Bernard Chan

For banks, happy days are coming to an end — with a declining interest rate environment looming ahead, growth engines will be affected. Banks will have to transform its operating models from loans and interest functions, to fees and treasuries. At UOB day held in Kuala Lumpur for the first time since Covid-19, the bank which has its head office in Singapore spells out its targets for growth in the next three years. Keeping ROE at 14% and closing in on a 40% cost-income ratio by 2026, are some of them. Read my latest:

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THE CHESS BOARD OF PRIVATE EDUCATION That's now the RM1billion question in the market. Will he take Segi private? There has been a lot of activity recently in an increasingly more competitive private education sector. Taylor's International School, both the university and its schools and those under the "Garden International School" brand (of which I am Alumni from the original Garden School), is a dominant player but has always been private. It's big business, private education brings a higher standard, networking for the future, a solid educational foundation just look at the Doyen of private schools The Alice Smith School (again of which I am Alumni). But I digress. SEGi University & Colleges is one of the few who remain in the public arena. Even HELP University formerly listed has reverted into private hands. A common trend? The PE investors have reached the end of their fund cycle, usually after a handsome return. Is PE still looking at education? Some say yes, some no, because the emergence of edutech, virtual metaverse based universities and the accessibility of learning on apps has dramatically changed the landscape. As they always say, chess is a great game as long as you're not a pawn. Private education has Kings! [Declaration of interest: these are my own views and are unrelated in my employment in any capacity. The information I have is only sourced from the public arena]

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Kelvin Tan, CEO of audax, described Fintech as a phenomenal force driving multiple players of the ecosystem. He was particularly impressed by the dynamic discussions at Fintech Surge that are not just informing the businesses of what the future holds but also bringing the players together. The legacy of these amazing innovations will continue — see you at Fintech Surge 2025!  📅12- 15 October - Future Blockchain Summit - GITEX Impact - GITEX GLOBAL Largest Tech & Startup Show in the World - Expand North Star #FintechSurge #FTS2024 #FBSummit2024 #FutureBlockchainSummit #Fintech #Dubai #StartupsDubai #GITEXGlobal #ExpandNorthStarDubai #GITEXImpact

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Indonesian digital bank Superbank announced that it has reached 1 million users in less than two months since its public launch. 62% of Superbank’s customer base have linked their accounts to the Grab app since the feature became available in June. This allows them to open accounts, save, and make payments directly within the Grab app without the need for an additional app. Superbank offers products like flexible deposit accounts offering up to 7.5% interest per year and savings accounts with no administrative fees. In July 2024, Superbank secured additional funding of IDR 1.2 trillion (US$73.3 million) from its shareholders. Emtek holds the largest stake in the bank at 34.58%, followed by Grab’s PT Kudo Teknologi Indonesia with 21.29%, Singtel Alpha Investments Pte Ltd with 18.93%, and KakaoBank with 10%. #digitalbanking #funding #growth #superapp

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We've been closely following the emergence of digital banks in #Singapore, the likes of Trust Bank Singapore and GXS Bank are experiencing rapid growth driven by incentives and the increasing demand for enhanced digital channel experiences among SMEs. Today, the launch RHB Banking Group's Boost #Bank in #Malaysia marks a significant addition to the country's banking landscape. At RFI Global, we are committed to monitoring the impact of this development on consumer preferences and behavior and to understand if Boost's playbook will differentiate from other digital banks in the region. https://lnkd.in/dkp-Euji

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 Mobile fintech app usage in Southeast Asia has seen a dramatic increase, with penetration rates tripling since 2019, according to a recent report by UnaFinancial. As of May 2024, 49% of the region’s population is using mobile fintech apps, and this figure is projected to climb to 60% by 2030. Leading the charge is the Philippines, where mobile fintech penetration has reached 63% and is expected to grow to 72% by the end of the decade. Malaysia and Indonesia also show strong adoption rates at 55% and 49%, respectively, with Indonesia experiencing the highest growth rate in the past five years, rising from 9% in 2019 to 49% in 2024. The most popular fintech app segments in the region are digital wallets and payments, which account for 35% of the market, followed by mobile banking at 18%. Lending apps have shown the fastest growth, increasing from 1% in 2019 to 5% in 2024. However, investing and cryptocurrency trading apps remain less popular, each with only 2% penetration, likely due to global economic uncertainties. #FinTech #digital #Wallets #Payments #Lending

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By embracing remote work practices through digital transformation, businesses can increase flexibility, operational efficiency, and employee satisfaction. Read on to learn more

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Family offices – region’s sweet spot 'Alvin Lee, country CEO of Maybank Singapore, said that with the rising number of family offices across Asia, Forest City is now in a strong position to become one of the top destinations for high-net-worth individuals and institutional investors. “Forest City’s designation as a SFZ offers an alternative to established hubs such as Singapore, Hong Kong and Dubai, and is expected to attract capital inflows that will benefit regional financial institutions through wealth management and advisory services for family offices,” he told The Business Times. While the new incentives are promising, challenges remain. Loong Kok Wen, deputy director at RHB Investment Bank, highlighted stiff competition from established markets such as Singapore and Hong Kong. However, she noted that affluent individuals may still be drawn to Forest City for its family office potential. Though it may take years for the ecosystem to mature, early investors could benefit from first-mover advantages. The SFZ incentives offer financial institutions, including insurers and capital market intermediaries, deductions on relocation costs, enhanced building allowances, and withholding tax exemptions. Loong pointed out that these, along with Iskandar Malaysia’s benefits, could make Forest City a more compelling proposition for domestic and foreign investors.' https://lnkd.in/g-uCWrs9

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DBS Bank Digital Exchange (DDEx), one of the first banks to offer cryptocurrency services since its 2020 launch, has seen trading volumes triple in the first five months of the year. The number of active clients has increased by 36%, and assets under custody have grown by 80% in Singapore dollar terms. 💡 𝗥𝗶𝘀𝗶𝗻𝗴 𝗖𝗿𝘆𝗽𝘁𝗼𝗰𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗩𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻𝘀: The surge in trading volumes aligns with a more than 50% increase in cryptocurrency valuations during the same period, with Bitcoin appreciating by 62%. 💡 𝗟𝗲𝗴𝗶𝘁𝗶𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗔𝘀𝘀𝗲𝘁𝘀: Professional investors are increasingly viewing digital assets as a legitimate part of their alternative portfolios. Lim Wee Kian, CEO of DDEx, highlights the need for secure platforms that offer seamless access to digital asset services and the ability to manage both digital and traditional portfolios. 💡 𝗙𝘂𝘁𝘂𝗿𝗲 𝗣𝗹𝗮𝗻𝘀 𝗮𝗻𝗱 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁𝘀: DDEx is exploring the listing of stablecoins and enabling Ethereum staking for clients. With Paxos planning to launch a Singapore stablecoin and DBS providing custody of its reserves, this could be among the listed coins. 💡 𝗜𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝗮𝗹 𝗙𝗼𝗰𝘂𝘀: DDEx is not available to retail investors. It caters to institutions, family offices, and high-net-worth individuals who invest through DBS Private Bank. 💡 𝗕𝗹𝗼𝗰𝗸𝗰𝗵𝗮𝗶𝗻 𝗘𝗺𝗯𝗿𝗮𝗰𝗲: DBS Bank has been a pioneer in blockchain technology, co-founding the cross-border payments company Partior with JP Morgan and Temasek. The bank also participates in Project Guardian and various trade finance initiatives leveraging blockchain technology. Source: https://lnkd.in/eDnedYAB For more weekly insight and thought-provoking analysis, ensure you get your copy at 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗕𝘆𝘁𝗲𝘀: https://lnkd.in/ev-WMFzG. Make sure you sign up to get your weekly analysis. #Blockchain #DLT #Crypto #DigitalAssets #Fintech #DBS #DigitalExchange #Innovation #FinancialServices #Ethereum #Stablecoins

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🚀 Singapore Strengthens Its Position as a Digital Asset Hub: OKX Secures Key Licence OKX Singapore has officially secured a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore, enabling the platform to offer enhanced digital payment token and cross-border money transfer services. This approval marks a significant milestone in Singapore's journey to becoming a leading digital asset hub. Former Grab executive, Ms. Gracie Lin, now leads OKX Singapore as CEO, bringing nearly two decades of experience to her new role. With this licence, OKX joins a select group of licensed crypto exchanges in Singapore, further expanding its influence in the global crypto market. Ms. Lin is set to focus on compliance and product innovations, including the expansion of the platform’s token offerings and the introduction of SGD-crypto on-and-off-ramp services. OKX's commitment to the digital assets ecosystem remains unwavering, contributing to Singapore's status as a world-class digital asset hub. Source: The Straits Times, 3 Sept 2024 For further information or to get in touch with our panel of experts to see how they can assist you with your digital payment solutions, please contact us at [email protected] or for a speedy response, contact us via our Express Advomi WhatsApp service number at +65 9610 4618 #DigitalAssets #CryptoExchange #SingaporeFinance #OKX #FintechNews #InnovationLeadership #MAS #Blockchain

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Hear from our Head of SME and Growth for Singapore, Cher Hao Low as he discusses B2B payment trends across Southeast Asia and how Airwallex plans to better support businesses in the region!

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Singapore banking group OCBC has announced to invest $387 million (S$500 million) to setup a new innovation hub in Punggol Digital District (PDD)partnering with Singapore Institute of Technology (SIT), with target completion in 2027 Q1.  Read - https://lnkd.in/gb9SXmM9 follow Caproasia | Driving the future of Asia Singapore banking group OCBC has announced to invest $387 million (S$500 million) to setup a new innovation hub in Punggol Digital District (PDD)partnering with Singapore Institute of Technology (SIT), with target completion in 2027 Q1.  Ms Helen Wong, Group CEO, OCBC, said: “I am excited to share the two important projects in Punggol Digital District. One, OCBC’s latest and second largest office premises of 430,000 sq ft in Singapore. The largest is our head office at Chulia Street. Two, OCBC’s partnership with Singapore’s first University of Applied Learning, developing future-ready graduates and innovating with industries. JTC’s vision for Punggol Digital District – to nurture an ecosystem that fosters collaborative partnerships and innovation – resonates with us most. Collaboration and innovation are critical to the success of a company and the community at large. These traits have anchored OCBC’s 92-year journey. I am confident our partnerships will chart new frontiers and create long-term value for everyone – for now and beyond.” Prof Chua Kee Chaing, SIT President, said: “We are delighted to strengthen our partnership with OCBC, and witness the vision of the SIT Punggol Campus becoming interconnected with industry come alive. Our utmost appreciation to OCBC, a strategic partner of SIT since 2018, in enhancing the education and career readiness of our students. OCBC’s endowed donation to SIT will go towards the provision of authentic, real world experiences for our students to thrive in the dynamic financial industry and nurture a stream of ready talent pool to drive Singapore’s economy.” Mr Tan Boon Khai, Chief Executive, JTC, said, “At PDD, JTC is cultivating dynamic ecosystems that drive innovation and industry growth, through bringing multiple stakeholders together to collaborate in a smart and sustainable environment. As one of Singapore’s key local banks, OCBC’s entry into PDD reinforces this value proposition, as it leverages PDD as a launchpad for new technologies development and capabilities building in the region. The PDD Living Lab Programme has facilitated a new partnership between two key ecosystem partners to develop future ready tech talents and provide opportunities for co-innovation and test bedding, and we believe more of such partnerships will continue with new anchors coming on stream at PDD.” OCBC, Singapore Institute of Technology, JTC Corporation

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Indonesia is aiming for more oversight of the fast-growing peer-to-peer (P2P) lending industry, which has benefited many individuals and small businesses seeking modest sums from as low as 500,000 rupiah (US$30). Almost half of Indonesia’s adult population, or 97.7 million, do not have bank accounts, according to World Bank data, as many live in remote areas in the sprawling archipelago spanning 17,000 islands and three time zones. Thus, online lending platforms would be a financial lifeline for these users. Despite a more stringent operating environment, the P2P lending industry is set to grow by 5 per cent to 7 per cent in 2024, according to the Indonesian Fintech Lending Association. And P2P lending platforms are optimistic about continued growth in the industry, aiming to fill the financing gap for MSMEs which commercial banks and other financing institutions are unable to. That gap could amount to 2,400 trillion rupiah by 2026, said Modalku country head Arthur Adisusanto, citing data from global consulting firm EY-Parthenon. #P2PLending #financialinclusion #banking #lending #MSME #regulations #oversight

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DL Holdings Group announced that on September 19, 2024, DL Holdings has entered into an acquisition MOU with a Singapore-based wealth management firm (the “Target Company”). The consideration of the Sale Shares is expected to be settled by a combination of cash and allotment and issuance of shares of the Company. The Target Company was based in Singapore and with offices in Dubai, UAE. The preliminary valuation of the Target Company is expected to be approximately US$50 million. The Acquisition will help DL Holdings to expand its footprint in Southeast Asia, explore the Middle East market, and further build a global ecosystem for asset management and investment. DL Holdings aims to be a prominent asset management and financial services platform. DL Holdings’ current AUM has exceeded US$3.5 billion, with established offices in Shanghai, San Francisco, Singapore, and Japan. The Target Company has an AUM of approximately US$2.6 billion. It has a significant high-net-worth clientele and future growth potential in Singapore and the Middle East. The possible acquisition will create synergies between the two parties in terms of multi-family office and global investments, and will be complementary to the Group’s existing operation and business layout and consolidate its existing advantageous position. Andy Chen , Chairman of DL Holdings Group, stated, “Over the past decade, DL has established a solid reputation in Hong Kong and the Asia Pacific region. After entering the Hong Kong Stock Connect, we are accelerating the expansion of our global asset allocation and looking for excellent partners. It is believed that this Acquisition will strengthen the Group's impact in Singapore and expand the Group's business scope in Singapore and Southeast Asia region by integrating the resources of the target company and building a stronger customer network. In addition, the move will strengthen the foundation for the Group to open up the Middle East market with Dubai as the core, and extend westwards into Europe and Africa.” Established in 2008, the Target Company has accumulated over 400 clients, serving high net worth individuals and institutional investor in India, the Middle East, Switzerland, Africa and Europe. The wealth management company has accumulated extensive experience in providing a full range of multi-family office services and solutions, and its management shares the same vision and objectives as DL Holdings in global asset management and financial services.Dubai is the economic and commercial center of the Middle East, where East meets West, the gateway to the Middle East and Africa, and an important node of the “One Belt One Road”. With the completion of this Acquisition, DL Holdings Group will take a significant step forward in its multi-family office and global wealth management footprint.

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<EC EOD Brief> - 31 Jul Volatile Market 🌪 EC was weak in the 1st half of the trading day but surged after the afternoon session, driven by the Hamas news. However, short-dated contracts fell back by market close, while long-dated contracts ended with gains. Market traded 190k lots, with more positions rolled from Oct to further months. OI held steady at 106k lots, and the overall market cap stands at $2.4b.

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The outsized US Federal Reserve (Fed) rate cut of 50 bps on Sept 18 should continue to support the market’s earnings for 2HFY2024, says Maybank Securities analyst Thilan Wickramasinghe. “Widening dividend yields, improving margins and stronger capital markets and transaction activities could draw a line under REIT [and] tech manufacturing downgrades,” he writes in his Sept 24 report. #maybank #equityresearch #sgx #investing #STI

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Not sure, it is coincidental to our recent discovery The article summarized that UOB has only 1 percent of Trade Financing market in the region. My opinion: It is fascinating to see that the data. I always thought International Bank is more or less, focus very much on Relationship Banking - whether it is the Upper End Retail Relationship Banking aka Privilege/Prestige or the Commercial Banking. And it is very interesting that UOB has some relatively weak point.

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