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Tag: Singapore

  • New Financial Institution Launched in Singapore

    New Financial Institution Launched in Singapore

    A news Singapore-based firm, formed by home-grown industry veterans, targets financial technology, regulatory technology, infrastructure, and sustainability-driven enterprises. Licensed by the Monetary Authority of Singapore (MAS), Vanda Global Capital, formed by home-grown industry veterans, is focused on grooming high potentials in the technology vertical, and in impact-driven companies reflecting environmental, social and governance causes.

    The firm targets financial technology, regulatory technology, infrastructure, and sustainability-driven enterprises. Vanda prioritizes and emphasizes unwavering support of Singapore-based initiatives, congruent with Singapore’s vision of establishing the nation as a leading fintech hub, the company said on Tuesday.

    At the helm of Vanda is its CEO, Low Wei Ling, a banking and finance industry veteran of over 25 years of experience and with a solid track record in internationally acclaimed investment banking, asset management, universal and private banking business franchises.

    She serves the MAS Banking Advisory Group and was awarded the International Outstanding Young Private Banker of the Year for exemplary leadership globally. She is a judge of the MAS Global Hackcelerator & Fintech Awards.

    Vanda Global Capital’s leadership management team also includes industry visionaries like Richard Eu Yee Ming of Eu Yan Sang International and Wong Joo Seng of Spark Systems and co-founder of M-DAQ.

    As Co-Founder and Executive Director of the Board of Vanda Global Capital, Eu Yee Ming, who holds a Law Degree from University of London, was a merchant banker, stockbroker, venture capitalist and is also the Non-Executive Chairman of Eu Yan Sang International, a healthcare company that focuses on traditional Chinese medicine (TCM) with annual revenues of over S$300 million.

    Co-Founder & Non-Executive Director of the Board of Vanda Global Capital, Wong Joo Seng is a banking and finance veteran and a venture partner of Vickers Venture Partners. He is founding CEO of GK Goh Financial Services, the derivative trading subsidiary of GK Goh Holdings, and also co-founder of M-DAQ and the company’s founding Chairman.

  • UOB Partners Local E-commerce Platform To Mine Opportunities

    UOB Partners Local E-commerce Platform To Mine Opportunities

    United Overseas Bank has partnered with a popular e-commerce platform to build ecosystem partnerships. This follows a string of partnerships announced with other high profile online platforms.  United Overseas Bank (UOB) announced a regional alliance with local e-commerce platform Qoo10 on Monday, complementing the bank’s efforts to help small businesses seize opportunities in the digital economy. Qoo10, with more than three million buyers, is the top e-commerce platform in Singapore.

    «Our alliance with Qoo10 enables us to extend our touchpoints to provide small businesses with the financing they need directly on the e-commerce site, helping them to take advantage of opportunities quickly as they arise,» said Lawrence Loh, Head of Group Business Banking at UOB.

    In January this year, Qoo10 launched QuuBe, a blockchain-based e-commerce platform which already has more than two million products on the marketplace. Through the alliance, Qoo10 will be able to tap UOB’s holistic suite of financial solutions to help consumers and merchants buy and sell products more easily on both the Qoo10 and QuuBe platforms.

    «Partnering established and trusted allies such as UOB enables us to empower our merchants and customers with readily accessible solutions that provide greater financial flexibility in running a business or making purchases,» says Ku Young Bae, CEO of Qoo10.

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  • Citibank Singapore to Instantly Approve Debt Consolidation Plan

    Citibank Singapore to Instantly Approve Debt Consolidation Plan

    Citibank Singapore announced that it is the first bank in Singapore to introduce instant in-principle approval for debt consolidation plans. Customers applying online for Citibank Singapore’s debt consolidation plan will receive an immediate indication of their application status, as the bank is the first in Singapore to offer eligible customers instant in-principle approval.

    «The ability to grant instant in-principle approval resolves a key customer pain point by giving customers a better sense of their application’s eventual outcome, even before they go through the effort of gathering their financial documents and sending them to the bank,» said Vikas Kumar, Head of Cards and Personal Loans at Citibank Singapore, in a media statement.

    This new capability, which will be launched on Tuesday, enhances convenience for prospective customers who previously had to wait for up to three days for a decision after the bank receives their applications through email or post.

    Upon receiving a debt consolidation application, the bank will access the customer’s credit report through its API integration with Credit Bureau Singapore. The customer’s credit situation is assessed through a fully automated process, enabling the bank to grant instant in-principle approval for eligible individuals.

    Customers can then submit their supporting documents – which are required by industry regulations – consisting of their various credit statements from different financial institutions, income records, and proofs of identification. The bank will also proactively reach out to customers should they need assistance after receiving their in-principle approval.

    Debt consolidation plans were introduced by Singapore’s financial institutions in January 2017 to help borrowers reduce their debt over time. Debt consolidation plans consolidate a borrower’s existing unsecured credit balances across various institutions under a single entity and offer effective interest rates that are lower than card and credit line rates.

    Customers on debt consolidation plans will have lower monthly repayments as compared to the total individual payments a customer incurs, and the benefit of making repayments to a single bank. Customers of Citibank Singapore can choose a loan tenure of up to seven years and will receive a credit card with a limit of one month’s income.

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  • Marks & Spencer Singapore store opens at Jewel Changi

    Marks & Spencer Singapore store opens at Jewel Changi

    Marks & Spencer Singapore will open its Jewel Changi store this Wednesday.

    The 13,000sqft space offers M&S’s clothing and accessories across womenswear, menswear, lingerie and kidswear.

    The store also features Food Hall which will include nearly 3000 lines of food and drinks, including international award-winning wines.

    Customers can expect a variety of chilled food and drinks including fresh sandwiches, prepared salads, fruit and vegetables, meat and dairy, prepared meals, inspired by world cuisines.

    The new store also features an M&S in-store bakery, selling coffee-to-go and patisserie goods.

    “Our new store at Jewel Changi Airport will combine the best of our clothing collections and high-quality food with an inspiring shopping environment and exceptional customer service, offering a truly special experience,” said Christine Choi, Marks & Spencer Asia CEO.

    A new feature of the Jewel Changi store will be unique name badges for staff which bear ‘Singlish’ taglines such as ‘I am Stylo Milo, ‘I am Tok Kong’, and a few other variations embracing local culture.

    From April 17 to June 11, shoppers can enjoy special offers including lucky draws and free M&S cooler bags.

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  • Oysho Singapore opens first store in Singapore

    Oysho Singapore opens first store in Singapore

    Oysho Singapore is opening its first store this week, at Jewel Changi.

    The Spanish fashion label’s debut Singapore store spans 220sqm, and features a warm atmosphere, fitted out with materials such as wood and metal, combined with new furnishings.

    The store stocks products from all the brand’s categories, including sleepwear, lingerie, gym wear, beachwear, footwear, sportswear and accessories. Prices range from $7.90 to $299.

    The Oysho Sport range features garments suited to boxing, surfing, skiing and trekking. With a commitment to technical innovation, the brand’s garments include lines featuring aloe vera microcapsules, compression fabrics for muscle recovery, and Sensil Innergy Nylon 6.6 fabric which Oysho says enhances physical performance.

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  • Singapore retail sales plunge due to Chinese New Year

    Singapore retail sales plunge due to Chinese New Year

    Singapore retail sales plummeted 10 per cent year on year in February – but the sudden drop was largely due to the timing of Chinese New Year celebrations.

    After excluding motor vehicles from the figures, sales dropped by a slightly higher 10.7 per cent.

    Chinese New Year fell in the middle of the month last year, and early in the month this year, resulting in a shifting of some seasonal spending back into January this time around. Figures combining January and February sales in both comparable periods were not released.

    According to Statistics Singapore, sectors such as food retailers, apparel & footwear, supermarkets & hypermarkets, department stores, furniture & household goods, and medical goods & toiletries registered declines in retail sales of between 10.4 per cent and 24.8 per cent this year.

    Sales of watches & jewellery, optical goods, and books fell by between 7.2 per cent and 9.2 per cent.

    Statistics Singapore estimated total retail sales in February this year at $3.3 billion, with online retail sales comprising about 5 per cent of those.

    Sales of food & beverage services decreased 2.3 per cent year on year. The total sales value of food & beverage services in February was estimated at $855 million, compared to $875 million in February last year.

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  • Massimo Dutti Singapore opens at Jewel Changi

    Massimo Dutti Singapore opens at Jewel Changi

    Massimo Dutti Singapore has launched its sixth store, at Jewel Changi. The Inditex-owned fashion label’s almost 600sqm retail space features the brand’s newest design concept for the first time in Southeast Asia and following the opening of a similar outlet in Munich, Germany.

    Designed to look like a New York apartment, the new interior design layout expresses the natural evolution of the brand. The store concept is focused on lifestyle, offering a more enticing setting via the use of warm, high-quality materials such as wooden furniture and finishes and the use of plants – a blending of contemporary designer furniture that greatly reinforces this updated identity.

    As Massimo Dutti Singapore’s second largest store after Liat Tower, the new venue is in line with the Inditex Group’s latest approach to eco-efficiency.

    Electricity consumption has been reduced by some 30 per cent and water consumption by 40 per cent in comparison with its conventional stores. The eco-efficiency measures implemented include a store lighting system that optimises the lighting for the furnishings, and the exclusive use of LED bulbs. The lighting system also enables partial lighting of store spaces.

    The Changi store also features a Travel Collection, with easy-iron shirts and lightweight crease-resistant suits.

  • Ecco Store opening at Changi Airport Singapore

    Ecco Store opening at Changi Airport Singapore

    Ecco Singapore is opening its newest store in Southeast Asia at Jewel Changi this Wednesday.

    With a design different to other stores in the Ecco Singapore network, the new outlet was inspired by the brand’s philosophy of ‘natural motion’ as well as the greenery and waterfall environment unique to the Jewel Changi space.

    The shop carries a curated collection of the latest Ecco shoes and accessories for both women and men.

    “Since entering the Singapore market more than a decade ago, we have been blessed with tremendous support from our loyal customers who have come to know Ecco for our craftsmanship and premium quality footwear and leather goods,” said David To, GM for Ecco Shoes Singapore and Malaysia.

    “Ecco’s design philosophy is very much inspired by nature and thereby the natural organic features of Jewel is a perfect fit for us. That is why we have chosen this fresh expression of the Ecco brand for this new store to share a new experience with our local customers and Singapore visitors,” he added.

    Founded in 1963, Ecco now has more than 2200 owned shops and 14,000 sales points in 90 countries. The company achieved record sales of US$1.49 billion last year, and posted the highest profit in its 55-year history.

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  • Foot Locker Opens in Jewel Changi Airport, Celebrating Youth and Sneaker Culture

    Foot Locker Opens in Jewel Changi Airport, Celebrating Youth and Sneaker Culture

    Located in Jewel Changi Airport, the two-story space with a dedicated women’s and kids’ area, delivers an engaging retail experience, combining premium products, elevated in-store presentations, as well as enhanced customer experiences.

    With impressive footwear and apparel collections from global brand partners, customers can expect elevated product storytelling from Nike, adidas, Puma, Fila and Champion. The store celebrates basketball culture, offering a premium selection of sneakers and apparel from Nike and Jordan, and features the widest selection of Nike Air Max Plus (TN’s) available in market.

    The store features specially commissioned artwork by local artist Clogtwo, setting the tone for how Foot Locker will regularly tailor the store to the local community.

    To celebrate the launch, Foot Locker hosted a preview event for media. Attendees experienced Xbox gaming, a pop up nail bar and Nike customisation.

    Commenting on the new store, Tomas Petersson, VP and GM, Foot Locker Asia said, “The Jewel store gives Foot Locker a great opportunity to engage and inspire youth culture within the local community. We designed a space that celebrates the city’s creative community and inspires Singapore’ssneaker enthusiasts.”

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  • Gong Cha to open world’s first bubble-tea funhouse

    Gong Cha to open world’s first bubble-tea funhouse

    Gong Cha will team up with Tokidoki to create the world’s first bubble-tea funhouse at Singapore Shilin night market.

    The Tokidoki-themed bubble-tea funhouse will bring three new flavours including Rosa Latte, Berry Biscotti, Bambu Boba, served in Tokidoki co-branded cups.

    Boba enthusiasts can also treat themselves to bubble tea-inspired desserts such as Boba Pancake, and Earl Grey Milk Tea Ice Cream.

    There will also be two limited-edition Tokidoki x Gong Cha-merchandised tumbler and sleeve for the first 500 customers daily.

    At a DIY station, customers can customise their own drinks.

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  • Gucci restaurant pop up heads into Singapore

    Gucci restaurant pop up heads into Singapore

    Osteria, the Gucci restaurant pop up, will open in Singapore next month.

    Set to open at The Arts House, the four-week popup will have a Renaissance theme, replete with the signature red Gucci Herbarium-motif wallpaper.

    The restaurant will open for lunch and dinner on select days from May 1 to 26

    The menu will be conceptualised by chef Massimo Bottura, with Gucci Osteria head chef Karime Lopez.

    Main highlights include Bottura’s signatures dishes, including The Crunchy Part of the Lasagne, Lopez’s creation of sweet-sour pork belly bun, named Taka Bun.

    “We are excited to be able to bring Gucci Osteria to Singapore – a city with a vibrant culinary landscape,” says chef Karime Lopez.

    “At our first international edition, we want to showcase the best of global cuisine, as a country’s cuisine is no longer confined to its birthplace – it can always be reinterpreted and refined. The cuisine we are presenting is not just traditional Italian, but rather a cultural expression that resonates with the global diner of today.”

    Ticket sales open on the 20th of this month. Diners can choose a specially curated four-course lunch (from $128), a seven-course lunch ($228), or seven-course dinner (from $278).

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  • Carousell raises US$56 million from Naspers

    Carousell raises US$56 million from Naspers

    Singaporean m-commerce platform Carousell has raised US$56 million from Naspers, the parent company of the Philippines’ online marketplace OLX.

    As part of the deal, Carousell will also acquire OLX Philippines, with the transaction due to be completed by the second half of this year.

    OLX Group will own a 10 per cent stake in Carousell, and values the company at “over US$550 million,” the firm says.

    The merger will give Carousell a boost in the Philippines and across Southeast Asia.

    Currently featuring 196 million listings Carousell has sold some 71 million items since it was founded in 2012. The company says it wants to continue improving predictive features like smart listings, personalised browsing, chat experiences and price-suggestion functions.

    The firm has raised approximately $170 million to date, and expects a valuation of $1 billion, in the near future.

    Carousell operates in Malaysia, Indonesia, the Philippines, Hong Kong, and Taiwan.

  • Docomo Ventures invests in Singapore’s Kpisoft

    Docomo Ventures invests in Singapore’s Kpisoft

    NTT Docomo Ventures, a wholly owned subsidiary of NTT Group, has made an investment in Singapore-headquartered cloud-based enterprise management solutions provider Kpisoft.

    NTT Docomo Ventures has acquired shares of Kpisoft through its third-party allotment, the company said. Financial details of the transaction were not disclosed.

    According to Docomo Ventures, the solution provided by Kpisoft is designed to analyze data that exists in EPM, BI, human resources management and other relevant systems within an enterprise on a single platform.  The solution has a function that can automatically distribute the analytical findings directly to individual employees in an action proposal form by using machine learning and natural language processing.

    This enables enterprises to make use of analytical findings on enterprise performance and directly and automatically support the actions of individual employees, the company noted.

    Docomo Ventures further said it has made the investment because it “highly expects” the services and knowhow Kpisoft provides will bring added values to EPM or BI the NTT Group offers.

    Reliance Jio Digital Services acquires Haptik

    Meanwhile India’s Reliance Industries, through its subsidiary Reliance Jio Digital Services, has acquired artificial intelligence firm Haptik for Rs 700 crore ($100 million).

    Reliance Jio will hold about 87% of the business with the rest being held by Haptik founders and employees through stock option grants, according to a company release.

    As part of the transaction, Haptik’s existing major shareholder Times Internet will exit the company.

    Akash Ambani, director at Reliance Jio Digital Services said the acquisition underlines the company’s commitment to further boost the digital ecosystem and provide Indian users conversational AI enabled devices with multi-lingual capabilities.

    “We believe voice interactivity will be the primary mode of interaction for Digital India,” Ambani said in a statement.

    “We are delighted to announce this partnership, and look forward to working with the experienced team of Haptik in realizing this vision for offering greater connectivity and rich communication experiences to the billion+ Indian consumers.”

    Founded in 2013, Haptik is chat based virtual concierge mobile application. It client base includes Samsung, Coca-Cola, Future Retail, KFC, Tata Group, Oyo Rooms and Mahindra Group.

    The Haptik team will continue to drive growth of the business, including the enterprise platform as well as digital consumer assistants.

    “This transaction enables Reliance Jio to leverage Haptik’s capabilities across various devices and touch points in the consumer’s journey. The investment focus is on enhancement and expansion of the platform, with an addressable market opportunity of over 1 billion users in India,” the company said in a statement.

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  • Asics Singapore E-commerce Platform Launched

    Asics Singapore E-commerce Platform Launched

    Asics Singapore has launched an online store, with other Southeast Asian markets to follow soon.

    The one-stop destination for all Asics products introduces an integrated shopping experience with shoes exclusive to the online store and a seamless check-out experience.

    The e-commerce site will strengthen Asics’s omnichannel retail strategy in Singapore, providing avid runners with easy access to shoes across all categories and a platform to browse for new purchases while on the move.

    Shoppers can choose to collect their orders directly from the stores or have them delivered.

    Asics’ brick-and-mortar stores will have tablets accessible to customers who want to  experience the Asics.com portal while in store.

    During the next eight weeks, shoppers can collect Asics shopping vouchers at pop-up vending machines across the island. By answering the questions posted weekly on the machines, shoppers can receive an eight-digit code to obtain the vouchers.

    This month, vending machines will be placed at SAFRA EnergyOne Toa Payoh from April 8 to 17; at SAFRA EnergyOne Yishun from April 18 to 27; and at Singapore Polytechnic (InnoMall) from April 28 to May 5. More locations will be revealed on the Asics Instagram account.

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  • Tokyu Hands Singapore to open at Jewel Changi

    Tokyu Hands Singapore to open at Jewel Changi

    Tokyu Hands Singapore will open its fourth store – at Jewel Changi – next week.

    Set to open on the 17th, the Japanese homewares retailer’s newest store in the city will feature new corners offering a selection of products based upon the trading patterns of Tokyu Hands Singapore’s existing stores.

    Each corner will feature a mix of Japanese designs considered “cool” in Singapore.

    A new section Straight up Health will feature pelvis-correction products, with actual devices available for customers to try on.

    “Travel’s Best” is a new corner which provides a collection of products aimed at travellers, along with outdoor accessories. The area offers products designed to make travelling more enjoyable.

    The Tokyu Hands Singapore store opening will feature a Japanese calligraphy performance and workshop by Malik Bin Mazlan, and a Kokuyo Exhibition, introducing Kokuyo products for a limited time.

    The retailer’s already popular Love Writing corner is being expanded with a collection of writing instruments, notebooks with superior-quality paper, and a curated range of other stationery items.

    The Tokyu Hands Singapore Jewel Changi store’s design focuses on the Japanese concept of Kodawaru, which the company says is used to “express careful pursuit, cultivation, approaches, and sensitivity to things one likes”.

    Tokyu Hands Singapore has three other stores: in Jurong East, on Orchard Road and at Suntec City.

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