Credit Suisse looks to halve its mainland China investment banking unit: Caixin

Credit Suisse is preparing to lay off half of its mainland China investment banking team, according to Chinese business publication Caixin, after saying earlier this week it is looking to fully acquire its Chinese securities joint venture and expand its presence in the market.

Chinese new bank lending soars to record CNY 12.09T in first half of 2020

Chinese new bank lending soared to a record CNY 12.09 trillion ($1.72 trillion) in the first half of 2020 as China sought to recover from pandemic-related shutdowns, according to data released Friday by the country’s central bank.

Hong Kong exchange unveils inaugural swap clearing service using HIBOR alternative

Hong Kong Exchanges and Clearing has launched the first clearing service using an alternative to the Hong Kong Interbank Offered Rate, or HIBOR, reflecting local regulatory efforts to nudge banks away from the old reference rate regime.

NY suit against Bitfinex over $850M in lost funds will go forward, appeals court rules

A New York appeals court ruled Thursday that cryptocurrency exchange Bitfinex must face the state’s claims the company engaged in a coverup to hide the loss of $850 million in client and corporate funds connected to one of the world’s most valuable digital currencies.

Credit Suisse looks to take full ownership of China joint venture

Credit Suisse said it’s eyeing full ownership of its Chinese securities joint venture just one month after claiming a majority stake in the entity, as the lender looks to expand its presence in China.

Bank of China’s Malaysia arm adopts UnionPay QR code payments

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.

Chinese banks brace for sanctions possible with passing of US law

China’s largest banks are preparing for a possible worst-case scenario following the passage of legislation by the U.S. Senate earlier this week that would impose harsh penalties on financial institutions that implement Beijing’s new security law for Hong Kong.

DBS hires former Morgan Stanley veteran to lead greater China private bank

DBS’ Hong Kong business tapped Peter Tung, a veteran of Morgan Stanley and UBS, to head its private banking unit for greater China as financial firms compete for growth in a cooling market.

Alibaba affiliate Ant Financial plans $200B IPO in Hong Kong: Reuters

Ant Financial Services Group, the world’s most valuable tech startup, plans to list an initial public offering in Hong Kong as soon as this year, Reuters reported on Wednesday, sending shares of the firm’s larger affiliate Alibaba soaring.

Interactive Brokers expands Singapore presence with new local entity

Interactive Brokers said on Tuesday that it has expanded its presence in Singapore with the opening of an office and the establishment of a local operating entity, moves that come as the company reports a rising clientele in Asia.

American Express, Discover, Mastercard and Visa commit to global expansion of online checkout system

American Express, Discover, Mastercard and Visa said on Wednesday that they are each starting technical preparations to expand the Click to Pay online checkout system globally, offering consumers a “streamlined experience across any digital checkout environment or network” as the pandemic has accelerated the shift to digital payments.

Hang Seng Bank debuts SimplyFund app to entice younger investors

In a bid to appeal to a younger generation by removing perceived obstacles, Hang Seng Bank has debuted SimplyFund, an in-app service that offers curated mutual fund choices to beginning investors, the Hong Kong-based bank said Tuesday.

Hong Kong exchange debuts MSCI futures contracts in bid for international reach

Hong Kong Exchanges & Clearing rolled out new futures offerings under a licensing agreement with MSCI on Monday, marking the latest move in the exchange’s effort to become Asia’s leading financing market.

AXA launches new life insurance policy that turns dependents into policyholders

AXA’s Hong Kong and Macau arms introduced a new participating life insurance policy that allows the policyholder, upon their death, to pass along the policy to dependents so that benefits can potentially continue to grow.

HSBC expands Chinese fintech, wealth management operations as US sanctions loom

HSBC is further expanding its Chinese footprint by creating a new fintech company and hiring a group of personal wealth advisers, a bank spokesperson told Fastinform on Monday.

Adyen expands acquiring service to Malaysia’s burgeoning ecommerce scene

Payments platform Adyen has expanded its acquiring bank services to Malaysia, allowing more global firms to cash in on the country’s expanding economy and reflecting upward momentum in the global electronic payments business.

U.S. Senate passes bill targeting banks over Hong Kong security law

The U.S. Senate unanimously passed legislation Thursday to impose sanctions on banks that do business with Chinese officials implementing Beijing’s new security law, which is viewed by many Western lawmakers as a violation of Hong Kong’s promised autonomy.

Australia kicks off ‘open banking’ plan to overhaul data collection

The Australian government launched an "open banking" plan Wednesday, which would change the way consumers control and access the financial data banks collect on them, following the model of similar initiatives in the U.K., Japan and Hong Kong.

Taiwan seeks to attract Hong Kong’s bankers and other skilled workers

Taiwan officially launched an office on Wednesday that will facilitate migration from Hong Kong in a bid to attract bankers, skilled workers and companies that want to escape China’s increasing control over the former British colony.

BIS Innovation Hub expanding through central banks in Europe, North America

The Bank for International Settlements will establish new “Innovation Hub” locations in Europe and North America as it looks to accelerate work on digital currencies and other financial technology across central banks, BIS said Tuesday.

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