HSBC said Thursday that a digital version of the Chinese yuan, which it suspects will launch soon, could improve China’s payment systems and put the nation at the forefront of digital currency development.
A two-year-old effort to increase parity between new customer premiums and renewal premiums in the British insurance industry has thus far been successful, two trade groups said Friday, nine months after a financial regulator expressed concerns about insurance pricing.
London-based financial and insurance firm Legal & General wants to see the U.K. implement stringent efficiency standards and emission targets for the country’s buildings during the country’s post-pandemic economic recovery.
Admiral Insurance has begun selling travel insurance with specific provisions related to COVID-19, after a four-month hiatus in the business, as the United Kingdom eases quarantine requirements, making travel abroad less cumbersome.
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.
HSBC Bank Canada has issued the country’s first green loan, the company said Thursday, converting an existing 71.5 million Canadian dollar (about $52.6 million) loan to Vancouver-based Concert Properties and building on HSBC’s sustainability goals.
The European Commission will adopt new provisions allowing the EU continued access to the U.K.'s financial industry and derivatives clearing houses after the post-Brexit transition period expires at the end of 2020.
Vanguard Asset Management, with an eye toward the voracious demand for environmental, social and governance-focused investing, will launch its first U.S.-based corporate bond fund screened for these values, it said Thursday.
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.
U.S. insurer Nationwide and insurtech Bold Penguin will begin testing a new digital portal designed to connect independent insurance agents and small-business owners while lockdowns force many customers to rely on online insurance shopping.
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.
A federal judge on Monday upheld a former JPMorgan foreign exchange trader’s conviction for trying to manipulate emerging market currency prices, rejecting his request to set aside a jury’s findings.
London-based HSBC plans to cut 255 jobs from its French subsidiary’s struggling global and banking markets division, HSBC France’s Force Ouvrière union said Monday, marking the first time that HSBC France has seen economic layoffs.
Deutsche Börse Group’s international central securities depository Clearstream and LCH Group’s U.K.-based equities clearing service are seeking to capitalize on the popularity of global depository receipts and exchange-traded products on the London Stock Exchange by allowing equities contracts cleared by LCH to be settled through the subsidiary Clearstream Banking S.A.
UBS U.K. Pension and Life Assurance Scheme has covered £1.4 billion ($1.8 billion) of defined benefit pensioner liabilities through a longevity swap with Zurich Assurance.
In response to the growing demand for virtual meetings caused by the pandemic, specialist insurer Beazley said Tuesday it has created an online booking system to make it easier for brokers to arrange digital appointments and share necessary information with underwriters.
U.K. financial giant Aviva said Monday that Board Director Amanda Blanc has been named as its new CEO, effective immediately, as Maurice Tulloch relinquished his role the same day because of “family health reasons.”
Lloyds Banking Group said Monday its long-serving CEO, Antonio Horta-Osorio, who steered the bank back from the brink after the 2008 financial crisis, will step down next year.
Turkey’s stock exchange barred six major banks from betting against its market on Monday, the latest restrictive measure taken in the country against investors looking to short sell.