Business development
This file photo shows 55 Water Street, home of Standard & Poor's rating agency, in New York. (AP Photo/Henny Ray Abrams, File)
This file photo shows 55 Water Street, home of Standard & Poor's rating agency, in New York. (AP Photo/Henny Ray Abrams, File)S&P Global will become the first wholly foreign-owned ratings agency approved to operate in China for exchange-traded bonds, in the latest effort by the Chinese government to open up the country's financial sector to the rest of the world.

A Chinese woman walks past a display promoting the STAR market in Beijing on Friday, July 19, 2019. (AP Photo/Ng Han Guan)
A Chinese woman walks past a display promoting the STAR market in Beijing on Friday, July 19, 2019. (AP Photo/Ng Han Guan)Stock exchanges in Hong Kong and mainland China are considering adding shares from Shanghai’s Nasdaq-style STAR Market to a program connecting the two bourses, a move which would open the board to foreign investors.

Standard Chartered’s Hong Kong unit has applied to establish a securities company in mainland China, joining other global firms looking to ramp up their presence in the region as the country opens its financial sector to foreign players.

Major Italian lender UniCredit on Monday revealed a partnership with European investment firm Investindustrial and China’s sovereign wealth fund to launch a cross-border fund that will primarily invest in Italian companies aiming to grow their business presence in China.

Ping An Group, the top shareholder of HSBC, has lifted its stake in the bank to 8% as the U.K. lender continues its pivot to China, a strategy which has drawn scrutiny from Western politicians amid rising political tensions.

Chinese fintech Ant Group said Monday that its online banking unit opened for business in Hong Kong, an expansion that comes in the lead-up to the company’s blockbuster initial public offering.

China will combine two large foreign-investor programs and open up more of its financial markets to outside institutions, relaxing several rules as it encourages a rising global profile for its currency.

Chinese telecommunications company Huawei on Friday launched a product to help financial intitutions develop remote services, amid a push to provide more digital offerings especially to customers not already reached by the traditional banking sector.

Ant Group on Friday unveiled a new cross-border trade finance platform powered by its Blockchain-based unit AntChain in partnership with major global banks as the Chinese fintech readies for its blockbuster initial public offering.

Banks in the U.S., Europe and parts of Asia will not return to pre-pandemic levels of credit strength until 2023, S&P ratings said Wednesday, warning the sector may take years to recover after the launch of a successful vaccine.

Chinese insurer Ping An Group said on Monday that its offshore asset management unit launched its first Undertakings for Collective Investment in Transferable Securities umbrella fund to provide global investors opportunities to invest in China's equity and fixed income markets.

Industrial and Commercial Bank of China said Thursday that it has launched the first Visa virtual credit card in Hong Kong in response to the increasing popularity of cardless payment via mobile phones.

The Singapore Exchange on Thursday unveiled the listing of the world’s biggest exchange-traded fund to invest solely in Chinese government bonds, aiming to capitalize on investors’ accelerating demand to access opportunities in the second-largest bond market on the globe.

Bank of America has wooed Zhang Wenjie, a former HSBC mainland China executive, to join as a managing director and president of China, the South China Morning Post reported Monday, a departure that comes as HSBC has made the country the cornerstone of its growth strategy.

Goldman Sachs is in talks to take full ownership of its Chinese securities joint venture, Chinese news site Caixin reported on Thursday, making it the latest major player to try to take advantage of China opening up its financial sector to foreign firms.

Tokyo-based Ueda Yagi Tanshi Co. will be the first wholly foreign-owned money broker to operate in mainland China, after receiving approval on Friday from the China Banking and Insurance Regulatory Commission.

Financial regulators in China rolled out new draft rules to make it easier for foreign financial institutions to participate in its $15.4 trillion bond market, as the country continues to open itself up to global investors.

JPMorgan Chase reportedly has first right to buy a 20% stake in its Chinese securities joint venture for CNY 177.7 million ($26 million), bringing the bank closer to gaining full control of the company as China opens up its financial market to foreign firms.

DBS said Wednesday that it received a green light from the China Securities Regulatory Commission to create a joint venture securities company, in which it will have a majority stake of 51%, as China continues to open its financial sector to foreign firms.

Chinese payment network UnionPay launched a digital bank card designed for contactless transactions, part of an effort by the company to grow its customer base both at home and internationally.