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Tag: Singapore

  • Bank of Singapore Sees Strong IAM Growth

    Bank of Singapore Sees Strong IAM Growth

    OCBC’s private banking arm, Bank of Singapore, saw a major boost in new clients and revenue from independent asset managers in the midst of a pandemic, according to senior market head Teresa Lee said.

    Independent asset managers (IAM) have been one of the major strategic focus for growing our business, said Bank of Singapore’s Greater China and North Asia senior market head Teresa Lee in an interview.

    According to the Singaporean private bank, the number of onboarded IAMs grew almost 50 percent year-on-year, as of November last year, with overall IAM revenue from the same period nearly doubling. This was owed in no small part to the Hong Kong IAMs business which has seen accelerated growth following the launch of a hub dedicated to the segment several years ago.

    We have successfully set up our Hong Kong-based ‘IAM Excellence Center’ in May 2018 to act as a hub to provide dedicated support such as onboarding, trade execution, services, marketing and more, Lee added. We have managed to see good progress in new relationships and client acquisition, especially for Greater China.

    Not unlike its competitors, the coronavirus pandemic has disrupted operations and driven digital transformation at Bank of Singapore.

    In a separate conversation with its global chief operating officer Sonjoy Phukan in mid-2020, he noted that over 70 percent of client accounts have already signed up for digital services.

    Similarly for the IAM segment, Lee noted growing adoption – close to 500 participants logged on to a market outlook for an online IAM Forum in April last year.

    Despite the digital gains, Lee echoed private banks’ industrywide belief that the «human touch» was unlikely to go extinct anytime soon.

    Digital capabilities can only accelerate and maintain some processes while others cannot be replaced, she said. I believe that the human touch continues to be key to maintaining relationships.

    Examples of the relevance of high-touch services remain in areas such as wealth or legacy planning, where the bank hired seasoned veteran and ex-APAC head of the practice for HSBC Private Banking Joanna Ho last year.

    In 2020, China was a rare case of growth amongst major economies at 2.3 percent, according to its national data, and mainland equity markets have been buoyed by tech, healthcare and other rallies.

    Similarly, Bank of Singapore has seen strong growth in assets under management across all Greater China client segments which posted a 17 percent increase as of the third quarter last year, outpacing the private bank’s overall growth of 5 percent to $116 billion.

    Lee also expressed confidence that Hong Kong will maintain its hub status and that it will always be an important financial center, especially for Greater China clients, adding that she observed no significant wealth shift to Singapore.

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  • Singapore Airlines hopes to be world’s first airline fully vaccinated against COVID-19

    Singapore Airlines hopes to be world’s first airline fully vaccinated against COVID-19

    Singapore’s national carrier is hoping to become the world’s first airline to get all of its crew members vaccinated against COVID-19.

    Singapore Airlines confirmed to CNN Travel that all of their crew members — including pilots, gate agents, flight attendants and anyone whose job requires contact with the public – have been offered free coronavirus vaccines by the Singaporean government.

    The country has purchased the Pfizer vaccine, which requires two shots.

    “We are grateful to the Singapore government for making the aviation sector a priority in the country’s vaccination exercise,” the airline’s CEO, Goh Choon Phong, said in a statement that was emailed out to the whole company on January 18.

    “This reflects the sector’s importance and the crucial role we play in both Singapore’s economic recovery and the fight against the pandemic.”

    According to the airline, 5,200 SIA employees have already signed up to get their shots. Inoculations will begin in a few days.

    Phong, alongside Singapore’s transport minister Ong Ye Kung, was among the city-state’s first citizens to get vaccinated. He has received the first of his two shots, and reports that “the procedure was painless and fuss-free.”

    Once vaccinated, crew members will be subject to less scrutiny and fewer coronavirus-related security measures. For example, flight crew who are currently tested on the seventh day after their return to Singapore will be exempt from this test going forward.

    Singapore’s response to the pandemic has been largely successful due to border closures and a national contract-tracing app. The country has had 59,113 confirmed cases of the virus and only 29 deaths, according to data from Johns Hopkins University.

    Still, citizens of the city-state have expressed an interest in being able to travel again. A much-hyped “travel bubble” with Hong Kong was indefinitely postponed in December when Hong Kong had a spike in virus cases.

    The annual Henley Passport Index placed Singapore second in the world — just one point behind nearby Japan — for passport power. Singaporeans can enter 190 countries or territories around the world without needing a visa.

  • Uniqlo Singapore set to open ‘Hub of the East’ store

    Uniqlo Singapore set to open ‘Hub of the East’ store

    UNIQLO today announces that it will open UNIQLO Orchard Central, its first Global Flagship Store for Southeast Asia and Singapore, on Friday, 2 September 2016. Under the concept of “U+S and The World”, the new store will showcase the brand’s full assortment of LifeWear – innovative, high-quality clothing that is universal in design and comfort, and made for anyone, anywhere – and will offer Singaporeans an exciting space to share their culture with the world. UNIQLO Orchard Central will be located in Orchard Central mall, along Orchard Road.

    “UNIQLO Orchard Central will be a unique store for the region, providing a new shopping experience for customers. With its vibrant creative scene, Singapore is the ideal location for us to showcase our LifeWear concept through the eyes of the local community. We hope that through our work with highly dedicated Singaporean individuals and groups, we will be able to turn this space into a platform where creative ideas can be expressed and shared with others,“ said Taku Morikawa, UNIQLO Southeast Asia CEO.

    UNIQLO Orchard Central spans three levels and covers 2,700 square meters in sales floor space. Fans of the brand can expect a new shopping experience, thanks to the combination of the in-store design, full product line-up and visually stunning displays. Even the elegant dark wood floors that evoke the mood of Singapore and Southeast Asia are intended to help create the proper setting for the largest product line-up anywhere in the region.

    Iconic rotating mannequins will be an integral part of UNIQLO Orchard Central, as well as close to 300 digital displays, the largest number anywhere in the UNIQLO world, and a total of 350 in-store mannequins, the latter matching the UNIQLO Ginza Global Flagship Store in Tokyo.

    “Singapore’s strategic location in Southeast Asia makes it the choice destination for UNIQLO’s first Global Flagship Store in the region. The opening of this new store marks a milestone in our highly successful eight-year joint venture collaboration.

    The Global Flagship Store will have exciting outreach programmes to engage the community. We look forward to serving our customers in this landmark store, and to inspire many creative talents to express themselves in this distinctive space with artistic works and concepts that are authentically Singaporean,” said Mrs Helen Khoo, Executive Director, Wing Tai Retail.

    A dedicated UT (UNIQLO T-shirt) corner on Level 1 will showcase exclusive UT designs drawn from the most popular collaborations such as Olympia Le-Tan and Bruno Munari. “i am OTHER”, the collection designed together with musician and style icon Pharrell Williams will also find a home on the shelves of UNIQLO Orchard Central. The new Disney Collection City Logo UTs includes a unique Singapore design featuring Mickey Mouse with the iconic Merlion, will be launched on the opening day of UNIQLO Orchard Central.

    The new store concept for UNIQLO Orchard Central, “U+S and The World” is taken from the words UNIQLO + Singapore and the company’s intention to serve as a bridge between Singapore and the World. The store is envisioned as the definitive place where UNIQLO will share the creativity, style and culture of a new Singapore with the rest of the world.

    Later this month, UNIQLO will launch “Your Stage Now Live”, the opening campaign of UNIQLO Orchard Central, by turning the hoarding around the store’s construction site into an urban canvas designed collectively by the local community. In addition, the campaign will also invite everyone to express themselves and showcase their culture to the world through a special “Your Stage Now Live” site.

    The opening of the store on 2 September will serve to kick-off a long-term collaboration with members of the local community through a broad array of programs centred on the store’s specially designed creative space, a launch pad for creativity and self-expression. Elements such as original in-store music, video content on the digital displays and curated spaces within the shop floor, as well as exclusive canvas tote bags and shopping bags, will all be co-created with the local community.

    “We warmly welcome UNIQLO’s global flagship store to Orchard Central, with its new shopping experience, innovative visual merchandising and special collections. UNIQLO will anchor Orchard Central’s appeal as a vibrant lifestyle and social hub for design conscious shoppers looking for quality affordable merchandise and a unique experience. Our mall enhancement works are also nearing completion and along with the opening of UNIQLO Orchard Central, our shoppers can look forward to a new retail experience as well as improved visibility and accessibility,’ said Ms Mavis Seow, Chief Operating Officer, Retail Business Group, Far East Organization.

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  • Paris Baguette opens its largest Singapore store

    Paris Baguette opens its largest Singapore store

    Best known for its Paris Baguette bakery franchise, SPC Group has opened four food brand stores in Singapore. The group is planning to make Singapore as its third axis of global growth after China and the United States.

    The group opened the new stores at Jewel Changi, a commercial complex connected to Changi Airport in Singapore, on April 17. The four food brands include Maison de PB, the first high-end brand of Paris Baguette; Coffee@Works, a special tea and coffee brand; and Shake Shack, a burger brand.

    Jewel Changi is a seven-story lifestyle complex built as part of the Singaporean government’s Chingi Airport development projects.

    Maison de PB serves not only bakery products but also various meals that go well with bread such as “Beef On The Stone” and “Signature Seafood Pasta.”

    Coffee@Works has opened its first overseas store at Jewel Changi. Currently, it operates a total of 12 stores in South Korea. Shake Shack has also opened the first store at the complex after it obtained a license for business operation in Singapore in October last year. Singapore is the third-largest market in SPC Group’s global operations.

    Paris Baguette has 12 stores in Singapore, including the one at Jewel Changi. Although the number of stores in Singapore is less than the 14 in Vietnam, sales in Singapore, which came to 14.90 billion won (US$13.13 million) last year, are nearly three times higher than those in Vietnam.SPC Group is seeking to establish a holding firm in Singapore. It is planning to build a base in Singapore, which is considered a hub of logistics, finance, and business in Asia, and expand its business to neighboring Southeast Asian countries.

    The group is also seeking to build a Halal certified production facility to target Muslims and the global Halal food market. It will establish the facility in the Southeast Asian region in order to target Muslim countries, including Indonesia and Malaysia, and will set the exact time and place in the future.

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  • Ikea opens stand-alone planning studio in Singapore

    Ikea opens stand-alone planning studio in Singapore

    IKEA has launched the first-of-its-kind planning studio powered by Singapore-based interior design and renovation platform, Livspace. IKEA and Livspace have provided consultation to hundreds of homeowners in Singapore since the partnership started at the end of 2019. The new studio at Jurong Point shopping mall will offer customers a brand-new shopping experience with end-to-end personalized home interior design, planning, and renovation services.

    At around 100 square meters, the Planning studio will feature a specialist showroom modeled after a 3-room HDB flat and virtual inspirations through SmartPhotos by the Livspace Platform. Designed like an IKEA showroom, the studio has been specially optimized and curated to address the challenges of living in a small space. These range from space-saving kitchens to living room smart storage solutions and fitted wardrobes. Décor and furnishings will be refreshed periodically throughout the year so customers can receive new inspirations to start transforming their own homes.

    The Livspace SmartPhotos is a great visualization and planning tool to help homeowners envision and budget for their new home designs. It is also the first time the SmartPhoto experience is being introduced to Singapore. Customers will be able to scan any room in the store using QR codes and virtually change the products and room style to suit their preferences and budget. As the products are being updated in SmartPhotos, the room price will also be updated in real-time. This new tool will be integrated into the planning and renovation journey offered to customers, and they can get to experience it in the coming weeks.

    “We would like to help more Singaporeans realize their dream homes,” said Jaap Doornbos, IKEA Retail Director, Singapore & Philippines. “The new IKEA Planning Studio isn’t just another IKEA store – it’s the future of home planning that caters to every homeowner and wallet size. Together with Livspace, we hope to provide a more accessible and personalized experience with technology, which will allow customers to achieve their dream home. With the current economic situation, this is especially important, and we see this as a big step in improving the traditional interior design planning process in Singapore”.

    “We are delighted to partner with a world-class brand in IKEA and power its first Planning Studio in Singapore with the Livspace platform. As a technology-first company, we are looking to revolutionize the way interior design and renovations are done in Singapore and this launch is a crucial first step. Now, personalized and trusted interior design services across price points will be available at consumers’ fingertips,” said Ravindran Shanmugam, Country Head, Livspace (Singapore). The IKEA Planning Studio will offer move-in ready packages, starting from just $9,900, that provide renovation and construction services as well as IKEA furniture and furnishings. Customers can make a complimentary one-to-one virtual or in-person appointments with expert designers.

    Any furniture purchases made at the Planning Studio as part of the Interior Design and Renovation package will also be delivered to homes for added convenience.

    From 13 to 26 January, customers can also take advantage of opening specials*:

    • First 500 walk-in customers will get a complimentary IKEA Jurong Point Planning Studio goodie bag

    • Spin the sure-win spin-the-wheel for prizes, when they spend above $10,000 on the renovation with Livspace On top of which, IKEA Family members gets 5% off their total bill when renovating their home with Livspace. This offer lasts till 31 December 2021 and can be redeemed at the outlet by presenting a physical or digital IKEA Family card.

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  • BHG teams with Raffles City in new curated brands marketplace

    BHG teams with Raffles City in new curated brands marketplace

    BHG Singapore will take over two floors at Raffles City Shopping Centre formerly occupied by Robinsons, which closed its last outlet there last Saturday.

    In partnership with Raffles City Singapore, the department store will open a new concept store showcasing its best beauty, fashion, and home and living products.

    The store, called One Assembly, will open by the end of the month, BHG Singapore and Raffles City Singapore said in a joint statement yesterday.

    “As established players in the retail industry, BHG Singapore and Raffles City Singapore are dra-wing on their combined industry insights to explore fresh ways of collaboration and inject new life into the local retail scene,” said the statement.

    While the concept store is a short-term pop-up, it will remain open for the foreseeable future, BHG Singapore told The Straits Times.

    The department store is happy to explore a long-term partnership with CapitaLand, which manages Raffles City Shopping Centre, said BHG’s spokesman. The concept store is expected to go big on digital payments. Shoppers will have the choice of paying for their purchases using eCapitaVouchers, or payment platforms Hoolah and FavePay. In the future, the store intends to make some of its products available on eCapitaMall, CapitaLand’s online shopping website.

    “As part of our reinvention strategy, we aim to integrate both physical and digital shopping journeys to create a seamless shopping experience,” said BHG Singapore.

    Associate Professor Lawrence Loh of the National University of Singapore Business School agreed that the future of retail lies in the integration of online and offline shopping.

    “But on-site stores are still important because they let customers touch and feel the product,” he said.

    Department stores here have been shifting some of their business online amid the coronavirus pandemic.

    Last November, BHG Singapore told The Straits Times that it had launched its own shopping site a few months before in June. The retailer also participated in Singles’ Day and Black Friday sales last year.

    To enhance the shopping experience, the One Assembly store will feature two spa cabins for shoppers wishing to relax.

    “One Assembly will provide new experiences to shoppers. Combined with its prime location, we are confident that it will become a favoured destination for our shoppers,” BHG Singapore managing director Udai Kunzru said yesterday.

    Offering customers memorable experiences is one way the department store has remained relevant amid the changing retail landscape.

    It introduced five spa cabins at the beauty hall in its Bugis Junction outlet as part of an extensive revamp completed last October.

    “We are heartened that our reinvention efforts have been well-received,” said BHG Singapore.

    When it opens, the concept store at Raffles City will feature brands such as La Mer and La Prairie, which are not currently available at existing BHG stores.

    “Having a new brand close to their existing store at Bugis allows them to reach a different segment of consumers without alienating their existing ones,” said Ms Esther Ho, director of Nanyang Polytechnic’s School of Business Management.

    CapitaLand Singapore’s managing director of retail Chris Chong said the mall is delighted to partner with BHG Singapore.

    “By joining hands to present One Assembly, we set out to enhance Raffles City’s shopping experience with a plethora of offerings that are thoughtfully curated for this collaborative space,” said Mr Chong.

    Before Robinsons moved out of Raffles City, the outlet had occupied three floors.

    As for who will occupy the third-floor space left by Robinsons, a Raffles City spokesman said talks with various brands are ongoing and more details will be shared in due course.

    Robinsons announced on Oct 30 last year that it was closing its last two outlets here, and said then that the decision to liquidate was prompted by a range of factors, including changing consumer tastes and cost pressures such as rent.

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  • StanChart Nets Ex-Bank of Singapore Relationship Manager

    StanChart Nets Ex-Bank of Singapore Relationship Manager

    Standard Chartered hires a new private banker focused on the Singapore market, formerly from Bank of Singapore, according to a note.

    Suresh Nair joins Standard Chartered as a senior client partner for private banking, according to the note, effective as of today with a focus on the Singapore market. In his new role, Nair will report to Adeline Chow, private banking team lead for Singapore and Malaysia.

    A spokesperson for the bank confirmed the hire.

    Nair was most recently with Bank of Singapore where he was responsible for the Singapore, Malaysia and international teams. Previously, he had over 20 years of banking experience working for the likes of J.P. Morgan, HSBC Private Bank and American Express. In addition to Southeast Asia, Nair also has some experience covering the Dubai market.

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  • Courts Singapore to open giant flagship where Robinsons vacated The Heeren

    Courts Singapore to open giant flagship where Robinsons vacated The Heeren

    Home appliance megastore Courts will take over the prime retail space at The Heeren which was recently vacated by retail stalwart Robinsons and make the outlet its new flagship store.

    The flagship store will occupy all six storeys of The Heeren’s retail space, making it Courts’ largest outlet in Singapore when it opens in the first quarter of 2022.

    When completed, the Heeren store will span 189,000 sq ft and replace the Tampines megastore as the chain’s flagship outlet.

    Swee Cheng Holdings, which owns The Heeren, said Courts fitted into its long-term plans for the mall but added that it has also been approached by other parties.

    “In view of the uncertainties arising from a prolonged Covid situation, we are confident that Courts’ proposed retail plans will do well at The Heeren,” it said.

    Echoing similar sentiment, Ms Esther Ho, director of Nanyang Polytechnic’s School of Business Management, said: “With customers not traveling, many are likely to dress up their homes and invest in consumer electronics. It’s good that Courts is moving quickly to capture this segment of customers during this period.”

    Its opening will also mark Nojima Corporation’s first overseas venture into a large-format store concept in a central location of Singapore.

    The Japanese consumer electronics giant had acquired Courts in 2019.

    On Courts’ choice of The Heeren as its newest location, Courts Singapore chief executive Hoang Duc Thanh Matthew said: “The Heeren is still a symbolic landmark located right in the heart of Orchard Road and we believe it holds great potential as a central location within the shopping belt.”

    “Coupled with the Urban Redevelopment Authority (URA)’s long-term plans to rejuvenate Orchard Road as a lifestyle destination, we envision that the new flagship store will contribute to the vibrancy of the retail sector.”

    Currently, Courts has one outlet in Orchard, at 228 Orchard Road. A Courts spokesman told The Straits Times that the outlet has been performing well and will remain in operation for now.

    “We will review our plans again once the flagship store is up and running,” said Courts.

    The Orchard shopping belt was also home to its first store here, which opened in 1974.

    “We are looking forward to expanding our presence in Orchard Road to where it all began and raise the bar further in offering Singaporeans innovative and experiential retail experiences while shopping for electronics and home furnishings,” said Courts.

    In 2017, the URA said in a joint statement with Singapore Tourism Board that they are looking into implementing an “actionable Orchard Road Blueprint”.

    The authorities said the blueprint was to guide the precinct’s development over the next 15 to 20 years.

    Courts’ announcement comes after Robinsons closed its flagship store at The Heeren on Dec 16.

    This was followed shortly after by the closure of its last outlet at Raffles City last Saturday.

    The department store announced on Oct 30 the closure of its last two outlets here, saying the decision to liquidate was prompted by a range of factors, including changing consumer tastes and cost pressures such as rent.

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  • Heytea unveils convenience-store-like concept in Singapore

    Heytea unveils convenience-store-like concept in Singapore

    Chinese milk-tea brand Heytea has launched a retail concept resembling a convenience store in Singapore.

    The store, which is also the brand’s first outlet in the city’s south, is located at VivoCity and features bright orange and grey striped frontage, illustrating “the fun and quirky store concept”.

    The store also has large glass windows so customers can see how staff are making their orders. Besides teas, Heytea VivoCity also offers pastries, croissants and muffins.

    An “Order On The Go” service is available for customers to avoid queues.

    Founded in 2012 in China, Heytea operates more than 260 outlets in China and four outlets in Singapore. Three other outlets are located at Ion Orchard and The Shoppes at Marina Bay Sands.

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  • Deutsche Bank Taps Singapore Fintech for Digital Assets POC

    Deutsche Bank Taps Singapore Fintech for Digital Assets POC

    The two sides will jointly explore a proof-of-concept (POC) using a grant under the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) scheme.

    Deutsche Bank Securities Services will work with Singapore-based blockchain development firm Hashstacs to explore the technological and practical feasibility of digital assets interoperability, liquidity, cross-border connectivity and smart contract templates.

    The POC will also explore the support of sustainability-themed digital bonds, according to a joint statement on Thursday,

    We see a clear place for an integrated platform that can service cross-border issuer-investor needs in Singapore and around the world, Jeslyn Tan, global head of product management, securities services at Deutsche Bank, said about the collaboration.

    Founded in 2019, Hashstacs previously partnered with Malaysia’s national stock exchange on a blockchain POC project for its bonds marketplace, and is working with EFG Bank to co-develop a blockchain platform that will enhance and simplify the processes of structured products.

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  • Retail sales decline slows significant in Hong Kong and Singapore

    Retail sales decline slows significant in Hong Kong and Singapore

    Hong Kong’s retail sales fell 8.8% in October, the first single-digit fall since June last year, showing further signs of a recovery after coronavirus restrictions had slammed the brakes on spending and tourism in the global financial hub.

    The drop compared with a revised 12.8% decline in September and a 6.7% fall in June 2019.

    October’s sales plummeted from a year earlier to HK$27.4 billion ($3.5 billion), government data showed on Tuesday, falling for the 21st consecutive month.

    In volume terms, retail sales slumped 9.3%, compared with a revised 13.3% fall in the previous month. It was also the first single-digit decline since June 2019.

    “With the fourth wave of the local epidemic spreading widely and quickly, the business environment of the retail trade may deteriorate again in the near term,” a government spokesman said.

    For the first 10 months of 2020, the value of total retail sales fell 27%, and 28.3% by volume, from the corresponding 2019 period.

    Hong Kong leader Carrie Lam on Tuesday again urged residents to stay at home and avoid unnecessary family gatherings as the global financial hub scrambles to contain a rise in coronavirus cases.

    Games centres, karaoke lounges and swimming pools will close from Wednesday, while the Ocean Park theme park and DisneyLand will also close.

    The worsening situation in the city also prompted the government to extend the postponement of an air travel bubble with Singapore on Tuesday to beyond 2020.

    Hong Kong’s economy shrank 3.5% in the third quarter compared with a year earlier as the coronavirus pandemic hammered consumer spending, trade and tourism, but at a slower pace as the outbreak had eased.

    The city’s tourist arrivals in October plunged 99.8% from a year earlier to 7,817 visitors, the tourism board said, compared with a drop of 99.7% in September.

    Sales of jewellery, watches, clocks and valuable gifts, which depend heavily on mainland tourists, fell 26.6% in October versus a revised 25.6% plunge in September.

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  • More Account Suspensions for Exiled Hong Kong Dissident

    More Account Suspensions for Exiled Hong Kong Dissident

    Self-exiled Hong Kong dissident Ted Hui, who was recently spotlighted over frozen accounts at HSBC, has faced even more pressure from the British lender which allegedly canceled credit cards and «unlawfully embezzled» his funds without explanation.

    Ted Hui Chi-fung claimed that HSBC had not only canceled credit card accounts belonging to him and his family but frozen funds within it that resulted from refunded purchases.

    On the credit cards of both my family and myself, as a result of consumption refunds, the credit is more than the debit,» he said on his social media account. «The balances (around a few tens of thousands of Hong Kong dollars) are all private property protected by Hong Kong’s Basic Law. They are now unlawfully embezzled by HSBC without any explanation.

    While Hui’s claims about frozen funds could potentially be contentious, banks routinely assess and close accounts based on legal and compliance risk, especially with regards to politically exposed persons (PEPs).

    This is not the first time Hui has had his accounts frozen after similar moves were made against him and his family’s HSBC Premier accounts in December. At the time, local police issued an official statement confirming it had directed the account suspension over a money laundering and national security law probe.

    Although Hui’s claims that the latest credit card account cancellations were not requested by the police, an HSBC statement indicated otherwise.

    «We have to abide by the laws of the jurisdiction in which we operate and this case is no different,» according to an HSBC spokesperson who said further inquiries should be directed to law enforcement.

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  • Singapore Tightens Oversight of Crypto Exchanges

    Singapore Tightens Oversight of Crypto Exchanges

    MAS powers have been expanded to include regulatory measures on crypto service providers, even if they may not possess the money or cryptocurrency involved.

    The Monetary Authority of Singapore (MAS) is enhancing its regulatory framework and updating the Payment Services Act to keep pace with changes to international standards and to better mitigate the money laundering and terrorism financing related to digital payment tokens.

    Any entity that facilitates the transmission, exchange or storage of DPTs – also known as cryptocurrencies – will now have to be licensed, MAS said on Monday.

    The new legislation will help minimize the risk of DPT service providers being exploited by criminals to launder illicit proceeds or hide illicit assets, said Minister for Transport Ong Ye Kung, who is also a board member of MAS, during the second reading of the Payment Services (Amendment) Bill in Parliament on Monday.

    The amendments also give MAS powers to impose measures on DPT service providers to ensure better consumer protection and to maintain financial stability and safeguard the efficacy of monetary policy.

    We have seen recent development of new forms of DPTs which values are pegged to stable assets to gain users’ confidence. It is therefore important for MAS to be able to respond to market developments and address new risks in a timely manner, MAS said.

    The Payment Services Act, which was introduced in January 2020, provides comprehensive regulation for companies handling activities ranging from digital payments to the trading of tokens such as bitcoin and ethereum, and gives MAS formal supervisory powers for cybersecurity risks and controls on money laundering and terrorism financing.

  • Wirecard Seeks Buyer in Singapore

    Wirecard Seeks Buyer in Singapore

    The firm was ordered to cease payment services in the country in October, and to return all customers’ funds, amid an investigation into missing funds.

    Payments services provider Wirecard is seeking a buyer for its Singapore entity and has at least one party interested in acquiring the business, according to a report on Tuesday.

    The company has lost about one-third of its staff since it was ordered to cease its core business activities in Singapore, where it provided payment processing services to 1,900 companies, a report said.

    At its peak, Wirecard employed more than 350 people in Singapore, where it has a call center, sales deployment team, regional commercial team, and project management office. As of October, it still had 250 people, including 180 locals, on its payroll, who are working from home and supporting its businesses in Hong Kong and Indonesia.

    Wirecard is at the center of one of the region’s biggest corporate accounting scandals in recent years, having admitted that €1.9 billion ($2.25 billion) is missing from its financial accounts.

    Its parent company in Germany has filed for insolvency, and its CEO Markus Braun as well as other top executives have been arrested, while former operating chief Jan Marsalek remains missing.

    So far, one Singaporean has been indicted – a director of a local accounting firm that allegedly helped Wirecard falsify letters about the funds held in its escrow accounts.

  • Singapore Exchange Makes Sustainability Push

    Singapore Exchange Makes Sustainability Push

    Singapore Exchange (SGX) is growing its sustainability capabilities and initiatives with a $20 million ($15 million) plan. SGX is allocating half of the budget towards new ESG-focused products, services and platforms, while the other half will be used for capacity building for the financial ecosystem, strengthening internal capabilities and increasing CSR commitments, the bourse announced in a statement on Tuesday.

    We want to and can push the sustainability agenda further. As a market operator and regulator, we can influence and drive greater commitment to sustainability and greener financial markets, Loh Boon Chye, CEO of SGX, said.

    All sustainability initiatives, which span across asset classes including fixed income, equities, commodities and indices, will be housed under SGX FIRST (Future in Reshaping Sustainability Together) – a multi-partner, multi-asset exchange-led sustainability platform.

    The platform also aims to equip investors and issuers in this region with greater ESG knowledge and provide them with better access to a wider range of ESG-related information

    Given its role in regional capital and financial markets, SGX can help facilitate collaboration within the ecosystem to catalyze change, SGX said in the statement.

    For fixed income, SGX is currently working with Nasdaq on the Sustainable Bond Network Initiative. While it currently covers more than 4,500 bonds, largely from the U.S. and Europe, SGX plans to enhance data access and transparency of sustainable bonds in Asia Pacific by bringing regional issuers onto the network.

    In terms of equities, more ESG-focused investment and risk management products will be rolled out in the next three years.

    SGX has expanded its existing indexing partnership with FTSE Russell, Morningstar Sustainalytics and MSCI to provide ESG ratings on companies listed on SGX. Over 30 of the most recognizable SGX-listed companies are initially covered, with plans to expand coverage in 2021. SGX is also expected to launch four futures contracts in partnership with FTSE Russell in January 2021, based on the FTSE Emerging Markets, FTSE Asia ex-Japan, FTSE Emerging Markets Asia and FTSE Blossom Japan ESG-themed indices.

    New sustainability benchmarks and ESG-related indices will also be layered alongside existing flagship multi-factor indices offered by SGX, including Scientific Beta and Index Edge products.  Scientific Beta will develop new solutions for institutional investors in the next 12 month for responsible investing that aligns to Paris agreement climate change goals.

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