DBS partners taxman to digitalise stamp duty collection in Singapore
THE Inland Revenue Authority of Singapore (Iras) collected S$4.6 billion from stamp duties - a tax levied on property transactions - for the fiscal year ended March 31, with most taxpayers paying...
Digital banks may find it tough to win over consumers and deposits
WITH most consumers here unlikely to park more than S$20,000 in digital banks, and an expected high burn-rate for new entrants to nab credit-card users, the incumbent banks' earnings are not at...
Singtel edges out Grab in attracting deposits as digital banks: CGS-CIMB
MORE customers may be willing to park money with Singtel than Grab, a CGS-CIMB report showed, with the brokerage estimating that 4-11 per cent of deposits from the domestic banking unit are at...
New chapter in banking begins as applications open for digital banks
RIDE-HAILING firm Grab is "confident" of meeting the digital banking licence requirements that include "a path towards profitability" on a five-year projection, the unicorn told The Business Times...
Residents are targets for dirty money fronts in business friendly Singapore
THERE are thousands of corporate services firms in Singapore that offer Singapore residents as directors of Singapore-incorporated companies for as little as S$250 a month.
OCBC in sweet spot as SMEs go regional and digital
OCBC sees itself sitting in a sweet spot when it comes to cash management and other transaction banking services, with the bank holding a large chunk of primary bank accounts that capture the...
Validus to apply for Singapore digital-banking licence
SINGAPORE'S largest peer-to-peer lending platform Validus Capital will apply for a digital banking licence here, joining a growing chorus of non-bank challengers looking to edge into this new...
Visa aims to halve its global fraud rate by 2025
PAYMENTS giant Visa plans to halve its global fraud rate by 2025, having been using artificial intelligence to prevent an estimated US$25 billion in fraud annually.
Time to tighten digital banking metrics
THE heightened pressure on Singapore banks to prove their mettle amid Big Tech disruption means an ongoing rewrite in how digital banking is showing off richer returns.
GIC's ex-chief economist to join Grab
THE former chief economist of GIC Leslie Teo will move to Grab to work on data science at the tech company, The Business Times understands. He will begin work at the ride-hailing firm from mid-...