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Business Times
8 hours ago
- Business
- Business Times
Singapore's banking hub has a busy corner where cash is still king
[SINGAPORE] In the heart of Singapore, a financial hub where billions of dollars zip around the world over computer screens in nanoseconds, there's a crowded building where cash still reigns. Six days a week, hundreds of people line up in a rundown mall abutting Raffles Place square to buy and sell hard currency at one of around 30 money changer stalls. All manner of notes can be had in minutes: Singapore dollars for British pounds? Coming right up. Indonesian rupiah for Vietnamese dong? Icelandic krona? Maldivian rufiyaa? No problem. Some 150 currencies are available. 'Cash will remain forever,' said Abdul Haleem, 65, a veteran of the industry whose kiosk sits at the entrance to the narrow, three-storey plaza called The Arcade. The towering offices of global banking giants JPMorgan Chase & Co and Bank of China are just steps away. The number of licensed money changers in Singapore dropped during the Covid-19 pandemic when many people were unable to travel and retail shops struggled to pay rent. But there are close to 250 physical stalls still operating, and new ones continue to spring up across the city-state. That's even though multi-currency payment apps such as YouTrip, Wise and Revolut have grown in popularity. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up To understand how so many cash dealers can survive the digital age, you need to know a bit about Singapore's place in the world. While it's now among the richest countries – where financial titans from UBS Group to BlackRock manage more than US$4 trillion, and billionaires including James Dyson, Ray Dalio and Sergey Brin have set up family offices – Singapore remains a shipping and transit hub at its core. Hundreds of vessels anchor in Singapore's harbour each day, many waiting to load and unload cargo at one of the world's busiest maritime ports. For decades, that's made Raffles Place a prime location for money changers, just a few blocks from where the Singapore River empties into the Singapore Strait. Many sailors need to swap cash from their previous locations, and change money for their next destination. 'They get off the boat and come right here,' said Haleem, whose uncle Abdul Gaffoor, now 99, started City Money Changers on the Arcade's ground floor in 1980. Old-world relic Many office workers also come in search of the best exchange rates, which are often better than what banks offer. It's an old-world relic resisting the bits and bytes revolution. Mobile phones and tablets have replaced newspapers, while emails and social media have supplanted faxes and letters. Now digital payments are coming for the ancient culture of coins and paper notes. Mohamed Rafik, 55, a partner at Arcade Money Changers, a stall opposite Haleem's, remains optimistic. His evidence is that there are new licensees entering the industry who wouldn't do it if they couldn't make a living. 'Money changers won't go out of business,' said Rafik, while handling cash and paper receipts on a busy afternoon. Digital payment wallets may seem attractive now, but the companies also have overheads and may try to increase rates in the long run, he predicted. Right now, a thriving tourism industry is driving demand during the summer school holidays. Singapore is close to regional holiday hotspots like Phuket, Bali and Vietnam's Ha Long Bay, where cash is still needed to pay for food at street stalls or small restaurants, or to offer tips. Travellers with cash also avoid the higher exchange rates and foreign transaction fees imposed by many credit cards. Life lesson For Christina Ng, a teacher in her 40s who came to Haleem's stall for South Korean won, cash gives a sense of security while traveling. Paying with notes and coins is also a lesson for her three children. 'I want them to learn how to use the cash and do the transaction, so they need to see the physical money,' she said. 'We don't want them to just tap, tap, tap without actually knowing what they're spending on.' The money changers are good leading indicators of travel trends. Whereas demand used to be strongest for US dollars and Malaysian ringgit, the Japanese yen is now most sought-after, along with Korean won and Taiwanese dollars, Haleem said. A record number of tourists have flocked to Japan to visit historic sites, dine on sushi and take advantage of the weakened currency. At the Arcade, the money changers carve out an existence on the fringes of the multi-trillion dollar global foreign-exchange market. Customers throng the narrow passages to scrutinise buy and sell rates at tightly packed stalls, which are required to post rates on electronic screens. Frugality gives them an edge against the financial institutions that occupy the opulent towers surrounding Raffles Place, according to Rafik at Arcade Money Changers. The changers will survive even if digital platforms cut their margins to zero to gain market share, he said. Congregating in one location attracts more customers, but it also pares margins to the bone. Foreign currency bought at a commercial bank can cost 1 per cent to 4 per cent or more once you factor in a poorer exchange rate and transaction fees. At City Money Changers, it's a high-volume, low-margin business where Haleem typically makes fractions of a penny on the dollar in a swap. 'Everybody wants to see the best price so they will shop around,' he said, while taking a break from his tiny kiosk. On Thursday (Jun 19) afternoon, Haleem's stall was selling the greenback at S$1.2900, versus the S$1.2972 offered by Singapore's largest bank DBS on its retail app. The cash exchange rate wasn't as favourable as YouTrip's rate of S$1.2877 per US dollar. With all this cash on hand -– some changers can turn over as much as S$500,000 a day, he says – you would expect to see armed guards all over the plaza. Instead, the stallholders rely on security cameras – there are some 90,000 across the city – to monitor activity. The dealers are the eyes and ears for each other, on the alert for any suspicious customers. Regulators have scrutinised the industry in the past, concerned about the potential for money laundering. In 2016, the Monetary Authority of Singapore (MAS) cited a Raffles Place currency changer, along with other banks, for their roles in the scandal at 1MDB, the Malaysian sovereign wealth fund. The probe revealed inadequate risk management practices at the changer, and failure to identify the beneficial owners of funds. Money changers are now required to conduct customer due diligence measures for cash transactions exceeding S$5,000, or for those topping S$20,000 where the money is funded from an identifiable source like a bank account. That includes verifying customers' identities and keeping proper transaction records. The industry poses a 'moderate level' of money laundering threats due to its cash-intensive nature, said a spokesperson for the MAS, the country's financial regulator. Haleem, who's been at this trade for 40 years, concedes that the future isn't all bright for his industry. Business is about half that of pre-Covid levels, and the increased competition is eroding margins, while wild currency swings can leave him sitting on devalued cash overnight. He predicts the trend toward digital payments is only going to accelerate. 'It will become worse and worse,' he said, though he thinks there will always be a little room in people's wallets for cold hard cash. One floor up at Crown Exchange, Thamim A K, a money changer in his 60s, is more sanguine. Sitting in a backroom surrounded by wads of South Korean won and Indonesian rupiah, he says his 40 years of trading, with all its ups and downs, gives him hope for the future. 'I've seen everything, all the currencies, fluctuations,' he said. 'The bank notes business is still there. It's growing, in fact. It's fighting with digital.' BLOOMBERG
Straits Times
11 hours ago
- Business
- Straits Times
Singapore's banking hub has a corner where cash is still king
Travelers with cash also avoid the higher exchange rates and foreign transaction fees imposed by many credit cards. PHOTO: ST FILE SINGAPORE - In the heart of Singapore, a financial hub where billions of dollars zip around the world over computer screens in nanoseconds, there's a crowded building where cash still reigns. Six days a week, hundreds of people line up at The Arcade, a narrow, three-story plaza abutting Raffles Place square, to buy and sell hard currency at one of around 30 money changer stalls. All manner of notes can be had in minutes: Singapore dollars for British pounds? Coming right up. Indonesian rupiah for Vietnamese dong? Icelandic króna? Maldivian rufiyaa? No problem. Some 150 currencies are available. 'Cash will remain forever,' said Abdul Haleem, 65, a veteran of the industry whose kiosk sits at the entrance to the The Arcade. The towering offices of global banking giants JPMorgan Chase & Co. and Bank of China are just steps away. The number of licensed money changers in Singapore dropped during the Covid-19 pandemic when many people were unable to travel and retail shops struggled to pay rent. But there are close to 250 physical stalls still operating, and new ones continue to spring up across Singapore. That's even though multi-currency payment apps such as YouTrip, Wise and Revolut have grown in popularity. To understand how so many money changers can survive the digital age, you need to know a bit about Singapore's place in the world. Though it's now among the richest countries – where financial titans from UBS Group to BlackRock manage more than US$4 trillion and billionaires including James Dyson, Ray Dalio and Sergey Brin have set up family offices – the nation remains a shipping and transit hub at its core. Hundreds of vessels anchor in Singapore's harbour each day, many waiting to load and unload cargo at one of the world's busiest ports. For decades, that's made Raffles Place a prime location for money changers, just a few blocks from where the Singapore River empties into the Singapore Strait. Many sailors need to swap cash from their previous locations, and change money for their next destination. 'They get off the boat and come right here,' said Mr Haleem, whose uncle Abdul Gaffoor, now 99, started City Money Changers on the Arcade's ground floor in 1980. Old-world relic Many office workers also come in search of the best exchange rates – which are often better than what banks offer. Mohamed Rafik, 55, a partner at Arcade Money Changers, a stall opposite Haleem's, remains optimistic. His evidence is that there are new licensees entering the industry who wouldn't do it if they couldn't make a living. 'Money changers won't go out of business,' said Mr Rafik, while handling cash and paper receipts on a busy afternoon. Digital payment wallets may seem attractive now, but the companies also have overheads and may try to increase rates in the long run, he predicted. Right now, a thriving tourism industry is driving demand during the June school holidays. Singapore is close to South-east Asian holiday hotspots like Phuket in Thailand, Vietnam's Ha Long Bay and Bali, Indonesia, where cash is still needed to pay for food at street stalls or small restaurants, or to offer tips. Travelers with cash also avoid the higher exchange rates and foreign transaction fees imposed by many credit cards. For Christina Ng, a teacher in her 40s who came to Haleem's stall for Korean won, cash gives a sense of security while traveling. Paying with notes and coins is also a lesson for her three children. 'I want them to learn how to use the cash and do the transaction, so they need to see the physical money,' she said. 'We don't want them to just tap, tap, tap without actually knowing what they're spending on.' The money changers are good leading indicators of travel trends. Whereas demand used to be strongest for US dollars and Malaysian ringgit, the Japanese yen is now most sought-after, along with Korean won and Taiwanese dollars, Mr Haleem said. At the Arcade, the money changers carve out an existence on the fringes of the multi-trillion dollar global foreign-exchange market. Frugality gives them an edge against the financial institutions that occupy the opulent towers surrounding Raffles Place, according to Mr Rafik at Arcade Money Changers. The changers will survive even if digital platforms cut their margins to zero to gain market share, he said. Congregating in one location attracts more customers, but it also pares margins to the bone. Foreign currency bought at a commercial bank can cost 1 per cent to 4 per cent or more once you factor in a poorer exchange rate and transaction fees. At City Money Changers, it's a high-volume, low-margin business where Mr Haleem typically makes fractions of a penny on the dollar in a swap. 'Everybody wants to see the best price so they will shop around,' he said, while taking a break from his tiny kiosk. On the afternoon of June 19, Haleem's stall was selling the US dollar at S$1.2900, versus the S$1.2972 offered by DBS Group Holdings, Singapore's largest bank, on its retail app. The cash exchange rate wasn't as favourable as YouTrip's rate of S$1.2877 per US dollar. With all this cash on hand – some changers can turn over $500,000 a day, he says. Regulators have scrutinized the industry in the past, concerned about the potential for money laundering. In 2016, the Monetary Authority of Singapore (MAS) cited a Raffles Place currency changer, along with other banks, for their roles in the scandal at 1MDB, the Malaysian sovereign wealth fund. The probe revealed inadequate risk management practices at the changer, and failure to identify the beneficial owners of funds. Money changers are now required to conduct customer due diligence measures for cash transactions exceeding $5,000, or for those topping $20,000 where the money is funded from an identifiable source like a bank account. That includes verifying customers' identities and keeping proper transaction records. The industry poses a 'moderate level' of money-laundering threats due to its cash-intensive nature, said an MAS spokesperson. Mr Haleem, who's been at this trade for 40 years, concedes that the future isn't all bright for his industry. Business is about half that of pre-Covid levels, and the increased competition is eroding margins, while wild currency swings can leave him sitting on devalued cash overnight. He predicts the trend toward digital payments is only going to accelerate. 'It will become worse and worse,' he said, though he thinks there will always be a little room in people's wallets for cold hard cash. One floor up at Crown Exchange, Thamim A.K., a money changer in his 60s, is more sanguine. Sitting in a backroom surrounded by wads of Korean won and Indonesian rupiah, he says his 40 years of trading, with all its ups and downs, gives him hope for the future. 'I've seen everything, all the currencies, fluctuations,' Mr Thamim said. 'The bank notes business is still there. It's growing, in fact. It's fighting with digital.' BLOOMBERG Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
11 hours ago
- Business
- Business Times
Singapore's banking hub has a corner where cash is still king
[SINGAPORE] In the heart of Singapore, a financial hub where billions of dollars zip around the world over computer screens in nanoseconds, there's a crowded building where cash still reigns. Six days a week, hundreds of people line up in a rundown mall abutting Raffles Place square to buy and sell hard currency at one of around 30 money changer stalls. All manner of notes can be had in minutes: Singapore dollars for British pounds? Coming right up. Indonesian rupiah for Vietnamese dong? Icelandic krona? Maldivian rufiyaa? No problem. Some 150 currencies are available. 'Cash will remain forever,' said Abdul Haleem, 65, a veteran of the industry whose kiosk sits at the entrance to the narrow, three-story plaza called The Arcade. The towering offices of global banking giants JPMorgan Chase & Co and Bank of China are just steps away. The number of licensed money changers in Singapore dropped during the Covid-19 pandemic when many people were unable to travel and retail shops struggled to pay rent. But there are close to 250 physical stalls still operating, and new ones continue to spring up across the city-state. That's even though multi-currency payment apps such as YouTrip, Wise and Revolut have grown in popularity. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up To understand how so many cash dealers can survive the digital age, you need to know a bit about Singapore's place in the world. Though it's now among the richest countries - where financial titans from UBS Group AG to BlackRock manage more than US$4 trillion and billionaires including James Dyson, Ray Dalio and Sergey Brin have set up family offices - the island nation remains a shipping and transit hub at its core. Hundreds of vessels anchor in Singapore's harbour each day, many waiting to load and unload cargo at one of the world's busiest maritime ports. For decades, that's made Raffles Place a prime location for money changers, just a few blocks from where the Singapore River empties into the Singapore Strait. Many sailors need to swap cash from their previous locations, and change money for their next destination. 'They get off the boat and come right here,' said Haleem, whose uncle Abdul Gaffoor, now 99, started City Money Changers on the Arcade's ground floor in 1980. Old-world relic Many office workers also come in search of the best exchange rates - which are often better than what banks offer. It's an old-world relic resisting the bits and bytes revolution. Mobile phones and tablets have replaced newspapers, while emails and social media have supplanted faxes and letters. Now digital payments are coming for the ancient culture of coins and paper notes. Mohamed Rafik, 55, a partner at Arcade Money Changers, a stall opposite Haleem's, remains optimistic. His evidence is that there are new licensees entering the industry who wouldn't do it if they couldn't make a living. 'Money changers won't go out of business,' said Rafik, while handling cash and paper receipts on a busy afternoon. Digital payment wallets may seem attractive now, but the companies also have overheads and may try to increase rates in the long run, he predicted. Right now, a thriving tourism industry is driving demand during the summer school holidays. Singapore is close to South-east Asian holiday hotspots like Phuket in Thailand, Vietnam's Ha Long Bay and Bali, Indonesia, where cash is still needed to pay for food at street stalls or small restaurants, or to offer tips. Travellers with cash also avoid the higher exchange rates and foreign transaction fees imposed by many credit cards. Life lesson For Christina Ng, a teacher in her 40s who came to Haleem's stall for Korean won, cash gives a sense of security while traveling. Paying with notes and coins is also a lesson for her three children. 'I want them to learn how to use the cash and do the transaction, so they need to see the physical money,' she said. 'We don't want them to just tap, tap, tap without actually knowing what they're spending on.' The money changers are good leading indicators of travel trends. Whereas demand used to be strongest for US dollars and Malaysian ringgit, the Japanese yen is now most sought-after, along with Korean won and Taiwanese dollars, Haleem said. A record number of tourists have flocked to Japan to visit historic sites, dine on sushi and take advantage of the weakened currency. At the Arcade, the money changers carve out an existence on the fringes of the multi-trillion dollar global foreign-exchange market. Customers throng the narrow passages to scrutinise buy and sell rates at tightly packed stalls, which are required to post rates on electronic screens. Frugality gives them an edge against the financial institutions that occupy the opulent towers surrounding Raffles Place, according to Rafik at Arcade Money Changers. The changers will survive even if digital platforms cut their margins to zero to gain market share, he said. Congregating in one location attracts more customers, but it also pares margins to the bone. Foreign currency bought at a commercial bank can cost 1 per cent to 4 per cent or more once you factor in a poorer exchange rate and transaction fees. At City Money Changers, it's a high-volume, low-margin business where Haleem typically makes fractions of a penny on the dollar in a swap. 'Everybody wants to see the best price so they will shop around,' he said, while taking a break from his tiny kiosk. On Thursday afternoon, Haleem's stall was selling the greenback at S$1.2900, versus the S$1.2972 offered by DBS Group Holdings, Singapore's largest bank, on its retail app. The cash exchange rate wasn't as favourable as YouTrip's rate of S$1.2877 per US dollar. With all this cash on hand - some changers can turn over S$500,000 a day, he says - you'd expect to see armed guards all over the plaza. Not in Singapore, where violent crime is almost non-existent. Instead, the stall-holders rely on security cameras - there are some 90,000 across the city - to monitor activity. The dealers are the eyes and ears for each other, on the alert for any suspicious customers. Regulators have scrutinised the industry in the past, concerned about the potential for money laundering. In 2016, the Monetary Authority of Singapore cited a Raffles Place currency changer, along with other banks, for their roles in the scandal at 1MDB, the Malaysian sovereign wealth fund. The probe revealed inadequate risk management practices at the changer, and failure to identify the beneficial owners of funds. Money changers are now required to conduct customer due diligence measures for cash transactions exceeding S$5,000, or for those topping S$20,000 where the money is funded from an identifiable source like a bank account. That includes verifying customers' identities and keeping proper transaction records. The industry poses a 'moderate level' of money-laundering threats due to its cash-intensive nature, said a spokesperson for the MAS, the country's financial regulator. Haleem, who's been at this trade for 40 years, concedes that the future isn't all bright for his industry. Business is about half that of pre-Covid levels, and the increased competition is eroding margins, while wild currency swings can leave him sitting on devalued cash overnight. He predicts the trend toward digital payments is only going to accelerate. 'It will become worse and worse,' he said, though he thinks there will always be a little room in people's wallets for cold hard cash. One floor up at Crown Exchange, Thamim A.K., a money changer in his 60s, is more sanguine. Sitting in a backroom surrounded by wads of Korean won and Indonesian rupiah, he says his 40 years of trading, with all its ups and downs, gives him hope for the future. 'I've seen everything, all the currencies, fluctuations,' Thamim said. 'The bank notes business is still there. It's growing, in fact. It's fighting with digital.' BLOOMBERG
Business Recorder
4 days ago
- Politics
- Business Recorder
KUJ (Dastoor) strongly condemns Israeli aggression
KARACHI: The Karachi Union of Journalists (Dastoor) has strongly condemned the recent attack by the Zionist state of Israel on the neighbouring brotherly country Iran, expressing full solidarity with the people and government of Tehran. The union has called upon the Government of Pakistan to immediately request to convene meetings of the United Nations Security Council and the Organisation of Islamic Cooperation (OIC) to address the matter. This condemnation came during a meeting of the union, presided over by KUJ Dastoor President Nasrullah Chaudhry. The union declared Israel's actions as a blatant violation of the UN Charter and international law, terming it a war crime. The meeting warned that Israel's continued aggression poses a grave threat to peace not only in the Middle East but across the globe, and held Israel fully responsible for the consequences. Addressing the session, Nasrullah Chaudhry emphasised that under Article 51 of the UN Charter, Iran has the legitimate right to self-defense. He reiterated the unwavering support of Karachi's journalist community for the Iranian government, people, and their media counterparts in this difficult time. The meeting also focused on the internal organisational and welfare activities of the union. Secretary Rehan Chishti announced the appointment of Unit Chiefs across all newspapers, TV channels, and digital media offices, stressing the importance of staying active and united to tackle the challenges faced by journalists. Several new committees were established during the meeting, including Liaison, Health & Education, Legal Advisory, and Skills Development. The Scrutiny Committee was instructed to work closely with Unit Chiefs to compile member data. There was a strong call to activate the Skills Development Committee to help journalists adapt to the evolving demands of the digital era. The meeting also discussed organizing a traditional Haleem party for members. Among those present at the meeting were Vice Presidents Mansoor Ahmed and Farooq Sami, Joint Secretary Athar Farooqi, Treasurer Zain Ali, Information Secretary Azfar Waqas Abbasi, and Governing Body members Rehan Haider, Arif Habib, Junaid Shah, Atta-ur-Rehman, Anam Razzaq, Khadija Rathore, and Abdul Qadir Mangrio. Copyright Business Recorder, 2025
Time of India
14-05-2025
- Time of India
B N College student still unconscious, no trace of bomb blast accused
Patna: The B N College student, , who was injured in a bomb blast on the campus in Patna on Tuesday afternoon, remained unconscious even on Wednesday, with the police yet to trace the accused. Tired of too many ads? go ad free now Expressing dissatisfaction with the institution's management, his family, which took him to their native place in Rohtas district, has declined financial help from the college principal, who had visited Patna Medical College and Hospital, where the victim was initially being father Dharmendra Kumar, a farmer, is managing the treatment expenses through borrowed funds from relatives. A family member, Sanjit Pandey, said that Sujit is the only living son of Dharmendra who has already lost a child. Sujit stayed in Patna with his cousin in Dariyapur for his higher studies. One of his friends said that after the exam, Sujit was going to watch a movie with his incident took place around 12.45pm on the college campus when two groups clashed over some issue and hurled two bombs, as students appeared for Certified Internal Auditor exam. After giving the exam, he came out of the hall and was waiting for his friend in the veranda, when he was hit by the bomb, after bouncing back from a wall and the college gate's Haleem, the SHO of the local Pirbahore police station, told this newspaper that a case was registered on the statement of principal Rajkishore Prasad against unidentified miscreants. "No arrests have been made yet. We are identifying the accused involved in the fight," he the injured student, the SHO said his condition is critical. "He did not regain consciousness after the attack. He is on a ventilator," Haleem said.
