MoneySense steps up financial education initiatives in Singapore

MoneySense, Singapore’s national financial education programme has rolled out new initiatives to encourage the public to check if their finances are in good shape.

A Financial Planning Attitudes Survey commissioned by the MoneySense Council (chaired by MAS and the Ministry of Manpower) found that only three in five Singapore residents have started planning for their future financial need. Those who have not done so felt that it was still early to start, did not know where or how to start, or did not think they had enough money to start. This finding was common across respondents from all ages.

To equip Singaporeans with the knowledge and skills to plan and manage their finances effectively, new initiatives will be implemented under the MoneySense programme:

- An online financial health check tool on a refreshed MoneySense website to help Singaporeans assess their financial health, identify gaps, and take steps to plug these gaps

The Financial Health Check questionnaire enables Singaporeans to assess their financial health in the areas of money management, insurance, investment, as well as retirement and estate planning. Customised recommendations will be provided to help them address the gaps identified.

For example, Singaporeans who want to improve their savings habits can take part in the Pledge to Stash initiative. Pledge to Stash is a commitment to themselves to save before they spend, by setting up a recurring transfer to automatically save into a dedicated savings account every month.

Singaporeans will also be able to able to access “starter packs” on the refreshed MoneySense website to work on identified weak areas to improve their financial health.

Enhanced services at government touchpoints

HDB will provide more information for home buyers and owners to consider different home loan financing and repayment options to help them save on interest payments while the CPF Board has strengthened its existing Retirement Planning Service - one-on-one sessions aimed at helping CPF members understand the CPF schemes and to plan ahead - to help CPF members who are turning 55 years old to understand their options in unlocking the value of their HDB flats for retirement.

These are 

- MoneySense annual campaign and roadshows. The MoneySense annual financial education campaign will run from November 2018 to February 2019. The focus is of this year’s campaign is to encourage Singaporeans to take the MoneySense Financial Health Check. Visitors to the MoneySense roadshows will find out how to put their Financial Health Check recommendations into action. Complimentary one-to-one financial health clinics are also available for those who would like more detailed discussions on their Financial Health Check recommendations.

Details:

Roadshows will run at:

8–9 December 2018: HDB Hub, Toa Payoh
12–13 January 2019: Canopy@J-Link, Jurong East
26–27 January 2019: Kampung Admiralty

DBS can now approve credit card applications immediately

DBS Bank has launched a new online application service in Singapore leveraging the national platform MyInfo. The service enables new-to-bank (NTB) and existing customers to apply for a DBS/POSB credit card with instant approval, as well as open a DBS Cashline account online with immediate access to funds and related DBS Cashline account functions. Both services are a first in Singapore.

The service is accessible to the 3.3 million registered SingPass holders in Singapore on both DBS/POSB Internet banking and websites. Ordinarily it would take up to a week for NTB customers to receive their credit card or receive access to DBS Cashline. Application via MyInfo removes the need for traditional application processes and provides real-time application approval without physical documentation. Back-end operations such as know-your-customer (KYC) processes are also automated, while meeting MAS compliance standards.

To use the service, existing or NTB customers applying for a DBS/POSB credit card or DBS Cashline account can submit an online application via DBS/POSB Internet banking or the bank’s websites, where they will be prompted to use MyInfo by logging in to their SingPass accounts. Upon customer consent, MyInfo will retrieve personal data from relevant government agencies to pre-populate relevant fields such as a customer’s official name and registered address.

“Our focus here at DBS is to ensure customers can access our services with minimum fuss – MyInfo allows us to do this without compromising on quality, speed, and accuracy,” said Jeremy Soo, Head of Consumer Banking Group (Singapore) at DBS Bank. 

“MyInfo adoption has been rapidly increasing since the service was introduced in March 2017. Today, one in four DBS/POSB customers will use MyInfo for online application services when given the option, and we expect this to increase with our latest credit card and DBS Cashline capabilities. We look forward to rolling out more services with MyInfo by the end of this year.”

NTB customers who choose to apply for a credit card with DBS/POSB will be notified of the approved credit limit immediately. They will also receive a DBS/POSB digibank account for Internet and mobile banking as part of the application. Meanwhile, NTB customers opting for a DBS Cashline account will be signed up for a DBS/POSB digibank account during application, where they can instantly access, transfer and withdraw funds, as well as pay bills, using DBS/POSB’s digital token. 

NTB or existing customers can soon use MyInfo to open a current or savings account, and benefit from instant access to the bank’s full suite of banking services via DBS/POSB Internet and mobile banking.

Financial services firms increase focus on building sound risk culture

• Financial services firms increase focus on building sound risk culture
• Majority of banks are planning changes to performance management programmes
• Many are changing employee value propositions to attract a new breed of graduates and retain millennials

Mercer’s latest Global Financial Services Executive Compensation Snapshot Survey* found that most financial services companies are taking significant steps towards fostering a sound risk culture amongst their staff. Of the companies surveyed, 62% have carried out initiatives to penalise misconduct and non-compliance to a ‘great degree’; 60% can show evidence of setting the right tone at the top and 58% are communicating clear (risk) culture objectives.

“It’s encouraging to see companies engaging senior leaders to set an example when it comes to risk taking and compliance behaviours,” said Vicki Elliott, Senior Partner and Financial Services Talent Leader at Mercer. ”The best way to foster a sound risk culture and combat excessive risk taking is with strong, authentic leadership who are willing to manage consequences for good and bad behaviour.”

Mercer research showed that rewarding positive risk behavior continues to be challenging with only a few organisations having taken these steps “to a great degree” (only 11%). “Proactively rewarding positive risk behaviour can be tricky but it is likely to have a more positive impact on culture in the long term compared to punitive measures,” said Elliott.

Mercer’s survey reviewed the practices of 68 financial services companies globally – banks, insurers and other financial services companies – based in 20 countries in Europe, North America, and Asia. The report provides an update on key changes in talent management and rewards practices in financial services

Experience with bonus malus**

Over 90% of banks and 72% of insurance organisations have malus policies in place largely due to regulation which requires that all or a portion of deferred or unvested awards can be reduced or wiped out. Such policies are mostly triggered by individual misconduct (89%), individual breach in compliance (89%) and negative business performance (74%). About half of banks have applied malus for individual performance reasons. However, approximately 60% of them do not retain individuals involved in malus cases, which may call into question their overall effectiveness.

Performance management changes

“Establishing an effective employee performance management system continues to be a highly challenging task for financial services organisations,” said Dirk Vink, Principal in Mercer’s Talent business. “However when done right it can have a greater impact on behaviour and performance than just changing compensation plans. Performance management reform is a key lever to help manage toward desired culture change.”

In Mercer’s study, more than half responded that their performance management approach works well, though only a small proportion indicated that it delivers exceptional value. Mercer’s survey finds that change is on the horizon, with half of all banks planning to make changes to their performance management processes in the next 12 months, this compares to just 16% of insurers. However, 32% of insurers want to change their processes but are unsure when. Almost half of respondents indicate that their feedback process and performance management linkage to development needs work. Most banks are increasingly involving their risk management function in selecting performance measures, goal setting and performance evaluation, which is a significant development for aligning performance with sound risk-taking.

Employee value proposition beyond pay

Mercer’s report found that many financial services companies have made or are making changes to their employee value proposition (EVP) beyond pay in order to better attract and retain talent who might otherwise choose not to work for them. The most prevalent initiatives planned, or already in place, are learning and development programmes (47%) and remote working programmes (43%). Other popular changes include implementing career frameworks (37%), introducing flexible working (37%) and non-monetary recognition programmes (34%).

“Following the financial crisis, the reputation of traditional financial services firms suffered badly. Esteem turned to stigma as a new generation of graduates started rejecting a culture they viewed as aggressive and lacking in integrity,” said Mark Quinn, Partner and Head of Mercer’s UK Talent business. “Banks, in particular, who have since been struggling to attract and retain the best new talent, are realising that these so-called millennials are not just in it for the money. They look for a sense of pride and purpose in their work, as well as flexibility and career support. To attract them, companies need to develop a strong and genuine purpose-led employee value proposition.”

Source: Mercer. Steps taken towards fostering a strong risk culture.

*This edition of the survey looks at changes in annual, deferred and long-term incentives, pay mix and role-based allowances. Forty-seven percent of companies are based in Europe, 32% in North America and 21% in Asia. Fifty percent of companies are in banking, 28% in insurance and 22% in other financial sectors (asset managers, for example).

***Bonus Malus refers to the part of the deferred bonus that has not yet been paid out and can be ‘reclaimed’ because, for example, an acquisition’s due diligence is not carried out thoroughly.

Walton to host Cashflow 101 gaming session this July

Source: Walton eDM.

The Walton Group (Walton), a privately-owned real estate investment and development multinational group which concentrates on pre-development land investments in North America, is running another gaming session for the Cashflow 101 board game in Singapore.

Cashflow 101, often just known as the Cash Flow game, is designed by Rich Dad Poor Dad author Robert Kiyosaki to help gamers take their first steps to aligning real life to life goals by changing the individual's perspective of cashflow and investment.

"Learning doesn’t just happen in a classroom or from a book. Inject some real fun into learning about money and investing," reads the website for Cashflow Classic, the associated mobile app. The game was first played in Singapore in 1996 and has since become known worldwide, with a community of 1.5 million according to the website.

The premise of the game is to manage assets and liabilities, trade stocks and fight your way out of the Rat Race - what Kiyosaki calls the daily grind that doesn't seem to provide any way to get to the next level. While it may sound a little dry and technical to those who are not money-minded, the experienced facilitators from Walton explain the choices at every step in simple terms to maintain a fast-paced yet enjoyable game for all.

While the game can be played online or through a smartphone, playing face-to-face with other gamers and with a good facilitator can really bring home the tenets behind good financial literacy. "I have personally learnt quite a bit from this board game myself," summarised Faith Ong Yan Ying, VP, Walton. "You will learn about the 🐀Rat Race🐀 and how to get out of our everyday mundane lifestyle by the correct planning techniques for retirement."

Interested?

The invitation-only* session can accommodate a limited number of people, so reservations are first come, first served. Request an invitation from Faith Ong by email: Yanying.ong at walton.com

Date: 14 July, 2016
Time: 6.30pm registration, 7pm gameplay. A light dinner is provided.

Each session lasts about two hours, with four to six players an ideal number per game. There is a debrief session providing feedback on individual gaming styles - and the level of financial literacy - after the game.

Venue: Raffles Place, Republic Plaza I, Level 35-01/02

Parking directions: Please keep left when entering the Republic Plaza car park. The entrance to the building is via the first floor of the main lobby. It costs S$3 every half-hour from Mondays to Fridays from 7am to 5pm, and S$3 per entry after 5pm. 

Read the WorkSmart Asia blog post about my first experience playing Cashflow 101 game

*The invitation is not an offer to sell nor a solicitation of an offer to buy any land investments, which may only be conducted using documentation prepared in accordance with applicable law. 

posted from Bloggeroid

Walton promotes financial literacy with moderated Cashflow games

Source: Walton International Group. Two groups of Cashflow gamers in full swing, plus facilitators from Walton.

It was an absolute adrenalin rush to buy a startup and sell it for $100,000, all within the hour. I had a pilot's salary of $9,500, and the cash just kept rolling in. The other participants in the Cashflow game weren't doing so well, or so I thought. One kept hovering between complete insolvency and barely enough to survive. The other had a pittance for a salary, and never seemed to have enough for investments.

I did everything 'right'. Bet on the smaller investments in the beginning (because who can afford larger ones, anyway). Cleared up some of the outstanding liabilities (after a little advice from the banker). Got more to spend.. but also more to pay for. In the end, my passive income was just about $1,000 less than my costs, and it was actually someone else who ended up closer to leaving the rat race.

Lots of money. No passive income.

Singapore holds the distinction of being the first place where Cashflow was played, in 1996. Conceived by Robert Kiyosaki of Rich Dad, Poor Dad fame, the game teaches players about wealth and investing in a fun way. The boardgame simulates real life in offering salaries every so often, as well as opportunities for investments, random payouts on those investments, and recurring as well as one-off costs. Everyone starts off with a different set of assets and liabilities, but all have a chance of leaving the rat race and getting on the road to financial freedom through ensuring that there is enough passive income - money that arrives even without working, through rentals, stock dividends and the like - to cover existing expenses. 

Why leave the rat race? Remember, no one is able to work forever, even if they might want to. Financial freedom means the flexibility to retire. of going to work and getting paid for it only if you feel like it. If you choose not to work, or work for free, there would still be enough income from other sources to pay the bills. While this sounds too good to be true - anything could happen to increase expenses, and not every source of passive income will keep delivering income forever - this equation of 'passive income > expenses' is in essence the only way to be financially free, and also a goal that anyone can theoretically achieve if they make the right choices in life.

Source: Walton International Group.

There are many ways to arrive at passive income, all of which begin with having enough funds to actually invest in something. The four veterans who were playing a separate game on the other side of the room accelerated opportunities to gain passive income through collaboration in different ways, by banding together to crowdfund investments, sub-selling portions of those investments with each other, and flipping investments (selling at a profit) for example. 

The beginners were less savvy, but Walton International Group facilitators led discussions on whether to offer opportunities to others and pool investments with a commission when one player didn't have the money to invest alone. Collaboration led to more opportunities to invest that would not have been possible otherwise, and well worth considering.

After passive income is obtained, the key is to hold on to it. I nearly sold a bunch of apartments when a sales opportunity arrived, because it would have been much more money than the monthly rental; but as the game master pointed out, I might not get the same opportunity to enjoy the same passive income again. 

Each game usually runs for two to three hours, with each hour of gameplay equivalent to what might happen financially in 10 years of working life. If enough money is generated to target sources of passive income it is entirely possible to leave the rat race. Three of the four veteran players achieved it, for example, and I know it was within reach for me. 

People who play the Cashflow the Boardgame for the first time typically learn something about the way they view money. I learned that having lots of cash did not equate to leaving the rat race, and not to sell off sources of passive income if I could help it. I might not have such sources of passive income in real life, but I know now how financial freedom should work.

These insights might not have been so easy to come by without moderation by Walton. Paul Huang, Account Manager, Walton International Group, who acted as gamemaster for the session, noted that playing the Cashflow game helps players learn more about their own financial habits and perspectives. "Rather than make mistakes outside, why not make the mistakes here and save you thousands of dollars outside?" he said. "We help you see a blind side of you."

Huang also shared that games with four to five players are ideal learning environments as players can cooperate and be influenced by others, but also need to work towards their own goals.

Interested?

Walton is open to running moderated Cashflow the Boardgame sessions if groups are large enough. The company is a multinational, privately-owned real estate investment and development group concentrating on land in major North American growth corridors. The investments are considered low-risk and long-term. An introduction to the company is presented at the game sessions. Request an invitation from Faith Ong Yan Ying, VP, Walton by email: Yanying.ong at walton.com

posted from Bloggeroid

Figure out financial products with GoBear in Malaysia

GoBear has launched in Malaysia. The metasearch engine aims to help individuals make sense of financial products like travel insurance policies and credit cards with unbiased side-by-side comparisons. It currently lists over 1,000 financial products and will be adding more.

"GoBear originated from the idea that people today want easy access to service information, and that customers should be able to compare various financial products easily before making a decision. This is where GoBear steps in, to provide a new experience that makes searching for financial products quickly, easily and transparently," said Iskandar Ezzahuddin, Country Director Malaysia, GoBear.

"Today's insurance buyers are mobile-first, multi-screen and social media savvy. To reach them, insurance companies will need to employ an increasing emphasis on simplicity in search."

Andre Hesselink, Chief Executive Officer of GoBear explained, "GoBear is a global brand in the making and we are very focused on being local to serve customers in each of our key markets in the best way. Together with a team of Malaysian specialists, we continue to enhance the seamless user experience, with search, filter and insurance quotes."

GoBear Malaysia currently features travel insurance and credits cards. The site will be expanding into the car insurance and personal loan category in the third quarter of this year. GoBear has recorded a 50% month-on-month growth in usage with over 1.2 million users since it first established itself in Singapore and Thailand. The company plans to expand further into Southeast Asia this year.

Hashtag: #gobearMY 

Asian financial institutions to average 4% pay increments for 2016

• Ratio caps driving more guaranteed fixed pay
• Asia and Latin America average 4.3% for projected 2016 base pay increases, against 2% to 2.7% in Europe and North America
• Overall, 2016 pay to be static: lower variable pay matched by fixed pay increases

Source: Mercer.

The 11th edition of Mercer's Global Financial Services Executive Compensation Snapshot Survey highlights that 2015 saw the world’s financial services organisations continue to respond to regulatory developments by increasing fixed pay, decreasing variable pay (bonuses) and increasing the emphasis on non-financial performance. While processes to penalise misconduct and non-compliance are widespread, rewarding positive risk behaviours continues to be a challenge, says the consultancy.

The survey, which was conducted in October and November 2015, reviews the pay practices of 71 global financial services companies — banks, insurers, and other financial services — based in 20 countries in Asia, Europe, North America, and South America.

According to Vicki Elliott, Senior Partner and leader of the Global Financial Services Talent Network at Mercer, "The focus for financial services firms is firmly on trying to set the right tone from the top with strong governance and high involvement of risk management. Overall, total compensation levels remain broadly the same compared to levels prior to regulated bonus caps. However, banks, particularly in Europe, have significantly increased fixed pay levels improving the certainty of pay delivered to key risk-takers."

The report found that 61% of organisations had increased their employees’ fixed pay by more than 5% while 58% had reduced variable pay by more than 5%, marking a shift in pay mix. Total compensation levels are expected to remain relatively unchanged in 2016 — within plus or minus 5% (92%) — and most organisations are not planning further changes to their pay mix. Dr Hans Kothuis, Partner and Executive Rewards Practice Leader, Asia & Middle East at Mercer said, “We are at a tipping point in Asia, as companies prioritise business critical functions and share resources across their businesses to increase overall productivity. Financial institutions in Asia are adopting a cautious outlook towards compensation for 2016.”

Overall, 2016 projected base salary increases for the sector are modest with average forecasts globally expected to be between 2% and 2.7%. The banking industry is generally projecting slightly lower salary increases than the insurance industry. The majority of organisations predict 2016 annual incentive levels to be similar to those in 2015; those expecting change predict that levels will decrease.

“There continues to be a concern that increasing the focus on fixed guaranteed pay breaks the link between pay and performance and may actually be counter-productive for aligning pay with risk,” says Dirk Vink, Mercer principal and Financial Services Project Manager. “We have concluded that the most positive impact on sound risk-taking behaviours and decision-making has come from significantly improved governance and increased involvement of risk management in the performance management and compensation process.”

Fostering a risk culture 

When asked how their organisation is fostering a strong risk culture, the most prevalent response was penalising misconduct and non-compliant behaviours (93%) followed by the role of risk management in performance expectation setting and evaluation (89%). Setting the right tone at the top of the organisation, for example, through top management leadership, communications and real consequences, was also highly cited (88%), as was training and coaching managers on sound risk culture (87%).

Intriguingly, with all parts of the business impacted by these risk management efforts, the report highlights that some organisations, particularly in North America, are finding it more difficult to attract and retain staff in the crucial functions that oversee these processes, the control functions (risk, legal and compliance).

posted from Bloggeroid

Bank Negara Malaysia creates mobile apps for consumers

Bank Negara Malaysia has introduced three new mobile applications to help consumers make more informed financial decisions.

The mobile applications, MyBNM, BNM MyLINK and MyTabung, aims to provide consumers with the latest developments on financial matters, give them tools to plan and manage their finances and exercise their rights.

MyBNM is the official Bank Negara Malaysia mobile application that allows consumers to keep abreast with the latest financial news including notices and announcements, speeches and interviews, press releases, financial fraud alerts and foreign exchange rates.

BNM MyLINK is a one-stop mobile application which links consumers and financial service providers in Malaysia. It provides a directory of conventional and Islamic banking, insurance and takaful companies as well as SMEs which allow consumers to make enquiries, obtain advice and address their complaints.

MyTabung helps individuals to create a personal or household budget. Users can capture incomes, savings and recurring expenses with an on-the-spot display of the user’s financial standing and spending patterns. Individuals can also obtain financial advice and budgeting tips to guide them in practicing prudent financial management.

Interested?

The apps are available in both Bahasa Malaysia and English, and can be downloaded for free from the Apple App Store and the Google Play Store.

Labuan IBFC reports 12.3% rise in new company registrations in 2014

Labuan International Business and Financial Centre (Labuan IBFC), Asia Pacific’s midshore international business and financial centre, reported strong performance across all financial sectors in 2014, including banking, insurance, leasing, wealth management and Islamic finance, with 12.3% increase in new company registrations compared to the previous year.

The organisation notes that 70% of companies registered in Labuan IBFC originate from Asia, with 57% from Southeast Asia, mainly Indonesia, Malaysia, Singapore and Thailand.

“Labuan IBFC has its strengths in terms of its proximity to strategic Asian markets and sound regulatory framework, with simple as well as competitive tax system. With our balanced supervisory and regulatory framework coupled with our strategic location in the heart of Asia Pacific, we believe Labuan IBFC stands out as the ideal ‘midshore’ jurisdiction from which to base regional business operations for both trading and investment purposes,” said Danial Mah Abdullah, Chief Executive Officer at Labuan IBFC.

At a roadshow in Hong Kong marking Labuan IBFC's 25th anniversary, Danial added that Labuan IBFC can tap on and complement Hong Kong’s position as the gateway to China by providing business solutions including business process outsourcing and effective legal structures through which entrepreneurs can effectively structure their businesses operations.

In the wealth management sector, Labuan IBFC foundations are increasingly used as wealth preservation solutions. There was an almost 40% increase in the number of Labuan IBFC foundations established in 2014 compared to the previous year, with 73% of them originating from Asia.

“As ASEAN grows in economic might, the increase in wealth in the region is outpacing the rest of the world. Companies and private investors looking to expand in ASEAN are in search of effective and legitimate ways of capitalising on this growth, keeping in mind the importance of adhering to international standards and best practices. Labuan IBFC has been fulfilling these needs, with its proximity to strategic Asian markets, sound regulatory oversight and simple and efficient tax framework,” added Danial during the Singapore leg of the roadshow, which was held earlier in the month.

While wealth management is one of the core offerings of Labuan IBFC, the business and financial centre also carries out all aspects of business and financial activity ranging from banking and insurance to Islamic financial services.

Myanmar gets first Maybank branch

Maybank, Southeast Asia’s fourth-largest bank by assets, is the first and only Malaysian bank to open a branch in Myanmar. The Central Bank of Myanmar had on 1 October 2014 awarded a banking licence to Maybank as part of its move to liberalise the banking sector in the country.

The Maybank Yangon branch has a registered capital of US$75 million and will operate with a team comprising of mainly Myanmar nationals. Located in the commercial district of Yangon, the new branch will strengthen the Group’s international footprint which comprises some 2,400 offices in 20 countries worldwide, including all 10 ASEAN nations.

The opening of the branch was officiated by the Myanmar Central Bank Governor, H.E. U Kyaw Kyaw Maung and Chief Minister of Yangon Division, H.E. U Myint Swe, together with the Malaysian Ambassador to Myanmar, H.E. Mohd Hanif Abd Rahman and Maybank Group Chief Strategy Officer, Michael Foong. Among others present at the event were the Myanmar Central Bank Deputy Governors, U Set Aung and U Soe Min, Minister of Finance, Yangon Region, H.E. U Daw San San Nwe, Maybank CEO Indochina, Soon Su Long and Maybank Managing Director, Transaction Banking, John Wong.

Maybank Yangon branch will serve wholesale and corporate clients as well as domestic banks in Myanmar with a range of services such as deposit accounts, working capital financing, cash management, treasury and capital market solutions. In particular, it will leverage on its expertise in financing of power, utilities, oil and gas as well as the telecommunications sectors, which are also priority growth areas to cater to Myanmar’s immediate needs.

Speaking at the event, Maybank Group Chief Strategy Officer Michael Foong said, “Since 1994, Maybank has operated a representative office in Myanmar and supported Myanmar in infrastructure building by leveraging upon our regional presence and project financing strength. We also helped arrange financing for key infrastructure projects such as airports, telecommunications and gas pipelines.”

In 2012, Maybank Malaysia established a Malaysia-Myanmar remittance service jointly with five Myanmar banks under its Maybank Money Express service which was aimed at facilitating the remittance of funds from Myanmar nationals in Malaysia to their families in Myanmar.

Foong said that with the foreign banking licence, Maybank will now be able to play a bigger role in Myanmar and participate in previously restricted financial services, including providing loans to foreign companies as well as domestic banks.

“We intend to build strong partnerships with domestic banks in the areas of international trade, interbank and capital markets, as well as draw on our regional assets and capabilities to help Myanmar’s growth leapfrog in the region. In addition, we can help support Myanmar’s priorities in developing its banking infrastructure and financial system,” he said.

“We are positive on Myanmar’s economic outlook and hope to facilitate greater cross-border trade between Myanmar and our core markets as well as the Greater Mekong sub region.”

He added that Maybank will also continue to play its role in the area of community building. “We believe in contributing to the country’s economic prosperity and growing our business responsibly through ethical and sustainable financial services and products. We remain committed to improving the lives of the communities that we serve and giving back to the community – which is what we term as humanising financial services.”

In conjunction with the opening, Maybank Yangon announced a community-driven initiative for Myanmar, Project H.E.A.R.T. (Helping Every Asian Rise Together). This project aims to empower and bring light into needy communities across Asia, providing them with solar-powered light bulbs – a free, sustainable light source. Project H.E.A.R.T. is a key community initiative that forms part of Maybank Group’s larger mission to humanise financial services.

MAS quashes rumours that it is closing down on 28 May

A statement on the Malaysia Airlines website emphasises that it is not planning to close down on 28 May 2014, as rumoured. Articles reporting on the matter were written based on quotes from unofficial sources, the statement noted.

Malaysia Airlines’ CEO, Ahmad Jauhari Yahya said, “Despite the rumour, we maintain our commitment to remain competitive, with greater marketing push. For example, the current Malaysia Airlines Travel Fair (MATF) allows travelers to purchase our tickets at 50% off for immediate travel until 31 December 2014. We are running business as usual, and passengers should not worry.”

The airline has reported losses last year as well. The company reported a loss of RM443 million for the most recent quarter ending 31 March 2014, against a RM279 million loss for the same period a year ago. 

The Star wrote an editorial opinion about the airline here.