Managers of Wealth Asia Pacific

China Cybersecurity and Data Protection: Monthly Update – Feb 2021 Issue

This is in line with the focus of financial regulators continuing to place importance in data protection in the financial sector.

Banking cartel case trial delayed by more than a year

The banks levelled the claims in Monday’s Federal Court hearing

SFC reprimands and fines Brilliance Asset Management Limited $3.15 million over short position reporting failures

The SFC considers that Brilliance had failed to act competently to ensure the SPRs it prepared would be accurate and compliant with the applicable requirements under the SPR Rules.

HKEX Probes for Rule Violations by Retail IPO Investors

The exchange is planning to launch a new digital IPO process via a platform known as FINI, which will close a loophole that currently allows investors to register accounts with different brokers for the same IPO.

Philippines’ GSIS mulls higher contributions, parliamentary committee plans “full-blown inquiry”

GSIS members currently contribute 9% of their basic salary to the pension fund every month, and their employers contribute 12%.

DBS faces lawsuits in India after takeover of Lakshmi Vilas Bank

DBS's Lakshmi Vilas acquisition was the first time the Reserve Bank of India turned to a foreign lender to bail out a local bank as India's financial industry suffered a series of shocks since the outbreak of a shadow banking crisis in 2018.

Singapore Police Probe 2 Firms in Alleged Metal Trade Fraud

Envy Global Trading specializes in physical and futures trading of nickel, and is wholly-owned by the Envy Group. Envy Asset Management, its precursor, is no longer active, Envy Global said.

Former CFO appears in court following guilty plea

ASIC further alleges Mr Wu carried out the transactions in order to maintain the share price above the IPO issue price of $0.50 per share.

UK Consults on Legal Safe Harbour to Manage LIBOR Wind-down

The amendments allow the FCA to manage a situation in which a critical benchmark has become or is at risk of becoming unrepresentative and where it may be impractical or undesirable to restore its representativeness.

Ant Group Undeclared Beneficial Owners Caused IPO Suspension

According to the WSJ, citing more than a dozen Chinese officials and government advisers, the other reason for the suspension was a growing unease over Ant Group’s complex ownership structure, and the people who stood to gain most from the IPO.

Philippine President Duterte Signs ‘Bad Bank’ Bill Into Law

The new law will help cushion banks and other lenders from a build-up of bad loans due to the Covid-19 crisis, allowing them to dispose of bad assets and keep the banking system stable, the BSP (Bangko Sentral ng Pilipinas) said on Tuesday (16 February).

Dentons Hong Kong Managing Partner Keith Brandt named one of ALB's Top 15 Litigators in Asia

ALB is owned by Thomson Reuters, the world’s leading source of intelligent information for business and professionals and this is its first-ever ranking for recognising Asia’s Top 15 Litigators.

Family business succession planning in Asia – Retaining control

Family businesses in Singapore, Hong Kong, and Asia in general, have always been a key factor in generating wealth

SGX May Introduce SPACs This Year, Subject to Market Support

SGX is planning to re-consult on the introduction of SPACs this quarter. “If the market is supportive, we hope to be able to do that sometime this year,” Loh said.

FSC Korea Proposes Additional Rule Changes for VASPs

The latest revisions specify that pricing of virtual assets in fiat money for the purpose of sales, exchange or transfer will be determined by the price displayed by VASPs at the time of the transaction.

African Development Fund: Japan, African Development Bank Group, sign JPY 73.6 billion loan agreement

The concessional donor loan will support the 15th replenishment of the African Development Fund, approved in December 2019 by ADF donor countries

ANZ NZ taps Bud for Open Banking implementation

New Zealand's biggest bank, ANZ NZ will utilise Open Banking technology from the UK's Bud to improve the loan approval process for business customers.

Why Hong Kong Remains an Ideal Place to Resolve Your Commercial Disputes

As one of the leading commercial hubs for international business transactions, Hong Kong also prides itself as a prime location for dispute resolution not only in the Asia Pacific, but also worldwide.

The State of Financial Crime 2021

Technology, regulation, and the future of financial crime compliance

Over HK$8 billion from scam victims laundered through Hong Kong bank accounts in 2020: police sources

As the HK$8.33 billion in 2020 involved nearly 2,600 stop-payment requests from victims, police sources said thousands of Hong Kong bank accounts – both personal and business – were believed to have been used to collect and launder the funds.

Legal, Regulation & Compliance