Singapore Post may sell funds at Post Offices

Singapore Post is looking at the possibility of selling mutual funds, insurance and other financial products through its network of post offices to boost its non-postal revenue.

Quoting a source, Streats, a freesheet distributed at subway stations, said former Oversea-Chinese Banking Corp. banker Victor Ow had joined SingPost on a part-time basis with “the mandate to develop SingPost’s distribution business for third-party financial products.”

When contacted, SingPost spokesperson Janine Mathieu said the company is “always looking at opportunities” and that it is “premature to comment” on the report.

But she confirmed that Ow, who was consumer banking chief at OCBC, joined SingPost on a part-time basis in September last year.

Some post offices in Europe and Japan sell mutual funds and insurance products through their branch networks.