https://www.scmp.com/rss/519718/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Jiaxing Li Jiaxing Li United Overseas Bank (UOB), Singapore’s third-largest lender by assets, is aiming to dominate trade financing in Southeast Asia, capitalising on the region’s appeal as a beneficiary of a widening rift between the US and China. The bank, which serves thousands of small and medium enterprises (SMEs) and corporate giants, wants to capture a bigger slice of the US$2 trillion trade flows in the region, according to Frederick Chin, head of group wholesale banking and markets. “The bright spot will be... https://www.scmp.com/business/banking-finance/article/3277665/singapores-uob-wants-dominate-us2-trillion-trade-finance-market-southeast-asia?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3277665/singapores-uob-wants-dominate-us2-trillion-trade-finance-market-southeast-asia?utm_source=rss_feed Sun, 08 Sep 2024 22:00:32 +0000 Jiaxing Li Jiaxing Li The rivalry between China and the US, the world’s two largest economic powers, is bringing a massive wave of opportunities to Southeast Asian nations (Asean) in terms of fresh investment and trade diversification, experts said. The geopolitical tensions have prompted more manufacturers to diversify their supply chains to the region at a quicker pace, said William Fung, deputy chairman of Li & Fung, a Hong Kong-based pioneer in consumer goods supply chain. This will help these Southeast Asian... https://www.scmp.com/business/companies/article/3277547/southeast-asia-reaps-rewards-us-china-rivalry-rocks-global-supply-chains?utm_source=rss_feed https://www.scmp.com/business/companies/article/3277547/southeast-asia-reaps-rewards-us-china-rivalry-rocks-global-supply-chains?utm_source=rss_feed Fri, 06 Sep 2024 12:18:34 +0000 Aileen Chuang Aileen Chuang Hong Kong, an international financial centre with a wealthy population, has been prone to fraud and scams, with cases and monetary losses skyrocketing to record levels last year. These crimes have not only turned into a growing epidemic but are also evolving, helped by technological innovations and a rapid increase in the scale and volume of organised crime globally. As the city’s regulators, law enforcement officials and banks rolled out multiple measures and campaigns to fight deception... https://www.scmp.com/business/banking-finance/article/3272833/how-can-you-protect-yourself-financial-scams-what-should-you-do-if-you-fall-victim?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3272833/how-can-you-protect-yourself-financial-scams-what-should-you-do-if-you-fall-victim?utm_source=rss_feed Thu, 01 Aug 2024 23:00:11 +0000 Citigroup Inc., DBS Group Holdings Ltd. and other banks caught up in Singapore’s biggest money-laundering scandal are ramping up scrutiny of their wealthy customers and potential clients to avoid exposure to illicit flows, according to people familiar with the matter. Private bankers at several institutions are also receiving additional training to help them spot tricks used by criminals to mask their backgrounds and sources of funds, said the people, who asked not to be identified discussing... https://www.scmp.com/news/asia/southeast-asia/article/3265984/singapore-banks-red-flags-no-english-guangdong-or-fujian-hong-kong-links?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3265984/singapore-banks-red-flags-no-english-guangdong-or-fujian-hong-kong-links?utm_source=rss_feed Mon, 10 Jun 2024 01:19:00 +0000 In a Singapore courtroom on Friday, the last of those arrested for their involvement in the island nation’s biggest laundering case pleaded guilty, paving the way for the next steps in the S$3 billion (US$2.2 billion) scandal. The city state must now decide what to do with a fortune in forfeited assets, from luxury properties to collectible ornamental bears and branded handbags. There’s also several hundred million dollars of local and foreign currencies in accounts at some of the world’s top... https://www.scmp.com/news/asia/southeast-asia/article/3265891/money-laundering-scandal-singapore-looks-how-offload-seized-assets-worth-us22-billion?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3265891/money-laundering-scandal-singapore-looks-how-offload-seized-assets-worth-us22-billion?utm_source=rss_feed Sat, 08 Jun 2024 06:08:01 +0000 Billions of dollars of illegal Chinese funds are exiting mainland China and passing through Southeast Asia’s online gambling and scam centres, as they rapidly replace Macau’s gaming junkets as the route of choice for financial criminals. Some of this dirty money has washed up in Singapore, but the city state, which prides itself on its squeaky-clean reputation, is spearheading an international fight against money laundering. Massive laundering case reveals dark side of Singapore’s bid to lure... https://www.scmp.com/week-asia/economics/article/3260532/forget-macaus-junket-launderers-dirty-chinese-cash-has-new-home-southeast-asias-casino-scam-hubs?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3260532/forget-macaus-junket-launderers-dirty-chinese-cash-has-new-home-southeast-asias-casino-scam-hubs?utm_source=rss_feed Sat, 27 Apr 2024 01:30:09 +0000 A Chinese tycoon who had snapped up mansions and offices in Hong Kong and London faces demands from banks to repay more than $200 million of loans for which he and his family had provided personal guarantees. Nanyang Commercial Bank has demanded payment from Chen Hongtian, chairman of Hong Kong-based Cheung Kei Group, and his wife, Chen Li Ni Yao, on five overdue term-loan facilities totalling HK$799 million (US$102 million), including default interest, according to a writ dated April 17. Each... https://www.scmp.com/business/banking-finance/article/3259866/chinese-tycoon-chen-hongtian-faces-demands-more-us200-million-overdue-property-related-loans?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3259866/chinese-tycoon-chen-hongtian-faces-demands-more-us200-million-overdue-property-related-loans?utm_source=rss_feed Mon, 22 Apr 2024 04:34:36 +0000 A scion of the Wee family, Singapore’s richest banking dynasty, is buying a S$39.5 million (US$29 million) mansion, taking advantage of a lull in the high-end real estate market. Grace Wee Jingsi, the youngest child of United Overseas Bank Ltd. CEO Wee Ee Cheong, is buying the so-called good class bungalow at Ford Avenue, according to property filings lodged March-end seen by reporters. The house is co-owned by Choo Chiau Beng, whose former roles include being CEO of the infrastructure giant now... https://www.scmp.com/news/asia/southeast-asia/article/3257676/singapore-banking-dynasty-scion-pays-us29-million-mansion-amid-lull-high-end-property-market?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3257676/singapore-banking-dynasty-scion-pays-us29-million-mansion-amid-lull-high-end-property-market?utm_source=rss_feed Wed, 03 Apr 2024 05:36:53 +0000 As new art fairs pop up around Asia, organisers are keen to make theirs stand out as the competition heats up, especially given the downturn in the art market this year. Art Central, the main satellite fair held to coincide with the Art Basel Hong Kong contemporary art fair, returns to its original venue on the Central harbourfront this year. Within its signature white marquee, the traditional booth format has been retained, but it has been jazzed up by the presentations of Hong Kong art the... https://www.scmp.com/lifestyle/arts-culture/article/3256936/art-central-satellite-fair-art-basel-hong-kong-plays-performance-art-and-draws-crowd?utm_source=rss_feed https://www.scmp.com/lifestyle/arts-culture/article/3256936/art-central-satellite-fair-art-basel-hong-kong-plays-performance-art-and-draws-crowd?utm_source=rss_feed Wed, 27 Mar 2024 10:15:26 +0000 DBS Group Holdings Ltd.’s fourth-quarter profit came in short of analyst expectations amid signs of pressure on margins. And while 2023 results hit a record, Chief Executive Officer Piyush Gupta’s compensation got hit due to last year’s digital banking disruptions. Net profit, excluding one-time items, rose 2 per cent to S$2.39 billion (US$1.78 billion) in the three months ended December 31, Singapore’s biggest lender said in a statement on Wednesday. That was below the S$2.44 billion average... https://www.scmp.com/news/asia/southeast-asia/article/3251203/dbs-boss-piyush-gupta-takes-us3-million-pay-cut-over-singapore-digital-banking-disruptions?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3251203/dbs-boss-piyush-gupta-takes-us3-million-pay-cut-over-singapore-digital-banking-disruptions?utm_source=rss_feed Wed, 07 Feb 2024 03:50:15 +0000 Wee Cho Yaw, the former chairman and CEO of Singapore bank UOB, has died at the age of 95. Wee is one of Southeast Asia’s most successful businessmen, having helmed UOB Group for more than 60 years before he retired from the board in 2018. He was also chairman of real estate developer UOL Group. In a statement on Saturday, UOB said: “It is with deep sadness that UOB announces the passing of Dr Wee Cho Yaw, Chairman Emeritus and Adviser to the UOB Group at the age of 95. “Dr Wee, a visionary... https://www.scmp.com/news/asia/southeast-asia/article/3250821/singapore-banking-tycoon-wee-cho-yaw-former-uob-chairman-dies-95?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3250821/singapore-banking-tycoon-wee-cho-yaw-former-uob-chairman-dies-95?utm_source=rss_feed Sat, 03 Feb 2024 05:22:46 +0000 Gloria Fung Gloria Fung Known as one of the world’s most attractive cities for investment and commerce, over the past two decades Singapore has increasingly become home to top talent in tech, finance and other industries. Combine these stable investment environments with a culturally diverse population, and you have a city that’s appealing to expats from just about everywhere around the world. The influence of the expat community has changed the commerce landscape, so much so that the wealthiest person now is a... https://www.scmp.com/magazines/style/entertainment/article/3249709/who-are-10-richest-people-singapore-net-worths-ranked-leo-koguan-fan-teslas-elon-musk-haidilao-co?utm_source=rss_feed https://www.scmp.com/magazines/style/entertainment/article/3249709/who-are-10-richest-people-singapore-net-worths-ranked-leo-koguan-fan-teslas-elon-musk-haidilao-co?utm_source=rss_feed Tue, 30 Jan 2024 04:38:48 +0000 InnoVen Capital Group, a leading Southeast Asian venture debt provider, has bulked up its cash hoard to finance China’s early-stage companies, as challenges ranging from China’s slow economic recovery to regulatory uncertainties are limiting start-ups’ access to funding. The Singapore-headquartered venture debt company, announced on Friday that it had completed a US$130 million first close for its second China fund, which is a dollar-yuan dual currency fund with a total target size of US$250... https://www.scmp.com/business/banking-finance/article/3249871/singapore-venture-financier-innoven-eyes-chinas-technology-start-ups-after-us130-million-fundraising?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3249871/singapore-venture-financier-innoven-eyes-chinas-technology-start-ups-after-us130-million-fundraising?utm_source=rss_feed Fri, 26 Jan 2024 05:45:20 +0000 Taiwan’s economic and financial decoupling from China has deepened with the near-collapse of what was once the world’s largest Chinese bond exchange-traded fund market. It’s the latest example of the widening gap in relations between the two economies over the past decade due to geopolitical tensions, Western-led derisking of supply chains and China’s economic slowdown. And no matter the outcome of January’s critical presidential election in Taiwan, the decoupling – from markets to finance to... https://www.scmp.com/business/banking-finance/article/3244014/taiwans-big-china-etf-bust-shows-extent-financial-decoupling?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3244014/taiwans-big-china-etf-bust-shows-extent-financial-decoupling?utm_source=rss_feed Wed, 06 Dec 2023 03:32:14 +0000 Wang Dehai was already on the run when he made Singapore his home five years ago. Police in China were offering a bounty for information about him for his alleged role in an illegal gambling ring. Once in Singapore, Wang and his wife set up a family office and he got an employment pass, giving him the right to stay in the city state. They banked with Credit Suisse, and the couple got passports from the tax haven of Cyprus. Wang, 34, splurged on a S$23 million (US$17.2 million) condominium in the... https://www.scmp.com/news/asia/southeast-asia/article/3243751/dark-side-singapores-bid-lure-worlds-super-rich-exposed-massive-multibillion-dollar-money-laundering?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3243751/dark-side-singapores-bid-lure-worlds-super-rich-exposed-massive-multibillion-dollar-money-laundering?utm_source=rss_feed Mon, 04 Dec 2023 07:01:37 +0000 ESR Group, a real estate services and investment company, and property firm Chinachem Group have secured Hong Kong’s first green loan for a logistics facility, worth HK$8.8 billion (US$1.13 billion). The five-year loan will finance the construction of the Kwai Chung Cold Storage Logistics Centre. The seven-storey facility, to be constructed on a 55,245 square-metre site, will be the biggest cold storage unit to be built in the city in two decades. “Our cold storage logistics centre in Kwai Chung... https://www.scmp.com/business/banking-finance/article/3241036/sustainable-buildings-property-firms-esr-and-chinachem-clinch-hong-kongs-first-green-loan-worth?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3241036/sustainable-buildings-property-firms-esr-and-chinachem-clinch-hong-kongs-first-green-loan-worth?utm_source=rss_feed Fri, 10 Nov 2023 06:19:23 +0000 Singapore’s financial regulator will conduct an on-site inspection of Credit Suisse Group AG after at least one of its customers was charged for money laundering in a scandal that has rocked the city state. The local unit of Credit Suisse will be among banks the Monetary Authority of Singapore plans to examine to determine whether they properly handled the monitoring of wealthy clients, according to people familiar with the matter. Officials from the regulator are set to interview personnel and... https://www.scmp.com/news/asia/southeast-asia/article/3238322/singapore-scrutinise-credit-suisse-others-amid-massive-money-laundering-probe?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3238322/singapore-scrutinise-credit-suisse-others-amid-massive-money-laundering-probe?utm_source=rss_feed Wed, 18 Oct 2023 04:02:26 +0000 Singapore banks are increasing scrutiny of some Chinese-born clients with other citizenships, following last month’s crackdown on money laundering involving more than S$2.4 billion (US$1.8 billion) worth of assets that has rattled the Asian financial hub. Some lenders have been reviewing new account openings and transactions with clients of Chinese origin carrying investment-linked passports, people with knowledge of the matter said. At least one international bank is closing some accounts of... https://www.scmp.com/news/asia/southeast-asia/article/3235273/singapore-banks-tighten-checks-china-born-clients-other-citizenships-amid-money-laundering-probe?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3235273/singapore-banks-tighten-checks-china-born-clients-other-citizenships-amid-money-laundering-probe?utm_source=rss_feed Thu, 21 Sep 2023 04:23:08 +0000 A money laundering investigation in Singapore involving more than S$1 billion (US$740 million) is shining a light on fund flows from abroad and raising questions about loopholes that enabled an alleged crime syndicate to accumulate luxury property, Bentley cars and cryptocurrency. The investigation erupted into public view in mid-August after police arrested 10 foreigners – most originating from China – and accused them of laundering criminal proceeds. It has prompted questions about whether the... https://www.scmp.com/news/asia/southeast-asia/article/3233427/singapores-us740-million-wake-call-laundering-case-exposes-loopholes-dents-safe-haven-reputation?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3233427/singapores-us740-million-wake-call-laundering-case-exposes-loopholes-dents-safe-haven-reputation?utm_source=rss_feed Tue, 05 Sep 2023 04:03:09 +0000 Bloomberg,Reuters Bloomberg,Reuters Some of the biggest local and international banks in Singapore are becoming embroiled in one of the city state’s largest money laundering cases, involving over S$1 billion (US$740 million) of assets. In charge sheets seen by Bloomberg News, some of the individuals who were arrested and charged this month held funds totally millions from unlicensed moneylending in China, and illegal gambling in United Overseas Bank and the local units of Citigroup and RHB Bank. They also allegedly tried to cheat... https://www.scmp.com/news/asia/southeast-asia/article/3232886/singapores-banking-giants-entangled-us740-million-money-laundering-scandal?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3232886/singapores-banking-giants-entangled-us740-million-money-laundering-scandal?utm_source=rss_feed Thu, 31 Aug 2023 00:38:28 +0000 Boyan Slat is something of a hero as far as Destinations Known is concerned. The 29-year-old Dutch founder and CEO of The Ocean Cleanup – a non-profit organisation that develops technologies to rid oceans and waterways of plastic – has put his machines to work in Malaysia, Vietnam, Jamaica and the United States, as well as over the Great Pacific Garbage Patch, but the river clean-ups began in Indonesia, on April 1, 2019, when the company’s Interceptor 001 began sieving rubbish out of the... https://www.scmp.com/magazines/post-magazine/travel/article/3231354/tsunamis-trash-bali-based-river-warriors-clearing-indonesias-beaches-and-waterways-waste-and-helping?utm_source=rss_feed https://www.scmp.com/magazines/post-magazine/travel/article/3231354/tsunamis-trash-bali-based-river-warriors-clearing-indonesias-beaches-and-waterways-waste-and-helping?utm_source=rss_feed Thu, 17 Aug 2023 03:38:39 +0000 Foreign investors ramped up purchases of Malaysian assets last month in their hunt for carry returns amid bets global central banks are near the end of their tightening cycles. They bought a total of about US$2 billion of Malaysia’s stocks and bonds, according to data compiled by Bloomberg, the most since May 2017. More than 80 per cent of the total inflows went into the nation’s corporate and sovereign debt. Bond flows were likely concentrated in short-dated notes amid still attractive US... https://www.scmp.com/news/asia/southeast-asia/article/3230662/chinas-economy-falters-foreigners-look-malaysia-investing-us2-billion-stocks-and-bonds-july?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3230662/chinas-economy-falters-foreigners-look-malaysia-investing-us2-billion-stocks-and-bonds-july?utm_source=rss_feed Thu, 10 Aug 2023 22:00:11 +0000 The front-runner to become Thailand’s next prime minister has declared himself a “Swiftie,” and asked Taylor Swift to bring her tour to the country almost a decade after the American superstar cancelled a concert in the wake of a military coup. Swift’s scrapped Bangkok show in 2014 – soon after a junta seized power – remains a sour subject among her Thai fans, many of whom live in the Thai capital where Pita Limjaroenrat’s Move Forward Party won nearly all House of Representatives seats in the... https://www.scmp.com/news/asia/southeast-asia/article/3227005/thai-pm-hopeful-pita-limjaroenrat-swiftie-welcomes-taylor-swift-kingdom-make-2014-cancellation?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3227005/thai-pm-hopeful-pita-limjaroenrat-swiftie-welcomes-taylor-swift-kingdom-make-2014-cancellation?utm_source=rss_feed Sat, 08 Jul 2023 02:57:10 +0000 No artist has ever made more than US$1 billion in sales, but Taylor Swift is on track to do so with her soon-to-be record-breaking Eras Tour. Fans in Asia made headlines this week after crashing ticketing firm Ticketmaster, as demand for presale tickets for Tay Tay’s Singapore shows literally exploded the internet. The Eras Tour has made US$300 million from 22 shows so far, and with ticket sales of more than US$13 million each night while on the road, it’s set to become the highest-grossing... https://www.scmp.com/magazines/style/news-trends/article/3226738/should-you-see-taylor-swift-singapore-or-tokyo-getting-tickets-eras-tour-asia-hot-mess-fans-face?utm_source=rss_feed https://www.scmp.com/magazines/style/news-trends/article/3226738/should-you-see-taylor-swift-singapore-or-tokyo-getting-tickets-eras-tour-asia-hot-mess-fans-face?utm_source=rss_feed Thu, 06 Jul 2023 09:52:27 +0000 For more than 13 years, Piyush Gupta has led one of Singapore’s most iconic institutions, the bank that helped turn the Southeast Asian city state into one of the richest countries in the world. In his time as chief executive officer at DBS Group Holdings Ltd, Gupta has built the lender into Singapore’s largest listed company, moved early into wealth management and other key business areas and delivered equity returns that outstrip global peers. Now, that very success is creating an elephant in... https://www.scmp.com/news/asia/southeast-asia/article/3226371/singapores-dbs-faces-succession-dilemma-who-can-replace-all-star-banker-piyush-gupta?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3226371/singapores-dbs-faces-succession-dilemma-who-can-replace-all-star-banker-piyush-gupta?utm_source=rss_feed Mon, 03 Jul 2023 09:00:10 +0000 After being told by a woman in Singapore that he would receive a discount on each case of Pokemon cards from his bulk purchase on Carousell, one buyer paid her close to S$80,000 (US$60,000) in deposits. Another buyer consolidated orders from members of the Pokemon TCG Facebook group and paid a deposit sum of S$20,840 (US$15,550). Both buyers did not get any cards in the end. The woman, Koh Jia Wen, 26, was sentenced to 31 months’ jail after pleading guilty on Thursday to four counts of... https://www.scmp.com/news/asia/southeast-asia/article/3225061/singapore-jails-woman-swindling-pokemon-card-buyers-out-us162000-carousell?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3225061/singapore-jails-woman-swindling-pokemon-card-buyers-out-us162000-carousell?utm_source=rss_feed Thu, 22 Jun 2023 23:00:10 +0000 Hong Kong’s economy is expected to grow faster than previously forecast this year as consumer spending rebounds, while growth in rival financial hub Singapore is likely to slow as global demand weakens. The latest Bloomberg survey of economists, conducted on June 1-7, shows growth in Hong Kong will come in at 4.6 per cent in 2023, up from a previous estimate of 3.4 per cent. Singapore’s gross domestic product is projected to expand 1.4 per cent, down by half a percentage point, according to the... https://www.scmp.com/news/asia/southeast-asia/article/3223743/singapores-economy-set-slow-hong-kong-roars-back-life-survey?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3223743/singapores-economy-set-slow-hong-kong-roars-back-life-survey?utm_source=rss_feed Mon, 12 Jun 2023 03:32:07 +0000 Singapore’s banks are flush with deposits and have few options to deploy them amid a tepid lending environment. The city state’s central bank is one avenue. The issue was highlighted in May when DBS Group Holdings Ltd. Chief Executive Officer Piyush Gupta said during an analyst call that the bank had lent the Monetary Authority of Singapore S$30 billion (US$22.3 billion) as it is “not finding enough opportunities to put the money to work”. The liquidity surplus underscores how Singapore has been... https://www.scmp.com/news/asia/southeast-asia/article/3223205/singapore-banks-are-so-flush-cash-theyre-struggling-work-out-what-do-it?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3223205/singapore-banks-are-so-flush-cash-theyre-struggling-work-out-what-do-it?utm_source=rss_feed Wed, 07 Jun 2023 06:02:07 +0000 Amy Zhang Amy Zhang The recent announcement by the Hong Kong Securities and Futures Commission (SFC) that individual investors can from June 1 buy and sell digital assets – such as bitcoin or ethereum – has shifted the spotlight back on the city. While regulators around the world are clamping down on digital assets, Hong Kong seeks to re-establish its position as a global financial hub for digital asset innovation. But it is not just digital asset companies that will be supported by this new regulatory regime –... https://www.scmp.com/comment/opinion/article/3221939/how-hong-kong-can-re-establish-itself-global-digital-assets-hub?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3221939/how-hong-kong-can-re-establish-itself-global-digital-assets-hub?utm_source=rss_feed Mon, 29 May 2023 08:15:17 +0000 Singapore banks will be able to share information on potentially risky clients next year, a move aimed at curbing illicit flows amid the city state’s rise as a key financial and wealth hub. Parliament passed a bill on Tuesday that paves the way for the Monetary Authority of Singapore to set up and maintain a secure digital information-sharing system. The platform called Cosmic is meant to make it easier for financial institutions to detect and deter activities in areas like scams, money... https://www.scmp.com/news/asia/southeast-asia/article/3220007/singapore-readies-roll-out-anti-money-laundering-platform-prevent-1mdb-repeat?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3220007/singapore-readies-roll-out-anti-money-laundering-platform-prevent-1mdb-repeat?utm_source=rss_feed Wed, 10 May 2023 02:11:04 +0000 Hong Kong is well-positioned to connect nations and firms in the Association of Southeast Asian Nations (Asean) with China, as well as to bridge Asean companies to the offshore capital markets, as a hedge against a strong dollar, speakers at two major summits in the city said on Thursday. The Hong Kong stock exchange is seeing a “substantial amount” of interest from companies based in Asean nations, with several initial public offering applications in the pipeline, Nicholas Aguzin, CEO of bourse... https://www.scmp.com/business/banking-finance/article/3198267/hong-kong-well-positioned-help-asean-companies-tap-china-hedge-against-strong-dollar-officials-say?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3198267/hong-kong-well-positioned-help-asean-companies-tap-china-hedge-against-strong-dollar-officials-say?utm_source=rss_feed Thu, 03 Nov 2022 08:15:13 +0000 A steady stream of capital outflow from China poses a growing challenge to Beijing and emerging economies that are already struggling to cope with faltering economic growth and a rapid strengthening of the US dollar, according to analysts. The US Federal Reserve’s third-straight 75-basis-point rate hike on Wednesday raised benchmark interest rates to the highest level since 2008 and further widened the monetary policy gap between the world’s two largest economies. And with a fourth rate hike... https://www.scmp.com/economy/china-economy/article/3193442/chinas-capital-conundrum-us-fed-hikes-and-geopolitical-strife?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3193442/chinas-capital-conundrum-us-fed-hikes-and-geopolitical-strife?utm_source=rss_feed Thu, 22 Sep 2022 12:30:18 +0000 Singapore’s digital banking sector has been attracting much interest since regulators gave the green light for a wave of new banks, backed by the likes of tech giant Grab and legacy lender Standard Chartered, to operate in the Asian financial hub. Many had hoped the development could help inject new life into an industry long dominated by big legacy players, but observers say the launch of the city state’s first digital banks has proved a tad underwhelming. Lawrence Loh, a business professor at... https://www.scmp.com/week-asia/economics/article/3191919/will-singapores-new-digital-banks-gxs-and-trust-be-game-changer?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3191919/will-singapores-new-digital-banks-gxs-and-trust-be-game-changer?utm_source=rss_feed Sat, 10 Sep 2022 03:00:38 +0000 The debt crisis in China’s property industry is spiralling deeper into the abyss, as interim results from the country’s biggest developers showed most of them struggling to generate enough cash to service their loans amid a slowing economy. Private property enterprises, left to their own devices without the financial backing of the state, are bearing the brunt. Their average net profit plunged by 188 per cent in the first six months of 2022, according to a report by Singapore’s United Overseas... https://www.scmp.com/business/china-business/article/3191673/china-property-crisis-plunging-profits-leave-developers?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3191673/china-property-crisis-plunging-profits-leave-developers?utm_source=rss_feed Thu, 08 Sep 2022 03:30:30 +0000 Some fund managers are turning bullish on Chinese equities amid expectations that Beijing will implement more policy support and open liquidity to prop up the slowing economy, which will have a “multiplier effect on boosting consumption”. China is one of the few bright spots in the world now, with low inflation making room for more liquidity and policy support a key reason for turning overweight on Chinese stocks from neutral, said Abel Lim, head of wealth management advisory and strategy at... https://www.scmp.com/business/markets/article/3189309/singapores-uob-sees-chinese-stocks-outperforming-second-half?utm_source=rss_feed https://www.scmp.com/business/markets/article/3189309/singapores-uob-sees-chinese-stocks-outperforming-second-half?utm_source=rss_feed Thu, 18 Aug 2022 05:10:22 +0000 Distressed Chinese developer Shimao Group Holdings and four units have been sued by United Overseas Bank in Hong Kong, adding to broader signs of growing investor impatience amid the nation’s worsening property debt crisis. UOB alleged that Shimao and the group entities breached terms of certain loan and security agreements, by purportedly re-allocating loans and allotting shares between the entities without the Singapore bank’s consent, according to a writ in the High Court of Hong Kong dated... https://www.scmp.com/business/article/3186896/shimao-once-hailed-one-chinas-stronger-developers-sued-uob-over-terms-us13?utm_source=rss_feed https://www.scmp.com/business/article/3186896/shimao-once-hailed-one-chinas-stronger-developers-sued-uob-over-terms-us13?utm_source=rss_feed Thu, 28 Jul 2022 07:54:27 +0000 Chinese equities could still deliver as much as 20 per cent upside by year end as policymakers in Beijing step up stimulus spending to revive growth momentum after the economy stumbled last quarter, according to Citigroup. Infrastructure investments rose by 7.1 per cent in the first six months this year, according to government data, against the US bank’s forecast for a 7.7 per cent annual gain. That will augment measures by the central bank and other authorities to inject more liquidity, lower... https://www.scmp.com/business/markets/article/3185658/citigroup-sees-another-20-cent-upside-chinese-stocks-year-spending?utm_source=rss_feed https://www.scmp.com/business/markets/article/3185658/citigroup-sees-another-20-cent-upside-chinese-stocks-year-spending?utm_source=rss_feed Mon, 18 Jul 2022 08:14:14 +0000 They say great minds think alike. Perhaps devious ones are like that, too. My column from last week, “The US is priming Asia-Pacific for war”, has provoked some angry responses from readers, and also ridicule. Unbeknown to me, my argument that the United States could try to trigger a war with China over Taiwan and risk a major conflagration in Asia-Pacific was actually advocated as a strategy by Elbridge Colby, who was a deputy assistant secretary of defence for strategy and force development at... https://www.scmp.com/comment/opinion/article/3178981/us-strategy-portray-china-aggressor-over-taiwan?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3178981/us-strategy-portray-china-aggressor-over-taiwan?utm_source=rss_feed Tue, 24 May 2022 13:00:22 +0000 The embattled boss of the London Metal Exchange says the banking industry bears some responsibility for the conditions that led to a massive short squeeze that broke the nickel market. Banks last year lobbied against efforts to increase transparency in metals markets, LME chief executive officer Matthew Chamberlain said in an interview. The proposed changes would have allowed the LME to crack down on the large short position held by Tsingshan Holding Group Co before it caused an unprecedented... https://www.scmp.com/business/markets/article/3171094/lme-boss-says-banks-are-partly-blame-nickel-short-squeeze?utm_source=rss_feed https://www.scmp.com/business/markets/article/3171094/lme-boss-says-banks-are-partly-blame-nickel-short-squeeze?utm_source=rss_feed Sat, 19 Mar 2022 04:02:24 +0000 Not long after the novel coronavirus arrived in Singapore and forced the hyperconnected city state to shut its borders for the first time, a rumour circulated that a little-known investment manager was apparently delivering an astonishing 15 per cent quarterly profit to anyone who invested with him, by trading nickel. As word spread, more Singaporeans clamoured to give their money to the investment manager, a 34-year-old ex-accountant named Ng Yu Zhi. Funds within Ng’s Envy Group soon raised... https://www.scmp.com/magazines/post-magazine/long-reads/article/3170091/u1-billion-ponzi-scheme-scandal-shocked?utm_source=rss_feed https://www.scmp.com/magazines/post-magazine/long-reads/article/3170091/u1-billion-ponzi-scheme-scandal-shocked?utm_source=rss_feed Sun, 13 Mar 2022 00:15:19 +0000 Singapore’s biggest banks are restricting trade financing for Russian raw materials, as the war in Ukraine spurs lenders in Asia’s largest energy and commodities trading hub to reduce exposure to the sanction-hit country. The limits include a halt on issuing so-called letters of credit in US dollars for trades involving Russian commodities, including oil and liquefied natural gas, according to people familiar with the situation. DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United... https://www.scmp.com/news/asia/southeast-asia/article/3168754/ukraine-crisis-singapore-banks-limit-financing-russian-raw?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3168754/ukraine-crisis-singapore-banks-limit-financing-russian-raw?utm_source=rss_feed Tue, 01 Mar 2022 02:30:56 +0000