financial services

Singaporeans love their banks but remains wary of other asset managers, finds survey
SINGAPORE (Sept 20): While a majority of Singaporeans view the city state’s financial services sector as more trustworthy than a decade ago, many are cautious towards less familiar sub-industries and new & emerging digital financial services companies. This is according to the inaugural 2018 Financial Services Reputation Index, launched today by MHP Communications and ORC International, ...
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 ...
Singapore's central bank chief sees sustainable growth at 2-4%
(Jan 15): Singapore’s economic recovery is broadening out in the city state, but there are still “real challenges” in the labor market, central bank Managing Director Ravi Menon said. Sustainable economic growth is estimated at 2% to 4%, Menon told delegates at the UBS Wealth Insights Conference Monday in Singapore. Manufacturing is resilient and financial services are “doing well,” ...
Singapore unveils plan to create 4,000 finance sector jobs
(Oct 30): Singapore wants to bolster its status as a wealth management and foreign-exchange center as part of plans to create more financial-sector jobs and mitigate the effect of rapid changes in technology. In a plan unveiled Monday, the Monetary Authority of Singapore said it aims to create 4,000 net new jobs in financial services and financial technology, and achieve real growth in the ...
Vibrant Group acquires ASX-listed thermal coal producer for $40 mil
SINGAPORE (July 13): Vibrant Group has acquired Blackgold International Holdings, a China-based thermal coal producer listed on the Australian Securities Exchange (ASX), for a consideration of A$36.6 million ($40 million). Blackgold predominantly sells its thermal coal to power plant customers in China. With the acquisition, it has become a wholly-owned subsidiary of the logistics, real ...
Life insurance startup Singapore Life raises $70 mil in funding
SINGAPORE (April 27): Singapore Life has raised US$50 million ($70 million) in Series A funding round led by Hong Kong listed Credit China FinTech Holdings through its subsidiary, Impact Capital Holdings, as well as UK-based investment firm IPGL Limited. In a Thursday press release, the life insurance startup says this marks the largest-ever Series A funding round by a Singapore-based ...
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 ...
Financial services companies need to make bespoke banking practical by knowing their customers
(Feb 13): If you could do your banking on Facebook and purchase investment products on Amazon and insurance through Google, would you? According to Accenture’s latest research, you might be tempted to if the offer is right, which poses a challenge to financial services firms who now must consider competition from all corners. According to global Distribution & Marketing Consumer research ...
What Singapore’s financial sector could really use right now
SINGAPORE (Jan 12): Accenture, the global professional services company, has published a new report suggesting that as financial services firms look to integrate robot and human services, they face the challenge of blending a physical presence with advanced digital user-experiences. Accenture’s Distribution & Marketing Consumer research study includes a survey of nearly 33,000 consumers ...
ST Electronics security solution gains approval for UK government use
SINGAPORE (Dec 23): ST Electronics says its AgilFence Perimeter Intrusion Detection System (PIDS) has met the UK Centre for the Protection of National Infrastructure (CPNI) standard. This covers the PIDS’ use for protection of critical national infrastructure covering communications, emergency services, energy, financial services, food, government, health, transport and water sectors. In ...