EU bent on knocking London off top spot as financial activity hub, Government & Economy

Thu, Jan 21, 2021 – 3:34 PM

[HONG KONG] The future of China’s financial super-apps has been thrown into question. The central bank is defining unhealthy dominance in specific market-share terms, while emphasising the separation of digital payments from interest-bearing accounts. That complicates efforts to cross-sell more profitable financial services and threatens Ant and Tencent’s business models.

Following Beijing’s abrupt crackdown on financial technology last year that derailed Ant’s US$37 billion initial public offering, the People’s Bank of China (PBOC) on Wednesday spelled out its competition concerns more precisely.

If a non-bank operator controls over half a market, it will be subject to further scrutiny. Similar guidelines apply if two or three companies dominate. China has over 200 licensed payments providers, but Ant’s Alipay and Tencent’s Tenpay divide most of the non-bank online transactions between them. Under the new rules, they will be exposed to further regulatory action.

The PBOC’s

Posted on 6 days ago

HSBC Singapore appoints new commercial banking head amid regional expansion drive, Banking & Finance

Thu, Jan 21, 2021 – 3:34 PM

[HONG KONG] The future of China’s financial super-apps has been thrown into question. The central bank is defining unhealthy dominance in specific market-share terms, while emphasising the separation of digital payments from interest-bearing accounts. That complicates efforts to cross-sell more profitable financial services and threatens Ant and Tencent’s business models.

Following Beijing’s abrupt crackdown on financial technology last year that derailed Ant’s US$37 billion initial public offering, the People’s Bank of China (PBOC) on Wednesday spelled out its competition concerns more precisely.

If a non-bank operator controls over half a market, it will be subject to further scrutiny. Similar guidelines apply if two or three companies dominate. China has over 200 licensed payments providers, but Ant’s Alipay and Tencent’s Tenpay divide most of the non-bank online transactions between them. Under the new rules, they will be exposed to further regulatory action.

The PBOC’s

Posted on 6 days ago

Thai banks’ resilience to be tested as moratoriums expire: S&P Global Ratings, ASEAN Business

Thu, Jan 21, 2021 – 3:34 PM

[HONG KONG] The future of China’s financial super-apps has been thrown into question. The central bank is defining unhealthy dominance in specific market-share terms, while emphasising the separation of digital payments from interest-bearing accounts. That complicates efforts to cross-sell more profitable financial services and threatens Ant and Tencent’s business models.

Following Beijing’s abrupt crackdown on financial technology last year that derailed Ant’s US$37 billion initial public offering, the People’s Bank of China (PBOC) on Wednesday spelled out its competition concerns more precisely.

If a non-bank operator controls over half a market, it will be subject to further scrutiny. Similar guidelines apply if two or three companies dominate. China has over 200 licensed payments providers, but Ant’s Alipay and Tencent’s Tenpay divide most of the non-bank online transactions between them. Under the new rules, they will be exposed to further regulatory action.

The PBOC’s

Posted on 6 days ago

DBS launches digital audit confirmation solution on corporate banking platform, Companies & Markets

Thu, Jan 21, 2021 – 3:34 PM

[HONG KONG] The future of China’s financial super-apps has been thrown into question. The central bank is defining unhealthy dominance in specific market-share terms, while emphasising the separation of digital payments from interest-bearing accounts. That complicates efforts to cross-sell more profitable financial services and threatens Ant and Tencent’s business models.

Following Beijing’s abrupt crackdown on financial technology last year that derailed Ant’s US$37 billion initial public offering, the People’s Bank of China (PBOC) on Wednesday spelled out its competition concerns more precisely.

If a non-bank operator controls over half a market, it will be subject to further scrutiny. Similar guidelines apply if two or three companies dominate. China has over 200 licensed payments providers, but Ant’s Alipay and Tencent’s Tenpay divide most of the non-bank online transactions between them. Under the new rules, they will be exposed to further regulatory action.

The PBOC’s

Posted on 6 days ago

EU bent on knocking London off top spot as financial activity hub, Government & Economy

London

THE European Union (EU) is determined to wrest control of euro, European securities and derivatives trade from London, with the British capital already experiencing some leakages.

EU Financial Services commissioner Mairead McGuinness has said that Brussels will not grant…

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HSBC Singapore appoints new commercial banking head amid regional expansion drive, Banking & Finance

Wed, Jan 27, 2021 – 2:41 PM

HSBC has appointed Regina Lee as its new Singapore head of commercial banking to accelerate its push into South-east Asia.

The appointment will take effect from March 1.

She takes over from Alan Turner, who will move on to head the bank’s commercial banking unit in Canada after over three years in Singapore, said HSBC in a statement on Wednesday.

Having joined the bank in 1997, Ms Lee brings over 20 years of experience spanning corporate and commercial banking. She was most recently managing director of corporate banking at HSBC Hong Kong where, since 2018, she led the coverage team for TMT (or technology, media, and telecommunications), consumer, as well as retail and commodities.

She also has strong operational and risk management expertise, having spent three years as chief operating officer of commercial banking at HSBC Hong Kong. Her prior roles include managing

Thai banks’ resilience to be tested as moratoriums expire: S&P Global Ratings, ASEAN Business

THE asset quality of Thailand’s banks is set to deteriorate in the next 12 to 24 months, with the non-performing loan ratio expected to increase up to 6 per cent, said S&P Global Ratings on Tuesday.

This compares with a reported non-performing loan ratio of 3.3 per cent in 2020 based on the banks S&P rates. 2019’s systemwide average was 3 per cent.

The proportion of the loan book under moratorium has reduced to an average of about 20 per cent for major rated Thai banks, compared with the systemwide average of 31 per cent in the initial phase of the moratorium in mid-2020.

“In our opinion, temporary relief measures are unlikely to eliminate risks for weaker and more vulnerable debtors, although they may lessen the strain and delay recognition of problem loans,” said the ratings agency.

Credit risk is already heightened in Thailand given the very high household debt

DBS launches digital audit confirmation solution on corporate banking platform, Companies & Markets

Mon, Jan 25, 2021 – 10:48 AM

DBS has rolled out the banking industry’s first digital audit confirmation solution, DBS Audit Confirmation, on its online corporate banking platform DBS IDEAL.

The solution allows DBS’s corporate and small and medium-sized enterprise (SME) customers to verify their financial positions and balances digitally, with confirmations sent to their auditors as part of statutory corporate reporting requirements.

In a press statement on Monday, Singapore’s largest bank said this digital process will cut processing time for audit confirmation requests to under 24 hours, as compared to the industry’s norm of at least seven days.

The digital solution is expected to save some 30,000 of the bank’s corporate and SME clients the “onerous” task of manual submissions and expedite the closure of their annual financial statements, added DBS.

With DBS Audit Confirmation, customers will also be able to track the status of their requests in real-time

The Stock Market Recreation

As the economic disaster continues to unfold, the monetary service business faces severe challenges. Utilizing primary details about your loan—together with the quantity, interest rate, and term—in addition to fundamental revenue details about your business, you may full a loan performance analysis to estimate if you’ll break even on the cost of the loan, your expected monetary gain, and the approximate profitability of your loan on a 5- or 10-12 months horizon. If the affect over your most popular time horizon is worthwhile, then that may be a great cause to take the loan.

If these pattern rates seem low—they’re. Like we said in our inflation submit, this kind of interest has you dropping wealth, for the reason that value of your dollars is dropping quicker than curiosity is accruing. This is a results of preserving interest rates extraordinarily low. The Federal Reserve lowers charges to spur economic activity. When …

HDB issues S$800m notes due in 2026, Banking & Finance

Tue, Jan 19, 2021 – 5:41 PM

THE Housing and Development Board (HDB) has issued S$800 million worth of five-year notes, carrying a fixed coupon rate of 0.635 per cent per annum.

They are rated AAA by Fitch Ratings and will mature on Jan 19, 2026, Singapore’s public housing authority said in a statement on Tuesday.

The notes, in denominations of S$250,000, were offered by way of placement to investors. They were launched under HDB’s S$32 billion multicurrency medium-term note programme, under which HDB may from time to time issue bonds (or notes) to finance its development programmes and working capital requirements, as well as to refinance the existing borrowings.

The Singapore Exchange has given approval in-principle for the listing of the new notes on the bourse.

The joint lead managers and book-runners are the Bank of China (Singapore), Industrial and Commercial Bank of China (Singapore) and OCBC.