Singapore
OCBC net profit up 31% YoY to S$1.6b in Q3 2022
The company’s net interest income grew by 44% YoY.
Maybank names new Maybank IBG CEO
Michael Oh-Lau Chong Jin’s appointment will be effective on 1 December 2022.
MAS launches Ubin+ to study cross-border FX settlement using CBDCs
It will study business models and create policy guidelines.
4 factors intensifying the talent gap in the FinTech sector
A report revealed that demand for talent in the FinTech sector is still outpacing supply.
DBS Group’s net profit jumps 32% YoY to $2.24b in Q3
Its total income grew 28% to $4.54b.
CIMB Singapore increases fixed deposit rate up to 3.90%
This is the highest as of 31 October.
Tokenised assets, stable coins central to Singapore’s crypto hub ambitions
Collaboration is key to achieving finance goals, says MAS’ Ravi Menon.
Singapore launches digital banker’s guarantee, insurance bond
The eGuarantee@Gov is available from over 20 financial institutions locally.
MAS commits $150m for third round of fintech funding scheme
This commitment will last for three years.
Singapore to eliminate all corporate cheques by 2025
Use of cheques for payments has declined to just 7%, says DPM Wong.
SG, China deepen cooperation in green finance, capital markets
They will work on three initiatives.
5 ways a financial institution can shield itself from cyber attacks
MAS warned that the cyber threat landscape has been increasingly hostile.
MAS to test purpose-bound digital SGD
This can be used in government and commercial vouchers, amongst others.
UOB’s net profit soars 34% YoY in Q3
The increase was driven by strong net interest income amongst others.
Central bank proposes to regulate stablecoins, add rules for DPT providers
It seeks to prevent consumer harm from cryptocurrency trading.
BNPL code launched, outstanding payments limited to S$2,000 without credit assessment
Consumers are now entitled to make full repayment without early repayment fees.
Adapt to survive in 2023: A step change for business models in FinTech
By Pat Patel, Executive Director, Elevandi
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1. Why Singapore banks are a ‘safe haven’ from US market volatility 2. Maybank Singapore unveils second lifestyle banking space 3. Hong Kong’s ZA Bank offers crypto trading services to retail users 4. MAS issues 14-year prohibition orders against Loh Sheng Yang 5. Financial crimes to continue to squeeze bank profitsResource Center
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