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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 beRead More

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 USRead More

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 roundsRead More