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Tag: Banking

  • CIMB Wants A Bigger Bite Of Singapore SME Banking Share

    CIMB Wants A Bigger Bite Of Singapore SME Banking Share

    CIMB Bank plans to double its market share from 3 percent to 6 percent by 2021 for its small- and medium-sized enterprise (SME) banking business in Singapore.

    One of the lender’s efforts to do so is the launch of its Asean-China Halal Corridor initiative last year, which is a trade network linking halal businesses across China and the region. The initiative – which encompasses agribusiness, cosmetics, food and beverage, fashion and pharmaceuticals – has seen a growing interest among SMEs here, with strong participation in a recent CIMB halal corridor workshop.

    Among the segments that we see (venturing abroad), a lot of cross-border SME regional flows are manufacturing and trade, F&B (food and beverage) including the halal market, and the agricultural commodity sector, said Yong Jiunn Run, head of CIMB commercial banking.

    China’s halal sector is expected to reach $1.9 trillion by 2021, and there is a potential customer base of 266 million in ASEAN and China. Along the process of aiding F&B companies to obtain halal certification, the bank found that this group of SMEs usually proceeds to obtain Islamic financing to tap potential Muslim investors, giving a lift to its SME banking segment.

    Since 2014, the Malaysia-headquartered bank has seen a take-up rate among SMEs for Islamic financing grow by more than 48 percent per annum in the past five years.

    Besides tapping on Islamic finance, the bank recently refreshed its current account offering for businesses, also known as CIMB BusinessGo (BizGo), to provide a unique offering.

    First launched in January 2017, the new bundle aims to address SMEs’ needs in the market that are not being met by the current incumbents, said Ian Chan, CIMB Bank Singapore’s co-head of transaction banking and regional head of digital banking.

    New features include free FAST (Fast And Secure Transfers) transactions, best forex rates guaranteed for transfers to Malaysia, and interest rates of up to 1.88 percent per annum, amongst the most competitive in the market. It’s a product we revamped for two reasons – first and foremost, it’s CIMB’s 10-year anniversary in Singapore, Chan said.

    Secondly, we also want to shout out to the market that we want to grow our SME segment and help our clients to expand their businesses into ASEAN.

    While CIMB is evaluating an application for the digital banking licenses that are up for grabs in Singapore, Yong is against the idea of pursuing the license just for the sake of it.

    If you want to go into the digital bank arena, what customer pain points are you trying to solve? That’s very key as it goes back to basics. If those basics can be achieved without going digital, then what do you really want to achieve? he asked.

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  • UOB and RHT Chestertons Ties Up In App

    UOB and RHT Chestertons Ties Up In App

    RHT Chestertons Valuation and Advisory have tied up with UOB Business Banking to launch Singapore’s first instant indication guide for commercial property.

    Within the «Real Commercial» app developed by Soreal Prop and United Overseas Bank (UOB), one can find an online platform that provides the value indication guide for local commercial strata-titled properties to the user within a minute, as compared to 30 minutes or more using the normal method.

    This instant indication range guide platform was developed over nine months, with RHT Chestertons providing the valuation methodology to develop a matrix which can generate a current range of values for the particular strata-titled commercial property based on the address and size, the real estate advisory firm said in a media statement on Monday.

    While these robo-valuation models are in demand by financial institutions, it cannot entirely replace the human element in the valuation process, the advisory firm notes. «Human input is still required to assess properties like landed factories, shophouses, hotels and dormitories, etc. as there are other intangible factors affecting value associated with the various property types,» the firm wrote in a report.

    David Ng and Eleen Chia who have years of experience in the valuation of REITs (Real Estate Investment Trusts), initial public offerings, land parcels, mortgage security, acquisitions and disposals, currently helms RHT Chestertons’ Valuation & Advisory.

    If demand for such service is strong, RHT Chestertons may enhance the platform to include residential strata-titled properties too. Addressing the need to improve on the quality of valuation reports in the future, RHT Chestertons is now providing analytics to assist clients to have a better understanding of property values. Such analytics include, but not limited to value behavior charts in particular districts and estimated projection of property values based on past trends.

    RHT Chestertons has developed a matrix that allows a range of values to be generated using recent transaction records, past valuations, and current rental data. This allows the user, property agent or buyer, to work out through the app the loan amount needed, and hence to proceed immediately with the loan application process with UOB. A formal valuation report will then be instructed to be issued by RHT Chestertons when the loan is to be disbursed.

  • Private Banks Don’t Put Their Fees on the Internet

    Private Banks Don’t Put Their Fees on the Internet

    Asymmetries of information are a big issue in the provision of medical services. If a patient with a stomach ache doesn’t know what to do about it he will consult his medical adviser, in other words, his doctor. The doctor, in turn, will analyze the problem and propose a solution, a therapy.

    Given his advantage of information, the doctor has the means to influence the degree of medical advice and an opportunity to earn money from the prescription of drugs. He can suggest that the patient should return to his surgery in two days’ time for a check-up or agree with the patient to return only if the therapy doesn’t work within two days.

    Normally, the patient will not be able to judge which of the suggested procedures makes more sense for him. A doctor with extra capacities thus has a way of generating additional income if need be. A tried and tested measure against this supply-induced demand is to limit the number of medical surgeries.

    It is definitely worth looking at both the disclosed and the hidden costs. As advisory services in private banking aren’t measured in minutes, unlike those of medical doctors, the symptoms of asymmetries of information aren’t the same. It is worth looking at both the disclosed and the hidden costs. The prices of private-banking services aren’t publicly known because of the discretion of the providers.

    To be precise: private banks aren’t displaying their fees on the internet. This makes it hard for an inexperienced client to determine whether the price offered for advisory services or wealth management mandate is fair or not. This is true in particular because these prices normally depend on the size of assets, the strategy chosen and occasionally also on the frequency of advice given. Clients with little know-how thus risk paying too much for the service.

    Fees charged for advice and wealth management services at least be disclosed to the client. Many providers, however, are burying other costs in the products they recommend to their clients. For instance, even experts are finding it hard to detect the margin applied to a structured product. After all, who is able to decide whether a particular option was fairly priced or not? The more complex a product is used, the bigger the asymmetry of information and the more options there are to add more margin.

    Thanks to the asymmetries of information, it is relatively easy for financial services firms to increase their margin at the expense of the client, both openly and covertly. What is the driving force behind this exploitation of their position of power?

    The goal of profit maximization springs to mind first. If you aim for the biggest profit possible in a short period of time, the temptations are much stronger than for the provider with a long-term perspective. It would be salutary for many clients to join an annual press conference and hear the management proudly display how they managed to increase their client margin.

    The compensation system deserves particular attention. Companies that promise to pay high bonuses to relationship managers for selling as many of the bank’s own products as possible, clearly don’t have the best interest of clients as their focus. But even the compensation components that look innocuous at first sight can quickly turn problematic: a relationship manager whose bonus depends on the size of assets under custody won’t likely tell his client to pay back a mortgage as it would lower his tally of assets under management.

    Clients who suspect that their relationship manager doesn’t act in their own best interest should demand to know how his compensation is being calculated. Ideally in writing to avoid becoming the victim of obfuscation.

    In the past years, whenever there was a problem in financial services, the cry for the regulator wasn’t slow in coming. Is it possible to regulate away asymmetries of information? In part for sure: service providers could be forced to publish their prices on the internet or disclose product margins.

    But discretionary powers for the latter of the two are so big that regulation would hardly help much. Competition is fully capable of solving the problem. The behavior of clients is decisive. They should care about issues involving their assets at least to a minimum degree. Nobody will benefit from a failure to act despite being dissatisfied.

    Unfortunately, most clients overestimate the complexity of changing their bank and only a few know that most companies will assume the majority o

  • UBS Axes 40 Jobs In APAC

    UBS Axes 40 Jobs In APAC

    UBS Group is trimming some 40 jobs in Asia Pacific as part of the group’s push to cut costs and combine its trading units.

    The staff cuts would come from UBS’s markets and investment-banking teams with a majority at the level of vice president or below. The person asked not to be identified because the details are not yet public.

    The Asian divisions will see smaller cuts than those planned in Europe because the lender sees the region as a growth driver, the people said. The divisions, led by Hong Kong-based Taichi Takahashi and David Chin, face a similar story at HSBC, which has is reviewing its equities unit, and announced steep headcount cuts in Europe.

    As part of its global restructuring, Ros L’Esperance and Javier Oficialdegui are being given charge of the newly-named global banking division, which will house public capital markets, private financing and mergers, and acquisitions. A combined global markets operation including equities and foreign exchange, rates and credit will be run by Jason Barron and George Athanasopoulos.

    Greg Peirce is taking over as global head of mergers and acquisitions, the first time that role will be based in Hong Kong, the person said. The Asian staff reductions have already begun, with a fresh round expected later this month, they said. UBS has started to overhaul its investment bank through reshuffling senior management and combining trading operations in changes that may ultimately eliminate hundreds of positions.

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  • Singapore’s First Blockchain Trade Financing Platform Launched

    Singapore’s First Blockchain Trade Financing Platform Launched

    CIMB Bank’s Singapore Branch and iTrust have launched Singapore’s First Blockchain Trade Financing Platform, and successfully completed their first structured trade financing transaction on the platform.

    The milestone transaction involves the financing of dairy products imported into China and is expected to generate transaction flows of up to $100 million a year, CIMB Bank said in a media statement on Thursday. iTrust provides secured real-time visibility of the cargo in transit and in the warehouse using blockchain-based IoT.

    Given the rapid technology shifts in the market today, we will continue to focus on digitalization and customer experience to transform the way we finance our corporate customers, thus adding value to our services. This blockchain trade financing with iTrust mitigates fraud risk, and alerts us of any unauthorized movement of the financed cargo, said Mak Lye Mun, CEO of CIMB Bank Singapore.

    All data and documents from the transaction are blockchain in a distributed ledger for provenance and immutability, the bank said. The technology provides all stakeholders with a secured operational dimension of the transaction, which was absent in the past. With iTrust’s security, transparency and visibility for the documents and cargo, CIMB hopes to mitigate risks associated with commodity trade financing and facilitate credit extension for their customers.

    Digitalization is gradually transforming financing. With iTrust, we have used blockchain-based IoT to provide insight into the physical world into a blockchain digital platform. We believe that the day will come whereby all lenders and borrowers would demand to have a secured real-time view of their cargo under financing on a secure and immutable blockchain platform like iTrust,» said Lim Chee Kean, CEO and co-founder of iTrust.

    As much as 80 percent of global flows of merchandise – worth about $9 trillion – is financed by some form of credit, guarantee or insurance, according to a global survey by the International Chamber of Commerce. Trade finance revenues were $39 billion in 2017. Yet, this $9 trillion business of financing global trade has only started to transact digitally.

    While some processes are already being digitalized and banks and commodity traders are experimenting with blockchain technology, paper documentation remains widespread and the risk of fraud elevated. In fact, forgers have become so adept at faking documents used by banks that going digital has become a necessity for the industry, according to OCBC, Southeast Asia’s second-biggest lender.

  • Mastercard Joins ASEAN Fintech Platform

    Mastercard Joins ASEAN Fintech Platform

    It will join AFIN’s board of directors and work with the platform to support the global fintech community and financial industry to foster greater financial inclusion.

    Southeast Asia’s fintech community has been given a boost with Mastercard joining the ASEAN Financial Innovation Network (AFIN) as the platform’s second corporate founding member, the two parties announced in a press release on Thursday.

    Mastercard’s participation in AFIN will enable the firm to work with fintechs to provide engagement and support, and it will bring its Start Path program members onto AFIN’s API Exchange (APIX) ecosystem, the statement said.

    «Having worked with tech start-ups around the globe, Mastercard looks forward to extending its support to ASEAN’s community of builders and change agents by providing access to its technology solutions, expertise and strategic partnerships to enable start-ups to rapidly and effectively scale up,» Rama Sridhar, executive vice president, Digital & Emerging Partnerships and New Payment Flows, Asia Pacific, Mastercard, said.

    AFIN is a non-profit network established in 2018 by the Monetary Authority of Singapore (MAS), the World Bank Group’s International Finance Corporation (IFC) and the ASEAN Bankers Association that aims to help financial institutions, fintech firms and regulators address issues of connectivity, local compliance and cross border compatibility.

    Its flagship product is a cloud-based APIX platform, an online marketplace for financial institutions to collaborate with innovative fintech solutions in areas from design to marketing.

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  • Vietcombank first local lender to open Australia branch

    Vietcombank first local lender to open Australia branch

    Vietcombank, one of Vietnam’s leading banks, has received approval from the central bank to open a branch in Australia.

    The branch will open in Sydney and have a registered capital of AUD71 million ($48.08 million), according to the State Bank of Vietnam’s (SBV) approval document released Wednesday.

    Vietcombank must complete the opening of the branch within 24 months from the date of the SBV’s approval, after which it expires, the document says.

    This move is an important step in Vietcombank’s global expansion strategy, in which it aims to gain a place among the world’s top 300 banking and financial groups by 2020, it said in a statement.

    In June this year, Vietcombank received the final permit to set up a representative office in New York City of the U.S. from the New York State Department of Financial Services (NYDFS).

    Vietcombank has more than 500 branches, representative offices, and member companies in Vietnam and overseas, including a financial company in Hong Kong, a money transfer company in the U.S., a representative office in Singapore and a subsidiary in Laos.

    The lender is one of three Vietnamese banks among the world’s most valuable brands, according to Brand Finance, a global branded business valuation and strategy consultancy.

    Vietcombank, BIDV and Vietinbank are Vietnam’s three biggest banks in Forbes’s list of 2,000 largest listed firms in the world. In the Forbes ranking released in May, Vietcombank jumped 198 spots to 1,096th with revenues of $3.1 billion and a market value of $10.9 billion.

    Japan’s Mizuho Bank is Vietcombank’s largest foreign shareholder, with a 15 percent stake, while the Vietnamese state holds 74.8 percent.

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  • Vietnam fintech sector in the fast lane

    Vietnam fintech sector in the fast lane

    The number of financial technology companies in Vietnam has grown from around 40 in 2016 to 154, focusing on payment, peer-to-peer lending and crowdfunding, a survey has found.

    Out of the 154 fintech startups, 37 operate in payments, 25 in P2P lending and 22 in blockchain and crypto and remittance, according to a survey by the Banking Technology Development Research Institute (BTI), National University of Ho Chi Minh City, released at a fintech conference in HCMC on Monday.

    The rapid growth of fintech has transformed the financial and banking sector by offering consumers more convenient products and services.

    Fintech companies in Vietnam are likely to continue encroaching on the retail market share of traditional banks, with peer-to-peer lending, e-wallets, payment and cashless payments becoming an integral part of everyday life, the report noted.

    However, areas such as asset management, liquidity management, investment management, insurance, and automated advisory services are still in their infancy, it added.

    Hoang Cong Gia Khanh, director of BTI, said: “Because 70 percent of Vietnam’s fintech companies are still startups, it will be difficult to have large-scale fintech firms even with foreign capital.”

    Some 70 percent of them have foreign backers both from developed countries such as Singapore, Japan, the U.S., Canada, Australia, the U.K., Denmark, and France and neighboring countries such as China and Malaysia, he added.

    Vietnamese fintech companies also face challenges like cybersecurity, human resource training and others.

    Startups in fintech received more investment — $117 million — than in any other industry in Vietnam last year, according to startup accelerator program Topica Founder Institute.

    The country’s fintech market was valued at $4.4 billion in 2017 and is predicted

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  • UOB Issued Letter of Demand To Libra Group

    UOB Issued Letter of Demand To Libra Group

    UOB has asked  Libra Group, which is mired in financial troubles, to pay up $18.8 million.

    UOB has issued a letter of demand to Libra Group for the above amount, based on outstanding banking facilities, the Catalist-listed company announced in a filing on Friday. The letter, dated Oct 8, reveals that events of default have occurred, and «UOB shall cease to be under any further commitment to the Company.»

    The entire sum of $18.8 million is immediately payable to the bank by last Friday, the filing said.

    The Singapore lender also issued a letter demand to Kin Xin Engineering, a unit of Libra that provided guarantees for the US$18.8 million sum, for repayment by the same deadline.

    Another Libra unit, Libra Engineering & Manufacturing, separately received a letter of demand dated Sept 30 from WMS Industrial Gas & Equipment for 72,940 Ringgit (S$23,940), related to goods sold and delivered.

  • DBS Mulls Second Attempt at Indonesian Bank M&A

    DBS Mulls Second Attempt at Indonesian Bank M&A

    Considerations are being made at DBS on whether or not to submit a bid for Indonesian lender Bank Permata – its second attempt to enter the Southeast Asian market through an acquisition.

    DBS has not yet concluded its decision on whether or not to bid for the bank valued at $2.4 billion, according to a report citing anonymous sources. The submission deadline is believed to be due in about a month.

    Should it decide to pursue the acquisition, DBS will face competition from OCBC and Sumitomo Mitsui Financial Group. Bank Permata’s current major shareholders include Standard Chartered (45 percent) and PT Astra International (45 percent).

    Should DBS proceed, it will mark the second attempt at acquiring a major Indonesian bank. In 2013, DBS failed to acquire PT Bank Danamon Indonesia with its $6.5 billion bid following a change to foreign ownership rules. The Indonesian lender was subsequently acquired by Mitsubishi UFJ earlier this year.

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  • HSBC Reviewing Bank’s Equities Team

    HSBC Reviewing Bank’s Equities Team

    HSBC will be reviewing its global equities sales and trading business as it tries to slash costs under Noel Quinn, raising the chances of more job cuts.

    With HSBC’s interim chief Noel Quinn looking to ax 10,000 jobs in Europe, the bank may look to sell or shut down its equities sales and trading business. Some of these headcount cuts could come from the sale of its French retail bank.

    Equity desks are becoming more automated — it wouldn’t be a shock if they take more bodies out,» said an investment banker, who was quoted on Sunday. Global equities revenues were $1.2bn (£930m) last year, representing about 2 percent of group revenues.

    Any job cuts implemented as part of the latest plan would come on top of 4,700 redundancies that HSBC recently announced, according to a report. The lender is struggling with thinning profits amid a challenging environment characterized by low-interest rates, trade conflicts, and Brexit uncertainty.  The bank’s global headcount stands at about 238,000.

    The planned cuts mark the lender’s most ambitious attempt to rein in costs in years, as it would result in a substantial reduction in HSBC’s current headcount. Observers also see it as a move by Quinn to make his mark on the bank, post the exit of John Flint, the previous chief.

    We’ve known for years that we need to do something about our cost base, the largest component of which is people — now we are finally grasping the nettle, said two sources quoted in the Financial Times article.

    There’s some very hard modeling going on. We are asking why we have so many people in Europe when we’ve got double-digit returns in parts of Asia, they added.

    Despite heavy cuts, the London-based bank with a strong franchise in Asia wants to hire more than 600 staff by the end of 2022 for the business in the Asia-Pacific region, said Kevin Martin, regional head of retail banking and wealth management who was quoted in «Bloomberg».

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  • DBS Mulls Second Attempt at Indonesian Bank M&A

    DBS Mulls Second Attempt at Indonesian Bank M&A

    Considerations are being made at DBS on whether or not to submit a bid for Indonesian lender Bank Permata – its second attempt to enter the Southeast Asian market through an acquisition.

    DBS has not yet concluded its decision on whether or not to bid for the bank valued at $2.4 billion, according to a report citing anonymous sources. The submission deadline is believed to be due in about a month.

    Should it decide to pursue the acquisition, DBS will face competition from OCBC and Sumitomo Mitsui Financial Group. Bank Permata’s current major shareholders include Standard Chartered (45 percent) and PT Astra International (45 percent).

    Should DBS proceed, it will mark the second attempt at acquiring a major Indonesian bank. In 2013, DBS failed to acquire PT Bank Danamon Indonesia with its $6.5 billion bid following a change to foreign ownership rules. The Indonesian lender was subsequently acquired by Mitsubishi UFJ earlier this year.

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  • HSBC Appoints New Head of Global Liquidity and Cash Management

    HSBC Appoints New Head of Global Liquidity and Cash Management

    HSBC Singapore on Friday announced a new Head of Global Liquidity and Cash Management who will lead the business in Singapore working with customer groups to maximize its potential as a regional treasury hub as they deepen their presence in Southeast Asia.

    David Koh, HSBC’s new head of global liquidy and cash management (GLCM), joins from Standard Chartered, where he most recently led the transaction bank for Greater China and North Asia. He brings over 25 years of experience in transaction banking, having worked across seven geographies including China, Singapore, the UK, and Saudi Arabia, the lender said in a statement.

    Whilst Singapore already enjoys a strong concentration of multinationals basing their regional treasury centers here, Southeast Asia’s rising consumer market means these numbers are ratcheting up even further. When you couple this with the region’s growing digital economy and mobile-first mentality, it becomes clear that businesses require truly innovative solutions to grasp these opportunities,» said Head of Commercial Banking HSBC Singapore Alan Turner.

    With David’s many years of international experience, he will be instrumental in driving cross-border payment and liquidity solutions in this ever-changing dynamic region, Turner added.

    Prior to Standard Chartered, Koh headed the Corporate and Transaction Banking teams for Deutsche Bank in Greater China. Koh began his career at HSBC on the bank’s executive trainee development program.

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  • Kasikorn Bank announced the nine-month period of 2019 net profit of Baht 29,924 Million

    Kasikorn Bank announced the nine-month period of 2019 net profit of Baht 29,924 Million

    Ms. Kattiya Indaravijaya, President of KASIKORNBANK, said Thai economic activity in the third quarter of 2019 continued to see few supports, after growing by 2.30% in the second quarter of 2019. The Thai economy showed signs of strength in the third quarter of 2019, due mostly to the low base effect of the same period last year, especially in the tourism sector. However, exports and private investment – two major economic drivers – continued to slow in line with the sluggish global economy and trade volume amid the protracted US–China trade negotiations and concerns over Brexit risks. For the final quarter of this year, a brighter outlook seems to be in store for the Thai economy, thanks to the government’s stimulus measures.

    Operating performance for the nine–month period of 2019, KBank and its subsidiaries reported net profit of Baht 29,924 Million, and reported net profit of Baht 9,951 Million, for the third quarter of 2019.

    Operating performance for the nine–month period of 2019 compared with the same period of 2018, KBank and its subsidiaries reported net profit of Baht 29,924 Million, a decrease of Baht 1,502 Million or 4.78% over the same period of 2018. Net interest income increased by Baht 4,051 Million or 5.54% mainly due to interest income from loans to customers and investments.  NIM stood at 3.34%.  Non–interest income decreased by Baht 2,753 Million or 6.20% mainly due to a decrease in net premiums earned – net and fees waive for money transfers through digital channels, while revenue from sale of securities increased.  Moreover, other operating expenses increased by Baht 2,684 Million or 5.49%, resulting in the cost to income ratio that stood at 43.41%.  KBank has set aside higher allowance for impairment loss on loans from the preceding quarter, with prudent consideration on factors in line with uncertainties from continued economic slowdown.

    Operating performance for the third quarter of 2019 compared with the second quarter of 2019, KBank and its subsidiaries reported net profit of Baht 9,951 Million, a slight increase from the preceding quarter of Baht 22 Million or 0.23% mainly due to an increase in net interest income increased by Baht 326 Million or 1.27%.  NIM stood at 3.34%.  Moreover, non – interest income increased by Baht 2,139 Million or 15.68% due mostly to revenue from sale of securities increased.  In addition, other operating expenses was approximate to the previous quarter.  In this quarter, cost to income ratio stood at 42.52%.  However, KBank has set aside higher allowance for impairment loss on loans from the preceding quarter, with prudent consideration on factors in line with uncertainties from continued economic slowdown.

    As of 30 September 2019, KBank and its subsidiaries’ total assets were Baht 3,240,134 Million, an increase of Baht 85,043 Million or 2.70% over the end of 2018.  The majority came from an increase in investments – net and loans.  NPL gross to total loans as of 30 September 2019 stood at 3.53% while at the end of 2018 this stood at 3.34%.  Coverage ratio as of 30 September 2019 stood at 153.58%, while at the end of 2018 this stood at 160.60%.  In addition, as of 30 September 2019, KASIKORNBANK FINANCIAL CONGLOMERATE’s Capital Adequacy Ratio (CAR) according to the Basel III Accord was 19.10%, with a Tier–1 Capital ratio of 16.76%.

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  • BNP Paribas Expands Gold Market Activities in China

    BNP Paribas Expands Gold Market Activities in China

    The bank can now participate in listed gold contracts, gold leasing and other gold derivatives business, and provide more services to its domestic and international client base.

    BNP Paribas (China) has been granted membership of the main board of the Shanghai Gold Exchange, which will allow the bank to fully participate in the Chinese gold market by offering deeper liquidity and broader product scope, it announced in a press release on Tuesday.

    SGE was set up in by the People’s Bank of China in 2002 as a center for gold, silver and platinum trading, growing to become the second-largest gold exchange globally by volume by 2018. BNP Paribas (China) started bilateral gold trading on SGE’s international board in 2017, and now conducts spot, swaps and options trading.

    Through our participation on the mainboard, we hope to position China as a global center for gold trading, Mikko Russi, BNP Paribas head of FX, Local Markets & Commodity Derivatives for Asia Pacific, said in the statement.

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