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DBS faces supervisory action after worst online outage

Sat, 27 Nov 2021 09:20:00 +0800
DBS experienced outages to its online banking services from 23 to 24 November, the second extensive disruption to its digital services in over a decade and the worst it has seen since 2010. The Monetary Authority of Singapore said it will consider taking supervisory action.

The new breed of consumer tribes in financial services

Tue, 23 Nov 2021 18:02:00 +0800
The pandemic has changed the way people think and feel about their finances. Here are the emerging consumer tribes that banks in Asia Pacific need to know about.

Saudi’s Al Rajhi Bank delivered highest ROA in Middle East, while National Bank of Egypt strengthened asset quality and liquidity

Mon, 22 Nov 2021 13:27:00 +0800
Al Rajhi Bank and National Bank of Egypt have emerged as the strongest bank in the Middle East and Africa respectively. Across the region, the average ROA of banks fell to 0.9% in 2020 from 1.6% in the year earlier, while their capitalisation remained robust

Global corporates and FIs see digital currency and sustainable finance as key drivers for RMB use

Mon, 22 Nov 2021 09:34:00 +0800
New digital financial infrastructure, new regional free trade agreements, and decisive leadership in the emerging sustainability and green agenda bode well for international RMB adoption.

MAS’ Menon: “Open crypto networks are not at the stage to meet high standards of governance, security and resilience”

Thu, 18 Nov 2021 17:45:00 +0800
Ravi Menon, managing director of the Monetary Authority of Singapore speaks during the Singapore FinTech Festival 2021 on the future of money, finance and the internet.

FS-ISAC’s Barel: “Intelligence sharing is critical to manage third-party cyber risks”

Thu, 18 Nov 2021 17:18:00 +0800
Several high-profile attacks in the last year have highlighted the risk of cyberattacks on third-party vendors to financial firms, their customers and the financial system. Security principles should be part of a robust and systematic protocol for managing these third-party risks

Sacombank’s Nguyen Duc Thach Diem: “Our transaction points can now offer business consulting to SMEs”

Tue, 16 Nov 2021 10:23:00 +0800
In this Leadership Perspective Series, Nguyen Duc Thach Diem, CEO at Sacombank, discussed how digital transformation creates a resilient organisation and operations, the use of advanced technologies in the digital era and the initiatives to help customers who are facing financial difficulties.

China signals orderly distribution of distressed real estate assets

Mon, 15 Nov 2021 19:32:00 +0800
With 41% of China's $45 trillion in banking assets and 27% of its $30 trillion in loans exposed to the property market, authorities are likely to initiate an orderly distribution of distressed assets of real estate developers such as Evergrande that failed to meet the “three red lines” limit on debt liabilities. Leveraged expansion sabotaged Evergrande’s sustainability while profit from property development shrunk for three consecutive years.

Alibaba and JD.com posted record Double 11 sales of $139 billion despite tech crackdown

Fri, 12 Nov 2021 19:50:00 +0800
Alibaba and JD.com continue to set new sales records during the Double 11 shopping event, although growth decelerated amid China’s slowing economy and stringent technology sector scrutiny. Sustainability and inclusiveness have become key focuses.

ICBC still largest bank in the world as assets grew 10.7%

Thu, 11 Nov 2021 08:53:00 +0800
The top ten remained largely unchanged in the ranking of the largest banks in Asia Pacific, while HSBC slipped two places to rank 13th due to the stronger growth of Chinese banks and the appreciation of the RMB against the US dollar.