Fresh off the Net

BUSINESS News

Hong Leong Finance gets nod to expand into banking business

SINGAPORE: Hong Leong Finance has received approval from the Monetary Authority to expand its lending business.

From Thursday, the firm can underwrite and sell shares for companies which are listed, or which intend to be listed, on the Singapore Exchange.

It can also act as an agent for insurance policies covering general, long-term accident, and health policies governed by the Insurance Act.

Hong Leong can also sell life insurance policies governed by the Financial Advisers Act and offer foreign currency trading services.

The latest move effectively gives Hong Leong Finance a banking licence.

The company said it will continue to focus on the funding needs of small and medium enterprises in Singapore as well as heartlander consumers.

With the increase in services, it will be able to help SMEs in their regional expansion and listing plans. - CNA /dt

---

Trade ministers of Singapore, India stress mutual benefits from pact
By Channel NewsAsia's India Correspondent Vaibhav Varma

NEW DELHI : It took more than two years to work out the fine print, but Singapore and India have both come out winners.

This is the assessment of trade ministers of the two countries, who say the newly-inked comprehensive economic pact holds tremendous potential for both countries.

Trade and economic ties have been the highlight of Singapore's Prime Minister Lee Hsien Loong's three-day visit to New Delhi.

The comprehensive economic agreement signed between leaders of the two countries opens up India's banking sector, cuts duties on more than 6,000 exports from Singapore and does away with double taxation.

Singapore's Trade and Industry Minister Lim Hng Kiang and his Indian counterpart Kamal Nath said the landmark economic pact would not only give bilateral trade an immediate boost, but also generate long-term benefits.

Mr Lim said: "We would like to attract Indian companies to use Singapore not only as a place to do business but also a base for their forays into the rest of Southeast Asia and East Asia.

"So in that sense, we see the relationship as mutually beneficial and offering tremendous opportunties for both sides."

Mr Kamal Nath, Commerce and Industry Minister of India, said: "This is, we believe, an agreement, a comprehensive economic cooperation agreement which is a win-win for both countries.

"Singapore for India is a gateway for the Asean countries. Singapore is a very important international financial centre and now over the last few years, it has become a very important investment hub for investment flows, most of all to the Asian countries."

Mutually beneficial economic opportunities and synergies are the crux of the Comprehensive Economic Cooperation Agreement.

The pact marks the beginning of a new chapter towards turning the 21st century into an Asian one. - CNA/de

Source: channelnewsasia.com