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Tag: Singapore

  • Singapore Digibank Applicants Total 21

    Singapore Digibank Applicants Total 21

    The Monetary Authority of Singapore received 21 digital bank applications, the regulator said on Tuesday.

    This comprises 14 applications for the digital wholesale bank licenses and seven applications for the digital full bank licenses. The majority of applicants are consortiums, Monetary Authority of Singapore (MAS) said in a statement, without naming the entities.

    The new digital bank licenses have attracted strong interest from a diverse group of applicants, ranging from e-commerce firms, technology, and telecommunications companies, fintech – such as crowd-funding platforms and payment services providers – as well as financial institutions.

    MAS is issuing up to five digital banking licenses by June this year – up to two full-bank licenses that permit retail banking, and up to three for wholesale banking.

    The new digital banks are expected to start their operations by the middle of 2021. This liberalization move – the biggest for the financial sector here since 1999 – was first announced by the MAS in June last year. Applications closed on Dec 31, 2019.

    Applicants that have expressed their interest publicly include Ant Financial, Grab and Singtel, Razer’s consortium, the V3 Group linked to entrepreneur Ron Sim,  Temasek-linked supply chain finance firm Sheng Ye Capital, and a consortium led by Hong Kong’s AMTD Group.

  • BNP Paribas Launches Electronic FX Trading in Singapore

    BNP Paribas Launches Electronic FX Trading in Singapore

    BNP Paribas announced its plans to launch an electronic FX pricing and trading engine in Singapore in a move to further improve efficiency and liquidity in the city-state’s market.

    The new offering will include 50 currencies in spot, forwards, swaps, non-deliverable forwards (NDFs) and options, as well as commodities e-trading for both precious and base metals. According to BNP Paribas’ Southeast Asia head of global markets, Christophe Jobert, the engine intends to improve liquidity, price discovery and the speed of execution.

    Singapore is a key trading center for us in Asia Pacific, where we are committed to investing for growth,» he added. «In Southeast Asia, we have seen our e-FX trading volumes grow by double-digits year-on-year.

    The bank underlined that the move to launch the new FX trading and pricing engine was part of a broader plan to develop Singapore as «Asia Pacific’s FX trading hub» with support from the city-state’s regulator.

    BNP Paribas’s decision to launch its e-FX pricing and trading engine in Singapore will be an added boost to Singapore and Asia’s FX market, said Gillian Tan, executive director, financial markets development department at the Monetary Authority of Singapore.

    The engine seeks to enhance clients’ trading experiences with improved latency and pricing and will provide more efficient price discovery and improved liquidity in the Asian trading hours for clients in the Asia-Pacific, and support global follow-the-sun execution of FX trades.

    The engine’s roll-out coincides with the launch of BNP Paribas’ single dealer platform, «Cortex LIVE», which will offer Singapore clients access to a real-time digital trading assistant alongside real-time market intelligence driven by artificial intelligence and natural language processing.

    With the delivery of both the e-FX engine and Cortex LIVE in Singapore, clients here will benefit from an unrivaled combination of real-time feedback, quicker and more intelligent trade execution, greater transparency and enhanced controls,» said Rawad Khodr, APAC regional head of G10 FX spot trading, global markets at BNP Paribas.

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  • Singapore Fintech Eyes Middle East

    Singapore Fintech Eyes Middle East

    The acquiring business in Dubai is one of the first initiatives the firm has in the pipeline for the Middle East.

    MoovPay has entered into a global’s exclusive partnership with China’s UnionPay International (UPI) for cross-border cashless payment services in the Middle East, the firm announced in a press release on Wednesday.

    As part of the agreement, businesses in the Arab world will be able to use UPI’s range of payment methods, which are commonly used in China, to make payments through MoovPay’s online payment solutions.

    «Our Dubai office will serve as a bridge between the Middle East and Asia Pacific, as well as a springboard for expansion into Europe, helping European merchants tap into both the Middle East and Chinese markets, particularly in e-commerce and mobile applications,» Moovpay CEO Ryan Gwee said about the firm’s ambitions in the region.

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  • Cheese-tea chain Machi Machi to launch in Singapore

    Cheese-tea chain Machi Machi to launch in Singapore

    Machi Machi, the Taiwanese cheese-tea chain which went viral after featuring in a music video of Mandopop king Jay Chou, is set to debut in Singapore.

    Named after Chou’s wife’s pet dog, Machi Machi Singapore will open at 25 Arab Street this month.

    According to the franchise owner, the Singapore outlet will have “no seats”, but is hoped to be launched before Jay Chou’s upcoming Carnival World Tour concert in the city on January 10 and 11.

    The Singapore store will offer its signature drink “God of Cheese Tea” together with other 18 items, including panna cotta, tea with fresh fruit, and the classic milk tea with pearls.

    Machi Machi now has stores in 10 countries including Malaysia, Japan, Korea, Taiwan, China, France, Australia, Canada, Sweden and the UK.

  • CIMB Singapore Appoints CEO

    CIMB Singapore Appoints CEO

    A corporate and retail banking stalwart replaces Mak Lye Mun, who retires after 10 years at the helm.

    CIMB Singapore has appointed Victor Lee as chief executive officer, the Malaysian bank announced on Thursday.

    With the new Industrial Revolution 4.0, we shall need to anchor down on partnerships, technology; customer obsession will be core, and an equally important sustainability agenda, Lee said about his priorities.

    He will concurrently hold the role of CEO of CIMB Group Commercial Banking, and will be a member of the CIMB Group’s senior management team.

    Lee joined CIMB in January 2019 as the bank’s CEO of group transaction banking, based in Malaysia. Prior to joining CIMB, Lee was executive vice president at Fullerton Financial Holdings for three years.

    According to his LinkedIn profile, Lee began his banking career in 1994 at DBS Bank. He has also held roles at UOB, Standard Chartered Bank, Citi and Sumitomo Mitsui.

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  • Razer-Led Consortium Bids for Digital Banking License

    Razer-Led Consortium Bids for Digital Banking License

    A consortium led by Razer is the latest to join the race for one of Singapore’s five digital banking licenses.

    The consortium includes the Singapore supermarket giant owners’ – the Lim brothers – private vehicle Sheng Siong Holdings; Richard Li’s insurance firm FWD Group; internet entrepreneur Chen Danian’s tech company LinkSure Global; Insignia Ventures Partners; and Carro, an online marketplace for cars.

    Razer, which leads the consortium, will own a 60 percent in the stake with the remaining five partners holding a 40 percent stake, according to an SCMP report citing a statement.

    We’ve thought about this long and hard,» said Lee Li Ming, Razer’s chief strategy officer and the newly appointed CEO of Razer Fintech as of January 1. We believe that we can do something revolutionary here in Singapore.

    According to Lee, the firm will target those in the age group of 12 to 35 years old due to the segment’s limited financial knowledge and challenges with entering the banking system due to a lack of savings and credit history. The firm will look to leverage its base of young users alongside its existing digital payment networks Razer Merchant Services and e-wallet service Razer Pay.

    Youth and millennials are underserved even in a crowded space like Singapore, Lee commented. We want to help them from a young age.

    Prior to the Razer-led consortium, Grab and Singtel were the latest to reportedly form a partnership to jointly bid for a digital banking license. The Monetary Authority of Singapore will announce the successful recipients of the digital banking clines in mid-2020.

  • OCBC Issues Green Loan to Hong Kong Developer

    OCBC Issues Green Loan to Hong Kong Developer

    OCBC furthers its commitment to achieving a S$10 billion sustainable finance portfolio by 2022 with its latest green loan to Hong Kong-based developer Hang Lung.

    Hang Lung secured an HK$1 billion ($128 million) green loan facility from the OCBC to finance commercial property development projects in mainland China. The maiden green loan will be used to support projects that have received «gold certifications» or «pre-certifications» issued by the U.S. Green Building Council of Leadership in Energy and Environmental Design (LEED), which promotes sustainable real estate development in mainland China.

    We are proud to support Hang Lung’s ambition of spearheading green developments in Hong Kong and mainland China, said Tan Wing Ming, regional general manager for North East Asia at OCBC Bank. This green loan is the latest sustainable finance transaction to come out of OCBC Hong Kong Branch and positions the bank well to capture the growing green finance opportunity in the Greater Bay Area.

    According to a statement issued by Hang Lung, the loan was issued under its «Green Finance Framework» which is in line with the industry standard 2018 Green Bond Principles and 2018 Green Loan Principles. Global ESG research and ratings provider Sustainalytics had reviewed and confirmed the framework to be credible and impactful, the statement added.

    The green loan adds to OCBC’s portfolio and its ambitions to build a $7.4 billion sustainable finance portfolio by 2022. According to a recent Bloomberg league table, the Singaporean lender is already a leader in the field, ranking first in green and renewable energy loans in the Asia ex-Japan region at more than $1 billion in 2019 – a 7 percent market share.

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  • Blockchain Payment Network Terra Expands to Singapore

    Blockchain Payment Network Terra Expands to Singapore

    Blockchain payment network Terra has set up its South-east Asia hub in Singapore. The South Korea-headquartered firm has plans to expand in the region.

    Terra intends to grow its on-the-ground network in Asia through strategic partnerships with local businesses, building upon existing collaborations with 25 partners across Asia, including Singapore-based e-commerce platforms Carousell and Qoo10.

    Beyond attracting local talent, we also plan to acquire the applicable license from the Monetary Authority of Singapore under the Payment Services Act, said Rahul Abrol, Terra’s new head of international business and strategy. The Act is a framework for the regulation of payment systems and service providers in Singapore.

    Abrol, formerly Uber’s Asia-Pacific head of strategy, has joined Terra at the new Singapore office as head of international business and strategy. The startup, which has launched in Mongolia, aims to set up operations in at least five other markets next year, including Taiwan and Thailand.

    Besides its regional expansion plans, the firm plans to launch its stablecoin-powered mobile payment app in Singapore early next year. A stablecoin is a type of cryptocurrency that is price-stable and pegged to real-world assets such as the South Korean won or Singapore dollar.

    The launch of Terra’s Singapore office comes about seven months after the startup secured a strategic investment from LuneX Ventures, the blockchain and crypto-focused arm of Singapore’s Golden Gate Ventures.

  • HSBC Singapore Announces Digital Wealth Management Solutions

    HSBC Singapore Announces Digital Wealth Management Solutions

    Two solutions are part of the bank’s doubling of investments into digital over the past two years to better support its retail banking proposition.

    HSBC has expanded institutional analytical capabilities to retail investors in Singapore through its HSBC Wealth Portfolio Plus application, which launched in December, and is introducing the HSBC Structured Product Online Platform from Q1 2020 to allow accredited investors to invest in structured products offered by the bank, it announced in a statement on Wednesday.

    Given their work and lifestyle choices are no longer confined to one single market or region, our customers expect banking tools and wealth solutions that match their personal circumstances, Anurag Mathur, HSBC Singapore’s head of Retail Banking & Wealth Management, said about the new digital solutions the bank is rolling out.

    In the past two years, HSBC has made significant investments in enhancing its digital capabilities globally. In the first half of the year, HSBC spent $2.2 billion on digital solutions, up 17 percent from the same period for 2018, the bank said. A considerable proportion» of its investments in this area has been in Singapore, one of the bank’s eight scale markets.

    Singapore is often used as the pilot site for the development of digital solutions that will strengthen our foothold as the Asian wealth hub serving HSBC customers with international needs, Mathur said.

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  • Chinese fashion brand Shang Xia to launch in Singapore

    Chinese fashion brand Shang Xia to launch in Singapore

    Backed by Hermes, Chinese lifestyle, home and fashion brand Shang Xia is launching in Singapore.

    The brand has recently appointed fashion entrepreneur Adriana Lim Escano as its exclusive distributor in the territory, starting off with a pop-up store in Takashimaya in collaboration with ad agency Tribal. The brand’s arrival in Singapore is a collaboration between co-founder Jiang Qiong Er and 90-per-cent stakeholder Hermes.

    “We have taken great care to find artisans who truly understand their craft, and have invested time in getting the techniques right,” said Lim. “Shang Xia appeals to those who appreciate craftsmanship and luxury.”

    The news comes on the heels of Shang Xia’s plans to open standalone boutiques at Hong Kong, Beijing and Heathrow international airports over the next five years.

    Shang Xia already has boutiques in Paris, Beijing and Shanghai. Through a partnership with the Shankong Group in Taiwan it opened two shop-in-shop stores in August, with the next step being Hong Kong in January.

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  • Singapore retail sales down, but car market exaggerates the decline

    Singapore retail sales down, but car market exaggerates the decline

    Singapore retail sales – excluding motor vehicles – slipped by 0.6 percent year-on-year in October. Including vehicles, the headline figure was down 4.3 percent.

    Month-on-month, sales declined by 1.5 percent, excluding motor vehicles.

    Statistics Singapore estimated the city-state’s retail sales were worth about S$3.6 billion (US$2.7 billion) in October, of which about 6.1 percent were conducted online.

    The impact of car sales on the overall figure is clear: that sector declined by 22.7 percent in October, due to reduced government quotas for new vehicle registrations, while the second-worst performing category was furniture and homewares, down by 10.6 percent.

    Sales of optical goods and books fell by 2.4 percent, and of recreational goods by 6.9 percent.

    Conversely, sales of watches and jewelry industry increased 7.2 percent, largely attributed to higher demand for jewelry. Apparel and footwear sales, and trade at supermarkets, hypermarkets, mini-marts and convenience stores improved by between 1 percent and 4.7 percent.

    Food and beverage services

    Meanwhile, sales of food and beverage services grew by 4.5 percent year on year.

    The total sales value of food & beverage services in October 2019 was estimated at $893 million, compared to $854 million in October last year.

    Turnover by fast-food outlets, restaurants and cafes, food courts and ‘other eating places’ increased by between 3.3 percent and 7.9 percent.

    In contrast, sales by food caterers decreased by 1.5 percent during the period.

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  • The Shilla Duty Free unveils new brands in Singapore

    The Shilla Duty Free unveils new brands in Singapore

    Travel retailer The Shilla Duty-Free has launched a raft of new brands at its Changi Airport health-and-beauty concessions, marking its fifth anniversary in Singapore.

    The new brands are on display at a refreshed retail space at the Terminal 3 Departure Check-in Hall store (in the public area) which features a modern, tropical look, with earthy hues of woods and whites.

    The new brands are from South Korea, Singapore and Europe, ranging from Banyan Tree and Too Faced to cult beauty favorites including COSRX and Too Cool For School. They will also be stocked at selected stores airside.

    The new brands also include Annick Goutal from France, Age 20’s, Vidivici, First Aid Beauty, Too Faced, Cosme J-Cos and JM Solution.

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  • UBS Optimus Foundation Launches Singapore Office

    UBS Optimus Foundation Launches Singapore Office

    UBS Optimus Foundation has established its first office in the city-state to expand its philanthropic offerings to clients in Asia. This is the foundation’s seventh office worldwide and third in Asia, after Hong Kong and Beijing.

    UBS said the Singapore office will engage the bank’s clients on philanthropic activities related to health, education and the protection of children, as well as sustainable and environmental causes. The foundation, which counts as one of the world’s largest international donors in China, supports over 200 programs around the world that are worth more than 200 million Swiss francs (S$274.5 million).

    Philanthropy and sustainable investing are an increasing focus of our clients in the region, many of whom are seeking investment opportunities in sectors including healthcare, oncology, and affordable education, said August Hatecke, co-head of UBS Wealth Management Asia-Pacific and the country head of UBS Singapore in a media statement on Monday.

    To mark the launch of the new office, UBS employees in Singapore raised a sum exceeding S$100,000 which, together with matching contributions from UBS, will fund the foundation’s first program in Singapore. Last year, the UBS Optimus Foundation raised 65 million Swiss francs (S$89.2 million) and committed to 92 new programs to reach out to close to 3 million children.

    We expect unprecedented amounts of wealth in Asia to be transferred across generations over the next 20 years. This will be a significant boost on philanthropy as many entrepreneurs are committed to using their wealth to create a legacy that has a positive social impact, said Desmond Kuek, the chairman of the UBS Optimus Foundation Singapore.

  • La Mer opens flagship boutique in Singapore

    La Mer opens flagship boutique in Singapore

    Luxury skincare brand La Mer has opened its first flagship boutique in Marina Bay Sands.

    Occupying a 375sqft space, the new store features gold, cream and forest green as theme colors. The marble floor resembles the sea that “forms the bedrock of the brand’s formulations”.

    Beside its skincare products, the Marina Bay Sands La Mer flagship also offers a wide range of makeup products including foundation, concealer, powder and brushes, all displayed via a consultation area.

    La Mer’s customers can experience a beauty session with different personalized services and treatments in a private facial cabin with the full range of La Mer’s makeup and skincare offerings.

    Owned by the Estee Lauder Group, La Mer has been a solution for those in need of an anti-aging arsenal as its products employ fermented ingredients, sourced from the sea, to rejuvenate and enrich the skin.

  • Bangkok’s Chatuchak Market head to Singapore

    Bangkok’s Chatuchak Market head to Singapore

    The world-famous Bangkok Chatuchak Market is set to open in Singapore, drawing an expected 600 Thai vendors.

    A 40,000sqft pop-up market will be open from February 4 to May 3 at The Grandstand on Turf Club Road. Between 30 and 50 Thai vendors will participate at the market each week on a rotational basis alongside local vendors, operating up to 272 stalls vending handicrafts, fashion and other items.

    It is the first time the Chatuchak Market has been convened outside of Thailand.

    Thai street food will be sold at the market for visitors seeking an authentic Chatuchak Market experience, complete with the snacks.

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