05/09/2023
HSBC Ostensibly Buys Out China Fund Management Partner
The bank currently owns 49 percent of HSBC Jintrust Fund Management and it had now signed an agreement with Shanxi Trust to buy the remaining 51 percent, the news agency indicated.
Legal, Regulation & Compliance
05/08/2023
MAS Imposes Further Additional Capital Requirement on DBS Bank for Disruption of Banking Services
MAS has also required DBS Bank to take immediate steps to improve the resiliency and recoverability of its existing system, including enhanced monitoring, more comprehensive testing and additional system redundancies
05/04/2023
Asia’s Credit Suisse’s AT1 Holders File Lawsuit
The news agency indicated that the legal claim was filed in Switzerland on Wednesday, 3 May 2023, citing Mahesh Rai, a Singapore-based lawyer for Drew & Napier LLC.
05/03/2023
US Treasury and Monetary Authority of Singapore Conduct Joint Exercise to Strengthen Cross-Border Cyber Incident Coordination and Crisis Management
This exercise allowed both agencies to test and strengthen existing protocols for information exchange and incident response coordination for cyber incidents involving banks operating in both jurisdictions.
05/02/2023
APRA and AFCA sign Memorandum of Understanding
It has been signed by APRA Chair John Lonsdale and AFCA’s Chief Ombudsman and Chief Executive Officer David Locke.
04/28/2023
Banking Sector Defers Repayment of Trade Facilities by Another 90 Days
Although the impact of the pandemic on the global economy and the local economy have substantially receded, a small number of trading companies are still facing some degree of funding pressure.
04/28/2023
Hong Kong contractors could be fined HK$10m for failing to protect site workers
The consequences of being prosecuted and convicted for safety offences have increased dramatically for contractors following the passing of the amendment bill.
04/27/2023
China Green Lights AIA for Launch in Henan
Located in central China, Henan is the third most populous province in the country with close to 100 million people.
04/25/2023
Ping An Accuses HSBC of Merely Paying Lip Service
As in accordance with the fundamental principles of global corporate governance principles, HSBC should at least respect their shareholders and their concerns or views, said Ping An chairman Michael Huang.
04/25/2023
MAS Launches Grant Scheme to Encourage Hiring and Training of Polytechnic Talent for the Financial Sector
Financial institutions can do more to tap on polytechnic graduates as a talent source to expand the overall pipeline of talent in the sector.
04/24/2023
ING Sues ICBC Over Copper Losses
The Dutch lender is seeking $170 million in damages from China's largest bank.
04/24/2023
Bank of Japan’s forecasts must be quite strong to consider tweaking YCC: Ueda
While companies are passing on rising import costs to consumers more than expected, Japan’s inflation is likely to peak soon and slow back below the BOJ’s 2 per cent target in the latter half of the current fiscal year ending in March 2024
04/24/2023
Macquarie Asset Management to divest stakes in eight UK offshore wind farms
Offshore Wind Company holds various direct and indirect stakes in a 2.4 GW portfolio comprised of eight operational offshore wind farms and is one of the world’s largest and diversified offshore wind portfolios.
04/21/2023
Singapore and China Establish Green Finance Taskforce to Strengthen Collaboration in Green and Transition Finance
The GFTF will deepen bilateral cooperation in green and transition finance between Singapore and China and facilitate greater public-private sector collaboration to better meet Asia’s needs as it transitions to a low carbon future.
04/21/2023
MAS Launches Finance for Net Zero Action Plan
MAS has been working with the industry to co-create a code of conduct, which will require ESG ratings and data product providers to disclose how transition risks are factored into their products.
04/19/2023
Malaysia Reviews Goldman's 1MDB Settlement Deal
In 2020, during the administration of Muhyiddin Yassin, Goldman Sachs reached an agreement that included $2.5 billion in cash
04/19/2023
China's banks to lend $17.5 bln to private firms, central bank says
The central bank said last week that it will ensure that financial support for private firms is in line with their contributions to economic and social development.
04/17/2023
House members in spotlight for failing to disclose wealth
Of the said lawmakers, 16 people failed to submit their wealth report regularly and eight simply failed to comply.
04/12/2023
Regulation a key aspect of the prosperity of Singapore’s banks and their top executives
Piyush Gupta of DBS received S$15.4 million in remuneration for 2022, 13.3 per cent more than for 2021.
04/11/2023
APRA launches public consultation on banks’ points of presence data
“APRA’s data shows that over the five years to June 2022, branches have declined by 30 per cent in major cities, and 29 per cent in regional and remote areas."