Managers of Wealth Asia Pacific

Private Banking and International Environmental Goals – Aligning Misalignment

Reaching international environmental goals needs financing, and private banks have their hand on a significant lever guiding where finances flow globally.

Warnings crime gangs are targeting coronavirus early access superannuation scheme

The Federal Government announced Australians would be able to apply for early access to their retirement nest eggs as part of its response to the coronavirus fuelled economic downturn.

US Office of Foreign Assets Control imposes sanctions against 11 designated individuals in Hong Kong

Over the weekend, both the Hong Kong Monetary Authority and Securities & Futures Commission have issued notices in response to these designations.

Catherine Brenner case dropped

Brenner resigned as chair of AMP and stepped down from the board in April 2018 in the wake of the Royal Commission.

HSBC reportedly planning Recruitment Drive in Asia

The announcement of the Asia recruitment drive comes shortly on the heels of reports that the bank has resumed its global job cuts, which it initially paused upon the emergence of Covid-19, according to an article by The Guardian.

China to Deepen Financial Sector Opening-up Despite Worsening US Ties

The trade deal requires China to still significantly increase purchases of US goods and services and to enhance intellectual property rights protection, the South China Morning Post notes, adding that China’s purchases of US farm and energy products

Decisions on Exiting Regulatory Relief Present Financial Stability Risk

The BCBS also issued guidance aimed at reducing the cliff effects associated with banks’ ECL provisions on regulatory capital

Central Bank of the Philippines open to Qatar-based funding

This comes as part of the nation’s strategic planning to conduct at least 30% of all transactions via online or digital platforms.

Tender of 2-Year Exchange Fund Notes to be held on 19 August 2020

The Notes will mature on 22 August 2022 and will carry interest at the rate of 0.10% per annum payable semi-annually in arrears.

ASIC hires experts to help solve advice crisis

“Specifically, ASIC is examining what impediments industry is facing in providing affordable and scaled advice to consumers"

Banks Push Post-Sanction Account Suspensions

The former has suspended accounts with some of the sanctioned individuals

Managed fund asset valuations must be reliable during COVID-19

Accurate and timely valuation of assets is central to the fair and efficient operation of managed funds

Malaysia Works to Enable Real-time Cross-border Payments

BNM is also working migrate to ISO 20022, a financial messaging standard developed by SWIFT that is able to capture richer data in a machine-readable format.

APRA to recommence prudential policy program and issuing of new licences

APRA Chair Wayne Byres said it was appropriate, having originally suspended these activities for six months

China urges banks to slash salaries as Covid-19 slows economy

However, the implementation of this plan has not been uniform and the finance ministry has begun pressuring the firms to make the cuts.

ADB, UNDP Sign Agreement to Boost Disaster Recovery in Asia Pacific

The partnership between ADB and UNDP is for two years and is being financed by the Government of Japan.

The technology China uses to 'audit' its population

China is building up its mass surveillance tech tools and exporting them all over the world

Hong Kong Haven Status Undermined by Swiss Shift

The precious metal recently rallied past $2,000 per ounce on pandemic and inflation fears and is expected to keep rising.

OneVue to take Taiping to court

OneVue also wants Taiping to pay Madison's receivership costs and OneVue subsidiary Diversa's costs of court proceedings.

Will Swiss Banks Eventually Have to Leave Hong Kong?

The new requirement may put (Swiss) banks on a collision course with the basis of the initiative because they potentially could lead to human rights infringements.

Legal, Regulation & Compliance