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Reply To Singapore Parliamentary Question On Individual And SME Borrowers' Credit Ratings During COVID-19

Date 06/10/2020

Question:

To ask the Prime Minister whether MAS can provide guidance to (i) financial institutions not to let their individual and SME borrowers' dismal financial performance in 2020 affect their credit scoring and (ii) credit bureaus to rescind the adverse record of an individual borrower whose repayment ability has been affected by the COVID-19 pandemic.

Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:

1.      The COVID-19 pandemic has significantly disrupted incomes of many individual and business borrowers. The priority is to help them not to miss payments. That is why MAS has been working closely with the financial industry to implement relief measures since March 2020, to help borrowers defer and spread out their monthly repayments. Borrowers who take up the relief measures are able to avoid missing payments, and hence avoid hurting their credit standing.

Vorboss Scales Its London Fibre Network With Interxion UK

Date 06/10/2020

Vorboss, one of London's leading connectivity providers, has significantly expanded its presence at Interxion UK to support growing fibre network demands for UK and International Enterprises.

Hong Kong Securities And Futures Commission Welcomes Re-Appointment Of Non-Executive Directors

Date 06/10/2020

The Securities and Futures Commission (SFC) welcomes the re-appointment by the Financial Secretary of Ms Agnes Chan and Mr Edward Cheng as Non-Executive Directors for a term of two years with effect from 20 October 2020 and 1 January 2021, respectively.

EDHEC-Risk Alternative Indexes: Hedge Fund Strategies Consolidate Their Performances In A Context Of Market Recovery

Date 06/10/2020

Click here to download the latest performance update of the EDHEC-Risk Alternative Indexes.

Nigerian Stock Exchange Celebrates World Investor Week 2020

Date 06/10/2020

The Nigerian Stock Exchange (NSE or The Exchange) will join International Organisation of Securities Commission (IOSCO) to celebrate World Investor Week (WIW) 2020 from Monday, 5 October 2020 – Friday, 9 October 2020.

H.E. Essa Kazim: Sukuk Sector Underlines Resilient Economic Performance Of UAE And Dubai - Emirates Islamic Chairman Rings Market-Opening Bell To Celebrate Listing Of USD 500 Million Sukuk On Nasdaq Dubai

Date 06/10/2020

• Profit rate of 1.827% is lowest by a UAE bank for 10 years, reflecting market confidence in bank’s strategy
• Listing reinforces Dubai’s status as largest venue in Middle East for Sukuk at USD 74 billion

AccessFintech Secures $20 Million In Series B Financing - Investment Led By Dawn Capital, With Additional Funding From Deutsche Bank And Follow On Investing From J.P. Morgan, Citi, Goldman Sachs

Date 06/10/2020

AccessFintech, the leading fintech company evolving the financial industry operating model through data and workflow collaboration, is pleased to announce the successful completion of its Series B round of $20 million, led by Dawn Capital, Europe’s largest venture capital fund dedicated to B2B software.

Reply To Singapore Parliamentary Questions On Relief Measures For Individuals And The Special Financial Relief Programme (Unsecured)

Date 06/10/2020

Questions:

Q 120. To ask the Prime Minister (a) what is the number of individuals who have applied for and received approval to (i) defer repayment of residential property loans (ii) lower interest on personal unsecured credit (iii) defer premium payments for life and health insurance and (iv) make flexible instalment plans for general insurance; and (b) whether MAS is considering extending (i) and (ii) beyond 31 December 2020.

Q 147. To ask the Prime Minister (a) to date, how many individuals have applied for the Special Financial Relief Programme (Unsecured); (b) how many individuals have been successfully subscribed into the Programme; (c) what are the main reasons for individuals not being able to participate in the Programme; (d) what is the average loan quantum of these individuals; (e) what is the average quantum that an individual saves as a result of converting his unsecured debt into this Programme; and (f) whether MAS can consider reducing the capped interest rate of 8% per annum, increasing the five-year loan tenor and extending the conversion period beyond December 2020 given the continued uncertainties Singapore's economy faces.

Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:

1.      As of end-August 2020, financial institutions (FIs) had received 38,900 applications to defer property loan repayments. They had approved over 90% of these applications. More than 26,000 of the approved applications were for individuals seeking to defer their residential property loans. This amounted to almost $20 billion of deferments.

SIX Now Operates Platform For All Swiss Bancomats

Date 06/10/2020

SIX completed the “ATMfutura” migration at the end of last week. This means that, under the leadership of SIX, all banks have equipped their Bancomats with uniform software. Banks can therefore benefit from simplified, automated handling and outsource this to SIX if required. End consumers can now also enjoy an extended range of functions at Bancomats of third-party banks. Additionally, they have new options at their disposal, such as withdrawing money with their smartphone.

InvestHK Unveils Esteemed Speakers For Hong Kong FinTech Week 2020 — Asia’s Annual Global FinTech Event - Invest Hong Kong Announces Line-Up For HKFW 2020, Including Prominent Industry Leaders, FinTech CEOs, Regulators And More. Now Open For Media Registration

Date 06/10/2020

InvestHK is delighted to announce that Hong Kong FinTech Week (HKFW), its annual flagship FinTech event, will take place virtually this year on 2-6 November.