12/23/2019
How ‘rogue’ teen Steve Weston founded $240 million digital bank Volt
Steve Weston admits he was never a great student who “wasn’t destined for much” until a chance encounter landed him a dream job.
Legal, Regulation & Compliance
12/23/2019
China should step up regulation of artificial intelligence in finance, think tank says
Technology to regulate intelligent finance - referring to banking, securities and other financial products that employ technology such as facial recognition and big-data analysis to improve sales and investment returns
12/23/2019
Foreign brokerage slams Korea for 'socialist' policies
The analyst mentioned latest property measures, restriction of Tada's ride-hailing services and conviction of Samsung Electronics executives for allegedly trying to block the formation of a labor union as examples of socialist policies here.
12/23/2019
Bank of Japan introduces ETF leading facility
The BOJ did not provide a starting date for the new facility, saying that it will be decided by Governor Haruhiko Kuroda.
12/23/2019
Bank Of China Handpicks Amundi for Joint Venture
The asset manager, which is majority-owned by Amundi, is slated for launch in the second half of 2020.
12/23/2019
Police freeze $26m of Aussie tech unicorn's funds after alleged fraud
The funds flowed through Airwallex after Uruguayan company Ciklus was allegedly defrauded.
12/20/2019
18 misconceptions about FASEA code
Patterson refers to himself as "a lawyer with no dog in the race" and blames comments by advice industry bodies and the media for contributing to confusion around the code.
12/20/2019
Challenges abound in China’s new advisory scheme
With foreign ownership limits set to be removed next year, will the new scheme provide global players opportunities to increase their participation in China’s $2trn retail market?
12/20/2019
Westpac cops $9m penalty for ‘poor advice’
Westpac is directly liable for these breaches, which attracts a significant civil penalty, because the law imposes a specific liability on licensees for the breaches of their financial advisers.
12/20/2019
Craigs Investment Partners returning to full New Zealand ownership
One of the country's largest investment firms, Craigs Investment Partners, is returning to full New Zealand ownership with Germany's Deutsche Bank selling out.
12/20/2019
Mirziyoyev brought multibillion investments from Japan
In addition to automotive industry, Nagoya is the birthplace of Japan’s last shogun Tokugawa.
12/20/2019
Goldman Sachs 'close to $2bn settlement' over 1MDB scandal
Reported deal between bank and US Department of Justice would end investigation
12/20/2019
Westpac to pay $9.5m for Corps Act breaches
It determined Westpac to be directly responsible for the breaches of the best interests obligations by Sinha under section 961K of the Act.
12/20/2019
A Banker Drew Macquarie Into a German Tax Scandal. It Became a Costly Bargain
“Macquarie should have said ‘thanks but no thanks’”
12/20/2019
Platinum Asset Management sues Mayfair Platinum
The action is a headache for Mr Mawhinney’s Mayfair 101 group, which exploded on to the scene several months ago by acquiring Dunk Island for $31.5 million as part of a plan to purchase another $150 million in properties around North Queensland&
12/19/2019
Citibank officer jailed for misappropriating more than $35,000
The banking sales officer took money from customers to pay debts, expenses
12/19/2019
Indonesia, UAE sign many economic cooperation deals
The two countries have explored plans to establish SWF of up to 10 billion USD since September to finance infrastructure projects in this biggest economy of Southeast Asia.
12/19/2019
Concerns over cancelled ASFL complaints
ASIC said on the information currently available, it does not know if there is a link between the entity provoking the complaints to AFCA and the formerly licensed Australian entity.
12/19/2019
Chinese Regulators Approve J.P. Morgan Securities Venture
We will continue to invest in and fully support our business in the country, which has become a critical market for many of our domestic and global clients
12/19/2019
ASIC consults on guidance for the new product design and distribution obligations
The legislation has provided a two year transition period for industry to meet the new design and distribution obligations.