Retail News CRM

Tag: Singapore

  • Swiss Fintechs to Showcase Expertise at Singapore Fintech Festival

    Swiss Fintechs to Showcase Expertise at Singapore Fintech Festival

    Switzerland Global Enterprise and the Swiss Business Hub ASEAN announced that they will showcase the best of the country’s fintech ecosystem and expertise under its Swiss Pavilion in the upcoming Singapore FinTech Festival 2019.

    Returning for the third year, the Swiss Pavilion will host close to 30 companies involved in cutting-edge innovation in financial services technologies that encompass regulation technology, blockchain solutions, Big Data and analytics, algorithm trading and cybersecurity among others. The Swiss Pavilion, one of the larger national pavilions taking part at the Singapore festival, will present opportunities for co-innovation, collaborations, partnerships, and deal-making.

    The Switzerland Global Enterprise (S-GE) is pleased to showcase the Swiss ecosystem of top financial institutions and leading Fintech players at the Singapore Fintech Festival 2019.  As one of the Top 10 Financial Centres of the world, Switzerland offers the ideal combination of dense and diverse ecosystem in the fintech space, a regulator addressing the needs of the industry and a great pool of talents to create new solutions for the future, said Patrik Wermelinger, Member of the Executive Committee of Switzerland Global Enterprise.

    Besides demonstrating the expertise of Swiss companies to international audiences, the other goal of the Swiss Pavillion is to enable Swiss fintechs to use Singapore as a hub to grow in the Southeast Asia (ASEAN) region, Wermelinger added.

    Interest from Swiss fintech enterprises in Singapore has been growing rapidly. Over the past few years, we have seen escalating interest from Swiss fintech companies to spread their winds into ASEAN using Singapore as a hub.  There is potential for more Swiss-Singapore exchanges and it is my wish to see more of such collaborations.  Together, we can explore more markets and help the financial institutions grow rapidly, said H.E. Fabrice Filliez, Switzerland’s Ambassador to Singapore.

    Switzerland is home to over 1,000 fintech companies, deeply active in Investment Management, Payment solutions, Banking infrastructure and Deposit & Lending. Their interest to a greater presence in Singapore arises from the republic’s fintech cooperation framework and agreements with ASEAN, China, India, Japan, and South Korea.

    Singapore’s annual FinTech Festival is organized by MAS, in partnership with The Association of Banks in Singapore, and in collaboration with SingEx Holdings. The 4th edition of the Singapore FinTech Festival will attract a global array of speakers and exhibitors.

    The upcoming event will carry four major underlying themes that are driving the financial ecosystem: Sustainability and Climate Finance; Future of Finance; Exponential Technologies and FinTech and Beyond.

    Lees ook:

  • Bank of Singapore Expands UHNW Shelf with Senior Hire

    Bank of Singapore Expands UHNW Shelf with Senior Hire

    Continued growth from its ultra-high net worth clients business has led Bank of Singapore to bolster its product capabilities with the addition of a new head of bespoke investments for Greater China and North Asia.

    Kelvin Teo joins the bank in the new Hong Kong-based role to source unique and exclusive investment opportunities for UHNW clients in Greater China and North Asia, particularly with regards to buyout funds and real estate. Teo reports locally to Derrick Tan, Hong Kong branch CEO and global market head of Greater China and North Asia; and functionally to Carolyn Tham, head of UHNW bespoke investments.

    Teo was most recently a Hong Kong-based director of equity capital markets for Credit Suisse. He was responsible for the origination of capital market transaction for corporate and institutional clients. Previously, he had 15 years of experience in investment banking across various areas including IPO, pre-IPO financing, acquisition financing and more.

    Since 2017, the bank’s number of UHNW clients has doubled and assets from the client segment grew nearly 40 percent. The UHNW segment aside, Bank of Singapore is also boosting its Greater China business, which reportedly nearly tripled assets under management in five years.

    Teo’s hire follows a number of senior appointments for the regional business including the hire of Richard Hu earlier this year as market head for Greater China. Last year, the bank also hired Phonda Chan and Anne Song as market heads, alongside Jacqueline Lee as head of risk.

    Lees ook:

  • Shell Debuts Electric Vehicle Chargers In Singapore

    Shell Debuts Electric Vehicle Chargers In Singapore

    Royal Dutch Shell is launching electric vehicle chargers at petrol stations in Singapore, its first such foray in Southeast Asia, the company said on Monday. The electric vehicle charging service, ‘Shell Recharge’, will be available at 10 Shell petrol stations in Singapore by October, this year or about 20% of its retail network in the city-state, the company said in a statement. It added that the chargers typically provide from 0% to 80% charge in about 30 minutes, and are compatible with most electric vehicles in Singapore.

    A Shell-commissioned study on electric vehicle consumer behavior showed that 52% of Singaporeans are deterred to buy or use an electric car as they think there are not enough charging stations in Singapore, the company said.

    “To meet the country’s climate action goals, Singapore needs more and cleaner energy solutions to power lives, businesses, and transport sustainably,” said Aw Kah Peng, country chairperson of Shell Companies in Singapore. Shell plans to make more of such low-carbon energy solutions available in Singapore in the following months and years, she added.

  • HSBC Singapore Adds Directors to Board

    HSBC Singapore Adds Directors to Board

    The two new board members will help the bank accelerate its business transformation in Singapore and deepen its foray into the digital space.

    HSBC Bank (Singapore), the local subsidiary of HSBC that includes retail banking and wealth management businesses, is adding Penny Goh and Josh Bottomley to its board of directors, the firm said in a press release on Wednesday.

    Goh is a co-chairman and senior partner of Allen & Gledhill, and leads the law firm’s corporate real estate practice. With the appointment, she will become a member of HSBC Singapore’s Audit and Risk committees. Bottomley is HSBC’s global head of Digital, Retail Banking and Wealth Management, a role he has held since May 2013. He has also held various senior appointments at Google and LexisNexis.

    HSBC said in June 2018 that Singapore was one of eight priority markets globally. In September 2018, HSBC Singapore said it would double the overall combined retail and private banking total wealth and hire more than 400 retail and private banking customer-facing employees over five years.

    Singapore is a growth market for HSBC and one where we want to build scale, and both appointments have a very strong and significant connection in support of delivering the strategy, Mukhtar Hussain, HSBC Singapore chairman and HSBC’s Asia Pacific head for Belt and Road Initiative, said about the appointments.

    Together, both will bring a very strong blend of experience, expertise and ambition in the oversight of HSBC’s Retail Banking and Wealth Management business in Singapore. Moreover, the appointment of such high-caliber individuals reflects the importance and rising prominence of the Singapore franchise for HSBC globally, Hussain added.

    Earlier this month, HSBC CEO John Flint, 51, announced his sudden departure after being at the helm for only 18 months, saying the bank needed a change at the top to address the «challenging global environment.» In the meantime, Noel Quinn, HSBC’s head of global commercial banking is holding the role of interim CEO.

  • Singapore retail sales slip in June

    Singapore retail sales slip in June

    Singapore retail sales – excluding motor vehicles – decreased by 2.7 percent in June, according to Statistics Singapore.

    The headline figure, which includes motor vehicles, was down 8.9 percent, reflecting the high volume of cars sold in June last year and a lower COE quota for May to July this year.

    Month-on-month, Singapore retail sales were down 0.4 percent, excluding vehicles.

    Online accounted for 5.5 percent of the S$3.5 billion in retail spending for June.

    Sales of furniture & household equipment declined 15.1 percent year on year, attributed to higher sales in the sector during last year’s Hari Raya festive season. Similarly, the computer & telecommunications equipment and watches & jewelry sectors reported sales down by 7.7 percent and 4.8 percent respectively, driven in part by lower demand for handphones and jewelry.

    Sales of medical goods & toiletries and of apparel & footwear both grew by 1.4 percent.

    Compared to the same period last year, sales of food & beverage services grew by 5.3 percent in June, estimated at $864 million, compared to $820 million in June last year.

    Sales by fast-food outlets grew by 10.6 percent compared to June last year, due partly to the opening of new outlets by some major fast-food chains. Food caterers, restaurants and other eating places (such as cafes)were up by between 3.2 percent and 5.7 percent during the period.

    Lees ook:

    Lees ook:

    Lees ook:

  • HSBC Singapore Expands Foreign Mortgage Solutions

    HSBC Singapore Expands Foreign Mortgage Solutions

    Responding to growing interest among clients, HSBC Singapore now offers mortgages for investment residential properties in five cities across Australia.

    HSBC Singapore is hoping to tap on the growing number of Singaporeans who plan on buying investment properties abroad with the launch of its first overseas mortgage solution, the bank announced on Thursday.

    HSBC International Mortgage will be offered in Singapore in either Singapore or Australian dollars for investment residential properties in and around Sydney, Melbourne, Perth, Brisbane and Adelaide, with other overseas destinations to be added over time.

    Successful applicants will get HSBC Premier status, which gives them access to a relationship manager in Singapore and Australia to facilitate the process, the bank said.

    We went with Australia as the first market for this solution given the close affinity that Singaporeans have for the country on the back of their business, education, holiday or familial ties. as a result of business, education, holiday and familial ties, Ranojoy Dutta, head of Retail Products, HSBC Bank (Singapore), said.

    The bank also highlighted its own Beyond the Bricks report from 2018, which indicated that one-third of mass affluent Singaporeans currently have overseas property investments, and 70 percent plan to buy investment properties abroad.

    Singapore’s real estate investment in Australia grew 141 percent in 2018 to $3.5 billion, despite skyrocketing property prices, according to Real Capital Analytics data. According to Knight Frank’s 2018 Wealth Report, Australia was the second-most popular destination for prime property purchases among wealthy Singaporeans.

    Lees ook:

    Lees ook:

  • The Salted Plum opens at Suntec City

    The Salted Plum opens at Suntec City

    Southern Taiwanese restaurant The Salted Plum has opened its second outlet in Suntec City.

    The outlet features a spacious dining area with a street ambiance, a self-service system and new dishes exclusive to the venue. The brand, which serves tapas-style Taiwanese dishes, began as a pop-up called FiveTen before launching its first permanent location on Circular Road.

    “The Salted Plum is the embodiment of how a great zi-char restaurant should be; home-style cooking that is full of comforting flavors, hearty, affordable, satisfying and above all, enjoyed with the people you love,” said founder and MD Shawn Kishore.

    “We are excited at the opportunity to welcome larger groups of diners at our new outlet while maintaining our essence and commitment to serve quality food at a reasonable price. With the ongoing labor crunch in Singapore, our self-service system is one of the ways for us to pass on the savings to our customers and ensure that they do not need to break the bank for a wholesome meal in the city.”

    The new 76-seat venue is described as “a pimped-up version of the flagship outlet”, offering diners the option of all-day Taiwanese dining experience on a budget. After placing orders at the cashier, guests are assigned order numbers for self-collection; made easy with single tray pick-ups – all dishes ordered will be placed onto a single tray.

    The Salted Plum Suntec City is decked out with communal-style high-top tables, high ceilings and street-style decor against navy-blue walls featuring vivid illustrations of signature dishes; all aesthetically lighted to capture the mood of outdoor city dining. Countertop seats and small tables are designed for a quick bite while the restaurant’s larger tables can accommodate bigger parties.

    Lees ook:

    Lees ook:

  • HSBC Singapore Expands Foreign Mortgage Solutions

    HSBC Singapore Expands Foreign Mortgage Solutions

    Responding to growing interest among clients, HSBC Singapore now offers mortgages for investment residential properties in five cities across Australia.

    HSBC Singapore is hoping to tap on the growing number of Singaporeans who plan on buying investment properties abroad with the launch of its first overseas mortgage solution, the bank announced on Thursday.

    HSBC International Mortgage will be offered in Singapore in either Singapore or Australian dollars for investment residential properties in and around Sydney, Melbourne, Perth, Brisbane and Adelaide, with other overseas destinations to be added over time.

    Successful applicants will get HSBC Premier status, which gives them access to a relationship manager in Singapore and Australia to facilitate the process, the bank said.

    We went with Australia as the first market for this solution given the close affinity that Singaporeans have for the country on the back of their business, education, holiday or familial ties. as a result of business, education, holiday and familial ties, Ranojoy Dutta, head of Retail Products, HSBC Bank (Singapore), said.

    The bank also highlighted its own «Beyond the Bricks» report from 2018, which indicated that one-third of mass affluent Singaporeans currently have overseas property investments, and 70 percent plan to buy investment properties abroad.

    Singapore’s real estate investment in Australia grew 141 percent in 2018 to $3.5 billion, despite skyrocketing property prices, according to Real Capital Analytics data. According to Knight Frank’s 2018 Wealth Report, Australia was the second-most popular destination for prime property purchases among wealthy Singaporeans.

    Lees ook:

  • Singapore Airlines launches new mobile app

    Singapore Airlines launches new mobile app

    Singapore Airlines has launched a new mobile app for Android and iOS smartphones.

    The app, based on a ground-up rebuild and all-new underlying technical architecture, is designed to significantly enhance booking and check-in flows, and improve transaction time by up to 60%.

    In addition to significant improvements in existing functions, the new app introduces several entirely new features, including:

    • ‘Capture & Discover’ – a new search function that uses image recognition as well as speech and natural language processing to identify user intent, match it to a Singapore Airlines destination, and present relevant destination content and fair deals.

    • ‘Translation Assistant’ – a feature that uses real-time language translation by voice to help travelers communicate better when they are overseas.

    • ‘Measure Your Baggage’ – to help travelers determine if the size of their bag is within cabin baggage limitations.

    Amongst the many improvements in existing functionality, real-time information such as boarding gate details, the destination’s weather, and currency, and baggage belt information have been added to the “My Trips” function.

    The new app also sees enhancements such as a newly designed KrisFlyer account dashboard and the introduction of an ‘Inbox’ feature, which stores push notifications as well as KrisFlyer messages for easy reference.

    “Singapore Airlines has been investing heavily to enhance our digital capabilities. With new user interface designs and insourcing of developer and customer experience talent, we are working to provide faster and more customer-centric products and services to improve the customer experience,” said Senior Vice President Sales and Marketing, Mr Campbell Wilson. “The launch of our new app follows many other digital innovation initiatives, such as KrisPay, the world’s first blockchain-based airline loyalty digital wallet, and the progressive redesign of our website and its underlying architecture. Improvements to our mobile app will not stop here and we will continue to invest our efforts to add value to our customers’ experience.”

    The new app will be available for download progressively, following the beta launch that began in October 2018. For Android users, the new app is being released by countries progressively between July and September 2019, while iOS users may download the new app from the App Store in September 2019. The beta version will continue to be available for download in the meantime.

    Lees ook:

  • Strong Wealth Management Flows Drive Q2 Growth at UOB

    Strong Wealth Management Flows Drive Q2 Growth at UOB

    The bank’s strong second quarter was driven by strong wealth management flows, higher credit card volume and higher trading income. UOB’s net earnings grew in the second quarter to S$1.17 billion ($850 million) – 11 percent higher year-on-year and 8 percent higher than the previous quarter, due to improvements in both interest and non-interest income, the bank reported in a filing to Singapore Exchange before the market opened on Friday.

    UOB’s net interest income grew 7 percent to S$1.65 billion, while net fee and commission income increased 6 percent to S$527 million, with strong wealth management flows and higher volume in credit cards and loan-related fees.

    Non-interest income rose 33 percent to S$403 million, driven by higher trading income and gains from investment securities.

    UOB’s net earnings for the first half of 2019 grew 8 percent year-on-year to reach a record S$2.22 billion ($1.61 billion), while total income rose 9 percent to reach S$4.99 billion on the back of strong loan growth and higher trading and investment income. Net interest income grew 8 percent to S$3.24 billion, net fee and commission income stayed flat, and non-interest income rose 36 percent to S$743 million, with stronger gains in trading income and investments.

    The bank reported «healthy income growth» across all business segments compared to 2018 – Group Retail saw 7 percent income growth to S$2.07 billion, led by income growth from high affluent customers, while Group Wholesale Banking saw a 9 percent income growth to S$2.06 billion, led by volume growth and stronger contribution from the investment banking and treasury businesses.

    UOB cited higher staff, revenue-related and IT-related expenses as behind a 10-percent growth in total expenses, reaching S$2.2 billion. Its cost-to-income ratio saw a marginal increase to 44.1 percent.

    Our results reflect the relevance of our strategies in connecting our customers to opportunities across the region, deepening their engagement through our omnichannel approach and offering them the right solutions through our ecosystem partnerships, Wee Ee Cheong, UOB deputy chairman and chief executive officer, said in a statement.

    UOB declared an interim dividend of 55 cents per ordinary share, up from 50 cents the year before.

    Lees ook:

    Lees ook:

    Lees ook:

  • Klasse14 opens pop-up store at Fashion Walk

    Klasse14 opens pop-up store at Fashion Walk

    Fashion-and-lifestyle brand Klasse14 is opening a pop-up store at Fashion Walk Causeway Bay.

    The pop-up features the latest collections of Volare Sky watches and +J accessories, and invites visitors to move from one Instagrammable showcase to another, stopping by the “try on” points to touch and feel the products, or use installed machines to collect limited edition Klasse14 gifts.

    The store will be open for six months, and special promotions will be ongoing from now until August 31.

    Lees ook:

    Lees ook:

  • OCBC Rolls Out Contactless Cash Withdrawals Islandwide

    OCBC Rolls Out Contactless Cash Withdrawals Islandwide

    OCBC Bank customers only need to scan a QR code on the OCBC Pay Anyone app to make withdrawals.

    OCBC customers can now make withdrawals without a bank card by generating a QR code from its mobile banking app, which can be scanned at any of its 655 Automatic Teller Machines (ATMs) islandwide, the bank announced in a statement.

    Apart from reducing the time required to make withdrawals, doing away with ATM cards and personal identification numbers raises security levels as biometric verification can be selected – customers have the option of authenticating the transaction via fingerprint, faceprint or mobile banking login credentials.

    We believe this completely reimagines a core service for which customers engage with the banks and will move the needle in making QR code payments mainstream in Singapore, Aditya Gupta, the bank’s head of Digital Business, Singapore and Malaysia, said

    According to OCBC, mobile banking usage has tripled, while the number of its customers who used mobile banking at least once in the last three months has grown by 25 percent since 2018.

    OCBC has 3 million cash withdrawals at its ATMs monthly, a figure unchanged in the past year.

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

  • OCBC Q2 Profit Growth Purely From Consumer And Private Banking

    OCBC Q2 Profit Growth Purely From Consumer And Private Banking

    Strong performance from OCBC’s consumer and private banking segment helped bump up quarterly profits by 1 percent and offset all of the group’s other segments which posted negative year-on-year profit growth.

    The Singaporean financial group posted second-quarter profits of 1.22 billion Singapore dollars ($890 million), up 1 percent from last year’s ($880 million) and first-half profits of $1.78 billion, up 6 percent year-on-year.

    While economic growth in our key markets is slowing, our healthy capital, funding, and liquidity position will allow us to comfortably navigate the challenging operating environment and pursue our long-term growth strategy, said OCBC CEO Samuel Tsien. This also gives us the flexibility to capitalize on market expansion opportunities as they arise.

    OCBC registered year-on-year operating profit drops across all business segments but closed the quarter higher due to a 20 percent surge in its consumer and private banking segment. The segment posted profits of $273 million due to higher net interest income and lower allowances. Its private wealth arm, Bank of Singapore also reached a new high in assets under management with $111 billion.

    Despite a 33 percent drop in profits from its insurance segment, attributed to weaker performance from its subsidiary Greater Eastern Holdings, non-interest income still rose 1 percent driven by various business lines including wealth management fees which posted a five-quarter high and 8 percent increase. Net interest income climbed 10 percent year-on-year to reach $1.16 billion, attributed to increased customer loans and higher net interest margins (12 basis points).

    Lees ook:

  • Pola chooses Changi for first airport duty-free counter outside Japan

    Pola chooses Changi for first airport duty-free counter outside Japan

    Pola will open its first airport duty-free store outside Japan at The Shilla Duty-Free Changi Airport Store in a move to strengthen its brand presence in the global market.

    Pola is accelerating efforts to open new stores, primarily in ASEAN countries, so as to expand its travel-retail business outside Japan.

    Pola counters are centered around its top-line “B.A” brand and are decorated primarily in a modern black design. The counter design at The Shilla Duty-Free Changi Airport Store follows the design at department stores, extending the brand’s unified look and theme while aiming to match the travel retail environment so that customers can quickly identify the product range and best-sellers even during a short stay in the stores.

    The sales for Pola’s travel retail business are driven by the B.A brand, such as B.A Lotion, B.A Wash, and B.A Eyezone Cream.

    “We are certain that opening our new store at The Shilla Duty-Free Changi Airport Store, which is the biggest hub airport in Asia, will be a great step toward increasing Pola’s brand presence,” said Pola’s global business division director Tamotsu Sato. “The new store will be an important step for Pola to strengthen our brand presence in the global market and further expand our business.”

    The counter will be open at The Shilla Duty-Free Changi Airport Store at Terminal 2.

    Lees ook:

    Lees ook:

  • Singapore supermarket operator Sheng Siong reports profit boost

    Singapore supermarket operator Sheng Siong reports profit boost

    Singapore supermarket operator Sheng Siong boosted its net profit by 7.4 percent in the June quarter, to S$18.42 million.

    Sales rose 11.8 percent to $238.16 million on the back of 13 new store openings.

    However, the company has warned investors that competition in the Singapore supermarket sector is tough, from both online retailers and rival supermarket chains. Worse, consumer spending may be impacted by a soft economic outlook.

    In the half-year to date, Sheng Siong recorded a 6.6 percent increase in net profit to $37.78 million, on sales up 11 percent to $489.59 million.

    Lees ook: