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Business Times
10-07-2025
- Business
- Business Times
Singapore must develop deeper ties with China, US, Europe: Shanmugam
[SINGAPORE] In a multipolar world, small countries such as Singapore have to develop even deeper relationships with other nations, Singapore's Home Affairs Minister K Shanmugam said on Wednesday (Jul 9). 'There are more powers playing the game as it were, as opposed to the time when the Americans held the peace across the world. So that's changing, and in such a context, small countries like us have to develop even deeper relationships,' he said, pointing to China, the US and Europe. Shanmugam, who is also coordinating minister for national security, was speaking in an interview at the Reuters NEXT Asia summit in Singapore that covered trade issues as well as domestic concerns such as a fake news law. On trade, Shanmugam said the US was an indispensable nation and its policies impact 'every country, allies and non-allies alike', especially for a trade-reliant country such as Singapore where external trade is three to four times its GDP. On Monday, US President Donald Trump sent letters to 14 countries, including allies Japan and South Korea, notifying them of tariffs of 25 to 40 per cent that will kick in from Aug 1. In the letters, Trump warned that reprisals from countries would draw a like-for-like response. Meanwhile, China threatened to retaliate against nations that strike deals with the US to cut China out of supply chains. Singapore has not received a letter from the Trump administration this round. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up On Apr 2, a day that Trump called 'Liberation Day', Singapore was hit with a 10 per cent baseline tariff, lower than its South-east Asian neighbours, but high enough to harm the economy said the Singapore government. The trade ministry in April downgraded the nation's GDP forecast for 2025 to 0 to 2 per cent growth from 1 to 3 per cent after the US announced tariffs. The US had a goods trade surplus of USUS$2.8 billion with Singapore last year, an 84.8 per cent increase over 2023, according to the US Trade Representative website. Singapore's data, which includes services, showed the US trade surplus with Singapore amounted to US$30 billion in 2024. The US accounted for 11 per cent of Singapore's exports in 2024 and about 55 per cent of shipments would be hit with the baseline 10 per cent tariff, estimated the Monetary Authority of Singapore. REUTERS
Business Times
09-07-2025
- Business
- Business Times
Singapore must develop deeper relationships with China, US, Europe: Shanmugam
[SINGAPORE] In a multipolar world, small countries like Singapore have to develop even deeper relationships with other nations, Singapore's Home Affairs Minister K Shanmugam said on Wednesday (Jul 9). 'There are more powers playing the game as it were, as opposed to the time when the Americans held the peace across the world. So that's changing, and in such a context, small countries like us have to develop even deeper relationships,' said Shanmugam, pointing to China, the US and Europe. Shanmugam, who is also coordinating minister for national security, was speaking in an interview at the Reuters NEXT Asia summit in Singapore that covered trade issues as well as domestic concerns such as a fake news law. On trade, Shanmugam said the US was an indispensable nation and its policies impact 'every country, allies and non-allies alike', especially for a trade-reliant country like Singapore where external trade is three to four times its GDP. On Monday, US President Donald Trump sent letters to 14 countries, including allies Japan and South Korea, notifying them of tariffs of 25 to 40 per cent that will kick in from Aug 1. In the letters, Trump warned that reprisals from countries would draw a like-for-like response. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Meanwhile, China threatened to retaliate against nations that strike deals with the US to cut China out of supply chains. Singapore has not received a letter from the Trump administration this round. In April on what Trump called 'Liberation Day', Singapore was hit with a 10 per cent baseline tariff, lower than its South-east Asian neighbours, but high enough to harm the economy said the Singapore government. The trade ministry in April downgraded the nation's GDP forecast for 2025 to 0-to-2 per cent growth from 1-to-3 per cent after the US announced tariffs. The US had a goods trade surplus of USUS$2.8 billion with Singapore last year, an 84.8 per cent increase over 2023, according to the US Trade Representative website. The Republic's data, which includes services, showed the US trade surplus with Singapore amounted to US$30 billion in 2024. The US accounted for 11 per cent of Singapore's exports in 2024 and about 55 per cent of shipments would be hit with the baseline 10 per cent tariff, estimated the Monetary Authority of Singapore. REUTERS
Business Times
19-06-2025
- Business
- Business Times
Top Thai billionaires-backed groups win digital bank permits
[BANGKOK] Three groups led by Charoen Pokmhand Group, Gulf Development and SCB X have clinched Thailand's new virtual bank licences to boost competition in the nation's banking industry, according to the central bank. ACM Holding, which is part of CP Group, and Advanced Info Service, a Gulf Development's mobile phone affiliate, secured the permits, Bank of Thailand said on Thursday (Jun 19). SCB X, which formed a consortium that includes China's WeBank and South Korea's KakaoBank, also obtained the virtual bank licence. 'We have high hopes that the new licences will increase competition in the banking industry with new innovation and technology,' deputy governor Roong Mallikamas told a press briefing. The announcement came amid a fresh political turmoil in the country that puts the current government on the brink of collapse. The nation is opening its banking industry to more competition that will allow greater access to loans for under-served consumers, following similar moves across Asia. Still, the new virtual banking operators will confront a landscape where traditional lenders are saddled with rising bad loans and weakening credit demand on the back of a soft economy. The timing of these permits is 'tricky and throws up a number of challenges,' said Sarah Jane Mahmud, a senior bank analyst at Bloomberg Intelligence. 'Singapore digital banks have yet to break even, three years after going live,' she said. 'With hefty investment in digital platforms and marketing, Thai digital banks could face a longer wait to generate profit.' Singapore handed out digital banking permits in 2020, followed by the Philippines and Malaysia. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Low-income individuals and small business will also have a greater access to new credit by the new operators of virtual banks, said Roong. The Chearavanont family, which controls CP Group, is one of Asia's richest clans, according to the Bloomberg billionaires Index report. It has businesses spanning from foods and retail to telecommunication and properties. It forayed into digital payment and financial services through fintech unit Ascend Money, with more than 50 million customers in Thailand and six other South-east Asian countries. Gulf Development, controlled by billionaire Sarath Ratanavadi, was created earlier this year by combining his empire – ranging from power to seaports, tollways and telecommunication – under one roof with the goal to accelerate his expansion in digital infrastructure such as data centres. Sarath is Thailand's second-richest person with a net worth of USUS$11 billion. Joining Sarath's group in the bid are Krung Thai Bank and PTT Oil and Retail Business, according to the central bank's statement. BLOOMBERG
Business Times
06-05-2025
- Business
- Business Times
Citigroup to partner with Swiss bourse in private markets push
[ZURICH] Citigroup is partnering with Switzerland's stock exchange SIX Group as part of a push by the Wall Street lender to make it easier for investors to settle and store their private markets holdings. The New York-based bank will use a platform operated by SDX, a subsidiary of SIX, to offer shares in late-stage, pre-IPO companies to investors, according to a statement. The offering will be available starting in the third quarter. 'Private markets is a major and growing opportunity,' Marni McManus, Citigroup's country officer and head of banking for Switzerland, Monaco and Liechtenstein said in the statement. The firm's partnership with SIX will 'simplify and digitise what is essentially a manual and paper-driven industry today.' The shares will be distributed through digital asset group Sygnum Bank and Singapore-based broker dealer SBI Digital Markets. The two companies will distribute the pre-IPO equities to their institutional and eligible investors in Europe and Asia, respectively. The announcement comes as many of the world's biggest banks have boosted their private-market offerings in recent months. Many have forged alliances with private-credit firms while others have been looking to ease access for retails investors into the illiquid asset class. Morgan Stanley said last week it plans to launch a private equity fund for the widest audience yet, while Goldman Sachs Group in April announced the launch of a private equity offering that will be open to individuals with as little as USUS$5 million in investments across their portfolios. With Citigroup's new partnership, trades that previously took weeks will be executed instantaneously on the new platform, McManus said. The tokenization of assets will also allow accredited investors to hold smaller amounts in those firms than they previously could. BLOOMBERG
