Singapore Plans New Bill to Attract More of World’s Millions

Singapore, one of the world’s easiest places to do business, is making it simpler for investment managers to register funds locally as the city-state goes after a bigger slice of the $69 trillion global asset-management industry. While many asset managers have offices in Singapore, most of their funds are still registered in offshore jurisdictions. A new corporate structure billintroduced in parliament Monday aims to offer investors greater flexibility in that regard, and can be used for both traditional and alternative strategies, the Monetary Authority of Singapore said in a statement. The so-called Variable…

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China Economy Singapore USA 

Singapore needs to watch out for spillover effects from trade tensions: MAS

SINGAPORE: While the impact from rising trade tensions remains limited thus far with the economy expected to stay on a “steady expansion path”, Singapore needs to guard against potential spillover effects, said Mr Ravi Menon, managing director of the Monetary Authority of Singapore (MAS). This is due to the country’s role as a node in the regional electronics production value chain, as well as a hub for air and sea transport and financial intermediation services, he said alongside the release of the central bank’s annual report on Wednesday (Jul 4). “Bilateral trade…

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News Singapore 

Refunds made to Prudential customers affected by erroneous deductions

SINGAPORE: Refunds have been made to the Prudential policyholders affected by erroneous deductions, the insurer’s payment bank Standard Chartered Bank Singapore said on Friday (May 25). “We acted immediately and contacted all the respective banks servicing the impacted Prudential policyholders to reverse the transactions,” the bank said. “As of 1.15pm this afternoon, we have been informed by all the respective banks that all inaccurately deducted amounts have been refunded to the policyholders.” A Prudential spokesperson later confirmed that all refunds have been completed, adding that customer policies were “not affected in any way”. On…

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Economy Singapore 

MAS to allow Singdollar to rise in first tightening of monetary policy in 6 years

SINGAPORE: On the back of strong economic growth, the Monetary Authority of Singapore (MAS) will allow the Singapore dollar to rise in the first tightening of its exchange rate-based monetary policy in six years. In its policy statement on Friday (Apr 13), MAS said it would slightly increase the slope of the Singapore dollar’s policy band from zero per cent previously, while keeping the width and mid-point of the band unchanged. “This policy stance is consistent with a modest and gradual appreciation path of the S$NEER (Nominal Effective Exchange Rate) policy band that…

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China Singapore 

Bitcoin warnings grow more strident as Singapore urges ‘extreme caution’

SINGAPORE/LONDON (Reuters) – Global financial regulators are beginning to warn the public against the risks of investing in a market that many feel is in a speculative bubble, with Singapore’s central bank on Tuesday urging “extreme caution” about buying cryptocurrencies. The staggering growth of bitcoin and other decentralised digital currencies this year – with the market swelling from around $17 billion at the start of January to well over $600 billion now – has led to increasing concerns over what the fallout could be if the bubble were to suddenly…

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Economy MAS Singapore 

Too strong, too fast: Singapore dollar strength may not last, say analysts

The Sing dollar has gained more than 6 per cent against the greenback year to date, making it one of the top performing Southeast Asian currencies alongside the Thai baht. However, analysts expect it to give up some of its gains soon. SINGAPORE: The Singapore dollar has been one of the strongest Southeast Asian currencies in 2017, defying expectations with a year-to-date gain of 6.1 per cent against the greenback. But most analysts say this uptrend may have run its course. DBS Bank’s senior currency strategist Philip Wee, for one,…

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Two freehold sites in Balmoral Road area for sale

  View of the freehold residential sites at Balmoral Road and Ewe Boon Road. Two adjoining freehold residential redevelopment sites within the Balmoral Road area have been put up for sale by public tender, revealed marketing agent Edmund Tie & Co. Launched in a concurrent but separate tender, the two sites at Balmoral Road and Ewe Boon Road are zoned residential, with a gross plot ratio of 1.6 and a building height control of up to 12 storeys under the 2014 Master Plan. The sites have a combined area of…

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Government Eases up On Seller Stamp Duty, Relaxes TDSR Rule For Retirees Needing Cash Loans

    Certain residential property measures related to the sellers’ stamp duty (SSD) as well as the total debt servicing ratio framework (TDSR) has been relaxed. However, there would still be no change to the additional buyers’ stamp duty (ABSD) charge, as well as the loan-to-valuation (LTV) limits. The SSD is currently payable by those who sell a residential property within 4 years of purchase, at rates of between 4% and 16% of the property’s value. The changes will see the SSD holding period cut to 3 years instead of 4…

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1MDB Asia MAS Singapore 

MAS bars former Goldman Sachs banker from trading in Singapore over 1MDB-related breaches

SINGAPORE: The Monetary Authority of Singapore (MAS) on Monday (Mar 13) issued a 10-year Prohibition Order (PO) against former Goldman Sachs director Tim Leissner for 1MDB-related breaches. The local financial regulator said in its press release that it served notice of its intention to issue a PO against Mr Leissner last December, and invited him to submit written representation why it should not be done. It said Mr Leissner was found to have issued in June 2015 an unauthorised letter to a financial institution based in Luxembourg, and to have made false…

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International Refund Association Maylasia News Profitable Plots Singapore 

20 investors lose $1m in scam: Some tell-tale signs of investment scams

SINGAPORE – More than 20 people have lost over $1 million in yet another investment scam, this time involving an offshore betting company. Convinced they have chanced upon a lucrative scheme, even savvy investors sometimes fall prey to such fraudulent schemes. The Straits Times looks at investment scams in recent years and what the tell-tale signs of such scams are: 1. WINE AND DIAMONDS A Dominican man named Guillianno Norberto R Mata Pena was linked to five different companies that have received investor complaints this year. Mr Mata has been at some…

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