The Straits Times/31 May 2017

The Monetary Authority of Singapore (MAS) has fined United Overseas Bank (UOB) and Switzerland’s Credit Suisse Group for their role in handling transactions linked to 1Malaysia Development Berhad (1MDB).

UOB was fined $900,000, while Credit Suisse had to cough up $700,000 – both for breaches of anti-money laundering requirements and control lapses.

The fines announced yesterday mean that $29.1 million in penalties has been imposed on eight banks since the two-year probe began of 1MDB-related transactions.

The regulator also issued prohibition orders against three convicted former employees of Falcon Private Bank and BSI Bank. Lifetime bans, which took effect on Monday, were slapped on former Falcon Singapore branch manager Jens Sturzenegger and former BSI banker Yak Yew Chee.

A 15-year ban was imposed on former BSI banker Yvonne Seah Yew Foong, now known as Seah Mei Ying.

Former Goldman Sachs Group banker Tim Leissner was banned for 10 years in March over breaches linked to 1MDB.

MAS also intends to impose prohibition orders on three others – former Maybank Kim Eng Securities remisier Kelvin Ang Wee Keng, NRA Capital chief executive Kevin Scully and NRA’s former head of research Lee Chee Waiy.

News Source: The Straits Times

OilandGasPeople.com/31 May 2017

A ROSS-SHIRE port is finalising moves to capitalise on the growth industry of dismantling defunct oil and gas platforms by becoming a base for decommissioning.

The Port of Cromarty Firth hopes this “new era” could begin as early as next year, bringing a fresh economic boost to the area.

The Invergordon-based authority is the first port to apply to the Scottish Environment Protection Agency (Sepa) for decommissioning permits under updated environmental regulations.

The port lodged two applications with Sepa earlier this month and it is anticipated the permits will be in place by September.

The consultation began in August and public notices for that process have been issued this week.

Investment in a new quayside at the port’s Invergordon Service Base means it has three berths and 80,000 square metres of lay down space ready to accept decommissioning projects.

The authority says its location and infrastructure, coupled with existing skills and a supply chain experienced in rig repairs, give the port a significant advantage in the growing market.

The port has recently been recognised by Scottish Enterprise and Highlands and Islands Enterprise as one of the main Scottish ports capable of carrying out decommissioning work.

“The port is ideally located to the North Sea,” says port general manager Captain Calum Slater.

“Our status as a trust port, together with our proven environmental record, ensures platforms will be decommissioned in a way that meets the latest environmental standards.

“We are already in discussions with customers who have structures to decommission and I can see the first of the new era coming to the firth next year. Other ports are aligning to a single contractor, but we’re doing the opposite to provide customers more flexibility and choice. Our open port philosophy will allow any reputable client, operator or contractor to use the port’s decommissioning licence. The port will work with these companies to ensure that all dismantling activities at the Invergordon Service Base are carried out to the highest standard.

“The aim is to achieve the highest level of recycling and environmental protection.”

Roger Esson, chief executive of Decom North Sea, the decommissioning sector’s membership organisation, said: “Fundamental to a successful UK decommissioning sector is a supply chain which focuses on solutions and delivery models that can support and aid collaboration with operators to cost effectively manage their decommissioning activities.

“As the number of active decommissioning projects and plans submitted for regulatory approval increases, the port’s recent application to Sepa reflects the importance of early regulator engagement, where clear communication of the requirements will result in the development of a cost-effective, safe and highly efficient decommissioning sector, where the opportunities are maximised.”

News Source: OilandGasPeople.com

Asian Banking & Finance/30 May 2017

Growth of Asian economies will surpass the global growth average of 3.7%.

All is well for Asian banks in terms of future prospects, Monetary Authority of Singapore managing director Ravi Menon said during a banking symposium.

According to Menon, the region is expected to continue registering relatively high growth rates in the medium term – about 6% on average over the next 5 years, compared to the global average of 3.7%.

“Higher Asian incomes will drive demand for financial services, leading to more opportunities in banking,” Menon said. He also noted that the global banks will continue to play an important role in the region, specifically in the wholesale banking segment and the intermediation of US Dollar flows.

“But the onus largely falls on Asian banks to expand financial inclusion, especially at the retail and small business level. Using innovative FinTech solutions, they can mobilise untapped savings and provide access to credit for under-banked individuals and businesses,” he said.

He pointed out a 2015 World Bank study which found out that there are 2 billion adults on the planet with no bank accounts, more than half were in East and South Asia.

“A more recent study by the ADB covering Cambodia, Indonesia, Myanmar and the Philippines found significant gaps between demand and supply in several financial services, including payments, savings, and credit,” he mentioned.

He added, “The road to financial inclusion is neither short nor easy. But it is an important one. Broadening access to financial services will offer Asian banks – and FinTechs – the opportunity to grow their business while serving a social purpose. Financial inclusion will be a key priority in the economic co-operation agenda when Singapore assumes the chairmanship of ASEAN next year.”

News Source: Asian Banking & Finance