Managers of Wealth Asia Pacific

Malaysia enters recession in Q2; central bank downgrades GDP outlook

A technical recession is defined as two straight quarters of negative GDP growth.

313 people arrested for e-commerce scams and money laundering totalling over $1.2 million

During the operation, five men and four women, aged between 16 and 56, were arrested for their suspected involvement in cases of cheating and criminal breach of trust.

CBIRC Projects ¥3.4tr in Bad Loans for 2020, More in 2021

According to Guo, the Covid-19 epidemic has interrupted the sales of well-run companies and compressed their orders, making the rebound of non-performing loans “inevitable”.

RBNZ Announces Expansion of Large-Scale Asset Purchases

In May, it was expanded from NZD 33 billion to NZD 60 billion, and New Zealand government inflation-indexed bonds were included in the programme.

FinCEN to Lift 13 Year Old Sanctions on Macau’s Delta Asia Bank

Delta Asia Financial Group chairman Stanley Au said the lifting of the was the result of “15 years of an unrelenting effort” and an important step forward for the bank.

iProsperity accused of being a Ponzi scheme

Further evidence of director loans showed that Gu was paid $21 million since July 2018.

Global Anti-Money-Laundering Fine Amounts Released

For years the U.S. has led the way in imposing major anti-money laundering (AML) fines, but regulators in Europe have recently started taking a much tougher line.

Chinese banks in HK act to comply with US sanctions

TENTATIVE STEPS: Such measures underscore the ability of Washington to use the US dollar’s dominance in international transactions as a pressure point with China

China’s top bank regulator sees surge of bad loans straining financial system in 2020, 2021

“As many loans are rolled over [in 2020], some problems will only emerge next year,”

Singapore’s growing appeal to Family Offices

More than 150 participants across Singapore, Hong Kong and ASEAN attended the forum from a mix of single family offices, multi-family offices, consulting firms and private banks.

Creating Opportunities and Strengthening the Singapore Core in Financial Services bt Jacqueline Loh, MAS

The financial services sector is a key contributor to Singapore’s economy, and has provided good job opportunities for Singaporeans.

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.

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