China’s senior financial regulators said the country will take a more “uniform” approach to supervising fintechs, just days after the government blocked Ant Group’s record $34 billion public initial offering.
Bloomberg on Thursday unveiled the first index geared towards liquid Chinese corporate bonds with investment-grade ratings, a development that comes as it is poised to complete a 20-month transition to add Chinese government and policy bank debt to its Global Aggregate Index, which is a flagship fixed-income benchmark.
Japan unveiled plans Friday to create an English-speaking support office to usher foreign asset managers into the country, as part of its broader efforts to become the main global financial center in Asia.
Deutsche Bank has hired nearly 30 people away from Standard Chartered in recent months in a bid to bolster its wealth management unit in China, a spokesperson for the German bank said on Friday, making it one of several firms to focus more on the space as China opens up its financial sector.
Standard Chartered will soon provide employees in several markets with greater flexibility in working patterns and locations, the U.K.-based bank said Friday, implementing lessons learned during the coronavirus pandemic to create a hybrid workforce of remote and office-based employees.
Wealthy Chinese businessman Guo Wengui is suing Swiss investment bank UBS in London in an attempt to reclaim $500 million he lost after the bank called in a margin loan in 2015, Bloomberg reported Friday.
Citigroup will manage newly sold securities in the U.S. for Chinese lender Lufax, which made its American exchange debut by raising $2.36 billion, the New York-based bank said on Monday.
China’s UnionPay, the world’s largest credit and debit card brand, teamed up with Korean fintech Danal to offer payments in numerous currencies on a virtual card that will be released later this year, according to a local news report.
Guotai Junan Securities completed the first securities lending transaction through China’s reformed qualified foreign institutional investor program, a step the country has taken to further open up its financial markets.
Global blockchain initiative B3i Services AG has partnered with India’s Tata Consultancy Services to develop new technology with the goal of accelerating the digitization of the insurance industry, the companies said Wednesday.
Chinese fintech Ant Group is unlikely to be able to move forward with its suspended initial public offering unless it makes multiple changes to appease regulators, amid speculation that controlling shareholder Jack Ma’s comments criticizing regulation as stifling innovation led to the suspension.
Seven major banks placed their first transactions between two blockchain trade-finance platforms in Hong Kong and China, with the intent of simplifying the infrastructure for international trade.
Chinese regulators issued draft microfinance business rules Monday, increasing what is required of online microlenders that provide loans to consumers and limiting the amount they can lend.
The Shanghai Stock Exchange said on Tuesday that it suspended Ant Group’s initial public offering following a meeting the company’s leaders had with Chinese regulatory officials, citing what it said were significant issues, including changes in the fintech regulatory environment.
China Pacific Insurance, China’s fourth-largest insurance company by net premiums written, posted a weakened bottom line in its third-quarter earnings report on Monday despite the country’s economic recovery following the COVID-19 pandemic.
HKEX said on Monday that it will offer options and futures tied to Ant Group, which will launch when the Chinese fintech’s shares start trading on Nov. 5 for its blockbuster initial public offering that is set to bring in more than $34 billion.
Genworth Financial said Monday that its long-delayed acquisition by China Oceanwide is on course to close by the end of November, after the Beijing-based company provided “satisfactory” evidence showing that Chinese private equity firm Hony Capital is able to provide the majority of the financing needed for the $2.7 billion deal.
JPMorgan has reportedly completed a transaction to own 71% of its Chinese securities joint venture, inching closer to becoming the first foreign bank to gain full ownership of a securities entity, as China continues to welcome international players to its financial industry.
Lufax, a Chinese online lending and wealth management firm, raised $2.36 billion through an initial public offering in the U.S., scoring one of the year’s largest listings in the country as geopolitical tensions continue to simmer.
Canadian insurer and asset manager Sun Life Financial debuted a Hong Kong-based index fund that factors in environmental, social and governance concerns, the company said Friday, combining the growing investing trend of ESG with the long-standing one of passively managed funds.