Bank loans in Singapore rose year on year for the 11th straight month in August though the pace of growth slowed for the second straight month as business lending cooled.

Total lending last month rose to S$634.41 billion, up 5.1 per cent compared with S$603.85 billion in August last year, according to preliminary data from the Monetary Authority of Singapore yesterday. Bank loans have been rising year on year since October last year with growth hitting 7.6 per cent in June, the fastest in more than two years. But July saw lending momentum easing to 5.9 per cent, mainly due to slower growth in business loans.

Business lending in August expanded year on year for the ninth straight month to S$378.16 billion, up 5.8 per cent from a year earlier. This was slower than July’s 7.4 per cent and June’s 10.5 per cent expansion.

Loans to manufacturers and building and construction firms saw little change, with growth mainly coming from lending to financial firms, which swelled 12.7 per cent to S$89.47 billion, and to general commerce firms which rose 10.4 per cent to S$67.18 billion. – The Straits Times

Uber begins service in Phnom Penh

Uber, the world’s biggest ride-hailing service, officially launched operations in Phnom Penh, Cambodia, yesterday after nearly three months of trial operations, during which the transportation giant’s representatives worked closely with the government to create a regulatory framework to support ride-hailing services.

Brooks Entwistle, Uber’s chief business officer for the Asia Pacific region, said the official launch in Cambodia – the 78th country in the company’s global portfolio – “signifies our ongoing momentum across Southeast Asia”.

He said he expected the company’s shift to full operations would have a positive impact on unclogging the capital’s congested streets while offering affordable ways for riders to travel and creating income opportunities for drivers.

“The technology that Uber uses for ride-hailing has changed how cities all over the world, especially in Southeast Asia, [free up congestion,] allowing people to move much more efficiently,” he said. –The Phnom Penh Post

Developer Ortigas enters hospitality

Philippines’ property developer Ortigas & Co has entered the hospitality business with the launch of The Cirque, a 55-unit serviced residences business carved out of its master-planned mixed-use community Circulo Verde that straddles Quezon City and Pasig.

Ortigas has teamed up with Hospitality Innovators Inc (HII), a 15-year-old local hotel and property management company, to manage these serviced residences, offering one-bedroom (46 to 51 square meters) and two-bedroom units (67 to 69 square meters). |– Philippine Daily Inquirer

Cambodia, Bangladesh settle rice deal terms

Cambodia and Bangladesh have finalised terms on a massive rice deal that could see up to 1 million tonnes of rice purchased from the Kingdom over the next five years, with the first shipment due to begin by November, a source close to the deal said.

Hun Lak, vice president of the Cambodia Rice Federation (CRF), confirmed that an agreement had been made between the two governments after the relevant ministries signed a memorandum of understanding (MoU) in August that hoped to replenish Bangladesh’s stockpiles after heavy flooding earlier this year decimated the country’s crops.- The Phnom Penh Post.