Various
DBS Targets US$1B in First Year of Operations at GIFT City in India
DBS Bank has inaugurated its IFSC Banking Unit (IBU) in the Gujarat International Finance Tec-City (GIFT City) at Gandhinagar in India. GIFT City houses India’s first International Financial Services Centre (IFSC), offering a conducive regulatory environment, tax benefits, and other
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APAC to Make up for Nearly Half of Global Fintech Revenue by 2030
Global fintech revenue is projected to grow sixfold between 2021 and 2030 to reach US$1.5 trillion annually. Asia-Pacific (APAC) will make up for the lion’s share of that sum, accounting for 40% of global fintech revenue or generating US$600 billion
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Michele Bullock to Succeed Philip Lowe as RBA Governor
The Reserve Bank of Australia’s (RBA) Deputy Governor Michele Bullock has appointed as the new Governor for a seven-year term commencing 18 September 2023. She will be the first woman to lead the RBA. The role of the Reserve Bank’s
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Grab Indonesia’s President Ridzki Kramadibrata Moves on to Commissioner Role
Southeast Asian superapp Grab Indonesia has appointed Ridzki Kramadibrata as a member of the Board of Commissioners, effective 1 July 2023 onwards. Ridzki joined Grab Indonesia as a Managing Director in January 2016 before he was promoted as the President
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Maha El Dimachki to Lead Singapore Center of BIS Innovation Hub
Maha El Dimachki has been appointed as the new head of the Singapore Center at the Bank for International Settlements (BIS) Innovation Hub, effective 1 October 2023 onwards. She will be taking over from Andrew McCormack who no longer works
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DPM Lawrence Wong Succeeds Tharman Shanmugaratnam as MAS Chairman
The Deputy Prime Minister and Minister for Finance Lawrence Wong has been appointed as the new chairman of the Monetary Authority of Singapore’s (MAS) board of directors. His term will begin from 8 July 2023 and end on 31 May
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Patrick Walujo Steps up as President Director and CEO of GoTo
Andre Soelistyo has resigned from his position as the president director of Indonesian superapp and e-commerce platform provider GoTo. The move was approved by shareholders during GoTo’s annual general meeting this year. Soelistyo, moving into the role of Commissioner, will
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Singapore, Rwanda Launch RISE Programme to Boost Trade Opportunities
The Rwanda Imbaraga SME Ecosystem (RISE) programme has been launched to foster stronger connections between financial institutions and SMEs in both Rwanda and Singapore. RISE aims to equip SMEs in Rwanda with better capabilities to participate in domestic and cross-border
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MAS Proposes Raising Deposit Insurance Coverage to S$100,000
The Monetary Authority of Singapore (MAS) is proposing to increase deposit insurance (DI) coverage per depositor from S$75,000 to S$100,000 in a public consultation paper. The paper also seeks to improve the clarity and operational efficiency of the DI scheme.
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JPMorgan Set to Establish Commercial Bank in Singapore
JPMorgan Chase & Co will be establishing its commercial bank in Singapore as part of its global expansion plans, according to a Reuters report. The bank which currently serves more than 650 clients across 26 countries. Through this global push,
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