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Retail Asia28/10/2020

The fintech hopes to build on the momentum it has gained amid the social and economic challenges brought about by the pandemic. Revolut Singapore has made a number of additions to its growing team in Singapore bring onboard digital strategist Sam Chui as marketing manager and media specialist Deborah Tan-Pink as communications manager. Chui joins from local marketing […]

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Retail Asia28/10/2020

HSBC will accelerate and expand restructure, despite beating analyst forecast with $3.1 billion of profit before tax in the third quarter. Profits were down $1.8 billion (37 percent) compared to the same period last year, according to the latest earnings release, supported by reducing risky credit and continued cost management. Year-to-date, the London-headquartered bank generated […]

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Retail Asia27/10/2020

Digital wealth manager Endowus’ new product allows investors to build customizable portfolios with direct access to a selection of low-cost funds. The Fund Smart platform, launched Thursday, allows investors to directly access institutional share-class and trailer-free funds using cash, CPF, and Supplementary Retirement Scheme (SRS) funds. The platform’s curated model portfolios include an ultra-defensive fixed […]

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Retail Asia27/10/2020

Most banks reported profit growth in the first nine months, but bad debts posted a double-digit rise due to the impacts of the Covid-19 pandemic. VPBank saw its pre-tax profits surge by nearly 30 percent year-on-year to VND9.4 trillion ($402.75 million) as it managed to cut operating costs by nearly 6 percent. But its bad […]

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Retail Asia26/10/2020

Sergio Ermotti is returning to his roots in high finance – cashing in on a boom in a niche style of stock-listing with potentially huge payoffs. The long-standing CEO of UBS, Sergio Ermotti, isn’t abandoning Wall Street altogether when he leaves the wealth manager next week: He is listed as the chairman of a so-called black-check company, […]

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Retail Asia23/10/2020

The pretax profit of state-owned lender Vietcombank in the third quarter fell over 20 percent to VND4.9 trillion ($210.9 million) over pandemic impacts. The bank said that provision for bad debt, which rose 35 percent year-on-year to VND2.02 trillion, and lower net interest income were the main reasons for the profit slump. Although the bank […]

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Retail Asia21/10/2020

Schwyzer Kantonalbank, one of the plethora of Swiss cantonal, or state, banks, has appointed a new female CEO. She joins the bank from banking giant UBS. The switch away from the big firm is not a first. Schwyzer Kantonalbank (SZKB) is early out of the starting block and has found a replacement for outgoing CEO Peter […]

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Retail Asia14/10/2020

Standard Chartered is reportedly applying for a brokerage license in China, joining its peers in the wave of foreign entry into the mainland market. Mainland’s securities watchdog, the China Securities Regulatory Commission (CSRC), has accepted an application from Standard Chartered Hong Kong on October 10 to set up a securities firm in the market, according […]

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Retail Asia12/10/2020

BNP Paribas Asset Management hired a trio from Lombard Odier, including a new Hong Kong-based head of Asian equities. The French asset manager appointed Zhikai Chen as head of Asia equities, according to a statement, replacing Arthur Kwong who will leave the firm to pursue other opportunities. Chen will report to Guy Davies, global CIO for fundamental actives equities. Chen […]

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Retail Asia08/10/2020

Both platforms see customer empowerment and digitally-enabled collaborations as key to supporting customer needs. Snack by NTUC Income (Income) and Revolut Singapore will work together to incorporate lifestyle-based insurance offerings on Revolut’s digital banking app to provide more flexibility and boost customer empowerment in money management. Snack, launched in June, is a stackable, micro-insurance offering that […]

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Retail Asia07/10/2020

UBS is nabbing a prominent technology executive from crosstown rival Credit Suisse. It is the second such hire in short order. The Swiss bank is poaching David Tobin from Credit Suisse as its head of risk technology, a source familiar with the hire said. A spokesman for UBS confirmed the hire. Tobin relocates to Zurich […]

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Retail Asia05/10/2020

Announced in March, the Financing and Securities Services (FSS) unit brings together Securities Services (previously under Transaction Banking) and Portfolio Risk Management in the Financial Markets business. Standard Chartered Bank on Thursday named its FSS management team, who will support Singapore-based co-heads Margaret Harwood-Jones and Emmanuel Ramambason. Members of the FSS senior management team include: Francois Verlaine – Regional Head, […]

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Retail Asia25/09/2020

Under the memorandum of understanding (MOU), the two sides will collaborate on a range of initiatives that harness digital technologies to better serve customers and suppliers. DBS Bank and Keppel Technology & Innovation have agreed to work together on digital technologies to create more opportunities and efficiencies for both companies, according to an announcement on Tuesday. […]

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Retail Asia24/09/2020

The bank’s securities brokerage is working with the financial markets technology services provider, which will provide managed services and support for its new trading platform. Pico rapidly deployed a tailored platform for trading execution in the heart of Singapore’s liquidity hub that is engineered for seamless coordination of trading and risk strategies, it said in an […]

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Retail Asia22/09/2020

UBS is reportedly exploring the option for traders to work from home through simulated experiences via virtual reality headsets. The bank is experimenting with creating a trading floor simulation for its London-based staff, according to a report, using Microsoft’s HoloLenses. If people really can’t come to the office, can we create a virtual presence?» said […]

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Retail Asia17/09/2020

Barclays’ head foreign exchange trading in Asia Pacific will reportedly exit just 18 months after joining the British bank. Pritpal Gill, head of G10 FX and FX options trading in the region, has been let go by Barclays, according to a report citing unnamed sources, after joining its Singapore offices less than two years ago in […]

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Retail Asia11/09/2020

The firm has also obtained verification from Ernst & Young for its Asia Impact Investment Fund’s alignment with the World Bank’s impact investing principles. UOB Venture Management (UOBVM) has issued its disclosure statement on the Operating Principles for Impact Management, becoming the first signatory of the Impact Principles in Southeast Asia to do so, the bank […]

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Retail Asia11/09/2020

Citi has promoted its private banking head of operations and technology in Asia Pacific to an even larger role covering the same area for the broader group. Stacey N. Lacy has been named as APAC head of operations and technology for Citi, effective immediately, according to a statement from the bank. In her new Singapore-based role, […]

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Retail Asia10/09/2020

India’s regulator fined Standard Chartered one billion rupees over violation of foreign exchange rules during a takeover of a local bank in 2007. India’s anti-money laundering agency slapped one of the country’s largest fines on a foreign bank in history following an 8-year probe that found it in violation of the foreign exchange management act […]

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Retail Asia09/09/2020

Even private banking in Asia – awash with not only the usual posh amenities but also various other characteristics that make it uniquely more high-touch – was not immune digital disruption during the pandemic. Within the banking sector, private banking has often been named as one of the segments most immune to digital disruption due […]

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