banking and finance

UOB told staff that it expects the situation to worsen before improving when the government cuts some of its support.

While 23% of global workloads have migrated to the public cloud, only 13% of financial workloads in Southeast Asia have done so.

The increasing move towards remote working is likely to accelerate this shift.

DBS Group CEO Piyush Gupta says the global outbreak is the “single biggest crisis” he has seen. In terms of impact, Gupta says the world has not seen anything like “the height of dimensions of this crisis… from an economic standpoint”.

When Credit Agricole SA and HSBC Holdings Plc issued a payment guarantee for a US$76.5 million ($106.6 million) fuel purchase from a Singapore trader in March, they unwittingly became the latest victims in a series of trade finance scandals.

A hiring slowdown at banks in Asia is beginning to thaw, driven by demand for coders.

Smoothing the economic catastrophe generated by Covid-19 has led to intense discussions on whether the banking sector is an effective channel to inject financial oxygen into the economy.

While the ghosts of the aftermath of the global financial crisis (GFC) continue to lurk in investors’ and the public’s memories, the reality is that banks will be a key element of the economic solution to the present predicament.

Emerging markets will be disproportionately hit by the crisis, with DBS Chief Economist predicting the worse year for Emerging Markets we have ever seen.

According to experts, development banks play a key role in Covid-19 recovery and should increase lending to sustain the economy through this crisis.