financial institutions

What the near future holds for global fintech firms & investors: McKinsey
SINGAPORE (Dec 18): With financial technology (fintech) evolving considerably over the last few years, fintech investors will have to be increasingly selective in deploying their capital as some sectors and companies approach a “possible endgame”, suggests a new report by McKinsey & Company. In its paper, Synergy and disruption: Ten trends shaping fintech, McKinsey postulates that ...
Are we headed for another recession?
SINGAPORE (Sept 7): The outcome of the Global Financial Crisis (GFC) has altered the business and economic landscape — for better or worse. First, tighter regulations in the financial services industry were introduced in the US, including the Dodd-Frank Wall Street Reform and Consumer Protection Act enacted in 2010. Globally, including in Singapore, Basel III required banks to have higher ...
MAS orders financial institutions to tighten verification processes in wake of SingHealth cyberattack
SINGAPORE (July 24): The Monetary Authority of Singapore (MAS) has ordered banks and other financial institutions to tighten their customer verification processes. The circular to all financial institutions comes in the wake of a cyberattack at SingHealth, which saw personal information of 1.5 million individuals – including Prime Minister Lee Hsien Loong – illegally accessed and ...
Financial M&A deals in Asia Pacific to hit $161 bil in 2018: Baker McKenzie
SINGAPORE (Mar 26): Baker McKenzie is forecasting for Asia Pacific’s financial merger and acquisition (M&A) deals to hit US$122.7 billion ($160.9 billion) this year, coming in only after Europe and North America at the projected deal values of US$195.7 billion and $259 billion, respectively. In the multinational law firm’s 2018 Global Transactions Forecast sector report for financial ...
MAS unveils transformational roadmap for data collection processes
SINGAPORE (Mar 14): The Monetary Authority of Singapore (MAS) is implementing a number of measures from its new transformational roadmap for its data collection approach from financial institutions. The measures will take effect from March 31 and are intended to eliminate all duplication in data requests by end-2019, automate data submission and explore the implementation of granular data ...
Criminals are now creating non-existent identities to conduct fraud, survey finds
SINGAPORE (Feb 7): While prevention technologies have managed to deter identity fraud activities such as card skimming, criminals are now beginning to steal identities or even constructing entirely new ones to obtain real credit cards from banks. This is according to Dan McConaghy, president of FICO in Asia Pacific, a predictive analytics and data science firm whose recent survey – conducted ...
5 key Artificial Intelligence applications in the financial services industry
SINGAPORE (Dec 6): Artificial Intelligence (AI)-based applications are making its way into every area of our lives today, playing very important roles. In recent years, Singapore’s financial services industry has also been at the forefront of developing and adopting AI technology in their businesses. The Monetary Authority of Singapore (MAS) recently announced that it has rolled out a $27 ...
What's keeping local SMEs from obtaining business financing?
SINGAPORE (Oct 4): A majority of small medium enterprises (SMEs) in Singapore are unlikely to qualify for business financing, according to recent data from Linkflow Capital. Since Linkflow Capital's SME loans comparison web portal was launched in January, out of 1,065 SMEs which have utilised its free online loan assessment and comparison tool, 81% or 863 of the users may not meet these ...
How Singapore’s financial institutions are turning a threat into opportunity
SINGAPORE (April 6): In line with the global trend, 88% of respondents from Singapore’s financial institutions this year see financial technology (fintech) as a real threat to their revenue as compared to just 73% in 2016, according to a new report by PricewaterhouseCoopers (PwC). Redrawing the lines: FinTech’s growing influence on Financial Services draws on PwC’s 2017 Global FinTech ...
Singapore bank shareholders, brace for more pain: Bloomberg Gadfly
SINGAPORE (Feb 16): Singapore banks' problem with oil and gas services firms has just stepped up a notch. Pain from distressed loans to offshore energy companies dominated Oversea-Chinese Banking Corp.'s earnings call Tuesday and will probably be a hot topic when DBS Group Holdings Ltd. reports its own numbers Thursday. OCBC Chief Executive Officer Samuel Tsien repeated several ...