Ecommerce 

Race is on for tech companies like Grab, Ant Financial to gain an edge in SE Asia's financial services market

In Southeast Asia, over 95 per cent of companies are small and medium-sized businesses, many of which find it difficult to gain access to funding. Now technology companies like Grab, Ant Financial and Tencent’s WeChat are hoping to fill the market gap by offering financial services like loans and payments.Grab, the Singapore-based ride-sharing company that has now expanded into everything from food-delivery to mobile payments, said on Tuesday that it is making a “full-scale push into lending… Source link

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Home 

Hong Kong securities watchdog’s vigilance snares another errant financial firm, slaps US$1.2 million fine

Hong Kong’s market regulator is cracking the whip on malpractice at investment banks.On Monday, the Securities and Futures Commission imposed a HK$10 million (US$1.27 million) fine on BOCI Securities for regulatory breaches in selling investment products.It is second time that BOCI has been fined for regulatory breaches. In 2009, the company was fined HK$3 million for failing to put in place adequate controls to protect clients’ securities.The penalty comes immediately after the SFC on Thursday… Source link

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China 

China wants to open financial sector wider but it’s a ‘negotiation game’ in trade war, Zhou Xiaochuan says

Beijing’s financial decision makers are determined to open the sector wider, but the process of doing so has been partly affected by the trade war with the United States, according to the former chief of China’s central bank.Zhou Xiaochuan, who was governor of the People’s Bank of China from 2002 to 2018, told a gathering hosted by Enodo Economics in London on Thursday that the issue of access to China’s financial sector had been used as a bargaining chip in the trade talks.“Since China-US… Source link

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Hong Kong broadcaster TVB warns it will lose HK$200 million for 2018 financial year

The parent company of Hong Kong’s oldest television station issued a profit warning on Friday, saying it expects a HK$200 million (US$25.48 million) net loss for the financial year ending December 31, 2018.Television Broadcasts (TVB) said in a filing to the Hong Kong Stock Exchange after the close of trading it will write-off approximately HK$500 million on its holdings of SMI Bonds, issued by mainland theatre operator SMI Holdings Group.The expected HK$200 million loss compares to a HK$243… Source link

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Vietnam 

Financial stocks lift market for a second day – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Financial-banking companies drove Vietnamese shares up for a second trading day on Wednesday. The benchmark VN Index on the Hồ Chí Minh Stock Exchange gained 0.41 per cent to close at 1,005.41 points. The southern market index has increased by 2.11 per cent in the past two trading sessions. More than 229 million shares were traded on the southern bourse, worth VNĐ5.1 trillion (US$219 million). Banks, securities companies and insurance firms, drove the stock market upwards. The three…

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Vietnam 

PV Power looks for financial support in thermal power projects – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Nhơn Trạch 2 Thermal Power Plant, a sub-unit of PetroVietnam Power Corporation (PV Power). — Photo cafef.vn Viet Nam News HÀ NỘI — PetroVietnam Power Corporation (PV Power) wants to raise US$1.4 billion for its Nhơn Trạch 3 & 4 thermal power plants. Thirty per cent of the capital will be provided by PV Power, and the remaining borrowed from either local commercial banks or international financial institutions. The money will be disbursed over the next five years and seven local commercial banks have committed to provide…

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Home 

Commodities, currency and technology are HKEX’s secret weapons as it morphs into a global financial market place

Hong Kong Exchanges and Clearing Limited (HKEX), which rode to the top among global destinations for initial public offerings on a wave of equity sales last year, will add a mixture of new-economy and old-world financial instruments to its arsenal, in its quest to become a global financial market place.The bourse operator is betting that the Chinese government will gives its nod to a cross-border investment channel known as the Connect scheme, which will let global investors buy and sell… Source link

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Alibaba, Ant Financial to form oversight body to tighten control

Alibaba Group Holding and Ant Financial Services will establish a steering committee led by the e-commerce giant to spearhead joint business initiatives and ensure their long-term interests are aligned, according to people familiar with the matter.China’s top online retail services provider and its biggest internet financial services giant will create a so-called new economy body, headed by Alibaba chief executive Daniel Zhang Yong. Ant Financial chairman Eric Jing will be Zhang’s deputy, the… Source link

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When it comes to financial planning, most Hong Kong women leave it to spouses ‘as they know better’

Women still have much progress to make before being equal or taking charge of life-changing financial decisions with a partner, according to a UBS survey released ahead of International Women’s Day on Friday.This year’s theme of Balance for Better for the United Nations-recognised annual event is projected at accelerating gender balance. But from a financial planning perspective, there is still a way to go before this is achieved.The UBS study found that over 80 per cent of women worldwide are… Source link

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Vietnam 

South Korean financial group likely to invest in Agribank – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — South Korea’s Nonghuypbank is looking at becoming a strategic investor in Agribank, which is due to make an initial public offering (IPO) at the end of this year. Kim Gwang Soo, chairman of NongHuyp Group, which is the RoK’s No4 largest financial institution with seven subsidiaries in banking, investment and insurance including Nonghuypbank, proposed to support the restructuring process of the largest Vietnamese bank by assets during a recent meeting with its chairman, Trịnh Ngọc Khánh. Detailed proposals on the restructuring were…

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