Singapore

All three major banks reported net profits of more than $2b for the first six months of 2021.

Fee income rose to a record as wealth fees hit new heights.

The net profit growth was driven by a robust banking and insurance performance.

Its wholesale banking revenue was driven by large corporate and institutional clients from Singapore and Greater China.

Understanding the needs of SMEs is key to a bank’s sustainability—and even success—during the current crisis.

This is the fastest rate of expansion since October 2018.

Called Project Nexus, the blueprint outlines how countries can integrate their retail payment systems onto a single cross-border network.

Local financial firms are expected to remain resilient even should the economy slip into a recession again.

In January, 1.2 million transactions were carried out via the SGQR.

But less than half of consumers are impressed with the digital financial services currently offered.

Treasury teams can mobilize liquidity and fund intraday payments in real-time.

Customers have the option to pay their tax balances in full or partially.

SmartStream’s Peter Hainz and Amazon Web Services’ Anna Green shared their insights on the advantages of on-demand and highly scalable cloud environments for banks and other financial institutions, as well as the factors hindering its adoption in the region.

This August, the Asian Banking & Finance and SAP will provide insights on the evolving landscape for ESG in financial services.

The sector will continue in a “reform and transform” path, hinging on successful digital banking applicants.

According to Singapore’s largest bank DBS, the volume of cash deposits and withdrawals fell by an unprecedented 11% in the first 3 months of 2020, a 6% fall from where the figure had been since 2017. Coupled with extraordinary growth in the adoption of e-payments, it’s safe to say that COVID-19 has altered consumer behaviour—and fast.