Managers of Wealth Asia Pacific

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.

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.

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