Asia

China will strengthen its policy, continue to lower lending rates: Central Bank Governor
26May By Michael SmithNo Comments
Asia, China, Market

China will strengthen its policy, continue to lower lending rates: Central Bank Governor

Central bank Governor Yi Gang on Tuesday said that China will strengthen its economic policy and continue efforts to lower interest rates on loans, reinforcing expectations of further support measures to revive an economy ravaged by the coronavirus pandemic.In an interview published by the central bank, Yi said China's economic fundamentals are unchanged despite many uncertainties and reiterated that its current stance on monetary policy will be more flexible.“The People's Bank of China will use various monetary policy tools to maintain sufficient liquidity, and keep the annual growth rate of M2 money supply and social financing significantly higher than last year,” Yi said.“Since the virus outbreak, the central bank's policy measures, including bank reserve requirement cuts, relending, re...
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“Fortitude Budget aimed at providing jobs, supporting workers through COVID-19 pandemic”
26May By Mike TrudellNo Comments
Asia, Singapore

“Fortitude Budget aimed at providing jobs, supporting workers through COVID-19 pandemic”

Singapore’s Deputy Prime Minister Heng Swee Keat on Tuesday unveiled a new S$33 billion budget primarily focused on providing jobs and helping to tide workers and businesses through the “difficult period” of COVID-19.“The central focus of this Budget is jobs. This Budget will continue to support workers and businesses who remain affected by border closures and safe distancing measures,” Keat said."We aim to enable workers and businesses to go through this difficult period together in a synergistic way," he added.The Fortitude Budget, which is Singapore’s fourth of the year, aims to help businesses and workers adapt, transform and seize new opportunities in order to emerge stronger.This comes as Singapore prepares to reopen its economy in three phases, following a "circuit breaker" period w...
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Jobs a key part of ‘Fortitude Budget’, President gives in-principle support to draw on reserves
25May By Michael SmithNo Comments
Asia, Singapore

Jobs a key part of ‘Fortitude Budget’, President gives in-principle support to draw on reserves

Singapore President Halimah Yacob on Monday said she has given her in-principle support for the Government to draw on past reserves for a fourth support package to help businesses and people cope with the economic fallout from the Covid-19 outbreak."This is the fourth Budget within two months into the new financial year, and the second time past reserves are tapped for the Government's Covid-19 response," she wrote in a Facebook post.President Halimah also said that Deputy Prime Minister Heng Swee Keat and his team of ministers had briefed her and the Council of Presidential Advisers (CPA) last week on the fourth Covid-19 support package.The coronavirus crisis is unprecedented, she said, and the situation remains volatile, with significant uncertainties in global economy."Lives and livelih...
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25May By Mike TrudellNo Comments
Asia, Market, Singapore

Singapore life insurance sales rise 10% amid Coronavirus scare

While Coronavirus has destroyed many lives and economies, Singapore's life insurance industry saw new business, in terms of total weighted premiums, grow 10 per cent to $965.8 million for the first quarter from January to March 2020.A year ago, total weighted premiums amounted to $877.8 million.“This comes as more consumers took action to secure their financial future in view of Covid-19's drastic impact on the global and local markets”, said the Life Insurance Association (LIA), Singapore."However, with circuit-breaker measures, climbing unemployment and an impending recession, the life insurance industry may see the knock-on effect in the coming quarters," LIA president Khor Hock Seng said.Sales of annual-premium policies grew 3 per cent year on year, resulting in $672.4 million in total...
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​SEC flags more illegal investment schemes;
20May By Team FPNo Comments
Asia

​SEC flags more illegal investment schemes;

he Securities and Exchange Commission (SEC) has exposed a new batch of scammers peddling illegal get-rich-quick investment schemes while the nation is suffering from the COVID-19 pandemic. The SEC issued on April 28 a new advisory against three new groups: CROWD1 Asia Pacific Inc., Sharebiz Ads/ Sharebiz Advertising/ Sharebiz Online Advertising Services; and, Winners Ecommerce International Network Corp. (WINCORP). All of these three entities have no secondary license to solicit and take investments form the public as required under Republic Act No. 8799, or The Securities Regulation Code. The SEC found no record of either Sharebiz and WINCORP being registered as corporations or partnerships. CROWD1 is incorporated with the SEC but it still needs a secondary license before it could engage ...
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Digital Payments Startup GPay Awarded Vietnam License
20May By Team FPNo Comments
Asia, China

Digital Payments Startup GPay Awarded Vietnam License

The State Bank of Vietnam granted FinTech startup GPay a 10-year license to provide intermediary payment services in the country — electronic payment portals, payment services, digital money transfer services and eWallet services. GPay, a member company of the Vietnam investment firm G-Group, joins a tight FinTech market in Vietnam with 33 other firms licensed for intermediary payment services. In 2019, Payme, FinViet, EPay, PayTech, Dibee and Smart Net were granted licenses from Vietnam’s central bank. “GPay has a supportive ecosystem from G-Group with above 20 million users of financial platforms, game community, social network and technology companies. We will invest more in technology and hiring talents, and will have Series A funding round soon too,” Cong Tran, a board member of GPay,...
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Vietnam-based e-commerce enabler OnPoint raises $8m Series A
20May By Team FPNo Comments
Asia, China

Vietnam-based e-commerce enabler OnPoint raises $8m Series A

Vietnam-based e-commerce enabler OnPoint has raised over $8 million in Series A fundinground led by Kiwoom Investment and Daiwa-SSIAM Vietnam Growth Fund II L.P,according to an announcement. The new funding, which brings the total funding raised by OnPoint to date to an eight-digitnumber, will enable the company to invest in strategic technology, recruit talent, and developdata-driven capabilities to provide better services to its clients. Founded in December 2017, OnPoint enables consumer brands in pushing their presence one-commerce platforms, social channels, or via brand-owned websites. The company claims that it has served more than 50 brands to date. Its clients includeL’Oreal, Shiseido, P&G, Rohto, Beiersdorf, Unilever International, Watsons, KimberlyClark, Unicharm, CJ Group. I...
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Vietnam International bank has just announced the first quarter 2020 result
20May By Team FPNo Comments
Asia, China

Vietnam International bank has just announced the first quarter 2020 result

Stable business growth Total revenue of VIB in quarter I (Q.I) was VND2.260 billion, of which service revenue reached VND411 billion, accounting for 18%. Operating expenses (OPEX) reached VND1.029 billion. The bank saw a rise in cost to income ratio (CIR) to 46%. Profit before tax (PBT) was VND1.075 billion. From the beginning of the year, VIB has promptly taken actions on cost-cutting and actively participated in a programme to prevent Covid-19, set up by the State bank of Vietnam (SBV) and the Government. The bank’s leader has proactively reduced salaries to support customers. Maintain a strong balance sheet in the context of market volatility As of March 31, 2020, total assets of the bank reached VND193 trillion, while outstanding credit balance reached VND135 trillion, up 4% compared t...
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Boosting disbursement of public investment
20May By Team FPNo Comments
Asia, Singapore

Boosting disbursement of public investment

The General Statistics Office (GSO) calculates that a 1% increase in the disbursement of public investment will contribute 0.06 percentage points to GDP growth. Therefore, public investment is an important source of capital to attract others to invest in the economy, contributing to fueling production, business, and growth. Progress from an urgent project The project on the upgrade of runways and taxiways at Tan Son Nhat and Noi Bai International Airports, which have been deteriorating for over three years, was finally approved by the Government to be added to the list of medium-term public investment projects for the 2016-2020 period. Relevant procedures will be promptly implemented to start construction of the project in July this year. The runways and taxiways at the two airports have b...
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South-east Asia’s growth forecast to be 1% in 2020: ADB
20May By Team FPNo Comments
Asia, China, Singapore

South-east Asia’s growth forecast to be 1% in 2020: ADB

WITH the Covid-19 outbreak, South-east Asia's gross domestic product growth is expected to slow sharply to just 1 per cent in 2020, before rebounding to 4.7 per cent in 2021, according to an Asian Development Bank report on April 3. This is down from 2019's full-year growth rate of 4.4 per cent. The report, Asian Development Outlook 2020, forecasts that for developing Asia as a whole, growth will slow to 2.2 per cent in 2020, before rebounding to 6.2 per cent in 2021. All Asean economies will see a growth slowdown because of Covid-19 and a consequent global slump, especially given their strong trade and investment ties with a slowing China, said the report. Thailand is expected to perform the worst with a 4.8 per cent contraction, "continuing a steady slide in recent years"."Growth in the ...
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