Financial Services
Tech upstarts woo locals as retail banking customer satisfaction falls
Tech upstarts woo locals as retail banking customer satisfaction falls
65% are interested in opening digital bank accounts, up from 52% in the previous year.
HSBC Singapore rolls out mortgage for Australian homes
It will initially be available to properties in Sydney, Melbourne, Brisbane, Perth, and Adelaide.
New business premiums in life insurance down 2% to $1.97b in H1
The decline in single premium policies dragged half-year figures.
Chart of the Day: Life insurance industry workforce hits 8,282 in H1
The number of tied representatives also fell to 15,117.
MAS and SGX RegCo launch trade surveillance practices guide
It encourages proper recordkeeping and periodic quality assurance reviews on compliance reports.
MAS launches consultation paper on controls against market abuse
It proposes to tighten requirements for ultimate beneficial owners, amongst others.
ABS revamps cloud outsourcing guide for banks
One revision guides the categorisation of material and non-material cloud outsourcing contracts.
American Express and Singapore Airlines launch SME credit card
SME owners can earn more rewards faster even as employees earn miles for their own benefit.
OCBC H1 profits up 6% to $2.45b
Higher banking profits offset lower income from Great Eastern Holdings.
UOB net profit up 8% to $2.2b in H1
Profit growth was boosted by wholesale banking as income rose 9% to $2.06b.
Grab and NTUC Income unveil pay-per-trip insurance plan for partner-drivers
Premium rates per trip can be paid at $0.10, $0.30, and $0.50.
Great Eastern profits up 31% to $511.7m for H1
Higher investment income offset lower premium sales.
Singapore benchmarks get go-ahead from European Union
Companies in the EU can continue trading derivative products linked to Singapore's benchmark rates.
OCBC enables cash withdrawals via QR code
Cash withdrawal at ATMs can be completed in under 45 seconds.
How banks in Asia-Pacific can survive in an age of declining profitability
Cutting down branches is one way of keeping costs down.
Chart of the Day: Virtual banks can't rely on the branchless advantage for long
Facilities costs as a proportion of incumbent lenders' assets is only 7bps compared to 103bps.
iFAST eyes virtual banking license
The move will expand its service scope to include e-payment and lending.
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