Banking

Millennials the most savings-savvy generation in Singapore, finds UOB study
SINGAPORE (July 18): Singapore's millennials are outpacing their Generation X (Gen X) and baby boomer peers when it comes to growing their savings, according to United Overseas Bank’s (UOB) transaction patterns of its flagship UOB One Account holders.  From mid-2015 to mid-2018, it was found that the average account balance for millennials grew 31% per annum to $27,000 – a trend which ...
StanChart said to plan Asia split into Singapore, Hong Kong hubs
LONDON (June 6): Standard Chartered Plc plans to create two new hubs for its Asian operations in Singapore and Hong Kong to simplify the emerging market lender’s extensive network and reduce costs, people familiar with the plan said. The bank has drawn up plans to consolidate as many as 10 Southeast and South Asian countries -- potentially including Indonesia and India -- under a new ...
Customers can now open OCBC 360 Account via bank's website
SINGAPORE (June 5): All Singaporeans and permanent residents (PRs) can now open an OCBC 360 Account via the bank’s website, without the need to visit a bank branch or provide documents, says OCBC Bank. This is because the new account can be opened using the national data repository MyInfo to pre-fill an online OCBC 360 Account application form with personal details, while further ...
DBS launches online remittance service for non-banking customers
SINGAPORE (Apr 12): DBS Bank has announced the launch of SmartSend, an online remittance service that allows non-DBS customers to make same-day money transfers to eight markets around the world, namely: Australia, Hong Kong, India, Indonesia, Malaysia, Philippines, UK and the US. See: DBS Smartsend Upon account registration and verification, remitting with SmartSend can be accomplished via ...
DBS vies for open electricity market pie with launch of DBS Electricity Marketplace
SINGAPORE (Mar 20): DBS on Tuesday launched the DBS Electricity Marketplace, an online service which allows all households in Jurong, namely those with postal codes 60 to 64, to seamlessly switch to other electricity retailers beginning with two options, iSwitch, a subsidiary of RCMA Group, and Keppel Corp's Keppel Electric. This comes ahead of the April 1 soft launch of Open Electricity ...
Effective engagement is key for banks to retain customers, finds survey
SINGAPORE (Mar 15): Two-fifths (40%) of local retail banking customers in Singapore are ready to stop or cancel their services with a bank on the grounds of poor customer engagement, according to a recent study commissioned by customer experience & call centre tech provider Genesys. The online survey, carried out by business consulting firm Frost & Sullivan among 500 customers across ...
Hong Leong Asia's FY17 losses narrow to $66.5 mil on higher sales and other income
SINGAPORE (Feb 28): Hong Leong Asia reported FY17 losses of $66.5 million, 6.7% smaller than the net loss of $71.3 million a year ago. The full-year net loss included an impairment of $24.9 million related to the restructuring exercise of its Xinfei consumer products unit. Revenue grew 8.1% to $4 billion mainly due to higher sales recorded by its engine-manufacturing unit China Yuchai ...
Hong Leong Finance posts 61.5% higher FY17 earnings of $85.7 mil
SINGAPORE (Feb 27): Hong Leong Finance reported a 61.5% rise in FY17 earnings to $85.7 million from $53.1 million a year ago, which is equivalent to 19.3 cents per share, after topping up provisions amounting to $3.8 million against $1.1 million in FY16. Profit from operations before allowances/provision grew 63.9% to $106.8 million from $65.1 million from the previous year, due mainly to ...
Gulliver ends HSBC tenure with rare profit miss on margins
HONG KONG/LONDON (Feb 20): Stuart Gulliver’s seven-year reign as HSBC Holdings Plc’s chief executive officer ended with a rare failure to live up to analysts’ earnings estimates as lending margins narrowed and the bank booked loan charges related to two clients. Adjusted fourth-quarter pretax profit of US$3.6 billion ($4.7 billion) missed the lowest estimate among analysts surveyed ...
7 stocks to shop as Budget 2018 fuels positive market sentiment
SINGAPORE (Feb 20): RHB Research is upbeat on Singapore’s growth outlook and expects a positive “post-Budget” market reaction with a preference for exposure to the consumer, real estate, REITs and banking sectors. In a Tuesday report, analyst Shekhar Jaiswal notes how Monday’s Singapore Budget 2018 announcement was positive for all business sectors with the exception of the Buyer’s ...