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 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 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.
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 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.
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.
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’ 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.
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 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 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.
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 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’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 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.
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.
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.
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 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.
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.