MAS Unveils 2017 Year of the Rooster Chinese Almanac Coins

Singapore, 28 November 2016…The Monetary Authority of Singapore (MAS) today unveiled the 2017 Year of the Rooster Almanac Coins, the inaugural issue of the Singapore Fourth Chinese Almanac Coin Series. These coins will be issued on 1 January 2017.

2    The Singapore Fourth Chinese Almanac Coin Series will be issued over a span of 12 years, from 2017 to 2028. Each year’s issue will depict a zodiac animal in a park or natural landscape setting in Singapore.

2017 Year of the Rooster Coins

3    The first coin in the series will be issued in 2017 and will feature the Rooster with Kampong Buangkok, Singapore’s last surviving village, in the background.  

4    The coins will be available in 10 different versions, including a 1 kg rectangular coin which will be minted on 999 fine silver with a relief height of at least three times the relief of past 1 kg coins, to bring focus to the Rooster. Special premium sets consisting of various coin combinations will also be available to the public.

5    The obverse of the coins bears the Singapore Coat of Arms with the year 2017.

6    More details of the coins are in the Annex.

Sale of Coins

7    The coins will be sold by The Singapore Mint. For enquiries and orders, the public can contact The Singapore Mint at 6566 2626 / 6895 0288 / 6222 2486 / 6336 2878 or via the internet at www.singaporemint.com.

8    Orders must reach The Singapore Mint by 16 December 2016. The coins will be subjected to balloting if oversubscribed.

Annex

Kampong Buangkok

Originally a swamp, Kampong Buangkok is Singapore’s last surviving village. Built in 1956, Kampong Buangkok, which is approximately the size of three football fields, was home to about 40 families in the 1960s.

An area with overhead electrical lines, domestic animals roaming freely, dirt tracks leading to houses made of wooden planks and zinc roofs, Kampong Buangkok exudes an atmosphere of peace and tranquility. Today, about 28 families still live in the rustic village.

2017 Year of the Rooster Coins

1    The details of the coins are as follows:

a) Nickel-plated Zinc Proof-like CoinNickel-plated zinc coin with a face value of $2 in a round shape with a diameter of 40.70 mm. Mintage: 120,000 pieces

b) ¼ troy oz Silver Proof-like Colour Coin999 fine silver coin with face value of $2 in a round shape with a diameter of 27 mm. The Rooster is featured in full colour. Mintage: 30,000 pieces

c) 1 troy oz Silver Proof Coin
999 fine silver coin with face value of $5 in an octagonal shape with a diameter of 45 mm. Mintage: 15,000 pieces

d) 1 troy oz Silver Proof Colour Coin999 fine silver coin with face value of $5 in a floral shape with a diameter of 45 mm. The Rooster is featured in full colour. Mintage: 15,000 pieces

e) 5 troy oz Silver Proof Coin
999 fine silver coin with face value of $20 in a round shape with a diameter of 65 mm. Mintage: 500 pieces

f) 1 kilogram Silver Proof-like Coin
999 fine silver coin with a face value of $80 in a rectangular shape with a dimension of 114.50 mm x 60.50 mm. Mintage: 200 pieces

g) 1 gram Gold Brilliant Uncirculated Coin
999.9 fine gold coin with a face value of $5 in a rectangular shape with a dimension of 8.70 mm x 15.00 mm. Mintage: 3,000 pieces

h) ¼ troy oz Gold Proof Coin
999.9 fine gold coin with a face value of $20 in a round shape with a diameter of 21.96 mm. Mintage: 1,500 pieces

i) 1 troy oz Gold Proof Coin
999.9 fine gold coin with a face value of $100 in an octagonal shape, with a diameter of 40 mm. Mintage: 1,000 pieces

j) 5 troy oz Gold Proof Coin
999.9 fine gold coin with a face value of $200 in a round shape with a diameter of 60 mm. Mintage: 100 pieces

All of the above, except (a), are accompanied by a serialised certificate of authenticity.

2    The Lunar Rooster Coins are also available in premium sets. Each coin set comes with a serialised certificate of authenticity. The coins in the sets are from the mintage of the individual coins.

a) Silver 2-Coin SetConsists of a 1 troy oz Silver Proof Colour coin and a 1 troy oz Silver Proof coin. Limited to 2,000 sets.

b) Silver 3-Coin Set
Consists of a 1 troy oz Silver Proof Colour coin, a 1 troy oz Silver Proof coin, and a ¼ troy oz Silver Proof-Like Colour coin. Limited to 2,000 sets.

c) Gold & Silver 3-Coin Set
Consists of a 1 troy oz Gold Proof coin, a 1 troy oz Silver Proof Colour coin, and a 1 troy oz Silver Proof coin. Limited to 500 sets.

d) Gold & Silver 5 oz 2-Coin Set
Consists of a 5 troy oz Gold Proof coin and a 5 troy oz Silver Proof coin. They are positioned to form the auspicious figure ‘8’. Limited to 50 sets.

- wong chee tat :)

MAS issues new collectable zodiac coins series from Year of Rooster

MAS issues new collectable zodiac coins series from Year of Rooster

Year of the Rooster Chinese Almanac Coins. Photo: MAS

PUBLISHED: 4:55 PM, NOVEMBER 28, 2016
SINGAPORE — Starting with the 2017 Year of the Rooster, the Monetary Authority of Singapore (MAS) is issuing a new series of collectable Chinese almanac coins depicting a zodiac animal in a park or natural landscape setting in Singapore.

The first coins in the Singapore Fourth Chinese Almanac Coin Series will feature the rooster in Kampong Buangkok — Singapore’s last surviving village. The obverse of the coins bears the Singapore Coat of Arms with the year 2017.

The 2017 coins will be issued on Jan 1, the central bank announced on Monday (Nov 28).

These coins will be available in 10 different versions, ranging from nickel-plated coins to silver and gold proof coins. The face value of the coins start from S$2 and goes up to S$200 for a five troy oz gold proof coin.

Special premium sets are also available, and they consist of various coin combinations.

Orders for the coins must reach the Singapore Mint by Dec 16. They will be subjected to balloting if oversubscribed.

This new collectable series will be issued over a span of 12 years from 2017 to 2028, with the respective zodiac animal featured every year.

For more information on the coin sets, see www.singaporemint.com.


Should I get?

- wong chee tat :)

Singapore banking system remains sound following Brexit outcome: MAS

Singapore banking system remains sound following Brexit outcome: MAS
Posted 24 Jun 2016 15:44 Updated 24 Jun 2016 22:34

SINGAPORE: The Monetary Authority of Singapore (MAS) said on Friday (Jun 24) that "Singapore’s interbank money markets continue to function in an orderly manner and its banking system remains sound", following the outcome of the UK’s referendum on EU membership.

Britain voted to leave the European Union, in a decision that sparked upheaval across Asian markets.

In response to media queries, the Singapore central bank said: "The liquidity positions of the major banks in Singapore are healthy, and overall banking system liquidity remains adequate. MAS will provide additional liquidity to the banking system if needed.

"The trade-weighted Singapore dollar remains within its policy band, notwithstanding heightened volatility in international foreign exchange markets today. MAS stands ready to curb excessive volatility in the Singapore dollar.

"We have been prepared for the market volatility. MAS had been in close contact over the past weeks with banks in Singapore, foreign central banks and regulators to take preparatory actions to ensure the resilience of our financial system and markets in the event of Brexit."

MAS added that it would continue to be vigilant and stay in close contact with fellow central banks and regulators, as uncertainty is likely to persist following the referendum outcome.

Meanwhile, deputy president and group chief investment officer of GIC Lim Chow Kiat said the Singapore sovereign wealth fund runs a "long-term and diversified portfolio" and is "prepared for a period of heightened market uncertainty".

"What's most important to us is that markets remain open," Mr Lim said.

MEDIUM- TO LONG-TERM IMPACT ON SINGAPORE "MODEST": MTI

A spokesperson from the Ministry of Trade and Industry (MTI) said while the immediate aftermath of Brexit has led to substantial uncertainty and volatility in the financial markets, it is "too early" to assess its full consequences.

"Based on analysts’ current estimates of the impact of Brexit on the UK and the Eurozone economies, MTI’s assessment is that the medium- to long-term direct impact of Brexit on the Singapore economy is likely to be modest," the spokesperson said.

The full impact of Brexit on the UK, the EU and the global economy will be heavily dependent on the UK’s subsequent trade arrangements with the EU and other markets, including Singapore, MTI said.

With Brexit, the UK is no longer covered by the existing trade agreements that the EU has, according to the trade ministry. This means it will need to negotiate new agreements with its trading partners, including Singapore.

However, the nature and precise timing of the negotiations will depend on when Brexit takes effect following the UK’s deliberations with the EU, stated the MTI spokesperson.

"We will continue to monitor the situation and assess the economic consequences of Brexit on the Singapore economy and our businesses," the spokesperson added.

SINGAPORE FIRMS IN UK COULD FACE SLOWER GROWTH: SCCCI

Responding to the Brexit vote, Singapore Chinese Chamber of Commerce and Industry (SCCCI) president Thomas Chua said in the immediate term, Singapore companies will face some uncertainties in terms of how Brexit will impact Asia. “Companies who are already in the UK may face the prospects of a slower growth,” he said.

Added Mr Chua: “For our SMEs who are suppliers to the UK MNCs based here, they will be affected if their UK principals become more cautious in their business plans due to a weaker British Pound. While the UK may traditionally be the first-choice hub of our companies to access the European market, they may now review UK as their preferred choice, and open to consider other options.

He noted that both Singapore and London are key financial centres in the world and with the uncertainties following Brexit, combined with the growth potential of Asia, Singapore may stand to benefit as more financial institutions may consider to set up here.

LONG-TERM IMPACT ON S'PORE 'HARD TO ASCERTAIN': SBF

Meanwhile, the Singapore Business Federation (SBF) expressed concern over the outcome of the vote.

“The decision to leave the EU adds more risk to Europe’s stability and to global markets at a time when the world economy needs more stability,” SBF said in a statement. “The possibility of a weaker EU, given its importance as a trading and investment partner to Singapore, will have significant impact on our economy.”

SBF also said the long-term impact of Brexit on Singapore and the world is “hard to ascertain”, although new configurations are currently being negotiated and put together, and the ripple effects of these “will take time” to work out and “add prolonged uncertainties”.

- CNA/dt/xk


- 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 :)

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 :)

Singapore's slow economic growth environment expected to continue: MAS
While the US is still expected to grow at a modest pace, Singapore may not be able to fully capitalise on it as most of US growth will be driven by domestic spending, said MAS.

By Patrick John Lim
Posted 27 Apr 2016 12:00 Updated 27 Apr 2016 15:04

SINGAPORE: The slow growth environment is expected to continue for Singapore's economy as cyclical factors put a dampener on economic growth, the Monetary Authority of Singapore (MAS) said in its biannual macroeconomic review on Wednesday (Apr 27).

The review contains MAS' analysis of macroeconomic developments affecting Singapore's economy.

Given a more modest pace of growth expected for Singapore's economy and core inflation, MAS moved to a neutral stance for its monetary policy, setting the rate of appreciation for the Singapore $NEER (nominal effective exchange rate) to zero.

In its review, MAS noted that softening growth among Singapore's key trading partners would affect externally-oriented industries. In particular, growth in capital formation is expected to be lower from the G3 economies which would affect trade-related sectors such as precision engineering.

The report also noted that US growth slackened towards the end of last year on the back of a moderation in personal consumption and weaker exports. While the US is still expected to grow at a modest pace, Singapore may not be able to fully capitalise on it as most of US growth will be driven by domestic spending.

Meanwhile, India could be a bright spot amid the tepid growth outlook, driven by private consumption and public infrastructure spending.

On the national scene, while domestic-facing sectors are expected to generally be more resilient, the central bank observed economic activity weakening among corporates, which saw more firms undertake consolidation activities last year. This included slower business loans growth and an uptick in redundancies.

However, it added that the corporate adjustments appear to be less severe compared to past periods of outright recession, and seems to be confined to specific pockets of industries.

Looking ahead, MAS said the long-term prospects for regional services trade still look bright, as the ongoing rebalancing of China towards a more consumption-based economy is expected to fuel demand for imported services. In its review, MAS highlighted opportunities for service firms in the areas of transport and communications as well as healthcare and medical.

- CNA/ek


- wong chee tat :)

Expect lower wage growth in 2016: MAS

Expect lower wage growth in 2016: MAS
Wage growth will likely moderate and jobless numbers are expected to rise this year, the Monetary Authority of Singapore said in its biannual macroeconomic review on Wednesday.

Posted 27 Apr 2016 13:11

SINGAPORE: Wage growth will likely moderate in 2016 amid tepid employment demand and reduced tightness in Singapore’s labour market, the Monetary Authority of Singapore (MAS) said in its biannual macroeconomic review on Wednesday (Apr 27).

“With lower labour demand and supply, total job creation this year is expected to stay modest. As such, overall and resident unemployment rates are likely to rise slightly in 2016 alongside the weak cyclical conditions, intensifying industry reconfigurations in some sectors, as well as increasing skills mismatches within the resident workforce,” the MAS said, adding that redundancies could continue to rise in sectors buffeted by weak external demand and restructuring efforts.

As such, the overall resident wage growth is forecast to “moderate to about 2.5 to 3.0 per cent, from 3.5 per cent in 2015”.

However, salary increments will vary according to sectors.

In industries such as the community, social and personal (CSP) services sector where vacancy rates are higher, employees are likely to see higher increments, while those in sectors with greater slack, such as manufacturing, may see weaker wage increments.

“Both labour demand and supply in the economy are settling at permanently lower levels, in line with the moderation in Singapore’s trend gross domestic product (GDP) growth and ageing population,” the MAS report said.

The central bank added: “Alongside the fall in labour demand, there has been a reduction in foreign labour supply growth amid the tightening of foreign worker policies. Meanwhile, the supply of resident workers grew at a fairly stable pace, despite an increase in the entry of part-time workers into the workforce. Going forward, structural headwinds and demographic ageing could intensify and further moderate the trend component of employment growth.”

In the near term, labour demand will continue to hinge heavily on cyclical conditions and is expected to remain subdued, the MAS said.

Latest results from the ManpowerGroup employment outlook survey showed the proportion of employers expecting to expand headcount falling to 10 per cent in the second quarter of 2016, from 14 per cent a year earlier.

- CNA/sk


- wong chee tat ):

MAS to stop Singapore dollar from rising in surprise easing of monetary policy

MAS to stop Singapore dollar from rising in surprise easing of monetary policy

The move comes as a surprise as most analysts had expected the central bank to maintain its policy of allowing a modest, gradual appreciation of the Singapore dollar.

Posted 14 Apr 2016 08:18 Updated 14 Apr 2016 15:32

SINGAPORE: The Monetary Authority of Singapore (MAS) said on Thursday (Apr 14) that it will ease its monetary policy by not allowing the Singapore dollar to appreciate.

The move came as a surprise as most analysts had expected the central bank to maintain its policy of allowing a "modest, gradual appreciation" of the Singapore dollar.

"This is not a policy to depreciate the domestic currency, and only removes the modest and gradual appreciation path of the Singapore dollar nominal effective exchange rate (S$NEER) policy band that was in place," MAS said in its half-yearly Monetary Policy Statement.

“The width of the policy band and the level at which it is centred will be unchanged,” it added.

The central bank's announcement sent the Singapore dollar tumbling 0.9 per cent to S$1.3626 against the US dollar as of 8.35am, the biggest fall since November.

MAS manages monetary policy by letting the Singapore dollar rise or fall against an undisclosed basket of currencies of its main trading partners.

Singapore's economy expanded by 1.8 per cent in the first quarter of this year, but growth was flat on a quarter-on-quarter basis in contrast to the 6.2 per cent growth in the previous quarter, according to advance estimates released by the Ministry of Trade and Industry on Thursday.

“The Singapore economy is projected to expand at a more modest pace in 2016 than envisaged in the October policy review. MAS Core Inflation should also pick up more gradually over the course of 2016 than previously anticipated, and is now likely to fall below 2 per cent on average over the medium term,” MAS said.

The MAS last shifted its currency policy to a neutral policy stance of "zero per cent appreciation" in October 2008 during the global financial crisis. It lowered the rate of appreciation of the policy band twice last year, in January and October.

“The actual outcome of S$NEER movements over the six months since October 2015 has in fact been a 'zero per cent appreciation' compared to the preceding six-month period. The cumulative effects of past S$NEER movements and the new policy path will continue to ensure price stability over the medium term,” it said.

"RIGHT POLICY MOVE": ANALYST

A Credit Suisse analyst said the decision was the right move, given the weakening outlook for growth prospects in Singapore.

“We had been arguing that the central bank could have eased more during the last meeting in October, bringing the slope to zero per cent. Instead, it seems that MAS took a more gradual approach, delaying half of the easing then, to add another half now,” said Mr Michael Wan, an analyst for Asia Ex-Japan Economics at Credit Suisse.

Looking forward, front-end interest rates such as the Singapore interbank offered rate (SIBOR), which is used to price home loans, are likely to rise while the Singapore dollar is expected to weaken further, he said.

“However, the extent of the Singapore dollar’s underperformance will also be dependent on Singapore and global risk sentiment, and whether dollar weakness is sustained from here,” he added.

DBS’ senior currency strategist Philip Wee said the outlook for the Singapore dollar against the US dollar will still be dictated by the greenback’s direction against its trade-weighted basket of currencies.

“Looking ahead, we will probably need to pay more attention to the Fed,” he said, adding that two Federal Reserve presidents – John Williams and Jeffrey Lacker – have suggested that the market may be too “dovish” in their expectations for an interest hike.

- CNA/cy


- wong chee tat :)

2016 Lunar Retail Roadshows - Singapore Mint

2016 Lunar Retail Roadshows - Singapore Mint

Location		Period
Suntec City Mall	新达城广场	7 Jan - 6 Feb 2016
HDB  Hub (Toa Payoh)	建屋局（大巴窑）	15 Jan – 5 Feb 2016
Ang Mo Kio Hub	宏茂桥购物坊	18 Jan - 6 Feb 2016
Bugis Junction	白沙浮广场	18 Jan – 6 Feb 2016
Jurong Point	裕廊坊	18 Jan – 6 Feb 2016
Century Square	世纪广场	22 Jan – 6 Feb 2016
Parkway Parade	白汇广场	25 Jan – 6 Feb 2016

*Please note that all roadshows will close at 4pm on the last day of the roadshow.

Daily Operating Hours for all locations except Suntec City Mall

From 11.00am to 8.30pm

Daily Operating Hours for Suntec City Mall

From 12.00pm to 10.00pm

- 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 :)

MAS launches Year of the Monkey coins and sets for 2016

The Year of the Monkey coins will be available in nine versions, including a 1 kg coin made of 999 fine silver, which is the largest silver coin in Singapore.

• POSTED: 20 Nov 2015 11:43
 
• UPDATED: 20 Nov 2015 11:54

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The 2016 Year of the Monkey Almanac coins. (Photo: MAS)

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SINGAPORE: Ahead of 2016, which is when the Year of the Monkey starts according to the Chinese zodiac calendar, the Monetary Authority of Singapore (MAS) announced on Friday (Nov 20) it would be releasing coins and coin sets at the start of next year.

The coins are part of the third Chinese Almanac coin series, and features a monkey with a "playful and curious" disposition while holding a peach which symbolises longevity, MAS said in its press release.

The Year of the Monkey coins will be available in nine versions, including a 1 kg coin made of 999 fine silver, which is the largest silver coin in Singapore. Selected premium sets will include an eight-sided floral-shaped ingot featuring a family of monkeys, it added.

Additionally, the agency will also issue the 2016 Chinese Almanac puzzle coin set, which will feature a centrepiece surrounded by the 12 coins each depicting the design of the animals in the series, it said.

The sale of the coins will be conducted by the Singapore Mint, and orders start on Friday and must reach the sales agent by Dec 15, MAS said.

- CNA/kk

- wong chee tat :)

Launch of the Singapore Savings Bond Programme

Singapore, 21 July, 2015….The Monetary Authority of Singapore (MAS) today announced that the first Singapore Savings Bond will be issued on 1 October 2015. Interested investors may apply for this issue from 1 September 2015. A new Savings Bond will be issued every month thereafter. Singapore Savings Bonds are a new type of government bond that offers individual investors a safe, long-term and flexible product to meet their savings and investment needs.

Applying for the first Savings Bond issue

2   On 1 September 2015, MAS will publish a public notice to provide information on the 1 October 2015 Savings Bond issue, including the amount on offer and the interest pay-out schedule from the 1st to the 10th year. The notice will be published after 4.30pm on the Savings Bonds website (www.sgs.gov.sg/savingsbonds). This information will also be made available in local newspapers the following day. Investors should note the following:

Item	Details
Applications open	1 September 2015, 6.00pm
Applications close	25 September 2015, 9.00pm
Application results	28 September 2015, after 3.00pm
Issue date	Successful applicants will receive their Savings Bonds in their Central Depository (CDP) accounts on 1 October 2015.
Apply through	DBS/POSB, OCBC or UOB ATMs; or DBS/POSB internet banking

3   In order to apply for Savings Bonds, individuals must have a bank account with participating banks, namely DBS/POSB, OCBC or UOB and an individual CDP Securities account with direct crediting service (DCS) enabled¹. 

4   A new Savings Bond will be issued every month for at least 5 years, so there is no need to rush for the first issuance. The Singapore Government plans to issue S$2-4 billion of Savings Bonds this year.

Savings Bonds website and hotline

5   To help investors understand the features of Savings Bonds and learn how to apply for them, MAS has set up a Savings Bonds website which is accessible now at: www.sgs.gov.sg/savingsbonds.  The website will also feature tools to help investors keep track of application timelines and understand the returns from investing in Savings Bonds over different investment periods.

6   In addition to the website, members of the public can call the Savings Bonds hotline at 6221-3682² to find out more about the programme.

¹ To find out how to open a CDP Securities account or activate DCS for an existing CDP Securities account, please refer to CDP’s website (www.sgx.com/cdp/faq) or call the CDP Call Centre at 6535-7511.
² Operating hours: Mon-Fri, 8.30am to 5.30pm, excluding Public Holidays.



- wong chee tat :)