Analysts say both customers and banks will stand to benefit from the Government’s plan to extend MyInfo to the banking industry in 2017. However, some Singaporeans that Channel NewsAsia spoke to raised concerns over privacy issues and security of their personal data.
A neutral policy stance is needed to ensure medium-term price stability, says the Monetary Authority of Singapore (MAS) in its final scheduled monetary policy review of 2016.
Singapore’s economy expanded by 0.6 per cent in the third quarter from a year ago but contracted 4.1 per cent on a seasonally adjusted and annualised basis, according to advance estimates from the Ministry of Trade and Industry (MTI).
Analysts expect the Sing dollar to weaken further and possibly hit 1.40 against the US dollar by the end of the year.
Concerns regarding the ramifications of Britain’s pending departure from the European Union seem to outweigh the lure of a weaker pound for some investors in Singapore.
Experts say the shuttering of two Swiss private banks, alongside the slapping of fines on DBS and UBS, is a clear sign from authorities that anti-money laundering breaches will not be tolerated in Singapore.
"Although the withdrawal of the Singapore banking license is regrettable and disappointing, the decision will not impact the strategic development of the bank," a press statement from Falcon Private Bank said on Tuesday.
Despite a downbeat economic outlook, Singapore’s central bank will likely refrain from easing monetary policy when it meets for its biannual meeting this month.
The collapse of South Korea’s biggest container-shipping line has rocked the boats of some businesses in Singapore.
Social trading app Spiking, which allows retail investors to track the stock transactions and portfolios of sophisticated investors, raised S$1 million in seed funding this week.