|
2007
|
Singapore fund management industry has done well in
last few years |
|
The trading of OTC commodity derivatives has
also flourished over the years. Last year, total trading volume amounted
to approximately US$600 billion, accounting for almost 8% of global
trades. |
|
Singapore is also home to the largest REIT
market in Asia ex-Japan with a total market capitalization in the region
of USD$20 billion. |
|
The Merrill Lynch report also noted an
interesting investment trend for HNWIs in Singapore. On the average,
alternative investments (including structured products) account for
almost 10% of total portfolio allocation for 2006... |
|
More..... |
|
|
Outlook for Singapore economy in 2008 |
|
MTI forecasts the Singapore economy to grow
by 4.5-6.5 per cent in 2008. This represents a moderation in growth
towards the economy's underlying potential rate, following four years of
above-trend growth. |
|
The market consensus is that the US
economy will slow down in the first half of 2008 as a result of
weaker credit and housing markets before resuming healthy growth
in the second half. This would support GDP growth in Singapore in
the upper half of the 4.5-6.5 per cent forecast range... |
|
More..... |
|
|
Proposed exemption from maximum credit card limit |
|
The Monetary Authority of Singapore (MAS)
has issued a consultation paper proposing to exempt card issuers from
complying with the maximum credit limit when issuing credit or charge
cards to individuals with an annual income of at least $120,000 or net
personal assets exceeding $2 million[1]. |
|
With the proposed exemption, card issuers
may determine the appropriate credit limits for this higher income group
in line with their assessment of the credit worthiness of these
individuals... |
|
More..... |
|
|
MAS issues revised property fund guidelines |
|
The revised Guidelines are intended to
improve safeguards for investors and to provide greater clarity and
flexibility for commercial transactions... |
|
MAS will amend the Securities and Futures
Act (SFA) to include REIT management as a regulated activity... |
|
More..... |
|
|
BIS Survey ranks Singapore as world's 5th largest FX
centre |
|
According to the latest survey by the Bank
for International Settlements (BIS), average daily foreign exchange (FX)
turnover volume in Singapore jumped 84% from the previous survey in
2004, to reach US$231 billion in 2007. |
|
The survey ranks Singapore as the
fifth largest FX centre in the world and the second largest in
Asia, closely behind Tokyo... |
|
The survey also ranks Singapore as eighth
largest centre globally in terms of over-the-counter (OTC) derivatives
trading, up from twelfth position in 2004... |
|
More..... |
|
|
Jackson Tai to step down as CEO of DBS |
|
DBS Group Holdings said today that Jackson
Tai will step down as Vice-Chairman and Chief Executive Officer (CEO) to
be with his family in the United States, and his last day at the bank
will be towards the end of this year... |
|
DBS has initiated an extensive global search
for the new CEO. In the interim, with the endorsement of the Boards, Koh
Boon Hwee, Chairman of DBS Group Holdings and DBS Bank, will with
immediate effect take on an active management oversight role. He will
oversee the Corporate Office to ensure continued strong leadership and a
smooth transition over the next few months... |
|
More..... |
|
|
No plans to change minimum annual income requirement
for credit cards |
|
"First, let me clarify that the minimum
annual income requirement to qualify for a credit card has not been
relaxed, and remains at $30,000. |
|
"There are no plans to change this. When Mr
Palmer mentioned the relaxation in the minimum annual income for credit
cards, I presume he was referring directly to payment instruments with a
maximum credit limit of $500. |
|
"MAS has exempted payment instruments with a
credit limit of less than $500 from MAS' rules to provide some leeway to
the market to innovate and develop convenient payment instruments..." |
|
More..... |
|
|
Banks to adopt new guidelines on home loans |
|
"These guidelines provide customers with
clear disclosures on the use of home loan board rates, the financial
indicator(s) against which these rates are benchmarked, and the basis
for the change in the rates over time... |
|
"The new guidelines are applicable to
loans taking effect from 15 June 2007 and not to loans committed
before that..." |
|
More..... |
|
|
Growth of structured finance products in Singapore |
|
Ms. Tay Bee Bee,
Director Monetary Authority of Singapore |
|
"Over the last 3 years, Singapore managers
originated more investment CDOs than any other country in Asia ex-Japan,
with an estimated S$6 billion of CDOs in 2006... |
|
"In Asia, Singapore has been pro-active in
providing clarity and certainty on the treatment of CDOs into our
regulatory regime. Banks have been allowed to invest in all tranches of
CDOs, while insurance companies have been permitted to invest in the
equity tranches of CDOs since January 2006..." |
|
More..... |
|
-
Singapore
Public Holidays 2008
-
Monograph on supervisory framework for financial institutions
|
UBS opens Wealth Management Campus in Singapore |
|
“ 'The Campus will be a centre of excellence
for development programmes targeted at employees and clients in the Asia
Pacific region. More importantly, it will also serve as a hothouse for
wealth management research and thought leadership in new wealth
management initiatives,' said Kathryn SHIH, Head of UBS Wealth
Management in Asia Pacific... |
|
"Equipped with state-of-the art
facilities, including a lecture hall with video conference
facilities and voice activated cameras, five seminar rooms, a
media lab for business technology training, networking and
administrative areas, UBS expects to train approximately 5,000
existing and future UBS Wealth Management staff by 2010..." |
|
More..... |
|
|
Police bust unlicensed moneylending syndicate |
|
"Seventeen Chinese men aged between 17 to 38
years old believed to be members of an unlicensed moneylending (UML)
syndicate were arrested in an island-wide operation conducted on 12
April 07. More than $130,000 in cash was seized... |
|
"Fifteen premises in Woodlands, Sengkang, Ang
Mo Kio, Toa Payoh, Hougang, Yishun, Sembawang, Serangoon and Changi were
raided during the operation, which lasted from 8pm on 12 April 07 to 1am
on 13 April 07..." |
|
More..... |
|
-
Bank Julius Baer opens wholesale bank branch in Singapore
|
Islamic finance in Singapore |
|
Mr Ng Nam
Sin, Executive Director, Monetary Authority of Singapore |
|
"We have reviewed our policies to
ensure that Islamic finance is not disadvantaged vis-à-vis
conventional finance... |
|
"Regulatory wise, we have worked
proactively with Financial Institutions in allowing Islamic
Finance transaction under existing regulation... |
|
"All these put together, along with
Singapore's open markets, efficient infrastructure and transparent
regulations allow Singapore to further develop itself as an
international financial centre offering Islamic Finance
possibilities..." |
|
More..... |
|
|
Proposed changes to rules for unsecured credit |
|
"A measured step of lowering the minimum
annual income threshold for unsecured credit facilities from $30,000 to
$20,000. A more conservative maximum credit limit of twice the
borrower's monthly income will be set for individuals in this $20,000 to
$30,000 income group, with no access to credit cards... |
|
"Create appropriate modifications to
the moneylenders regime. For instance, for unsecured loans of
$3,000 and below, no minimum income requirement would be imposed
but such loans would be subject to an interest rate cap..." |
|
More..... |
|
The Banking (Amendment) Bill passed |
| "Entities
that have not been approved to issue credit cards in
Singapore will be prohibited from soliciting for or
accepting card applications in Singapore, and this
applies equally to third parties acting on their
behalf... |
| "The
proposed regime also clarifies that single party
merchant credit is exempted from regulation. Such
an arrangement, where the card is used only for
transactions with the issuer, is essentially a deferred
payment scheme offered by merchants to their customers. |
| "In
addition, a new exemption for cards granting credit in
small amounts not exceeding S$500 will be introduced.
This allows flexibility in payments for small-ticket
items without raising substantial concerns about
Singaporeans spending beyond their means..." |
|
More..... |
|
-
Changes to CPF Minimum Sum and Investment schemes from 1 Jan 2007
2006
Expansion of the hedge fund industry in Singapore |
|
Mr Ong
Chong Tee, Deputy Managing Director, Monetary Authority
of Singapore |
|
"In
Singapore, we have seen a steady increase in the number
of hedge fund managers - from a handful 5 years ago to
over a 100 now. |
|
"It is not
only small boutique firms but many large well-known
hedge funds have also set up operations in Singapore,
drawn by a pro-innovation and competitive business
environment, high regulatory standards and trusted legal
regime, and the available talent pool..." |
|
More..... |
|
Banking (Amendment) Bill - First Reading in Parliament |
|
"The Bill introduces a requirement for
foreign full and wholesale bank branches to maintain a minimum
level of eligible assets in Singapore in proportion to their
liabilities... |
|
"Such a requirement would help to
improve the recovery of assets from a failed foreign bank branch
in Singapore to meet the claims of Singapore depositors..." |
|
More..... |
|
Challenges for the Asia Bond Market |
|
Mr Heng
Swee Keat Managing Director of the Monetary Authority of Singapore |
|
"Most Asian markets are still dominated
by local investors, comprising mostly banks, insurance companies
and pension funds. Anecdotal evidence suggests that on average,
non-resident investors hold less than 5% of Asian bonds... |
|
"After the financial crisis, most Asian
economies lifted restrictions on foreign participation in their
bond markets... |
|
"But I believe we need to go much
further - beyond removing barriers to foreign participation, we
should be actively facilitating foreign participation, and
integrating our markets into the global system..." |
|
More..... |
|
-
34 people to be charged in court for assisting loansharks
-
15 sleight-of-hand cases reported since January 2006
-
New 20-year SGS bond to further develop Singapore's debt market
-
NETS launches debit card payment service for the taxi market
-
Marina
Bay Financial Centre (MBFC) unveiled
How Singapore can contribute to Asia's infrastructure
financing activities |
|
Lee Chuan
Teck, Executive Director, Monetary Authority of
Singapore |
|
"On the other hand, Asian property developers
who need to raise funds efficiently issue a REIT in Singapore because
there is a ready pool of investors there. In this way, Singapore became
the conduit for funneling global investments to Asian property
developments. |
|
"The same can be done for infrastructure.
Singapore is a leading project finance hub in Asia. Leading banks such
as Standard Chartered, Bank of Tokyo-Mitsubishi, Sumitomo Mitsui, Mizuho
and BNP Paribas having sizeable on-shore project finance teams to access
regional opportunities..." |
|
More..... |
|
UK Securities & Investment Institute opens Singapore
office |
|
"The SII anticipates offering its front and
back office qualifications in Singapore, otherwise known as the
Certificate and IAQ suite. It has appointed Mona Poomy as its VP based
in Singapore. |
|
"SII
examinations are approved by the Monetary Authority of Singapore (MAS)
and there are a large number of international banks with offices in
Singapore who are keen that their workforce are trained to the same
standard of competence as those in the UK..." |
|
More..... |
|
-
Incentives to encourage development of infrastructure finance
-
Police may not allow some IMF/WB civil society representatives to enter
Singapore
-
Singapore tightens security ahead of IMF/World Bank meetings
-
Police arrest Malaysian for smuggling counterfeit S$1 coins
Proposed Changes to Unsecured Credit Rules |
|
"To lower the minimum income threshold
for unsecured credit facilities to $20,000 from $30,000. The minimum
income requirement for credit cards remains at $30,000. |
|
"To set the maximum aggregate credit
limit of all unsecured personal credit facilities and credit cards
granted by a financial institution at four times monthly income for
individuals with at least $30,000 in annual income. For individuals
with annual income of at least $20,000 and below $30,000, the maximum
aggregate credit limit will be twice their monthly income..." |
|
More..... |
|
-
Proposed
changes to the Banking Act
-
No outdoor demonstrations and processions during IMF/WB meetings
Singapore's GDP growth for 2006 likely to be 5% to 7% |
|
Mr Heng
Swee Keat, Managing Director, Monetary Authority of
Singapore |
|
"The Singapore economy grew by a robust 6.4%
last year... |
|
"Barring any unexpected shocks in the
external environment including an escalation in geopolitical risks in
the second half of this year, GDP growth for the year as a whole is
likely to be in the range of 5 to 7%..." |
|
More..... |
|
Singapore sees growth in debt capital market |
|
Mr Ong
Chong Tee, Deputy Managing Director, Monetary Authority
of Singapore |
|
"...First, real estate investment trusts or
REITs. These have seen explosive growth, particularly in Singapore and
Hong Kong over the last 3 years... |
|
"In Singapore, the market capitalization
weighted-average returns since IPO have been exceptional at over 30%.
The market has also moved beyond traditional REITs to other products
like shipping trusts and hotels... |
|
"Singapore is also a fertile ground for
CMBS development due to its stable economic environment (sovereign
credit rating AAA/Stable/A-1+) and robust legal and land title
system which have enabled structured finance issuers to raise
highly rated debt...." |
|
More..... |
|
Singapore as A Leading Wealth Management Hub |
|
Mr Ong
Chong Tee, Deputy Managing Director, MAS |
|
"Rising wealth in Asia, and the focus
on Asian growth prospects have seen total assets under management
in Singapore's fund management industry grow from about S$280
billion in 2000 to much more than S$600 billion now. |
|
"Growth in private banking assets under
management has also been strong, with anecdotal feedback suggesting
Singapore private banking AUM averaging 20% per annum over the past
few years to about US$200 billion currently... |
|
"Our reputation for high standards of
regulation and supervision and a robust legal and judicial
framework, is trusted by financial intermediaries and clients alike
to conduct wealth management activities..." |
|
More..... |
|
-
MAS sets up payment systems for liberalised stored-value card market
-MAS
conducts first mystery shopping survey on financial advisory practices
-
Singapore's insurance and re-insurance industry - next phase
-
Six foreigners arrested for theft from ATMs; S$370,000 cash seized
-
MAS launches SGS electronic bond trading platform
-
Gradual and modest appreciation of Singapore dollar expected
Deposit Insurance Scheme launched in Singapore |
|
 |
|
"From 1 April, the deposit insurance scheme
will compensate individuals and charities for the first $20,000 of their
Singapore dollar deposits in standard savings, current and fixed deposit
accounts, net of liabilities, in the event that their bank or finance
company fails...." |
|
More..... |
|
-
Khoo Teck Puat Estate agrees to sell Stanchart shares to Temasek
-
Performance of Singapore economy in 2005
-
Importance of corporate governance for insurance companies
-
MAS liberalises multi-function stored-value card market
2005
-
CPF Board tightens admission criteria for new CPFIS funds
Changes proposed for nomination of beneficiaries in
insurance policies |
|
"Presently,...a nomination by a policyholder
of his spouse and/or children will automatically create
a statutory trust in favour of the spouse and/or children governed by section 73 of the
Conveyancing and Law of Property Act (CLPA). |
|
"The creation of a statutory trust
effectively causes the policyholder to lose all rights to and control
over the policy. This means that without the consent of all the
beneficiaries, he cannot make any change to his nomination or the terms
of the policy... |
|
"MAS proposes to amend the Insurance Act to
bring under its purview the nomination of beneficiaries
in respect of the proceeds of insurance policies..." |
|
More..... |
|
-
MAS releases Financial Stability Review for 2nd half 2005
-
Emergence of
New Poor a worrying trend
-
Singapore household debt and credit card bankruptcies
-
Key indicators on Singapore's Corporate Sector 1999-2003
-
Treasury survey shows foreign exchange trading reaching 7 year high
-
MAS enhances corporate governance for banks & insurers
Financial Industry Disputes Resolution Centre launched |
|
"First, by
handling all disputes that relate to forms of
financial transactions, it provides consumers the
convenience of a one-stop centre... |
| "Third, FIDReC is
affordable. To ensure easy access, mediation services
will be free. If current trend continues, it means
that 95% of all cases handled by FIDReC will be free.
Should adjudication be needed, consumers will pay just
$50." |
|
More..... |
|
|
Findings of First National Financial Literacy Survey |
|
"The majority of Singaporeans save, monitor
their spending and are generally responsible in the use of credit... |
|
"While these findings are positive, the
survey showed that many do not have a clear idea of how much they would
need for their retirement. |
|
"Many have also not set aside sufficient cash
savings to meet emergency needs. In addition, the majority are not aware
of the key features of common financial products such as life insurance
policies and unit trusts..." |
|
More..... |
|
-
Strong performance in financial services sector in 2004
|
Policy changes affecting the property market |
|
- |
increase the
housing financing limit to 90% of the property value |
|
- |
lower the
cash payment for private residential properties from 10%
to 5% |
|
- |
allow CPF
members to use their CPF savings to purchase private
residential properties with remaining leases of 30 to 60
years |
|
- |
allow non-related
singles to use their CPF savings to jointly purchase
private residential properties |
|
- |
phase out
the Non-Residential Properties Scheme (NRPS) by 1 Jul
2006 |
|
- |
allow
foreigners to purchase apartments in non-condominium
developments of less than 6 levels without the need to
obtain prior approval |
|
More..... |
|
-
5-day clearing week for banks from 15 May 2006
-
Performance of Singapore Economy in 1st Quarter 2005
- MAS
Monetary Policy Statement
-
Singapore Public Holidays 2006 Gazetted
-
Singapore Budget
2005
-
Securities & Futures (Amendment) Bill 2005 passed
-
Financial Advisers (Amendment) Bill 2005 passed
-
Citibank Singapore Ltd incorporates in Singapore
-
No first-year cash rebates for housing loans from 6 Jan 2005
2004
- Singapore
derivatives market being developed further
- NYMEX
may set up futures exchange in Singapore
- Financial
Industry Disputes Resolution Centre
- National
Electronic Bills Payment Hub Implemented
- MAS
issues guidelines on switching
- MAS
Guidelines on Structured Deposits Issued
|
Singapore's
last ATC to close on 1 Oct 2004 |
|
DBS and
the Singapore Exchange will shut Singapore's last
authorised trading centre (ATC) at DBS's Shenton Way
branch on 1 Oct 2004. In 1994, there were 133 ATCs in
107 branches of local banks and 26 broking houses. |
|
Source:
Straits Times 29 Sep 2004 (M1) |
|
- Survey
of Singapore Treasury Activities 2003
|
Number
of affluent people here up by 25% |
|
The number
of affluent people in Singapore has gone up by 25%
since 1998, according to a new study by London-based
business and consultancy firm Datamonitor. |
|
There are
now over 415,000 individuals here with more than
USD50,000 in onshore liquid assets such as cash,
deposits, stocks and unit trusts. Total investible
wealth of Singapore's mass affluent increased to
USD112 billion in 2003, from USD87 billion in 1998. |
|
Source:
Straits Times 9 Sep 2004 (A15) |
|
- Phishing
alert by OCBC Bank
- MAS
specifies procedures under current housing loan rules
|
Bank's
mortgagee sale of HDB flat a first |
|
OCBC Bank has
put a 3-room HDB flat up for sale, the first mortgagee sale
by a bank since the HDB home loan market was opened to banks
on 1 Jan 2003. OCBC's head of consumer secured lending, Mr
Gregory Chan, said it had put the HDB flat on the market
because the owner had volunteered to give it up. "We
have not repossessed any HDB flat, and by that, we mean that
we have not forced any HDB home owner to surrender his flat
because he defaulted on his loan," he added. |
|
Straits Times 21
Aug 2004 (H10) |
|
|
