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David Li Kwok-po steps down as chief executive at Bank of East Asia, hands over century-old bank’s reins to his two sons

David Li Kwok-po, the third-generation scion of the family that founded Hong Kong’s very first Chinese-owned bank, will step down as chief executive on July 1, according to a statement by the Bank of East Asia.Li, who turned 80 in March, will remain the executive chairman of the century-old bank, and keep his title as executive director. His two sons Adrian David Li Man-kiu and Brian David Li Man-bun will take over as co-chief executives, the bank said.“I have worked half a century, and am now… Source link

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Vietnam 

VN banks handle $898.4 b through e-payments in Q1 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    Việt Nam targeted that the ratio of cash transactions should be reduced to below 10 per cent lower than the national plan of non-cash payment market for the period 2016-20. — Photo baocongthuong.vn HÀ NỘI — Viet Nam’s interbank e-payment system handled 37 million transactions worth nearly VNĐ21 quadrillion (US$898.4 billion) in the first quarter of the year, up 23 per cent and 17.8 per cent respectively compared to 2018, according to the State Bank of Việt Nam (SBV). Nghiêm Thanh Sơn, deputy head of SBV’s Payment Department,…

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China Life’s property investment arm among funds making hay as banks shy away from real estate

Chinese insurers are benefiting from Beijing’s deleveraging drive, as a scarcity of long-term funds helps them seal commercial property deals.Chinese commercial banks’ funding of the property sector has been clipped by the central government’s debt-reduction campaign, which has given insurers an upper hand when it comes to premier assets.China Life Capital Investment, the property investment arm of insurance giant China Life Insurance, is among the beneficiaries.“In the old days, some… Source link

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Vietnam 

Banks to issue chip cards in place of 21 million magnetic strip cards – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Customers withdraw money from an ATM. Seven banks will replace their current magnetic strip cards with chip cards to enhance their safety. — VNA/VNS Photo HCM CITY — Seven banks will start issuing ATM chip cards that meet EMV standards to replace magnetic strip cards in collaboration with the National Payment Corporation of Việt Nam starting from May 28. They are Vietcombank, VietinBank, BIDV, Agribank, Sacombank, TPBank, and ABBank, who have issued around 70 per cent of the cards in the country. Some other banks have also registered with NAPAS…

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Vietnam 

Banks need further administrative reforms: conference – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  To enable businesses to borrow, banks need to pare their administrative procedures. — VNA Photo HCM CITY — More administrative reform is needed in the banking industry to make it easier for businesses and individuals to get credit, experts told a conference in HCM City on Thursday. Đào Minh Tú, deputy governor of the State Bank of Việt Nam, said the banking industry led the Public Administrative Reform Index in 2015, 2016 and 2017 and Việt Nam is ranked 29th out of 190 economies in the Access to Credit…

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Vietnam 

Vietnamese banks face challenges in digital banking transformation – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  According to Vietcombank, 94 per cent of banks in Việt Nam are investing in digitisation and 42 per cent of them consider digital baking a top priority. Photo courtesy of HDBank HCM CITY — Challenges related to network security, customer trust and an inadequate legal framework are road blocks to the digital transformation of Vietnamese banks, experts told a conference in HCM City yesterday. Speaking at Vietnam Banking Conference: Digital Banking, Lê Anh Dũng, deputy head of the State Bank of Việt Nam’s Payment Department, said, “In Việt Nam, security…

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A dovish Fed and other central banks could save emerging markets from a repeat of last year’s turmoil

Exactly a year ago, developing economies were in the throes of a severe sell-off triggered by the escalation in trade tensions and the surge in the US dollar. The sharp decline in emerging market assets over the past month has worrying echoes of last year’s turmoil.Within a two-month period, beginning on April 1, 2018, the MSCI Emerging Market Equity Index – one of the main gauges of stocks in developing nations – fell just over 8 per cent. This year, the index has already lost 7 per cent since… Source…

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China’s biggest banks well prepped on non-performing loans, ready for stricter reporting standard

The latest window guidance, which calls for recognising NPLs at more than 60 days overdue, has only been issued to China’s six biggest banks: Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China, Postal Savings Bank of China and Bank of Communications. Photo: Reuters Source link

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Vietnam 

Vietnamese banks see improved capital adequacy ratios – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Vietcombank is one of the few banks to have met Basel II standards before the central bank’s 2020 deadline. — VNA/VNS Photo HÀ NỘI – The capital adequacy ratio (CAR) of Việt Nam’s credit institutions has improved thanks to their increased equity.  The latest report from the State Bank of Việt Nam (SBV) released last week showed the CAR of credit institutions had inched up to 11.80 per cent at the end of February from 11.57 per cent in the first month of 2019. Previously, the CAR dropped from 12.14 per…

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Opinion | Should central banks be revamping their monetary policy frameworks and liaising more with governments?

Yi Gang, governor of the People’s Bank of China, arrives for the European Union-China high-level economic dialogue at the Diaoyutai State Guesthouse in Beijing, China, on June 25, 2018. With its centrally planned economy, China could ensure closer integration between monetary policy and government objectives. Photo: Reuters Source link

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