<blockquote> <div>Quoteworthy: "Stakeholder capitalism is not about politics. It is not a social or ideological agenda. It is not ‘woke’" — Larry Fink, CEO of the world’s largest fund manager, BlackRock, arguing that ESG is about making profits too</div> </blockquote>

Singapore’s first spac VTAC opens at $5.25, closes at $5.05

The share price of Singapore’s first special purpose acquisition company (spac) Vertex Technology Acquisition Corp (VTAC), closed at $5.05 on its trading debut on the Singapore Exchange (SGX) on Jan 20.

The units, offered at $5, opened at $5.25 when trading started at 2pm after the noon break.

Public demand for the 600,000 units available was 36 times subscribed. The placement tranche of 11.2 million units, meanwhile, was 8.8 times subscribed. The offer was launched on Jan 13 and closed on Jan 18.

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/views/singapore-economy/singapore-imposes-new-rules-family-offices-hong-kong-recovers-covid-19?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Singapore imposes new rules on family offices as Hong Kong recovers from Covid-19</a>

Pegasus Asia, the second spac to be registered, was launched on the same day and the offer closed on Jan 19. Results of the balloting were not yet available at press time. Novo Tellus Alpha Acquisition, the spac sponsored by Novo Tellus Capital Partners, was the third off the block when it registered on Jan 20.

Chua Kee Lock, VTAC’s chairman, says the spac is honoured to be the first of its kind to list on SGX. “We are committed to staying focused on the important step of a business combination with a company at the forefront of technology transformation,” he says.

“We thank SGX for its vision and foresight and we look forward to contributing to the vibrancy of the capital market ecosystem in Singapore,” adds Chua.

Pol de Win, SGX’s senior managing director and head of global sales and origination, says the exchange welcomes VTAC to the new spac family. “The strong reception to VTAC’s offering from both institutional and retail investors clearly shows the demand for spacs in this region.”

See also: <a class='gtm_see_also_2_inread' style='text-decoration: underline;' href='/news/singapore-economy/singapores-march-retail-sales-surprises-upside-87-y-o-y-growth?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Singapore's March retail sales surprises on upside with 8.7% y-o-y growth</a>

“We look forward to supporting VTAC as it seeks to invest in fast-growing, scalable technology-driven businesses,” he adds. — Felicia Tan

MAS and ABS roll out added measures to security of digital banking

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced on Jan 19 that they are introducing a set of added measures in a bid to bolster the security of digital banking.

The move comes after the recent spate of SMS-phishing scams targeting bank customers.

New measures to be introduced within a fortnight include faster handling of incidents when reported; removing clickable links in emails or text messages sent to retail customers; and setting the threshold for notifications for funds transfer transactions at $100 or lower by default.

There should be a delay of at least 12 hours before the activation of a new soft token on a mobile device. Notifications will also be sent to bank customers’ existing mobile numbers or email addresses upon the request of a change in their mobile numbers or email addresses.

“The growing threat of online phishing scams calls for immediate steps to strengthen controls, while longer-term preventive measures are being evaluated for implementation in the coming months,” say the joint statement by MAS and ABS.

To stay ahead of Singapore and the region’s corporate and economic trends, <a class='gtm_see_also_3_inread' style='text-decoration: underline;' href='/news/cryptocurrency/fresh-block-luna-crash-leads-us1-trillion-crypto-meltdown-and-more?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>click here for Latest Section</a>

“We also ask that the public stay vigilant given that scams continue to evolve and are executed quickly. We remain committed to upholding the confidence with which customers can transact online safely, while still maintaining a high level of service,” says Wee Ee Cheong, chairman of ABS. Wee is also deputy chairman and CEO of UOB.

Ravi Menon, managing director of MAS, expressed his deep concern about the recent spate of scams and the financial losses suffered by victims. “The threat of scams will not go away, but we can reduce our vulnerabilities. We will ensure that digital banking remains secure, efficient, and trusted,” he says. — Felicia Tan

Cover photo: SGX. From left: Sito Tuck Wai, VTAC’s CFO; Pol de Win of SGX; Loh Boon Chye, SGX’s CEO; Chua Kee Lock of VTAC; Jiang Hong Hui, VTAC’s executive director and CEO

Briefs: Singapore’s first spac VTAC opens at $5.25, closes at $5.05

Briefs: Singapore’s first spac VTAC opens at $5.25, closes at $5.05

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