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Tag: Singapore

  • OCBC Appoints Independent Director

    OCBC Appoints Independent Director

    He previously spent more than two decades at the Monetary Authority of Singapore, and was deputy managing director, corporate development, when he left in 2019.

    OCBC has appointed Andrew Khoo Cheng Hoe as a non-executive and independent director, effective March 8, according to a filing with bourse SGX.

    He will serve as a member of the board audit committee as well as the ethics and conduct committee, the announcement said.

    Khoo, 57, is an adjunct professor at the NUS Business School. He is also a director at the National Environment Agency, as well as at Stroke Support Station.

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  • Singapore offers best mobile experience in South East Asia

    Singapore offers best mobile experience in South East Asia

    At a country-level, Singapore won in all metrics tested, with the most important win being the highest Excellent Consistent Quality in South East Asia, with 84.5% of connections having a network experience suitable for use-cases like 1080p video streaming, real-time mobile gaming and HD video calling. Singapore also had the highest Core Consistent Quality in the region at 94.4%.

    Consistent Quality is a set of metrics that Tutela has developed to objectively evaluate when connections are (or are not) enabling users to do the things they want to on their mobile devices. There are two sets of thresholds, Excellent and Core. A connection that hits the Excellent threshold is sufficient for use-cases like 1080p video streaming, HD video calling, and multiplayer gaming, while a Core connection should be sufficient to stream standard-definition video or handle day-to-day activities like web browsing or uploading photos to social media. The percentages seen in this report represent the percentage of tests for subscribers on a given operator that was above the Excellent or Core thresholds.

    Singapore also had the fastest download speed at 26.2 Mbps, the fastest upload speed at 14.7 Mbps, and the most responsive network with a latency result of 9.0 ms. However, Vietnam was always very close behind, with second-place winnings for both Excellent Consistent Quality (72.3%) and Core Consistent Quality (86.1%).

    The report was released by Tutela Technologies, a global crowdsourced mobile data company, and evaluated over 55 million speed and latency tests, conducted on the smartphones of real-world users of national mobile operators within Common Coverage Areas, between August 1st and January 31st, 2021.

    Per country findings were as follows:

    Singapore:

    • By operator in Singapore, StarHub dominated in four of the seven metrics tested, including the highest Excellent Consistent Quality with 87.3% of users having a network experience suitable for 1080p video streaming or HD group video calling.
    • StarHub also had the highest Core Consistent Quality, Tutela’s measure of whether a connection is good enough for everyday uses, like email, social media, and SD video streaming, the fastest download speeds, and the most responsive network in the country.

    Indonesia:

    • Telkomsel won six out of the seven metrics tested, with Indosat Ooredoo being the only other operator to make it onto the leaderboard in Indonesia with the fastest median upload speed.
    • Telkomsel was in first place for Excellent Consistent Quality with 65.0%, and also in first for Core Consistent Quality with 83.5%. However, there was only a 3% difference between the operator and second-place Indosat Ooredoo.

    Malaysia:

    • In Malaysia, the leaderboard was shared by at least four operators, with U Mobile offering its users the best mobile experience in the country. The operator won the highest Excellent and Core Consistent Quality, and fastest upload speed.
    • Digi had the fastest median download speed in Common Coverage Areas across Malaysia with 10.6 Mbps but came third in the upload speed test with 6.2 Mbps. Maxis had the most responsive network in the country, while Celcom had both the best 5G/4G coverage and total coverage.

    Thailand:

    • By operator in Thailand, AIS won in four of the seven categories tested, including the highest Excellent Consistent Quality and most responsive network. However, TrueMove was also on the leaderboard in three of the seven categories including the highest Core Consistent Quality and both the fastest download and upload speeds.
    • With only two operators in the Philippines to compare, Smart outperformed Globe in six out of the seven categories tested, with Globe taking out one category with the best total coverage.

    Vietnam:

    • Viettel Mobile in Vietnam offered the best mobile experience to its users, winning in five categories and tying for first place with Vinaphone for fastest median download speeds.
    • MobiFone was on the leaderboard in one category with the highest Core Consistent Quality.
  • After 30 Years Singapore Airlines Flies The Boeing 737 Again

    After 30 Years Singapore Airlines Flies The Boeing 737 Again

    Previously operated by Singapore Airlines (SIA) decades ago, the 737 as an aircraft type will once again operate under the carrier’s brand and livery. Up until now, the Southeast Asian airline had delegated much of its low-demand, short-haul operations to subsidiary airline Silkair. Now that the Silkair brand and its operations are being absorbed by SIA, the former’s 737s will be operated by the latter. The first of these SIA 737s took off for regular passenger service on Thursday, going from Singapore to Phuket. Let’s take a look at the flight and what it represents.

    Airline Geeks noted that on Thursday, March 4th, SIA completed its first 737-800 flight. This flight was designated as flight SQ736, from Singapore to Phuket (Thailand). RadarBox.com data shows that the Boeing 737-800 departed at 16:21 local time. After one hour and 44 minutes of flying time, the aircraft landed at Phuket’s airport (HKT) at 17:05 local time.

    After just over an hour on the ground in Phuket, the 737 took off on its return flight at 18:13, arriving back in Singapore (SIN) at 21:06 local

    As for the jet that operated this service, it was registered 9V-MGA. Data from Planespotters.net shows that it first flew with SilkAir in February 2014. After more than six years of service with the regional airline, it now flies with SIA.

    The aircraft, along with SIA’s other ‘newly acquired’ jets, will be configured to seat 12 in business class and 150 in the economy. The former will have a 2-2 setup while the latter is a standard 3-3 narrowbody economy configuration.

    It was noted by Airline Geeks that the inaugural flight to Phuket offered “an upgraded experience including food, beverages, and an amenity kit.”

    In fact, a menu of signature Singapore and Thai dishes were (and continue to be) available to business class and economy class passengers. This will run through to the end of March.

    Passengers in business class will also receive a unique celebratory cocktail named Tropical Sunrise. The special drink will be available on all Boeing 737 flights.

  • Chinese New Year timing impacts Singapore retail sales in January

    Chinese New Year timing impacts Singapore retail sales in January

    Shops in Singapore had a quieter-than-usual January ahead of muted Chinese New Year celebrations, with official data showing retail sales down 6.1 percent year-on-year.

    “The larger decline in January 2021 was due partly to higher sales in January 2020, when the Chinese New Year was celebrated,” the Department of Statistics said in a Friday statement.

    Although Singapore has lifted most domestic pandemic-related restrictions on business and socializing, the usual street pageantry did not take place during this year’s holiday, which was celebrated in mid-February.

    The usual big and boisterous family parties, during which gifts are handed out, were limited to eight visitors or two households.

    January sales of food and beverages were down by around 25 percent, the department reported, as families did not stock up as usual ahead of the holiday.

    The annual Chinese or Lunar New Year is one of the main public holidays in Singapore, where around 70 percent of the population is of Chinese descent.

    With Singapore closed to almost all visitors and business travel limited to a handful of countries, tourist-dependent sectors such as department stores and cosmetics also saw huge declines, the department said, falling by around 30 percent compared to January 2020 “as they continue to remain affected by low visitor arrivals.”

    Singapore’s economy shrank by a record 5.4 percent in 2020, though the government expects a rebound this year and is projecting growth of around the same percentage as last year’s contraction.

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  • Dell Technologies to launch US$50m Global Innovation Hub in Singapore

    Dell Technologies to launch US$50m Global Innovation Hub in Singapore

    The GIH is launched under the Dell Technologies Digital Future – Made in Singapore initiative that aims to fast track the adoption of digital solutions and drive digital innovations developed in Singapore for partners and customers globally to be future-ready. A first-of-its-kind innovation centre situated outside of the company’s global headquarters in the United States, the GIH will focus on advancing multiple growth areas for digital transformation including augmented/mixed reality, data analytics, cloud-native, cybersecurity and edge computing. It is also home to a specialised team responsible for enhancing user experiences through innovation.

    In addition, the GIH houses existing R&D facilities in Singapore such as the Singapore Design Centre – responsible for global product design and development of key product categories such as monitors and client peripherals. It also includes a hardware prototyping lab dedicated to product design and innovation, and an Artificial Intelligence (AI) Experience Zone – a catalyst for AI understanding and adoption.

    The establishment of this hub has created more than 160 job opportunities in emerging technologies in Singapore. Diverse R&D innovators comprising designers, developers and strategists will be recruited and the hiring process will be completed by this year. All new hires for the GIH are based in Singapore and will drive R&D programmes for customers and partners worldwide.

    Amit Midha, President, Asia Pacific & Japan and Global Digital Cities, Dell Technologies, said: “Singapore is globally recognised as an internationally vibrant business, technology and thriving R&D hub. Our Digital Future – Made in Singapore initiative further supports Singapore’s unique standing by driving digital innovations developed in Singapore to the world. We’re very excited to unveil our global innovation hub as part of this initiative that will allow us to ideate, experiment and co-create meaningful digital solutions for our global customer and partner ecosystem. The Dell Technologies Global Innovation Hub in Singapore supported by talented local professionals will allow us to further contribute to the country’s growth and develop innovative products and solutions in emerging technologies to serve the wider regional and global markets.”

    Last year, the Singapore government announced an investment of S$25 billion into its next five-year plan for research, innovation and enterprise (RIE 2025) to meet a broader spectrum of national needs and build a knowledge-based and innovation-driven economy and society.

    “Dell Technologies’ Global Innovation Hub speaks to the company’s confidence in Singapore as an attractive R&D location, with access to talent and a vibrant ecosystem of partners here and in the region. Dell Technologies will create meaningful jobs for Singaporeans across design, strategy, research and product development. These in turn support our efforts in building a Smart Nation and a strong digital economy,” said Mr Ang Chin Tah, Vice President and Head, DISG.

    Over the past two decades, Dell Technologies has been proactively enabling businesses and communities in Singapore. Having started as a PC-maker, Dell Technologies has since evolved to become one of the largest global technology companies with deep expertise across edge computing, 5G, cloud, security and artificial intelligence and machine learning. Today, the company drives digital transformation initiatives for companies of all sizes via its comprehensive product portfolio.

    The launch of the GIH and a move to leverage local talent continue the momentum by Dell Technologies to upskill and train more than 3,000 fresh graduates, mid-career professionals and students in Singapore to be future-ready, as well as a collaboration with Singapore Management University for its students to benefit from a curriculum on cloud-native and emerging technologies.

    Added Midha: “The world needs technology now more than ever. In encouraging the adoption of digital solutions and new technologies, strengthening our product and process innovation system, and engaging the talent pipeline, we believe that we are paving the path for a more resilient, progressive, inclusive and sustainable economy.”

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  • Singapore-Based Compliance Specialist Partners HPE

    Singapore-Based Compliance Specialist Partners HPE

    Tookitaki is partnering with Hewlett Packard Enterprise to provide the financial sector with enhanced anti-money laundering capabilities using artificial intelligence and machine learning.

    The offering, delivered via HPE GreenLake for Big Data, enables financial institutions to create a central big data platform capable of rolling out anti-money laundering solutions centered around data analytics, the Singapore-based regtech said in a statement.

    The announcement follows a pilot with UOB that covered transaction monitoring and name screening, in which the models achieved 96% prediction accuracy in the high priority category, the announcement said.

    Abhishek Chatterjee, Co-Founder and CEO, Tookitaki, said that banks need high module accuracy systems to ensure they are staying compliant at a time when organizational growth and business continuity are crucial to success and highlighted the benefits of an enhanced AML solution delivered with the flexibility of an as-a-service model.

    Founded in 2014, Tookitaki’s revenue growth has surpassed 300 percent over the last two years. It raised $19.2 million in Series A funding in 2019, which the startup said would be used to grow its presence across the U.S. and Asia-Pacific.

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  • Indonesia’s Payfazz and Singapore’s Xfers Join Forces

    Indonesia’s Payfazz and Singapore’s Xfers Join Forces

    Both companies will be part of a newly formed financial entity that aims to provide inclusion through financial services across Southeast Asia.

    Singapore’s Xfers has received a strategic investment of $30 million from Payfazz, which operates the largest agent-driven banking network in Indonesia, to form Fazz Financial Group (FFG), according to a statement on Thursday.

    With this investment, Xfers will serve as the designated business-to-business arm of FFG, focused on connecting external merchants to the payment infrastructure and user network amassed by FFG as a group.

    FFG will be led by CEO Hendra Kwik, Payfazz co-founder and CEO, and deputy CEO Tianwei Liu, co-founder and CEO of Xfers. The two will continue as CEOs of their respective companies. The group also appointed Robert Polana, former-CFO of Tiket.com as chief financial officer.

    With more resources on hand, we are also looking forward to helping more brands enter Southeast Asia. Especially for businesses looking to access the underserved consumer segment in Indonesia, Liu said.

    Payfazz and Xfers are both graduates of the Y Combinator accelerator programme.

    Payfazz recently announced a $53 million Series B fundraise, led by B Capital and Insignia Ventures Partners, with participation from Tiger Global, Y Combinator, ACE & Company and BRI Ventures.

    Founded in 2015, Xfers allows individuals to make and receive payments online and helps merchants set up their e-wallet services.

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  • FJ Benjamin and Lazada Singapore Sign MOU for Strategic Partnership to Boost Online-Offline Sales

    FJ Benjamin and Lazada Singapore Sign MOU for Strategic Partnership to Boost Online-Offline Sales

    FJ Benjamin Holdings (FJB) and leading eCommerce platform, Lazada Singapore, today signed a Memorandum of Understanding (MOU) to forge a strategic partnership that aims to deliver the ultimate retail experience to customers across all channels and devices.

    The proposed partnership will tap Lazada’s technical and online capabilities, and eCommerce platform management expertise, and leverage FJB’s experience in fashion brand management and physical store operation, to boost the eCommerce performance of FJB’s stable of brands in Singapore, Malaysia and Indonesia, as well as to expand and incubate new FJB brands to eventually integrate brick-and-mortar and virtual stores.

    FJB will also discuss with brand principals opportunities for eCommerce in markets Lazada has a presence but where FJB does not, such as Vietnam, Thailand and the Philippines. Powered by Alibaba’s advanced eCommerce tools and systems, Lazada will develop new tailor-made solutions to deliver a truly omnichannel customer experience in managing the full online ecosystem of FJB brands across the markets.

    Group CEO Nash Benjamin said: “FJ Benjamin has been strategising and planning our omnichannel business model for some time now and this partnership with Lazada is intended to get us to where we want to be much faster and in a more cost-efficient manner. This will combine our respective capabilities to strengthen customer experience across brick and mortar and virtual channels.”

    Besides operating principal branded sites, it is also intended to host certain brands on LazMall as well as other regional sites, subject to principal approvals.

    “We are thrilled to be part of this new chapter with FJ Benjamin and value their trust in us,” said James Chang, CEO of Lazada Singapore. “Lifestyle, fashion and beauty are important pillars in our eCommerce plans and shoppers can now look forward to seeing more well-known brands and labels on our platform, for an integrated shopping experience. In the last year, Lazada has supported many businesses that adopted a multichannel approach to set up stores online and we know that our expertise in the eCommerce space will benefit and contribute to the success of a renowned brand like FJ Benjamin, and look forward to seeing positive results with them.”

    While some of the brands managed by FJB, including La Senza, Pretty Ballerinas and Petunia Pickle Bottom, are currently available on Lazada’s premiere shopping platform, LazMall, this is the first time both parties –  one, a traditional brick-and-mortar operator, and the other, the region’s leading eCommerce player – have come together to envision and execute a truly omnichannel model under which customers can control the buying process and enjoy a seamless shopping experience across multiple channels – brick-and-mortar, desktop, and mobile.

    Since the pandemic lockdowns last year forced FJB stores in Southeast Asia to shutter, the Group had secured principals’ approvals to pivot to eCommerce. It has ramped up its online presence from one brand, the cult British fashion label Superdry, to almost all its brands including Guess, La Senza, Casio, Rebecca Minkoff, Pretty Ballerinas, Airfree and Dr Barbara Sturm.

    The MOU states that  “the parties agree both physical stores and online stores are part of the retail ecosystem. With Lazada’s technical and online abilities and FJB’s experience in fashion and lifestyle brand management and physical store operations, this brings together a strong strategic partnership which leverages each other’s expertise to deliver an ultimate consumer experience.”

    Under the terms of the MOU, both FJB and Lazada will, within 90 days, work on a detailed action plan and a definitive agreement to move the partnership forward.

    Mr Benjamin said FJB will continue to take charge of all aspects of product assortment, brand management, pricing, promotions as well as key parts of logistics such as inventory and supply chain. The parties will jointly undertake online marketing and campaign strategies while Lazada will operate the online stores.

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  • KPMG Names Head of Financial Services in Singapore

    KPMG Names Head of Financial Services in Singapore

    He brings deep domain expertise in emerging areas such as cryptocurrency and platform-based business models, and has been a driving force behind the firm’s global efforts to spur innovation, transformation and scale in financial services.

    KPMG in Singapore has named Anton Ruddenklau as head of financial services, with immediate effect, it announced in a statement on Wednesday.

    Ruddenklau joined KPMG in the U.K. as a partner in 2014 and helmed the firm’s digital and innovation for financial services division from 2017. In 2018, he was named the global co-leader of fintech for KPMG International.

    KPMG said financial services is one of the firm’s priority sectors in Singapore, citing the «new realities of the post-crisis world» that are bringing into focus digital and customer-centric solutions, as well as sustainability and cost reduction strategies.

    Given the rising demand for transformation projects in the Asian marketplace, his understanding of growth strategies and financial technology innovations will enable us to deliver more effective results for our clients,Ong Pang Thye, KPMG Singapore managing partner, said.

  • Retykle closes funding round to enable growth

    Retykle closes funding round to enable growth

    Hong Kong-based children’s clothing resale platform Retykle has closed a new round of seed funding to support its expansion plans.

    According to the company, funds raised will enable Retykle to invest within its home market of Hong Kong, as well as expanding its reach into Singapore and Australia. The investment will be used on technology development, including hiring engineers to build out personalization, a peer-to-peer marketplace and mechanisms.

    “We’ve focused on the customer experience to cultivate a love for and habit around using the platform to buy and sell which leads to a sticky customer with frequent purchases and sustained customer lifetime value,” said Sarah Garner, founder of Retykle.

    The high-profile angel investors include co-founder of Lazada Tim Rath and investor John Wood, who Room To Read and Powered By Purpose.

    “The businesses best set up for long-term success are those that pursue purpose in addition to profit,” said Wood. “Retykle’s model is great for the planet and for family finances.”

    The funding comes at a time when the Covid-19 pandemic has reportedly made it harder to source investment for startups, especially for women.

    “Recent news from TechCrunch shows that funding for women is reverting back to 2017-era levels,” said Nicole Denholder of Next Chapter Raise.

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  • Grab in Hiring Spree to Support Financial Services

    Grab in Hiring Spree to Support Financial Services

    The super app is looking to create around 350 new jobs in Singapore this year to support its growth plans.

    The new hires will support Grab’s plans to help micro SMEs digitalize, deliver digital financial services across Southeast Asia, and develop the Grab-Singtel digibank, according to an announcement on its website.

    The hiring drive was announced at a signing of a memorandum of intent with the Infocomm Media Development Authority and Digital Industry Singapore to support the development of Singapore’s tech ecosystem, through the development of its tech talent and R&D capabilities here.

    The vacancies are from fields including artificial intelligence, cybersecurity, data science, software engineering, product management and design. There will also be employment opportunities in areas such as finance, operations, legal, public affairs and business development, Grab said.

    We are building products that positively impact millions across Southeast Asia, and we want to continue deepening our R&D capabilities and push the boundaries of innovation, right here at our strategic base, Tan Hooi-Ling, Grab co-founder, said in the statement.

    Grab previously said it would be pushing into retail wealth by focusing on accessible, convenient, and transparent investment products and solutions while broadening its wealth management offerings that feed into its goal of strengthening its open fintech ecosystem.

    The company has grown its suite of financial products in the past year, rolling out e-money, lending and insurance distribution on its platform, and moved into wealth management with the acquisition of Singapore-based robo-advisor Bento, which was relaunched as GrabInvest.

    It also led a $100 million Series B fundraising round for LinkAja, an e-wallet in Indonesia, where the ride hailer has been vying with competitor Gojek for the top spot in digital payments.

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  • StarHub and Software AG partner for new 5G IoT platform service

    StarHub and Software AG partner for new 5G IoT platform service

    As Internet of Things (IoT) plays an increasingly important role in driving digital economies and business success, Singapore’s StarHub and Germany-based Software AG have teamed up to offer an end-to-end 5G-ready IoT service to help organizations in Singapore accelerate IoT implementations on a massive scale.

    Through this partnership, StarHub is proud to offer 5G IoT platform service, a new one-stop solution that provides IoT connectivity including StarHub’s 5G, device management, professional services to integrate existing or new systems, and managed services to run the entire IoT environment for any organization.

    As a comprehensive platform, the 5G IoT platform service intelligently connects, manages, and monitors millions of IoT devices deployed for different applications, creates customizable analytics, and provides APIs to integrate with existing and new systems. This will help organizations to accelerate their IoT implementations. It is offered to companies as a service on a subscription model, allowing full flexibility, instant scalability, and financial prudence.

    Charlie Chan, Chief of Enterprise Business Group at StarHub, said: “Amid digital disruption and rapid changes in the economy, StarHub’s call remains the same – Our customers are transforming to remain globally competitive, and we want to be our customers’ enabling partner of choice when it comes to both core connectivity and innovative managed solutions. We are pleased to collaborate with Software AG to provide an advanced, 5G-ready IoT solution that helps our customers across multiple industries including property, retail, and transport, speed up or scale IoT implementations to boost productivity and innovation as well as realize cost-saving.”

    Bernd Gross, CTO of Software AG added: “Data is so fundamentally important for businesses to succeed in the future that they must master how to collect and analyze it if they are to be competitive. 5G brings more speed, lower latency, and support for a massive amount of endpoints, which means that data can flow between the edge and the core of any organization. Once you know what’s happening in every part of your business, you can understand how to make it better – and that is the opportunity we will bring to customers alongside StarHub.”

    StarHub’s 5G IoT platform service allows organizations to aggregate all of its existing IoT applications and connected devices for a real-time, clear overview on a single aggregator platform, without a need for platform migration. New IoT applications and connected devices can also be integrated easily with this aggregator platform. With that, enterprise customers can acquire and analyze massive volumes of data from its existing independent IoT systems to gain new, accurate, in-depth understanding of how well their assets operate, in a consolidated manner.

    In the case of a public transport operator, StarHub’s 5G IoT platform service can provide real-time vehicle tracking, automated inspection of the vehicle condition and predict potential issues of the vehicles to take precautionary measures, improve fleet operational efficiency and reduce downtime. With additional data such as weather, traffic conditions, the operations director can view and analyze these insights from the same dashboard and act accordingly to optimize the fleet.

    For a facility management company, it can use StarHub’s 5G IoT platform service to develop smart building maintenance strategies to serve building owners better, differentiate their services from competition or improves operational efficiencies. This is because the service can bring together separate IoT systems that manage different areas of the facility – electricity consumption, rubbish bin usage, washroom cleanliness, footfall, and more, presenting a complete picture of all IoT data. With the right information and context about what is going on in the building, the facility manager can pinpoint issues and trace faults quickly or carry out preventive maintenance responsibly.

  • Purchasing a Property in Singapore: 5 Things to Take into Account

    Purchasing a Property in Singapore: 5 Things to Take into Account

    Homeownership may remain an elusive dream for many people in other countries, but not so for the citizens of  Singapore. Thanks to the government’s successful public housing scheme, the Lion City is one of the countries with the highest property ownership rate in the world.

    Although there are plenty of opportunities for Singaporeans like you to own a property, it does not mean that the process is always easy. After all, buying a home is a huge decision and a long-term financial commitment that you cannot enter blindly. If you are thinking of purchasing a property in Singapore, make sure to consider the things below.

     Eligibility to Buy a Property

    Before you get excited at the thought of having a property in one of the most desirable cities in Asia, you should first ensure that you are qualified to purchase the home you want. For example, if you intend to buy a private residential property, you need to be a Singaporean citizen who is twenty-one years of age or older. If you are eyeing a Housing and Development Board (HDB) flat, the eligibility requirements will vary depending on the type of sales scheme you will choose.

    An HDB Build-To-Order (BTO) flat, for instance, requires single buyers to be Singapore citizens who are at least 35 years old. Income ceilings are also set for various types of BTO flats, among other restrictions. To check whether you met the eligibility conditions to buy an HDB flat, you may use the “Check Your Eligibility” e-service provided by the HDB.

    Your Current Finances

    Another crucial factor to consider when planning to buy a home is your finances. Make sure that you take a look at your current resources to know whether or not you can afford to purchase a property at this time. Keep in mind that even if you are eligible for a loan and have CPF savings, there are plenty of expenses that you have to cover on your own. To get an idea if you can afford all the costs involved in purchasing a property, try to assess the following:

    • Your personal funds. Examine if you have enough savings to cover upfront costs, such as the agent’s commission; the cost of renovation, furniture, and other miscellaneous expenses; as well as monthly repayments if you suddenly lose your job.
    • Your CPF Ordinary Account (OA) balance. You should also find out how much funds you have in your CPF OA account. Your OA savings and your future monthly CPF contributions are crucial factors in estimating the amount you can spend on buying a property.
    • Income. You need a stable income source if you are buying a property since you need to pay for your monthly mortgage payments and to cover other ongoing expenses, like fire insurance and management service fees. Try using an HDB BTO calculator and similar financial tools to find out the monthly repayments you have to make. This way you’ll be able to gauge whether or not your earnings can cover the cost of acquiring your dream home.

    Your CPF Savings

    Unless you have tons of cash, you will most likely rely on your CPF Savings to purchase a property. Although you can do so under the CPF Housing Scheme, you should remember that your CPF money is primarily for your retirement needs. As such, there is a limit to the amount of CPF savings you can use to fund your home.

    Your CPF withdrawal limit depends on numerous factors like the type of property and home loan you are getting. It is essential to figure out how much CPF savings you can use so that you can better plan on how to finance your new home. Try using the CPF Housing Usage Calculator to get an estimate.

    How Much You Can Borrow

    Apart from finding out how much CPF savings you can use, it is also essential to get an idea of how much money you can borrow to finance your home purchase. Note that lenders determine the loan amount based on the following:

    • Mortgage servicing ratio (MSR). The MSR shows the percentage of your gross monthly earnings allotted for your loan payments. You can compute your MSR by dividing your monthly mortgage payment by your gross monthly income. Note that your MSR should not go beyond 30 per cent if you are buying an HDB flat or executive condominium.
    • Total debt servicing ratio (TDSR). Lenders will also calculate your TDSR (your total monthly debt payments divided by your gross monthly income) to ensure that you still have enough earnings for your living expenses and debt repayments. Know that you cannot take a home loan if you exceed the TDSR limit of 60 per cent. 
    • Loan-to-value limit (LTV). Your LTV limit is the maximum amount you can borrow to finance your home. This limit varies depending on the number of outstanding housing loans you have and other factors.

    Type of Home Loan

    Make it a point to also think about the home loan options available to you when planning to purchase a property. For instance, if you are eyeing a private residential property, you can only borrow from a bank or similar financing institutions. For HDB flats, you have the option to apply for an HDB housing loan if you are eligible, in addition to a bank loan.

    When looking at home loan options, take your time to compare home loans provided by different lenders to find the loan package most beneficial to your needs. Weigh the pros and cons of various home loans, taking into account the following factors:

    • Loan amount
    • Loan term
    • Interest rates
    • Lock-in period and fees, especially penalty fees for early repayment
    • Special features and discounts

     Buying a home is not a decision that you can take lightly. It requires careful planning and honest assessment of your finances so that you will not end up biting off more than you can chew. Be sure to consider the points discussed above to help you decide if you are in the best position to achieve your homeownership goal today.

     

  • HSBC Replaces Singapore Chief

    HSBC Replaces Singapore Chief

    HSBC has named a new Singapore chief executive to succeed Tony Cripps who is set to leave and join Saudi British Bank.

    Wong Kee Joo has been appointed as HSBC’s new Singapore CEO, according to a report citing an internal memo.

    Wong replaces Tony Cripps who is set to become the managing director-designate and board member of the Saudi British Bank (SABB), where HSBC is the largest shareholder at 31 percent, effective April 4.

    Before Wong takes on the new role on June 1, HSBC Singapore’s chief operating officer Olfert De Wit will act as the interim Singapore CEO.

    Wong is currently the Asia Pacific head for global liquidity and cash management and according to HSBC’s deputy chairman and chief executive Peter Wong, such a role has enabled «strong experience in developing digital solutions for wholesale clients and supporting the trade and investment flows between China and ASEAN.

    He had also previously worked in various markets including the U.K., Thailand, Hong Kong, and mainland China.

    We will be increasing our investment in both people and technology as we continue to strengthen our wholesale banking services and to grasp the growing wealth management opportunities in Southeast Asia and beyond, the memo said.

  • SGX Eyes More M&A for Growth

    SGX Eyes More M&A for Growth

    Singapore Exchange will look to scale up its operations by maintaining focus on mergers and acquisitions.

    SGX chief executive Loh Boon Chye said the city-state’s bourse will remain focused on mergers and acquisitions as a means of growth.

    It fully acquired foreign exchange trading platform BidFX after obtaining the remaining 80 percent stake in June last year. Earlier in 2020, it acquired a majority stake in index provider Scientific Beta.

    We are not stopping our M&A focus,» Loh said in a report. We have said we will bulk up and given that we are now a multi-asset exchange, one of the ways is to also scale up further. We will look at acquisitions.

    According to Loh, SGX is set to achieve the 2025 target of having 50 percent of its revenue generated by its fixed income, currencies and commodities segment, alongside data, connectivity and indices, earlier than expected.

    SGX continues to expand its product offering with plans to roll out infrastructure for carbon credit trading with select partners and the potential introduction this year of blank-check vehicles or SPACs (special purpose acquisition company), according to a separate report.