Singapore financial sector updates: Manulife wealth plans and scam reimbursement rates

Manulife Singapore has introduced two new wealth management solutions, Manulife Indexed Wealth (MIW) and Manulife Indexed Income (MII), aimed at the mass-affluent segment. These Singapore-dollar-denominated plans respond to local consumer concerns regarding long-term financial security and the risk of outliving savings.

MIW focuses on long-term wealth accumulation with options for index sub-accounts, including an S&P 500 buffer index. MII is designed for retirement income and wealth transfer, offering monthly payouts linked to a volatility-controlled multi-asset index with a 0% floor crediting rate to protect against market downturns.

Separately, a report by BioCatch indicates that Singaporean banks are trailing the 44% global average for scam-related loss reimbursement. Only 30% of financial institutions in Singapore reimburse more than half of scam losses to customers. The report notes that Singapore lacks a mandatory reimbursement scheme for authorized push payment fraud, instead utilizing a Shared Responsibility Framework that distributes liability between banks, telecommunications companies, and consumers.