City Singapore Financial News

cross-border linkage is active for the major UPI apps such as BHIM, PhonePe and Paytm. The new functionality is set to enable Indians to receive remittances from Singapore-based Indian diaspora directly into their bank accounts. This facility can be accessed by users of BHIM, PhonePe, and Paytm apps.

Unified Payments Interface (UPI) and PayNow cross-border connection makes it possible for Indians to receive instantaneous, safe, and affordable remittances from the Indian diaspora residing in Singapore straight into their bank accounts. This facility can be accessed by users of BHIM, PhonePe, and Paytm apps. Additionally, banks such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India provide this functionality through their respective apps, stated a press release issued by National Payments Corporation of India. All About Tax-Saving Which banks app are supporting the linkage According to the National Payments Corporation of India (NPCI) press release, “More Third-Party Application Providers (TPAPs) and bank apps such as Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, HDFC Bank, IDFC First Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, and UCO Bank are expected to be added to the linkage soon. This expansion will broaden the range of choices offered to customers.” Key benefits of receiving funds via UPI-PayNow:

Worldcoin has recently announced the launch of its World ID verification services in Singapore. This marks a significant milestone in the expansion of the company's identity verification technology. Utilizing the Orb, a custom hardware device, participants can now easily verify their unique humanness. This launch is particularly notable as it comes after Worldcoin scaled back its operations in India​​​​​​.

zero forex markup cards, provide currency at the exact inter-bank exchange rate without adding any markup fees on top of the base exchange rate. Forex cards are available in different variants based on the requirements of the travellers. The main types of forex cards are: A single-currency forex card is loaded with only one foreign currency and is suitable when you plan to visit just one destination country.

The Monetary Authority of Singapore (MAS) has recently added the non-custodial crypto wallet imToken to its Investor Alert List.

It is the thing every mother of a teenage girl dreads. Taylor Swift is coming to your city—and you don’t have tickets. I scoured high and low for what has become a precious commodity in Singapore these days, without success: They had all been snapped up in a buying frenzy for The Eras Tour last year.

South Korea’s leading crypto exchange Upbit’s subsidiary Upbit Singapore announced that it has received a Major Payment Institution License from the Monetary Authority of Singapore.

REC, one of the largest state-sponsored infrastructure financiers, will launch an offering of Yen bonds this week to raise at least Rs 2,500 crore, according to people aware of the matter. It has filed offering details with stock exchanges in Tokyo, London, Singapore and New York. REC has opted for a Regulation S offering which will make it compliant with US laws without the need for the company to register with the stock market regulator there.

Schengen visa was denied, a woman from the Philippines eventually got it after she persuaded the authorities that she would depart Schengen territory before the visa expired because she had tickets to Taylor Swift's concert in Singapore in March. In a post on Reddit, the woman narrated the whole incident and wrote, “I just wanna share that I got denied in my first attempt. The comment was that they don't think I'll leave the Schengen territory before the visa expires." “So when I reapplied, I said that I'd leave because I would attend Taylor Swift's concert in Singapore and attached the mail confirmation," she said.

₹2,300 crore. Singapore and its companies will strengthen economic cooperation with the state of Gujarat. This will be through expanded investments in Gujarat's green economy and sustainability sector.

Karnataka makes Covid test mandatory for patients with respiratory illnesses Singapore's OneCare Medical also saw Covid-19 cases stabilising across its 38 clinics. It said cases are less likely to go up significantly again in the near term. “We feel that the ARI (Acute Respiratory Infection) has already peaked, so we should see the numbers stabilise and probably slowly come down over the next few weeks, back to the usual baseline numbers," CNA quoted CEO of OneCare Medical Dr Jimmy Chew.

In the year 2022, Three Arrows Capital (3AC), which had previously been a well-known brand in the bitcoin hedge fund industry, was confronted with a catastrophic failure. This decrease was not simply a single occurrence; rather, it was a trigger in a chain of domino events that occurred, which caused the cryptocurrency market to be shaken. The court in the British Virgin Islands has taken quick action by freezing assets associated to the fund's founders, Su Zhu and Kyle Davies, as well as Davies' wife, Kelly Chen, with a potential value of up to $1.14 billion.

Pine Labs, which is based in Singapore, plans to seek board approval this quarter to move its parent company to India, according to people in the know. Business-to-business (B2B) ecommerce firm Udaan is considering a similar move in view of its plans for an initial public offering (IPO) in 12-18 months, they said. The two join several other well-funded and highly valued startups that are moving their overseas holding companies to India — or ‘reverse flipping’ — ahead of listings, especially in the central bank-regulated fintech sector.

Who in finance is getting the biggest bonuses this year?

Lee Hsien Loong, the prime minister of Singapore, has warned his social media followers regarding the use of deepfake videos that use his voice and image to promote cryptocurrency scams. 

India is anticipated to experience a notable upswing in liquefied natural gas (LNG) imports in 2024, with projections suggesting a substantial 7 per cent-8 per cent year-on-year increase. This surge is expected to be driven by heightened demand across key sectors, including power, industrial, and transportation, coupled with infrastructure development in anticipation of national elections, as per S&P Global. Ayush Agarwal, an LNG analyst at S&P Global Commodity Insights, highlighted that while the fertilizer sector remains the largest consumer of LNG, the power and industrial sectors are poised to contribute significantly to the import upswing if spot prices align closely with the levels witnessed in 2023. Agarwal said, «India's LNG imports will continue to increase, with an expected 8 per cent year-on-year growth in 2024. While the fertilizer sector will remain the largest consumer of LNG, the power and industrial sectors could contribute to an increase in imports if spot prices average close to 2023 levels». India's current gas-based power capacity stands at approximately 25 GW, translating to a demand for approximately 30 million-35 million mt/year of LNG. Industry sources based in Singapore suggest that a few gas-based power units, historically reliant on domestic gas due to high LNG prices, are likely to transition back to LNG consumption in 2024 owing to the anticipated weakness in LNG prices. An industry source based in Singapore said, «India currently has about 25 GW of gas-based power capacity installed.

(Corrects grammar in paragraph two, to 'had' from 'has')

The global project focused on digital identity and finance, Worldcoin (WLD), has recently introduced World ID 2.0 in Singapore, in the latest sign of growing global interest in proof of personhood and the Worldcoin project, allowing users to verify their humanness at an Orb.

By Ankur Banerjee

NMDC Share Price Today: Shares of public-sector undertaking (PSU) NMDC were locked in at over four per cent upper circuit at ₹204.90 apiece to hit its 52-week high mark on Tuesday, December 26. The shares of the iron ore company rallied earlier today after iron ore futures hit an 18-year mark. Iron ore rallied to its highest since June 2022, showing Beijing’s efforts to stem the property market’s decline in recent months may be paying dividends.

The Telcoin app recently faced a series of targeted attacks draining several wallets, causing a sharp 65% decline in the price of Telcoin ($TEL) for a brief period. The exploited vulnerability is estimated to have resulted in a loss of around $1.3 million.