Finance

Police warn against investment scams in chat groups, which have cost at least $3.6 million since May. Scammers lure victims via fake ads, using WhatsApp chats to provide false advice and trick them into transferring money or valuables through fraudulent accounts.

Victims have lost at least S$3.6 million since May to investment scams in Singapore. Scammers use fake social media ads and WhatsApp groups, posing as mentors to trick victims into transferring money through fraudulent investments. Police advise the public to exercise extreme caution.

A Filipina woman, De Villar Panganiban, is on trial for her role in a Cambodia-based scam syndicate. The group targeted Singapore victims using a three-level scheme impersonating bank and MAS officers to steal over S$40 million.

As savers chase high returns in Japan's booming stock market, banks struggle to secure traditional deposits. This shift forces financial institutions to innovate their offerings and focus on transaction banking to sustain lending opportunities.

Sats reported a Q4 net profit increase of 31%. FLCT expanded its European portfolio by acquiring four properties for S$441.5 million. Boustead Singapore announced an H2 net profit jump of 235%, signaling strong growth across the sector.

Singapore's MAS is streamlining private banking processes to boost competitiveness. By adopting a risk-proportionate approach, the median account opening time will be significantly reduced from six weeks to within one month by late 2026, maintaining high regulatory standards.

Singapore stocks were flattish, with the STI gaining 0.02%. Local gains came from banks, while Singtel fell sharply. Regional indexes showed mixed results; Japan and South Korea rose significantly, contrasting with declines in Hong Kong and Malaysia.

Singapore's stock market declined on May 20th. The Straits Times Index fell 0.5%, with local banks and shipbuilding stocks leading losses. This downturn was mirrored by negative trends across key regional indexes in Hong Kong, Japan, and South Korea.

Singapore stocks closed higher on May 18, pushing the Straits Times Index up 0.2%. This gain occurred amid mixed regional markets and rising oil prices. ST Engineering led gains, while Hongkong Land was the worst performer of the day.

Singapore stocks rose on May 13, pushing the STI up 1.2%. Wilmar International led gains, while Genting fell sharply after reporting a significant drop in first-quarter net profits. Local banks also posted notable increases, contributing to the overall market uplift.