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Peter Ma, Chairman & CEO of Ping An Insurance Co. of China Ltd. speaks during a company result announcement in Hong Kong. (AP Photo/Kin Cheung)
Peter Ma, Chairman & CEO of Ping An Insurance Co. of China Ltd. speaks during a company result announcement in Hong Kong. (AP Photo/Kin Cheung)China's largest insurer Ping An Insurance Group said Monday that its offshore investment and asset management unit and its subsidiaries have closed two funds, representing $875 million of total capital, that are part of the company's first investment program dedicated to private equity investing abroad.

Fitch Ratings said on Monday that it affirmed the ratings for Singapore’s three big banks while warning that the trio still face the prospect of downgrades if the country’s medium-term economic conditions do not improve amid a recovery from the COVID-19 downturn.

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.

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.

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.

China Merchants Bank’s Hong Kong branch priced its first green bond for $800 million on Wednesday, kicking off its sustainable bond program and committing funds to low-carbon transportation projects.

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.

Singapore Exchange will work with Chinese broker GF Securities to promote cross-border trade in foreign exchange futures, commodity derivatives, real estate investment trusts and other investment products.

U.S.-based State Street has hired two current and former executives from French bank BNP Paribas to oversee markets in the Asia Pacific region, reflecting the growing importance of China and neighboring countries for the firm.

Credit Suisse has plans to double its number of Chinese employees in the next five years, as it continues to target the ultra wealthy in the region, a spokesperson for the Swiss bank said on Monday.

Banking regulators in China have approved a joint wealth management venture between U.S. asset manager BlackRock, Singapore state investor Temasek Holdings and China Construction Bank as the nation continues to open its financial sector to foreign players.

Asia’s digital payments market is poised for rapid expansion, with expectations of growing as much as 81% to $4.46 trillion over the next four years, and China helping to lead the way through the launch of a digital yuan.

Deutsche Bank’s incoming Asia-Pacific CEO Alexander von zur Muehlen will be based out of Singapore rather than Hong Kong, the region’s longtime major financial hub, amid rising international tensions with China over its crackdown on civil unrest in the territory.

The Bank of China’s Malaysian outpost has begun using a QR code payment option for customers around the world who use the bank’s app, reflecting the current high demand for digital services as well as the bank’s continued interest in the Southeast Asian country.

The real estate division of the Allianz Group is building a $2.3 billion investment platform in partnership with a South Korean pension fund to expand its real estate investment portfolio in the Asia-Pacific region, the company said Monday.