“Financing and lending to local businessesis is now open to all foreign bank branches. As technical matters are involved, further clarifications and details will be released,” he said. According to Notification No. 6/2018 dated November 8, all branches of foreign banks have been given the right to provide financing and other banking services to local businesses. While applauding the move, officials from local banks said the CBM should elaborate on what constitutes “other banking services”. On the face of it, “the decision is a good one for local banks. But we need to study the details, especially the interest rates. If foreign banks are allowed to offer more flexible rate options while local banks remain restricted, it will not be a fair playing field,” said U Than Lwin, adviser to KBZ Bank and former vice governor of the CBM. Businesses welcomed the move, which comes after the CBM allowed foreign banks to provide export … [Read more...] about Central Bank allows foreign banks to lend to local businesses
Singapore open bank account foreigner
It was a major scoop for The Straits Times, Singapore’s newspaper of record: an exclusive interview with Xavier Justo, the former PetroSaudi executive-turned-whistleblower in the 1Malaysia Development Berhad (1MDB) scandal, while he languished in a Bangkok prison. Now, a story in The Edge Singapore claims that the interview had been scripted by Saudi oil producer PetroSaudi. The US Justice Department alleged in 2016 that 1MDB officials had used a PetroSaudi joint venture as cover to transfer US$700 million to an unrelated account. The dailyReport Must-reads from across Asia - directly to your inbox During the 2015 interview, Justo told The Straits Times’ then Indochina bureau chief Nirmal Ghosh that he had been promised US$2 million by a Malaysian businessman for information related to 1MDB. Tong Kooi Ong, chairman of the Malaysia-based Edge Media Group, admitted after the story was published that he and his publisher, Ho Kay Tat, had misled Justo into believing that … [Read more...] about Did Singapore’s Straits Times get spun on 1MDB?
In a move to cut down salary disputes, new foreign domestic workers applying for a Singapore work permit from Sept 1 can also opt to open a bank account. Centre for Domestic Employees (CDE) chairman Yeo Guat Kwang said the account would maintain a record of salary transfers that can help resolve disputes between maid and employer. "We want to be more active in solving salary disputes," he told reporters on the sidelines of the May Day Domestic Employees Celebration at Kovan Hub yesterday. No minimum sum is required to set up the POSB bank account. Mr Yeo said the bank card can be used as an ez-link card and as a CDE membership card that carries certain benefits and discounts. A free SIM card will also be thrown in to attract more sign-ups. Maids already working here can apply for the service at CDE offices in City Plaza, Peninsula Plaza and Union Square, Mr Yeo said. This new initiative follows a tie-up between CDE and DBS Bank last year to create a POSB account specially for maids to … [Read more...] about New maids get free bank account to help resolve salary disputes
Smartphone banking is outpacing all other types of digital growth, highlighting the challenges for traditional banks in the region and the opportunities for their online-only counterparts, according to the latest survey entitled ‘Asia’s digital Banking race: Giving customers what they want” by McKinsey yesterday. Key findings from the survey, which covers 15 Asian markets, including Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, Myanmar, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The survey also focus on the doubling of digital banking penetration in Emerging Asia, growing 1.5 to 3 times since the last survey in 2014. Smartphone banking penetration has grown at a faster pace than overall digital banking, jumping 2- to 4-fold in many Emerging Asian countries Nearly half of Emerging Asian respondents not using digital banking today are likely to do so in future, meaning digital banking penetration here is … [Read more...] about Smartphone leads as emerging Asia embraces digital banking
Migrant shipyard workers return to their dormitories in a lorry after a day's work in Singapore on April 4, 2017. (Reuters photo) SINGAPORE: The city-state will help migrant workers set up bank accounts to ensure wages are paid after a report by a support group found some employers skipped town without paying their workers. The wealthy city-state with a rapidly ageing population of 5.6 million relies on a large number of temporary workers in sectors ranging from construction, manufacturing to services. A recent report by the Migrant Workers' Centre (MWC), run by the National Trades Union Congress (NTUC), about unpaid wages raised concerns that Singapore's foreign workers may not be adequately protected financially. Led by the MWC in partnership with POSB Bank, owned by the country's largest lender DBS Bank, the programme looks to enrol 200,000 workers in the first year. "With the proper records, and with the bank accounts, we will also be able to verify whether the salary has … [Read more...] about Singapore helps migrant workers track income