Economy Singapore 

Banks kept at ‘overweight’ by UOB on Fed’s dovish stance, dividend yield

SINGAPORE (Jan 18): UOB Kay Hian is maintaining Singapore’s banking sector at “overweight” after the US Fed calmed the nerves of investors with its dovish disposition, which subsequently generated a relief rally. “We maintain ‘buy’ for both DBS and OCBC, although we prefer OCBC,” says analyst Jonathan Koh in a Friday report. The research house has target prices of $28.50 and $13.82 respectively. Fed’s narrative took a dovish turn in mid-Nov when Fed Chairman Jerome Powell highlighted potential headwinds buffeting the US economy in 2019, including a slowdown in growth…

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Economy Food Singapore 

Hawkers get faster access to funds from Nets transactions

SINGAPORE – In a move to address hawkers’ grouses about e-payment delays, Nets said on Thursday (Jan 17) proceeds from Nets transactions made before 5pm will now land in hawkers’ bank accounts by 11pm the same day. Proceeds from transactions made after 5pm will be credited to the hawkers’ bank accounts before 9am the next day. The firm said the initiative, which was launched on Thursday, will improve cash flow and give hawkers faster access to their funds. To be eligible for this new system, hawkers must have a DBS,…

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DBS News Scam Singapore Police Travel 

Beware of fake Singapore Airlines, DBS phishing websites: Police

SINGAPORE – If you receive e-mails from DBS Bank or Singapore Airlines asking you for your personal information and credit card details, be on your guard as they may well be a phishing attempt, the police said in an advisory on Wednesday (Dec 20). The police have received several reports where victims say they were cheated into giving up such information after responding to these e-mails. The victims found later that their credit cards had been used to make unauthorised transactions in foreign currencies. The phishing attempt goes like this: The…

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DBS 

DBS to invest S$20 million over 5 years to transform employees into digital bankers

File photo of a DBS building. (Photo: AFP)  SINGAPORE: DBS Bank will be investing more than S$20 million over the next five years in a programme that will train its 10,000 employees in Singapore in digital banking skills and technologies. The move is in support of Singapore’s vision to be a Smart Nation which Prime Minister Lee Hsien Loong highlighted during his National Day Rally speech, it said in a press release on Monday (Aug 21). The broad-based programme will include artificial intelligence (AI)-powered e-learning. AI can make personalised course recommendations…

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Asia Jobs News Singapore 

World Bank exploring potential issue of retail bonds in Singapore

SINGAPORE (REUTERS) – The International Bank for Reconstruction and Development, or World Bank, is exploring a potential issue of retail bonds in Singapore to boost interest in sustainable development bonds and tap the affluent population. In a briefing to potential investors last Tuesday (April 4), the multilateral institution said it was working with arranger DBS to find a suitable structure for a retail bond offering. “It might not be in Singapore dollars,” said Mr George Richardson, director in the capital markets department at the World Bank treasury. “It could be…

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1MDB Asia DBS Maylasia News Singapore 

Singapore orders bank closure and fines over 1MDB links

The Monetary Authority of Singapore has ordered a Swiss merchant bank to close and fined two other banks for breaching anti-money laundering controls. The action follows an investigation into money flows linked to the Malaysian state investment fund 1MDB. Falcon Bank will lose its merchant bank status in Singapore. Its branch manager was arrested last week. South East Asia’s biggest bank DBS has been fined S$1m (US$726,000; £589,000) while UBS will have to pay S$1.3m. Malaysian PM under pressure over 1MDB scandal 1MDB: The case that’s riveting Malaysia The US…

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Asia Crowdfunding DBS Itra Singapore Singapore 

DBS signs cross-referral agreements for crowdfunding platforms

SINGAPORE – DBS Bank has signed cross-referral agreements with peer-to-peer (p2p) lending platforms Funding Societies and MoolahSense, it announced on Tuesday (April 19). DBS said it is the first Singapore bank to collaborate with such lending platforms to further expand funding sources available to small businesses. Under the partnership, DBS will refer some of the smaller businesses that it is unable to lend to, to Funding Societies and MoolahSense, said the bank in a statement. In return, the p2p lending platforms will refer borrowers who have completed two successful rounds…

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