OneConnect is looking to provide banking services to small and medium-sized businesses.
After building online banking operations in India and Indonesia, DBS plans to do the same in other Asian markets.
Policy & Regulations
Sygnum, based in Switzerland and Singapore, has petitioned for a capital markets services licence which will allow the firm to offer asset-management
The bank plans to take a minority stake in any virtual-banking joint venture and sees it as a way to tap new customers.
The Singaporean bank is considering an offer for almost 90% of PT Bank Permata, which has a market value of about $1.9 billion.
Despite the potential benefits of Libra, concerns raised about the way it would function are “not trivial,” MAS managing director Ravi Menon said.
UOB is the only Singapore bank that’s still run by a family after Oversea-Chinese Banking Corp. and others chose outsiders as their CEO or merged.
Menon’s term extension comes as the US-China trade war and weaker global demand clouds the outlook for Singapore.
Virtual banks typically have lower operational costs than traditional lenders that rely on brick-and-mortar branch networks.
OCBC becomes the latest foreign bank seeking to capitalize on China's financial-industry loosening.
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