DBS Bank Taiwan (星展銀行) yesterday said that it expects economic ties between Taiwan and Singapore to remain strong, although the two trade-centric nations are easily affected by uncertainty over a US-China trade dispute.
The local unit of Singapore-based DBS Bank Ltd has seen some of its Taiwanese clients operating in Singapore and Singaporean clients running businesses in Taiwan facing more volatility due to trade tensions and a slowing global economy, general manager Lim Him-chuan (林鑫川) told reporters.
Amid falling exports, Singapore’s economy in the second quarter of this year contracted 3.3 percent from a quarter earlier and grew only 0.1 percent annually, which prompted the government to trim its whole-year growth forecast to less than 1 percent, the Singaporean Ministry of Trade and Industry said on Aug. 13.
Photo: Kao Shih-ching, Taipei Times
“Like Taiwan, Singapore is highly sensitive to changes in global trade as it is an open economy,” Lim said.
“However, we believe that the two nations would improve in the long term and the economic cooperation between companies would continue as well,” he said.
The government has been helping companies transform and upgrade to become more resilient, encouraging the development of the service and biotech industries, he said.
Trade between Taiwan and Singapore has remained stable, with exports to the city-state rising 4.2 percent annually to NT$10.91 billion (US$347.23 million), compared with a 9.2 percent decline in exports to Southeast Asian nations in the January-to-July period, statistics compiled by the Ministry of Finance showed.
DBS yesterday opened a fair in Taipei introducing products and services offered by Singaporean companies operating in Taiwan.
The fair features the Merlion, the official mascot of Singapore.
Singapore Airlines Ltd, snack company Golden Duck Co, high-end bakery the Patissier and fitness company True Yoga Group are participating in the fair, which is to run through Monday in Taipei’s Xinyi District (信義).
“We want to let more local customers become familiarized with Singapore and Singaporean companies, as we as a foreigner bank are often asked where we are from,” Lim said.
Even though DBS is a famous bank in Singapore, not all Taiwanese are aware of that, as the name of the local unit no longer indicates it is from Singapore, he said.
The bank said that it expects to see its wealth management business grow in the second half of this year or next year on the back of capital repatriation.
It would provide tax planning and financial investment advice for wealthy clients or businesses, Lim said.
PLANNED OUT: The government is lifting sale and export restrictions on 60% of the 20 million masks made daily, but people can still make purchases using their NHI cards Twenty thousand boxes of 50 masks each would be on sale at FamilyMart convenience stores starting tomorrow, Taiwan FamilyMart Co Ltd (全家便利商店) said yesterday. A box of 50 masks would cost NT$249 for those with FamilyMart memberships and NT$299 for those without, with no limits placed on how many boxes a person can buy, the company said. Convenience store chain operator Hi-Life International Co Ltd (萊爾富) said that it would also start selling masks from tomorrow. It has yet to announce details about prices and quantity. Hypermarket chain operator Carrefour Taiwan (家樂福) said that it would start selling packs of five
BOOSTING BUYING: A source said that the idea of pre-ordering vouchers online is being considered, but the preliminary plan is for people to buy them at post offices A stimulus voucher program to be rolled out next month to boost consumption would be available not only to Taiwanese, but also foreign nationals and Chinese spouses who hold residency permits, a source familiar with the matter said yesterday. The government is fine-tuning the details of the program, which involves issuing vouchers for in-store purchases to revive buying amid the COVID-19 pandemic. During a radio interview on Monday last week, National Development Council (NDC) Minister Kung Ming-hsin (龔明鑫) said that the plan is to allow anyone, regardless of age or income level, to buy NT$3,000 (US$99.89) worth of vouchers for
Taiwan High Speed Rail Corp (THSRC, 台灣高鐵) is expected to recover quickly from the effects of COVID-19, as life returns to normal and thanks to the government’s domestic travel incentives, Yuanta Securities Investment Consulting Co (元大投顧) said in a note on Friday. THSRC’s business might have bottomed out after revenue fell 49.83 percent year-on-year to NT$2.03 billion (US$67.59 million) in April, the lowest in nearly 10 years, while combined revenue in the first four months dropped 26.44 percent to NT$11.63 billion, as the COVID-19 outbreak reduced ridership, the investment consultancy said. “The worst should be over in April as domestic tourism
Delta Electronics Inc (台達電), the nation’s leading power management solutions provider, has signed an agreement to acquire Canadian software firm Trihedral Engineering Ltd to bolster its smart production efforts, it said on Saturday. Delta said in a statement that it would acquire Trihedral for C$45 million (US$32.68 million) through its 100 percent-owned subsidiary Delta Electronics (Netherlands) BV. Trihedral specializes in supervisory control and data acquisition (SCADA) and industrial Internet of Things software, which would strengthen Delta’s hardware offerings in fast-growing areas such as automation, artificial intelligence and data analytics, it said. “The collection, monitoring and analyzing of data are critical to Delta’s two