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Category: Finance

Retail News Asia is committed to providing both local and global retailers with the latest Finance news throughout the Asian market. This on a daily base.

  • OCBC Launches Mass-Market Travel Credit Card

    OCBC Launches Mass-Market Travel Credit Card

    The bank is hoping to capitalize on the rising trend of frequent traveling among the younger generation and the high share of rebates and reward card users who are also keen travelers.

    OCBC Bank has launched its first mass-market miles card, the OCBC 90°N Card, with which it hopes to achieve $1 billion in annual billings within three years, the bank said in a statement.

    The credit card, which is targeted at fresh graduates, young professionals, management, executives and technicians (PMETs), as well as emerging affluent individuals, has a low annual income requirement (S$30,000), a brand new rewards currency that does not expire, and smaller redemption blocks with no fees, the statement said. The card also allows instant cashback ranging from an average of 1.5–5 percent and reward points that can be used for dining and shopping privileges.

    The bank said it hopes to attract 150,000 sign-ups, and is offering a launch bonus of up to 8 miles per dollar with no cap and minimum spend, as well as 7,000 miles to draw new customers.

    In the past five years, overseas credit card expenditure among OCBC cardmembers has «more than doubled,» Desmond Tan, OCBC’s head of group lifestyle financing, said.

    In addition, the bank has a total card base of 2.5 million customers, and its total card billings have registered a compound annual growth rate of 10 percent over the past three years.

     

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  • Gong Cha secures private-equity investment to boost global expansion

    Gong Cha secures private-equity investment to boost global expansion

    International private equity company TA Associates will take an undisclosed stake in fast-growing bubble-tea chain Gong Cha.

    The investment is being made through TA Associates’ Hong Kong office, with settlement expected in early October. The value of the investment has not been revealed.

    Gong Cha’s South Korean operator will also participate in the capital raising.

    Gong Cha has more than 1000 stores in 17 countries, including South Korea, Japan, Taiwan, the Philippines, Malaysia, Mexico, Australia, Canada, Vietnam, the UK and the US. The company was founded in 2006 in Kaohsiung, southern Taiwan.

    Edward Sippel, an MD at TA Associates and co-head of Asia operations of TA Associates Asia Pacific, said his company’s involvement in the brand will help grow the Gong Cha brand in new and existing markets.

    “Gong Cha [is] a high-growth business that is among the world’s most-recognized tea brands. We are incredibly impressed with how successfully the management team has grown Gong Cha into such a profitable, global business. We will work closely with management in supporting the company’s franchise partners to further Gong Cha’s strong business model,” said Sippel.

    Gong Cha’s main offering, Taiwanese-style bubble tea, is sweet milk tea infused with pearl-shaped tapioca. The company also offers a variety of seasonal and specialty tea-based drinks. Through a primarily franchise model, Gong Cha reaches consumers through a variety of retail store formats, including urban and suburban stores, as well as take-out shops, mall-based stores and kiosks, often in high traffic areas such as train and metro stations.

    “We welcome TA Associates as investors in Gong Cha,” said Euiyeol Kim, CEO of the Gong Cha Group. “With its scale, large capital base and global footprint, TA is an ideal partner for Gong Cha at this stage in our growth. TA offers the truly deep global resources and experience that will help us further strengthen our market position and allow us to even more effectively build our leading global tea brand.”

    Peter Rodwell, newly appointed executive chairman of Gong Cha, said the brand’s success was the result of the management team’s persistent customer-centric focus on quality, innovation and service.

    “I am confident that with TA’s long history of building value in growing businesses, we are poised to bring Gong Cha’s quality tea products to many more consumers around the world.”

    Rodwell joins Gong Cha with more than 30 years of retail food-and-beverage and franchising, including leading McDonald’s expansion across Asia-Pacific and the Middle East.

    Michael Berk, an MD at TA Associates, said the global tea market has enjoyed steady growth over the past several years, and milk tea, including bubble tea, remains a staple beverage across Asia and increasingly around the world.

    “Globally, the tea market is estimated to be larger than that of coffee, with continued expected growth. Given these market dynamics, we believe that Gong Cha is very well-positioned to further expand the company’s presence and brand throughout the world.”

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  • Google Pay update brings dark mode to Android users

    Google Pay update brings dark mode to Android users

    Google continues to push dark themes to its apps and service, a more than welcome feature that Android users have been requested for a long time. Pay is the next Google app that is getting the long-awaited dark theme, although we’re not yet sure if the update that brings the new feature is rolling out to everyone.

    A certain version of Google Pay (2.96.264233179) has the new dark theme, but it’s only showing up for some users on the Google Play Store. You can download the APK file from the source if you don’t want to wait for Google to release it in your country.

    If you’re lucky to get the updated version of Google Pay, the app will automatically switch to dark mode if the battery saver is enabled, but you can also manually set the app to use dark theme whenever you want.

    Once Android 10 gets released, the system-wide dark mode will take over, so it makes sense for Google to want to add this feature to as many of its app as possible until the new OS update hits compatible devices.

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  • UOB Opens Hanoi Branch

    UOB Opens Hanoi Branch

    The bank’s first branch outside Ho Chi Minh City comes a year after the incorporation of UOB (Vietnam), the bank’s Vietnam subsidiary.

    United Overseas Bank (UOB) has announced the opening of its first branch in Vietnam’s capital Hanoi, marking the bank’s first foray out of Ho Chi Minh City, where it has operated a representative office since 1993.

    Our new branch reflects our continued confidence in the country as we seek to serve more customers in both the northern and southern parts of Vietnam. It will enable us to connect customers to the opportunities that Vietnam offers and to support Vietnamese companies in seizing opportunities across ASEAN and further afield, Wee Ee Cheong, UOB deputy chairman and chief executive, said about the milestone in a press statement.

    UOB (Vietnam) CEO Harry Loh noted the significance of Hanoi as an important gateway for the country’s fast-growing northern cities.

    UOB was the first Singapore bank to open a branch in Vietnam in 1995. In 2017, UOB received a foreign-owned subsidiary bank (FOSB) licence from State Bank of Vietnam, which enabled it to extend its branch network beyond Ho Chin Minh City and to offer its products and financial solutions to businesses and consumers located in other cities.

    The bank said the new branch reflects UOB’s commitment to providing its financial services and solutions to more customers across the country.

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  • PayPal-Backed Digital Lenders Raise $110 Million

    PayPal-Backed Digital Lenders Raise $110 Million

    PayPal-backed digital lender Tala has raised another $110 million to enter the Indian market, increasing the firm’s total estimated value to more than $750 million.

    The five-year old California-headquartered startup specializes in digital lending, building credit profiles based on customer texts, call logs, merchant transaction, app usage and other behavioral data through an Android app. Loans can then be approved within minutes and the firm has lent over $1 billion to more than 4 million customers, up from $300 million and 1.3 million customers last year.

    The firm has raised over $215 million, according to a media report, and the latest round’s funds will be used to enter the India market. Prior to the launch, the firm conducted a 12-month pilot program to research the market and also set up a tech hub in Banglore.

    In addition to India, a portion of the funds will be used to expand to existing markets including East Africa, Mexico, and the Philippines and also build new solutions. Moving forward, Tala is also eyeing other markets in South Asia and Latin America.

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  • SoftBank to Allow Setting of Cash Amount for IPO Subscription

    SoftBank to Allow Setting of Cash Amount for IPO Subscription

    SoftBank’s brokerage unit plans to do something that has never be done in Japan’s capital markets – allowing individuals to participate in initial public offerings by setting the amount they wish to pay, rather than by the number of shares.

    The investment giant plans to offer the shares of One Tap BUY, a smartphone-based brokerage controlled by its wireless unit, through this method as early as March 2020. Once it obtains the necessary regulatory approvals, this will mark the first time that investors can subscribe to an initial public offering (IPO) by a specified investment amount rather than a specified number of shares as done traditionally, said One Tap BUY chief executive Masaaki Uchiyama.

    Investors can participate in IPOs for as little as 1,000 yen ($9.39). When you buy food or fuel your car, it’s easier to specify the amount of money you want to spend rather than the volume. The only thing investors want to know is how much they can gain from $10, said Uchiyama, who was quoted in Bloomberg.

    SoftBank, along with Line and Rakuten are racing to onboard more customers via financial services. Line started an online brokerage with Japan’s biggest bank, Nomura Holdings whereas Rakuten last month announced it will start lending and issuing credit cards in the U.S. All three are expanding into new markets, targeting younger and less well-off investors.

    SoftBank owns 46 percent of One Tap BUY, while Mizuho Securities holds 13 percent. Uchiyama, who joined the smartphone-based brokerage in 2016 after stints at the predecessors of SMBC Nikko Securities and Accenture, became the CEO in July.

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  • UBS and Unsystematic Selection Hurts Chinese Fund Industry

    UBS and Unsystematic Selection Hurts Chinese Fund Industry

    Fund of funds are becoming critical in China’s domestic market for diversification and, in particular, hedge fund exposure. But unsystematic performance-chasing from market players do not inspire confidence, UBS Asset Management said.

    Since the fund of fund (FoF) investment philosophy in the domestic market is at a relatively early stage, we see that some FoFs just invest in the top-ranking fund managers based on performance, Shanghai-based fund manager at UBS Asset Management Xia Kun shared.

    In these instances, we believe that the selection for managers is not systematic with insufficient strategic diversification and active management. It is difficult for an FoF to show its features and advantages of diversification when countering market fluctuation, which may have a negative impact on investor’s recognition and acceptance of such a product.

    According to Xia, demand for FoFs is rising due to the growing need for general asset allocation and hedge fund exposure – a key aspect for onshore investors that may have limited to options to protect against the local market downside. But he adds that the universe of strategies is complex and the liquidity covenants are cumbersome, setting a high barrier for investors that lack resources and skill.

    Demand for high-quality actively-managed fund products has burgeoned in line with the implementation of the new asset management regulations that call for a shift from guaranteed-return to NAV-based products in China, Xia explained.

    He cites recent calls by authorities to tighten the wealth management industry in China in an effort to create greater discipline amongst creditors, debtors, distributors, and investors.

    UBS Asset Management recently launched its A&Q China Diversified Fund of Funds in Shanghai to provide what it envisions as an «all-weather» portfolio to provide alternative beta sources. The funds invests in established and emerging managers across equity fundamental, commodity (CTA) and quant equity funds. It is looking to add more managers, especially for fixed income strategies.

    We believe the unique positioning of this onshore fund to better satisfy investors’ demand and our expertise in the area will help build the scale in the local market over time.

  • UBS is the Last Bank to Sponsor Formula 1

    UBS is the Last Bank to Sponsor Formula 1

    Formula 1 motor racing used to attract droves of sponsors from the financial industry. Today, UBS is the industry’s last representative as a backer of the sport. How does its involvement fit with the drive to be a sustainable bank?

    Switzerland knew two major bank bosses with a strong affinity to motor racing: Eduardo Eddie Lehmann, CEO of Falcon Private Bank until 2016. His bank used to back the Toro Rosso team for a couple of years. The other famous banker was Oswald Gruebel. One of his employers, Credit Suisse, was the main sponsor of the Hinwil-based Sauber F1 team, and his other bank, UBS, took over as a major sponsor of the whole racing series.

    The sport remains banned in Switzerland due the risks that are associated with it, but still attracts billions of viewers across the globe. Lehmann was very frank in his assessment of the rationale behind his investment in F1: the rich love what they can’t get, and the F1 series isn’t easily bought, he used to say.

    Both Lehmann and Gruebel are out of their jobs – while UBS remains a sponsor of F1, a deal that is in its ninth year. The Swiss are the last among the major global banks to be sponsors of the biggest motor-racing series, French newspaper Les Echos noted recently.

    The financial crisis put paid to many great sponsorship deals and ING was quick to pull the plug on its support of F1. Both ABN Amro and Royal Bank of Scotland (RBS) followed suit. In 2017, Spain’s Santander exited the business of motor racing by quitting as sponsors of Ferrari.

    Les Echos suggested that F1 represented pretty much everything that banks wanted to leave behind them after the financial crisis – egotism, a focus on risk and speed, the destruction of the environment and noise pollution.

    UBS begged to differ. The bank said it was extremely proud about the cooperation with its partners in Formula 1 in a response to an inquiry from Les Echos. UBS also said that the sponsoring deal allowed it to conduct its business and build relationships with clients, when asked about the impact on its reputation as a sustainable bank. It was to remain a F1 sponsor as long as it made sense for its brand.

    The sponsoring of F1 undoubtedly will enhance the global recognition of a brand and UBS focused mainly on Asian markets such as Singapore, Kuala Lumpur, Shanghai and Abu Dhabi, places where F1 has races taking place each year.

    The volume of the deal is not known. In 2014, the bank confirmed a payment of 30 million francs, with insiders saying that this figure did not include the invitations to 1,000 of its clients to events across the world. The whole package seems to have reached a figure in the three-digits under Gruebel’s tenure – every year.

    UBS obviously knows that F1 racing isn’t congruent with a promotion of social and ecological values. But in its response to «Les Echos», the bank said that a balance was struck between a pursuit of its business by sponsoring F1 while attempting to improve its ecological footprint on ongoing basis.

    It also said that F1 had been the first international sports event to start compensating its carbon dioxide output. The series, the argument goes, has been CO2-neutral since 1997, long before others followed suit.

    Evidently, UBS would have liked to become a main sponsor of the Formula E racing series, which boasts a more environmentally friendly package. Alas, Julius Baer, the Swiss private bank, was quicker to put its pen to paper.

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  • Hong Kong Banks Urge Harmony in Full-Page Ads

    Hong Kong Banks Urge Harmony in Full-Page Ads

    Some of Hong Kong’s largest banks have published full-page newspaper advertisements on Thursday urging for the restoration of social order, one week after some protestors call for cash withdrawals at banks and ATMs.

    HSBC, Standard Chartered and Bank of East Asia, have taken up advertisements in major newspapers in the Asian financial hub, urging for the restoration of social order. HSBC urged all parties to resolve their disagreement through communication rather than violence.

    Standard Chartered said in Thursday’s advertisements the bank supported the special administrative region’s government to uphold social order and «guard the status of Hong Kong as an international financial center,» Bloomberg reported. However, HSBC and Bank of East Asia did not refer to the government in their advertisements.

    Calls by Hong Kong protesters last week to withdraw all their money out of ATMs and banks may have put strains on some banks’ operations. On 16 August, Hong Kong protesters plan to withdraw as much money as possible from their banks or change their currency into U.S. dollars, both to protect their own assets and to show the mainland that the semiautonomous island is more than just a cash cow, various media reported.

    Some netizens on online forum LIHKG have expressed frustration as some ATMs in the city had run out of the U.S. currency.

    In response, Hong Kong’s biggest banks said they have enough notes on hand to handle any surge in demand for cash, should the need arise. Bank of East Asia, DBS, OCBC Wing Hang Bank, and Hang Seng Bank said they have put contingency plans in place, and are keeping their eyes on withdrawals via their teller machines.

    HSBC, the largest of the city’s three currency-issuing banks, said it «has sufficient supply of banknotes and is committed to supporting its customers and the smooth operation of the financial system in Hong Kong, said a bank spokeswoman.

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  • HSBC Considering Purchase of Aviva’s Asia Business

    HSBC Considering Purchase of Aviva’s Asia Business

    HSBC Holdings is considering a bid for Aviva’s Asian operations, as it looks for ways to diversify its business in the region.

    London-based HSBC is in the early stages of weighing an offer for at least part of Aviva’s Asian business. A deal would help HSBC bolster its insurance presence in Singapore and other parts of Southeast Asia, Bloomberg reported, quoting people familiar with the matter.  There’s no certainty the deliberations will result in a transaction, the people added.

    Hong Kong, where HSBC generates more than half of its pretax profit, has been roiled in recent protests, leaving shareholders and staff concerned about the lender’s growth prospects. Its tense relations with Beijing over the Huawei incident has fuelled other sets of concerns.

    Aviva, the UK insurance conglomerate has announced its intention to put up its Asian business for sale, as part of new chief executive’s Maurice Tulloch turnaround strategy for the firm. The company’s operations in the region could be valued at about $3 billion to $4 billion.

    Other suitors are also considering bids for the Aviva assets, the people told Bloomberg. Representatives for HSBC and Aviva declined to comment.

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  • Goldman Sachs Seeking Control of Chinese JV

    Goldman Sachs Seeking Control of Chinese JV

    In the application submitted to regulators, Goldman said it would absorb the securities sales, trading and research operations currently sit in the business of its partner in the joint venture.

    Goldman Sachs has applied to Chinese regulators for approval to gain majority control of the firm’s investment banking joint venture in China, as part of a plan to eventually gain full control of its China business.

    A spokesman at the bank confirmed to Reuters that Goldman applied to the China Securities Regulatory Commission to increase its stakes in Goldman Sachs Gao Hua Securities to the maximum 51 percent, up from the current 33 percent.

    The other shareholder in the joint venture, which focuses on equity and debt capital markets and mergers advisory, is Beijing Gao Hua Securities, controlled by Chinese banker Fang Fenglei and Legend Holdings.

    Until recently, foreign banks weren’t allowed to hold a majority stake in a joint venture in China. If approved, Goldman would join HSBC, J.P. Morgan, Nomura and UBS in owning controlling stakes in their onshore joint ventures in the country. Morgan Stanley and Credit Suisse are currently awaiting approval for majority control.

    China in recent years has indicated its desire to speed up the liberalization of its $44-trillion financial sector. In 2018, the country’s banking regulator removed the limits on foreign ownership of Chinese lenders and bad debt managers.

    In May, China Banking and Insurance Regulatory Commission announced plans to eliminate single shareholder limits for local banks, and allow foreign financial firms to buy shares in foreign insurers in China, among other measures.

    In July, Premier Li Keqiang said the country would lift the financial sector foreign ownership cap one year ahead of schedule and allow majority stakes in insurance and securities and commodities futures businesses .

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  • 7 Ways to Negotiate Personal Loan Interest Rate in the UAE

    7 Ways to Negotiate Personal Loan Interest Rate in the UAE

    If you are in urgent need of money, a personal loan is the way to go. Compared to credit card finance, etc, personal finance is the best option to go for.

    Personal finance will provide you with a higher finance amount, longer repayment tenure, lower interest rate, etc. That is if you are eligible for it.

    However, if you qualify for personal finance, you will want a lower interest rate on the Finance amount. After all, an interest rate is the additional money you pay from your pocket to the bank. And to get that deal, you will have to negotiate with the loan provider.

    Therefore, we have discussed the factors that will help you with the negotiation process. These factors will help you get a better deal on the interest rate.

    Your Credit Score

    A credit score is like a full-body scan of your financial health. It determines whether you are financially capable of repaying the debt.

    Credit scores are marked between 300 – 900 in the UAE. The greater credit score you have, the higher are the chances of you getting a finance amount. Also, if you have a high credit score, you have better chances when it comes to negotiation.

    We have often mentioned the credit score, but do you know how to maintain a good credit score. If you don’t, here is what you should do.

    To maintain the high credit score, you will have to:

    • Stay within the Credit limit
    • Pay your credit card bill on time
    • Avoid paying the Minimum amount of the credit card bill
    • Always pay your bill in full, if possible
    • Manage your debt

    Additionally, you should always keep an eye on your credit score. If you find any suspicious activity in your account, report it immediately. Negligence or procrastination will only damage your credit score.

    Compare the Personal Loan Providers

    Comparing personal finance providers is essential for your financial health. A little effort and research from your end will ultimately benefit you.

    Lenders that provide the lowest interest rate for personal loan in UAE might not always be perfect for you. Make sure to always compare the interest rate, eligibility, repayment tenure, and the finance amount.

    After all, every financial institution has its pros and cons. Therefore: Research. Compare.

    Your Professional Credential

    If your company is listed with the bank and you earn a high income, it makes you a perfect customer. The financial institutions in the UAE consider customers like you a stable candidate. You represent low-risk factors in the eyes of the lender.

    You can definitely use that factor to negotiate a better deal for the personal loan interest rate in uae. Since the lender is assured of your repayment capability, they will offer a better interest rate to seal the deal.

    Healthy Record of Debt Repayment

    Maintaining a healthy record of debt repayment implies that you have always repaid your debt in time. It helps build trust in you, amongst the financial providers. This will end up affecting your credit score in a positive way.

    If you have an unhealthy record in debt repayment, it will cause hesitation amongst the lenders to finance you. Most financial institutions will end up rejecting your application. Even if your application is approved, you will be offered a high interest rate on personal credit.

    Comprehending the Terms and Conditions

    It’s no secret that most customers skim through the fine print due to its length. And that is a big mistake. It is essential that you read and comprehend the terms and conditions associated with the personal loan.

    Reading and understanding the fine print will protect you against any unpleasant surprises in the future.

    Collateral

    It is true that personal credit is collateral-free. However, the lack of collateral affects the interest rate on personal loan. This is due to the fact that the lenders have no way of recovering if the customer is unable to repay the amount.

    Henceforth, you can offer collateral to reduce the interest rate of the personal credit. If the financial institution accepts the collateral, you can enjoy a much lower interest rate, as there is no risk involved.

    Special Offers

    Finance institutions in the UAE often come up with special offers during the festive season. It is due to the fact that many need financial help during the festive season. These offers can often help lift the burden of the festive season in your pocket.

    The special offers during the festive season would often involve lower interest rates in the UAE. Hence why it can be beneficial for you to go for the personal credit during the festive season, if need be.

    Over to You

    If you use the suggestions given above, it won’t be difficult to get a lower interest on the financed amount. Make the most of your privileges. Use the status of your employment and the credit score to score a better deal.

     

     

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  • 80 Percent of Thai Wealth Held Onshore

    80 Percent of Thai Wealth Held Onshore

    Lombard Odier is bullish about its onshore partnership strategy in Thailand, claiming that 80 percent of high net worth wealth remains onshore with local banks.

    The bank is bullish on Thailand’s wealth market, citing industry projections of 10-30 percent annual growth of high net worth individuals, depending on segmentation. Interestingly, the billionaire segment is expected to increase the fastest despite an ongoing U.S.-China trade war.

    Growth is here, said Lombard Odier’s APAC CEO Vincent Magnenat, who expressed optimism regarding the bank’s benefits from its four-year-old partnership with major Thai lender Kasikornbank (Kbank).

    Lombard Odier’s ventures into building onshore revenue lines have been supported not only by its investment capabilities but also through effective delivery to meet non-investment needs. According to Magnenat, the new generation of Thai entrepreneurs are increasingly demonstrating not only demand for professional investment management but also wealth planning and family or business governance needs.

    Perfect wealth comes from a combination of wealth and happiness; customers can live a worry-free lifestyle by easing their concerns in the areas of maintenance and succession of wealth, said Jirawat Supornpaibul, head of Kbank’s private banking group in a local media report.

    KBank’s private banking arm has assets under management of 760 billion Thai baht ($25 billion) with more than 11,000 clients and it estimates the latter to grow five percent annually.

  • Swiss Fintechs to Showcase Expertise at Singapore Fintech Festival

    Swiss Fintechs to Showcase Expertise at Singapore Fintech Festival

    Switzerland Global Enterprise and the Swiss Business Hub ASEAN announced that they will showcase the best of the country’s fintech ecosystem and expertise under its Swiss Pavilion in the upcoming Singapore FinTech Festival 2019.

    Returning for the third year, the Swiss Pavilion will host close to 30 companies involved in cutting-edge innovation in financial services technologies that encompass regulation technology, blockchain solutions, Big Data and analytics, algorithm trading and cybersecurity among others. The Swiss Pavilion, one of the larger national pavilions taking part at the Singapore festival, will present opportunities for co-innovation, collaborations, partnerships, and deal-making.

    The Switzerland Global Enterprise (S-GE) is pleased to showcase the Swiss ecosystem of top financial institutions and leading Fintech players at the Singapore Fintech Festival 2019.  As one of the Top 10 Financial Centres of the world, Switzerland offers the ideal combination of dense and diverse ecosystem in the fintech space, a regulator addressing the needs of the industry and a great pool of talents to create new solutions for the future, said Patrik Wermelinger, Member of the Executive Committee of Switzerland Global Enterprise.

    Besides demonstrating the expertise of Swiss companies to international audiences, the other goal of the Swiss Pavillion is to enable Swiss fintechs to use Singapore as a hub to grow in the Southeast Asia (ASEAN) region, Wermelinger added.

    Interest from Swiss fintech enterprises in Singapore has been growing rapidly. Over the past few years, we have seen escalating interest from Swiss fintech companies to spread their winds into ASEAN using Singapore as a hub.  There is potential for more Swiss-Singapore exchanges and it is my wish to see more of such collaborations.  Together, we can explore more markets and help the financial institutions grow rapidly, said H.E. Fabrice Filliez, Switzerland’s Ambassador to Singapore.

    Switzerland is home to over 1,000 fintech companies, deeply active in Investment Management, Payment solutions, Banking infrastructure and Deposit & Lending. Their interest to a greater presence in Singapore arises from the republic’s fintech cooperation framework and agreements with ASEAN, China, India, Japan, and South Korea.

    Singapore’s annual FinTech Festival is organized by MAS, in partnership with The Association of Banks in Singapore, and in collaboration with SingEx Holdings. The 4th edition of the Singapore FinTech Festival will attract a global array of speakers and exhibitors.

    The upcoming event will carry four major underlying themes that are driving the financial ecosystem: Sustainability and Climate Finance; Future of Finance; Exponential Technologies and FinTech and Beyond.

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  • HSBC Slighted in China

    HSBC Slighted in China

    In a tell-tale sign that HSBC’s relations with Beijing are on the edges, the bank has been noticeably excluded from a list of 18 involved in China’s interest rate reform.

    Hong Kong’s biggest bank was not included in a list of 18 lenders that will participate in pricing for a new loan prime rate that will be unveiled by the People’s Bank of China on Tuesday. The roster includes foreign lenders such as Standard Chartered and Citigroup, which have smaller China presence than HSBC.

    The People’s Bank of China (PBOC) said in a statement  that the benchmark lending rates set by the bank will be replaced with new national Loan Prime Rates (LPRs) — which will be based on the interest rates that a basket of 18 commercial banks charge their more creditworthy borrowers — as a new reference point for lending.

    The exclusion deals a blow to HSBC, which has made Greater China a key pillar for its growth strategy. The lender is the third-largest corporate bank in the country by market penetration, according to data provider Greenwich Associates LLC.

    The recent departures of chief executive officer John Flint and the bank’s Greater China head, Helen Wong signal troubles at the bank. HSBC’s shares fell 13 percent in Hong Kong year-to-date, compared with a decline of less than 1 percent in the benchmark Hang Seng Index.

    Speculations about how the London-based bank has fallen into China’s bad books include the bank’s involvement with Huawei Technologies. According to a Financial Times report on Monday, Liu Xiaoming, China’s ambassador to the UK, summoned HSBC’s ex-CEO John Flint to the embassy earlier this year to interrogate him over the bank’s role in the arrest and prosecution of Meng Wanzhou, the chief financial officer of Huawei.

    The then-CEO told him HSBC had no option but to turn over information that helped US prosecutors build a case against Meng, the FT said.

    Wong’s departure came at a time when HSBC was facing criticism in China’s state-owned media over its role in the Huawei case. The way HSBC helped the U.S. Department of Justice acquire documents concerning Huawei was unethical, citing a source close to the matter. Hence, the bank was likely to be included in China’s first “unreliable entity” list of companies that have jeopardized the interests of Chinese firms, it said.

    An HSBC spokesman on 9 August has denied that Wong’s departure was linked to any issue involving Huawei, pointing out that she announced her resignation before Flint’s departure.

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