SINGAPORE: The Monetary Authority of Singapore (MAS) said it plans to revise rules governing foreign banks with a substantial local presence that may allow them to open digital-only banking subsidiaries. Under the enhanced framework, the MAS will consider granting an additional full banking license to foreign lenders which substantially exceed its Significantly Rooted Foreign Bank […]
Read MoreSINGAPORE – Survival has become the primary concern for many small and medium-sized enterprises (SMEs) here as they struggle to keep afloat amid the economic fallout from Covid-19. While some owners have begun frantically diversifying business offerings to find new sources of revenue, others have taken on odd jobs to make ends meet. Florist Pang […]
Read MoreSINGAPORE – Bank lending in Singapore shrank 0.7 per cent in June from a month ago as loans to businesses continued to decline, though there were signs of pick up in consumer lending with the lifting of circuit breaker measures. Loans through the domestic banking unit – which captures lending in all currencies, but reflects […]
Read MoreUber will keep its Asian headquarters in Singapore for now, the ride-hailing giant said Thursday, blaming regulatory uncertainty for thwarting a mooted shift to Hong Kong. The decision came weeks after China imposed a controversial national security law on Hong Kong — although Uber did not mention the legislation in its announcement. The company announced […]
Read MoreSINGAPORE – The majority of property owners with tenants that qualify for rent relief under the amended Covid-19 (Temporary Measures) Act should receive notices regarding their Government cash grants by mid-August, the Ministry of Law (MinLaw) said on Thursday (July 30). Landlords cannot take enforcement action against tenants that meet the criteria for rent relief for non-payment […]
Read MoreSINGAPORE – Firms in Singapore’s manufacturing and services industries remain pessimistic about the business outlook for the second half of the year, amid the ongoing coronavirus pandemic and uncertain global trade and macroeconomic conditions. Their sentiments were captured in separate surveys released by the Economic Development Board (EDB) and the Department of Statistics (SingStat) on […]
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