TL;DR

Who: IMF, MAS, MAS

Weekly Business Brief | 2019 Week 27

Wrapping up the week's business news and announcements.

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

Tharman on ‘early shortlists’ for IMF top job amid Lagarde’s departure: NYT

[Mr Tharman’s name] “has emerged on early shortlists”.

Senior Minister Tharman Shanmugaratnam is among candidates shortlisted to succeed Christine Lagarde as International Monetary Fund (IMF) chief

Mr Tharman is also Coordinating Minister for Social Policies, and advises the Prime Minister on economic policies.

According to the NYT, Singapore’s former deputy prime minister, who was the chairman of the International Monetary Fund and Financial Committee, “has emerged on early shortlists”.

Read more in this Channel NewsAsia report.

Prolonged uncertainty in Hong Kong won’t be good for Singapore: MAS chief

… based on data and engagement with financial institutions, there have been “no signs of significant shift in business or funds” to Singapore from Hong Kong.

Prolonged political uncertainty in Hong Kong will not be good news for Singapore, said the country’s central bank chief Ravi Menon on Thursday (Jun 27).

Some media reports, citing experts, have said that the ongoing political uncertainty could undermine Hong Kong’s reputation as a financial hub. This may in turn benefit Singapore, the reports said.

To that, Mr Menon said that based on data and engagement with financial institutions, there have been “no signs of significant shift in business or funds” to Singapore from Hong Kong.

“I think people tend to see too much through the lens of competition. There’s a lot of complementarity between the two financial centres and I think we should not lose sight of (that),” he added during the press conference on the central bank’s annual report.

Mr Menon stressed that any uncertainty that leads to poorer outcomes in the region will not bode well for Singapore.

“We should focus more on the income effects of prolonged uncertainty, rather than focus on short substitution effects,” he said.

Read more in this Channel NewsAsia report.

MAS to issue up to five new digital bank licences: SM Tharman

[The licenses] will be extended to non-bank players…

The Monetary Authority of Singapore (MAS) will issue up to five new digital bank licences, which will be extended to non-bank players, it was announced on Friday (Jun 28).

This is in addition to any digital banks that may be established by Singapore banking groups under the existing internet banking framework that was introduced in 2000.

The new licences will comprise up to two digital full bank licences, which will allow licensees to provide a wide range of financial services and take deposits from retail customers.

There will also be up to three digital wholesale bank licences, which will allow licensees “to serve SMEs (small and medium-sized enterprises) and other non-retail segments”, MAS said in a media release.

Gaming company Razer said it will “definitely consider” applying for the digital bank licence.

Read more in this Channel NewsAsia report.


Seen anything interesting? Tip us off.

Want to be seen and heard? Contribute or advertise with us.

Like what you read? Follow us on Facebook and LinkedIn to get the latest updates.

Get the latest updates right to your mailbox

We will not share your contact information
By registering, you agree to our T&C and Privacy Policy
We're a bunch of minions who love reading and writing about business more than doing business (it's scary). Also, not all minions love bananas.
>