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High on the success of 785pc returns on Kweichow Moutai, fund manager sees ‘historic opportunity’ in banking stocks

After years betting solely on Kweichow Moutai, Dong Baozhen is diversifying.The money manager’s flagship fund has returned 785 per cent since its inception in 2010. He trounced the Shanghai Composite Index’s 14 per cent gain by owning just the one stock, sticking with Moutai as it became the world’s most valuable distiller. But Dong, a partner at Beijing Lingtongshengtai Asset Management, sees any price above 700 yuan (US$102) as excessive. Moutai last closed at 968 yuan.Dong, who recognises… Source link

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Boutique Singapore real-estate fund manager QIP is banking on co-living, student accommodation in UK and US

Despite fears of a no-deal Brexit and global economic slowdown, Peter Young, co-founder and chief executive of Q Investment Partners (QIP), believes there are still bright spots when it comes to property investment opportunities in the United Kingdom and the United States.In particular, the Singapore-based boutique real-estate fund manager is adding co-living to its property portfolio. At the same time, it is also ramping up its student housing portfolio with properties in Bath, Edinburgh,… Source link

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Singapore is ‘actively studying’ virtual banking licences, says country’s prime minister

Singapore is actively studying whether to allow companies with no banking parentage to set up virtual banks, paving the way for start-ups like on-demand services operator Grab to potentially enter the formal financial services industry.“Some other countries have created frameworks to license new players with no banking parentage to set up digital banks, i.e. banks without branches or ATMs,” Singapore Prime Minister Lee Hsien Loong said in a speech at the Smart Nation Summit in the city on… Source link

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Singapore 

UOB banking customers hit by near 2-hour service outage affecting ATMs, mobile app, Singapore News

SINGAPORE – Customers of United Overseas Bank (UOB) were unable to access several banking services for close to two hours on Saturday (June 22). Some of them took to social media to air their grievances, posting to UOB’s Facebook page to complain about the service disruption. Complaints started surfacing on other social media platforms as well after 5pm. In response to queries from The Straits Times, an UOB spokesman confirmed that ATM, card payment, internet banking and mobile application services were disrupted shortly after 5pm on Saturday. We apologise to…

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Vietnam 

Building trust critical for digital banking development – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    Attendees at the “Digital banking and the specific ecosystem” conference. Photo Bizlive HÀ NỘI – Digital banking is inevitable for Vietnamese banks and building trust is critical in the development of the new business model, experts said at a conference on Friday. At a conference titled ‘Digital banking and the specific ecosystem’ held by news portal Bizlive, Nguyễn Chiến Thắng, VPBank Director of Digital Sales & Partners, said that digital banking is an inevitable development path for banks. According to Thắng, there are many challenges facing banks in the development…

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Singapore 

Grab eyes Singapore banking licence as regulator studies virtual banks: Sources, Singapore News

HONG KONG/SINGAPORE – Grab, Southeast Asia’s most valuable start-up, is exploring a move into Singapore banking as regulators in the Southeast Asian city-state consider allowing online-only banks, four people with knowledge of the process said. Grab is close to hiring a consultancy to advise it on its banking potential and is gearing up to apply for a digital-only bank licence in Singapore if the banking regulator decides to open up the sector, said the people, who declined to be identified as they were not authorised to speak to the media. Singapore-headquartered…

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Vietnam 

Cross-ownership in the banking system almost resolved – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Cross-ownership between banks and enterprises remains only at the Asia Commercial Bank (ACB) and the Hòa Phát-Á Châu Real Estate Company. — VNA/VNS Photo HÀ NỘI — Cross-ownership in the country’s banking system had almost been eliminated, a recent report by the State Bank of Việt Nam (SBV) showed. According to the report, the number credit institutions with direct cross-ownership had decreased from seven in 2012 to none. Direct share ownership between banks and enterprises had also fallen from 56 pairs in 2012 to one: the Asia Commercial Bank (ACB) with…

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New rule, shadow banking crackdown will increase Chinese banks’ non-performing loan ratios, warns Alvarez & Marsal

New regulations that require mainland banks to recognise problematic loans earlier than their international peers are putting upward pressure on non performing loan (NPL) levels at the same time that a clampdown on illicit credit is underway, according to restructuring and turnaround specialist Alvarez & Marsal.Ronald Thompson, managing director for Alvarez and Marsal Asia, noted that the bad-loan measure among Chinese banks had improved recently, easing to 1.8 per cent in the first quarter… Source link

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Ratings agency S&P warns of risks from aggressive land banking by Chinese developers

The rush by Chinese real estate developers to rebuild their land banks during the recent property revival could expose those with weaker capital positions to problems as bond repayments come due, S&P Global Ratings said in a research note on Wednesday.The rating agency said it was most concerned about real estate companies with thin land reserves, as these groups have been active in building up reserves in step with the rising market since March.“Given the strength of the market, developers… Source link

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Vietnam 

The impact of credit policies on Việt Nam’s banking outlook – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    Jonathan Cornish The Vietnamese central bank has a number of policies, including tightening credit growth, designed to improve the health of the country’s banking system. Jonathan Cornish, Head of Asia-Pacific Financial Institutions at Fitch Ratings, talks with Việt Nam News reporter Nguyễn Thu Hà about the policies and outlook of the country’s banking system in 2019 and in the next few years The State Bank of Việt Nam (SBV) set a credit growth target of 14 per cent for credit institutions in 2019, much lower than the 18 per cent…

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