Singapore

The activities of Macquarie Private Wealth Asia will operate through the MBL Singapore Branch from September 8.

Singapore alerted banks from the risk of receiving assets of tax evaders or the proceeds of criminal activities.

The tool saves depositors from opening multiple savings accounts for different goals and occasions.

Abdul Raof Latiff, Hooi Ching Wong, and Nadia Schiavon are expected to strengthen the company’s ASEAN team.

The new platform has multi-banking, multi-currency and multi-lingual capabilities.

The lender wants a long-term commitment in its growth in China without rushing things.

Asian-Pacific banks have made steady progress in closing the operational excellence (OpEx) gap and are determined to overtake their European rivals in the near future. Some industry commentators see this as natural side effect of the higher economic growth within the Asian region. We don’t believe that the region's growth is the only driver for OpEx improvements. We know that not all Asian banks are improving at the same rate; and that organisations that lack a structured improvement program as well as their senior management team's commitment to follow through will fall behind, quickly. Possibly more now than ever before, it's critical for leaders within the financial service industry to actively steer their organisations to master OpEx and emerge as “leaders’. Step change improvements are needed to offset increasing rivalry and the ever increasing regulatory burden. This inevitably mandates better process hygiene and efficacy to address the ever-present pressure to achieve acceptable margins whilst remaining compliant. The need to improve on operational excellence is indisputable. This year’s OpEx Survey recognises a number of key focus areas that can help determine the future success of financial service organisations in this region: · Strategy Alignment Innovation management, customer value management, and strategy implementation will be key factors to gain competitive advantage as bank customers become increasingly sophisticated. · Process, Organisation & IT Management Firms recognise the importance of building a broader BPM capability rather than focusing on point solutions in process improvement or throwing more money at technology. · Performance Management Measuring and reporting performance, and the ability to link it to an appropriate KPI system will be key to manage value drivers, which ties back into our first point on "Strategy Alignment". · Human Capital Management Leading employers will look to develop maturity in knowledge management and entrepreneurship, whilst also looking to reap the benefit of structural changes linked to outsourcing low end tasks. Defining and implementing an operational excellence roadmap might just be the key to stop the vicious cycle of constantly chasing one’s tail. 

Did you hear the one about the man who jumped from a burning oil rig? Come to think of it, you probably have. The story of the "burning platform" is well-worn in business circles thanks to what the hero is alleged to have said to rescuers after they plucked him from the frozen North Sea: "Better probable death than certain death". Presenters love the metaphor because it dramatically illustrates how, in business, standing still is often the riskiest option of all. That is a lesson that cannot be over-learned. However, most challenges we face in business -- even those with great destructive potential -- come in far less explosive forms. In fact, most companies are better equipped at managing a fast-moving crisis than they are at responding to the subtle shifts and undercurrents that pose the greater long-time threat. Risks emerge slowly, damage accrues over time, and certain death for most businesses comes after a thousand cuts. It may seem self-evident, but the first and most critical step if you find yourself on a burning platform is to acknowledge it is on fire. This is where a surprising number of companies fall down. And the dangers of missing the signs are real and manifold. An outdated, inefficient back office investment management system invariably leads to unpredictable and often steeply rising costs, while exposing the company to significant operational risk. Such systems also tend to inhibit growth because they lack scaleability and the ability to support evolving markets or accommodate unforeseen contingencies. Most investment managers I deal with tell me a version of the same story: they came to understand the dilapidated state of their IT infrastructure and processes only after it had reached a crisis point. Until then, they had made do -- showing McGyver-like ingenuity - with a combination of dated legacy software, customised spreadsheets and bespoke add-ons. This is a revealing insight because over-reliance on ad hoc solutions is itself a prime indicator that your technology platform has already caught fire. Here are six others: 1. Is your vendor's client base declining? 2. Is software maintenance and vendor support declining in quality and frequency? 3. Do you have slow time to market caused by the need to work around your software limitations and/or develop new spreadsheets? 4. Has your vendor shifted focus to different markets or products, or is there disruptive uncertainty around future ownership arrangements? 5. Did the vendor spend less than 15 percent of annual revenue on research and development? 6. Are you still running your core investment management software on a 32-bit platform rather than being 64-bit enabled? If you find yourself saying yes to these questions, chances are your platform is already sinking beneath your feet. And, since the process of modernisation -- from inception to completion -- is a 24-36 month journey for most businesses, this might be the moment to make the first step. Many in the retail banking sector have done the sums and concluded now is indeed the time. The case for modernisation was given fresh urgency after for example the DBS systems outage left customers frustrated and the banks themselves scrabbling to rectify the situation. It is therefore welcome news that five major banks in the Asia Pacific will increase their technology and systems investment by 49 percent over the next five year. They recognise – not a moment too soon -- that archaic legacy platforms are slowing them down and stifling growth. Investment managers can benefit from a similar self-assessment. Is our current system equipped to cope with future regulatory changes and market shifts? Or does it force us to make do with suboptimal, often manual, solutions? Is it geared to the future or stuck in the past? It's a tough call in the current climate to justify any kind of long-time investment of time and resources without the promise of quick revenue. In investment management, as elsewhere, growth is synonymous with survival. But if the 'burning platform' story taught us anything, it's that standing frozen in time is no way to grow – or survive. 

75% of the S$7.5b rise in loans came from the business segment.

The ratings firm said Singapore banks are likely to maintain their sound credit profiles, in spite of growing uncertainty over the global economy.

It also has the option to increase its stake to 40%.

This is a 37% decrease compared with the same time last year.

Chinese firms are turning to Hong Kong’s banks for loans as the central government tries to bring the inflation rate down from a three-year high by reducing access to credit.

Uses the social networking site as venue to offer promotional and marketing tool.

The new members will be responsible for expanding Bank of Singapore’s business in South East Asia, with a focus on the Indonesian market.

The lender warns of riskier times ahead for Asia amidst global economic uncertainties and volatility.