OCBC Bank is ramping up its investments in Greater China as it caters to businesses that are rapidly growing their footprint in South-east Asia.
Singapore's second-largest bank will pump in HK$1.5 billion (S$260 million) to shore up its tech platforms and grow its office space over the next three years. It will also hire 300 software engineers in Greater China within the same timeframe.
Group chief executive Helen Wong said at a media briefing in Hong Kong on May 29 that the bank hopes to seize opportunities from companies such as big manufacturers, as well as e-commerce, e-sports and fintech firms that are increasingly looking to South-east Asia.
OCBC has 4,500 staff across 67 branches in 17 cities in Greater China mainland China, Hong Kong, Macau and Taiwan - complemented by its partnership with Bank of Ningbo.
The bank, which counts Singapore, Malaysia, Indonesia and Greater China as its key markets, saw a 45 per cent surge from 2022 to 2023 in the number of Greater China companies it serves in Asean.
China still presents vast opportunities despite the challenges it is facing, said Ms Wong. The world's second-biggest economy is dealing with uneven economic recovery amid a deep property slump and slowing consumer spending.
China's economy grew by a better-than-expected 5.3 per cent in the first quarter, and the country is setting its sights on 5 per cent growth for the whole of 2024.
That amount of growth in China's gross domestic product is a "very impressive volume of money", given the country's size, Ms Wong told reporters at Regent Hong Kong on May 29.
この記事は The Straits Times の May 30, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は The Straits Times の May 30, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
US weighs breakup of Google in landmark online search case
WASHINGTON – The United States said on Oct 8 that it may ask a judge to force Alphabet's Google to divest parts of its business, such as its Chrome browser and Android operating system, that it noted are used to maintain an illegal monopoly in online search.
Home-grown CRU will close last fitness studio on Nov 10
Refunds will be addressed once moving-out process is finalised, says staff member
Oil slides on possible ceasefire between Hezbollah and Israel
HOUSTON – Oil prices slid on Oct 8, settling down more than 4 per cent on news of a possible ceasefire between Hezbollah and Israel, although prices found some support on fears of a potential attack on Iranian oil infrastructure.
HBO documentary suggests Peter Todd is creator of Bitcoin
PORTLAND, Oregon - A new HBO documentary about the origins of Bitcoin suggests that Mr Satoshi Nakamoto, the pseudonymous creator of the original cryptocurrency, is likely Canadian software developer Peter Todd.
China's finance minister to hold briefing, raising stimulus hopes
He is expected to launch moves to shore up growth, strengthen fiscal policy on Oct 12
More travel during China's Golden Week, but spending still lags
BEIJING - Chinese tourists shelled out less money during their long holiday that ended on Oct 7 than before the Covid-19 pandemic, even as signs emerged that spending is stabilizing after a recent barrage of stimulus measures unveiled by the government.
Wall Street gains lift investors here with S'pore stocks up 0.6%
● SGX is STI's biggest gainer, rising 1.8% to $11.61 ● Local banks end higher; regional indexes mixed ● S&P 500 up 1%; Nasdaq adds 1.4%; Dow Jones rises 0.3%
46 schools to get new principals – 22 taking on role for first time
Forty-six schools will receive new principals at the start of the school year in 2025, as part of the Ministry of Education's (MOE) annual reshuffle exercise.
Board members of statutory boards get reminder on gift rules
Board members of statutory boards have been sent a letter by the Public Service Division (PSD) to make clear the circumstances under which they could be considered public servants under the law.
Body of hiker who fell off cliff in Everest region brought back
The body of Mr Harry Tan Eng Kwang, who died after he slipped and fell while hiking in the Everest region of Nepal about two weeks ago, arrived in Singapore on Oct 9. His family is holding a three-day wake at The Garden of Remembrance in Old Choa Chu Kang Road and the cremation will be held on Oct 12.