10/16/2020
Speech at the Hong Kong Management Association 2020 Quality Award Presentation Ceremony
We will continue to work with the banking industry to apply technology to enhancing finance for customers in Hong Kong.
Legal, Regulation & Compliance
10/16/2020
Countdown Begins for Bank Sanctions over Hong Kong Autonomy
Financial institutions seen as violators risk secondary sanctions which include restrictions on U.S. loans, foreign exchange, property transactions, exports and transfers alongside measures targeting their executives.
10/16/2020
Singapore’s central bank keeps policy unchanged
The decision was a “well-telegraphed hold” and the MAS is likely to keep its neutral policy stance through the end of 2021, said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd in Singapore.
10/16/2020
India’s banking sector: a liability for monetary policy effectiveness?
Before the pandemic, the ratio of gross NPAs to total assets was 8.3 per cent for the overall banking system and close to 10 per cent for government-owned public sector banks.
10/16/2020
Chinese scrutiny increases investment risk of ‘beast’ Ant
Regulators are becoming increasingly worried about banks’ inadequate risk controls on the consumer loans business
10/16/2020
Advisers' businesses unsustainable if only looking for cheap licensees
Also on the panel, IOOF chief advice officer, Darren Whereat, said that “discounting to growth in the long term doesn’t work”.
10/16/2020
The Bank of Africa signs a new “Chinese” agreement
Operating in China since 2000 through its representative office, the Bank of Africa is one of the first African banks to obtain approval to open a branch in Shanghai.
10/15/2020
FSB Issues Update on Work to Address Market Fragmentation
The FSB is also exploring other approaches that could be undertaken to address fragmentation, including in relation to potential ways to facilitate convergence in reporting of data to authorities.
10/15/2020
FX Intervention in Hong Kong Tops Crisis Levels
The local currency is pegged against the greenback in a tight trading range of $1 to 7.75-7.85 Hong Kong dollars.
10/15/2020
Chinese Regulators Add More Hiccups for Ant IPO
According to the report, the probe is not expected to derail the IPO though it has delayed plans for its Shanghai listing already as Ant had hoped to obtain CSRC approval last month.
10/15/2020
HKIFA Warns Against Changing UCITS Delegation Model – Report
The changes will be under consideration in the upcoming review of the EU’s asset management rule book.
10/15/2020
ASIC succeeds in obtaining orders against Debt Wipeout
Debt Wipeout advertises on billboards, shop-a-dockets, websites, social media and in person, claiming it can ‘extinguish’ a consumer’s debt for an up-front payment of 15 to 25 per cent of the outstanding balance.
10/15/2020
KPMG launches legal department transformation offering
Global Legal Operations Transformation Services supports GCs to adapt to a new reality.
10/15/2020
Walkers Hong Kong Advises on numerous ECM Deals
Hong Kong partner Jo Lit has led the Walkers team in the following transactions.
10/15/2020
Maples Advises on US$8.7 Billion Take-Private of 58.com
A multi-disciplinary team based in the Group's law firm in Hong Kong acted as Cayman Islands counsel to the buyer consortium.
10/14/2020
India-China Clash: Anil Ambani's Asset Chase
According to the case, the trio of Chinese banks had provided funding to Ambani’s Reliance Communication in 2012 based on his personal guarantee but has since failed to receive any payments.
10/14/2020
“Harnessing the Power of Finance for a Sustainable Future”- Keynote Speech by Mr Ravi Menon, Managing Director, MAS
The Paris Agreement calls for a concerted effort to limit global temperature rise by reducing emissions of greenhouse gases.
10/14/2020
Bank Permata Tbk’s Integration Plan with Bangkok Bank
This integration plan is unique and complex as it does not ascribe to an atypical merger framework.
10/14/2020
Westpac puts Australia on bad banking leaderboard
The bank was fined $2.5 billion and guaranteed the return of $1.4 billion in assets from the theft of billions of dollars from a Malaysian government fund.
10/14/2020
ASIC suspends the AFS licence of Ballast Financial Management Pty Ltd
Under s912B of the Corporations Act 2001, AFS licensees must have arrangements for compensating retail clients for losses they suffer as a result of the licensee or its representatives breaching their obligations in Chapter 7.