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DBS Apologises for Service Disruptions, Sets Aside S$80 Million for System Resiliency
DBS had issued an apology for the series of digital banking disruptions this year and outlined a comprehensive roadmap to improve its technology resiliency. The bank said it is addressing the issues at hand with utmost priority and has taken
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DBS Faces 6-Months Freeze on IT Changes, New Ventures, and Branch/ATM Reduction
The Monetary Authority of Singapore (MAS) has imposed a six-month pause on non-essential IT changes at DBS Bank and prohibited the bank from acquiring new business ventures in response to recent disruptions to its digital banking services. DBS had experienced
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YouBiz and Carousell Partner to Help Singapore SMEs Digitalise and Grow
YouBiz, the corporate card and finance management platform for businesses by Singapore’s neobank YouTrip, has partnered with online marketplace Carousell. This partnership aims to help local SMEs and startups accelerate their business growth and save costs as they scale locally
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CIMB and J Trust in Race to Buy Indonesia’s Bank Commonwealth
Malaysian bank CIMB and Japanese finance company J Trust are interested in buying Indonesian lender Bank Commonwealth, according to Reuters. Morgan Stanley is the financial advisor on the sale. The deal could value the lender at US$400 million to US$500
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Why Fintech Super-Apps Are Transforming the East, But Not the West
Fintech super-apps, often defined as mobile or web applications offering a plethora of services, from payments to financial transaction processing, have seen an incredible surge in popularity. For both individuals and businesses alike, they’ve transformed the way transactions and services
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Denise Wong Rejoins Barclays to Drive Sustainability in APAC
Barclays has named Denise Wong as its Head of Sustainable and Impact Banking for Asia Pacific where she will be based out of Hong Kong. Wong will be advising corporate and institutional clients on leveraging opportunities to meet their sustainability
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Swiss Stewardship Code Aligns Financial Sector in Meeting Sustainability Goals
Switzerland has high ambitions: the Alpine country at the heart of Europe wants to be one of the world’s leading locations for sustainable finance. The foundations are in place. Switzerland is a world leader in the management of cross-border assets.
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MAS to Take Supervisory Action Against DBS and Citibank After Service Disruptions
The Monetary Authority of Singapore (MAS) has instructed DBS Bank and Citibank to investigate why they were unable to fully recover their systems within the set timeframe during a recent banking services disruption. MAS requires all banks to have in
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Saudi and Singapore Central Banks to Share Fintech Expertise
The Saudi Central Bank (SAMA) and the Monetary Authority of Singapore (MAS) have agreed to work together on fintech and innovation. The agreement was signed by H.E. Mr. Ayman Al-Sayari, Governor of SAMA, and H.E. Dr. Vivian Balakrishnan, the Minister
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Silverlake Axis Expands into Vietnam with KMS Solutions and AWS
Silverlake Axis, a fintech and digital banking solutions provider, has teamed up with KMS Solutions to enter the Vietnamese market, with Amazon Web Services (AWS) joining as its cloud partner. KMS Solutions will distribute Silverlake Axis’s flagship banking solutions, Mobius
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