With increased flexibility, cost effectiveness, and overall performance, moving digital infrastructure to the cloud is slowly becoming best practice for enterprises. This has been hastened by digital transformation, but the rush to online and cloud-based activities has left some businesses without a defined strategy for their IT monitoring solutions, resulting in cloud outages.
DBS Bank (DBS), Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB) gained strong financial results in financial year 2021 as the operating environment and business confidence in Singapore improved.
The increased use of the renminbi for international payments and investments in China’s capital markets by foreign investors, has seen demand and value of the currency rise steadily in the past year. Will the Russia-Ukraine crisis accelerate the foreign holdings of the RMB as a potential safe-haven asset?
Qatar Islamic Bank is the most efficient bank in the Middle East and Africa, emerging first among the largest 100 banks in the MEA 200 rankings in 2021. Notably, five of the 10 banks on the list are Qatar banks due to their emphasis on digital transformation.
A whitepaper just released by Honghu Best Global Family Office and The Asian Banker, "Global Family Office and Wealth Management Best Practices 2021 - Global Perspectives, Chinese Flair" reveals that succession planning is critical to intergenerational wealth transfer. However, most families do not prepare or plan for a smooth transition, leading to the partial or even full loss of wealth or family values that need to be passed on.
As escalating shipping freight costs and geo-political developments disrupt supply chains in 2022, companies are increasing their share of local sourcing and diversifying supplier base to minimise impact.
With market participants anticipating a hike in rates soon, will the good old days of wider NIMs come back? Not necessarily as the difference in the maturity of assets/loans versus liabilities/deposits primarily determines the direction and size of the spread between interest income and cost.
The ability to innovate and evolve into the more agile, analytical, customer-centric, and profitable financial services organisation (FSO) of tomorrow hinges on all manner of questions.
The COVID pandemic has accelerated the adoption of digital transactions and mobile payments, including the use of digital cards. With enhanced security and ease of use, they have become part of consumers’ daily life. Financial institutions must consider how to enhance their mobile payment offerings to remain relevant to this changing consumer behaviour.
As the West announces sanctions over Russia’s actions in Ukraine, global supply chains, particularly related to energy and commodities from the country, will be further impacted.
Despite widespread media reporting of US and Western sanctions on seven Russian banks, SWIFT has yet to disconnect any of them from its network. It will do so on 12 March after it received legal instruction in pursuant of EU Council Regulation (EU) 2022/345 of 1 March 2022.
The Monetary Authority of Singapore (MAS) has imposed an extra capital requirement of SGD 930 million ($692 million) on DBS after the widespread digital interruptions on 23 and 24 November 2021. This is four times higher than the amount imposed on the bank for a similar disruption in 2010.
EU leaders, Charles Michel and Ursula von der Leyen, jointly condemn Russian aggression against Ukraine, plan further sanctions while global markets plummet in the wake of attack.
The prospect of a ban on Russia from SWIFT becomes ever likely as its attack on Ukraine escalates. However, the impact of such an outcome will not only be felt by the Russian economy and financial system but also banks, mostly European, that have significant exposures to it.
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