Ambiq Micro files for US stock market listing amid AI-focused IPO revival
The move comes as the market shows signs of recovery, with investors once again warming to high-growth tech startups they had largely avoided for nearly three years.
Analysts expect companies tied to the AI boom to drive the next wave of tech listings, fueled by expectations of rapid growth as businesses adopt more generative AI applications.
Ambiq said it will list on the NYSE under the symbol "AMBQ", joining a wave of chip design firms that are central to the AI boom, as their processors help power the growing demand for faster and more efficient computing.
BofA Securities and UBS are the lead underwriters for the offering.
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CNA
34 minutes 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.'
CNA
2 hours ago
- CNA
Expect more deals between US and trade partners in near future: Strategist
Farro Capital's Chief Investment Strategist Hamza Ayub shares insights on the negotiations between the United States and nations worldwide regarding President Donald Trump's trade and tariff policies.
Straits Times
3 hours ago
- Straits Times
Central banks tweak US dollar reserves, with euro and gold gaining ground: UBS survey
Sign up now: Get ST's newsletters delivered to your inbox Some institutions are reducing greenback holdings as Trump policies drive a re-assessment of risk. SINGAPORE - Although the US dollar is set to remain as the dominant currency in official reserves, it could have a shakier foothold in the years ahead, with the euro, renminbi and gold poised to gain ground. Economic and geopolitical risks are driving a re-evaluation of US dollar holdings, according to a UBS survey of 40 central banks and reserve managers. The majority of respondents had little trust in US President Donald Trump's right-leaning Make America Great Again (Maga) policies, which include tariffs and cost-cutting measures. Nearly a third of respondents had reduced or were planning to reduce their exposure to US assets. Dr Massimiliano Castelli, head of global sovereign markets strategy and advice at UBS Asset Management, said there were clear signs of diversification from the US dollar over the past year, with the euro being the biggest beneficiary of the move. For instance, more than half of respondents that altered their currency allocations lowered their dollar holdings, with only 23 per cent making additions. In contrast, almost 70 per cent of the respondents added to their euro reserves. UBS expects allocations to the euro and renminbi to continue to grow, in line with the findings of its previous survey. These currencies are 'most likely to benefit from macroeconomic and geopolitical shifts over the next five years', Dr Castelli said. Top stories Swipe. Select. Stay informed. World Trump says countries to start paying tariffs on Aug 1, floats range of 10% to 70% Singapore Sengkang murder: Man accused of killing elderly mother escorted back to crime scene Singapore Multiple charges for man accused of damaging PAP campaign materials on GE2025 Polling Day Singapore Jail for man who recruited 2 Japanese women for prostitution at MBS Singapore Seller's stamp duty rates for private homes raised; holding period increased from 3 years to 4 Asia Malaysia dismantles ISIS network involving workers from Bangladesh Asia Chinese national missing in Thailand rescued, embassy warns of shady job offers Asia Indonesian rescuers widen search for missing after ferry sinks Global central banks continue to keep the majority of their currency reserves in dollars, and this is unlikely to change. The reserves can be used for trade or to fulfil international obligations. But geopolitical developments and President Trump's fluctuating trade policies have put pressure on the US dollar. It has fallen by more than 10 per cent against a basket of major currencies in the first half of this year. This marked the greenback's worst first-half performance since 1973, when then US President Richard Nixon stopped allowing the currency to be converted to gold at a fixed rate. Most of the annual survey's respondents did not believe that Mr Trump's Maga policies would give a long-term boost to the US economy. Respondents cited the erosion of independence of the Federal Reserve, the weakening of the rule of law, and deterioration of economic data as their top concerns. They also raised the possibility of the US weakening the dollar in the future, which would boost the attractiveness of its exports. Dr Castelli told The Straits Times that 'Trump 2.0 policies have raised a lot of questions for reserve managers'. However, he said UBS has yet to see outflows from US Treasuries to non-US-dollar bond markets. One asset that has grown in prominence is gold, which is typically seen as a safe haven in times of uncertainty. A total of 36 per cent of respondents added to their gold reserves in the past year. More than half said they would raise their allocations to the precious metal over the next 12 months. 'Gold remains in strong demand and is expected to deliver the highest risk-adjusted returns over the next five years,' Dr Castelli said. 'The diversification trend across currencies, asset classes and regions is accelerating as a result of recent macroeconomic and geopolitical shifts,' he added.
