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Tag: Singapore

  • Singapore Brokerages Suffer Cyberattacks

    Singapore Brokerages Suffer Cyberattacks

    Up to five trading houses were affected by the attack, which disrupted trading from 30 minutes to up to the whole morning session.

    Several brokerage houses in Singapore were hit by distributed denial-of-service (DDoS) attacks on October 24, the Monetary Authority of Singapore (MAS) said on Wednesday, in response to media queries.

    A DDoS attack happens when the bandwidth or resources of a targeted system is flooded with unwanted traffic, making an online service or website unavailable.

    MAS said the cyberattacks had «limited disruption» to trading activities as the brokerage houses activated their DDoS mitigation services. It issued an advisory to financial institutions after the attacks to alert them of the increased risk of DDoS activities.

    The affected brokerages included Phillip Securities and Phillip Futures. We are constantly monitoring our IT infrastructure and network capabilities to facilitate a smooth trading environment for customers,» a PhillipCapital spokesman told the newspaper.

  • Crate & Barrel Singapore closing down store

    Crate & Barrel Singapore closing down store

    Crate & Barrel Singapore will close its flagship store at Orchard Gateway.

    The 25,000sqft five-story outlet has operated at the location for five years, but will close on November 10. That will leave the US home furnishing brand with just one store, at Ion Orchard, however, the brand’s e-commerce platform will continue to trade.

    A statement released by Crate & Barrel Singapore revealed intentions to expand into Malaysia, adding that this “will help increase our brand visibility and representation in today’s retail marketplace, specifically in the Southeast Asia region”.

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  • Lower Margins Ahead For Singapore Banks

    Lower Margins Ahead For Singapore Banks

    Singapore’s three local banks are likely to experience margin squeeze in the third quarter as the Singapore Inter-bank Offered Rate heads south, following in the footsteps of Federal Reserve’s rate movement.  Analysts are also watching non-performing loan ratios amidst a weaker global economic environment.

    Even as loan growth is expected to remain steady, Singapore’s local banks – DBS, UOB, OCBC – could be seeing lower margins ahead caused by lower Singapore Inter-bank Offered Rate (Sibor), analysts say. The Singapore trio is due to report their Q3 results in November.

    Net interest margins (NIMs) for the banks are likely to see limited growth, if any, with the bulk of domestic mortgage repricing behind them, Maybank Kim Eng analyst Thilan Wickrama-singhe said in a report.

    DBS’s earnings are known to be the most sensitive to changes in the Sibor compared with its peers, said Wickramasinghe. He points out that the 12 basis point (bps) drop in Sibor since August following the interest rate cuts by the Fed may affect DBS’s NIMs more adversely, on the back of its larger, slow-to-reprice current and savings account funding base.

    UOB will kick off the results season for the three banks, announcing its results on November 1, followed by OCBC on November 5. DBS will cap off the earnings season for banks on November 11.

    RHB analyst Leng Seng Choon is cautious about OCBC and DBS’s loan exposure to Greater China, as there is a risk of higher Non-Performing-Loans (NPLs), given the U.S. -China trade war that is affecting China’s economic growth. According to brokerage, 29.9 percent of DBS’s loans are to Greater China, compared to OCBC’s 24.2 percent and UOB’s 15.7 percent.

    In a similar tone, DBS analyst Lim Rui Wen flagged that UOB is preferred for its smallest exposure to Greater China among the local banks, as well as the lowest sensitivity to falling interest rates in terms of NIMs.

    Even as net interest margins are expected to be softer, non-interest income is likely to see support from wealth management, analysts observe.

    New private banking inflows from North Asia should drive stronger non-interest income for DBS and OCBC, which in turn is likely to support positive earnings momentum, said the Maybank Kim Eng analyst.

  • Singapore retail rents up as vacancy rate tightens

    Singapore retail rents up as vacancy rate tightens

    Singapore retail rents increased in the third quarter of this year, according to Urban Redevelopment Authority.

    Figures published by The Straits Times show the rental rates increased by 2.3 percent, overturning a fall of 1.5 percent during the previous quarter.

    According to the URA, the total supply of retail space available in ongoing projects within the territory stood at 288,000sqm, a reduction from 320,000sqm previously. Occupied retail space went up by 29,000sqm, as opposed to 74,000sqm in the second quarter.

    This is what drove the turnaround in Singapore retail rents in the three months to September 30, says the URA.

    Vacant retail space across the island now stands at 7.5 percent. This despite the opening of major shopping destinations Funan mall in downtown Singapore and Jewel Changi at the airport this year.

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  • Singapore’s Multi-Currency War Heats Up With Revolut Launch

    Singapore’s Multi-Currency War Heats Up With Revolut Launch

    After amassing more than 8 million customers, the tech unicorn has landed in Singapore, its second market outside Europe.

    After much anticipation, U.K. challenger bank Revolut has rolled out its services in Singapore. Customers can now open an account from their mobile phones and start spending worldwide in over 150 currencies at the real exchange rate without hidden fees.

    The digital-only bank had already been beta-testing its services over the past year and amassed 30,000 customers on its waiting list when it launched in the city-state on Wednesday.

    Revolut’s introduction promises to heat up the already competitive multi-currency war, which includes competitors YouTrip and in the near future, InstaReM and TransferWise.

    Revolut account holders get a multi-currency travel debit card and an account that supports the Singapore dollar and 13 other currencies, with another 14 more including, Indian rupees, Malaysian ringgit and Philippine pesos, to be added in the coming months, a press release said.

    Customers also get free worldwide ATM withdrawals, peer-to-peer money transfers, and foreign exchange, and its app integrates budgeting and savings management functionalities. Accounts are free, but the Premium account ($9.99 per month) and Metal account ($19.99) offer additional features and limits.

    At its launch event on Wednesday, the firm said it is working on bringing features that are already available in other markets, like cryptocurrency trading and commission-free stock market trading, to customers in Singapore.

    Revolut was founded by former Credit Suisse trader Nik Storonsky and former Deutsche Bank systems engineer Vlad Yatsenko in London in 2015 as a digital alternative to traditional banks. It has raised more than $336 million in funding from venture capital firms, and is valued at $1.7 billion.

    The firm opened its Asia-Pacific hub in Singapore office in 2018, where it employs 20 people. It plans to triple its headcount in the coming months.

    It plans to launch in the U.S. and Canada later this year.

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  • Bubble-tea chain The Whale debuts in Singapore

    Bubble-tea chain The Whale debuts in Singapore

    Bubble tea chain The Whale has opened its first outlet in Singapore.

    The Nanjing-based brand opened the first franchise in the territory in a basement takeaway kiosk at Lot One Mall in Choa Chu Kang. It is known for its unusual blends, including the Brown Sugar Avocado and Volcanic Sapphire Whale drinks.

    The brand’s marketing and business development manager Clement Low revealed a broad-ranging expansion strategy for The Whale, telling local media outlet 8 Days that the company plans to expand across Singapore.

    “We are currently looking for space where we can have dine-in seats,” said Low.

    The Whale will open its second outlet at City Square Mall, Farrer Park within a fortnight, and a third at Chinatown’s China Square Central next month. A fourth outlet will launch at Rivervale Mall in Sengkang towards the end of the year.

    The Whale’s Singapore partner also operates Thai eatery chain Gu Thai Noodle Cafe.

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  • Fjällräven launches in Singapore with Outside

    Fjällräven launches in Singapore with Outside

    Swedish outdoor apparel brand Fjällräven has launched in Singapore and Malaysia.

    The 59-year-old brand, whose name translates into ‘the arctic fox’ is known for its collections of high-end clothing and equipment which focus on timeless design and long-lifespan.

    Fjällräven collections are now available at the Outside store located at Jumpa@SungeiWang Plaza Kuala Lumpur and at the retailer’s two stores on Singapore’s Orchard Road.

    One of Fjällräven’s most popular products is a backpack called Kånken, which is popular among hipsters and backpackers across the world.

    Outside is an outdoor-lifestyle multi-brand retail store that was launched in July 2017 “to link the gap between people and nature”. Brands it stocks include Patagonia, Keen Footwear, Freitag, Chums, Primus, United By Blue, NatureHike, Ellesse, Diadora, Baggu, Eno, Uttara, Dedicated, Camp Collection and Wildo.

  • OCBC Joins Singtel’s Mobile Payment Alliance

    OCBC Joins Singtel’s Mobile Payment Alliance

    OCBC became the first Singapore bank to join Singtel’s VIA mobile payment alliance, boosting the mobile operator’s regional payment network. Thailand’s Kasikornbank has also joined the alliance earlier.

    By the first quarter of 2020, OCBC Bank customers will be able to go cashless when they travel to Thailand or Japan. They will be able to make QR code payments at more than 1.7 million merchant partners on VIA’s network using the OCBC Pay Anyone app, in Singapore dollars and at competitive and transparent exchange rates.

    This long-term partnership with Singtel is another key milestone in our journey to drive digital payment adoption among our customers and address their digital payment needs. Customers will have the ability to travel overseas and use OCBC Pay Anyone at over 1.7 million merchants’ acceptance points, reducing their need to carry cash, said Ching Wei Hong, OCBC Bank’s Chief Operating Officer in a media statement on Monday.

    The partnership would help the bank’s customers eliminate the hassle of changing and carrying foreign currencies, said Arthur Lang, CEO of Singtel’s International Group.

    OCBC customers stand to enjoy the ease and familiarity of using their local app for cashless purchases when they travel, in turn boosting the customer base of our VIA merchants. Our partnership with OCBC comes from a shared vision to offer a seamless payment experience that caters to the needs of consumers and drive the growth momentum for cross-border mobile payments in Asia, said Lang.

    Currently, the OCBC Pay Anyone app enables OCBC Bank customers to make QR code payments to merchants, and peer-to-peer e-payments leveraging QR codes, any recipient’s Singapore mobile number or PayNow, directly from the customer’s bank account.

    From November 2019, OCBC Bank customers in Singapore who are Singtel Dash users will also be able to top up their Dash accounts quickly and seamlessly with OCBC Pay Anyone integrated on the Dash app. We look forward to deepening our collaboration with OCBC as we build the financial services ecosystem together, added Lang.

    Moving forward, Singtel and OCBC will also explore linking their rewards and merchant programs. The VIA alliance, which was launched in October 2018, aims to unify the region’s fragmented payment scene by creating an interoperable network in the Asia Pacific, both companies said.

    Currently counting AIS GLOBAL Pay and NETSTARS among its alliance members, VIA is expanding to include Thailand’s Kasikorn Bank’s K PLUS, Axiata Digital’s Boost Malaysia and Indonesia’s LinkAja. This will see the alliance grow to reach some 50 million consumers and 2.1 million merchants across Singapore, Thailand, Malaysia, Indonesia, and Japan.

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  • Geox Singapore opens X Store concept

    Geox Singapore opens X Store concept

    Italian shoe brand Geox has opened an X Store concept in Singapore with a new outlet in Paragon, Singapore.

    The concept fuses various design elements under one roof designed to convey Italian quality, contemporary design, sustainability and digital technology. It offers a multi-sensorial shopping experience which uses technology to engage the senses both inside and outside the premises. A wide entrance door is pierced with circular cut-outs alluding to the holes on Geox soles.

    The core of the new store rests on a digitalised screen that explains the principle of breathability to customers, detailing current trends and available collections as well as providing detailed descriptions of the patents for each unique Geox product.

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  • UBS Singapore Rainmaker Departs

    UBS Singapore Rainmaker Departs

    The Singapore-based firm offering end-to-end issuance, custody, and trading of digitized securities, has hired a banking and investment industry veteran as its first chief commercial officer.

    Singapore-based capital markets platform iSTOX has hired Choo Oi Yee as the firm’s chief commercial officer, to commence in January 2020, the firm announced in a press release on Thursday.

    Choo has spent more than two decades in banking, including six years at UBS, where she most recently was the lender’s managing director and head of Singapore corporate client solutions. She has also held senior roles at Morgan Stanley, Nomura Singapore and Parkway Holdings, according to her LinkedIn profile.

    In her new role, Choo will be responsible for driving the platform’s business growth and building its network of issuers and investors, the statement said, noting that iSTOX plans to grow its base of issuers and investors as it works towards graduation from MAS’s Fintech Regulatory Sandbox in early 2020.

    In September, the Temasek and SGX-backed firm hired former Monetary Authority of Singapore deputy director Lim Mei Shen as its chief compliance officer, saying it hopes to leverage her technical expertise and experience to build its position as a trusted and transparent capital markets platform.

    iSTOX shareholders include Singapore Exchange, Temasek Holdings subsidiary Heliconia, ICH Group and Kiatnakin Phatra Financial Group.

     

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  • Singapore’s First Blockchain Trade Financing Platform Launched

    Singapore’s First Blockchain Trade Financing Platform Launched

    CIMB Bank’s Singapore Branch and iTrust have launched Singapore’s First Blockchain Trade Financing Platform, and successfully completed their first structured trade financing transaction on the platform.

    The milestone transaction involves the financing of dairy products imported into China and is expected to generate transaction flows of up to $100 million a year, CIMB Bank said in a media statement on Thursday. iTrust provides secured real-time visibility of the cargo in transit and in the warehouse using blockchain-based IoT.

    Given the rapid technology shifts in the market today, we will continue to focus on digitalization and customer experience to transform the way we finance our corporate customers, thus adding value to our services. This blockchain trade financing with iTrust mitigates fraud risk, and alerts us of any unauthorized movement of the financed cargo, said Mak Lye Mun, CEO of CIMB Bank Singapore.

    All data and documents from the transaction are blockchain in a distributed ledger for provenance and immutability, the bank said. The technology provides all stakeholders with a secured operational dimension of the transaction, which was absent in the past. With iTrust’s security, transparency and visibility for the documents and cargo, CIMB hopes to mitigate risks associated with commodity trade financing and facilitate credit extension for their customers.

    Digitalization is gradually transforming financing. With iTrust, we have used blockchain-based IoT to provide insight into the physical world into a blockchain digital platform. We believe that the day will come whereby all lenders and borrowers would demand to have a secured real-time view of their cargo under financing on a secure and immutable blockchain platform like iTrust,» said Lim Chee Kean, CEO and co-founder of iTrust.

    As much as 80 percent of global flows of merchandise – worth about $9 trillion – is financed by some form of credit, guarantee or insurance, according to a global survey by the International Chamber of Commerce. Trade finance revenues were $39 billion in 2017. Yet, this $9 trillion business of financing global trade has only started to transact digitally.

    While some processes are already being digitalized and banks and commodity traders are experimenting with blockchain technology, paper documentation remains widespread and the risk of fraud elevated. In fact, forgers have become so adept at faking documents used by banks that going digital has become a necessity for the industry, according to OCBC, Southeast Asia’s second-biggest lender.

  • Singapore retail rents will remain subdued

    Singapore retail rents will remain subdued

    With growing economic headwinds and weak retail sales, islandwide Singapore retail-rental rates are projected to remain subdued, according to real estate company Edmund Tie.

    The company is projecting mixed fortunes across the city, ranging from a 2-per-cent decline to a 1-per-cent improvement this year.

    “However, the limited supply pipeline from next year onwards will provide some support to rents and occupancy,” the company said in its quarterly report Real Estate Times.

    “In addition, the continued investment sales activity since early 2019 suggests investors’ confidence in the sector, although the landlords and retailers’ ability to transform and adapt to the changing retail landscape is increasingly becoming more important.”

    Edmund Tie says the net absorption and supply rose of space rose significantly, largely underpinned by the opening of Jewel Changi Airport and Funan malls in the second quarter of this year, and PLQ Mall in the latest quarter.

    “Nonetheless, given current geopolitical uncertainties, islandwide rental rates are projected to remain subdued and mixed,” the report concluded.

    Totalling more than 1 million sqft of retail space, these malls were more than 90-per-cent pre-leased before opening. Accordingly, occupancy rates increased by 1.1 percentage points quarter on quarter to 91.2 per cent.

    However, Edmund Tie sounded a warning.

    “Despite the improved occupancy rates, the retail environment remains challenging with further closure and down-sizing of departmental stores and bookstores. Conversely, food & beverage appears to be ‘bucking the trend’ and continues to play an increasingly important component as part of a mall’s retail mix.”

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  • Fave launches takeaway platform in Singapore

    Fave launches takeaway platform in Singapore

    Southeast Asian digital merchant-platform Fave has launched a food takeaway service in Singapore.

    Fave Takeaway will allow customers to pre-order their meal selection and make payment via the app’s digital wallet FavePay before picking up their order at participating stores. Customers can expect to collect their order within 30 minutes (or less) depending on the restaurants’ speed of service.

    Takeaway is part of Fave’s strategy to further digitize Southeast Asia’s F&B sector by allowing merchants to serve more customers beyond the capacity of their outlets while diversifying their revenue streams and increasing productivity.

    “As the [Singapore] government continues to push for a digital and seamless economy, Fave is helping SMEs adapt to the new landscape and in a more cost-effective way by giving them the tools to enable them to serve their customers in the best and efficient way possible,” said Fave co-founder and CEO Joel Neoh. “The introduction of Takeaway is our way of enabling that our merchants get the most out of the platform by increasing productivity and revenue.”

    “Queueing makes up a large portion of the average Singaporean’s time, but it is not something we would want to do when we are in a rush,” said Fave Singapore MD Ng Aik-Phong. “With the introduction of Takeaway, we hope to bring convenience and efficiency to our consumers while improving our platform for both merchants and consumers.”

    More than 200 merchants are participating in the launch of Takeaway with more to follow in the coming months.

    The new feature follows the launch of Fave’s Table Ordering service in May this year.

  • Singapore Fintech Investments Crossed S$1 Billion

    Singapore Fintech Investments Crossed S$1 Billion

    Investment in financial technology ventures in Singapore rose sharply in the first nine months of 2019, led by fundraising with payments startups and insurtech firms and a shift toward more-mature companies.

    The total value of financial technology (fintech) deals in the nine months ended September jumped 69 percent from the prior-year period to $735 million (S$1 billion) from $435 million, and exceeded the $642 million raised in all of 2018, according to an Accenture analysis of venture-finance data from CB Insights, Pitchbook and Tracxn. The 2019 and 2018 figures included $47 million and $12 million respectively in undisclosed venture capital transaction data provided by the Monetary Authority of Singapore.

    Crossing a billion-Singapore-dollar investment threshold is a recognition from investors around the world of the potential of Singapore’s fintech ecosystem and the outlook for digital financial services not just in Singapore, but also in Southeast Asia, said Sopnendu Mohanty, chief fintech officer of the Monetary Authority of Singapore in a statement.

    Singapore’s active investments into its fintech ecosystem, alongside its annual Singapore Fintech Festival, seems to be paying off: the city-state saw a nearly six-fold increase since 2015.

    It’s encouraging to see the local startups financing their global growth from Singapore. Additionally, several global fintech companies with regional headquarters in Singapore have recently raised sizeable funds to fuel their Asian expansion, Mohanty added.

    However, the number of fintech deals fell by almost one-third (29 percent) in the first nine months of 2019, to 94 from 133 in the prior-year period showing that investors made larger bets into fewer deals as startups grow their business.

    As we’ve seen in other parts of the world, fundraising is shifting to support the scaling up of challenger and collaborative fintech, which will cause lumpiness in some rounds as the market becomes more mature, said Divyesh Vithlani, a managing director at Accenture and head of Financial Services in the ASEAN region in a statement on Monday. Investments in payments startups and those in lending took the bulk of fintech fundraising, accounting for 34 percent and 20 percent of the total, respectively, while insurtechs raked in 17 percent.

    The value of payments deals jumped 113 percent, to $251 million, making the biggest contribution to the overall gains this year. Insurtech funding nearly quadrupled, to $128 million from $35 million, and lending rose more than 50 percent, to $145 million.

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  • Vacheron Constantin re-opens Ion Orchard boutique

    Vacheron Constantin re-opens Ion Orchard boutique

    Timepiece brand Vacheron Constantin is reopening its Singapore boutique at Ion Orchard, debuting its new retail concept.

    The boutique’s revamped interior is designed to convey modern elegance and a refined aesthetic, featuring new design codes accented by contemporary Asian elements. It contains lounge areas and an in-house watchmaker to enable interaction with customers. The storehouses the brand’s complete collection in addition to exclusive boutique limited editions.

    “This new boutique experience exemplifies the maison’s constant search for excellence and aesthetic perfection, embodying the ‘One Of Not Many’ spirit,” said Vacheron Constantin Southeast Asia and Australia MD Yassin Tag. “It will not only be a gathering place for customers, enthusiasts and the public, but to also discover the heritage and transmission of know-how that defines Vacheron Constantin.”

    An exhibition titled “Nicknames” is being held to mark the boutique’s opening, featuring a curation of vintage timepieces with unusual designs and evocative nicknames.