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Tag: Singapore

  • Singapore Launches Research Platform for Fintech Investments

    Singapore Launches Research Platform for Fintech Investments

    The Fintech Research Platform will help investors and financial institutions connect with start-ups in the industry that they can partner with or invest in.

    The Monetary Authority of Singapore (MAS) has developed a prototype for an industry-wide fintech research platform in collaboration with accounting firm Deloitte and data and analytics provider S&P Global Market Intelligence to facilitate investments in the sector, the regulator announced in a statement on Tuesday.

    The platform, which will continue to be refined and built up, is designed with several objectives in mind: to increase transparency, boost investor confidence, and accelerate decision making, the statement said.

    The partners hopes to address the information gap in the sector: many investors and financial institutions currently do not have access to reliable and up-to-date company information relating to fintech start-ups and have to rely on informal networks to source investment opportunities.

    We believe that the deployment of capital in start-ups, particularly those offering business-to-business solutions, can be vastly improved by enhancing transparency and increasing the confidence in data on early-stage companies,  Sopnendu Mohanty, MAS chief fintech officer, said in the statement.

  • PayNow Simplifies Payments for Consumers and Businesses

    PayNow Simplifies Payments for Consumers and Businesses

    The move by PayNow to adopt SGQR makes it easier for businesses and consumers to use the mobile e-payment service.

    PayNow is adopting Singapore Quick Response (SGQR) specifications, which allows businesses and billing organizations to collect PayNow payments through SGQR, the Association of Banks in Singapore (ABS) announced in a statement on Monday.

    To pay via PayNow, consumers only need to scan the QR code with their preferred bank app.

    With PayNow being part of the SGQR ecosystem, we believe the registrations and transactions will continue to ramp up. Our objective is to push PayNow as the ubiquitous payment mode in Singapore, Ong-Ang Ai Boon, ABS director, said in the statement.

    SGQR is Singapore’s national unified payment QR code that combines multiple payment QR codes into a single SGQR label.

    Launched in September 2018, it is part of efforts by the Monetary Authority of Singapore to transform the country’s e-payment landscape.

    According to ABS, there are now 3 million registered individual PayNow users and 129,000 business PayNow users. Over S$12 billion in transfers have been made since PayNow was introduced in June 2017.

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  • Singapore Fintech Partners Visa for Instant Remittances

    Singapore Fintech Partners Visa for Instant Remittances

    The partnership, using Visa’s push payment solution and secure network, allows consumers to transfer money in a faster, convenient and more secure way.

    Singapore cross-border fund transfer startup Nium is partnering with Visa to enable instant money transfers into recipients’ bank accounts through their 16-digit Visa debit card numbers, the firm announced in a press release on Monday.

    Designed for both peer-to-peer and business-to-business transfers, the rollout of the service currently covers remittances to Southeast Asian markets like Indonesia, Malaysia, Thailand, Vietnam and the Philippines.

    We understand that individuals’ and businesses’ need to receive money quickly, especially in markets where there are no instant payment solutions like FAST or IMPS, Prajit Nanu, Nium co-founder and CEO, said in the statement.

    Nium, formerly known as InstaReM, recently nixed plans to pursue a digital wholesale banking license, saying it would focus its efforts on its global business-to-business payments instead.

    The firm is part of Visa’s Fintech Fast Track program, which facilitates fintech partners to build and deliver new commerce experiences on Visa’s payments network.

  • 6ixty8ight to launch online in Singapore and Malaysia

    6ixty8ight to launch online in Singapore and Malaysia

    Hong Kong-headquartered lingerie retailer 6ixty8ight is to open an e-commerce store for Singapore and Malaysia this month.

    The 6ixty8ight online store offers lingerie, sleepwear, homewear, loungewear, casual wear, and accessories.

    In the first phase of online store development, 6ixty8ight will introduce “Click & Collect”, where online purchases can be picked up at any preferred local store. The online store also features the new November collections, Eyelash Lace, Iridescent Dreams, and Beary Cute.

    6ixty8ight’s online expansion in Singapore and Malaysia comes a month after the brand launched its first e-commerce store across Hong Kong, Taiwan and South Korea.

    6ixty8ight has opened a series of new physical stores in Singapore and Malaysia – at Orchard Gateway and Paya Lebar Quarter Mall last month in Singapore and a second store at Mitsui Outlet Park KLIA in Malaysia, to be followed by its third store in the country, at Gurney Paragon Mall next week.

    Founded in 2002, 6ixty8ight is one of Southeast Asia’s fastest-growing fashion brands, with more than 200 stores now trading across Greater China, South Korea, Singapore and Malaysia.

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  • Singapore E-Wallet Inks Partnership With Thai Bank

    The Singapore-based firm has made its first foray into an overseas market, and is promising Thai travelers affordable options to pay with the competitive exchange rates when abroad.

    YouTrip, a multi-currency mobile wallet designed with travelers in mind, is taking its services to customers outside Singapore by launching in Thailand with a partnership with Kasikornbank (KBank), the firm announced in a press release on Tuesday.

    Juthasree Kuvinichkul, founding partner of You Technologies and Grab Thailand, will lead YouTrip’s Thailand operations. As part of the tie-up, YouTrip will be offered to KBank’s 11.6 million online customers, who will be able to register through their online banking app within 3 minutes.

    KBank president Patchara Samalapa said in the statement that he sees «strong potential» in the partnership with YouTrip. We also believe in the foreign exchange market which has benefited from the strong outbound tourism growth in Thailand, due to strong Baht, travel promotions, new flight routes openings, etc., he added.

    YouTrip allows users to pay in 150 currencies at 30 million Mastercard payment points worldwide with no hidden fees at wholesale exchange rates.

    Riding on the wave of Southeast Asia’s booming travel market, YouTrip has received strong interest in its multi-currency wallet since its launch in Singapore in August 2018, counting over 400,000 downloads of its mobile application in its home market, as well as 10 million transactions processed in the year since its launch, the statement said.

    In May, the firm announced that it closed a record $25.5 million pre-Series A fundraise – the largest for a fintech startup from Southeast Asia.

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  • Shake Shack Singapore planning a second Restaurant

    Shake Shack Singapore planning a second Restaurant

    Shake Shack Singapore is considering opening a new outlet in the territory following better-than-expected business at its Jewel Changi Airport location.

    The brand’s culinary director Mark Rosati said in an interview with Channel News Asia that long queues to the existing location have persisted several months into trading, underscoring Shake Shack’s popularity with Singaporeans.

    The brand has expanded from a roadside burger stand to operate in more than 12 countries, based on a consistent menu along with exclusive items designed for local tastes.

    “We keep looking at each outlet as, ‘This is the only Shake Shack in the world’,” said Rosati. “So, when we opened Singapore, we weren’t thinking to ourselves that we needed to open the one that’s going to be the blueprint for opening a few more – in terms of look and taste – in this region.

    “We knew we needed to go to Singapore, spend time on the street figuring out what the food was like, how it makes it super special and how we fit into that. We knew that we needed to do something that is definitely part of our New York heritage but also what we do that’s a little different for Singapore.”

    The brand has yet to settle on a location for the second outlet.

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  • OCBC May Partner Keppel, Validus, For License

    OCBC May Partner Keppel, Validus, For License

    OCBC Bank is in talks with Keppel Corporation, peer-to-peer lender Validus Capital, and Vertex Ventures, to form a digital-bank consortium.

    OCBC is likely to take an equity stake in the consortium rather than open up its balance sheet. With a track record of being active in the small- and medium-enterprise (SME) lending space, this move could augment the bank’s share in this segment.

    If the Singapore lender opts to enter the digital banking scene, the bank will face direct competition from its own virtual entity. We have to accept that there will be cannibalization. But on the other hand, the mothership should also be in a position to go out and compete, said OCBC’s chief operating office

    In August, the lender has indicated that it is looking for partners ahead of the introduction of virtual bank licenses in Singapore.

    Among the three local banks, DBS and UOB have rolled out standalone digital banks in regional markets and have stepped up their efforts in digitalizing processes, said  CGS-CIMB analyst Andrea Choong in the report.  OCBC is a laggard in this respect, but we strongly believe it will be part of a consortium in the run for a license come end-2019.

  • Eco Shop Me @ South East launched

    Eco Shop Me @ South East launched

    Singapore’s National Environment Agency (NEA) has partnered with South East Community Development Council (CDC) to launch Eco Shop Me @ South East program.

    Collaborating with eco-shops, the program is to create a stronger awareness of eco-friendly businesses in the southeast District and encourage consumers to shop sustainably and strive towards a zero-waste lifestyle.

    “Eco Shop Me @ South East is an exciting new initiative as we are working with cafes, grocery stores, retail outlets, and many others, to change the shopping and eating habits of their customers,” said Maliki Osman, Mayor of Southeast District. “These changes may not seem much, just a straw, a bag, or a container, but we hope it becomes a habit of every individual, to reduce our overall usage of plastics and recycle what we can to protect our environment, to make it last for us and our future generations,” he said.

    “We believe this program has great potential and look forward to more small and medium-sized enterprises coming on board to partner us as we do our part for climate change.”

    Several partners have joined Eco Shop Me @ South East program including health product store Two Sisters Pantry, social enterprise Enterprising Mums United and an ice cream parlor The Humble Scoop, (whose dish is pictured above).

    Interested business owners can tap into funding support under the 3R Fund or the Towards Zero Waste Grant.

    Deputy CEO (planning, corporate and technology) of NEA, Khoo Seow Poh, added: “We are heartened to see businesses coming together under The Eco Shop Me @ South East program, where they are taking a firm stance against unnecessary waste, by for example, reducing the use of disposables where possible and thereby influencing the daily habits of residents. We hope that more businesses and consumers will be inspired to take simple steps to reduce waste and build a sustainable future for Singapore.”

  • Park-themed Sony Singapore store opens in Westgate

    Park-themed Sony Singapore store opens in Westgate

    Sony Singapore has opened a park-themed store at the Westgate shopping center.

    The Japanese technology and electronics company says the store has been designed to connect with customers through their lifestyle by offering consumer products from the photography, videography and audio categories through to home entertainment.

    “Each area of the store is designed to offer a different feel that is closely related to customers’ lifestyle,” said the company in a statement.

    The highlight of the new store is the provision of all things video-related such as information, products and accessories. At the Vlog Studio, customers can hone their video skills by learning video tips and tricks they can apply when shooting their videos live. Product consultants will also be on hand to provide advice on video taking if required. The Vlog Studio will feature regularly changing themed setups, starting with a park theme currently.

    Sony Singapore says the way products are displayed befits the overall park-themed nature of the store.

    “We aim to provide customers with a calm, relaxing environment to audition the products. For example, the Bravia display area features park benches as seats for families to admire the televisions and soundbars while music lovers can listen to new personal audio products … and be immersed in nature surroundings.”

  • The Clash De Cartier Studio pop up to visit Singapore

    The Clash De Cartier Studio pop up to visit Singapore

    French luxury goods conglomerate Cartier is launching its Clash De Cartier Studio experience pop-up in Singapore at STPI from November 15 to 17.

    The one-weekend-only event will be the brand’s first and largest ever pop-up activation within the Southeast Asian country. An Asia Tatler report noted “the pop-up invites guests to discover their own alter ego as they explore the experiential space,” and that it will “feature similar themes of literature, music and art, albeit with subtle references to the locality” as did the original installation when first launched in Paris earlier this year.

    Visitors to the pop-up will be guided to either the “Bookstore” or “Record Store” to receive personalised Haiku poems typed out by typewriter or listen to a special Clash de Cartier playlist in futuristic “sound showers” respectively.

    The pop-up also features a cafe lounge area with clashing Eastern and Western decor.

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  • 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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