Singapore – Page 55 – Retail News CRM

Ex-Citi Singapore Banker To Join Grab-Singtel

Citibank Singapore’s head of retail banking Charles Wong is set to join the Grab-Singtel entity that is bidding for a digital full bank in Singapore.

With strong credentials for bringing about a strong turnaround of Citi Singapore’s business, Charles Wong is likely to play a key role in the digital full bank if the Grab-Singtel consortium secures the license, according to a report.

Wong had resigned from the U.S. bank in February after more than 20 years at Citibank, where he spent nearly five years in his last role as head of retail banking at Citibank Singapore. Under his leadership, the unit delivered consistent double-digit growth.

Grab Holdings and Singtel have jointly applied for a digital full bank license, with Grab holding a 60 percent stake in the proposed consortium, and Singtel holding the rest.

Both partners see financial services as a natural extension of their core businesses.

March 4, 2020

Taiwan’s Chun Fun How opens new outlet in Singapore

Taiwanese bubble-tea chain Chun Fun How is preparing to launch a flagship store at the Esplanade in Singapore this month.

The floral-themed store will offer takeaway drinks only in its new outlet – mostly premium fruit tea blends in attractively designed “Instagrammable” cups – with a heavy emphasis on sanitization as the coronavirus outbreak continues. The brand is expected to be offering new drinks and menu items exclusive to the Singapore market.

The brand is known for its low profile in Taiwan, with the majority of its stores targeting students and local business people rather than tourists.

Chu Fun How has 14 outlets within Taiwan, a franchise outlet in both Hong Kong and Canada, and plans to expand in Indonesia as well as Singapore.

March 4, 2020

OCBC Cuts Days In Issuing First Electronic Banker’s Guarantee

OCBC Bank has issued an electronic banker’s guarantee (eBG), making it the first lender to tap on Singapore Custom’s Electronic Guarantee Program.

OCBC Bank became the first bank to leverage Singapore Customs’ electronic Banker’s Guarantee program launched on Monday, issuing an electronic banker’s guarantee (eBG) to Singapore Customs on behalf of vCargo Cloud, an Infocomm Technology solution and service provider that performs customs declaration services for forwarders and shippers.

It has taken some time for trade finance to be digitalized, but the momentum has picked up over the last few years. Already, close to half of our trade transacting customers who were previously sent in paper trade applications are now doing so via our internet banking portal Velocity@ocbc,» said Melvyn Low, Head, Global Transaction Banking, OCBC Bank in a media statement.

«And now, with this inaugural eBG, we have seen the end to end digitalization of the Banker’s Guarantee process, which is a milestone for the trade industry’s digital transformation,» added Low. OCBC Bank said its API connectivity with the Networked Trade Platform (NTP) has enabled the bank to electronically transmit details of its customers’ eBG to Singapore Customs.

As a result, the time taken from an application – which can be done via the bank’s business online banking platform Velocity@ocbc – to delivery of the Banker’s Guarantee to Singapore Customs, has gone from 7 working days to 1 working day. Businesses can benefit from this more efficient process as it mitigates the risk and costs that result from delays and disruptions to their imports into Singapore.

March 3, 2020

Malaysia’s 99 Speedmart starts in Singapore

Malaysian convenience-store chain 99 Speedmart has opened three mini-market stores in Singapore.

According to IGD, the 99 Speedmart stores in Singapore follow the same concept as Malaysia’s stores and range in size from 250 to 500sqm. They trade from 10am to 10pm daily.

Besides normal grocery items, shoppers also can find Malaysian products displayed closer to the back of the stores.

In Malaysia, 99 Speedmart operates more than 1500 grocery stores.

“The retailer’s success is driven by low prices, carrying a narrow range of top-selling brands and great store visibility,” explains IGD senior retail analyst Soo-Eng Tan. “A quick look into its flagship store in Singapore suggests that it is pursuing the same strategy there.”

99 Speedmart in Singapore aims to expand its retail network further this year. The company has acquired sites in commercial areas and light industrial parks.

February 28, 2020

Uniqlo Singapore goes paper shopping bags

Uniqlo Singapore is ditching its plastic shopping bags in favor of paper.

The decision reflects a global move by the brand to become more environmentally friendly and reduce its reliance on single-use plastics. The new bags will retail at 10 cents each, with a more robust eco-friendly tote bag available at SG$2.90.

Uniqlo’s Japanese parent Fast Retailing Group announced intentions to eliminate unnecessary plastics use throughout its supply chain in July last year. The firm plans to reduce single-use plastic by 85 percent (around 7800 tons annually) by the end of this year.

Uniqlo is also addressing other factors in its supply chain, including reducing the volume of water used in its jeans washing process by an average of 90 percent as well as introducing new material in its clothing items – Dry-Ex – derived from recycled plastic bottles

February 27, 2020

Changi Airport rents halved in wake of coronavirus outbreak

Retailers at Singapore’s Changi Airport will be granted half-cost rents for six months, backdated to February 1 due to the impact on passenger movements resulting from the coronavirus epidemic.

The Changi Airport rents rebate will cover more than 540 retail, F&B and service tenants at the airport who are facing a sharp drop in sales during the outbreak. Retailer operating hours will also be reduced at the airport, optional for those trading landside.

The rent reductions are in addition to rebates that automatically apply when airport traffic is down.

The moves follow a government announcement of a SGD112 million (US$80 million) package for the aviation sector to help protect businesses and jobs at the airport as well as preserve the connectivity of the travel hub. It includes a property tax rebate that the airport is passing on to its shops in full.

Management is holding ongoing discussions on how to further support retail tenants in addition to the Changi Airport rents cut.

February 25, 2020

Singapore Liang Sandwich Bars close amidst dispute

Four Singapore Liang Sandwich Bars have closed suddenly, angering the master franchisee for Southeast Asia, Liang Group.

The company said the closures were unauthorized.

Liang Group CEO Jarvin Leow said the company had not authorized the stores’ shuttering and that it had taken measures to resolve the situation.

While the reason for the closures remains unclear, the stores are currently in the midst of a rebranding effort across the region later this year, when the Singapore Liang Sandwich Bars will be renamed “Liang Crispy Roll”. The closures have proved a hindrance to the rebranding efforts.

Stores in other territories have already gone through the rebranding exercise.

Leow offered a formal apology to customers for any confusion caused and for the stores having been cast in a bad light.

The franchise is due to launch in new outlets in several major international cities shortly.

Described as an “Asian-style sandwich” chain, the first Singapore Liang Sandwich Bar opened at VivoCity mall in July 2018. A second store followed in Raffles City.

The Taiwanese brand has more than 12,000 outlets worldwide throughout Asia and North America. It is endorsed by a prominent Mandopop rap artist Jay Chou.

February 25, 2020

OCBC Posts Record Net Profits in 2019

OCBC’s posted a record in net profits after broad-based growth across interest and non-interest income growth drove the bottom line 8 percent higher.

Annual net profits at OCBC reached S$4.87 billion ($3.48 billion) after the bank ended the year on a strong note with a 34 percent increase to fourth-quarter net profits.

Net interest income climbed 7 percent to reach a new high of S$6.33 billion driven by both asset growth and an increase in net interest margin, mainly in Singapore and Greater China.

Non-interest income increased 19 percent to S$4.54 billion driven by growth across the board. Net income rose 5 percent to S$2.12 billion led by higher wealth management and credit card fees while net trading income nearly doubled to S$977 million primarily due to increases in client flow income and mark-to-market gains in Great Eastern Holdings’ investment portfolios. Investment securities sales also grew ten-fold to S$171 million.

In addition to another year of record earnings, according to OCBC group CEO Samuel Tsien, the bank had also met its loan targets and its ESG (environmental, social, governance) ambitions, especially within its green and renewables financing portfolio, are on track to meet its 2022 target.

OCBC achieved a strong performance in 2019 which marked another consecutive year of record earnings, Tsien said. Looking ahead, the global economic outlook is expected to be weaker than originally expected. We are watchful of the impact to our business and customers from the continuing trade tensions, heightened geopolitical risks and the COVID-19 outbreak, and will extend support to customers to help them overcome the market challenges.

February 24, 2020

Sheng Siong looks for new store sites as sales and profit grows

Singapore supermarket operator Sheng Siong says it plans to open more stores across the city in the wake of a 7.4-per-cent profit increase last year.

Sheng Siong Group achieved a net profit of S$75.8 million (US$54 million) for the December year on revenue up 11.3 percent to S$991.3 million, largely due to store network growth.

“Our store expansion plan in Singapore is progressing well,” said CEO Lim Hock Chee.

Five new stores opened last year and two more already this year adding 56,820sqft of trading area and taking the network to 61.

“Moving ahead, we will stay focused on looking for new retail spaces especially in areas where our potential customers reside with an aim in mind to expand our retail network in Singapore.” The company says it will focus on continuing to look for retail space in new and existing Housing Development Board housing estates, particularly in estates where the group currently has no presence.

“Our key priorities are nurturing the growth of our new stores in Singapore and China while enhancing the gross margin and lowering input cost remain as one of the core areas that we will be working on,” said Lim.

He added the company would seek to adjust stores’ sales mix adding a higher proportion of fresh produce and deriving more efficiency gains in the supply chain in the year ahead.

The company remains optimistic about trading this year despite expectations Singapore’s economic growth will slow to less than 1.5 percent – potentially even entering a recession – due to the impact of the coronavirus.

The company’s results commentary said retail sales, in particular at supermarkets had “not been exciting” last year and could be negatively affected this year.

“Competition in the supermarket industry is expected to remain keen.”

This year’s openings were a store on the first floor of Block 118 Aljunied Avenue 2, with an area of approximately 18,000sqft on January 1 and at Block 202 Marsiling Drive (5540sqft) on January 11.

February 24, 2020

Binance Unveils Singapore Crypto License Ambitions

Cryptocurrency exchange giant, Binance, has applied for an operating license in Singapore which continues to lure new players following the recent progressive developments in its regulatory regime.

Founded in 2017, Binance experienced extremely rapid growth before achieving an estimated market cap of $1.3 billion by early January 2018. The Malta-headquartered exchange now has offices located globally including in Singapore where it is backed by Temasek’s venture capital arm Vertex Venture.

Whilst initially focused only on crypto-to-crypto trading platforms, which allowed Binance to grow without dealing with banks and regulators, the firm began to focus on the development of formal exchanges in jurisdictions with a relevant regulatory regime like Singapore.

We have already applied,» said Binance co-founder and CEO Zhao Changpeng. «We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

Last month, Singapore introduced the Payment Services Act which will formally regulate companies engaging in activities ranging from digital payments to the trading of tokens like Bitcoin or Ether. In addition to an expanded regime, the Monetary Authority of Singapore’s supervisory powers were also enlarged to cover cybersecurity risks and controls on money laundering and terrorism financing from such activities.

Greater clarity for businesses through explicit regulation was expected to be a key driver for new entrants. Other reported applicants thus far include Tokyo-based crypto exchange operator Liquid Group Inc and London-based Luno.

February 18, 2020

Singapore retail sales flat in December

Singapore retail sales were flat in December, after motor vehicles were removed from the data, rising by a mere 0.1 percent.

Including motor vehicles, a decrease of 3.4 percent was recorded, but this relates more to the scarcity of Certificates of Entitlement by which Singapore’s government restricts the number of vehicles on the roads. New vehicle sales were down by 24 percent year on year.

Compared with November, and again excluding vehicles, retail sales slipped by 1.4 percent.

Singapore retail sales totaled SG$4.2 billion (US$3.2 billion) for the month. Significantly, online shopping accounted for 6.8 percent of that figure, one of the highest rates yet.

Aside from cars, the worst-performing retail categories were furniture & household equipment down 8.2 percent, and computer & telecommunications equipment, down 6.3 percent. Sales at department stores fell 5.6 percent, and optical goods & books recorded a 1.2 percent decline.

Categories to post growth included watches & jewelry (up 8.9 percent). Retailers of petrol service stations, medical goods & toiletries, and mini-marts & convenience stores achieved growth rates between 3.1 percent and 5.4 percent.

Compared to the same period last year, Sales of food & beverage services in December increased by 2.7 percent to an estimated SG$964 million, compared to $938 million in December 2018.

Turnover of fast-food outlets, cafes, food courts & other eating places, and restaurants

Increased by between 2 percent and 7.7 percent year on year.

February 14, 2020

Standard Chartered Robber to Face Charges in Singapore

The man, wanted in connection with the 2016 robbery of a Standard Chartered branch in Holland Village, will face charges in Singapore after his appeal against extradition from the U.K. was dismissed by a London judge.

Canadian national David James Roach will face extradition to Singapore from London, where he is currently held, to face charges of robbery and money laundering, the Singapore Police Force said in a statement on Thursday.

The Singapore authorities will do whatever is necessary and permissible within our legal framework to seek justice against those who commit crimes in Singapore, regardless of nationality and where they might have fled to, the statement said.

The 28-year-old suspect took $30,490 in cash from the bank in a robbery that took place on the morning of July 7, 2016. By the time the police were able to establish his identity, he had already fled to Bangkok, Thailand. He was later detained by local authorities and found guilty of violating money-laundering laws by bringing money from the robbery into Thailand.

After serving a 14-month sentence, he returned to Canada on January 11, 2018, but was detained in London during a stopover at the request of Singapore authorities.

Robbery carries a 10 years’ jail and at least six strokes of the cane, while the money laundering charge comes with a 10-year sentence and a S$500,000 ($360,000) fine. For the extradition to proceed, Singapore authorities have agreed to the U.K.’s request to waive the caning if Roach is found guilty.

February 14, 2020

Standard Chartered Launches Singapore-Based Venture

The bank is partnering with Australia-based start-up Assembly Payments to deliver next-generation payment solutions to merchants globally.

Standard Chartered is launching a new payments venture to be headquartered in Singapore as part of a strategic partnership with Assembly Payments, the two parties announced on Tuesday.

The joint venture will offer merchants globally a digital payment platform to manage transactions across multiple payment types and countries, including online, mobile and point-of-sale, digital wallets, debit and credit cards and real-time payments, a joint statement said.

As the world moves towards platform-based e-commerce, the need for the next generation of tools to empower merchants and enable financial inclusion continues to grow, Alex Manson, head of SC Ventures, the bank’s innovation, fintech investment and ventures arm, said.

The payments venture is the latest in a series of new business models the bank has launched recently, which include a strategic joint venture with PCCW, HKT and Ctrip Finance in Hong Kong to deliver a new standalone digital retail bank, virtual banking partnerships in Taiwan and Korea and SME-focused financial and business services platform Solv in India.

Assembly, which already offers these services in its home market, said the partnership better positions it to capture a larger slice of the $29 trillion international payments market and exponentially grow its business.

Since its founding in 2013, Assembly has already raised $70 million in equity financing. Its rapid growth has been spurred on by the introduction of the country’s fast payment network, the New Payments Platform.

February 13, 2020

Coronavirus Hits Singapore CBD

Staff of major firms are being told to work from home and temperature screening and sanitation are being stepped up at many towers in the central business district as two cases emerge.

The novel coronavirus outbreak in Singapore has spread to its financial district, with two employees at buildings in the area found to have been infected, «The Business Times» reported, citing circulars seen by the publication.

The first, who contracted the virus on February 8, works at Marina Bay Financial Centre (MBFC) Tower 1, where Standard Chartered is a key tenant. DBS has offices in Tower 3. The building’s management said that affected office space, lifts and ground floor common area have been deep cleaned and disinfected in accordance with Ministry of Health guidelines, according to the report.

The other, an employee of United Industrial Corporation (UIC), works at Clifford Centre. No other UIC employee has displayed any signs of the virus as of February 7, a circular said, noting the building has since been disinfected.

The Monetary Authority of Singapore (MAS) issued an advisory urging financial institutions to adopt additional measures and precautions on Friday, the same day the city-state raised its response level to Orange, the same level as during the Sars epidemic in 2003.

They include maintaining effective internal controls across operations should split team arrangements be implemented, anticipating and preparing for an increase in demand for services such as cash withdrawal or online financial services, informing customers of the availability of services and operating hours, and supporting staff morale.

It also warned of the heightened risk of cyber threats as actors take advantage of the situation to conduct email scams, phishing and ransomware attacks.

As a precaution against the novel coronavirus, UOB has closed two banking outlets in Shanghai and Beijing, the bank said in a media statement on Monday.

UOB’s Commercial Banking Centre in Kwun Tong, Hong Kong remains closed until 14 February. Corporate customers are encouraged to use the Tsim Sha Tsui and Causeway Bay branches during this time.

February 12, 2020

Bangkok’s Chatuchak mall opens in Singapore

Bangkok’s world-famous Chatuchak Market has launched a satellite site in Singapore.

A 40,000sqft pop-up market located at The Grandstand on Turf Club Road, it marks the first time Chatuchak has been convened outside of Thailand.

The market opened this week and will remain trading until May 3.

More than 400 vendors are trading at the market, some rotated in from the original open-air market in Thailand.

While Bangkok’s market is only open during weekends, Chatuchak Singapore will trade from 4.30 pm to 10.30 pm every day except Monday.

Thai street food is being sold at the market for visitors seeking an authentic Chatuchak experience – while apparel, accessories and jewelry are among the goods on offer at stalls.

February 7, 2020

Tag: Singapore