HDB to start tapering off construction programme from 2014
By Eileen Poh
POSTED: 02 Dec 2013 20:04
National Development Minister Khaw Boon Wan said the tapering will be done in a "measured" way to allow the housing market to gradually adjust.
SINGAPORE: The government will begin to taper off massive construction of public housing from 2014 as supply and demand for public housing return to balance.
In a blog post published on Monday evening, National Development Minister Khaw Boon Wan said the last three years of sustained ramp-up have helped to "restore the balance in our housing market".
However, Mr Khaw said the tapering will be done in a "measured" way to allow the market to gradually adjust, just like the government had done to cool the property market earlier.
Mr Khaw noted in his blog that as the November's Build-to-Order (BTO) and Sale of Balance Flats (SBF) launch - the last exercise for the year, draws to a close on Monday, the average BTO application rate has fallen from a high of 5.3 in 2010, to a low of 2.9 this year.
The November exercise saw 8,952 flats in a single launch, making it the largest in HDB's history.
Mr Khaw said with this, HDB has delivered over 25,000 BTO flats this year and over 77,000 BTO flats in the last three years.
He said HDB has cleared the backlog of young families buying their first flats, with average BTO application rate for first-timers holding steady at below two times.
BTO application rate for second-timers has also fallen from a high of 25.9 times in November 2011, to 2.4 times in the current November exercise.
While singles' demand continues to be high, Mr Khaw noted that the BTO application rate for singles has come down from 57.5 times in July this year, to 25.2 times in the latest BTO exercise.
Lower application rates for November's BTO and SBF exercise
As of 5pm on Monday, the application rates for November exercise are relatively lower this time round.
For example, the number of applications for BTO flats in areas such as Sembawang is lower than the number of flats put up for sale.
There were 85 applicants for 174 five-room units in Sembawang. In Bukit Batok, there were 401 applicants for 591 four-room units in Bukit Batok.
Analysts said the results are not surprising.
Eugene Lim, key executive officer at ERA, said: "Due to the sheer number of flats that have been put on sale, this is possibly the biggest number of flats that have been put on sale in recent times."
Mr Lim also cited the wide variety of locations and the types of flats available as possible reasons for the lower demand.
According to analysts, home buyers are also lured by the lower cash premiums in the resale market.
"Cash premiums have come down, it is nice to see valuations, or sale prices equal to valuation or below valuation. This has attracted some buyers back to the resale market again," explained Chris Koh, director of property firm Chris International.
"Moving forward, I should see more demand now coming back to the resale market because prices of the resale flats have gone down."
According to figures from the Housing and Development Board, the average number of flats transacted below valuation was five per month in the first half of 2013. The number has increased to 105 in October 2013.
And while the government has launched 25,000 new flats this year, Mr Koh believes authorities are unlikely to commit to a figure next year, and will probably monitor and adjust BTO supply after every exercise.
- CNA/fa
- wong chee tat :)
Friday, December 6, 2013
StanChart reports theft of 647 private bank clients' statements
StanChart reports theft of 647 private bank clients' statements
By Wong Siew Ying and Kimberly Spykerman
POSTED: 05 Dec 2013 20:11
UPDATED: 05 Dec 2013 23:09
Standard Chartered Bank said it has been notified by the police of the theft of 647 of its private bank clients' monthly bank statements.
SINGAPORE: Standard Chartered Bank Singapore (StanChart) said it has been notified by the police of the theft of 647 of its private bank clients' monthly bank statements for February 2013.
But the bank assured clients that it has not found any unauthorised transactions resulting from the incident.
Banking regulator the Monetary Authority of Singapore (MAS) said on Thursday it would consider if regulatory action against StanChart is warranted.
StanChart Private Bank caters to high net worth individuals with investable assets of over US$2 million.
The bank said on Thursday there was a theft of monthly statements for February this year for 647 of its clients.
It said the theft occurred through a server of a third-party service provider, Fuji Xerox Singapore, which prints statements for its private bank clients.
It is understood that Fuji Xerox acts for only one other non-bank financial institution in Singapore.
In a statement, StanChart's CEO Ray Ferguson said the confidentiality and privacy of its clients are of paramount importance, and it takes the incident very seriously.
The bank also confirmed that its IT and data security systems were not compromised, based on investigations to-date.
In response to Channel NewsAsia queries, StanChart said it has currently suspended Fuji Xerox's services for the purpose of ongoing investigations.
The bank said it has taken immediate steps to further enhance its data security and procedures, including a full review of the security controls of relevant outsourcing relationships.
As a precaution, StanChart said it is contacting private banking clients who have been affected.
It stressed that all of its wholesale banking clients, small and medium enterprises (SMEs) and retail customers are not affected in the incident.
Meanwhile, a forensic team is conducting a review at Fuji Xerox.
The company said there was unauthorised access to a server dedicated to StanChart Private Bank in a standalone printing facility.
But there was no impact on the data of customers on any other systems.
MAS said the incident is an isolated case, but it underscores the need for financial institutions to be more vigilant, including "close management of risks relating to service providers".
In a strongly-worded statement, the central bank said it will review StanChart's investigation report and consider if regulatory action is warranted against the bank.
The regulator added that it is paying "special supervisory attention to financial institutions' compliance with MAS' requirements for IT outsourcing".
The incident is now under police investigation.
Singapore Police said in a statement on Thursday evening that in the course of investigations, police discovered that files containing data on StanChart bank clients were found in a laptop seized from James Raj Arokiasamy.
Police confirm that StanChart had lodged a report on Monday, December 2.
A cybersecurity expert that Channel NewsAsia spoke to said the breach could have been the result of a service lapse.
Anthony Lim, member of the Application Security Advisory Board, said: "Typically when a highly sensitive organisation like a bank outsources such services, especially highly sensitive data like private bank records to a service provider, there is something known as a service level agreement, or SLA, which obliges the third party service provider to maintain the same level of security that the bank should have.
“The parties involved are big names, so I'm sure the SLA was in place. So somewhere along the way there must have been a service lapse -- somebody must have slipped or forgotten something, allowing the breach or compromise."
Mr Lim said he was certain that consumer confidence would not be affected by the incident.
But he added: “By tomorrow, all the banks in the country will be looking at their SLAs and upgrading their SLAs and calling third party service providers for meetings to ensure such things don't happen and that any service lapses, protocol lapses are fixed immediately.”
- CNA/gn
- wong chee tat :)
By Wong Siew Ying and Kimberly Spykerman
POSTED: 05 Dec 2013 20:11
UPDATED: 05 Dec 2013 23:09
Standard Chartered Bank said it has been notified by the police of the theft of 647 of its private bank clients' monthly bank statements.
SINGAPORE: Standard Chartered Bank Singapore (StanChart) said it has been notified by the police of the theft of 647 of its private bank clients' monthly bank statements for February 2013.
But the bank assured clients that it has not found any unauthorised transactions resulting from the incident.
Banking regulator the Monetary Authority of Singapore (MAS) said on Thursday it would consider if regulatory action against StanChart is warranted.
StanChart Private Bank caters to high net worth individuals with investable assets of over US$2 million.
The bank said on Thursday there was a theft of monthly statements for February this year for 647 of its clients.
It said the theft occurred through a server of a third-party service provider, Fuji Xerox Singapore, which prints statements for its private bank clients.
It is understood that Fuji Xerox acts for only one other non-bank financial institution in Singapore.
In a statement, StanChart's CEO Ray Ferguson said the confidentiality and privacy of its clients are of paramount importance, and it takes the incident very seriously.
The bank also confirmed that its IT and data security systems were not compromised, based on investigations to-date.
In response to Channel NewsAsia queries, StanChart said it has currently suspended Fuji Xerox's services for the purpose of ongoing investigations.
The bank said it has taken immediate steps to further enhance its data security and procedures, including a full review of the security controls of relevant outsourcing relationships.
As a precaution, StanChart said it is contacting private banking clients who have been affected.
It stressed that all of its wholesale banking clients, small and medium enterprises (SMEs) and retail customers are not affected in the incident.
Meanwhile, a forensic team is conducting a review at Fuji Xerox.
The company said there was unauthorised access to a server dedicated to StanChart Private Bank in a standalone printing facility.
But there was no impact on the data of customers on any other systems.
MAS said the incident is an isolated case, but it underscores the need for financial institutions to be more vigilant, including "close management of risks relating to service providers".
In a strongly-worded statement, the central bank said it will review StanChart's investigation report and consider if regulatory action is warranted against the bank.
The regulator added that it is paying "special supervisory attention to financial institutions' compliance with MAS' requirements for IT outsourcing".
The incident is now under police investigation.
Singapore Police said in a statement on Thursday evening that in the course of investigations, police discovered that files containing data on StanChart bank clients were found in a laptop seized from James Raj Arokiasamy.
Police confirm that StanChart had lodged a report on Monday, December 2.
A cybersecurity expert that Channel NewsAsia spoke to said the breach could have been the result of a service lapse.
Anthony Lim, member of the Application Security Advisory Board, said: "Typically when a highly sensitive organisation like a bank outsources such services, especially highly sensitive data like private bank records to a service provider, there is something known as a service level agreement, or SLA, which obliges the third party service provider to maintain the same level of security that the bank should have.
“The parties involved are big names, so I'm sure the SLA was in place. So somewhere along the way there must have been a service lapse -- somebody must have slipped or forgotten something, allowing the breach or compromise."
Mr Lim said he was certain that consumer confidence would not be affected by the incident.
But he added: “By tomorrow, all the banks in the country will be looking at their SLAs and upgrading their SLAs and calling third party service providers for meetings to ensure such things don't happen and that any service lapses, protocol lapses are fixed immediately.”
- CNA/gn
- wong chee tat :)
COV for resale flats fall below S$10,000 in Nov 2013
COV for resale flats fall below S$10,000 in Nov 2013
By Lynda Hong
POSTED: 05 Dec 2013 13:13
Cash premiums for resale flats fell below S$10,000 in November for the first time since July 2009. According to flash estimates compiled by the Singapore Real Estate Exchange (SRX), the cash-over-valuation (COV) for HDB resale flats reached S$8,000 in November.
SINGAPORE: Cash premiums for resale flats fell below S$10,000 in November for the first time since July 2009.
According to flash estimates compiled by the Singapore Real Estate Exchange (SRX), the cash-over-valuation (COV) for HDB resale flats reached S$8,000 in November.
Alan Cheong, research head at Savills Singapore, said: “The fall in COVs, though expected, is disconcerting. Because right now, the COV, on average, is below S$10,000. If it goes on this way, it will go into negative territory very soon.
“A falling COV like this, if wrongly interpreted in the hands of unsophisticated sellers, may trigger a panic selling situation."
Meanwhile, 13.1 per cent of HDB resale deals closed below valuation in November, up from October's 8.5 per cent. Sengkang, Choa Chu Kang, Jurong West, Woodlands and Hougang saw the most numbers of negative COV deals last month.
Overall HDB resale prices dropped 0.6 per cent in November, reaching the lowest level since September 2012.
SRX said 1,051 HDB flats were re-sold in November, down 11.5 per cent from October (1,187). Compared to a year ago, resale volumes fell 34 per cent.
Thomas Tan, executive director of RE/MAX, said: “It would be a trend going into early 2014. Traditionally, yes, this is the lull period right up to Chinese New Year.
“We can also see that the government has released lots of supply in terms of new flats in the BTO (Build-To-Order) launches and recent measures of limiting the mortgage servicing ratio to 30 per cent, that would affect affordability for many resale flat buyers.”
Over in the private condominium market, momentum also slowed, with resale volumes falling 34 per cent in November.
Resale prices of private homes declined 1.5 per cent in November, marking the third consecutive monthly drop in the overall resale price index.
SRX said this is also the lowest price level observed in this year, down 4.1 per cent from the peak in February.
Prices fell across the board for resale transactions across the island, with private homes in the city area contracting by 2.0 per cent.
Prices of resale homes in the suburban areas dipped 0.9 per cent, while those in the city fringe declined 0.7 per cent.
About 387 non-landed homes were resold in November, down 22.9 per cent from October. On a year-on-year basis, this represented a 62 per cent drop from the 1,019 units transacted in November 2012.
Meanwhile, rentals of private condominiums remained flat after three months of decline, and median rentals of HDB flats dipped by S$50 to S$2,350, the first dip since June 2012.
Some market watchers expect the rental market to maintain rentals at existing rates at best, with landlords more keen to retain current tenants or sign new leases at slightly lower rents.
- CNA/ac/ms
- wong chee tat :)
By Lynda Hong
POSTED: 05 Dec 2013 13:13
Cash premiums for resale flats fell below S$10,000 in November for the first time since July 2009. According to flash estimates compiled by the Singapore Real Estate Exchange (SRX), the cash-over-valuation (COV) for HDB resale flats reached S$8,000 in November.
SINGAPORE: Cash premiums for resale flats fell below S$10,000 in November for the first time since July 2009.
According to flash estimates compiled by the Singapore Real Estate Exchange (SRX), the cash-over-valuation (COV) for HDB resale flats reached S$8,000 in November.
Alan Cheong, research head at Savills Singapore, said: “The fall in COVs, though expected, is disconcerting. Because right now, the COV, on average, is below S$10,000. If it goes on this way, it will go into negative territory very soon.
“A falling COV like this, if wrongly interpreted in the hands of unsophisticated sellers, may trigger a panic selling situation."
Meanwhile, 13.1 per cent of HDB resale deals closed below valuation in November, up from October's 8.5 per cent. Sengkang, Choa Chu Kang, Jurong West, Woodlands and Hougang saw the most numbers of negative COV deals last month.
Overall HDB resale prices dropped 0.6 per cent in November, reaching the lowest level since September 2012.
SRX said 1,051 HDB flats were re-sold in November, down 11.5 per cent from October (1,187). Compared to a year ago, resale volumes fell 34 per cent.
Thomas Tan, executive director of RE/MAX, said: “It would be a trend going into early 2014. Traditionally, yes, this is the lull period right up to Chinese New Year.
“We can also see that the government has released lots of supply in terms of new flats in the BTO (Build-To-Order) launches and recent measures of limiting the mortgage servicing ratio to 30 per cent, that would affect affordability for many resale flat buyers.”
Over in the private condominium market, momentum also slowed, with resale volumes falling 34 per cent in November.
Resale prices of private homes declined 1.5 per cent in November, marking the third consecutive monthly drop in the overall resale price index.
SRX said this is also the lowest price level observed in this year, down 4.1 per cent from the peak in February.
Prices fell across the board for resale transactions across the island, with private homes in the city area contracting by 2.0 per cent.
Prices of resale homes in the suburban areas dipped 0.9 per cent, while those in the city fringe declined 0.7 per cent.
About 387 non-landed homes were resold in November, down 22.9 per cent from October. On a year-on-year basis, this represented a 62 per cent drop from the 1,019 units transacted in November 2012.
Meanwhile, rentals of private condominiums remained flat after three months of decline, and median rentals of HDB flats dipped by S$50 to S$2,350, the first dip since June 2012.
Some market watchers expect the rental market to maintain rentals at existing rates at best, with landlords more keen to retain current tenants or sign new leases at slightly lower rents.
- CNA/ac/ms
- wong chee tat :)
Reactions to HDB scaling back supply of new flats
Reactions to HDB scaling back supply of new flats
By Saifulbahri Ismail
POSTED: 03 Dec 2013 23:06
One property analyst expects Build-To-Order (BTO) flats to be reduced by between 30 and 50 per cent next year.
SINGAPORE: The government has said it will be scaling back the supply of new flats in 2014.
This year, the HDB launched over 25,000 Build-To-Order (BTO) flats.
One property analyst expects BTO flats to be reduced by between 30 and 50 per cent next year.
Jeffrey Hong, CEO of GPS Alliance, said "(A gradual) 30 to 50 per cent reduction should be sufficient to test the market from quarter to quarter basis.
"And if you reduce, you reduce certain segment of the market gradually. For example, in my opinion, they may start to reduce the five-room flats first."
Meanwhile, Christine Li, head of research and consultancy at OrangeTee, expects the supply of new flats to take a cue from marriage rates.
The number of marriages in Singapore has been hovering around 27,000 for the past two years.
However, not all newly married couples will choose a BTO flat.
She explained: "If you look at the marriage rates and the number of BTOs, it seems that the government is supplying almost one brand new HDB flat to one married couple. I think this rate is not sustainable.
"Going forward, the government will definitely taper down to a more sustainable level to ensure the stability of the housing market."
- CNA/fa
- wong chee tat :)
By Saifulbahri Ismail
POSTED: 03 Dec 2013 23:06
One property analyst expects Build-To-Order (BTO) flats to be reduced by between 30 and 50 per cent next year.
SINGAPORE: The government has said it will be scaling back the supply of new flats in 2014.
This year, the HDB launched over 25,000 Build-To-Order (BTO) flats.
One property analyst expects BTO flats to be reduced by between 30 and 50 per cent next year.
Jeffrey Hong, CEO of GPS Alliance, said "(A gradual) 30 to 50 per cent reduction should be sufficient to test the market from quarter to quarter basis.
"And if you reduce, you reduce certain segment of the market gradually. For example, in my opinion, they may start to reduce the five-room flats first."
Meanwhile, Christine Li, head of research and consultancy at OrangeTee, expects the supply of new flats to take a cue from marriage rates.
The number of marriages in Singapore has been hovering around 27,000 for the past two years.
However, not all newly married couples will choose a BTO flat.
She explained: "If you look at the marriage rates and the number of BTOs, it seems that the government is supplying almost one brand new HDB flat to one married couple. I think this rate is not sustainable.
"Going forward, the government will definitely taper down to a more sustainable level to ensure the stability of the housing market."
- CNA/fa
- wong chee tat :)
Fuji Xerox server, desktop seized for StanChart data theft investigations
Fuji Xerox server, desktop seized for StanChart data theft investigations
By Kimberly Spykerman
POSTED: 06 Dec 2013 19:23
Singapore Police have seized a server and desktop dedicated to Standard Chartered Private Bank from an offsite printing facility of Fuji Xerox Singapore.
SINGAPORE: Singapore Police have seized a server and desktop dedicated to Standard Chartered Private Bank from an offsite printing facility of Fuji Xerox Singapore.
Fuji Xerox said the police visited its facility on Thursday, December 5.
It was announced on Thursday that 647 monthly bank statements belonging to Standard Chartered Private Bank's clients were stolen from Fuji Xerox's server.
In response to queries from Channel NewsAsia, Fuji Xerox said police had "made a request" to visit the standalone printing facility where the statements for the private bank clients are printed.
Fuji Xerox added it is working closely with the police.
Police said they are unable to provide further details as investigations are ongoing.
- CNA/gn
- wong chee tat :)
By Kimberly Spykerman
POSTED: 06 Dec 2013 19:23
Singapore Police have seized a server and desktop dedicated to Standard Chartered Private Bank from an offsite printing facility of Fuji Xerox Singapore.
SINGAPORE: Singapore Police have seized a server and desktop dedicated to Standard Chartered Private Bank from an offsite printing facility of Fuji Xerox Singapore.
Fuji Xerox said the police visited its facility on Thursday, December 5.
It was announced on Thursday that 647 monthly bank statements belonging to Standard Chartered Private Bank's clients were stolen from Fuji Xerox's server.
In response to queries from Channel NewsAsia, Fuji Xerox said police had "made a request" to visit the standalone printing facility where the statements for the private bank clients are printed.
Fuji Xerox added it is working closely with the police.
Police said they are unable to provide further details as investigations are ongoing.
- CNA/gn
- wong chee tat :)
Int'l media say data theft may hurt Singapore's private banking hub reputation
Int'l media say data theft may hurt Singapore's private banking hub reputation
By Kimberly Spykerman
POSTED: 06 Dec 2013 19:53
Some reports by international media say Standard Chartered Bank’s security breach threatens to undermine Singapore's reputation as a private banking hub for Asia. The theft of 647 wealthy clients' monthly bank statements from Standard Chartered Bank Singapore has made global headlines.
SINGAPORE: Some reports by international media say Standard Chartered Bank’s security breach threatens to undermine Singapore's reputation as a private banking hub for Asia.
The theft of 647 wealthy clients' monthly bank statements from Standard Chartered Bank Singapore has made global headlines.
The theft occurred from one of the servers of a third-party service provider - Fuji Xerox - which prints statements for StanChart.
The data was discovered in a laptop seized from alleged hacker James Raj Arokiasamy - who goes by the moniker The Messiah - in the course of police investigations.
Media reports have reported that the theft is the latest in a series of troubles to hit UK-based StanChart in recent months.
The Wall Street Journal said that the bank recently warned its operating profit would drop this year for the first time in a decade.
Industry experts quoted by Bloomberg also said the theft of client information will raise questions about StanChart's ability to deal with client data.
The Financial Times added that the incident comes as a blow to the bank in Asia - its largest market with confidentiality being a cornerstone of a private bank's ability to compete for business.
Reuters noted that theft of such client data has become more common, with several banks in Switzerland having had data stolen over the past five years.
Experts warn that more of such thefts could take place globally over the next couple of years as hackers see potential profit in accessing bank data and selling it.
But one concern raised is whether the security breach will threaten Singapore's reputation as a private banking hub for Asia.
Bloomberg reported that Singapore hosts about S$800 billion in offshore assets, and is Asia's largest wealth management centre.
StanChart emphasised on Thursday that no unauthorised transactions resulted from the latest incident.
The Monetary Authority of Singapore (MAS) said this is an isolated incident. It will review the bank's investigation report and consider if regulatory action is warranted against it.
MAS also said the incident underscores the need for financial institutions to be more vigilant.
- CNA/xq
- wong chee tat :)
By Kimberly Spykerman
POSTED: 06 Dec 2013 19:53
Some reports by international media say Standard Chartered Bank’s security breach threatens to undermine Singapore's reputation as a private banking hub for Asia. The theft of 647 wealthy clients' monthly bank statements from Standard Chartered Bank Singapore has made global headlines.
SINGAPORE: Some reports by international media say Standard Chartered Bank’s security breach threatens to undermine Singapore's reputation as a private banking hub for Asia.
The theft of 647 wealthy clients' monthly bank statements from Standard Chartered Bank Singapore has made global headlines.
The theft occurred from one of the servers of a third-party service provider - Fuji Xerox - which prints statements for StanChart.
The data was discovered in a laptop seized from alleged hacker James Raj Arokiasamy - who goes by the moniker The Messiah - in the course of police investigations.
Media reports have reported that the theft is the latest in a series of troubles to hit UK-based StanChart in recent months.
The Wall Street Journal said that the bank recently warned its operating profit would drop this year for the first time in a decade.
Industry experts quoted by Bloomberg also said the theft of client information will raise questions about StanChart's ability to deal with client data.
The Financial Times added that the incident comes as a blow to the bank in Asia - its largest market with confidentiality being a cornerstone of a private bank's ability to compete for business.
Reuters noted that theft of such client data has become more common, with several banks in Switzerland having had data stolen over the past five years.
Experts warn that more of such thefts could take place globally over the next couple of years as hackers see potential profit in accessing bank data and selling it.
But one concern raised is whether the security breach will threaten Singapore's reputation as a private banking hub for Asia.
Bloomberg reported that Singapore hosts about S$800 billion in offshore assets, and is Asia's largest wealth management centre.
StanChart emphasised on Thursday that no unauthorised transactions resulted from the latest incident.
The Monetary Authority of Singapore (MAS) said this is an isolated incident. It will review the bank's investigation report and consider if regulatory action is warranted against it.
MAS also said the incident underscores the need for financial institutions to be more vigilant.
- CNA/xq
- wong chee tat :)
M1 to introduce one-minute minimum charge for calls
M1 to introduce one-minute minimum charge for calls
POSTED: 06 Dec 2013 20:34
Telco M1 will be adopting a one-minute minimum charge for outgoing local voice and video calls on per-second billing plans from 1 January 2014.
SINGAPORE: Telco M1 will be adopting a one-minute minimum charge for outgoing local voice and video calls on per-second billing plans from 1 January 2014.
"From 1 January 2014, outgoing local voice and video call usage on Per Second Billing plans will have a minimum one-minute charge and billed per second thereafter," said M1 on its website.
This move follows competitor StarHub's move in April, with voice and video outgoing local calls charged based on an "initial block of one minute and thereafter at per second rate, with effect from 1 May 2013".
For SingTel, "local talk time is charged based on an initial block of one minute and subsequent blocks of six seconds rounded to the nearest cent on a per call basis".
M1 will also be doubling its excess data charges to S$10.70 per GB, with the maximum excess charge capped at S$188.32 from 1 January. It had previously charged S$5.35 per GB, and capped that maximum excess charge at S$94.16.
These new charges are in line with SingTel, which had earlier doubled its mobile charges for 4G customers who exceed their monthly data bundle. SingTel said that its earlier rate was a promotion which ended on Sept 15.
"The rate of S$5.35/GB for 4G local excess data usage data that is used beyond the monthly data bundle was offered as a special promotion with the launch of our 4G service in June 2012," said a SingTel spokesman on 14 August.
StarHub's promotional data excess charges will also expire on 31 December, with the rates returning to their usual price of S$8.56 per GB. The maximum data bill will now be capped at S$85.60. StarHub's promotional rate was S$6.42 per GB of excess data, with the maximum data bill capped at S$64.20.
"The promotional data excess charge details were communicated to customers ever since we launched the plans in September 2012," said a StarHub spokesman.
-TODAY/xq
- wong chee tat :)
POSTED: 06 Dec 2013 20:34
Telco M1 will be adopting a one-minute minimum charge for outgoing local voice and video calls on per-second billing plans from 1 January 2014.
SINGAPORE: Telco M1 will be adopting a one-minute minimum charge for outgoing local voice and video calls on per-second billing plans from 1 January 2014.
"From 1 January 2014, outgoing local voice and video call usage on Per Second Billing plans will have a minimum one-minute charge and billed per second thereafter," said M1 on its website.
This move follows competitor StarHub's move in April, with voice and video outgoing local calls charged based on an "initial block of one minute and thereafter at per second rate, with effect from 1 May 2013".
For SingTel, "local talk time is charged based on an initial block of one minute and subsequent blocks of six seconds rounded to the nearest cent on a per call basis".
M1 will also be doubling its excess data charges to S$10.70 per GB, with the maximum excess charge capped at S$188.32 from 1 January. It had previously charged S$5.35 per GB, and capped that maximum excess charge at S$94.16.
These new charges are in line with SingTel, which had earlier doubled its mobile charges for 4G customers who exceed their monthly data bundle. SingTel said that its earlier rate was a promotion which ended on Sept 15.
"The rate of S$5.35/GB for 4G local excess data usage data that is used beyond the monthly data bundle was offered as a special promotion with the launch of our 4G service in June 2012," said a SingTel spokesman on 14 August.
StarHub's promotional data excess charges will also expire on 31 December, with the rates returning to their usual price of S$8.56 per GB. The maximum data bill will now be capped at S$85.60. StarHub's promotional rate was S$6.42 per GB of excess data, with the maximum data bill capped at S$64.20.
"The promotional data excess charge details were communicated to customers ever since we launched the plans in September 2012," said a StarHub spokesman.
-TODAY/xq
- wong chee tat :)
Singapore banks assure clients that data is safe
Singapore banks assure clients that data is safe
By Wong Siew Ying
POSTED: 06 Dec 2013 21:03
Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
SINGAPORE: Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
This comes after the theft of bank data of 647 clients of Standard Chartered (StanChart) Private Bank was reported on Thursday.
The theft occurred through StanChart's third party service provider, Fuji Xerox Singapore, which prints statements for the bank.
Responding to Channel NewsAsia, several banks say they have stringent measures in place to ensure data security.
In particular, three banks print their statements in-house.
Bank of Singapore said it does not outsource printing of any materials containing customer information, while UBS said all data remains within its own infrastructure and is not transferred to a third party vendor.
UBS added that it has clear policies and processes to safeguard data from its creation to storage and finally, to destruction of information.
And Credit Suisse, which also prints client statements in-house, has heightened monitoring activities.
Meanwhile, a few banks told Channel NewsAsia that while they do engage third party service providers, they retain oversight on information security.
DBS Bank said all its outsourcing arrangements are managed under stringent risk controls that are compliant with regulations and local laws.
The bank works closely with its vendors to review their security processes, and there is no indication that any customer data has been compromised.
Citibank Singapore said it has strict outsourcing policies, including close monitoring of procedures practised by their vendors, as well as regular physical onsite checks.
OCBC Bank, too, conducts regular security checks and audits to make sure its customers' data is secure.
And the outsourcing of its operations is done very selectively, with the bulk of them done internally.
Meanwhile, HSBC Singapore said it continually invests in systems and processes to strongly deter any criminal intentions against the bank.
Responding to Channel NewsAsia, the Association of Banks Singapore (ABS) said the association and its members are mindful of cyber threats and crime and are constantly vigilant in their efforts to combat them.
ABS added: "This recent incident of the theft of bank statements of private bank customers of Standard Chartered Bank is a stark reminder that it is imperative for all banks and financial institutions to be diligent in ensuring that their IT infrastructure and systems are robust and hardened, and to protect the confidentiality of clients data at all times.”
- CNA/gn
- wong chee tat :)
By Wong Siew Ying
POSTED: 06 Dec 2013 21:03
Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
SINGAPORE: Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
This comes after the theft of bank data of 647 clients of Standard Chartered (StanChart) Private Bank was reported on Thursday.
The theft occurred through StanChart's third party service provider, Fuji Xerox Singapore, which prints statements for the bank.
Responding to Channel NewsAsia, several banks say they have stringent measures in place to ensure data security.
In particular, three banks print their statements in-house.
Bank of Singapore said it does not outsource printing of any materials containing customer information, while UBS said all data remains within its own infrastructure and is not transferred to a third party vendor.
UBS added that it has clear policies and processes to safeguard data from its creation to storage and finally, to destruction of information.
And Credit Suisse, which also prints client statements in-house, has heightened monitoring activities.
Meanwhile, a few banks told Channel NewsAsia that while they do engage third party service providers, they retain oversight on information security.
DBS Bank said all its outsourcing arrangements are managed under stringent risk controls that are compliant with regulations and local laws.
The bank works closely with its vendors to review their security processes, and there is no indication that any customer data has been compromised.
Citibank Singapore said it has strict outsourcing policies, including close monitoring of procedures practised by their vendors, as well as regular physical onsite checks.
OCBC Bank, too, conducts regular security checks and audits to make sure its customers' data is secure.
And the outsourcing of its operations is done very selectively, with the bulk of them done internally.
Meanwhile, HSBC Singapore said it continually invests in systems and processes to strongly deter any criminal intentions against the bank.
Responding to Channel NewsAsia, the Association of Banks Singapore (ABS) said the association and its members are mindful of cyber threats and crime and are constantly vigilant in their efforts to combat them.
ABS added: "This recent incident of the theft of bank statements of private bank customers of Standard Chartered Bank is a stark reminder that it is imperative for all banks and financial institutions to be diligent in ensuring that their IT infrastructure and systems are robust and hardened, and to protect the confidentiality of clients data at all times.”
- CNA/gn
- wong chee tat :)
Scheduled Maintenance - POSB
Scheduled Maintenance - POSB
- wong chee tat :0
| Service | Scheduled Maintenance Date | Expected Downtime | Remarks | |
| iBanking | 07 Dec 2013 | 0100hrs to 0500hrs | System Maintenance - Fund transfer : Third party Fund transfer - Funds Transfer: Manage Payee List & Settings : Add payee, Delete Payee - Standing Instruction: Manage Instructions & Settings: Add new Standing Instruction , Terminate Standing Instruction | |
| 07 Dec 2013 | 1000hrs to 2359hrs |
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| 08 Dec 2013 | 0000hrs to 1200hrs |
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| 08 Dec 2013 | 0200hrs to 0245hrs |
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| 08 Dec 2013 | 1010hrs to 1315hrs | System Maintenance - Online Equity Trading | ||
| 08 Dec 2013 | 1010hrs to 1015hrs | System Maintenance - MCSA Funds Transfer, and Portfolio Enquiry | ||
| 08 Dec 2013 | 1235hrs to 1240hrs | System Maintenance - MCSA Funds Transfer, and Portfolio Enquiry | ||
| 15 Dec 2013 | 0200hrs to 0245hrs |
| ||
| 15 Dec 2013 | 0530hrs to 0535hrs | System Maintenance - MCSA Funds Transfer, and Portfolio Enquiry | ||
| 15 Dec 2013 | 0050hrs to 0610hrs | System Maintenance - Online Equity Trading | ||
| mBanking | - | - | - | |
| iB Application | - | - | - | |
| iB - Trading Services | 07 Dec 2013 | 1000hrs to 2359hrs |
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| 08 Dec 2013 | 0000hrs to 1200hrs |
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| D2Pay | - | - | - | |
| 08 Dec 2013 | 0300hrs to 0600hrs |
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| 15 Dec 2013 | 0300hrs to 0600hrs |
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| Phone Banking | - | - | - | |
| NETS | - | - | - | |
| Passbook Update | - | - | - | |
| Automated Teller Machine (ATM) | - | - | - | |
| Cash Deposit Machine | - | - | - | |
| Coin Deposit Machine | - | - | - | |
| Cheque Deposit Machine | - | - | - | |
| POSB Print | - | - | - | |
| AXS D-Pay | - | - | - | |
| Token Registration | - | - | - | |
| e-Commerce on 3D Secure Websites | - | - | - |
- wong chee tat :0
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