment token services, according to a statement.

    As a member of DBS Digital Exchange (DDEx), DBS Vickers will be able to «directly support asset managers and companies to trade in digital payment tokens through DDEx.

    DBS will also upgrade its digital exchange with operations running beyond the previous Asian hours to round-the-clock trading from August 16.

    We have seen keen interest among asset managers and corporates for access to digital payment token services, and with DBSV receiving in-principle approval under the PS Act, we are well-placed to meet this growing demand,» said DBS group head of capital markets Eng-Kwok Seat Moey.

    This could add to DDEx’s volumes in the coming months, and, coupled with DDEx going operational round-the-clock, help accelerate growth for DDEx. We are confident of doubling our investor base by the end of the year.

    DDEx has just completed its second quarter since launching in December 2020 and houses around 400 investors with close to S$130 million ($95.8 million) of digital assets in its custodial services.

    Trading volume in the second quarter reached S$180 million, more than quintupling the previous quarter.

    In June, DDEx listed its inaugural security token offering in the form of a S$15 million digital bond.

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  • Singapore and Hong Kong Named as Unicorn Incubators

    Singapore and Hong Kong Named as Unicorn Incubators

    The city-state’s unicorn businesses take an average of 6 years and 11 months to reach the valuation of $1 billion.

    Singapore is the joint fourth best country in the world for unicorn start-ups, according to a recent study by credit broker Money.co.uk, with six businesses currently valued at over $1 billion.

    The top country for unicorns is China, with 155 such companies, which take an average of 5 years 10 months to reach this status. Hong Kong, which has five unicorns, is the second-fastest country for businesses to reach $1 billion, which take an average of 6 years and 1 month, followed by Japan unicorns, which take average of 6 years and 3 months.

    According to the study, which cited data by private equity firm CB Insights, there are only 750 unicorns – defined as independently owned and valued at over $1 billion – globally. The U.S., also in joint fourth position, has the most, at 378.

    Globally, there are 131 fintech unicorns, which took an average of 7 years 1 month to reach $1 billion.

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  • SGX Profits Fall on Higher Expenses

    SGX Profits Fall on Higher Expenses

    The bourse attributed its weaker performance to higher expenses increased and declining treasury income amid a low-interest rate environment.

    Singapore Exchange’s fiscal full-year net profit fell 6 percent year-on-year to S$445.4 million ($329.5 million), despite operating revenue growing by 0.3 percent to S$1.06 billion, according to financial statements released on Thursday.

    Operating revenue fell 6.8 percent year-on-year for the six months ending 30 June 2021 to S$535.1 million, with the decline coming from its equities segment, SGX said. Its net profit for this period totalled S$205.6 million, down 20.5 percent from S$258.6 million the previous year.

    FICC revenue, comprising Fixed Income as well as Currencies and Commodities – Derivatives revenues, increased 24 percent to S$211.8 million, or 20 percent of total revenue. Equities revenue, comprising Equities – Cash as well as Equities – Derivatives revenues, declined 8 percent to S$701.1 million, or 66 percent of total revenue.

    Data, Connectivity and Indices revenue increased 18 percent to S$143.1 million, or for 14 percent of total revenue.

    Scientific Beta and BidFX contributed 7 percent to the group’s total revenues in FY2021. Along with recently acquired FX trading platform MaxxTrader, total revenue contribution from SGX’s recently acquired subsidiaries would exceed 9 percent, SGX said.

    While the low-interest rate environment will continue to impact our treasury income, we believe it will also spur demand for our multi-asset offerings as investors seek enhanced returns, CEO Loh Boon Chye said.

    The Board of Directors proposed a final quarterly dividend of 8 cents per share, payable on 22 October 2021, which would bring total dividends in FY2021 to 32 cents per share, up from 30.5 cents in FY2020.

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  • Singapore Crypto Startups Join Mastercard Engagement Program

    Singapore Crypto Startups Join Mastercard Engagement Program

    Two Singapore startups will help the payment giant accelerate innovation around digital asset technology. Singapore-based Mintable, a non-fungible token (NFT) marketplace; and Stacs, which provides a blockchain infrastructure for the financial industry to unlock value and enable effective sustainable financing, are among of a new cohort of seven startups at Mastercard’s «Start Path» global startup engagement program.

    The program supports fast-growing digital assets, blockchain, and cryptocurrency companies by providing access to strategic partnership opportunities, insights, and tools to grow. Companies participating in the new program aim to address pain points including asset tokenization, data accuracy, digital security, and seamless access between the traditional and digital economy.

    The announcement comes amid increased enthusiasm for a broader range of payment technologies in the Asia Pacific region as a result of the pandemic, and growing awareness of cryptocurrencies among the general public. Mastercard also said consumers are increasingly showing interest in being able to spend crypto assets for everyday purchases.

    We believe we can play a key role in digital assets, helping to shape the industry and provide consumer protection and security. Part of our role is to forge the future of cryptocurrency, and we’re doing that by bridging mainstream financial principles with digital assets innovations, Jess Turner, Executive Vice President of New Digital Infrastructure and Fintech, Mastercard, commented.

    Mastercard announced last week that it was looking to simplify for its partners the conversion from cryptocurrency to traditional fiat currency, and would be leveraging partnerships to help crypto companies offer card programs.

    Earlier this month, rival Visa reported that consumers spent more than $1 billion worth of cryptocurrency on goods and services through Visa’s crypto-linked cards in the first half of 2021.

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  • Nearly Half of Singaporeans Own Cryptocurrency

    Nearly Half of Singaporeans Own Cryptocurrency

    Despite market volatility and regulatory pressures, the outlook for crypto adoption remains positive especially in Singapore where nearly half of its residents own the digital asset class, according to a survey.

    43 percent of Singaporeans own cryptocurrency, according to a survey by Independent Reserve, a digital set exchange with operations in the city-state since 2020. And adoption is expected to continue to rise with 46 percent of respondents plan to buy crypto in the next 12 months.

    Naturally, awareness has been high in Singapore with 93 percent claiming they have knowledge of cryptocurrencies and 90 percent claiming they heard of bitcoin.

    Unsurprisingly, younger individuals have led adoption rates at 66 percent for those aged 26 to 45 compared to 31 percent cumulatively for all other age groups.

    The same age group was also twice as likely to buy crypto in the next 12 months at 61 percent.

    Crypto adoption is expected to increase in Singapore with 59 percent of Singaporeans believing it will reach mass-scale adoption and 70 percent for those under the age of 45.

    The price outlook is also positive with half of the respondents expecting bitcoin’s value to rise to S$50,000 by 2030. 13 percent of those under 45 forecast bitcoin’s price to reach S$250,000 by the same year. The data is based on a survey of 1,000 Singaporeans conducted by Independent Reserve.

    Independent Reserve also launched its inaugural Cryptocurrency Index for Singapore and scored it at 63 out of 100 using criteria based on awareness, adoption, trust and confidence.

    With digital currency gaining momentum worldwide, Singapore continues to emerge as a key hub in Asia due to its robust and well-regulated financial markets infrastructure and openness to new technologies,» said Independent Reserve CEO Adrian Przelozny.

    The strong awareness and adoption of crypto among Singaporeans in the survey findings are probably a natural reflection of the country’s progressiveness and commitment to preparing for the future.

  • Singapore Wealth Fund Posts Best Performance Since 2015

    Singapore Wealth Fund Posts Best Performance Since 2015

    Strong asset performance amid the pandemic and exits through initial public offerings by portfolio companies boosted the fund’s performance.

    GIC, whose investment performance is measured using a rolling 20-year real rate of return, posted an annualized USD nominal rate of return of 6.8 percent for the period that ended 31 March 2021, or 4.3 percent accounting for inflation, it said in the announcement. In 2015, it recorded a return of 4.9 percent.

    Asia excluding Japan took up 26 percent of GIC’s portfolio, up from 19 percent a year earlier, while emerging markets comprised 17 percent, up from 15 percent. At the same time, its Japan exposure fell to 8 percent, from 13 percent the year before, according to its annual report. Its largest region by exposure continued to be the U.S., at 34 percent. The fund manages in excess of $100 billion in assets, though exact figures are not available.

    GIC said it is cautious about the macro outlook in the long term, given rising inflation, elevated asset valuations, more fragile fundamentals in the global economy and less policy room.

    Chow Kiat, GIC chief executive officer, said GIC is positive on the micro prospects, given new areas of growth that are driven by increasing emphasis on sustainability, accelerating technological transformation, and growing needs for businesses to reconfigure their supply chain.

    Earlier this year, GIC opened its 11th office globally in Sydney, Australia, saying it would be seeking investment opportunities in the country.

    The fund has also been loading up on crypto assets of late. So far this year, GIC has taken stakes in U.S. based digital asset bank Anchorage; BC Group, the parent company of regulated crypto exchange OSL; and blockchain analysis company Chainalysis.

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  • Singapore’s Reopening Takes a Step Back

    Singapore’s Reopening Takes a Step Back

    Covid-19 measures will be tightened again from Thursday (July 22) to Aug 18, as the city-state tries to stem a spike in community cases.

    Singapore is scaling down social gatherings to a maximum of two and banning dining out amid a spike in Covid-19 infections in the city-state that emerged from karaoke lounges and the city’s main fishery port, which has spread to 26 markets and food centers.

    Based on the assessment on the way the cases have developed and the many clusters we are seeing, and how it is likely to have transmitted into the community, we have to put in place something to slow down the transmission, Finance Minister Lawrence Wong, who chairs the country’s Covid-19 task force, said in a press conference on Tuesday.

    The number of new cases in the community has increased from 19 cases the week before, to over 500 cases in the past week, according to the Health Ministry.

    A review of the long-awaited air travel bubble (ATB) between Singapore and Hong Kong was also pushed back to late August.

    Both parties will remain in close contact and monitor the public health situation in both places before taking stock in late August on the ATB, Singapore’s Transport Ministry said in a statement on Tuesday.

    The ATB was slated to launch in November 2020, but has been beset by numerous delays. Last week, Hong Kong lawmakers urged the government to scrap the arrangement, citing Singapore’s shift from a «Covid zero» strategy towards learning to live with the virus.

    Health Minister Ong Ye Kung said the country is on track to achieve its target of having two-thirds of the population vaccinated before National Day, which falls on August 9.

    Currently, 50 percent of the population is fully vaccinated, but 200,000 seniors have yet to take the jab.

  • Singapore Firm Partners China’s The9 for Cloud Crypto Mining

    Singapore Firm Partners China’s The9 for Cloud Crypto Mining

    Singapore Myanmar Investco (SMI) will develop a cryptocurrency cloud-mining platform with The9, according to a memorandum of understanding signed by the two sides.

    The mining business is expected to be launched in the fourth quarter of the year, subject to regulatory approval, SMI said in an announcement on Friday.

    Operations will be hosted in a range of facilities across Canada, U.S., Central Asia and the ASEAN region, and will cover a basket of cryptocurrencies inclusive of bitcoin (BTC), filecoin (FIL) and chia (XCH). This move follows SMI’s entering into a subscription agreement with The9 for new shares in SMI, which was announced in June.

    SMI also said it reached an agreement with Chinese cloud mining software-as-a-service company Nhash for technical and support services for five years, as well as an option to purchase up to 4,000 crypto mining machines.

    SGX-listed SMI is an investment and management company focused on Myanmar. In June, it announced its intention to pivot to cryptocurrencies and to diversify its core business to include gaming, digital entertainment and robotics.

    Originally an online gaming firm, Nasdaq-listed The9 pivoted into mining in January and started operations the next month. However, it has been facing regulatory headwinds in China, where it operates. Like other miners, The9 has been looking to shift operations abroad.

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  • BoS Adds Sustainability to Investment Financing Framework

    BoS Adds Sustainability to Investment Financing Framework

    The bank will be incorporating environment, social and governance (ESG) factors when assessing loan financing, as part of its push for sustainable investing.

    The loan quantum for investment financing will be higher for mutual funds that are rated AAA or AA in the MSCI ESG Fund Ratings, Bank of Singapore (BoS) said in an announcement.

    Previously, financing against mutual funds was based on the volatility of the asset’s value, liquidity of the asset and the credibility of the fund manager. Now, the advance ratio – the maximum percentage amount of the market value of the collateral that could be extended as a loan – will be increased by 5 percentage points for such funds, the announcement said.

    BoS said that investment financing is commonly used by high-net worth individuals in growing wealth and enhancing investment returns. The private bank registered a compounded annual growth rate of close to 10 percent in the loans for investment financing from 2016 to 2020.

    By adding an ESG lens to our lending framework, we hope to create a direct and positive impact in the investment of highly rated ESG assets, starting with mutual funds, Alexandre Lotfi, BoS global chief risk officer, said.

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  • Singapore to invest $70 million in research, innovation and enterprise

    Singapore to invest $70 million in research, innovation and enterprise

    Speaking at the opening address of the ATxSummit, Singapore Deputy Prime Minister and Coordinating Minister for Economic Policies, Mr Heng Swee Keat announced that Singapore will be stepping up investments to unlock the full potential of the digital revolution through collective action.

    Investment in research and innovation is key to building solutions for the future and staying at the forefront of the digital economy. Singapore will invest close to S$70 million (US$50 million) under the Research, Innovation and Enterprise (RIE) plan, to launch our first national Future Communications Research & Development Programme (FCP).

    The FCP supports cutting-edge communications and connectivity research, and will in turn grow local capability to translate that into innovative products, services, and companies. This will be accomplished through the setup of new communications testbeds in 5G and beyond-5G, and support technology development, translation and training, while building up the talent pool in the areas of communications and connectivity technologies. As a start, the FCP has established a Memorandum of Understanding (MOU) with the 6G Flagship of Finland.

    As the Global-Asia node for technology and innovation, such digital cooperation with like-minded partners reaffirms Singapore’s role in bolstering growth opportunities in the global digital economy. Singapore Minister for Communications and Information Mrs Josephine Teo also signed a Memorandum of Cooperation (MOC) with Japan and an MOU with Thailand, at the sidelines of the ATxSummit.

    The MOC seeks to strengthen ICT collaboration between Singapore and Japan, enabling closer policy alignment and regulation on businesses. The MOC will facilitate a pilot project on electronic transferable records and the exchange of information on best practices and policies relating to the Digital Economy, Artificial Intelligence, and cybersecurity. It also includes closer collaborations through joint training and programs on AI implementation, AI governance and ethics, as well as cybersecurity capacity building.

    The longstanding Thailand-Singapore relationship will deepen with the signing of this MOU, which has been expanded to include new areas of cooperation in the Digital Economy such as digital connectivity, smart cities and AI governance. Both sides are also exploring interoperability between digital systems and frameworks that enable e-documentation.

    The pandemic has accelerated the overall shift to digital. Building a common “digital infrastructure” to underpin and ease data sharing will enable multiple stakeholders to come together and drive economic transformation. A new common data infrastructure and framework, the Singapore Trade Data Exchange, or SGTraDex was therefore launched to enable this trusted sharing of trade data. Designed as a neutral and open digital infrastructure through a public-private partnership, it was conceptualized by the Alliance for Action (AfA) on Supply Chain Digitalisation. SGTraDex will support ecosystem-wide digital transformation, connecting supply chain ecosystems both locally and globally.

    Three initial use cases were developed to push the boundaries of a trusted data exchange. The use cases demonstrated how SGTraDex can enable participants to strengthen the financing integrity of trade flows, enhance operational efficiency by optimizing logistics functions across partners, and provide visibility on supply chain transactions. The use cases have the potential to unlock more than S$200 million (US$150 million) of value annually when fully developed.

    SGTraDex will continue to build on this initial momentum, develop more use cases, and drive adoption locally and globally. SGTraDex also has the flexibility to be the data infrastructure for many other sectors ranging from construction to aviation, unlocking even more potential value. This is part of a suite of digital infrastructure and utilities being developed, including the SGFinDex for the financial sector, that provides a strong foundation for Singapore’s Digital Economy.

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  • North Asia Specialist Joins Indosuez Singapore

    North Asia Specialist Joins Indosuez Singapore

    He brings extensive knowledge of the regional wealth management industry, as well as the North Asia market, from his experience as a team leader for other global wealth managers.

    Indosuez, the global wealth management brand of Crédit Agricole Group, has appointed Alfred Low as the firm’s Head of North Asia Market and Strategic Partnerships in Singapore, effective September 2021, according to an announcement on Tuesday.

    Low joins the firm following senior management and advisory roles covering North Asia clients at HSBC Private Bank, Credit Suisse Private Bank, UBS Wealth Management, and Citigroup Private Bank. He previously held various functions with the Ministry of Trade and Industry in Singapore.

    Omar Shokur, Indosuez CEO, Asia, and Singapore branch manager, said the firm is committed to North Asia an is deepening its talent pool to better serve clients.

    North Asia, in particular, is one of the world’s fastest wealth creation region and is an important growth market for Indosuez, Shokur said.

    As of end-2020, the firm had €128 billion in assets under management.

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  • OCBC Creates Dozens of Sustainability-Related Jobs

    OCBC Creates Dozens of Sustainability-Related Jobs

    Singapore’s OCBC has created more than 50 sustainability-related jobs over the last two years as part of a broader plan to internally promote the space.

    The 50 jobs span across sustainable business development, sustainable product development, sustainability research, ESG assessment, ESG reporting, ESG regulatory and compliance, sustainable stewardship, and community development and environmental conservation programs, according to a statement.

    This is part of the «OCBC Future Smart Program» which is now in its second phase with an investment of $30 million over the next three years.

    The program and its first phase were launched in 2018 with an investment commitment of $20 million over three years.

    Since the program kicked off, the bank has developed numerous training modules, sub-programs, certification pathways while further driving learning through desktop and mobile platforms.

    1,900 programs have been launched for OCBC’s 30,000 employees groupwide which have achieved more than 178,000 completions.

    Major change is afoot on the job front and roles that are available today may no longer be needed or will be significantly disrupted tomorrow, said OCBC’s head of group human resources Jason Ho. New threats to the business emerge continuously. We are confident that as long as we continue to learn, un-learn and re-learn as an organization, we will be able to turn threats into opportunities.

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  • Citi Singapore Appoints Senior Execs

    Citi Singapore Appoints Senior Execs

    The bank has appointed five locals to senior positions across Asia Pacific in various business groups, according to an announcement.

    Chan San-San, who joined Citi in 2003, was appointed private banking high net worth head for Asia Pacific, effective July. She will continue to be based in Singapore and will join the Global Private Bank leadership team as well as the Citi Global Wealth Asia management team.

    Singapore-based Kelvin Goh was appointed Asia Pacific head of financial institutions group for investment banking, effective immediately. Goh, who joined the bank in 2018, brings 17 years of experience in the field and was most recently Citi’s Asia Pacific head of insurance, investment banking.

    Gary Chan, who joined Citi in 1997 and was most recently Singapore head of the integrated corporate bank, has been appointed Taiwan head of the integrated corporate bank, effective October 1. He will be taking over from Vivian Tan, who will be retiring from Citi after 21 years of service.

    Taking over from Chan is Gilbert Ng, who will be responsible for clients belonging to the corporates, financial institutions and public sector groups, and will have oversight of the global subsidiaries group, effective immediately. Ng joined the bank in 2006 and was most recently head of global subsidiaries group, Singapore.

    Toh Jian Xun was appointed as co-head of TMT, Asia Corporate Bank, effective immediately. He will continue to serve in his current role as head of TMT for China corporate bank, based in Shenzhen. He joined Citi in 2010.

    The moves signal our commitment to develop local talent, provide opportunities for personal and professional growth across our global network, and offer our people a long-term career in the bank,» Amol Gupte, ASEAN head and Citi country officer for Singapore, said.

    The appointments come on the heels of two other senior moves in Singapore: Serene Gay as the head of credit cards and personal loans for Citibank Singapore and Faye Ong as the head of family office advisory for Asia at its private bank.

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