▪ DBS Q4 profit falls 33% on higher allowances; CEO upbeat on outlook
DBS Group reported on Wednesday (Feb 10) a 33 per cent plunge in fourth-quarter earnings as the bank’s net interest margin fell and it set aside higher allowances for potential bad loans amid the Covid-19 pandemic. But DBS chief executive Piyush Gupta was upbeat on the year ahead, saying the latest economic data supports a solid rebound this year and that the bank’s strong performance in January provided a head start to the year. (Source:The Straits Times)
▪ iFAST aiming for Malaysia digital bank licence, SGD100b AUA goal 'not a big number': Lim
Despite losing out on a digital banking licence in Singapore, financial services company iFAST will be throwing its name into the ring for a similar framework in Malaysia. iFAST has been studying the matter and will be submitting an application for a digital banking licence there, says CEO Lim Chung Chun in a virtual briefing on Feb 8. “We expect that we will be bidding for it as well… I think further details can only be provided in the quarters ahead,” says Lim. (Source:The Edge Singapore)
▪ Indonesia's Bank Central Asia records net profit dip in 2020 for first time in 16 years
Bank Central Asia (BCA), Indonesia’s largest privately owned bank, has seen its net profit dip for the first time in at least 16 years as the Covid- 19 pandemic affected loan demand and credit repayments. The publiclylisted lender’s net profit dipped 5 per cent year-on-year (yoy) to IDR 27.1t (USD1.94 billion) in 2020 amid higher provisioning and weak credit growth. BCA had booked continual profit growth since at least 2004. BCA’s net interest income (NII) grew 7.3 per cent yoy to IDR54.55t in 2020, weaker than growth in the previous year at 12.1 per cent. (Source:The Star)
▪ Indosat Ooredoo and Snap to increase use of AR in Indonesia
Seizing opportunities brought by developments in augmented reality (AR), leading digital telco company Indosat Ooredoo and global technology company Snap have just expanded their partnership to accelerate the adoption of AR in Indonesia. Both companies are of the view that AR can empower creativity and engagement among users of the IM3 Ooredoo provider, Snapchat instant messaging users and various brands. As part of their partnership, 2021 will see several programs by Indosat Ooredoo and Snapchat to bridge the gap between the physical and digital worlds with AR, while bringing communities and businesses closer together despite the pandemic. (Source:The Jakarta Post)
▪ Thailand’s Kasikornbank to open first branch in Vietnam
Thailand’s second-largest lender by assets, Kasikornbank Pcl, has announced it plans to open a branch in Vietnam’s commercial hub of Ho Chi Minh City in the third quarter of this year to tap into the country’s growth."Attention is now focused on Vietnam as a regional investment hub that has attracted the world’s leading companies - including those from Thailand - thanks to its strong economy," said executive vice president Pattarapong Kanhasuwan, noting its recovery should be helped by the country's success containing Covid-19.The move comes as other Thai banks have expanded in South-East Asia.Rival lender, Siam Commercial Bank Pcl last month became the first Thai bank to obtain a banking licence in Myanmar.In 2019, Bangkok Bank Pcl made a $2.7 billion acquisition of Indonesia's PT Bank Permata. (Source:The Star)
▪ Thai bank SCB's venture arm launches new USD50M VC fund for blockchain, DeFi, digital assets
SCB 10X, the venture arm of Thailand’s Siam Commercial Bank, has announced the launch of a new fund worth USD50.0m. The fund will invest in both early- and growth-stage startups globally, particularly promising startups in blockchain infrastructure for decentralised finance (DeFi) and digital assets, to ready the bank for the digital financial systems of the future. As per an official statement, the move is the latest in its attempt to spur its ‘Moonshot Mission’ even further. Moonshot Mission represents ideas and creations that have never been done before and the recognition of market needs in the future which can take the bank to reach the goals before other counterparts. (Source:e27.co)
Source: Kenanga Research - 15 Feb 2021
Created by kiasutrader | Aug 26, 2024