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Tag: Singapore

  • Bank of Singapore Nets Ex-UBS Wealth Planning Veteran

    Bank of Singapore Nets Ex-UBS Wealth Planning Veteran

    Bank of Singapore bolsters its business with the hire of a 30-year wealth planning veteran from UBS.

    Bank of Singapore hires Paul Chua as its global head of wealth planning, according to a statement, effective June 28 this year.

    In his Singapore-based role, Chua reports to global head of products Lim Leong Guan.

    Chua succeeds Tariq Salem who remains with the bank to focus exclusively on his role as head of structured solutions group.

    Chua has over 30 years of tax and wealth planning experience in advising ultrahigh net worth and multi-generational families on the structuring of their estate, succession, and wealth transfer strategies.

    He was most recently with UBS where he spent 19 years, last as its Singapore head of wealth planning.

    Aside from exemplary leadership qualities, Chua is known as an industry veteran who extends a personal touch when dealing with clients, said Lim, who also joined Bank of Singapore from UBS last year. We are confident that he will be a key addition to our wealth planning team to help develop deeper and more meaningful relationships with our clients.

    At a minimum net worth of $250 million, Bank of Singapore is increasingly focused on the family office segment which has seen clients onboarded triple in 2020 compared to 2019.

    The bank also hired Carrie Ng as head of single-family office advisory – a newly created role – in March this year and Joanna Ho as the Greater China and North Asia head of wealth planning last year.

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  • Singapore and Hong Kong Set Review Date for Travel Bubble

    Singapore and Hong Kong Set Review Date for Travel Bubble

    An announcement on the launch date for the travel bubble is expected in early July, following a review by both sides.

    The latest developments come in view of the COVID-19 epidemic situation in Singapore, which has been stabilizing since early June, the Hong Kong government said in an announcement on Thursday.

    Both consider that it is prudent to keep the developments under review to ensure the epidemic situation is sufficiently stable before deciding in early July on the way forward for the ATB, the announcement said.

    The travel bubble between two business hubs, planned since October 2020, has been beset by numerous delays.

    On Thursday, Singapore also announced the easing of curbs to control the spread of Covid-19, to take place from June 14.

    The city-state brought back stricter social distancing measures in early May amid growing community infections, but new cases have since stabilized in the low single digits.

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  • Guardian Singapore cuts prices for 500 articles

    Guardian Singapore cuts prices for 500 articles

    The Guardian pharmacy chain said that it is reducing prices on more than 500 health and beauty products for the rest of the year, given that customers are “more value-conscious in the face of increasing financial challenges” of the Covid-19 pandemic.

    Guardian said that the initiative, involving reductions of up to 25 percent, would cost the company S$6 million.

    In a press statement on Thursday (June 3), it said that it is embarking on these longer-term price reductions because it wants to help customers save more and make a meaningful impact by making health and beauty essential accessible to everyone.

    The price reductions apply from Thursday.

    The items that will see their prices reduced include:

    1. All products under the Guardian brand
    2. Listerine mouthwash
    3. Dove body wash
    4. Darlie toothpaste
    5. Pantene shampoo

    The selection of products follows Guardian’s research, which looked at what products customers buy the most, and it showed that they prioritized affordability. Giant invests S$4 million more to extend discounts on products till end-2021

    Mr. James McCoy, director of commercial and operations at Guardian Singapore, said: “We want to support our customers in managing their health and well-being in an affordable way, especially during this time. We are ensuring that our customers can get their daily essentials at low prices that are locked for the rest of the year”.

    This initiative by Guardian came after a similar move by supermarket chain Giant. Both chains are part of conglomerate Dairy Farm International Holdings.

    The supermarket chain announced in March that it would extend its discounts on hundreds of products until the end of the year, which will set it back by an extra S$4 million, and add more than 100 discounted products.

    The move was to help ease the financial hardship faced by customers during the pandemic.

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  • HSBC Singapore Strengthens Board

    HSBC Singapore Strengthens Board

    HSBC Singapore has named a new executive director to its board, while Winston Ngan, who retired as a partner of EY Singapore, joins as an independent non-executive director.

    Wong Kee Joo, who was appointed as Singapore CEO on 1 June 2021, brings more than 26 years of banking experience across markets like the U.K., Thailand, Hong Kong and China. He was previously HSBC’s regional head of global payments and cash management (GLCM) for the Asia Pacific region since January 2015.

    Ngan brings 26 years of professional services experience, including stints with Ernst & Young (EY) in Singapore and Canada. Before retiring, he led EY’s Financial Services Assurance practice, overseeing 1,300 audit professionals across Asean, including Singapore.

    HSBC reiterated its commitment to Singapore as a strategic priority market and said it aims to double the total wealth balances of its Wealth and Personal Banking business in the next five years.

    Among the bank’s priorities are growing frontline wealth teams to support high net worth (HNW) and ultra-high net worth (UHNW) customer segments; accelerating growth in offshore customer segments, in particular overseas Chinese and Indians, and UHNW market share; and ramping up digital banking capabilities and expanding its product and solution suite, including adding more ESG-themed investments.

    As we head into our next phase of growth, Kee Joo’s extensive regional experience in wholesale banking will further strengthen our ability to tap HSBC corporate clients’ personal banking and wealth needs for growth, while Winston’s deep knowledge of Singapore’s banking regulatory requirements will ensure that we have a robust audit framework and the necessary internal controls in place, Mukhtar Hussain, HSBC Singapore chairman, said in the announcement.

  • Singapore Fintech Partners BNP for Impact Investment

    Singapore Fintech Partners BNP for Impact Investment

    AI-driven fintech GreenArc Capital and BNP Paribas have been awarded a proof of concept grant by the Monetary Authority of Singapore’s Financial Sector Development Fund.

    The partners will collaborate on impact measurement and audit project, which will be led by Rony J Palathinkal, COO of GreenArc Capital, according to an announcement.

    The POC is an extension of their previous work to develop the GreenArc platform – an impact investment solution with an embedded impact measurement module that connects investors with impact opportunities focused on financial inclusion and climate action.

    GreenArc uses advanced machine learning techniques to provide assurance of the stated impact objectives of financial products, as well as facilitate investor capital towards true sustainable investments to avoid impact washing. It has been deployed successfully by financial institutions to measure their debt portfolio’s impact.

    We aim to bring transparency to investors and liquidity to select last-mile lenders and microfinance lenders, Joris Dierckx, BNP Paribas regional head of Southeast Asia and CEO, Singapore, said, noting the growing interest among institutional and retail investors to have a positive impact climate change and economic inequality.

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  • OCBC to Grow Transaction Banking Division

    OCBC to Grow Transaction Banking Division

    The bank aims to grow the division by another 50 headcounts to 150 in total by the end of the year. The bank is looking to boost its transaction banking workforce with specialized staff who can help it to develop products and services, and in particular, those with regional skill sets that can support clients in its key markets, OCBC’s Melvyn Low told «The Straits Times.»

    The bank’s head of global transaction banking said the rise of mobile and internet banking, as well as application programming interfaces (APIs) that connect various platforms, are prompting a shift in the skills in demand.

    The division provides corporate banking solutions, including cash management, APIs, trade and supply chain finance solutions, and also serves the bank’s overseas markets in Malaysia, Indonesia, and Greater China.

    I need a very deep appreciation of new technologies like APIs, blockchain, and for data, Low said about the desired candidates. It’s not just about knowing how to look at and consume data, but how to use it to target clients, identify their flows and capture them with solutions using new technologies, Low added.

    He also cited mobile payments, platform connectivity, and cross-border instant payments as areas with the potential to grow.

    In its recent quarterly trading update, the bank highlighted growing momentum from renewed market optimism across its businesses, as well as improved quarterly earnings from its overseas banking subsidiaries.

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  • Citi Appoints Credit Card Head in Singapore

    Citi Appoints Credit Card Head in Singapore

    Citi names a new Singapore head of credit cards and personal loans for its global consumer banking business.

    Citi appointed Serene Gay to the new role, according to a statement, to oversee customer growth, portfolio management, product management, and customer retention for credit cards and ready credit.

    Gay succeeds Vikas Kumar who will join Citi’s U.S. consumer unsecured leading team as head of personal installment after leading the Singapore credit card and personal loans unit for over four years.

    Gay has 16 years of experience at Citi across Singapore, Thailand and China, and was most recently the head of client growth, cards, and loans for APAC and EMEA.

    Singapore is one of four key markets – alongside Hong Kong, UAE, and London – for Citi after it made a major strategic overhaul to exit 13 other consumer banking markets, citing a lack of scale to be competitive.

    Our consumer business in Singapore is strategically important and a critical source of innovation and growth, said head of APAC and EMEA consumer bank Kartik Mani.

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  • Maybank Kim Eng Appoints Singapore Chief

    Maybank Kim Eng Appoints Singapore Chief

    He replaces Harmeet Singh Bedi, who left after six years at the firm in 2020 for Prime US Reit, a Singapore real estate investment trust.

    Maybank Kim Eng, the fully owned investment banking arm of Malaysia-headquartered Maybank, has appointed Aditya Laroia as chief executive officer, Singapore, according to an announcement on Wednesday.

    Laroia joined Maybank Kim Eng in 2020 as head of prime brokerage and country head of investment management in Singapore. In his new role, he will be responsible for the firm’s overall securities and investment banking business in Singapore and the execution of its five-year plan that is anchored by a sustainability-first approach.

    The new chief brings over 23 years’ experience in financial markets in New York, London and Asia.

    He was previously head of sales Asia-Pacific at Saxo Markets, responsible for managing all sales and commercial activities for Saxo Group in the region. Before joining Saxo in 2012, he spent 4 years at Nomura in London, and 10 years at Lehman Brothers.

    Singapore is a key home market for Maybank Kim Eng Group as it is a financial gateway for many of its client segments, Group CEO Ami Moris said in the announcement.

    With Aditya’s global experience and strong capital markets knowhow, I am confident that he will strengthen our franchise in Singapore to continue providing Asean-leading solutions to our clients, Moris said.

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  • HSBC Rolls Out Digital Wallet for SMEs in Singapore

    HSBC Rolls Out Digital Wallet for SMEs in Singapore

    The bank has launched a digital wallet for businesses in Singapore, which enables them to send, receive and hold cash in multiple currencies.

    HSBC’s Digital Wallet, which aims to significantly reduce the time it takes for SMEs to make business payments, is also being launched in the U.K. and the U.S., with a pipeline of further markets as well as new currencies and enhancements, the bank said in an announcement.

    The multi-currency wallet is integrated into its business banking platform HSBCnet, and removes the need for businesses to use third-party providers for international transactions, HSBC said. For example, businesses in Singapore can pay their Malaysia counterparts directly in ringgit.

    Li Lian Ng, HSBC’s head of business banking, Singapore, said the bank is committed to scaling up its SME banking capabilities in Singapore. The bank previously announced its strategy to scale-up its SME business and increase its share in the market to 15 percent by 2021.

    Since then, it has launched a number of products and initiatives for SMEs, including the online banking platform HSBCnet, Green Loans, the «Pioneer» programme for fast growing businesses, international business banking, and a not-for-profit proposition.

    HSBC said that Singapore’s SMEs are doubling down on their international connectivity and prioritizing resilience in their supply chains, with 87 percent planning to expand their international business, citing a survey conducted among local businesses with annual revenue between S$5 million and S$100 million.

    Drawing on HSBC’s deep digital expertise and wide global network, we are helping SMEs to build resilience and trust within their global supply chains whilst making everyday banking easier, Ng said.

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  • Virus Resurgence in Singapore Derails Economic Recovery

    Virus Resurgence in Singapore Derails Economic Recovery

    Following consecutive quarters of recovery, the latest setback means that Singapore’s full-year target of 6 percent GDP growth is unlikely. Hopes for a second-quarter expansion in Singapore’s economy have been dashed by a resurgence in the Covid-19 virus that has taken the city-state by surprise. The republic introduced tighter measures on Sunday to stem the spread of Covid-19, following a spike in the number of imported and community cases linked to the B1617 variant from India in recent weeks.

    The new wave of Covid-19 restrictions, which will last until June 13, includes a ban on dining-in and a reduction of social gatherings from five people to two, as well as home-based learning at schools and default working from home.

    The overall number of new cases in the community grew from 32 cases in the week before to 149 cases in the past week, while the number of unlinked cases in the community grew from seven cases in the week before to 42 cases in the past week, according to the Ministry of Health

    The spike in community cases has also led to the second deferment of the Singapore-Hong Kong air travel bubble, planned for 26 May. Singapore Transport Minister S. Iswaran and Hong Kong Secretary for Commerce and Economic Development Edward Yau agreed at a meeting on Monday to review the situation and plan a new launch date.

    According to the terms of the agreement between the two cities, the travel bubble will be closed for two weeks if the seven-day moving average of the daily number of unlinked local cases is more than five in either Singapore or Hong Kong.

    The World Economic Forum’s special annual meeting, which was temporarily relocated from Davos, Switzerland to the city-state, will also be scrapped, organizers said in a statement on Monday.

    Regretfully, the tragic circumstances unfolding across geographies, an uncertain travel outlook, differing speeds of vaccination rollout and the uncertainty around new variants combine to make it impossible to realize a global meeting with business, government, and civil society leaders from all over the world at the scale which was planned said the WEF.

    The meeting, which was already pushed back from May, was scheduled for August 17 to 20 at Marina Bay Sands, with over 1,000 delegates expected to attend.

  • Lazada to play key role in the next Great Singapore Sale

    Lazada to play key role in the next Great Singapore Sale

    The Great Singapore Sale (GSS) will take an omnichannel format this year, with Lazada as its official e-commerce platform – a move that its organizers said is timely as the country returns to stricter Covid-19 measures and shoppers are encouraged to stay home.

    The GSS will run from June 6 to July 7 and will showcase products across different categories such as groceries, technology, health and beauty, and sporting goods.

    According to the Singapore Retailers Association (SRA), small and medium-sized enterprises (SME) can benefit from Lazada’s technology infrastructure, payments gateway, and delivery solutions from its logistics partners, eliminating costly challenges retailers face when selling online.

    In addition, a new key feature will let shoppers will be able to pick up their purchases at the Lazada seller’s physical store, allowing retailers to utilize a “hybrid” model with both online and offline outlets.

    Each retailer will also have a dedicated account manager to help them navigate features such as live streams, games, and flash sales.

    SRA President, R Dhinakaran, said that as an incentive for trying out the platform, retailers do not have to pay commission for the first three months of using Lazada.

    “The attractive ‘0% commission’ offer for the first three months extended by Lazada for all new LazMall sellers is our way to incentivize retailers, especially SMEs, to go online and try out the Lazada e-commerce platform to generate sales, build on their brand awareness and learn new marketing tools, such as LazLive to engage shoppers online interactively,” said Dhinakaran.

    “The Great Singapore Sale is a national institution and sentimental for Singaporeans and those who remember flying into the country to enjoy the sales,” said James Chang, CEO at Lazada Singapore.

    “By supporting sellers with the tools they need to move their businesses online, we’re helping them be prepared for the future – both during the pandemic and beyond.”

    The 27-year-old shopping affair first went online last year as one of the main events in the Singapore Tourism Board’s SingapoRediscovers campaign. SRA’s eGSS GoSpree platform hosted the eGSS 2020, which combined retailers’ products and guided shoppers to the merchants’ e-commerce sites to make purchases.

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  • Tod’s unveils revamped Marina Bay Sands boutique

    Tod’s unveils revamped Marina Bay Sands boutique

    Italian fashion brand Tod’s has unveiled the new look of its boutique at The Shoppes at Marina Bay Sands, Singapore.

    Spanning about 135sqm, the Tod’s Marina Bay Sands follows the brand’s store concept with signature elements that can be found in other stores, such as silver and taupe saddle-stitched leather paneled steel vitrines and marble.

    “The boutique is linear, modern, and in line with the brand’s image worldwide,” the company said in a statement.

    Floor-to-ceiling glass doors at the entrance allow Tod’s to display its latest products with different setups. The storehouses a full selection of Tod’s bags, shoes, and accessories, including its Full Summer Collection which will be sold exclusively at the Marina Bay Sands outlet.

    Founded in 1920, Tod’s operates more than 200 stores, including large flagship stores in Europe, the US, China, Japan, Malaysia, Singapore, Hong Kong, Indonesia, and Australia.

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  • Royal Enfield Begins Operations In Singapore With New Store

    Royal Enfield Begins Operations In Singapore With New Store

    Royal Enfield has started operations in Singapore by setting up a new flagship store in the city’s Ubi Road. The new Royal Enfield Singapore store showcases the entire range of Royal Enfield motorcycles, including the RE Interceptor 650, Continental GT 650, Himalayan, and the Classic. The Royal Enfield Singapore store also has a complete range of Royal Enfield’s genuine accessories for its motorcycles, as well as apparel and riding gear range. While the 650 Twins spearheaded the brand’s global aspirations, the updated Himalayan and the new Meteor 350 have also been positioned as global products, and will likely suit the requirements of Asian motorcyclists.

    The Royal Enfield Singapore store expands the Indian motorcycle brand’s footprint across South East Asia

    Royal Enfield has ambitious plans to establish itself as a global leader in the mid-size motorcycle segment and is expanding aggressively across Asia, as it aims to tap into the world’s biggest motorcycle market, after India. With a focus on increasing sales across India, Royal Enfield now has operations across Japan, Indonesia, the Philippines and Thailand, with plans to open a new factory in Thailand, which will be a hub for exports to other countries in the region, including the motorcycle-intensive markets of Vietnam and Indonesia. The Thailand factory is the second overseas plant for Royal Enfield, after its factory in Argentina.

    Royal Enfield has 36 showrooms in Thailand and has started operations in other ASEAN (Association of southeast Asian Nations) countries including Vietnam, the Philippines, Malaysia and Indonesia over the last few years. With the brand’s lion’s share of sales coming from the domestic market, which is the world’s biggest market for motorcycles sales, Royal Enfield will be increasingly looking to expand its presence in other strong motorcycle markets in the region.

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  • OCBC Posts Record High Quarterly Net Profit

    OCBC Posts Record High Quarterly Net Profit

    The quarter’s earnings were driven by broad-based income growth and lower allowances. OCBC Bank recorded a net profit of S$1.5 billion ($1.13 billion) for the January-March period, a jump of 115 percent from the same period last year (S$698 million), and 33 percent higher than the preceding quarter (S$1.13 billion), according to financial results posted on Friday.

    The bank said the record quarterly profit was driven by broad-based income growth and lower allowances. OCBC hit a new high in fee income (S$585 million), while making a far smaller allowance compared with the year-ago period (S$161 million vs. $657 million). Performance was also boosted by its insurance arm Great Eastern, which reported a twelvefold increase in profits this quarter.

    Income from wealth management, comprising insurance, premier and private banking, asset management, and stockbroking, rose 40 percent to S$1.21 billion – 41 percent of the group’s total income.

    Assets under management at Bank of Singapore, its private banking arm, rose 1 percent from the previous quarter to reach $123 billion as of 31 March 2021.

    OCBC highlighted growing momentum from renewed market optimism across its businesses, as well as improved quarterly earnings from its overseas banking subsidiaries.

    While we remain watchful of the prevailing risks in the operating environment, our strong balance sheet and capital position will enable us to capitalize on opportunities arising from improved economic conditions, particularly in ASEAN and Greater China,» OCBC chief Helen Wong said.

    Earnings at Singapore’s «big three» local banks all beat analyst estimates (DBS: S$1.44 billion, OCBC: S$1.13 billion, UOB: S$891.4 million, according to Refinitiv).

    DBS, which announced its first-quarter results last week, also experienced a strong quarter, doubling its income from the quarter before to reach S$2.01 billion and posting record wealth management fees.

    UOB’s earnings grew to S$1 billion for the same period – up 46 percent on the back of strong fees, trading, and investment income.

  • OCBC Posts Record High Quarterly Net Profit

    OCBC Posts Record High Quarterly Net Profit

    The quarter’s earnings were driven by broad-based income growth and lower allowances. OCBC Bank recorded a net profit of S$1.5 billion ($1.13 billion) for the January-March period, a jump of 115 percent from the same period last year (S$698 million), and 33 percent higher than the preceding quarter (S$1.13 billion), according to financial results posted on Friday.

    The bank said the record quarterly profit was driven by broad-based income growth and lower allowances. OCBC hit a new high in fee income (S$585 million), while making a far smaller allowance compared with the year-ago period (S$161 million vs. $657 million). Performance was also boosted by its insurance arm Great Eastern, which reported a twelvefold increase in profits this quarter.

    Income from wealth management, comprising insurance, premier and private banking, asset management and stockbroking, rose 40 percent to S$1.21 billion – 41 percent of the group’s total income.

    Assets under management at Bank of Singapore, its private banking arm, rose 1 percent from the previous quarter to reach $123 billion as at 31 March 2021.

    OCBC highlighted growing momentum from renewed market optimism across its businesses, as well as improved quarterly earnings from its overseas banking subsidiaries.

    While we remain watchful of the prevailing risks in the operating environment, our strong balance sheet and capital position will enable us to capitalize on opportunities arising from improved economic conditions, particularly in ASEAN and Greater China,» OCBC chief Helen Wong said.

    Earnings at Singapore’s «big three» local banks all beat analyst estimates (DBS: S$1.44 billion, OCBC: S$1.13 billion, UOB: S$891.4 million, according to Refinitiv).

    DBS, which announced its first-quarter results last week, also experienced a strong quarter, doubling its income from the quarter before to reach S$2.01 billion and posting record wealth management fees.

    UOB’s earnings grew to S$1 billion for the same period – up 46 percent on the back of strong fees, trading and investment income.

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