Singapore

Consumer loans were mostly affected, shrinking 0.9% MoM, OCBC said.

The downturn has exposed issues in governance and operating practices.

Majority of its 8,500 staff are working remotely.

62% expect that their mobile payment usage will increase next year.

In the last decade, Asia’s banking sector has not only led the world in global banking profit pools, assets and market capitalism but also in building new business models centred on digital innovations. Whilst the future of Asia banking is bright, most traditional banks, especially the mid and small-tier banks, are poorly equipped to seize the opportunities to keep pace and transform for the digital age. On the other hand, the ongoing health crisis is making customers go online for their banking needs while they #stayhomestaysafe, stretching the capabilities of digital services beyond its limits. While digital banking would have been a convenient option in the past, it has now become a vital lifeline. As customers’ demand for digital access and control to their finances intensifies, it has brought into question the industry readiness towards digital banking.

UOB is expected to suspend its special dividend for the fiscal year.

This leads to lower ownership cost and future-proofs the solution for new operational requirements.

High credit costs can be covered by profits.

Banks’ hopes for survival lie in the US$100b of new revenue opportunities, reports McKinsey & Co.

And two Canadian banks post better than expected results despite profit declines.

Interest rates of Enterprise Singapore financing schemes averaged 2-3%.

Axis Bank in India has seen a quarter of its loan book stop repayments.

The bank is gearing up its tech and customer-employee experience as neobanks loom.

But 51% of ASEAN banks have yet to fulfill even a quarter of ESG criteria.

And Westpac admits to money laundering breaches.

But most staff will continue to work from home.