Vietnam 

Mortgage requirements stand between small companies and bank loans – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    Small enterprises complain at a conference in HCM City on Thursday that it is difficult for them to get bank loans because of stiff mortgage conditions. VNA/VNS Photo HCM CITY –Small- and medium-sized enterprises are unable to borrow from banks because they do not have property to mortgage, Trần Việt Anh, deputy chairman of the HCM City Business Association, has said. He was speaking at a conference held to bring together enterprises and banks in HCM City on Thursday, where many small enterprises in the city complained about…

Read More
Vietnam 

Maritime Bank wants to raise $43 million from private share issuance – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    A Maritime Commercial Joint Stock Bank trading office. The bank is planning to sell 100 million shares to domestic investors via a private deal to raise VNĐ1 trillion. Photo cafef.vn HÀ NỘI — The Maritime Commercial Joint Stock Bank (MSB) is proposing shareholders approve a plan to raise VNĐ1 trillion (US$43 million) from private share issuance in the second half of this year. The bank’s board of directors plans to issue 100 million shares or maximum 8.5 per cent of its charter capital for domestic shareholders. The capital…

Read More
Vietnam 

PG Bank targets over $9m pre-tax profit this year – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The total number of employees at PG Bank by the end of 2018 was 1,504, a decrease of 108. — Photo pgbank.com.vn HÀ NỘI — Petrolimex Group Commercial Joint Stock Bank (PG Bank) targets pre-tax profit of VNĐ211 billion (US$9.06 million) in 2019 and total assets to reach nearly VNĐ32.74 trillion by December 31, 2019, a year-on-year increase of 9 per cent. The figures were released in the recently published document of the annual shareholders’ meeting of the bank. The bank said it would add enough resources to implement debt…

Read More

China’s central bank suggests it will stem flood of money into economy

China’s central bank, which has been pumping funds into the fragile economy over recent months, has suggested it will not flood the market with excessive liquidity, in a quarterly monetary policy document, released on Monday.The People’s Bank of China (PBOC) summarised its first quarter monetary policy committee meeting, during which the PBOC said it will block the “general valve” of money supply, showing a preference for restraint and suggesting major moves towards easing are unlikely.The PBOC… Source link

Read More
Vietnam 

Central bank asks for tightened control over real estate loans – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The State Bank of Việt Nam has asked for control over real estate loans of credit institutions to be enhanced, especially in areas showing signs of land price fever. — Photo vneconomy.vn HÀ NỘI — The State Bank of Việt Nam (SBV) has asked for the control over real estate loans by credit institutions to be enhanced, especially in areas showing signs of land price fever. SBV’s Governor Lê Minh Hưng in a recent document about lending operations in 2019 asked its branches and banks to keep a close…

Read More
Global 

Singapore’s central bank ends tightening cycle as growth slows amid cooling economy

Singapore’s central bank on Friday kept its monetary settings unchanged after two consecutive rounds of tightening, underscoring policymakers’ concerns about a cooling economy and rising risks to the outlook from slackening global demand.The Monetary Authority of Singapore (MAS), which manages policy through exchange rate settings rather than interest rates, said it would maintain the slope of the Singapore dollar’s policy band while keeping the width and level at which the band is centred… Source link

Read More
Home 

Fintech unicorn WeLab bags Hong Kong’s fourth virtual bank licence

A unit of home-grown fintech unicorn WeLab Holdings has won the fourth virtual bank licence granted by the Hong Kong Monetary Authority on Wednesday, making it the first stand-alone company to receive the new licence.Simon Loong, the founder and chief executive of WeLab, said that the licence for WeLab Digital was a validation and recognition of “our innovative mindset and proven fintech capabilities”.The HKMA said it was still processing four more candidates who are among the final eight… Source link

Read More
Vietnam 

Central bank sets to tighten unsecured consumer finance – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Regulations on personal unsecured lending by consumer finance companies will be tightened. — Photo VietTimes.vn HÀ NỘI — Regulations on personal unsecured lending by consumer finance companies will be tightened if a draft circular of the State Bank of Việt Nam (SBV) takes effect. Under the draft circular to amend the Circular No. 43/2016/TT-NHNN stipulating consumer lending by financial companies, the central bank proposes to limit unsecured personal loans – known in Vietnam as ‘cash loans’ – to existing customers with good credit history according to the internal regulations of…

Read More
Home 

Hong Kong’s financial regulator urged to keep an open mind on fintech start-ups as city hands out virtual bank licences

Financial companies are urging the Hong Kong Monetary Authority to be more open-minded in giving new virtual bank licences as it would become difficult to attract international players to set up in the city.One such company is Tencent-backed Airwallex, an Australian fintech that only last month acquired unicorn status but failed to make the final shortlist of eight. The company moved its headquarters from Melbourne to Hong Kong last year after the HKMA announced plans to issue virtual banking… Source link

Read More
Home 

Bank CEO says better cultural understand can bring China, US together

China and the US may be able to move past the tensions that have marked their relationship in recent years if citizens of the world’s two largest economies better understand each other’s culture, according to East West Bank chairman and chief executive Dominic Ng.Cultural understanding is one reason the Hong Kong native added film financing to the Pasadena, Calif., bank’s business eight years ago.The bank, which was founded in 1973 and initially focused on providing banking services to the… Source link

Read More