Latest news with #TheArcade
Business Times
10 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
Business Times
14 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
BBC News
08-06-2025
- Business
- BBC News
Bognor Regis shopping arcade redevelopment plans finalised
A council has applied for planning permission to redevelop a West Sussex shopping District Council published its finalised plans for 35 flats above The Arcade in Bognor Regis, with retail space being maintained on the ground of the property, which first opened in 1902, will be replaced and the new homes will be added across two council purchased the shopping centre in 2017. The finalised £8m proposal was published following feedback from a public consultation that concluded in council approved the project's funding in 2023 as part of the Regis Quarter regeneration scheme, according to the Local Democracy Reporting planning permission is granted the Bognor Regis Business Improvement District section of the property, accessible from Belmont Street, will be will be replaced with retail space and an entrance to the new other sections of the arcade would be replaced, including a section damaged in a fire in the existing upper floor entrance on Belmont Street will be removed but entrances from York Road and High Street would be kept.
Yahoo
01-06-2025
- Business
- Yahoo
Top 5 Cities Where Tiny Apartments Are Big — and How Much It Costs to Live There
As typical rent prices across the U.S. reach more than $2,000, many Americans struggle to find affordable rental housing, according to recent research from As new graduates seek apartments, it puts more upward pressure on rent prices. Read Next: Discover More: This spring, multifamily home rental prices have edged up by 0.7%, up to $1,849 for a typical apartment, wrote in its March Rent Report. The solution for many renters? Tiny apartments, or micro-housing. Developers are converting space in dying or defunct malls across the country into micro-apartments, like the ones at The Arcade, a historic mall building in Providence, Rhode Island. Similarly, the Lafayette Square Mall in Indianapolis is planning to open 1,200 apartments in a former Sears building in 2025, reported. But the biggest demand for tiny apartments is on the West Coast, according to a new study from San Francisco ranks the highest or available micro-units and also shows the biggest cost savings for renters who can cram themselves and their belongings in a space that maxes out at 415 feet. According to research, some tiny apartments in San Francisco measure as small as 124 square feet. If you're reading this from the comfort of a spacious, 3-bedroom suburban home, 124 square feet is just slightly larger than a 10′ x 12′ bedroom you might have in your house. Most micro-units have a maximum size of roughly 415 to 440 feet to be considered 'micro' by zoning laws. But you'll find outliers. For instance, the smallest of the tiny apartments are in Honolulu, Hawaii, where a unit must be under 348 square feet to be considered 'micro.' Let's take a look at 5 cities where micro-units make up more than 10% of the city's available rentals. City Avg. size of tiny apt. % of micro-units Avg. Rent for Micro-unit Savings compared to traditional apartment San Francisco 415 14.70% $1,888 $1,628 Seattle 405 12% $1,289 $1,099 Honolulu 348 11.60% $1,700 $562 Portland (OR) 408 10.70% $1,144 $635 Minneapolis 433 10.40% $1,078 $661 More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on Top 5 Cities Where Tiny Apartments Are Big — and How Much It Costs to Live There Sign in to access your portfolio
The Hindu
30-05-2025
- Entertainment
- The Hindu
Follow in the steps of Elvis Presley and Taylor Swift on a road trip through Memphis and Nashville
My journey begins with a fried peanut butter-banana sandwich and 'Burning Love'. The sandwich, served beside golden sweet potato pancakes and strips of crisp bacon at The Arcade, Memphis' oldest restaurant, was Elvis Presley's favourite order here. I sit at his booth, drink multiple cups of black coffee, and soak in the sound of his voice, as smooth as butter, with that distinctive vibrato that made millions of fans go weak in the knees. I am on a music trail through the gracious American South, travelling by road from Memphis to Nashville, to discover how soul music and the blues had an impact on rock and roll, country music, and contemporary pop. Many of America's most influential musicians performed and cut albums here. If you think this is just the music your parents listen to, remember that Justin Beiber, was born in Memphis, and Taylor Swift grew up, and was discovered in Nashville. Stax Museum for American Soul, Memphis Let me start by admitting I knew very little about American Soul. Fortunately the Stax Museum, which stands on the site where the influential Stax recording studios ran is a great place to learn about the 'Memphis sound,' shaped by race, religion, and the Mississippi river. This music, a lot of which was created at Stax, went on to influence the world through the creation of the blues, soul, and rock and roll, and took Stax recording from a tiny recording studio in 1957 to a multi-million dollar organisation. Performers here included Oris Redding, The Staple Sisters, and Aretha Franklin. Raw and authentic, the vocals are emotion set to rhythm, jazz, and gospel. I walk through exhibits that include vintage recording equipment, Tina Turner's bright yellow sequinned dress and Isaac Hayes' gold-plated, peacock blue 1972 Superfly Cadillac El Dorado. As an exhibit at the museum puts it: 'Soul music is a groove. And a groove that makes you move... Soul stirs your insides and shakes your outsides.' In the evening we walk down scenic Beale Street, the neon lit 'home of the blues'. Perched on bar stools at Itta Bena, we mop up bowls of steamy cajun shrimp with fluffy sweet cornbread as a pianist and saxophonist fill the room with that signature Memphis sound. Sun Studio Johnny Cash stood here. I pause and look at a X marked into the linoleum floor, along with a group of tourists who inspect it reverentially. BB King passed through these doors. Also Ike Turner, Jerry Lee Lewis, Johnny Cash and that young man who famously came in to cut a record for his mother: Elvis Presley. As we walk through the compact studio, bustling with tourists, a guide explains why this space is considered the birthplace of rock and roll. In the 50s, the founder Sam Phillips, offered recording services for professionals and amateurs, drawing an 18-year-old Elvis among other greats. Despite the vintage equipment, or perhaps because of it, this is still a working studio, and artistes come in at night to cut albums once the tourists go home. They are all seeking inspiration, and that signature Sun Sound, authentic and just a bit raw, a world away from the airbrushed images and slickly engineered music of today. (Vocal recordings for three hours start at $600) Weave carefully between the guitars and vintage piano, to grab a photo op with the historic, studio-original Shure 55-series microphone, used by all the greats. For a minute at least, you will be a part of history. Graceland, Memphis I did not expect Graceland to be so moving. The sprawling estate hosts about six lakh visitors a year, and from the looks of it, they are all ardent fans. And if my mother, an Elvis Presley loyalist, is anything to go by, they are all singing 'Hound Dog' in their heads as they explore the 17,500 square foot mansion and its lush grounds, punctuated with horses. The interactive iPad tour, led by John Stamos (who you may remember as the hunky uncle in Full House) takes you through the luxurious, quirky home, bought by Elvis in 1957, when he was just 22-years-old. He had eccentric taste, and the money to indulge all whims, so the interiors are a beguiling kaleidoscope of stained glass, joyfully bright wallpaper and sequinned cushions. I am especially fascinated by his Jungle Room, an unapologetically kitschy fever dream of green shag carpets, heavy curtains, and ornately carved furniture. Beautiful photographs of Elvis, Priscilla, and their daughter Lisa Marie Presley adorn the walls. Though the tour includes a look at his flashy cars, including a pink 1955 Cadillac, and planes, the most memorable part is the meditation garden, where visitors stand in hushed silence at the graves. Lisa's is piled with teddy bears, dolls, and flowers. Ryman Auditorium, Nashville This is considered the mother church of country music, and it feels suitably hallowed. Home to the Grand Ole Opry between 1943 and 1974, a live country-music radio broadcast, the Ryman has hosted practically all the biggest country music stars: From Dolly Parton, Patsy Cline and Johnny Cash in the past, to Luke Combs, Keith Urban, and Miley Cyrus. The imposing building was first built to be a church, and opened as the Union Gospel Tabernaclein 1892. As a nod to its past, stained glass windows in blue and red let in tinted sunlight. There are also still lovingly maintained wooden pews that fill the cavenerous room, along with a hardwood floor that contributes to its great acoustics. Along the walls, there are display windows filled with spangled vests and cowboy boots from past performers, including Don McLeans's (Mumford and Sons) gold buttoned oxford shirt, Ringo Starr's (Beatles) black T-shirt, studded with a metal star and Taylor Swift's black sequin-encrusted dress. To learn more, and see some very cool cowboy boots, head to The Country Music Hall of Fame and Museum, located in downtown Nashville, which features 3,50,000 square feet of archival storage and a performance space. Also check out the National Museum of African American Music,which explores the impact African American composers have had on music, from jazz to hip hop. Tour Historic RCA Studio B, Nashville You may remember 'I will Always Love You' from Whitney Houston's The Bodyguard, but Studio B is where it was first sung by Dolly Parton in 1983. This was Elvis Presley's favourite place to record, and he launched 240 songs from here. Nicknamed the 'home of a thousand hits,' the recording console used for thousands of sessions still stands at the studio: you may have heard some of them, including Jim Reeve's 'He'll have to go' and Roy Orbinson's 'Only The Lonely'. This is where the Nashville sound, which gave a pop spin to country music was born, making the city an internationally influential recording centre. There is a hushed silence as the guests 'assemble into a choir' following directions of the energetic tour guide, so we fit into the studio. As we enter the room, dominated by a 1942 Steinway piano, reportedly loved by Elvis, she dims the lights and plays one of his most memorable songs, created here: 'Are you lonesome tonight.' Broadway and The Bluebird Cafe, Nashville In the mood to party, we hit the Honky Tonk Highway: lower Broadway, which is a heaving party of screaming guitars, neon lights, and tourists in cowboy hats. Most of the bars offer live music, and we follow the sound of a violin to find ourselves in Luke Bryan's 32 Bridge, where performers in faded jeans and shiny, fringed cowboy boots sing to a packed audience. Next door a singer in an embroidered vest and leather pants belts out the Eagles' 'Take It Easy', to an audience dominated by a raucous bachelor party, which takes over the dance floor flashing six packs and waving their broad rimmed hats. Meanwhile, a 'pedal tavern' party bike flashed past, unsteady with happily drunk tourists. Bluebird Cafe, a packed listening room, has a completely different vibe. Do not be fooled by its unassuming appearance, people wait for hours to get into this space, which has hosted significant songwriters and artistes including the late Kris Kristofferson, Garth Brooks and Keith Urban. Taylor Swift first performed here when she was 14, and was later also discovered at Bluebird Cafe. The cafe is packed, but intimate. Drew Holcomb is performing with Madeline Edwards, KS Rhoads and Josiah Leming, and they settle in a circle in the centre of the room — there is no stage here. As servers take down orders for beers, nachos and cheesecake with quick efficiency, the performers start singing in turn, between chatting with the responsive audience. Singing 'songs that come out of hard places,' as Drew puts it, they laugh, they cry, they talk about love and loss. It is an unexpectedly cathartic session of group therapy. The writer was in Memphis and Nashville on the invitation of Brand USA
