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    • Virtual payment scheme by UOB will be available for local businesses

      United Overseas Bank (UOB), Singapore has launched a virtual payment scheme for local businesses to help them in managing their cashflow better. The scheme functions like a credit card. It enables small and medium businesses to pay immediately while the company buying the product will get interest-free credit for as long as 90 days.

      The first company to use UOB virtual payment in South-east Asia is NEC Asia Pacific. The company along with its 18 SME suppliers will be a part of the trial period. Using the virtual payment option, NEC APAC has brought down the processing time from 60 days to fewer than seven days within which invoices are being received.

      Finance director of NEC APAC, Sandra Kwok said that the company has received a good feedback about the scheme from their employees as well as their suppliers. The scheme has enabled them to pay with a credit card if their suppliers do not accept this form of payment. This has helped their finance team in cutting down the time spent on deciding the payment. It has also minimized the number of human errors as the process is largely done via computers these days, she said.

      BankBazaar Singapore

      03rd March 2017

    • Post-Christmas sales and back-to-school sales bring in more crowds

      After the long Christmas weekend, the crowds at most of the shopping malls in Singapore doesn’t seem to be slowing down. Rather, with the post-Christmas sale, and back-to-school sale, the overall customer traffic has increased. According to Sarah Lim, a Senior Retail Lecturer at Singapore Polytechnic, the discounts were aimed at clearing old stocks to make way for new festivals like the upcoming Chinese New Year on 28th January.

      Several shopping malls and stores reported an increase in sales following the Christmas weekend. Spokespersons from Tangs, Takashimaya Department Store, Orchard Gateway shopping mall, and Frasers Centrepoint Malls reported a positive increase in sales on 27th December. As per a survey conducted by SAP Hybris, an e-commerce solutions company, only 39% of shoppers prefer shopping at conventional stores with a physical presence. Out of the 68% of the shoppers who took the survey, most preferred stores with physical and digital presence, with digital transactions like card payments, and mobile wallets.

      06th January 2017



    • Now, transfer funds through your mobile number!

      The Association of Banks (ABS) in Singapore has collaborated with the Banking Computer Services (BCS) in order to map mobile numbers to bank account numbers. In case of business, the Unique Entity Number (UEN) will be mapped to the bank account number.They are also working to develop a Central Assessing Scheme so that payments can be made by using only the recipient’s mobile number, identity card number or UEN. The ABS is also helping to develop a unified point-of-sale (UPOS) terminal which can accept all major card brands.

      05th September 2016

    • Singapore all set to streamline regulation to strengthen consumer protection!

      Ravi Menon, managing director of Monetary Authority of Singapore announced recently that Singapore will be streamlining regulation to strengthen consumer protection as they move towards electronic payment platforms. The main aim is to make Singapore an electronic payments society. As of now, the four main key strategies to create an e-payment society are streamlined regulation,inclusive governance, interoperable infrastructure, and pervasive digitisation. The rapid increase in e-payment techniques and the rise of e-commerce have become soft targets for cyber criminals and hence, it is very important to strengthen consumer protection.

      30th August 2016

    • DBS customers can now carry out transactions through online “chat”!

      DBS, which is the largest bank in Southeast Asia recently announced its investment in “chatbots”, a program that simulates human behaviour. The bank has collaborated with U.S. based Kasisto to build a chatbot that will allow its customers to carry out simple banking transactions by chatting with the bank. By the end of this year,DBS customers in Singapore can carry out simple banking services on Facebook messenger. The chatbot service will be later extended to other social media applications. Customers can now easily check their bank balance and pay bills by just chatting with the app.

      19th August 2016

    • Now, enjoy free card less service for ERP payments!

      Citibank credit card customers can now have the payments for Electronic Road Pricing charged directly to their bank account. This will ensure that they no more have to top up their cash cards before going through ERP gantries. This new service was launched on August 16 and is Singapore’s first free card less system that does not require prior payment. ERP payments is enabled by EZ-Pay which is an account based service. The payments will be charged directly to the Citibank credit card registered by the motorist. The customers do not have to pay any subscription fee, top-up fee or service fee.

      19th August 2016

    • EZ-Link Joins The Race Towards Cashless, Contactless Transactions

      EZ-Link, wholly owned by Land Transport Authority (LTA), is planning to move forward in the cashless, contactless transaction sector by linking your bank account with mobile apps and biometric recognition.

      Currently, cashless transactions are more or less limited to bus and train rides, with EZ-Link cards synced with bank accounts that can be used as a stored-value transit card, and credit and debit cards partnered with LTA that allow direct use for transit fares. There are also mobile apps linked to your bank accounts that allow you to make group payments, retail spending and pay or send money to friends and contacts.

      While the government and the banking industry hopes to make the country completely cashless in 30 years, many believe that this would depend on the adoption rate among the people. Older people still prefer to use cash, and the economy itself has a lot of cash in its system that cannot be purged too soon.

      17th August 2016

    • Bus, train fares can be paid using MasterCard

      Commuters will be allowed to utilize their contactless debit cards and credit cards to make payments for the rides that they take in buses or trains. This will be done on a trial basis and people who hold MasterCard will be availing this service. This is a result of the recent partnership that happened between LTA (Land Transport Authority) in Singapore and MasterCard. Account based ticketing, the new service for payment of bus and train rides will let the passenger tap their cards at the different train stations and bus fare gates. This usage will be similar to that of the ez link cards (travel cards).

      When commuters will be allowed to use these contactless debit cards and credit cards, they will not have to carry their travel cards with them all the time. These travel cards also need regular top ups. This pilot system of payment, as per MasterCard and Land Transport Authority, will attract more than 100,000 users.

      The commuters who wish to be eligible for this trail run service must have the contactless feature on their credit cards and debit cards. On using this service, the bills for their bus rides and train rides will directly go to the user’s debit card account or credit card account. The journeys and the fare details can be easily tracked by the commuter using the mobile banking application, anytime anywhere. Land and Transport Authority Chief, Chew Men Leong stated that they are expecting a huge success with the launch of this service as the people in Singapore will be the first ones in the entire Asia to experience such payment methods for their bus and train rides.

      04th August 2016


    • Security Fears have become an Impediment to Mobile E-Wallets in Singapore

      The past few months, Singapore has seen the launch of several mobile e-wallets such as Apple Pay, Samsung Pay and Android Pay. These services use the NFC technology (Near Field Communication) that enables transmission of data from a mobile device to a contactless payment reader. However, many consumers on the island are now in fear of using these services because of security issues.

      Many Analysts are of the notion that this fear has been created due to the lack of importance given to consumer education. When new users sign up for any of the mobile e-wallet services, an encrypted version of their debit or credit card will be saved on their phone as a way of safeguarding their card information from fraud. DBS Bank, POSB, OCBC Bank, UOB (United Overseas Bank), Citibank and Standard Chartered bank cards are eligible to avail these services. Together, these banks account for approximately 12 million cards out of which 80% include MasterCard and Visa credit and debit cards issued in Singapore.

      Since the launch of Apple Pay in several countries around the world, sources have revealed that many users in Singapore ae resisting signing up for this service due to the fear of losing sensitive data and face fraud charges if they lose their phones. This fear prevails despite the use of fingerprint scan for every transaction on Samsung Pay and Apple Pay. For Android Pay, users must scan their fingerprint or enter the phone’s PIN or passcode after every 3rd transaction.

      Desmond Tan who is the head of Group Lifestyle Financing at OCBC has said that it will take a good period of time for Singaporean merchants as well as cardmembers to adapt and adjust to opt for mobile e-payment services as their choice of payment.

      15th July 2016

    • Credit cards can be used by commuters to top up Cepas cards

      UOB (United Overseas Bank) customers will be able to utilize the credit cards for topping up the Cepas cards for travelling via public transport. The customers can make use of this feature at approximately 500 GTMs (General Ticketing Machines) across Singapore. Cepas means contactless e-purse app. Commuters can use the option of contactless payment on their debit cards issued by UOB. This initiative has been jointly taken by United Overseas Bank and Transit Link. According to Transit Link, the new option of top up would surge the cashless payments by 10% at the General Ticketing Machines.

      11th July 2016

    • Contactless payment services for smartphone users in Singapore

      Singapore is one of among the three countries in the world that has introduced all the three major contactless payment services for people who use smartphones. These payment services are Apple Pay, Android Pay and Samsung Pay. They let users save their credit card information on Android or Apple devices and pay by waving the phone at the payment terminal. All these services use the near field communications technology, have similar security features and support over 80% Visa and MasterCard cards. The difference is seen in the type of the cards they support. Apart from these, the Dash e-wallet by Singtel also allows contactless payments in Singapore.

      09th July 2016

    • GSS is a good time to earn rewards

      The Great Singapore Sale is in full swing and going into the second month. It is a great time to earn more rewards and avail great deals for the shoppers. The rewards points can be used by the shoppers to save more. For every S$5 spent from a DBS credit card, shoppers can now earn 1 DBS point. They can use these points to redeem several things like movie tickets, vouchers, home appliances and spa treatments. On the other hand, Standard Chartered credit card users can win movie tickets to Cathay Cineplexes. A night a the Fullerton Hotel in the Courtyard Room, etc.

      05th July 2016

    • Transit Link and UOB Team Up to Introduce Cashless Top-Ups for Cepas Cards

      Starting next year, an approximate of 500 ticketing machines in Singapore will accept Debit and Credit Cards as well as mobile payments including Samsung, Apple and Android Pay for topping up balance on Cepas cards. Currently commuters at train stations have to stand in long queues to top up their Cepas card balance. However, this new team up between Transit Link and UOB hopes to launch this cashless top-up feature so commuters paying for their bus and train rides with their Cepas cards can save significant time when topping up their balance.

      UOB Credit Cardmembers will have a 6 month head start with using this service compared to other banks’ cards. Therefore, commuters who own a UOB issued MasterCard, Visa or JCB card can insert their card into any of the general ticketing machines or even use contactless methods of payments including MasterCard PayPass and Visa pawWave for topping up their Cepas Cards.

      01st July 2016


    • Monetary Authority of Singapore to Include Financial Investments in Yuan as Part of Foreign Reserves

      With the growing acceptance of the yuan assets by institutional investors, MAS or the Monetary Authority of Singapore will include financial investments made in yuan as part of their official reserves. This move acknowledges China as one of the largest trading partners of Singapore. This announcement follows the one made last November by the IMF or the International Monetary Fund that had recognized that yuan met the criterion to be a freely usable currency and therefore be included in SDR or the Special Drawing Rights. Yuan has now joined the elite club that includes the British Pound, the Euro, the US Dollar and the Japanese Yen.

      23rd June 2016

    • Rating Agency S&P affirms Stable Ratings for OCBC, DBS and UOB

      S&P Global Ratings has affirmed AA- long-term issuer credit rating on OCBC, DBS and UOB banks. The ratings issued by the agency reflects the capacity of a banking institution to meet its financial commitment. In this case, the ratings suggest a “very strong” commitment and a stable outlook for the said banks. This rating is not likely to change anytime in the future.

      Before S&P, Fitch Ratings has affirmed AA- ratings to Singapore banks on 1 June suggesting a stable outlook. Moody’s Investors Services also revised its ratings on large Singapore banking groups between “stable” and “negative” on 31 March.

      21st June 2016

    • Singapore becomes the 1st Southeast Asian Country to launch Samsung Pay

      The mobile payment market in Singapore has enliven on June 16 with the introduction of Samsung Pay. Singapore is the 1st country in the whole of Southeast Asia to launch Samsung Pay. It is the 5th country overall in the world. The other four countries where Samsung Pay has been launched include South Korea, United States of America, China and Spain.

      Users who have compatible Samsung smartphones will be able to use this mobile e-wallet app at almost any establishment that accepts debit/credit card payments. This includes almost 40 popular retailers such as NTUC FairPrice, Challenger and Toastbox.

      Samsung can be used at traditional credit card terminals and at Near Field Communication (NFC) enabled contactless terminals. Samsung Pay will be made available on the following Samsung models:

        • Samsung Galaxy Note 5 4G+

        • S6 edge+ 4G+

        • S7 4G+

        • S7 edge 4G+

      Samsung's entry into the mobile payments arena is followed by the Singapore launch of Apple Pay in April.

      17th June 2016

    • Samsung Pay will be launched on June 16 in Singapore

      The Korean electronics giant, Samsung will launch its e-wallet, Samsung Pay on June 16. After the launch, Singaporeans who hold MasterCard and Visa debit/credit cards issued by DBS/POSB Banks, Standard Chartered Bank, OCBC Bank and Citibank can use a compatible Samsung mobile to make payments at almost all retail establishments on the island that accept credit card payments.

      Singapore will become the 5th country in the world to introduce Samsung Pay. The other 4 are South Korea (last August), United States (last September), China (this May) and Spain (earlier this month).

      Samsung Pay will have the Near-Field Communication wireless technology (NFC) that will allow registered users to tap into their phones to make payments at almost all credit card payment terminals in Singapore.

      The proprietary MST technology (Magnetic Secure Transmission) that Samsung Pay uses, will work on traditional magnetic stripe credit card terminals as well as NFC contactless payment terminals. Furthermore, due to this technology, Samsung Pay will not be limited to transactions of SGD 100 or less compared to other contactless payment methods.

      As of February 2016, Samsung Pay has more than 5 million registered users and has recorded over SGD 672 million (US$ 500 million) in global transactions.

      15th June 2016

    • ICBC seeks opportunities under Belt and Road Initiatives through partnerships

      ICBC (The Industrial and Commercial Bank of China Limited) Singapore Branch along with 7 organizations have entered into agreements for strategic cooperation. The agreements were inked at the RMB Internationalization Summit.

      According to the agreements, the Singapore Branch of ICBC will provide financial services as well as look at project structuring as a way of supporting Singapore companies that fall under the China-proposed Belt & Road infrastructure all across Asia.

      The Deputy Chief Executive Officer of IE (International Enterprise) Singapore, Shua Taik Him, has said that China's Belt & Road initiative has opened doors to investment opportunities for Singapore companies in infrastructure projects.

      He further added that through this partnership, ICBC and IE Singapore can each leverage their global networks and thereby meet market opportunities.

      During this summit, ICBC also launched their shipping finance centre (Asia Pacific). This is the first dedicated shipping finance centre in Singapore among the Chinese banks.

      10th June 2016

    • Shop more during GSS

      According to a recent study of debit and credit card transactions during the GSS (Great Singapore Sale), there are several interesting shopping patterns that have been noticed. The Singapore Tourism Board started the Great Singapore Sale back in the year 1994, in alliance with the Retailers Association in Singapore. The reduction in prices during this sale is not directly from the Singaporean Government. However, the retailers are encouraged to take part in GSS and stimulate consumption.

      The Great Singapore Sale takes place from the month of May to July, every year. The consumers can regulate their expenses as they already know the type of discounts, the period of sale, etc.

      08th June 2016

    • Blockchain system built by the Government of Singapore to protect banks

      The Singaporean Government has created a blockchain system in order to avoid traders from cheating banks. Trade invoices are recorded by the digital ledger and create alerts for identical invoices across different banks.

      According to the Government, this is the first app across the globe that works with the technology of distributed ledger for the enhancement of trade finance invoicing security. A proof was completed by the Infocomm Development Authority with the blockchain tech with DBS Bank and Standard Chartered Bank, last December.

      07th June 2016

    • Eva Air Announces New Route

      Eva Air has announced a new route starting from November 2, 2016 which is from Singapore to Chicago via Taipei. The airlines flies daily from Singapore to Taipei but on Tuesdays, Wednesdays, Fridays and Sundays, travelers will be able to connect to Chicago. This travel will take 20 hours and 30 minutes including a transfer of 1 hour and 40 minutes at Taoyuan International Airport in Taipei.

      Eva Air is offering promotional air fares starting from $1488 with travel validity up to June 30, 2017 as a way of celebrating this launch. This promo is also applicable on the Hello Kitty flights between Singapore and Taipei.

      North American destinations of Eva Air include San Francisco, Houston, Seattle, Vancouver and Toronto. The existing service to New York will be increased from October 3 to 2 trips a day. The 3 evening flights between Taipei and LA will be rescheduled from August 4 to offer morning, afternoon and night flights.

      05th June 2016


    • Apple Pay Spreads across Singapore

      The mobile payment service, Apple Pay, is now available to customers across 5 leading banks in Singapore namely OCBC, DBS, Standard Chartered, UOB and American Express. This implies that this service is now available to 83% of the debit and credit cards in Singapore.

      This expansion was announced on May 25, 2016 by Apple prior to which this service was only available to American Express issued cards. Using Apple Pay facilitates easy mobile payment options wherein you can register your credit cards directly to your iPhone or your Apple Watch and make payments for goods and services you purchase by simply swiping your device over contactless payment terminals.

      Apple Pay is available in a total of 6 countries around the world and Singapore was chosen as the first market in this region, outside of China to integrate this service in the payment system.

      The purpose of Apple Pay goes beyond simply replacing the wallets on your phones, the tech giant has announced that users can even expect a rewards programme in the near future.

      25th May 2016

    • Apple Pay system for five major banks

      Five leading banks in Singapore have introduced the Apple Pay system for their customers. Now these customers can easily link their debit cards and credit cards with their mobiles. The banks are DBS (Development Bank of Singapore), POSB (Post Office Savings Bank), UOB (United Overseas Bank), OCBC (Oversea Chinese Banking Corporation) and Standard Chartered Bank.

      The card details of the customers should be added to the digital wallet of iPads, iPhone and Apple watches. According to Jennifer Bailey, the Vice President of Apple Pay, customers do not have to carry their wallet around anymore. This is just an extension of what people have already been doing over the counters while purchasing things.

      25th May 2016

    • Singapore Airlines Net Profit Shoots Up 95% in FY16

      The core profit made by Singapore Airlines (SIA) after tax and minority interest has shot up to $701.6 million in the financial year of 2016. This net profit of 95% has been calculated even after removing non - operating factors such as dividends from investments and refund from fines of the SIA Cargo.

      OCBC has reported a dip of 2.2% to $15.2 billion in SIA’s revenue for the financial year on account of lower yields at parent airline as well as the cargo business. The net fuel cost has tumbled 18.9% to $4.5 billion. According to OCBC, the improving fuel hedges of SIA has come in at the best time considering intense competition in the airline industry where weak yield environment is the result.

      SIA’s plans for FY17 include taking delivery of thirteen new fuel-efficient A350-900s and returning of five less fuel-efficient aircraft to lessors. SIA expects more fuel savings and not only from improved fuel hedges.

      16th May 2016

    • Amex SIA Credit Cards To Offer Better KrisFlyer Benefits

      American Express is enhancing the 4 co-branded credit cards that it offers in collaboration with Singapore Airlines for offering more exclusive benefits and improved earn rates for mileage. These new benefits will include exclusive travel privileges from Singapore Airlines with minimum spending on these American Express Credit Cards. The cardholders can also enjoy complimentary upgrades to first class or suites from business class depending on the card that they use. For each dollar spend, cardholders will now earn up to 2.4 KrisFlyer miles and there will be no limit on the miles awarded. Earlier, they used to earn up to 2 miles for each dollar spent with their cards.

      05th May 2016

    • Study Says Use of Credit and Debit Cards Have Created Jobs in Singapore

      The increase in usage of debit, credit and prepaid cards have led to increase in jobs in Singapore. The use of these cards have created over 13000 jobs in the country in just 5 years (2011 – 2015). The increase in jobs is because of the increase in consumption. Moody’s Analytics Study conducted a research on behalf of Visa, the results of which said that consumption levels in Singapore was 0.99% more between 2011 and 2015. Increase in use of the cards have contributed $1.7 billion to the country’s GDP during those years and created 13500 new jobs. The jobs were created as a result of the increase in demand of good and services created through electronic payments. The study did not include payments made through mobile phones and said that if these payments are considered, the positive impact these cards have on Singapore’s GDP will be much more.

      04th May 2016


    • Visa opens first innovation centre in Asia

      Visa has opened a new innovation centre in Singapore, which is the first in Asia. The facility is 7000 square feet in size and it will allow the company to work with their stakeholders such as developers, clients and partners to come up with solutions for digital and mobile platforms. Through this innovation centre the company wants to generate ideas for making shopping easy for customers and businesses. This centre will give clients and partners of Visa access to the technology used by the company such as API and Visa Developer Platform, which will open more room for real time experiments. Also, the centre will allow the stakeholders of Visa from different parts of the world to provide their services in Asia.

      28th April 2016

    • Singapore To Become The First Country in Asia With Samsung Pay Service

      Singapore will soon become the first country in Asia to get Samsung Pay, the mobile payment service from Samsung. The tech giant will officially launch this service in Singapore in the 2nd quarter of this year. Samsung Pay allows the consumers to make cashless payments with their smartphones.

      In order to avail this service, customers will need to register their credit card on select smartphones offered by Samsung. Once the registration is completed, they can use their phones for making payments at almost any credit card payment terminal. Such payments can be processed only with a pin or fingerprint scan and so they will be secured.

      23rd April 2016

    • Software Upgrade increases speed of Visa Payment Process

      Credit and debit cardholders of Visa, who own the new chip cards, can now save time when they make payments using these cards. A new software upgrade by Visa reduces the time taken to make payments using these cards. The upgrade allows cardholders to dip and remove their cards at payment terminals in 2 seconds. Merchants, who are already certified to accept payments made via EMV cards, do not need to be certified again to use the new upgrade. This update will be available for free to intermediaries such as terminal manufacturers, processors and other partners.

      21st April 2016

    • POSB, DBS Win Multiple Awards At AsiaOne People's Choice Awards 2016

      POSB and DBS, the two local banks in Singapore, won multiple awards in the banking categories at the AsiaOne People's Choice Awards 2016. DBS Bank won the award for the Best Credit/Debit Card for its Visa Credit Card and POSB won the award for the Best Bank along with the Best Mobile Banking Service for its mobile banking platform called POSB mBanking. AsiaOne People's Choice Awards recognizes leaders in the world of banking based on the votes casted by the consumers. Both the banks were nominated for all the awards in the banking categories.

      21st April 2016

    • Apple Pay Launched in Singapore

      Apple Inc. has launched Apple Pay, the contactless payment service, in Singapore on 19 April, 2016. At present, this service is available only to American Express credit cardholders. Apple working with other debit and credit card issuers in Singapore such as DBS Bank, Standard Chartered Bank and UOB to make this service available to their customers in the next few months.

      Apple Pay is a ‘Wallet App’ that facilitates contactless payments. The customers need to register their credit card on the app and they can tap their phone to make payments at various credit card payment terminals. A one-time dynamic code is required for authorizing each transaction. This service is currently available on Apple Watch, iPhone SE, iPhone 6, iPhone 6s and iPhone 6s Plus.

      19th April 2016

    • Mobile payment system to be developed by Nets

      Nets has signed an agreement for 5 years with an Australian organisation named Mint Payments for developing and launching the first mPOS (mobile payment solution) in Singapore that will allow the merchants to accept major credit cards. They will also be able to accept all the Nets debits cards.

      Mint will be getting hardware and implementation fees for the mPOS solution for five years. It will also get monthly fees from all the merchants using it along with a share of the transactions made.

      Nets processed transactions worth SGD 23 billion in the year 2015. Several Singaporeans use Nets to make their daily payments across a huge network of 91,000 nation-wide acceptance points.

      12th April 2016

    • Within 3 Months, 18000 Singaporeans use SkillsFuture Credit

      To help people improve their skills, Singapore Government had introduced the ‘SkillsFuture Credit Scheme’ in January. This scheme is offered to everyone who is at least 25 years old. As per this scheme, people will receive credit worth $500 that they can use to pay for skills courses. Within 3 months, more than 18000 Singaporeans have applied for the scheme. Around 51.5 percent of the applicants are 40 years old or more. At present, the scheme can be used to pay for 12, 500 courses. Through this Scheme, the Ministry of Social and Family Development (MOE) aims to help people with disabilities as well. In order to help ITE (Institute of Technical Education) and polytechnic students earn while they are studying, MOE plans to launch the Earn and Learn Programme in other fields such as maritime and healthcare.

      09th April 2016

    • UOB YOLO credit card for millennials

      United Overseas Bank has come up their new credit card YOLO which is designed for the millennials. YOLO stands for You Only Live Once, which is a popular mantra in today’s world.

      This card has been devised and launched in the market according to the lifestyle and spending habits of the millennials. Over the next 3 years, United Overseas Bank targets to meet the hopes and requirements of every one in two millennials.

      The Instagram account of the bank has been updated with the new dining deals, entertainment events, etc. The YOLO credit card will have the card number on the top right corner in a 4 by 4 stack. Contactless payments will also be made possible with the YOLO cards.

      01st April 2016

    • UOB YOLO credit card for millennials

      United Overseas Bank has come up their new credit card YOLO which is designed for the millennials. YOLO stands for You Only Live Once, which is a popular mantra in today’s world.

      This card has been devised and launched in the market according to the lifestyle and spending habits of the millennials. Over the next 3 years, United Overseas Bank targets to meet the hopes and requirements of every one in two millennials.

      The Instagram account of the bank has been updated with the new dining deals, entertainment events, etc. The YOLO credit card will have the card number on the top right corner in a 4 by 4 stack. Contactless payments will also be made possible with the YOLO cards.

      01st April 2016


    • Singaporeans can check their Credit Reports for free

      According to Credit Bureau Singapore (CBS), many Singaporeans have never seen their credit report. Most of them apply for credit without knowing what is mentioned in their report. To solve this problem, Association of Banks in Singapore have decided to give consumers a copy of their credit report for free when they apply for a credit service such as loan or credit card. They can avail their report from the website of CBS. They can login to the website using their SingPass ID and password. People can receive the copy of their report within a month after the approval or rejection of their credit application. Apart from this, people can also obtain their reports from the CBS office. To get the report, they have to bring a notification letter issued by their lenders along with their documents for identification. The lender has to be a member of CBS.

      This move will help people understand what their lenders think about them. As most of the applicants are below 35 years old, they can use the information mentioned on their credit report to build a good credit history for themselves. A good credit history will help them when they apply for a credit in future. At present, only an average of 11000 consumers check their credit reports on a monthly basis.

      21st March 2016


    • Motorists in Singapore Can Now Top UP Autopass, NETS FlashPay with their Credit Cards

      Motorists in Singapore will now be able to use their credit cards for topping up their Autopass and NETS FlashPay with their credit cards. In order to do so, they will need to use the mobile app called NETS FlashPay Reader. Foreign motorists can avail this service by using credit cards that were issued in Singapore or Malaysia. Only foreign registered vehicles are issued with the Autopass Card. If you avail this service with your DBS, POSB, OCBC or UOB credit card, you will be charged a fee of SGD 0.25 and for credit cards issued by other banks, you will be charged a fee of SGD 0.50.

      23rd February 2016

    • Schroders Singapore Set to Launch Asian Credit Fund with a Potential Payout of 4.7% per year

      The Schroder Investment Management Ltd, Singapore will be launching the new Schroder Asian Credit Portfolio, February 2020 with key focus elements on high yield bonds and quality Asian investment grade. The potential payouts for this fund is between 3% and 4.7% per annum which will be paid out on a quarterly basis and have been deemed attractive on the current market conditions surrounding interest rate structures.

      The main purpose of this fund is to capture growth opportunities within Asia using investments covering bonds and other debt securities that are issued by governments, government agencies, corporates and supranational in Asia.

      Schroders Singapore has provided extensive details regarding this fund including the fixed investment tenure that will last 3 years and 11 months until the maturity date that has been set for February 28, 2020. Investors of this investment will receive fixed quarterly payouts between 3% and 4.7% per year as part of the return for the initial investment upon maturity.

      The United States Dollar class of the fund offers a payout of 3% per annum. The Singapore Dollar-H class of the fund offers a payout between 3.6% and 4.1% per annum and the Australian Dollar-H class offers a payout between 4.2% and 4.7 per annum.

      Albert Tse, Schroders Singapore head of intermediary distribution of South East Asia has said that given the present market conditions surrounding interest rate structures, these potential payouts between 3% and 4.7% per annum are very attractive and along with the fixed investment periods and the low duration of the investments of these funds (this implies lower sensitivity towards changes in the interest rates), it will give investors greater access to focused fixed income strategies.

      The indicative offer period for the fund has been fixed between February 10, 2016 and March 22, 2016 and the deadline for the subscription is March 18, 2016.

      This fund is being distributed by several banks on the island for a minimum investment of SGD 5000. You can too invest at these funds at the following banks in Singapore – OCBC bank, CIMB bank, Standard Chartered bank and Citibank and select IFAs (Independent Financial Advisors). The indicative inception date for the fund is 23 March, 2016.

      19th February 2016

    • OCBC Robinsons Group Visa Card Promotion

      Runtime: 1 Nov – 31 Dec, 2015

      Particulars: Enjoy great deals and discounts when you shop at Robinsons with your OCBC Robinsons Group Visa Card this December.

        • Enjoy cash rebate of up to 11 percent by spending a minimum amount of SGD 500

        • Enjoy cash rebate of up to 12 percent by spending a minimum amount of SGD 1000

        • Enjoy cash rebate of up to 13 percent by spending a minimum amount of SGD 2000

      Terms and Conditions

      The promotion is available only for the OCBC Robinsons Group Visa Card. Please contact the bank for all applicable terms and conditions.

    • Standard Chartered SingPost promotion

      Runtime – This is an ongoing promotion.

      Particulars – You can avail a cashback of 7 percent on all the online purchases that are eligible under this promotion. You can also enjoy vouchers from Omigo and vPost that worth SGD 120 as soon as you make an application for the Standard Chartered Singpost Platinum Visa card. The approval-in-principle takes on sixty seconds to happen.

      Terms and Conditions – Please, get in touch with Standard Chartered Bank if you wish to know the terms and conditions of this particular promotion in details.


    • Maybank SG50 Photo Contest

      Runtime – This is an ongoing promotion that started on 1st August, 2015 and expires on 31st December, 2015.

      Particulars – You can stand a chance to win up to SGD 5500 in Maybank’s SG50 Umbrella photo contest.

        • Visit your nearest Maybank Bank Branch and open a Shariah-compliant Deposit Account. For information on this account, feel free to contact Maybank.

        • You will be given the SG50 umbrella. Use this umbrella to snap your most creative picture.

        • Visit the Maybank Singapore page on Facebook and ‘Like’ the page.

        • Upload the picture you have taken on this page.

        • Each month, 5 of the most creative pictures will be selected to win SGD 500.

        • The winners of each month will be announced and informed by the fifth working day of the following month.

        • 25 of the selected winners will participate in a public voting on the Maybank Singapore Facebook page that starts on 8th January and will end on 31st January, 2016. The photo that receives the most number of “Likes” will win the grand prize of SGD 5500.

      Terms and Conditions

        • To be eligible for this contest, you must be at least 18 years old.

        • Each participant can only upload one photograph.

        • For further information on this contest or more details on the Terms and Conditions, feel free to contact Maybank or visit their website.

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