China's top antitrust agency is looking at whether to launch a probe into Alipay and WeChat Pay, prompted by the central bank which argues the digital payment giants have used their dominant positions ... ( read original story ...)
Hong Kong Stock Market May Extend Thursday’s Losses
BOC Hong Kong lost 0.23 percent, Galaxy Entertainment added 0.19 percent, Power Assets gained 0.12 percent, Techtronic Industries eased 0.06 percent and Hang Seng Bank was unchanged. The lead from ... ( read original story ...)
Jack Ma’s fintech Ant Group is planning a massive dual-listing IPO in Shanghai and Hong Kong, skipping New York (BABA)
Ant Group, the Chinese fintech founded by billionaire Jack Ma, is planning to go public in what could be one of the largest IPOs ever. In a ... ( read original story ...)
WeLab takes its virtual banking battle to Hong Kong’s bricks-and-mortar lenders with higher rates, rebates in opening salvo
WeLab Bank opened for business today after a three-month trial by dangling a 4.5 per cent annual rate on deposits from as little as HK$10 (US$1.30), it said on its debut. The firm will also offer a ... ( read original story ...)
Hong Kong’s Dollar Peg Is ‘Unassailable,’ StanChart CEO Says
Standard Chartered Plc Chief Executive Officer Bill Winters said Hong Kong dollar’s peg to the greenback is “unassailable” at a time when the U.S. has threatened action against China for imposing a ... ( read original story ...)
Hong Kong’s homegrown WeLab Bank is now open to public
Offering 8% cash back on WeLab Debit Card spending[1] HONG KONG, July 30, 2020 /PRNewswire/ -- WeLab Bank ("WeLab Bank" or the "Bank"), a homegrown virtual bank licensed by the Hong Kong Monetary ... ( read original story ...)
Hong Kong’s commercial lenders on edge as building values tumble
Commercial lenders in Hong Kong say they are concerned about a 30% drop in building values over the past 12 months and will consider calling in or restructuring loans if values fall much further. If ... ( read original story ...)
Nielsen: Virtual Banks to Become a Real Game Changer to Banking Industry Landscape
It has been a long journey for virtual banking to be officially in place in town. To explore the dynamics of virtual banking in Hong Kong, Nielsen has conducted a Personal Finance Monitor to study ... ( read original story ...)
Fund Scandal Was ‘Wake-Up Call’ for Noah’s Shadow-Bank Shift
Noah Holdings Ltd. was a poster child for the dangers lurking in China’s $8 trillion shadow banking system. Now it’s at the fore of a historic shift in Chinese asset management, one that policy makers ... ( read original story ...)
China’s polarising new security law: Sunset for Hong Kong, or a return to stability?
It is a new reality for Hongkongers, now that Beijing has powers to override the semi-autonomous region’s local laws and crack down on various ... ( read original story ...)
Hong Kong’s Recession Extends With 9% Drop in Second Quarter
Hong Kong’s economy contracted for the fourth straight quarter as the coronavirus pandemic and political tensions extend the city’s first recession in a decade. ( read original story ...)
Global Banks Screening Clients for Ties to Hong Kong Pro-Democracy Movement
Wealth managers at global banks, including Britain's HSBC, are reportedly scrutinizing whether their clients have ties to Hong Kong's pro-democracy movement in an effort to avoid tangling with China’s ... ( read original story ...)
China’s banks urged to switch away from SWIFT as US sanctions over Hong Kong national security law loom
US legislation could penalise banks for serving officials who implement the new national security for Hong Kong, including cutting off access to the SWIFT financial messaging service. ( read original story ...)
Hong Kong’s recession has already lasted a year. It’s not over yet
The coronavirus pandemic has forced Hong Kong into an even deeper recession. And it may take longer than expected to recover. ( read original story ...)