Posts by Stephanie Irvin
Top Thai billionaires-backed groups win digital bank permits
[BANGKOK] Three groups led by Charoen Pokmhand Group, Gulf Development and SCB X have clinched Thailand’s new virtual bank licences to boost competition in the nation’s banking industry, according to the central bank. ACM Holding, which is part of CP Group, and Advanced Info Service, a Gulf Development’s mobile phone affiliate, secured the permits, Bank…
Read MoreDBS expects the economic value from its use of AI to exceed S$1 billion in 2025
[SINGAPORE] Banks are ramping up their use of artificial intelligence (AI), and DBS – which has earned S$750 million through its use of the technology – estimates that its economic value could surpass S$1 billion this year. Since the bank began focusing on AI, it has created more than 350 use cases and has 1,500…
Read MoreBank of England keeps rates steady, sees further loosening as jobs market weakens
[LONDON] The Bank of England held interest rates at 4.25 per cent as expected on Thursday (Jun 19) but said it was focused on risks from a weaker labour market and higher energy prices as conflict in the Middle East escalates. Noting the elevated global uncertainty and persistent inflation, the Monetary Policy Committee voted 6-3…
Read MoreWeaker greenback raises risk of currency mismatch for Asian insurers holding USD assets
[SINGAPORE] A mismatch between the currencies in which insurers’ assets and liabilities are held can put pressure on their capital and ability to fulfil the liabilities. This is the issue currently confronting insurers in Taiwan, where the majority of assets are invested in US dollar (USD) bonds, but liabilities are in the domestic Taiwan dollar.…
Read MoreIndonesia central bank makes market intervention after rupiah depreciation
Published Thu, Jun 19, 2025 · 05:17 PM [JAKARTA] Indonesia’s central bank intervened in the foreign exchange market in a measured way on Thursday (Jun 19), an official said, after the rupiah had fallen to a one-month low against the US dollar. The rupiah was down by about 0.6 per cent on the day at…
Read MoreSwiss National Bank cuts interest rate to zero in effort to stop franc inflows
[ZURICH] The Swiss National Bank (SNB) cut its interest rate to zero, seeking to deter investors from pushing up the franc. The quarter-point reduction on Thursday (Jun 19) is the sixth consecutive move by officials, and was forecast by most of the economists surveyed by Bloomberg after the currency’s strength caused consumer prices to drop…
Read MoreSingPost puts up 10 HDB shophouses for S$50 million in sale-and-leaseback bid
[SINGAPORE] National postal service provider Singapore Post (SingPost) has put up 10 Housing & Development Board (HDB) shophouses for sale and leaseback, The Business Times understands. These properties, distributed across the HDB heartlands, are expected to fetch S$50 million in total. The Teban Gardens Road shophouse has the lowest asking price of S$2.4 million, while…
Read MoreHong Kong Monetary Authority says outlook for local currency uncertain
The city’s de-facto central bank has made the comments in response to the US Federal Reserve’s overnight decision to keep rates unchanged Published Thu, Jun 19, 2025 · 02:13 PM [HONG KONG] The Hong Kong Monetary Authority (HKMA) said on Thursday (Jun 19) the outlook for the direction of the Hong Kong dollar and for…
Read MoreLatest Singapore six-month T-bill cut-off yield falls to 2%
It is the seventh consecutive issuance since Mar 26 for which yields have declined [SINGAPORE] The cut-off yield on Singapore’s latest six-month Treasury bill (T-bill) inched down to 2 per cent, based on auction results released by the Monetary Authority of Singapore on Thursday (Jun 19). This was a slight decrease from the 2.05 per…
Read MoreUS recovers US$225 million stolen in crypto scam
Published Thu, Jun 19, 2025 · 12:15 PM [NEW YORK] The US government said on Wednesday it recovered US$225 million in the largest seizure yet of money stolen in a cryptocurrency confidence scam. The FBI and the US Secret Service used blockchain analyses and other investigative techniques to determine that these millions came from the…
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