Singapore’s Corporate News

▪ 5G in Singapore: Singtel focusing on collaborative approach to use case development

AS 5G in Singapore takes shape, the state telecoms regulator has mapped a plan to provide spectrum allocations in support of at least two standalone 5G networks set to launch in 2020. Singtel, which is primarily owned by the state’s investment arm, has gained learnings from elsewhere in its service provider footprint and is laser-focused on creating an ecosystem of stakeholders to define use cases that will be relevant to consumers and businesses in the city-state. Singtel, which segments its business into consumer, enterprise and digital life groups, is the largest of Singapore’s three carriers in terms of subscriber count and the majority of the company is held by the investment arm of the nation’s government. (Source: RCRWireless)

▪ OCBC first Singapore bank to join JPMorgan's blockchain network

OCBC has become the first Singapore bank to join JPMorgan's live blockchain service - known as the interbank information network (IIN), JPMorgan said on Friday. The Singapore lender joins 112 other banks from the Asia-Pacific in joining the IIN, with regional banks dominating the list of new entrants. Asia-Pacific banks that have signed up on the network now total 134, making up nearly 40 per cent of the 343 banks that have signed up since 2018. The 80 Japanese banks that have signed up also form the largest bloc globally. IIN was launched as a pilot in 2017, and aims to cut the friction involved in the global payments process. It runs on a permissioned blockchain developed by JPMorgan called Quorum, which is described as a variant of the Ethereum blockchain. (Source: The Business Times)

Indonesia’s Corporate News

▪ Bank Indonesia carries out third rate cut in three months

Indonesia's central bank on Thursday announced its third rate cut in as many months, demonstrating its resolve to get ahead of a slowing global economy amid the U.S.-China trade conflict. Bank Indonesia slashed its benchmark seven-day reverse repo rate by 25 basis points, to 5.25%, in line with the predictions of 13 out of 21 economists polled by Reuters over the past week. "This is a preemptive measure to push for economic growth momentum that has been slowing," Gov. Perry Warjiyo told a news conference the same day. (Source: Nikkei Asian Review)

▪ Axiata Seeks Malaysia, Indonesia Mergers After Telenor Talks End

Axiata Group Bhd. is pursuing mergers as a key strategy despite an abrupt end to its plan to form an Asian mobile giant with Telenor ASA, its top executive said. Malaysia’s largest wireless carrier, which provides telecommunication services to more than 300m people from India to Cambodia, could see mergers happening for its Indonesian and Malaysian operations within three to five years, Chief Executive Officer Jamaludin Ibrahim said in an interview. “Consolidation is key to futureproof us in the medium term given the challenges in the industry,” Jamaludin said at his office in Kuala Lumpur. “The cancellation of the merger does not deter us from looking at other possibilities.” (Source: Bloomberg)

Thailand’s Corporate News

▪ SCB eliminates digital banking fees

Siam Commercial Bank (SCB) has taken the lead in waiving digital banking transaction fees for small and medium-sized enterprise (SME) customers to encourage them to migrate to the online platform. The fee waiver is offered to SMEs with annual sales of up to 75.0m THB, said Apiphan Charoenanusorn, the bank's co-president. To be eligible for the free digital transactions, SMEs must have a current account, called Manee Mungkung, with the bank. The fee waiver is part of the bank's campaign "SME Fighto", with a special interest rate for current accounts of up to 1% per year, with monthly interest payment and free access to co-working space and business development seminars. (Source: Bangkok Post)

▪ Thai telco boss resigns after insider trading fines, shares fall

Thai telecommunications magnate Pete Bodharamik has resigned from two companies after regulators fined him for insider trading, the companies said on Tuesday. Pete resigned from broadband provider Jasmine International Pcl and media firm Mono Technology Pcl, where he was chief executive and chairman of the board, respectively, the firms said. Pete and another executive were penalised for buying shares of Jasmine Telecom Systems Pcl before its 2016 third quarter results were released, which showed a profit for the first time since 2014, the Securities Exchange Commission of Thailand said on Monday. (Source: Reuters)

Source: Kenanga Research - 23 Sept 2019