10th September 2019
Cross-border payment startups are rushing into Asia as deregulation of the sector has enabled online services to operate in the region, in a major threat to existing banks. Among them, TransferWise, a U.K.-based online remittance company, will launch a debit card in Singapore in the next couple of months and in… Read More
6th September 2019
Singaporean authorities disclosed the launch of a new e-service platform Thursday that is intended to help bank compliance teams identify discrepancies in trade-finance data.  Banks can use the Trade Finance Compliance (TFC) service, which hosts data obtained from permits issued by Singapore Customs, to conduct anti-money laundering (AML) compliance… Read More
14th August 2019
Singapore’s central bank is raising its guard against money launderers increasingly using onshore shell companies to mask their transactions, a senior official said. Valerie Tay, who heads the anti-money laundering department at the Monetary Authority of Singapore (MAS) said banks had closed accounts of several onshore shell companies over the… Read More
14th June 2019
Brazil’s Petrobras found suspicious activity in its oil trading business – and failed to stop it – six years before an alleged bribery scandal erupted in that unit in 2018, according to three people with knowledge of the situation and documents seen by Reuters. A 2012 internal probe at the… Read More
12th June 2019
Grab, Southeast Asia’s most valuable start-up, is exploring a move into Singapore banking as regulators in the Southeast Asian city-state consider allowing online-only banks, four people with knowledge of the process said. Grab is close to hiring a consultancy to advise it on its banking potential and is gearing up… Read More
29th May 2019
Growing demand by Asia’s rich for independent advisory services and access to a wide variety of investment products is spurring the surge of boutique wealth managers more associated with the established wealth hubs of Switzerland and London. The boutiques, or so-called external asset managers (EAMs), mainly tap small-and-mid-level business owners… Read More
26th April 2019
Singapore’s securities regulator has called for an independent review of fraud allegations made by a short-seller against Best World International Ltd, which knocked 9 percent off the cosmetics firm’s share price on Wednesday. Shares in the closely held Singapore-listed firm have halved since February when local media questioned Best World’s… Read More
28th March 2019
Local staff at the Singapore office of Wirecard may have committed crimes but these were not material to the German payment company’s financial position, an investigation by an outside law firm has found. Shares in Wirecard, under pressure since the Financial Times ran the first of a series of investigative… Read More
13th February 2019
Precious metal dealers in Singapore will have to conduct stricter customer due diligence checks (CDD) and submit details of suspicious transactions, under new measures to combat money laundering and terrorism financing. Law Minister Edwin Tong, in a Second Reading speech on the Precious Stones and Precious Metals (Prevention of Money… Read More
4th February 2019
The Monetary Authority of Singapore (MAS) has clarified its stance on whether remittance firms can lend out money following a query about their operations. The query, which was published in the Straits Times, said that many maids were being paid through a remittance firm. In its response, the watchdog cited… Read More