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Hiring of 200 staff for Grab-Singtel bank under way

elean
2 minutes

A Grab-Singtel consortium, one of two successful applicants for a digital full bank licence, has already started hiring for around 200 positions in Singapore that it intends to fill by the end of next year. About 10 per cent to 15 per cent of the roles in banking, fintech and technology have been filled. Most of the roles will see new hires, although Singtel and Grab employees are welcome to join the new entity, the consortium's new chief executive Charles Wong, who was formerly Citigroup's retail banking head, said in a media briefing last night. The consortium said it will create more opportunities for Singaporeans to take on tech and fintech roles, and will equip them with skills in areas like cyber security. The new entity will begin with a focus on young professionals, managers, executives and technicians, gig workers and small businesses. It aims to enable them to easily access transparent financial services in their everyday activities, although it does not have concrete plans yet about its future services. Grab and Singtel formed the consortium in December last year. Grab owns 60 per cent of it, while Singtel holds the remaining stake. The consortium aims to formally launch...

ACN Newswire
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Tonghai Financial Awarded CarbonCare ESG Label

indie
3 minutes

HONG KONG, Dec 4, 2020 - (ACN Newswire) - China Tonghai International Financial Limited ("Tonghai Financial" or the "Group"), is pleased to announce that it has been supporting partner of 2020 CarbonCare ESG Label and earned The CarbonCare ESG Label granted by CarbonCare InnoLab in recognition of its excellence in the sustainability development and efforts towards a greener future.Ms. Mandy Lo, Associate Director - PR and Communications of Tonghai Financial (center) attended the award ceremony and accepted the awardTonghai Financial had been playing active role in important environmental issues. The CarbonCare ESG Label signifies the success of the Group's effort in sustaining a green environment, and also a ringing endorsement of the commitment in providing a high standard of Environmental, Social, Governance (ESG) report for stakeholders. With the theme of "Race to Zero for Sustainable Recovery", CarbonCare Label 2020 aims to rally leadership and support from businesses, cities, regions and investors worldwide for a healthy, resilient, zero carbon recovery after the pandemic. Looking ahead, the Group will respond to the call by promoting environmental conservation in the communit...

SeaPRwire
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Financial sector moves to develop S’porean core

elean
4 minutes

More measures to help develop and retain a core Singaporean workforce for the financial sector were unveiled yesterday. One initiative is the Work-Study Support Programme that will fund 80 per cent of internship stipends, capped at $1,000 per month, for Singaporean undergraduates who serve their internships at financial institutions. The aim is to develop job-ready graduates and build a Singaporean talent pipeline for the sector. It is part of the SkillsFuture Work-Study Degree Programme (WSDeg), which enables students to gain meaningful work experience and acquire work-relevant skills. The financial services sector has been a major participant of the WSDeg scheme since its introduction in 2017, and the Work-Study Support Programme will help scale the programme in strategic growth areas, the Monetary Authority of Singapore (MAS) noted at a webinar yesterday. MAS will also extend the Training Allowance Grant for company-sponsored trainees by six months from Dec 31 to June 30. Additional support is coming from the Institute of Banking and Finance, which will extend its 5 per cent additional course fee credit to cover the same period. The scheme aims to boost job retention through ups...

ACN Newswire
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Petraco Appoints Alberto Salsiccia As Chief Financial Officer

indie
3 minutes

LUGANO, CH, Nov 26, 2020 - (ACN Newswire) - The Petraco Group has appointed a new Chief Financial Officer, Mr. Alberto Salsiccia. He will take on his predecessor's position with a desire to maintain the Group's strong presence in commodities trading as well as the company's commitment to meet global energy demand while promoting a sustainable and low carbon future. Prior to joining Petraco, Alberto Salsiccia served as a consultant for PwC Milan and EY Zurich in the areas of Banking and Capital Markets. A spokesperson for Petraco stated "We are thrilled with Alberto's appointment. He is incredibly well-prepared to lead the financial aspects of our business and will undoubtedly bring enthusiasm and passion to his role". Many commodity trading houses, like the Petraco Group, have well-established financial departments which maintain relationships with financial stakeholders. The nature of the physical trading business means a good rapport with banks is important.Highlighting the company's open door, collaborative and collegiate culture, Alberto said "Petraco is an incredibly friendly workplace, and I am thrilled to be heading their highly capable financial department. We are currently...

ACN Newswire
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Huatai Securities and Bloomberg Establish Global Strategic Collaboration

indie
3 minutes

BEIJING, Nov 18, 2020 - (ACN Newswire) - Huatai Securities Co., Ltd. ('Huatai Securities') and Bloomberg, today jointly established a global strategic collaboration to accelerate digital transformation at one of China's leading securities groups. Harnessing Huatai Securities' financial services expertise and Bloomberg's global technology experience, the two companies will collaborate on financial technology, market-making services, index product development and risk management, among other areas, to further support Huatai Securities' technological transformation and international business expansion. "Technology adoption at global financial institutions over the past year has continued to accelerate, and Huatai Securities is keeping pace. Our investments in the digitization and transformation of our business through big data, artificial intelligence and cloud computing have enabled us to develop a robust financial services ecosystem," said Yi Zhou, CEO of Huatai Securities. "By working with Bloomberg, we will be able to benefit from their technology innovation and decades of experience in financial information services, enterprise solutions and risk assessment. This important collab...

ACN Newswire
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Raffles Financial Appoints Mike Zhou as Executive Director

indie
3 minutes

SINGAPORE, Nov 6, 2020 - (ACN Newswire) - Raffles Financial Group Limited (CSE: RICH) (FSE: 4VO) (OTC: RAFFF) today announced that it has appointed Mike Zhou, previously Independent Director, as Executive Director for North America.Mr. Zhou's expertise, developed over the course of a decade, covers capital markets and international business strategy with a special focus on the technology sector. In recent years, he has held management positions and director roles throughout the FinTech, digital marketing, consulting, and financial sectors.From 2013 to 2015, Mr. Zhou served as Manager of Corporate Development for BiYond (China) Corp. Under his management, the firm successfully launched a multi-million-dollar FinTech Joint Venture and structured the merger & acquisition of a digital marketing corporation. In late 2015, Mr. Zhou also co-founded a private investment and consulting firm."Mike's industry background and in-depth knowledge of the FinTech sector paired with deep understanding of the Canadian capital markets landscape is a valuable asset for Raffles as we move towards our goal of becoming a global diversified financial services firm. We are pleased to have him on our Boa...

SeaPRwire
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Financial sector’s credibility key to Singapore’s economic success

elean
1 minute

SINGAPORE - Establishing and maintaining a clean and trusted financial hub has been at the core of Singapore's economic success. While its strategic geographical location made it a port of choice on the world shipping map, the emergence and continued growth of credible financial services assured thriving trade flows. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

SeaPRwire
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Fin or tech? Why China’s Ant, biggest-ever IPO, says it’s a tech firm not a bank

elean
5 minutes

BEIJING (REUTERS) - China's Ant Group, about to make the biggest public sale of shares ever, poses a basic conundrum: what kind of company is it - a financial colossus or a tech giant? That is important for investors before and after the initial public offering of US$34.4 billion (S$46.9 billion), surpassing Saudi Aramco's record US$29.4 billion float last year. Shares are expected to start trading on Thursday (Nov 5) in Shanghai and Hong Kong. A spinoff from billionaire Jack Ma's Alibaba Group, Ant presents itself as a technology company, while financial regulators suggest the firm remains under their purview. The Hangzhou-based giant benefits from the far richer valuations the market affords to tech firms than to financial institutions. It hopes to escape the closer scrutiny of financial regulators, analysts say. China's central bank and financial regulators met on Monday with Mr Ma and top Ant executives as Beijing published draft rules for online micro-lending. One rule would require firms like Ant to shoulder default risks together with banks, while limiting leverage and lending amounts - all approaches used to regulate banks. An Ant spokeswoman said the company would "impleme...

ACN Newswire
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Raffles Financial Enters into Joint Venture Agreement with Raffles Infrastructure Investment

indie
4 minutes

SINGAPORE, Nov 3, 2020 - (ACN Newswire) - Raffles Financial Pte Ltd, a wholly owned subsidiary of Raffles Financial Group Limited (CSE: RICH) (FSE: 4VO) (OTC: RAFFF) ("Raffles", "the Company" or "RF"), today announces that the Company has entered into a Joint Venture Agreement with Raffles Infrastructure Investment Pte Ltd. ("RII"), a subsidiary of Raffles Infrastructure Holdings Limited listed in Singapore under symbol LUY. The Parties intend to collaborate in a joint venture company ("JVC"), MFUND Limited, which upon completion shall be renamed into "Raffles Infrastructure Capital Limited", a company incorporated in Hong Kong.The joint venture is in line with the Company's long-term objective of seeking opportunities and growth of its business and operations."Asia infrastructure spending is forecast at US$5.3 trillion by 2025*. Raffles Infrastructure's core competency is in the planning and developing of infrastructural projects in Asia, particularly China, while Raffles Financial is focused on the global fund raising and corporate finance advisory. The JV can provide a complete suite of infrastructure development solutions to governments and their developers," comments Dr. Charl...

SeaPRwire
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Things to consider before you invest

elean
4 minutes

As an NTUC social enterprise, Money Owl is on a mission to help families make the best financial decisions. This has become more critical as many Singaporeans worry about money matters amid the coronavirus pandemic. However, many people are bewildered by having to manage money or optimise their funds. "The pandemic has simply added to this and highlighted the gaps in many people's ability to manage their finances," said Ms Chuin, noting that four in 10 Singaporeans constantly worry about their finances. She shares her views on some common themes. Financial products "When we talk about financial management, many people think immediately about savings products, investment products and insurance policies and such. This is probably how the financial industry has been going about providing financial advice for the retail segment." One should not chase products, but instead view financial management in its entirety. "Financial management has to be based on a foundation of good financial health. Before we make any investment decisions, we need to do some essential things. We need to do a budget, keep our expenses low, control our debt levels and save towards an emergency fund." Protection...

SeaPRwire
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Why some millennials can’t manage their money

elean
5 minutes

BLOOMBERG - In 2008, Jackie and I started our Wall Street investment banking jobs. Fresh out of college, we were now among the top earners in our peer group. Twenty hours plus daily, most days of the week, working hard on pitchbooks, models and deals. We were both millennials, defined as those born between 1981 and 1996. There were a couple of big differences. One was that she thought about savings and investing her earnings. I was more basic, just thinking about spending less than I made. The day Jackie set up her Charles Schwab account, I barely understood what she was doing. She had fliers and talked about Pacific Investment Management, or Pimco, bond funds. I was bemused. While I could go through companies' financial statements and run accretion-dilution and discounted cash flow models, I could just about keep track of my personal income. I was basically financially illiterate when it came to my own accounts. Some of this comes down to cultural investing priorities. In Asia, property and gold - hard assets - have always taken precedence over speculative stocks and bonds. Capital markets haven't been deep enough for previous generations to participate with confidence. Nor were r...

SeaPRwire
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Accounting Standards Council gets new chairman

elean
2 minutes

Mr Quek See Tiat will become chairman of Singapore's Accounting Standards Council (ASC), while Mr Desmond Chin will join as a new member, starting tomorrow. Deputy Prime Minister Heng Swee Keat, who is also Finance Minister, made the appointments, the Ministry of Finance (MOF) announced in a press statement yesterday. Mr Quek, currently chairman-designate, will succeed Mr Kevin Kwok, who has helmed the council since November 2015. Under Mr Kwok's leadership, the ASC issued the Singapore Financial Reporting Standards (International) to achieve full convergence with the International Financial Reporting Standards for Singapore-listed issuers. Mr Quek is also the audit committee chairman on the board of the Monetary Authority of Singapore and the president of the Council for Estate Agencies. He also serves on the boards of Singapore Technologies Engineering, Temasek Foundation Connects and Singapore Press Holdings, which publishes The Straits Times and The Business Times, among other titles. Mr Quek was deputy chairman of PricewaterhouseCoopers until 2012, and had worked at the firm since 1987. MOF said Mr Quek has extensive audit and business advisory experience. He has been involved...

ACN Newswire
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Raffles Announces 2020 Fiscal Year-End Financial Results

indie
6 minutes

Vancouver, BC, Oct 29, 2020 - (ACN Newswire) - Raffles Financial Group Limited (CSE: RICH) (FSE: 4VO) (OTC: RAFFF) ("Raffles" or "the Company") today announces its financial results for the fiscal year ended June 30, 2020, highlighted by revenue of $8,866,672 and adjusted comprehensive income before other items and income tax expenses of $12,220,573. All amounts expressed are in Singapore dollars.2020 Financial Highlights:- Total Revenue of $8,866,672 (2019: $11,533,334)- Adjusted comprehensive income before other items and income tax expenses3 of $12,220,573 (2019: $10,750,652)- Cash Flow from operations of $7,044,654 (2019: $11,002,734)- The Company generated cash inflow from financing activities of $20,296,000 (2019: cash outflow of $8,900,000) related to the completion of a private placement for gross proceeds of $20,296,000.Comparative Summary of Key Financial Metrics for 2019 and 20202020 - 2019Revenue $8,866,672 $11,533,334Unrealized gain on investments $4,748,139 -Operating expenses(*1) $1,565,443 $782,682Listing expenses for RTO(*2) $6,052,280 -Adjusted comprehensive income before other items and income tax expenses(*3) $12,220,573 $10,750,652Net Income (Loss) ($425,229) $...

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Raffles Financial Announces Strategic Cooperation with Shanghai Lingang Free Trade Zone Technology Hub

indie
4 minutes

SINGAPORE, Oct 26, 2020 - (ACN Newswire) - Raffles Financial Group Limited (CSE: RICH) (FSE: 4VO) (OTC: RAFFF) today announced that its wholly owned subsidiary Raffles Financial Private Limited ("Raffles") has entered into a 3-Year Strategic Cooperation Agreement (the "Agreement") with Shanghai Lingang Technology Entrepreneurship Center Co., Ltd. ("Lingang") on October 22, 2020 (the "Cooperation").Raffles, equipped with professional background and experience in corporate finance, will support Lingang in building an incubation centre for fast-growing tech firms with leading disruptive technologies. Raffles' role is to assist in screening, inviting, coaching, developing "mega unicorn potential" companies with the aim to secure funding via public listing on major stock exchanges worldwide."Lingang has 17 hubs, hosting more than 20,000 high-tech firms, spread across the key provinces in China and Raffles' mandate is to provide these and future hubs with the full suite of Raffles Financial solutions including bespoke services designed for Lingang like the Unicorn Acceleration Program," explained Dr. Charlie In, Chairman of Raffles.Raffles will also provide the Lingang companies with adv...

SeaPRwire
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Me & My Money: Education the best investment to make, says financial services exec

elean
1 minute

Hitting the books can be a slog for anyone, but moving up the learning curve can be the best investment decision you could ever make, reckons financial services executive Sam Lee. "Education is one of the most valuable tools in life and it can open the doors to success when we utilise it properly," says Mr Lee, 33. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

SeaPRwire
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Beware financial crisis emerging: World Bank

elean
2 minutes

WASHINGTON • World Bank chief economist Carmen Reinhart said the coronavirus pandemic is turning into a major economic crisis and warned of the possibility of a financial crisis emerging. "This did not start as a financial crisis but it is morphing into a major economic crisis, with very serious financial consequences," Ms Reinhart said in an interview with Bloomberg Television. "There's a long road ahead." Ms Reinhart, who took on her role in June, is best known for her work on the last financial crisis with then Harvard colleague Kenneth Rogoff in their 2009 book, This Time Is Different: Eight Centuries Of Financial Folly. It made the pair the go-to resource on the history of government defaults, recessions, bank runs, currency sell-offs, and inflationary spikes. Asked whether central banks buying bonds to keep yields low is ultimately a zero-sum game when everyone is doing it, Ms Reinhart said: "This is a war. During wars, governments finance their war expenditures however they can and right now there are dire needs. "The scenario we are in is not a sustainable one." Ms Reinhart spoke after the world's richest nations agreed to renew a debt-relief initiative for the poorest thro...