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Category: Finance

Retail Asia30/06/2021
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Finance

Huawei CFO’s Lawyers Refute U.S. Claims with HSBC Document

2min0
Huawei chief financial officer Meng Wanzhou’s lawyers claim that HSBC’s internal documents contradict U.S. claims that could result in extradition from Canada. HSBC’s own records reflected Huawei’s continued control over dealings with Iran-linked Skycom, Meng Wanzhou’s lawyers told a British Columbia court, including control over its accounts held at the British lender. According to Meng’s lawyer Mark Sandler, […]
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Retail Asia30/06/2021
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Finance

Maybank CFO to Head Malaysia Sovereign Wealth Fund

1min0
He takes over from Shahril Ridzuan who will be departing to pursue his personal interests. Malaysia’s Khazanah Nasional has appointed veteran banker Amirul Feisal Wan Zahir as managing director, effective 16 July, it said in a statement on Tuesday. Zahir, 51, began his career at auditing firm KPMG and later joined Citi in the Kuala Lumpur, Singapore and Hong […]
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Retail Asia30/06/2021
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Finance

China Bond Bankers Flee HSBC

3min0
HSBC has reportedly lost four bankers in its debt capital markets team covering Chinese state-owned enterprises as the business faces pressure from the Huawei incident and stressed relations with the U.K. Managing directors John Hai and Jiang Song have left HSBC in recent weeks, according to a report citing unnamed sources, with plans to join competing firms after more […]
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Retail Asia29/06/2021
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Finance

Bank of Singapore Loses Market Head

2min0
Bank of Singapore has lost an industry veteran and market head for Greater China, sources said. Greater China market head Richard Hu has left Bank of Singapore, sources said, after joining in the role two years ago. Hu is an industry veteran with more than 20 years of experience in the region. He previously held multiple senior […]
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Retail Asia28/06/2021
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Finance

UOB Taps Digital Innovation to Grow Wealth Franchise

3min0
The bank aims to double its wealth fee income by 2026, which translates to a compound annual growth rate of over 15 percent over the next five years. UOB is hoping get more of its customers to kickstart their investment journey by expanding its digital wealth offerings and investing in digital innovation, particularly as customers in the […]
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Retail Asia28/06/2021
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Finance

DBS Starts Commodity Trading on LME

2min0
The bank is the first in Asia to hold a London Metal Exchange (LME) trading membership outside of London. DBS is one of four Category 4 members on the LME, which allows it to trade and issue client contracts but doesn’t give it clearing abilities. The LME membership paves the way for the bank’s corporate clients in […]
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Retail Asia28/06/2021
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Finance

SGX RegCo to Expand Enforcement Powers

3min0
The wholly-owned subsidiary of bourse operator Singapore Exchange (SGX) said on Thursday it will broaden its range of enforcement powers and require issuers to implement a whistleblowing policy. The move follows a public consultation, in which market participants had broadly supported the changes to listing rules, Singapore Exchange Regulation (SGX RegCo) said in an announcement. This will pave the way for […]
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Retail Asia28/06/2021
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Finance

UBS Rolls Out Permanent Hybrid Working Option

2min0
UBS will allow up to two-thirds of its staff to permanently split working hours between home and the office, in hopes that the approach could help outdo U.S. rivals in requirement. An internal analysis of the 72,000-strong global workforce identified that around two-thirds had roles that were fit for hybrid working, according to a report citing […]
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Retail Asia25/06/2021
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Finance

DBS Starts Commodity Trading on LME

2min0
The bank is the first in Asia to hold a London Metal Exchange (LME) trading membership outside of London. DBS is one of four Category 4 members on the LME, which allows it to trade and issue client contracts but doesn’t give it clearing abilities. The LME membership paves the way for the bank’s corporate clients in […]
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Retail Asia25/06/2021
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Finance

The Year Global Banking Became Impossible

5min0
U.S. sanctions and China’s new anti-sanctions law are creating internal compliance mayhem for international banks – and Swiss finance. The average compliance officer is facing a world of hurt right now. President Joe Biden’s executive order earlier this month drastically expanded the scope and range of prohibitions against Chinese companies and sovereign-owned entities, and it was met […]
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Retail Asia24/06/2021
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Finance

Three times more scammed via bank transactions than Bitcoin payments in Australia

3min67
Bitcoin remains the most popular cryptocurrency playing a role as an investment vehicle and also a payment medium. However, scammers are exploring the payment aspect to defraud victims resulting in losses of millions of dollars. According to data compiled by cryptocurrency trading simulator Crypto Parrot, Australians lost an equivalent of AUD 26.65 million in scams […]
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Retail Asia24/06/2021
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Finance

Chinese Bitcoin Mining Exodus to U.S. Continues

2min0
More Chinese bitcoin miners are reportedly shifting operations to the U.S. after Beijing ramped up its crackdown against cryptocurrencies. Guangzhou-based logistics firm Fenhua International was moving bitcoin mining machines to Maryland, according to social media post, with a total weight of approximately 3,000 kilograms. This is estimated to be equal to a small batch of 200 […]
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Retail Asia23/06/2021
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Finance

Singapore Fintech Association Launches Networking Club

2min0
The initiative aims to foster deeper social engagements among local fintech professionals and corporates and enhance the vibrancy of the industry ecosystem. Members of Singapore’s fintech community can look forward to more industry networking, upskilling opportunities, and lifestyle privileges with the launch of the SG Fintech Club by the Singapore Fintech Association and the Monetary […]
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Retail Asia23/06/2021
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Finance

UBS Issues First Green Bonds

2min0
UBS has issued its first green bonds which it will use to finance mortgages for low-energy buildings. Major Swiss bank UBS Tuesday issued its first «green bonds» They are in two tranches, one of 500 million euros ($595 million) with a five-year maturity and a seven-year one of 250 million francs ($272 million), the bank […]
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Retail Asia22/06/2021
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Finance

DBS Launches Digital Bond Marketplace

2min0
The bank is launching a marketplace that for issuers to directly issue their own bonds connect with investors. DBS is launching the Fixed Income Exchange (FIX) to digitalize and make the bond issuance process more efficient, the bank announced on Tuesday in a statement. FIX allows issuers to directly issue bonds to the marketplace, and […]
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Retail Asia21/06/2021
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Finance

Vietnam’s credit growth doubles

2min0
Bank credit growth from January 1 to June 15 was 5.1 percent, double the rate recorded in the same period last year. The jump came despite the fourth wave of Covid-19 because the State Bank of Vietnam made monetary policy more flexible and directed banks to focus on funding manufacturing and reduce lending to sectors […]
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Retail Asia21/06/2021
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Finance

HSBC Agrees to French Retail Bank Sale

2min0
HSBC has agreed to sell its French retail bank to Cerberus-backed My Money Group, furthering the British lender’s non-Asia retreat. HSBC has agreed to sell its French retail bank to the Paris-based banking group in a deal that includes 244 branches, 3,900 staff alongside 21.5 billion euros ($25.5 billion) in customer loans and 18.9 billion […]
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Retail Asia18/06/2021
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Finance

OCBC Appoints Group COO

2min0
OCBC has appointed a new group chief operating officer in an effort to drive and accelerate transformation at the Singapore-based bank. Lim Khiang Tong has been named group COO – a newly created role – according to a statement, effective June 21 this year. Lim will report to recently appointed group chief executive Helen Wong. Lim […]
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