CNA938 Rewind - Trump wants ASEAN to spend more on defence. Does it need to?
Kate Cham and Vincent Wong are co-founders of Anglo Caregivers, which provides professional live-in caregivers who are able to speak Mandarin and Malay — an important aspect for elderly clients who may not be as conversant in English. The husband-and-wife team share why they chose to leave a promising career in the corporate world to begin their entrepreneurship journey, and how Vincent's late grandmother was a key figure in their decision.
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Business Times
33 minutes ago
- Business Times
Info-Tech Systems closes 4.6% above IPO price on first day of trading
[SINGAPORE] Software services provider ended its first trading day at S$0.91 on Friday (Jul 4), 4.6 per cent above its initial public offering (IPO) price. The counter opened at S$0.95 with the stock code ITS, reaching as high as S$0.98 in Singapore's second listing for 2025 and first mainboard listing in close to two years. The Singapore-headquartered firm's trading debut comes two days after its IPO closed, with some 24.9 million shares fully subscribed at S$0.87 apiece. Its IPO comprised an international placement of around 19.9 million shares allocated for selected investors, which was 5.5 times subscribed, and an offer of five million shares available to the Singapore public, which was 14.4 times subscribed. This translates to a subscription rate of 7.3 times for all the shares on offer. Established in 2007 by Babu Dilip, the company's chief executive officer, and Peter Lee, the group's executive chairman, Info-Tech Systems offers software services to improve the efficiency of human resource operations – including payroll, leave management and performance appraisal – and targets small and medium-sized enterprises. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The IPO proceeds will go towards deepening Info-Tech System's market penetration, enhancing its brand visibility as well as expanding its suite of solutions and operations, said Babu. This could include expanding the group's geographical presence to new markets and accelerating access to new technology through inorganic acquisitions and partnerships. The firm also operates in Malaysia, Hong Kong and India. For the financial year ended December 2024, the company recorded a 17.6 per cent rise in its net profit to S$12.3 million. Its top line grew by around 15 per cent year on year to S$43.7 million, tracking a rise in revenue of its cloud accounting software. OCBC is the sole issue manager and global coordinator for the placement, as well as the joint bookrunner and underwriter alongside CGS International Securities Singapore. The IPO comprised new shares issued and an offering of vendor shares by Lee and executive director Yeoh Sin Yee. Info-Tech Systems' mainboard listing follows that of automaker Vin's Holdings on the Catalist board on Apr 15. It is the first pure-play, software-as-a-service provider for human-resource management systems and accounting software to list on the Singapore Exchange.
CNA
2 hours ago
- CNA
Trilateral workgroup to address issue of foreigners illegally doing delivery jobs
SINGAPORE: A trilateral workgroup is being formed to address the issue of foreigners performing delivery jobs illegally, the National Trades Union Congress (NTUC) said on Friday (Jul 4). "Urgent action" is needed as this creates unfair competition for delivery workers, and it has a direct impact on their earnings, NTUC said. The workgroup will involve Grab Singapore, the Ministry of Manpower and the Ministry of Transport, who will work with NTUC and its affiliated associations. Following the Platform Workers Act being passed in September 2024, NTUC and its affiliated platform work associations have continued to advocate for platform workers on a variety of platforms, the union said. Issues raised include concerns about certainty in platform workers' earnings, safety concerns, as well as competition from illegal hitch service providers, NTUC said. It noted that it has received feedback that some delivery jobs are being performed by foreigners illegally. 'Some of these foreigners illegally take on delivery jobs directly on platforms by misusing accounts,' NTUC said. It also noted reports of some foreigners performing delivery jobs illegally without work permits. 'This creates illegal or unfair competition for our delivery workers, and it has a direct impact on their earnings.' Concerns about the illegal use of delivery accounts have been raised previously. In 2023, CNA found multiple listings on online marketplace Carousell advertising Deliveroo and foodpanda rider accounts for sale. Platform work can only be undertaken by Singaporeans, the union said on Friday. Platform operators can outsource delivery jobs to companies who hire foreigners, but these foreign workers will need have work permits. The issue of illegal competition comes on top of other challenges that platform workers already face, NTUC said. For example, platform workers may face issues related to income stability and assurance. These platform workers can be subjected to incentive schemes that encourage longer working hours, which can lead to safety issues, NTUC said. The type of jobs allocated to them on platform apps is also uncertain, which lead to a lack of clarity on their earnings. This can cause them to grapple with a lack of income security, the union said. It also noted the issue of illegal hitch services, such as unauthorised ride-hailing services operating through messaging apps like Telegram which directly impact workers' earnings. 'These illegal services undercut legitimate platform workers' job opportunities, creating unfair competition that affects workers' ability to earn sustainable earnings,' NTUC said. NTUC Secretary-General Ng Chee Meng said that platform workers are vulnerable as they face a variety of challenges in making a living. 'It is not right that they suffer from reduced earnings due to competition from illegal workers,' Mr Ng said. 'That is why I am calling for a trilateral workgroup to address this issue and other challenges that our platform workers face. Our platform workers must be treated fairly as they make an honest living.'
CNA
3 hours ago
- CNA
Billion-dollar money laundering case: MAS slaps 9 financial institutions with S$27.45 million in penalties
SINGAPORE: The Monetary Authority of Singapore (MAS) has imposed S$27.45 million (US$21.55 million) in penalties on nine financial institutions for breaches related to the 2023 money laundering case involving more than S$3 billion in assets. Action has also been taken against 18 individuals involved in managing relationships with suspects in the case, MAS announced on Friday (Jul 4). Credit Suisse received the highest composition penalty of S$5.8 million. The bank was acquired by fellow Swiss bank UBS in 2023. UOB, UBS, UOB Kay Hian and Citibank received the next highest penalties. Swiss bank Julius Baer, asset management firm Blue Ocean Invest, financial services firm Trident Trust Company and Liechtenstein's LGT Bank were also penalised. MAS did not provide the media with a breakdown of the amount of money handled by these financial institutions related to the billion-dollar case. CNA understands that this is the second largest cumulative penalty imposed by MAS for breaches related to anti-money laundering and countering the financing of terrorism (AML/CFT), after the 1Malaysia Development Berhad (1MDB) case. In the 1MDB case, MAS imposed S$29.1 million in penalties on eight banks between 2016 and 2017, and also shut two of the banks. MAS said in a press release that it identified the breaches during its supervisory examinations of the financial institutions from early 2023 to early this year. The penalty imposed on Credit Suisse takes into account the bank's breaches of AML/CFT requirements from November 2017 to October 2023 in a separate matter. This is related to maintaining offshore accounts in Singapore for customers to evade taxes in the United States, for which Credit Suisse reached a non-prosecution agreement with the US Department of Justice on May 5. MAS said it observed that most of the financial institutions had established AML/CFT policies and controls. 'The breaches arose out of poor or inconsistent implementation of these policies and controls. The financial institutions have embarked on remediation of the deficiencies and MAS will monitor their progress closely,' it said. MAS added that this marked the conclusion of its enforcement actions against financial institutions with a 'material nexus' to the money laundering case. Investigations into the transnational case date back to 2021 and culminated in islandwide police raids in August 2023. Ten foreign nationals were arrested. All have been convicted and were deported after serving their sentences. The 10 criminals were reportedly part of the Fujian gang, an organised crime syndicate based in Fujian, China. About S$2.79 billion in assets related to the case were surrendered to the state, including S$944 million in assets forfeited by the 10 criminals and S$1.85 billion in assets surrendered by 15 foreigners who fled Singapore amid the probe. The related criminal cases of two former bank relationship managers, Liu Kai and Wang Qiming, are still before the courts. LAPSES FOUND IN FINANCIAL INSTITUTIONS MAS said that it found shortcomings in four areas. First, lapses in customer risk assessment were found in Bank Julius Baer, Blue Ocean Invest, Citibank, Credit Suisse and UOB Kay Hian. These institutions failed to implement adequate policies or processes for rating money laundering risks presented by some of their customers. This led to mis-rating of the risks and affected the institutions' ability to address higher money laundering risks presented by several persons of interest, said MAS. Second, all nine institutions fell short in establishing and corroborating the source of wealth of customers who posed a higher risk of money laundering. They did not detect or adequately follow up on 'significant discrepancies or red flags' that should have cast doubt on customers' purported source of wealth, said MAS. In some cases, there was no corroboration of significant aspects of the source of wealth, added the regulator. Third, except for Blue Ocean Invest, there were failures in transaction monitoring in eight financial institutions, which failed to adequately review relevant transactions flagged as suspicious by their own systems. 'The relevant transactions were unusually large, inconsistent with the customers' profiles, or showed unusual patterns,' said MAS. Fourth, UOB and UOB Kay Hian fell short in following up on suspicious transaction reports filed against their customers. The institutions failed to take adequate and timely risk mitigation measures, such as enhanced monitoring and reviewing the customers' risk classification. CNA has contacted the penalised financial institutions for comment. A UBS spokesperson said: "We acknowledge MAS' findings. We have cooperated fully with the authorities to resolve this issue and will continue to work together closely to safeguard Singapore's financial industry." The spokesperson was responding to queries on both Credit Suisse and UBS. A UOB spokesperson said the bank accepted MAS' findings and has stepped up its transaction monitoring and customer due diligence processes over the past two years, after a comprehensive internal review. UOB said it also made significant investments in technology and other resources to enhance internal risk management standards and capabilities, and continued to enhance employee training. 'We have conducted a thorough assessment of the facts and circumstances surrounding the issues and staff involved, and taken appropriate actions to address accountability and discipline,' said the spokesperson. Julius Baer said it had taken concrete steps to strengthen its processes and anti-money laundering framework, and remained "firmly committed to upholding the high standards of the Singapore financial centre". Blue Ocean Invest said it acknowledged MAS' findings, has fully cooperated with authorities during the investigation, and has implemented measures to enhance internal policies and procedures. A Trident Trust spokesperson said it cooperated fully with MAS throughout the inspection and has implemented a detailed remediation plan to address the breaches. A spokesperson for LGT Bank acknowledged MAS' findings and said the bank remained strongly committed to the fight against money laundering and safeguarding the integrity of Singapore's financial system. ACTIONS AGAINST INDIVIDUALS MAS also issued prohibition orders against four individuals from Blue Ocean Invest: Mr Tsao Chung-yi, CEO and executive director, received a six-year prohibition order with effect from Aug 1 Ms Wong Xuan Ling, COO, received a five-year prohibition order with effect from Aug 1 Mr Hsia Lun Wei @ Henry Hsia, executive director and relationship manager, received a three-year prohibition order with effect from Jun 30 Ms Deng Xixi, former relationship manager, received a three-year prohibition order with effect from Jun 30 They are forbidden from providing regulated financial services or taking part in the management of financial institutions for the duration of the orders. MAS said that Mr Tsao and Ms Wong failed to ensure Blue Ocean Invest's AML/CFT controls kept pace with the significant growth in its business in the three years since the firm was set up. These included gaps in source of wealth corroboration and customer due diligence. All four individuals also failed to raise red flags when they had information that should raise suspicion, and failed to perform enhanced customer due diligence for multiple persons of interest. MAS further reprimanded five individuals from Trident Trust and UOB: Mr Sean Andrew Coughlan, managing director, executive director and resident manager, Trident Trust Mr Tan Ho Kiat, COO, executive director and head of compliance, Trident Trust Ms Kek Yen Leng, executive director, head of trust administration and resident manager, Trident Trust Mr Ang Sze Hee Alvin, former team head of group retail privilege banking, UOB Mr Tan Sheng Rong Leonard, former team head of group retail privilege banking, UOB Mr Coughlan and Mr Tan failed to ensure Trident Trust's policies provided sufficient practical guidance on how to establish customers' source of wealth, said MAS. All three Trident Trust executives also failed to detect or adequately assess multiple deficiencies in customers' source of wealth corroboration. Mr Ang and Mr Tan failed to conduct or ensure proper due diligence or follow-up on suspicious transaction reports for several persons of interest at UOB, said MAS. The regulator also privately reprimanded another nine relationship managers and relationship management supervisors for more limited lapses. MAS did not provide their names to the media. MAS said it reviewed the conduct of a larger number of employees of the financial institutions involved, but did not find evidence of significant lapses by most of them. However, it may take action against 'a few remaining individuals' after ongoing court proceedings or investigations conclude. 'Like other major international financial centres, Singapore is exposed to money laundering risks. The vigilance of our financial institutions and their employees is critical in mitigating such risks,' said MAS' deputy managing director for financial supervision Ms Ho Hern Shin. 'MAS will work closely with financial institutions to promote more consistent implementation of AML/CFT measures. Where there are serious failings by financial institutions and their employees, MAS will not hesitate to take firm action.'
