International Business & Economy DBS exec: Hong Kong fund flows to Singapore are "overstated"

DBS exec: Hong Kong fund flows to Singapore are “overstated”

DBS chief executive Piyush Gupta said there is no "big movement of money from Hong Kong to Singapore"




- Advertisement -

Singapore — Because of the ongoing political unrest, are the rich folks of Hong Kong really flocking to Singapore? DBS claims otherwise.

In an interview with CNBC, DBS chief executive Piyush Gupta stated that news of fund flows from Hong Kong to Singapore are “overstated” and such transactions only occur “at the margin.”

Gupta added that there is no “big movement of money from Hong Kong to Singapore.”

“In my experience, these big shifts don’t happen unless there’s a massive regime change which we don’t foresee happening in Hong Kong,” he said.

- Advertisement -

Earlier reports stated that millionaires from Hong Kong rushed to Singapore in a panic to transfer their assets. Wealth managers and private bankers in Singapore have been receiving gradually increasing number of inquiries from Hong Kong investors since the extradition bill issue erupted. 

Read: Hong Kong millionaires rush to move their assets to Singapore

Singapore’s DBS has expanded business in Hong Kong over the past few years. According to the latest DBS earnings report, Hong Kong comprised 24% of DBS’ net profit from April to June.

Although protests in Hong Kong have not directly affected operations at DBS banks, Gupta admitted that consumer and business confidence could drop should political unrest and uncertainties continue./TISG

- Advertisement -

Domestic worker accused of abusing elderly woman in wheelchair

Singapore -- A netizen who saw a domestic worker abusing an elderly woman in a wheelchair has posted a photo of them in the hopes of reaching out to the latter's family. In a Facebook post on Sunday (Jan 17) that has...

99% of SG companies hire fairly, says Singapore International Chamber of Commerce chair

Singapore—Many people have been concerned over fair hiring practices lately, especially in the light of job security during the pandemic. And while Singapore’s business leaders said in a statement on Tuesday (Jan 19) that welcoming global talent is vital for maintaining Singapore’s...

Police arrest man who broke into neighbour’s flat and kissed her while she was sleeping

Singapore—The police arrested a man who let himself into his neighbor’s unit and kissed her while she was sleeping. The incident occurred on Monday morning (Jan 18) at a building along Tampines Street 83. Ironically, the man called the police himself around noon...