Latest news with #MonetaryAuthority
Bloomberg
17 hours ago
- Business
- Bloomberg
Singapore's AAA Bills Offer an Opportunity for US Carry Trade
Some of the safest assets in Asia offer investors a yield pickup to Treasuries in the wake of the US losing its last AAA credit rating. Investors looking to rotate out of the dollar and into Asia can buy securities issued by the Monetary Authority of Singapore, which is using them to steer the amount of cash in the banking system. Three-month MAS bills offer yield of about 13 basis points over similar-tenor US government debt when currency-hedging costs are taken into account, according to data compiled by Bloomberg.
CNA
3 days ago
- Business
- CNA
DBS, POSB customers 'experiencing slowness' when logging into banking services on mobile app
SINGAPORE: DBS and POSB customers are "experiencing slowness" in accessing the digibank mobile app, the bank said on Monday (Jun 2). In a post on Facebook, DBS said: "Some customers are experiencing slowness logging into DBS digibank Mobile." While the bank is working to recover services fully, customers can continue to make payments, check account balances, withdraw cash and place trades on the bank's channels, DBS added. On outage tracking site Downdetector, users began lodging reports at 2.17pm, spiking to 922 reports at 3.10pm. In the comment section of the bank's latest post on Facebook, one user wrote: "Your app is down again." As of about 3.45pm, about 10 users said they had trouble accessing the app. "This is becoming increasingly embarrassing," read a comment. PREVIOUS DISRUPTIONS In March 2025, DBS' services, including mobile banking, ATMs and NETS were disrupted overnight, with complaints on Mar 8 spiking after midnight and persisting past 9am. Singapore's largest lender was also hit by a string of disruptions to its digital banking services in 2023, prompting the Monetary Authority of Singapore to bar the bank from any acquisitions of new business ventures for six months. The bank was also required to pause non-essential IT changes for six months and was not allowed to reduce the size of its branch and ATM networks in Singapore. DBS said in November 2023 that it had set aside a special budget of S$80 million to enhance its technology and system resiliency.
Bloomberg
23-05-2025
- Business
- Bloomberg
Singapore's MAS Says Chief Didn't Say US Dollar Assets Are Irreplaceable
Singapore's central bank said both cyclical and structural factors can affect the pricing and confidence in US dollar assets, adding that its managing director didn't say earlier this week that dollar assets are irreplaceable. The Monetary Authority of Singapore's Managing Director Chia Der Jiun cited the factors among three points he made at the Qatar Economic Forum on Tuesday, the central bank said in a statement that included an extended transcript of his comments.
Reuters
22-05-2025
- Business
- Reuters
Citi launches AI tools for Hong Kong employees
May 22 (Reuters) - Citigroup (C.N), opens new tab has launched Citi AI, a suite of artificial intelligence (AI) tools for its employees in Hong Kong, the bank said on Thursday. The tools support internal operations including information retrieval from Citi's policy library, document summarisation and creation of electronic communications drafts among others, it said in a statement. "These initiatives are in line with Hong Kong Monetary Authority's commitment to promoting responsible adoption of AI across the banking industry," Aveline San, Citi Hong Kong and Macau's CEO and head of banking, said. Citi AI is currently available to about 150,000 employees across 11 countries such as the United States, India and Singapore. The company plans to roll out the tools in more markets this year. Last week, Reuters reported that Citi is cutting up to 200 information technology contractor roles in China as the bank looks to hire its own staff globally for such operations to improve risk management and data governance.
Reuters
22-05-2025
- Business
- Reuters
Singapore could enter technical recession, trade ministry official says
SINGAPORE, May 22 (Reuters) - Singapore could enter a technical recession, marked by two quarters of contraction, but the economy may not necessarily suffer a full-blown recession, Beh Swan Gin, Permanent Secretary at the Trade Ministry, said on Thursday after the release of GDP data. Edward Robinson, Deputy Managing Director at the Monetary Authority of Singapore, said current policy settings remained appropriate. The MAS eased policy at reviews in January and April.
