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Category: Singapore
Discover our Singapore News section, delivering real-time and comprehensive coverage of local news in Singapore. Stay informed on politics, economy, society, culture, and more, as we dive deep into the Lion City’s developments.
With DBS Bank’s digital services experiencing disruptions barely over a year after a similar incident in November 2021, we are compelled to question: Is financial technology bringing convenience at the cost of increased uncertainty?
The Monetary Authority of Singapore (MAS) expressed dissatisfaction with the recent disruption, stating that DBS has fallen short of meeting regulatory expectations for maintaining high system availability. Clearly, as a major bank, DBS must ensure that while financial technology provides convenience, its services remain stable and reliable. This incident highlights the various challenges faced by financial technology in the process of continuous innovation.
MAS has instructed DBS to conduct a thorough investigation into the service disruption and submit a report. This indicates the financial regulator’s strong emphasis on the stability of banking services and implies that DBS may need to put in more effort to improve its services. Notably, MAS’s response to the incident was swift, demonstrating the regulator’s vigilance and concern for the development of the financial market.
DBS Bank’s CEO, Piyush Gupta, expressed disappointment over customers’ inability to access digital banking services. He emphasized that DBS would review the events thoroughly and reflect deeply on the situation. Although the incident has impacted the bank’s reputation, we can also see DBS’s recognition of the problem and determination to improve.
In conclusion, the disruption of DBS’s digital services serves as a reminder that the path of financial technology development is not always smooth sailing. Financial institutions and regulators must work together to ensure that, while pursuing technological innovation, they also provide stable and reliable services to customers.
Video of these youngsters throwing bicycle into water make many people angry on social media leh. Their actions not only spoil public resources but also can harm the fish. Now young ppl need to think about their behavior, learn to respect and cherish public property. A civilized society needs everyone to put in effort, together we say no to this kind of bad behavior!
SINGAPORE: Ho Ching, Prime Minister Lee Hsien Loong’s spouse, has spoken out against a woman who criticized a supermarket employee for not speaking English in an extensive social media post. Ho Ching defended the NTUC Fairprice staff member and denounced the customer’s actions as a type of bullying.
Temasek Trust chairperson Ho Ching emphasized that Singaporeans should conduct themselves with discipline, respect, and humility. She asserted that brash bravado and boastful bullying have no place in Singaporean society.
Ho Ching’s comments were in response to a viral video featuring TikTok influencer Datin Amy Tashiana, who confronted a FairPrice employee at City Square Mall for not understanding English, resulting in a poorly handled fish order. Amy argued with the worker in Mandarin and insisted on reporting her to the management for her inadequate English skills.
The video, now removed from TikTok and YouTube, has sparked debate. Some agree with Amy, claiming that customer-facing employees in a multicultural society like Singapore should have a basic understanding of English. Others, however, believe that Amy’s handling of the situation was less than ideal.
Ho Ching, who disapproved of Amy’s actions, expressed her dissatisfaction on Facebook. In a lengthy response, she acknowledged the frustrations faced by those having trouble communicating with non-English-speaking staff, but she urged for kindness and the acceptance of diversity instead of resorting to xenophobia.
She noted that many Singaporeans, including herself, aren’t linguistically gifted, and that patience and understanding could help bridge communication gaps. Ho Ching also encouraged people to learn new languages or musical instruments as a way to make friends and maintain connections with others around the world.
Despite Ho Ching’s views, some commenters remained unconvinced, expressing their frustrations and feelings of marginalization due to language barriers. Others warned that unresolved issues could lead to the election of populist governments by disgruntled voters.
Housing and family planning are complex issues that can cause stress and anxiety. This is especially true for a young woman who graduated during Covid-19 and is now facing skyrocketing housing prices and long waiting times for Built-to-Order (BTO) flats in Singapore. After bidding eight times, she finally received her BTO queue number, but the wait time until 2030 to collect her flat is causing her great concern.
To put this in perspective, she is turning 28 and will be 35 by the time she gets her flat. This has presented her with three options, but each comes with its own set of pros and cons.
Her first option is to wait a few years until the housing market cools down and they have greater savings to get a resale flat. However, this would mean sacrificing the BTO selection, which may bring a whole new set of uncertainties.
The second option is to stay with her parents and sister and invite her partner to stay over, only moving out after 35. This has its pros for financial capability, but it breaks down the norm of having a flat before settling down.
The third option is to rent a flat after marriage and wait until 35, though the rental prices currently are high. This option may be more feasible if she considers paying her parents the rental fee rather than other landlords.
However, her main concern comes from the long waiting time of seven years, which is around 1/10th of her lifespan. This wait time would significantly affect all her family planning, and she wonders if she should change her mentality and accept not having a flat to start a family.
Her partner is one year younger than her, and they both work for the government, so their income is average. After finally getting her BTO queue number, she felt more concerned than happy, realising that all she could do was wait if she chose the traditional housing route.
Thankfully, netizens have suggested other alternatives to her options. They suggest that she consider buying a resale 3-room flat instead of a 5-room flat, as well as exploring other options like staying with parents or renting. They remind her that adulting is tough, but it’s important to manage expectations and live within one’s means.
Overall, the young woman’s situation highlights the challenges faced by many Singaporeans in securing affordable housing. It’s a reminder that these issues are complex and require careful consideration and planning, but with the right mindset and resources, it is possible to find a solution that works for you.
In March of this year, the sudden collapse of Silicon Valley Bank (SVB) due to a run on deposits raised concerns about the safety of deposits in American small and medium-sized banks. The US government quickly stepped in to provide guarantees for all deposits.
This raises concerns for those in Singapore, who may wonder whether their bank deposits are safe and how much they can recover in the event of a bank failure.
Under the Singapore Deposit Insurance and Policy Owners’ Protection Schemes Act 2005, the Singapore Deposit Insurance Corporation (SDIC) is responsible for the management of the deposit insurance scheme in Singapore.
All banks and financial institutions operating in Singapore are required to be members of the SDIC, unless they have been granted special exemption by the Monetary Authority of Singapore. At present, there are 39 member institutions of the SDIC, and the deposit insurance coverage limit was raised from SGD 50,000 to SGD 75,000 in 2019.
How much can you recover in the event of a bank failure in Singapore?
Each financial institution that participates in the deposit insurance scheme in Singapore is required to provide deposit insurance coverage of up to SGD 75,000 per depositor. If a financial institution fails, each depositor can recover up to SGD 75,000 of their deposit. If you have deposits in multiple institutions, you can receive up to SGD 75,000 in coverage from each institution.
The deposit insurance coverage limit in Singapore is lower than the $250,000 deposit insurance limit in the United States. However, according to the Monetary Authority of Singapore, the primary objective of the Singapore deposit insurance scheme is to provide protection for the core deposits of small depositors, rather than high net worth individuals, who often have more channels to allocate their assets to manage financial risks. In Singapore, the SGD 75,000 limit provides coverage for almost 90% of all depositors’ total deposits.
How much can you recover in the event of a bank failure in Singapore?
As of March last year, the size of the Singapore deposit insurance fund was SGD 510 million, and its target fund size is SGD 690 million. At the target fund size, the deposit insurance fund can fully pay out deposit insurance claims with 99.9% probability.
Considering that depositors have a limit on the amount of deposits that can be insured by each bank, it may be prudent to spread funds across multiple banks if the deposit exceeds SGD 75,000. Additionally, it may be worthwhile to allocate some funds to low-risk, relatively secure investments or wealth management products to diversify risk, while also considering investments that offer returns higher than those provided by bank deposits.