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HONG KONG (REUTERS, BLOOMBERG) - HSBC Holdings' first-quarter profit nearly halved from a year-ago, missing estimates, after boosting provisions against bad loans as the coronavirus pandemic hits borrowers worldwide. Europe's biggest bank by assets said profit before tax came in at US$3.21 billion (S$4.56 billion) for January-March, down from US$6.21 billion a year ago and below an average analyst forecast of US$3.67 billion compiled by the bank. The bank increased its expected credit impairment charges by a hefty US$2.4 billion to US$3 billion due to the im...

SINGAPORE - Dough fritter company Xi De Li director Adrian Koh used to spend about 20 minutes at each of his customers' stalls around Singapore to collect and count his payment. He makes about 10 visits a day before bringing the money back to his office in Kaki Bukit where staff from the finance department will spend about six hours of their workday collating the cash brought in and printing out invoices, among other duties.

Cryptocurrencies have been making waves in the financial landscape across the globe, and Singapore is no exception. The country has been known for its pro-business policies and innovative approach to technology, which has made it a hub for fintech startups and digital banking services. In this blog post, we'll explore the impact of cryptocurrencies on Singapore's financial landscape and the ways in which the country is embracing this new form of digital currency. Cryptocurrencies and Regulations Singapore has been one of the most forward-thinking ...

Margins are expected to shrink 6-10 bps compared to Q4 2019. Singapore’s big three banks are expected to post an average 38% YoY fall in earnings for the Q1 period on the back of spiking credit costs and falling credit card income, according to a report by Jefferies. Meanwhile, the banks’ non-interest income is expected to contract by 6-13% YoY, whilst revenue for the three banks will fall 2-4% YoY, due to falling card income, wealth management income, and weak stock prices. Whilst system loans and deposits grew 3.5% and 4.9% YTD respectively, pushed by b...

Applying for student loans can feel overwhelming, but with the right approach, you can secure the funding you need for your education. In this guide, we’ll walk you through the process of applying for student loans, ensuring you make informed decisions every step of the way. What Are Student Loans? Student loans are financial aids provided by government or private institutions to help students pay for tuition, books, and living expenses during their studies. These loans typically need to be repaid with interest after graduation. Step 1: Assess Your Financ...

Why Invest in Singapore? 1. Strategic Location in Asia Singapore’s geographical location at the crossroads of Asia makes it an ideal gateway for international trade and investment. With access to major markets in Southeast Asia, China, and India, Singapore is a hub for regional businesses looking to expand in the Asia-Pacific region. 2. Pro-Business Environment Singapore is consistently ranked among the best countries in the world for doing business. The country’s pro-business policies, transparent regulatory environment, and efficient government make...

FRANKFURT (BLOOMBERG) - Wirecard said an independent audit has uncovered no substantial findings of questionable accounting methods so far, but added it isn't yet ready to reveal the full report. The company said KPMG didn't find anything in all four areas of the audit that would lead to a correction of its financial statements. The firm was looking into Wirecard's third-party partner business, merchant cash advance as well as business activities in India and Singapore. KPMG will report on its full findings in a presentation on April 27, the company said in ...

Singapore is one of the world's leading financial centers, attracting investors from all over the globe. The country has a stable political climate, a robust economy, and a business-friendly environment. It is also strategically located at the crossroads of Asia, making it a hub for international trade and commerce. In this blog post, we will explore the opportunities and challenges of investing in Singapore. Opportunities Well-Developed Infrastructure: Singapore has a world-class infrastructure that includes modern airports, seaports, and highways. It...

```html Understanding When Federal Student Loans Resume With the ever-evolving landscape of student loans in the United States, many borrowers are keen to know when federal student loans resume. The COVID-19 pandemic led to unprecedented changes in financial policies, including temporary relief measures for student loan borrowers. As we transition back to normalcy, understanding the timeline for resumption is crucial for effective financial planning. The Pause on Federal Student Loans In response to the economic impact of the COVID-19 pandemic, the federal gove...

DBS Bank is a well-known financial institution based in Singapore that provides a wide range of financial products and services to its customers. One of its key offerings is its internet banking platform, which enables customers to access their accounts and perform transactions online from anywhere and at any time. If you're a DBS Bank customer and are looking to learn how to log in to your internet banking account, this blog post will guide you through the process. Step 1: Access the DBS Internet Banking Login Page The first step to logging in to your DBS i...

Credit Suisse Group AG’s APAC business recorded the highest level of credit provisions for potential loan losses across each of the bank’s major divisions, reports Reuters, based on the lender’s Q2 results. The Swiss-based lender made $88.66m in provisions for credit losses in APAC for Q2, down 16% from around $105.96m in Q1. The lender named four individual potential bad-loan cases in the region, up from three in the Q1. APAC accounted for most of Credit Suisse’s loan loss provisions in Q2, ahead of the $84.12m for global markets and around $73.21m in in...

We have shared the swift code of HSBC Singapore Bank with you in the following. The swift code is a code unique to banks and used in international money transfers. Swift codes are specified separately for each available bank. When someone is going to transfer you money from abroad or when you will transfer money to abroad, the process needs to be carried out with the swift code of the receiver bank. This means that swift code is more important than the name of the bank during the transactions. Swift system is quite beneficial and systematic due to it offers both s...

SINGAPORE - Citi Singapore will offer all summer interns full-time analyst roles when they graduate as long as they meet certain minimum requirements, the bank said on Wednesday (April 22). The initiative, which is aimed at supporting fresh graduates during the pandemic, will benefit 76 interns. Around 80 per cent are in their penultimate year at local institutes, including the Nanyang Technological University, the National University of Singapore (NUS), the Singapore Management University and the Singapore University of Technology and Design. The rest ar...

AXA Insurance Singapore may be a leading general insurance services provider within the country, offering solutions that are best suited to customers personal and business needs. AXA Singapore operates as an entirely owned subsidiary of the AXA Group, one among the planet leading insurers, bringing world-class expertise to the Singaporean insurance market. Company's insurance products and services General Insurance Life Insurance Health Insurance Cargo Insurance Motor Insurance AXA Singapore main office location 8 Shenton Way #27-02 AX...

Maybank Singapore Maybank Singapore is the first Islamic bank that began to operate in Singapore and it is also the first bank to offer Islamic banking to retail customers. They have been serving in Singapore since 1960 and they are the only bank to receive three of the high-quality service awards in Singapore. They have more than 1600 employees and they offer services to 27 different destinations in the country. Besides they have a high amount of ATM all across the country, they have also made agreements with other 7 banks in order to increase their availabili...