Frances Gagua
Singapore’s financial sector employment rose 4,800 in 2023
Singapore’s financial sector employment rose 4,800 in 2023
The financial sector made up 14% of Singapore’s GDP in 2023.
Labour force upskilling needed as SG nears 'super-aged' status
The future growth must be productivity-led, said DPM Gan Kim Yong.
Cambodian banks breach covenants as bad loans surge
ACLEDA, Hattha Bank, and LOLC have all breached their covenants.
GXS Bank launches term deposit product Boost Pocket
It is currently on offer with an interest rate of up to 3.48% per annum.
Revolving credit on Taiwan credit cards dips in July
This is despite the total active cards rising to 38.36 million.
Bank Danamon struggles with credit costs due to subsidiary challenges
Credit costs rose to 2.8% in H1 2024.
China’s big four banks face $100b shortfall in loss-absorbing capital
The banks have not yet met their required loss-absorbing capacity levels.
Japan, Korea financial authorities hold in-person bilateral meeting
The two exchanged views about developments in their financial sectors.
South Korea’s household loans expand by $7.32b in August
There were “strong housing market activities” in the Seoul metropolitan area.
Australia’s planned AT1 phase out to have little impact on banks
If pushed through, the CET1 minimum requirement will rise to 10.50%.
Chinese small bank M&As to ramp up: Fitch
The lack of large banks in the mergers is to avoid contagion risks.
Malaysia, UK tout Islamic finance to bridge green funding gap
Islamic finance’s framework naturally aligns with social finance, an official said.
GoTyme Bank partners with BSP to enable coin deposits
GoTyme Bank is reportedly the first bank partner to be integrated in the CoDMs.
Taiwanese banks’ total outstanding loans at $1.25t in July
The bad loans ratio remained at the same level as in June 2024.
Krungthai Bank temporarily closes 4 branches due to floods
One branch is separately closed due to suspended electrical supply.
Hong Leong Bank may reduce China stake as investment pays off
Its group earnings edge on overreliance on the Bank of Chengdu’s contribution.
Malaysian banks' profitability stable with reduced intervention risks
Some asset quality deterioration is expected as fuel subsidies ease.
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1. Revolut Singapore hits first year of net profitability in 2024 2. CIMB Philippines says fund transfer issue ‘resolved’ 3. Bank of America appoints Phil Carmalt as head of APAC GPS 4. HSBC Singapore unveils wealth centre at The Star Vista mall 5. Citi names Goldman Sachs banker as head of markets solutions in Asia South & NorthResource Center
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The Asian connection: China's path to sustainable growth