A unit of China’s state fund, the Shandong government’s asset management arm, and UOB are among those that will invest in new shares to prop up troubled lender Hengfeng Bank.
December 20, 2019Domestic brokerages Phillip Securities and iFAST prepare to draw up applications digital banking licence to fend off competition from foreign entrants and domestic banks expanding into brokerage business.
December 4, 2019The former representatives from Great Eastern Life, Prudential and UOB abused the trust clients placed in them and enriched themselves at the expense of clients, MAS said.
October 14, 2019The former banker allegedly told his victims their funds would be placed as fixed deposits or in financial products, resulting in client losses over S$1.9mn.
October 8, 2019The new electronic platform enables banks to obtain and reference data derived from trade permits issued by Singapore Customs to augment their trade finance compliance checks.
September 9, 2019Since the Anti-Scam Centre was set up in June, DBS, OCBC and UOB have frozen 815 bank accounts and recovered S$840,000 in scam-related losses.
September 3, 2019Supported by the MAS and Singapore's major banks, the project seeks to help wealth managers address money laundering risks with new AI and machine learning capabilities.
August 22, 2019China’s sovereign wealth fund and the Shandong provincial government will invest in Hengfeng Bank, which failed to disclose its financial statements for two straight years.
August 12, 2019Indigenous virtual banks, global digital-only banks, and digitised traditional banks are all vying for market share, says a new report from S&P Global Ratings.
July 18, 2019Singapore's big banks will be able to defend against new digital entrants, while small foreign-owned incumbents will face the greatest disruption risk, says Moody's Investors Service.
July 4, 2019