铜板街联合和讯发布《2016女性财富管理报告》

铜板街联合和讯发布《2016女性财富管理报告》
2016年08月19日 16:54:37 来源： 浙江在线

随着女性家庭与职场地位的提升，围绕女性群体形成了特殊的消费与理财圈层，使得“她经济”成为这个时代最重要的议题之一。女性消费以及财富管理行为有何特点，她们对互联网理财有何偏好？8月18日，国内领先的智能财富管理平台铜板街联合权威财经媒体和讯发布了《2016年女性财富管理报告》，从事业家庭、消费理财以及互联网理财三个角度，对正在崛起的女性投资群体进行全面解析。

《报告》显示，有近60%的家庭中，女性负责家庭财富管理决策，成为家庭财富管理 “一把手”。其中，女性收入水平在很大程度上影响其在家庭中的财富管理地位，年薪越高，女人掌财的话语权力就越大。由于肩负着妻子、母亲、儿女等“多角色”身份，女性家庭责任自我定位使得她们在家庭生活安排、家庭消费支出、保险的购买甚至理财决策中都承担了更大的责任，所以其理财需求也显得非常强烈。

《报告》指出，在家庭理财资产的配置方面，女性的投资理财行为仍然比男性显得保守，更加注重规避风险。反映在选择具体的理财渠道方面，女性投资于股市、房地产等资产的比例较之男性都比较低。不过，随着近年来互联网金融的兴起，女性对于这一新事物的接纳和尝试意愿要比男性高，让女性走在了互联网理财的最前端。

在女性互联网理财画像上，她们主要是25-35 周岁的一群经济独立的女性；北上广深以及东南沿海城市的女性，继续 2015 年的态势领跑互联网理财。其中，收入年薪处于 8W-15W 的女性对于互金理财最为感兴趣，不过，收入在 20W-50W之间的女性投资能力最强，她们中 77.3%投资额度都超过了10W，并且30.4%的互金产品配置超过总投资金额的 50%。《报告》显示，有互金投资经验的被调查者中 66.7%的人表示会继续增加互联网金融产品的投资，展现出她们对于互金行业发展的乐观心态。

据悉，本次《报告》由和讯、铜板街、阿里研究院、数字100合作完成。作为样本数据的提供方，铜板街前期通过移动端和社会化媒体对百万女性用户发放问卷，从女性的消费观念、资产规模、理财偏好等多方面进行调研，筛选出有效样本10000份，为深入研究女性理财市场提供了鲜活的第一手资料。

铜板街市场高级总监夏洁表示，连续两年与和讯网一起调研和发布女性财富管理报告，我们希望通过对女性理财的行为和心理进行分析，对追求稳健理财的女性用户有一些实际意义的指导，让她们的钱变得更有价值。接下来，铜板街也将针对女性用户的理财特点，为其量身定制家庭财富管理方案，满足女性用户的多种理财需求。

原文链接



- wong chee tat :)

McDonald's seeks franchise partners for Singapore, Malaysia stores

McDonald's seeks franchise partners for Singapore, Malaysia stores
Posted 26 Jul 2016 16:16 Updated 26 Jul 2016 17:57

HONG KONG/SINGAPORE: McDonald's Corp said it is seeking franchise partners for its restaurants in Malaysia and Singapore as part of its move away from direct ownership and operation in Asia.

"McDonald's has taken the decision to adopt a development licensee model for the Malaysia and Singapore markets in order to enable focused investment in the brand and speed up growth in these key Asian markets," McDonald's said in a statement on Tuesday (Jul 26).

A Singapore-based MacDonald's spokesperson told Channel NewsAsia the company was negotiating with suitable candidates who have "a blend of strong business acumen, a strong understanding of the McDonald’s brand, who share our values and vision, and who are committed to helping accelerate growth and innovation in Singapore", without providing a timeline for the negotiations.

Sources told Reuters that some suitors looking at both countries had begun to tap banks for financing options to buy the 20-year franchise rights.

The sources declined to be identified as they were not authorised to speak to the media.

The move for the Southeast Asian markets follows an announcement by McDonald's in March that it was reorganising its Asian operations by bringing in partners who would own the restaurants within a franchise business. Competitor Yum Brands is also restructuring its China business by spinning it off ahead of a likely IPO next year.

Bloomberg News earlier reported that the sale of McDonald's franchise rights in Malaysia and Singapore could collectively fetch at least US$400 million.

(Reporting by Carol Zhong of LPC and Anshuman Daga in SINGAPORE; Additional reporting by Saeed Azhar)

- Reuters/CNA/mz


- wong chee tat :)

3 fintech startups selected for coaching, mentorship by PayPal in Singapore

3 fintech startups selected for coaching, mentorship by PayPal in Singapore
By Calvin Hui  Posted 07 Jul 2016 18:19 Updated 07 Jul 2016 22:43

SINGAPORE: Online payment company PayPal has launched its first startup incubation programme in Singapore with three financial technology, or fintech startups selected. The nine-month programme will offer the startups coaching and mentorship by PayPal executives and other experts, as well as networking opportunities.

Paypal on Thursday (Jul 7) also said the startups would operate from a conducive co-working space to promote collaboration and innovation.

One of these startups is Prosecure, which aims to allow online shoppers to return their products for free. Its co-founder Wei Zhu, who was formerly chief technology officer at ride-hailing app Grab, said free returns have helped merchants achieve 300 per cent in repeat sales. He added that free returns include the cost of shipping the product back to the online store.

Another company is Invoiceinterchange, a peer-to-peer platform that allows small- and medium-sized enterprises to raise money. These SMEs can auction unpaid invoices to investors, which CEO Brian Teng said can help improve cash flow for businesses and give investors an alternative investment option.

Aiming to eliminate the costs of sending and spending money, ONEPAY is the third startup under the programme. It taps on Bitcoin and Blockchain technology and allows users to make payments to nine million merchants around the world through NFC-enabled credit card terminals without incurring foreign exchange fees. ONEPAY's Chief Experience Officer Paul K compared the service to moving from sending messages with a fee, to using services such as WhatsApp, which is free.

The startups were selected based on criteria such as management team, differentiation of product and services as well as scalability and profitability of the markets they are aimed at.

- CNA/xk

- wong chee tat :)

Opportunities for insurers to cover risks from cyber attacks, natural disasters: Tharman

Opportunities for insurers to cover risks from cyber attacks, natural disasters: Tharman
Deputy Prime Minister Tharman Shanmugaratnam cites growth areas in the region that insurers can tap, including providing insurance solutions for cyber and natural disaster risks as well as investing in infrastructure.

By Nicole Tan
Posted 13 Jun 2016 21:54 Updated 13 Jun 2016 22:06

SINGAPORE: There are opportunities for insurers in financing infrastructure and providing insurance for cyber attacks and natural disasters, despite the challenge of persistently low interest rates, said Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam.

He was speaking at the International Insurance Society Global Insurance Forum on Monday (Jun 13).

Mr Tharman cited growth areas in the region that insurers can tap, including providing insurance solutions for cyber and natural disaster risks, as well as investing in infrastructure.

To enable long-term investments, such as for infrastructure, Mr Tharman said the Monetary Authority of Singapore is seeking to modify its risk-based capital framework for insurers. He said the next public consultation on this will be held at the end of the month.

Mr Tharman also noted that the economic cost of natural disasters is growing but that the take-up of catastrophe insurance in Asia has been "woefully low". The Deputy Prime Minister pointed to a data gap: "The industry needs good data on the frequency, location and economic impact of natural disasters, so that insurers and reinsurers can price risks adequately. So we have had a limited supply of insurance coverage, that has itself led to higher cost of protection, which in turn discourages demand for insurance against catastrophe risks."

Likewise, Mr Tharman noted that the data needed for the efficient underwriting of cyber risk is "weak". He said: "We need to strengthen collaboration between the industry, government and academia to build reliable databases and analytical tools to enable the efficient underwriting of cyber risk."

ACTIVE INVESTMENT MANAGEMENT 'NOT ALL IT HAS BEEN CRACKED UP TO BE'

As populations age, individuals need to save more for a longer retirement. Meanwhile, slower economic growth is weighing on investment. Mr Tharman said higher savings and lower investment suggest that long-term real interest rates are likely to stay low for quite some time to come. He added that this poses a challenge for insurance and pension funds.

He said: “It hits you on both your assets and your liabilities. It means a lower return on your assets. And it pushes up the value of liabilities because the discount rate has gone down. It is not a temporary challenge but a long-term challenge.

"As life expectancy goes up, liabilities will be pushed out further, and the gap in maturity between your liabilities and your assets is likely to grow. This mismatch in durations, together with low interest rates, means we have a growing problem."

Going forward, Mr Tharman said fundamental reforms are needed to address the challenges, such as making the workplace more attractive to older employees.

As for the finance industry, he said there should be a shift towards passive investment management, away from active management which has proven costly for ordinary savers.

Mr Tharman said: “Active management is not all it has been cracked up to be: it has not proven its worth for most ordinary savers preparing for their retirement. We do have to move towards a system, in a whole range of countries, of helping people save for the long term through passive investment funds, and pool savings to avoid fragmentation and excessive marketing costs.”

- CNA/ms


- wong chee tat :)

Companies looking to adopt FinTech may soon have more leeway

Companies looking to adopt FinTech may soon have more leeway
The Monetary Authority of Singapore on Monday issued a consultation paper on proposed guidelines for a regulatory sandbox for experiments for new financial services.

Posted 06 Jun 2016 10:14

SINGAPORE: It might be easier for financial institutions and other companies here to experiment with financial technology (FinTech) offerings in the future, with regulator Monetary Authority of Singapore (MAS) issuing guidelines for a regulatory sandbox for such services on Monday (May 6).

The central bank said in its press release that while the fast-evolving FinTech landscape encourages financial institutions to test and introduce such innovations, there are circumstances where it is less clear whether the FinTech offering complies with regulatory requirements or poses unacceptable risks.

"The uncertainty may stifle promising innovations, and may result in missed opportunities." MAS added.

With the regulatory sandbox, companies can test these new financial services in a more relaxed regulatory environment but within a well-defined space and duration, it said.

The FinTech services can then be assessed on criteria such as its innovativeness, whether the company intends to deploy the solution on a broader scale and whether the service brings benefits to consumers and the industry, MAS elaborated.

Ms Jacqueline Loh, Deputy Managing Director of MAS, said: “The sandbox will help reduce regulatory friction and provide a safer environment for FinTech experiments. We believe this will give innovations a better chance to take root.”

The public consultation will be open from Jun 6 to Jul 8, MAS said.

- CNA/kk


- wong chee tat :)

Symantec Says SWIFT Malware Is Linked to Cyber Attack in the Philippines

Symantec Says SWIFT Malware Is Linked to Cyber Attack in the Philippines

by  Reuters  MAY 26, 2016, 2:08 PM EDT

Symantec suggests recent success could prompt more attacks
The malware that was used to steal $81 million from Bangladesh’s central bank has been linked to another cyber attack, this time on a bank in the Philippines, cyber security company Symantec said in a blog post on Thursday.

The company said it had identified three pieces of malware that were used in limited targeted attacks against financial institutions in South-East Asia.

The initial success of the group that attacked the Bangladesh Central Bank and the Philippines bank could prompt more attacks, Symantec  SYMC -0.23%  said in the post.

In February, thieves hacked into the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payments system of the Bangladesh central bank, sending messages to the Federal Reserve Bank of New York allowing them to steal $81 million.

The emergence of new possible instances of compromise is not entirely surprising as banks conduct more reviews, SWIFT spokeswoman Natasha de Teran told Reuters.

“Many may turn out to be false positives, and or have nothing to do with SWIFT messages, but it is key that these reviews take place and banks’ environments are secured,” she added.




- wong chee tat :)

No impact on SWIFT network, core messaging services or software

No impact on SWIFT network, core messaging services or software

Brussels 13 May 2016 – SWIFT

SWIFT has issued a notice to all its customers about a newly identified malware found in a customer’s environment. The notice is set out below:

Dear SWIFT User,

As we notified you in our earlier communications, we are aware of a small number of recent cases of fraud at customer firms. First and foremost we would like to reassure you again that the SWIFT network, core messaging services and software have not been compromised. We have however now learnt more about a second instance in which malware was used – again directed at banks’ secondary controls, but which in this instance targets a PDF Reader used by the customer to check its statement messages.

Forensic experts believe this new discovery evidences that the malware used in the earlier reported customer incident was not a single occurrence, but part of a wider and highly adaptive campaign targeting banks.
In both instances, the attackers have exploited vulnerabilities in banks funds’ transfer initiation environments, prior to messages being sent over SWIFT. The attackers have been able to bypass whatever primary risk controls the victims have in place, thereby being able to initiate the irrevocable funds transfer process. In a second step, they have found ways to tamper with the statements and confirmations that banks would sometimes use as secondary controls, thereby delaying the victims’ ability to recognise the fraud.

The attackers clearly exhibit a deep and sophisticated knowledge of specific operational controls within the targeted banks – knowledge that may have been gained from malicious insiders or cyber attacks, or a combination of both.

Preventative Controls

As a matter of urgency we remind all customers again to urgently review controls in their payments environments, to all their messaging, payments and ebanking channels. This includes everything from employee checks to password protection to cyber defences. We recommend that customers consider third party assurance reviews and, where necessary, ask your correspondent banks and service bureaux to work with you on enhanced arrangements.

We also urge all customers to be forthcoming when these issues occur so that the fraudsters can be tracked by the authorities, and SWIFT can inform the rest of community about any findings that may have a bearing on wider security issues.

In the meantime we would like to reassure you that the SWIFT network, SWIFT messaging systems and software have not been compromised. The security and integrity of our messaging services are not in question as a result of the incidents. We will continue with our security awareness campaign, bilaterally with users and through industry forums and other appropriate channels. We will also continue working with our overseers, with law enforcement agencies, and third party experts, and we will continue to inform you of any further information we believe that can help you detect or avert such attacks.

Latest Findings

In the earlier case we reported to you, and this particular case we can confirm that:  malicious insiders or external attackers have managed to submit SWIFT messages from financial institutions’ back-offices, PCs or workstations connected to their local interface to the SWIFT network. The modus operandi of the attackers is similar in both cases:

1. Attackers compromise the bank’s environment
2. Attackers obtain valid operator credentials that have the authority to create, approve and submit SWIFT messages from customers’ back-offices or from their local interfaces to the SWIFT network.
3. Attackers submit fraudulent messages by impersonating the operators from whom they stole the credentials.
4. Attackers hide evidence by removing some of the traces of the fraudulent messages.

In this new case we have now learnt that a piece of malware was used to target the PDF reader application used by the customer to read user generated PDF reports of payment confirmations. The main purpose of the malware is again to manipulate an affected customer’s local records of SWIFT messages – i.e. step 4 in the above modus operandi.

Once installed on an infected local machine, the Trojan PDF reader gains an icon and file description that matches legitimate software. When opening PDF files containing local reports of customer specific SWIFT confirmation messages, the Trojan will manipulate the PDF reports to remove traces of the fraudulent instructions.

There is no evidence that the malware creates or injects new messages or alters the content of legitimate outgoing messages. This malware only targets the PDF reader in affected institutions’ local environments and has no impact on SWIFT’s network, interface software or core messaging services.

Customers that use PDF reader applications to check their confirmation messages should take particular care.

Your Security

As we stated earlier, this is clearly a highly adaptive campaign targeting banks’ payment endpoints. Above all therefore your first priority should be to ensure that you have all preventative and detective measures in place to secure your environment. This latest evidence adds further urgency to this work. Such measures are the best defence against such malware being installed on your local systems, and against fraudulent actions on your local infrastructure to connect to the SWIFT network.

Please remember that as a SWIFT user you are responsible for the security of your own systems interfacing with the SWIFT network and your related environment – starting with basic password protection practices – in much the same way as you are responsible for your other security considerations. Whilst we issue, and have recently reminded you about, security best practice recommendations, these are just a baseline and general advice.

We will continue to update you on these issues as more information becomes available to us. We would ask you to ensure that these communications reach your security officers.







About SWIFT
SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services.

We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and financial crime compliance.
Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies.

Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.

For more information, visit www.swift.com or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT

Contacts:
Brunswick Group LLP
swift@brunswickgroup.com
Tel: +44 (0)20 7404 5959





- wong chee tat :)

Financial institutions need 'strong IT controls' following SWIFT attacks: MAS

Financial institutions need 'strong IT controls' following SWIFT attacks: MAS
After a series of cyber attacks on financial institutions worldwide, the Monetary Authority of Singapore says that it will continue to monitor the security landscape and provide guidance where necessary.

By Melissa Zhu
Posted 16 May 2016 17:22 Updated 16 May 2016 23:07

SINGAPORE: The Monetary Authority of Singapore (MAS) "expects financial institutions to implement strong controls in their IT systems", after recent cyber attacks using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) financial messaging system.

The regulator told Channel NewsAsia on Monday (May 16) that these controls included maintaining a high level of security for critical IT systems such as SWIFT. "MAS will continue to monitor the security landscape and threats faced by the financial industry and provide guidance where necessary," a spokesperson said.

MAS' comments come in the wake of a number of cyber attacks on banks worldwide through SWIFT's system - a network that allows institutions to carry out financial transactions by sending out messages through a secured global communications network.

In February, hackers broke into the computer systems of the Bangladesh Central Bank, stealing credentials for payment transfers worth US$81 million out of a Federal Reserve Bank of New York account held by the Central Bank using fraudulent SWIFT messages.  Last Thursday, SWIFT announced that a second bank had been hit by a similar malware attack. A spokesperson said it was not immediately clear how much money, if any, was stolen from the unnamed commercial bank.

After this case, SWIFT confirmed that malicious attackers had submitted SWIFT messages from financial institutions' back-offices, PCs or workstations connected to their local interface to the SWIFT network.

It added that after hackers submitted fraudulent instructions on SWIFT by impersonating the banks' operators, they used malware to target a PDF reader application used for reports of payment confirmations, to remove traces of the fraudulent messages.

"This malware only targets the PDF reader in affected institutions’ local environments and has no impact on SWIFT’s network, interface software or core messaging services," it said.

On Sunday, Vietnam's Tien Phong Bank said it interrupted an attempted cyber heist using SWIFT messages to transfer more than 1 million euros (US$1.1 million) in funds.

SWIFT, a Belgian co-operative owned by member banks and used by 11,000 financial institutions globally, had said forensic experts believe the second case showed that the Bangladesh heist "was not a single occurrence, but part of a wider and highly adaptive campaign targeting banks".

The chain of related attacks has put the linchpin for the financial messaging industry under intense scrutiny. The organisation has said that banks are responsible for securing computers used to send messages over its network, but a Bangladeshi-government appointed panel later blamed the cyber theft on "a number of errors" committed by the messaging network.

In a statement last Friday, SWIFT also said that "the SWIFT network, core messaging services and software have not been compromised".

"The security and integrity of our messaging services are not in question as a result of the incidents," it reiterated.

CYBER THREATS TAKEN "VERY SERIOUSLY": LOCAL BANKS

While there are no known cases of related attacks on banks in Singapore so far, financial institutions told Channel NewsAsia that they are taking cyber security "very seriously".

United Overseas Bank's managing director and head of group technology, Susan Hwee, said the bank deploys "multiple layers of security, and constantly monitors developments and enhances our systems to ensure that we manage technology risks in a systematic and consistent manner".

"The bank adheres to strict security standards which are aligned to industry best practices and regulatory guidelines to maintain a secure banking environment for all our customers,” added Ms Hwee.

Mr Patrick Chew, head of operational risk management at Oversea-Chinese Banking Corporation (OCBC), likewise said the bank took a serious view on cyber threats.

"The modus operandi of cybercriminals morphs frequently. We therefore maintain a high level of vigilance over new or emerging cyber threats," he said, adding that this entails adopting a "proactive and multi-dimensional approach" that includes close monitoring, investing in IT infrastructure, regular reviews of operation processes, employee training and the issuance of advisories to customers.

OCBC also has a cyber security operations centre that monitors the bank’s IT and cyber security systems round the clock, and works closely with national agencies and industry bodies to safeguard the bank against increasingly sophisticated cyber threats, said Mr Chew.

"These collaborations allow us to constantly keep abreast of cyber security developments while facilitating collective efforts by the industry to confront and mitigate against such risks," he elaborated.

As lenders globally step up efforts to step up cybersecurity, Standard Chartered said it hired a new chief information security officer, former Symantec executive Cheri McGuire, on Wednesday. The bank's Singapore branch said that it has not been targeted by such cyber attacks so far.

- CNA/mz


- wong chee tat :)

OCBC launches open-source API

OCBC launches open-source API
The initiative is in line with the Monetary Authority of Singapore's vision to create a Smart Financial Centre and move toward an open API architecture.

By Patrick John Lim
Posted 17 May 2016 16:00 Updated 18 May 2016 10:02

SINGAPORE: OCBC Bank on Tuesday (May 17) became one of the first in Southeast Asia to launch an open Application Programming Interface (API) platform that allows developers to integrate the bank's products and services when building applications and programmes.

This is in line with the Government's Smart Nation Initiative and the Monetary Authority of Singapore's vision to create a Smart Financial Centre and move toward an open API architecture.

A screengrab of OCBC's API platform. (Photo: OCBC)

OCBC Bank's developer portal, Connect2OCBC, will provide free access to four open-source APIs: The branch locator, ATM locator, smart card advisor and foreign exchange APIs.

Mr Praveen Raina, senior vice president of Group Operations & Technology at OCBC Bank said: "The open APIs will put our data to more efficient use as it can be shared both internally across the bank and externally with third-party software developers."

"It will help us extend our reach to not only our customers but potential customers as well, while creating a better user experience." he added.

- CNA/hs


- wong chee tat :)

Town Councils may need to set aside part of sinking fund for lift replacement: Lawrence Wong

Town Councils may need to set aside part of sinking fund for lift replacement: Lawrence Wong
The National Development Minister was responding to queries from Member of Parliament for Bishan-Toa Payoh GRC Chong Kee Hiong on whether the ministry will investigate if Town Councils have sufficient funds for such projects.

By Chan Luo Er, Channel NewsAsia
Posted 24 Mar 2016 20:28 Updated 24 Mar 2016 20:30

SINGAPORE: Town Councils may be made to set aside part of their sinking funds for lift replacement, said National Development Minister Lawrence Wong in Parliament on Thursday (Mar 24).

He was responding to queries from Member of Parliament for Bishan-Toa Payoh GRC Chong Kee Hiong on whether the ministry will investigate if Town Councils have sufficient funds for such projects.

This comes after the authorities announced plans to ramp up checks on lifts, especially in HDB blocks, and update lift regulations following a recent spate of incidents.

"The Ministry of National Development is currently reviewing ways to help Town Councils plan ahead and better monitor their long-term financial sufficiency. For example, we are looking at having Town Councils do their own projections and put in place plans for financial sustainability. Given that lift replacement is a major Sinking Fund expenditure, we are also considering ring-fencing part of the Town Councils’ Sinking Funds to cater for such expenditures," said Mr Wong.

Mr Wong also said Town Councils are required to keep lifts functioning properly in HDB estates and should ensure they have enough funds to carry out their responsibilities.

Under the Town Council Act and Rules, they must set aside a minimum of 30 or 35 per cent of the service and conservancy charges collected and grants-in-aid received to fund cyclical works, including lift replacement.

- CNA/dl

- wong chee tat :)

三个月SIBOR连续两天大涨

三个月SIBOR连续两天大涨

胡渊文 2016年01月13日 1626
|
（联合早报网讯）由于人民币贬值拖累新元汇率，本地的基准利率三个月新元银行同业拆息率（SIBOR）连续两天大涨，攀升到2008年11月以来的最高水平。

三个月SIBOR继前日冲破1.20％的大关后，今天攀升3个基点，达到1.249％。

另一个基准利率三个月新元掉期利率（SOR）星期二晚大涨9个基点至1.72498％，突破1.7％的水平，也是七年多来的最高水平。

- See more at: http://www.zaobao.com.sg/realtime/singapore/story20160113-570485#sthash.ae5z3UW0.dpuf

- wong chee tat :)

3-month Sibor crosses 1.25% mark

3-month Sibor crosses 1.25% mark

The three-month Singapore Interbank Offered Rate was fixed at 1.252 per cent on Wednesday, up from 1.249 per cent on Tuesday.

Posted 13 Jan 2016 20:50

SINGAPORE: A key benchmark interest rate used to price home loans rose again on Wednesday (Jan 13), crossing the 1.25 per cent mark to reach a level last seen about seven years ago.

According to data from the Association of Banks in Singapore, the three-month Singapore Interbank Offered Rate (Sibor) was fixed at 1.252 per cent on Wednesday, up from 1.249 per cent on Tuesday.

The three-month Sibor stood at 1.185 per cent at the end of 2015, having risen by around half a percentage point over the course of the year.

Interest rates in Singapore have risen over the past week and a half amid increasing concerns about China. The turmoil in financial markets has also hit the Singapore dollar, which traded around 1.4338 to the US dollar late Wednesday in Asia compared with 1.4122 at the start of 2016.

- CNA/ek

- wong chee tat :)

Bank jobs in Singapore under pressure

Bank jobs in Singapore under pressure
Banks are seeing their margins squeezed by a weak macroeconomy and some like Barclays and Standard Chartered have initiated job cuts globally. Singapore, being a key financial centre in Asia, is not immune to these layoffs.

By Linette Lim
Posted 28 Dec 2015 17:41 Updated 28 Dec 2015 23:28

SINGAPORE: The financial sector is a key source of jobs in Singapore, employing more than 200,000 people as of September, according to data from the Ministry of Manpower (MOM). It also contributes to more than 12 per cent of the gross domestic product (GDP).

While latest MOM statistics have showed that there is still overall job growth in the sector - with 2,600 jobs added in the third quarter - some areas, from support functions to equities-related and investment banking roles, have come under pressure.

Global banks are seeing their margins squeezed by a weak macroeconomy and higher costs arising from tighter regulatory oversight. Additionally, across the sector worldwide, nearly 100,000 banking jobs were estimated to have been cut in 2015, according to an estimate by the Financial Times.

Major banks like Standard Chartered, Barclays, and Deutsche Bank have initiated job cuts globally and as Singapore is a key financial centre in Asia, it is not immune from these layoffs.

"We have seen a lot of offshoring happening, not just this year, but in 2014 as well," said Robert Walters Southeast Asia's managing director, Mr Toby Fowlston. "We've seen areas like product control downsize in a number of banking businesses, and also some of the back-office functions as well, where we've seen that shipped to cheaper cost locations."

But the concern is more than just over jobs being moved to lower-cost jurisdictions. Trading and deal-making is drying up amid a more uncertain macro environment and this is threatening equities-related and investment banking jobs. At the same time, new business models are disrupting traditional banking - a point underscored by Prime Minister Lee Hsien Loong in a speech last month.

"Digitisation, fintech - those are challenges to the traditional bank model," said Mr Ho Kok Yong, Financial Services Industry leader at Deloitte Singapore. "I think with digitisation, online banking, there's even greater reason for banks to actually cut headcount. So I would say that in the next one or two years, we will see a lot of this happening.

On the other hand, there are areas that will be in need of headcount, with vacancies exceeding the number of applicants.

Said Adecco Singapore's country manager Femke Hellemons: "The increasing emphasis on corporate governance, risk management, also drives the demand for compliance, risk management, and operations professionals. At the same time, we see a strong demand for IT finance engineers, and also relationship managers, as banks are looking to market customised solutions for their corporate clients."

As banks reorganise their business to cope with a changing business environment, recruitment consultancies have said they see hiring managers in banks here adopt a wait-and-see approach. According to Robert Walters, this has given rise to a greater use of contracting, with staff coming in on six- to 12-month fixed term contracts.

- CNA/hs

- wong chee tat :)

How financial technology will impact Singapore in 2016

How financial technology will impact Singapore in 2016

Financial technology is seeing explosive growth. The Monetary Authority of Singapore wants to cultivate this growth as part of its Smart Financial Centre initiative. Channel NewsAsia looks at what this means for the financial industry in 2016.

By Patrick John Lim
Posted 28 Dec 2015 22:43 Updated 28 Dec 2015 23:25

SINGAPORE: Financial technology, which is also known as fintech, is seeing explosive growth.

New technologies in payment, data management and security have sprung up over the past year, and a few local banks have set up Innovation Centres to keep abreast with developments.

The Monetary Authority of Singapore (MAS) wants to cultivate this growth as part of its Smart Financial Centre initiative. Channel NewsAsia looks at what this means for the financial industry in the coming year.

BECOMING A SMART FINANCIAL CENTRE

As Singapore pushes on to be a Smart Nation, it is important that industries keep ahead of the curve. This is especially true for the finance industry, where new technologies are challenging the way business is being done.

Embracing new technology is also important for Singapore to maintain its status as a regional financial hub, and MAS recognises that Singapore needs to be a Smart Financial Centre.

Said Mr Thomas Zink, a research manager at IDC Financial Insights: "It will strengthen its position, it will create new jobs and it will grow their expertise in the market. For start-ups, it also makes a lot of sense because of the ease of doing business in Singapore as well as the access to a lot of financial institutions that are headquartered here as well as Singapore's geographic location at the heart of ASEAN.

"Lastly for financial institutions, it will make sense to have access to new ideas, new businesses, new concepts that will help them to transform their business in light of the digital change we're going through."

Much of the fintech developments in 2015 have centred around improving services, from mobile banking to payments. MAS hopes to take this one step further by laying the groundwork for banks and financial institutions to leverage information to serve consumers better.

This includes developing a set of common standards to allow different applications to operate together seamlessly, paving the way for data-sharing between organisations.

SECURITY, CYBER SECURITY NEED TO MOVE FORWARD TOO

As new technologies continue to surface, an expert said it is critical for security and cyber security to move in tandem with new innovation.

Said Gartner’s principal research analyst, Anmol Singh: "We will see more comprehensive risk management for the digitalisation that we are seeing in the banking industry. We are definitely going to see more of fraud detection and identity proofing technologies ... Security approaches are going to innovate and provide you with better solutions.”

Going forward, the central bank is placing the onus on banks to drive innovation. It said financial institutions are free to experiment with new ideas without seeking regulatory endorsement, as time to market can be critical.

"MAS will most likely follow through with the approach that (MAS managing director) Ravi Menon pointed out - that we are very supportive of banks partnering with fintech but it's ultimately the responsibility of banks to make sure that everything is in order, they are compliant, they assess the risk properly that comes from such a solution,” said Mr Zink.

“They also said they are open to provide guidance where necessary, but what they don't want to get into is give some form of approval to a specific vendor for a specific solution. That might incentivise banks to neglect their due diligence to some degree, and that's a very smart approach from MAS,” he added.

MAS has formed a new arm, the Fintech & Innovation Group, aimed at creating a conducive ecosystem for innovation.

The central bank has also committed S$225 million over the next five years under its Financial Sector Technology and Innovation Scheme, to support this innovation ecosystem.

- CNA/dl

- wong chee tat :)

Singaporeans more upbeat over jobs, finances: Nielsen

Singaporeans more upbeat over jobs, finances: Nielsen

However, while consumer confidence is rising, more Singaporeans say they want to put their spare cash into savings compared to the same time last year, according to the Nielsen Survey of Consumer Confidence and Spending Intentions.

SINGAPORE: People in the Republic are more upbeat over their job prospects and personal finances, according to the latest findings from global measurement company Nielsen.

According to the third-quarter Consumer Confidence Index released on Monday (Nov 10), consumer confidence levels climbed over the 100-point baseline for the first time since Q3 2011 to reach 103 points. Consumer confidence levels above and below the baseline indicate degrees of optimism and pessimism.

In Nielsen's Global Survey of Consumer Confidence and Spending Intentions, it also revealed that 59 per cent of Singaporeans see their personal finances for the coming year as good or excellent. There was also an eight-point increase on-quarter in the number of consumers who feel that future job prospects would be positive, from 53 per cent in Q2 to 61 per cent in Q3. 

While confidence is on the rise, more Singaporean want to put their spare cash into savings compared to the same time last year, showed the survey. But Singaporeans are also the most inclined to spend their spare cash on vacations globally, with 51 per cent willing to spend on trips. This is an increase of 8 percentage points, compared to Q2 2014. 

On the other end of the scale, 5 per cent of Singaporeans surveyed in the third quarter said they have no spare cash.

Singaporeans are also trying to cut down on their household bills, reported Nielsen, with 63 per cent wanting to do so. To this end, they said they want to spend less on new clothes, switch to cheaper grocery brands and cut down on out-of-home entertainment.

The Nielsen Survey of Consumer Confidence and Spending Intentions was conducted between Aug 13 and Sep 5 this year, and polled 515 Singaporeans. The findings were based only on the behaviour of respondents with Internet access, according to the company.

- CNA/av

- wong chee tat :)

Lower bonus expectation in finance industry: Survey

Lower bonus expectation in finance industry: Survey

TODAY reports: Of the 696 professionals polled, only 42 per cent are looking forward to an increment to their bonuses, down from last year’s 50 per cent.

SINGAPORE: Fewer professionals in the financial industry here are expecting a bigger annual bonus this year, a survey has found, with the sector’s performance seeing some pullback in recent times amid market and geopolitical uncertainties.

Of the 696 professionals polled by eFinancialCareers in Singapore between September and October, only 42 per cent are looking forward to an increment to their bonuses, down from last year’s 50 per cent.

The survey results come at a time when the finance and insurance sector reported a 5.5 per cent on-year growth in the second quarter of this year, down from the first quarter’s 5.7 per cent and last year’s 10.5 per cent in the fourth quarter, the latest data by the Monetary Authority of Singapore (MAS) shows.

But Mr George McFerran, eFinancialCareers’ director for sales and marketing, said: “Results from the survey are not a reflection of the health of the financial services industry, but indicate that professionals have more realistic expectations when it comes to bonus payout. We’ve often seen a mismatch in the past.”

LONG TERM CAREER PROSPECTS

The Government is, however, cautious about Singaporeans’ long term career prospects in the financial sector, which has halved its hiring since 2012, from about 10,000 new jobs annually in 2010 and 2011. New technologies have further transformed banking operations, Deputy Prime Minister Tharman Shanmugaratnam had said in June during the anniversary dinner of the Institute of Banking and Finance Singapore.

Reflecting this trend, the latest MAS data also reveals slowing employment in the sector this year, from 2,400 new jobs in the first quarter to second quarter’s 1,300 new jobs.

“There is a driving force that is transforming activity across all financial markets and that is technological change,” Mr Tharman had said in June. “Our financial sector has significant opportunities ahead of it… but growth will demand deeper skills and expertise, rather than a large expansion of jobs.”

Against this backdrop, the Government is setting aside about S$60 million this year for training programmes, in a bid to enhance Singaporeans’ banking expertise for an increasingly sophisticated and challenging industry.

-TODAY/cy

- wong chee tat :)

Singapore's CBD sees shifting mix of tenants: Jones Lang LaSalle

Singapore's CBD sees shifting mix of tenants: Jones Lang LaSalle

Tech companies such as Google and LinkedIn have been opening new offices or expanding existing ones in the city-state, Jones Lang LaSalle said in an article posted on its website.

SINGAPORE: Over the last three years, the global financial firms that dominated 60 per cent of office space in Singapore’s Central Business District (CBD) have given up 500,000 square feet (sq ft) in space. Taking their places are big names from the e-commerce, consumer products and insurance industries, according to real estate group Jones Lang LaSalle.

“Ten years ago all anyone wanted was financial houses because they saw them as a growing industry that had the ability to pay,” Mr Chris Archibold, Head of Markets for Jones Lang LaSalle in Singapore​, said. “Now any intelligent asset manager wants a bit more of a mix.”

IT: THE NEW OFFICE SPACE GRABBERS

Tech companies like Twitter, Booking.com and eBay have been opening new offices or expanding existing ones in Singapore, Jones Lang LaSalle said in an article posted on its website. PayPal has placed its international headquarters in the city, while Facebook is looking to double its space and LinkedIn is taking up the 50,000 sq ft of space vacated by Barclays.

Google has expanded six times and its Asia-Pacific headquarters now span four floors at Asia Square in Marina Bay. The building, which also houses re-insurers such as Swiss Re and SCOR, has 400 bicycle racks and showers so staff of the search engine operator can bike to work.

“You have this very bizarre dichotomy of Citibank bankers in their shiny shoes and guys in flip flops and shorts in the same elevator,” said Mr Hugh Andrew, the head of asset management for Asia Pacific at BlackRock. BlackRock owns the building via one of its funds.

LIFESTYLE A DRAW

Singapore’s pleasant lifestyle has made it a draw for companies looking to attract top talent, according to Jones Lang LaSalle. For instance, cosmetics company L’Oreal moved many of its Asian operations from Shanghai to Singapore, one motive being the need to retain senior staff who demand higher standards of living and better education for their children.

Other companies which have moved to Singapore include General Motors, which moved its Asian headquarters from Shanghai, taking over 30,000 sq ft of space from the Bank of America Merrill Lynch. The insurer Aon is also building its Asia-Pacific hub in Singapore and toy-maker Lego is in the Marina Bay Financial Centre.

“For modern companies with young employees, they will want to know answers to questions such as ‘will I be working in a sustainable environment?’” Mr Andrew said. “Twenty years ago, people were just wondering how big their office was going to be, and if it came with a parking space?”

- CNA/cy


- wong chee tat :)

The most (and least) stressful jobs in banking and finance

The most (and least) stressful jobs in banking and finance

by Beecher Tuttle

9 January 2014

If you work in banking or other sectors in financial services, you likely spend a healthy part of your day dealing with career-related stress. The hours, the responsibilities, the external pressures to deliver consistent compelling results – they all add up. But who has it worse?

We decided to conduct an informal survey to find out, creating a list of a dozen sectors and roles. We then asked a host of recruiters and other experts in the field to rank them based on the stress levels employees tend to face, leaving it up to each voter to qualify “work stress” as they see it. Below are the composite results, along with some notes from those who chose to go on the record and explain their thought process. Do you agree?

1. Investment Banker: The runaway choice for the most stressful job on Wall Street and in all of financial services, finishing in the top three of every ballot. The main reason is that investment bankers are confronted with the two main triggers for career stress: the difficulty of the work coupled with the sheer amount of it, particularly for associates and analysts.

“The life of a junior banker is one of the last forms of legalized slavery,” said Roy Cohen, a career coach and author of The Wall Street Professional’s Survival Guide. “It is a gruelling survival of the fittest existence defined by all-nighters, no time to eat well or to exercise, and compensation that has remained flat for a number of years.”

Within investment banking, the highest levels of stress exist in M&A, said Richard Lipstein, managing director at Wall Street search firm Gilbert Tweed International. “The most stressful job is one where revenue takes longest to be generated,” he said. “In M&A, you need to know the people, get the meeting, bring in the business, convince them to sell and then go out and get it done.”

2. Trader: Most traders don’t hold the hours of investment bankers, but they may have a sharper, more acute level of stress. “Trader stress is in real time and can happen instantaneously,” said Sal Khan, managing director at Dynamics Associates.

Obviously the lives of some traders are easier than others. Sell-side traders live and die daily, said Cohen. Eyeing the current moment, fixed income traders are likely more stressed than ever, simply due to the conditions, Lipstein said. “Their business is shrinking – there will be triage, and they know it.”

3. Risk management & compliance: Likely positions that wouldn’t finish this high years ago, risk and compliance personnel don’t get paid as highly as traders and investment bankers but they’re in a pressure cooker just the same. One reason risk and compliance didn’t finish higher is the dearth of qualified professionals able to fill all the openings (i.e. job security).

“New regulatory requirements are constantly rolling in and regulators and those on the business side are always on you, breathing down your neck,” said Lisa Mogilner, executive recruiter at Dynamics Associates. Sitting in a non-revenue generating seats, risk and compliance staffers are often viewed as the enemy by colleagues who are desperate to get a transaction approved, said Cohen. But they also have skeletons like the London Whale, Libor and the credit crisis feeding their stress levels on the other side.  Market risk and credit risk management roles are particularly stressful, said Khan.

4. Wealth manager/financial advisor: Finishing near the top on some surveys and further down on others, wealth managers and financial advisors deal with one particular vehicle for stress: they eat only what they kill. Wealth managers get fired nearly as often as they get hired. One WM who started five years ago said he is the only remaining member of his 30-person recruiting class still in the business.

It’s a sales job, and your target is often friends and family. You start with a barely livable wage and you need to sell to remain employed. But, at its core, wealth management is a relationship business. Unlike institutional sales, your heart – not just your wallet – is on the line with each investment, said Lipstein.

5. Institutional sales: Any role that focuses on sales causes stress. Couple this with the fact that the job security and the ceiling on salary aren’t what they used to be, and institutional sales can be a grind. “As technology automates much of the function, there is simply no need for a human interface,” said Cohen. “Since the products are now not much more than commodities, sales people are seeing shrinking spreads and fewer opportunities to generate rich commissions.”

6. Management consulting: It’s all about hours, engagement and travel. Simply put, consultants always have to be “on.” And in between they are in airports and juggling complex business problems.

“And the more senior you are, there are pressures to generate new business while continuing to execute,” said Anne Crowley, managing director at Jay Gaines and Company. “Some people are wired for this, and are motivated by the fast pace and variety of challenge.”

7. Private equity: You must be smart, hard-working and well-rounded, but the lifestyle doesn’t compare to investment bankers and the pay if often much better, particularly at the senior level.

8. Industrial coverage/research analyst: Very rich, very passionate and very explosive fund managers and traders rely on research analysts, who will often get more blame than praise, particularly on the buy side. “You agonize over every decision, then you agonize once the decision is made,” Lipstein said.

9. Fund manager: Finishing just behind research analyst, fund managers push the final button – a highly stressful role – but they have seniority, don’t have to do as much grunt work and likely have the bank account to relax, just a bit.

10. Technology: Like risk and compliance, tech pros get yelled at – a lot. “They take plenty of blame, even when things are out of their hands, and they constantly have to re-educate themselves and take courses,” said Mogilner. And, with operational budget constraints, there is a “continuing pressure to do more with less,” said Crowley.

11. Accounting: Finishing last on every ballot, accounting is “virtually stress-free as long as you like routine and are willing to work long hours on a seasonal basis,” said Cohen. There’s also minimal client-facing and you’re never on an island. “There is always someone in the assembly line with you,” according to Mogilner. Not much else to say.



- wong chee tat :)

China interbank rates surge again despite cash injection

China interbank rates surge again despite cash injection

POSTED: 23 Dec 2013 18:08

China's interbank interest rates surged again on Monday despite hefty cash injections last week by the central bank, suggesting money market stress remains as authorities maintain a prudent stance.

BEIJING: China's interbank interest rates surged again on Monday despite hefty cash injections last week by the central bank, suggesting money market stress remains as authorities maintain a prudent stance.

The seven-day repurchase-agreement rate -- a benchmark for interbank borrowing costs -- rose to 9.8 per cent, the highest since it hit 11.62 per cent on June 20 at the peak of China's summer cash crunch that unnerved global markets, according to Dow Jones Newswires.

"The spike in interbank rate indicates that the lack of market confidence has worsened the liquidity crunch," Wendy Chen, a Shanghai-based economist at Nomura Securities, told AFP.

The rates, which serve as funding costs for pricing and investment, have been trending higher recently as the People's Bank of China (PBoC) had refrained from injecting further liquidity through a routine open market operation for two weeks.

In a gesture to calm the market, the PBoC announced Friday that it had injected more than 300 billion yuan ($49.4 billion) into the financial system over a three-day period via the so-called short-term liquidity operations (SLOs).

"Currently the banking system has excess reserves of over 1.5 trillion yuan, a relatively high level compared with the same periods in history," it said on its verified account on China's Twitter-like Sina Weibo.

The announcement followed a similar statement on Thursday that the bank had "appropriately injected" an unspecified amount of cash into the market through SLOs.

The interbank market responded with brief signs of improving funding conditions earlier Monday. The repo rate began the day's trading at 5.57 per cent, down from Friday's 8.2 per cent, before rebounding.

"More credit and further measures from the PBoC are probably required, to let the market regain its confidence, before the rate can become stabilised," Chen said.

Chinese shares edged up Monday, with the benchmark Shanghai Composite Index ending up 0.24 per cent at 2,089.71. But analysts warned that the gains will soon evaporate without fresh funds flowing into the stock market.

The state-run Securities Times newspaper on Monday quoted analysts as saying that the central bank intended to signal to the market its "neutral but slightly tight" policy stance by keeping suspended its routine, more aggressive liquidity-releasing tools and appeasing the market only with SLOs.

The SLOs are discreet, targeted exercises confined to a select group of 12 banks that are deemed crucial to the overall stability of China's financial system. They are a new tool the PBoC introduced in January.

- AFP/nd

- wong chee tat :)

Number of pawn shops in Singapore increasing

Number of pawn shops in Singapore increasing

    POSTED: 02 Nov 2013 16:30
 
The number of pawn shops in Singapore has grown about 70 per cent to almost 200 in 2012. This is compared to 114 pawn shops in 2008.

SINGAPORE: The number of pawn shops in Singapore has grown about 70 per cent to almost 200 in 2012. This is compared to 114 pawn shops in 2008.

Credit Counselling Singapore said the demand for pawn shops may have increased as the interest rates they offer are lower compared to legal money lenders. It added that pawn shops are modernising the way they operate, and provide an option for lower and middle-income families.

Member of Parliament Seah Kian Peng expressed concern over the increase in number of pawn shops, especially in prominent areas such as town centres and MRT stations.

He said: "It would signify that unfortunately, there are quite a number of us, quite a number of Singaporeans or families who could do better with financial management, financial planning and financial literacy."

- CNA/ac

- wong chee tat :)