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09.05.19 8 FOREIGN FUNDS THE Monetary Authority of Singapore (MAS) has confirmed to Reuters about the development. e regulator is currently studying the proposition, which if gets clearance, will see digital-only banks to operate in the country. e move comes at a time when multiple regulators in East Asia have started issuing virtual bank licences. In a response to a Reuters query, MAS said: "Technology and other non-bank firms have been making large digital strides, and they have brought substantive value to their cus- tomers in doing so. "Some of these non-bank firms have es- tablished digital-only banks, either amongst themselves or in partnership with incum- bent banks. "MAS is studying whether to admit such digital-only banks with non-bank parentage." Currently, the regulator is assessing how the entry of these banks will impact the country's banking sector and its associated risks. Recently, Singapore has taken multiple in- itiatives to support fintech development in the country. ey include encouraging fin- techs with state funding, relaxing regulations and enabling them to test new products in restricted environment. Earlier this year, Hong Kong issued virtu- al banking licences to Standard Chartered, Bank of China (HK) and ZhongAn. Later, WeLab Digital also joined the list. e South Korean authorities have issued two online-only bank licences. Singapore mulls issuing virtual banking licences to fintechs ITV plc (LON:ITV) shares sank on Wednesday after the broadcaster reported a decline in advertising revenues for its first quarter, blam- ing the ongoing "economic and po- litical uncertainty" from Brexit and the timing of Easter. In a trading update, the FTSE 100 firm said total external revenue was down 4% at £743mln in the quarter, offsetting 22% growth in revenues from the firm's video-on-demand (VOD) service and a 1% revenue rise in its content production arm ITV Studios, which has produced shows such as Love Island and Bodyguard. e fall also offset 22% growth in revenues from the firm's vid- eo-on-demand (VOD) service and a 1% revenue rise in its content pro- duction arm ITV Studios, which has produced shows such as Love Island and Bodyguard. Meanwhile, revenue for ITV's broadcast and online segment was down 7% at £489mln, while total ad- vertising had also fallen 7%. ere was some positive news, with ITV's Family share of viewing up 4% in the quarter, while online viewing had increased 16%. Total viewing, meanwhile, had fallen 3% year-on-year to 4.4bn hours. e group also continued to state that its first half would be impact- ed by the ongoing political and economic uncertainty, which has dampened demand for advertising, while the summer comparatives from the World Cup last year would also affect its performance. Overall, ITV's total advertising revenue is expected to fall 6% in the first half. Despite the decline, the broad- caster reiterated its expectations of "double digit growth" in online reve- nues and "good organic growth" for ITV Studios over the full year, add- ing that its BritBox streaming ser- vice, developed in partnership with the BBC, is scheduled for launch in the second half of 2019. e group's chief executive, Car- olyn McCall, said the performance had been "very much as we expect- ed" in the quarter but the company was "very focused on delivering in the areas we can control" and try- ing to mitigate the impact of factors outside their control. "We have a solid balance sheet which enables us to make the right decisions to build a robust and growing business and deliver re- turns to shareholders in line with our guidance." e outlook failed to assuage in- vestors, with the shares falling 5.2% to 124.8p in late-morning. ITV sinks as first quarter ad revenues decline, blames Brexit-related uncertainty e fall also offset 22% growth in revenues from the firm's video-on-demand service and a 1% revenue rise in its content production arm ITV Studios Love Island helped ITV channels score highest share of viewing in a decade ITV said total external revenue was down 4% at £743mln in the quarter Singapore's Marina Bay

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