Singapore Banks

Bonuses drop for Singapore banking professionals

Those holding a vice president role saw their bonuses decline by 39% in 2023.

Bonuses drop for Singapore banking professionals

Those holding a vice president role saw their bonuses decline by 39% in 2023.

CPF adjusts daily withdrawal limit to $2000, updates security measures

Singpass Face Verification (SFV) and a 12-hour cooling period will be required when accessing account information.

What can lift SG banks’ sector net profit in FY23?

Experts predict a 22.6% YoY increase in sector net profit.

AI, big data amongst trends in banks: Maybank

Investments in AI are at an accelerating pace for DBS, UOB, and OCBC.   Banks in the Lion City have been deploying AI and big data at an accelerating pace, analysts from Maybank said.   Amongst the banks that are investing in these technologies are DBS, OCBC, and UOB.   For instance, DBS allocated $1b annually for the past four years. In fact, the bank sent out 30 million personalised insights to 3.5 million customers.   Another bank investing in such tech is UOB, which sought to spend $500m to scale digital offerings until 2026, on top of the average $535m spent on technology yearly in the past four years.   OCBC also made its technological investments such as the AI lab it already launched in 2019.    “These investments are now reaching commerciality, enabling the banks to leverage customer data and relationship-driven insights,” read the report.   What these advancements are doing is to allow banks to leverage customer data as well as relationship-driven insights.   For example, in retail banking, it is initially translating into serving up personalised product offerings including discounts and targeted deals.   The advanced tech also offers customised insights on customer spending habits and automated assistance on payments and subscriptions are becoming standard offerings on their digital apps.

Over 75% Singaporeans ‘definitely’ want better online banking services 

The majority of Singaporeans now use mobile apps for bank services.

Singapore big three banks poised for earnings growth

UOB, OCBC, and DBS have strong non-interest incomes.

DBS raises fixed home loan rate, scraps 5-year fixed package: report

The new rate is 0.03 percentage points higher than the previous 2-year fixed rate.

Banks to see improved profitability by end 2022: Moody’s

Experts forecast the average return of assets of local banks to increase to about 1%.

DBS vs OCBC: Who will win big from Fed hikes?

UOB Kay Hian said there will be a total of seven hikes in 2022.

Wong reiterates UBS' role in Singapore financial services

The bank opened its new Singapore branch in Penang, 17 November.

OCBC’s net profits up 19% to S$1.22b in Q3

Net trade income plunged 67%, slightly offset by stronger net fees and commissions.