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MAS sets up payment systems for liberalised stored-value card market

Singapore's insurance and re-insurance industry - next phase

MAS liberalises multi-function stored-value card market

MAS enhances corporate governance for banks & insurers

Financial Industry Disputes Resolution Centre launched

Findings of First National Financial Literacy Survey - 2005

Money-changing & Remittance Businesses (Amendment) Act 2005

5-day clearing week for banks from 15 May 2006

Securities & Futures (Amendment) Bill 2005 passed

Financial Advisers (Amendment) Bill 2005 passed

MAS releases first issue of Financial Stability Review

No first-year cash rebates for housing loans from 6 Jan 2005

Financial Industry Disputes Resolution Centre

National Electronic Bills Payment Hub Implemented

MAS Guidelines on Structured Deposits Issued

Survey of Singapore Treasury Activities 2003

MAS specifies procedures under current housing loan rules

Monetary Authority of Singapore (MAS) publishes investor alert list

MAS allows credit cards secured by bank deposits

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     2006

 

MAS Launches Finance Scholarship Programme

MAS will set aside a budget of S$30 million from the FSDF over the next 5 years. It expects to award some 150 FSP scholarships over the next 5 years.

More.....

 

Singapore sees growth in debt capital market

Mr Ong Chong Tee, Deputy Managing Director, Monetary Authority of Singapore

"...First, real estate investment trusts or REITs. These have seen explosive growth, particularly in Singapore and Hong Kong over the last 3 years...

"In Singapore, the market capitalization weighted-average returns since IPO have been exceptional at over 30%. The market has also moved beyond traditional REITs to other products like shipping trusts and hotels...
"Singapore is also a fertile ground for CMBS development due to its stable economic environment (sovereign credit rating AAA/Stable/A-1+) and robust legal and land title system which have enabled structured finance issuers to raise highly rated debt...."

More.....

 

Singapore as A Leading Wealth Management Hub

Mr Ong Chong Tee, Deputy Managing Director, MAS

"Rising wealth in Asia, and the focus on Asian growth prospects have seen total assets under management in Singapore's fund management industry grow from about S$280 billion in 2000 to much more than S$600 billion now.

"Growth in private banking assets under management has also been strong, with anecdotal feedback suggesting Singapore private banking AUM averaging 20% per annum over the past few years to about US$200 billion currently...

"Our reputation for high standards of regulation and supervision and a robust legal and judicial framework, is trusted by financial intermediaries and clients alike to conduct wealth management activities..."

More.....

     - MAS sets up payment systems for liberalised stored-value card market

     -  MAS conducts first mystery shopping survey on financial advisory practices

     - Singapore's insurance and re-insurance industry - next phase

     - Six foreigners arrested for theft from ATMs; S$370,000 cash seized

     - MAS launches SGS electronic bond trading platform

     - Gradual and modest appreciation of Singapore dollar expected

 

Deposit Insurance Scheme launched in Singapore

"From 1 April, the deposit insurance scheme will compensate individuals and charities for the first $20,000 of their Singapore dollar deposits in standard savings, current and fixed deposit accounts, net of liabilities, in the event that their bank or finance company fails..."

More.....

     - Khoo Teck Puat Estate agrees to sell Stanchart shares to Temasek

     - Performance of Singapore economy in 2005

     - Importance of corporate governance for insurance companies

     - MAS liberalises multi-function stored-value card market

     2005

 

 

Changes proposed for nomination of beneficiaries in insurance policies

"Presently,...a nomination by a policyholder of his spouse and/or children will automatically create a statutory trust in favour of the spouse and/or children governed by section 73 of the Conveyancing and Law of Property Act (CLPA).

"The creation of a statutory trust effectively causes the policyholder to lose all rights to and control over the policy. This means that without the consent of all the beneficiaries, he cannot make any change to his nomination or the terms of the policy...
"MAS proposes to amend the Insurance Act to bring under its purview the nomination of beneficiaries in respect of the proceeds of insurance policies..."

More.....

      - MAS releases Financial Stability Review for 2nd half 2005

     - Emergence of New Poor a worrying trend

     - Singapore household debt and credit card bankruptcies

     - Key indicators on Singapore's Corporate Sector 1999-2003

     - Treasury survey shows foreign exchange trading reaching 7 year high

     - MAS enhances corporate governance for banks & insurers

 

Financial Industry Disputes Resolution Centre launched

"First, by handling all disputes that relate to forms of financial transactions, it provides consumers the convenience of a one-stop centre...

"Third, FIDReC is affordable. To ensure easy access, mediation services will be free. If current trend continues, it means that 95% of all cases handled by FIDReC will be free. Should adjudication be needed, consumers will pay just $50."

More.....

 

Findings of First National Financial Literacy Survey

"The majority of Singaporeans save, monitor their spending and are generally responsible in the use of credit...

"While these findings are positive, the survey showed that many do not have a clear idea of how much they would need for their retirement.

"Many have also not set aside sufficient cash savings to meet emergency needs. In addition, the majority are not aware of the key features of common financial products such as life insurance policies and unit trusts..."

More.....

      - Strong performance in financial services sector in 2004

 

Money-changing & Remittance Businesses (Amendment) Act 2005

"Currently, a holder of a remittance licence can be set up as a sole proprietorship, a partnership or a company. The proposed amendment will require the holder of a remittance licence to be incorporated as a company and to have a minimum capital of S$100,000."

More.....

 

Policy changes affecting the property market

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increase the housing financing limit to 90% of the property value

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lower the cash payment for private residential properties from 10% to 5%

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allow CPF members to use their CPF savings to purchase private residential properties with remaining leases of 30 to 60 years

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allow non-related singles to use their CPF savings to jointly purchase private residential properties

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phase out the Non-Residential Properties Scheme (NRPS) by 1 Jul 2006

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allow foreigners to purchase apartments in non-condominium developments of less than 6 levels without the need to obtain prior approval

More.....

     - 5-day clearing week for banks from 15 May 2006

     - Performance of Singapore Economy in 1st Quarter 2005

     - MAS Monetary Policy Statement

     - Singapore Public Holidays 2006 Gazetted

     - Singapore Budget 2005

     - Securities & Futures (Amendment) Bill 2005 passed

     - Financial Advisers (Amendment) Bill 2005 passed

 

     - Citibank Singapore Ltd incorporates in Singapore

     - No first-year cash rebates for housing loans from 6 Jan 2005

     2004

 

 

     - Singapore derivatives market being developed further

     - NYMEX may set up futures exchange in Singapore

     - Financial Industry Disputes Resolution Centre

     - National Electronic Bills Payment Hub Implemented

     - MAS issues guidelines on switching

     - MAS Guidelines on Structured Deposits Issued

 

Singapore's last ATC to close on 1 Oct 2004

DBS and the Singapore Exchange will shut Singapore's last authorised trading centre (ATC) at DBS's Shenton Way branch on 1 Oct 2004. In 1994, there were 133 ATCs in 107 branches of local banks and 26 broking houses.

Source: Straits Times 29 Sep 2004 (M1)

     - Survey of Singapore Treasury Activities 2003

 

Number of affluent people here up by 25%

The number of affluent people in Singapore has gone up by 25% since 1998, according to a new study by London-based business and consultancy firm Datamonitor.

There are now over 415,000 individuals here with more than USD50,000 in onshore liquid assets such as cash, deposits, stocks and unit trusts. Total investible wealth of Singapore's mass affluent increased to USD112 billion in 2003, from USD87 billion in 1998.

Source: Straits Times 9 Sep 2004 (A15)

     - Phishing alert by OCBC Bank

     - MAS specifies procedures under current housing loan rules

Bank's mortgagee sale of HDB flat a first

OCBC Bank has put a 3-room HDB flat up for sale, the first mortgagee sale by a bank since the HDB home loan market was opened to banks on 1 Jan 2003. OCBC's head of consumer secured lending, Mr Gregory Chan, said it had put the HDB flat on the market because the owner had volunteered to give it up. "We have not repossessed any HDB flat, and by that, we mean that we have not forced any HDB home owner to surrender his flat because he defaulted on his loan," he added.

Straits Times 21 Aug 2004 (H10)

 

Banker Lien Ying Chow dies

Lien Ying Chow, the founder of Overseas Union Bank (OUB), died on 6 Aug 2004 after a short illness. He was 98.

Source: Straits Times 7 Aug 2004 (3)

 

    - Monetary Authority of Singapore (MAS) publishes investor alert list

    - Qualifying Full Banks can open up to 25 service locations from Jan 2005

 

Singapore households put 24% of wealth in savings accounts

The latest Consumer Wealth Review by Citibank Singapore reveals that Singapore households put just 24 per cent of their wealth in savings accounts in 2003, way below the average of 52 per cent for Singapore, Hong Kong, Taiwan and South Korea - the countries covered by the survey. The figures were obtained from data published by banks and monetary authorities.

Source: Straits Times 10 Jun 2004 (M1)

 

     - MAS allows credit cards secured by bank deposits

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