TL;DR

Who: Grab, MAS and DPM Heng Swee Keat

Weekly Business Brief | 2019 Week 24

Wrapping up the week's business news and announcements.

SBO Singapore Weekly Business Brief
Published:   |   Updated:   |   Posted in

Grab considers moving into Singapore banking as regulators study potential for virtual banks

The city-state’s banking regulator is likely to issue only two to three licenses in the first phase…

Grab, Southeast Asia’s most valuable start-up is exploring a move into Singapore banking as regulators in the Southeast Asian city-state consider allowing online-only banks, four people with knowledge of the process said.

Singapore-headquartered Grab’s interest in what would be its first foray into banking has not been reported before.

When asked for a response, the Monetary Authority of Singapore (MAS) referred Reuters to its comments issued last month when it said it was studying the potential for allowing “digital-only banks with non-bank parentage” into its market.

The MAS could make a decision in the next couple of months on whether to admit digital-only banks with non-bank parentage, as well as the eligibility applicants, the people said.

The city-state’s banking regulator is likely to issue only two to three licenses in the first phase, two of the people said.

Read more in this Reuters report.

Singapore’s 2019 growth forecast cut to 2.1%, trade remains top risk: MAS survey

The survey predicts this year’s gross domestic product to be 2.1 per cent, down from the previous forecast of 2.5 per cent.

Economists lowered again their forecasts for Singapore’s expected growth in 2019 after the year’s first quarter saw its slowest growth in nearly a decade, the latest economic survey from the Monetary Authority of Singapore (MAS) said on Wednesday (Jun 12).

The survey predicts this year’s gross domestic product to be 2.1 per cent, down from the previous forecast of 2.5 per cent.

Singapore’s economic growth this year will likely be between 2 per cent and 2.4 per cent, the survey indicated.

Economists also expect lower median forecasts for nearly all key macroeconomic indicators.

The latest quarterly survey indicated that escalating global trade protectionism remains a top potential downside risk for 94.1 per cent of the 22 respondents.

Read more in this Channel NewsAsia report.

DPM Heng Swee Keat offers ideas to building a sustainable future

First, there needs to be deeper international collaborations and partnerships.

A sustainable future for the world can be achieved by deepening international partnerships, enabling all segments of society and developing next-generation talent.

He offered three ways in which the world can work towards a more sustainable future.

First, there needs to be deeper international collaborations and partnerships.

Second, all segments of society – the government, businesses, and individuals – will need to be enabled.

Lastly, the development of next-generation talent and leaders will be key.

Read more in this Channel NewsAsia report.


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