A collection of 500 Hong Kong dollar bills. (Photo by Macau Photo Agency on Unsplash)
A collection of 500 Hong Kong dollar bills. (Photo by Macau Photo Agency on Unsplash)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.

Bank tellers sit in a branch office of the Industrial and Commercial Bank of China (ICBC) in Hong Kong. (AP Photo/Kin Cheung)
Bank tellers sit in a branch office of the Industrial and Commercial Bank of China (ICBC) in Hong Kong. (AP Photo/Kin Cheung)China’s biggest banks, among the world’s largest lenders, reported modest drops in third-quarter profits on Friday, as bad loans and credit impairments caused by the impact of COVID-19 overwhelmed increases in revenue.

In a file photo, traffic heads north along the Lodge freeway in Detroit. (AP Photo/Carlos Osorio, File)
In a file photo, traffic heads north along the Lodge freeway in Detroit. (AP Photo/Carlos Osorio, File)Intact Financial Corp., Canada’s largest property and casualty insurer, said Tuesday that it will no longer offer optional automobile coverage in British Columbia, in response to upcoming regulatory changes in the province that it critics say will restrict competition and customer choice.

The app for Alipay, the mobile payments service operated by Ant Group, is seen on a smartphone in Beijing on Monday, July 20, 2020. Ant Group, the online payments arm of e-commerce giant Alibaba Group, announced plans Monday for an initial public stock offering that could become the world's biggest since the start of the coronavirus pandemic. (AP Photo/Ng Han Guan)
The app for Alipay, the mobile payments service operated by Ant Group, is seen on a smartphone in Beijing on Monday, July 20, 2020. Ant Group, the online payments arm of e-commerce giant Alibaba Group, announced plans Monday for an initial public stock offering that could become the world's biggest since the start of the coronavirus pandemic. (AP Photo/Ng Han Guan)Chinese fintech Ant Group has raised its targeted valuation for its upcoming blockbuster initial public offering from $250 billion to at least $280 billion, Bloomberg reported on Friday.

China’s top finance officials introduced long-awaited reforms designed to improve risk management at its largest banks and shield the wider economy from another global financial crisis.

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.

China’s biggest banks saw the steepest profit declines in over a decade during the first half of 2020, as lenders in the world’s second-largest economy brace for surging loan defaults amid the economic slowdown.

Nasdaq Dubai is seeking to attract more listings from China, signing a strategic alliance with a law firm and an investment bank to provide support to companies that wish to appear on the Middle Eastern international exchange.

China’s central-bank controlled loan pricing regime will likely worsen the local financial sector’s problems with underwriting and asset quality as they adopt a new reference rate, Moody’s warned Tuesday.

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.

China’s banking system saw some of the biggest bumps in assets and profit last year among the largest global institutions, a research group found, reflecting big banks’ ability to better withstand the pandemic compared with regional lenders.

The People’s Bank of China, the country’s central bank, moved a step closer to releasing a digital currency with the completion of the technology’s backend, a former state official reportedly told attendees at a fintech event broadcast from Beijing.

The Reserve Bank of New Zealand said Monday it registered the Industrial and Commercial Bank of China, the world’s largest lender by assets, to operate as a branch as Chinese banks continue to expand in New Zealand.