Finance

Ex-Huarong Boss Pleads Guilty to Bribery

Lai Xiaomin, former chairman of Huarong – one of China’s «big four» state-owned distressed asset managers – pled guilty to accepting 1.79 billion yuan in bribes between 2009 and 2018. FINANCE Wednesday, 12 August 2020 14:20   Lai was accused of exploiting various professional positions and accepting bribes, according to a Tianjin-based court’s Weibo account, including 1.79 billion...

MAS Adds Funding for Fintech and Innovation

FINANCE Thursday, 13 August 2020 14:55 The Monetary Authority of Singapore said on Thursday that it will commit $250 million over the next three years to accelerate innovation and technology adoption in the financial sector. The funds, which will be disbursed under the enhanced Financial Sector Technology and Innovation Scheme (FSTI 2.0), aims to strengthen support for large-scale...

MAS Encourages Adoption of New Benchmark

FINANCE Thursday, 6 August 2020 17:23 Singapore Likely to Replace Benchmark Interest Rate The regulator has announced several initiatives to support the adoption of the Singapore Overnight Rate Average (SORA) as a floating rate benchmark. The Monetary Authority of Singapore (MAS) on Wednesday said it will issue SORA-based floating rate notes (MAS FRN) on a monthly basis, starting from...

Foreign Banks Lose Over $1 Billion of Police-Linked Assets

FINANCE Thursday, 13 August 2020 16:19 Even Chinese Banks Comply With U.S. Sanctions S. Releases First List of Hong Kong's Unbankable Hong Kong’s police credit union will shift over $1 billion in assets to mainland banks over concerns about U.S. measures against the city’s administration. The 45,000-strong credit union will move an estimated HK$11 billion...

ABN Amro Overhauls Corporate Bank

FINANCE Thursday, 13 August 2020 12:56 Following a review by its new CEO, the bank will wind down all of its non-European corporate banking operations and stop providing trade and commodity finance. «We will serve clients in segments where we can achieve scale, so we will focus on the Netherlands and Northwest Europe, where we will invest...

Financial Services Sector Resilient Amid Uncertainty

FINANCE Wednesday, 12 August 2020 17:40 Singapore Economy Experiences Worst Quarter on Record This year, financial services sector growth has held up thus far, with retrenchment levels subdued, according to the Monetary Authority of Singapore. While Singapore's economy took a hit in the first half of the year due to the Covid-19 pandemic and global uncertainty, the financial services sector...

SFC fines EFG Bank for dealing futures without license

LATEST NEWS By Kate Lin, 12 Jan 18 The Hong Kong operation of EFG Bank, a subsidiary of Swiss private bank EFG International, was fined HK$2m ($260,000) for dealing in futures contracts for 13 years without a required license. The Securities and Futures Commission (SFC) has found that EFG Bank executed non-compliance trading of offshore-listed index options for...

EFG Faced Penalty Due to Missing Registration for Future Trading Contracts

EFG Bank of Switzerland faced a penalty of HK$2 million by Hong Kong Securities Regulatory Commission for not keeping a record of registration required for upcoming trading purposes. https://cn.reuters.com/article/%E9%A6%99%E6%B8%AF%E9%87%91%E8%9E%8D%EF%BC%9A%E7%91%9E%E5%A3%AB%E7%9B%88%E4%B8%B0%E9%93%B6%E8%A1%8C%E9%81%AD%E8%AF%81%E7%9B%91%E4%BC%9A%E8%B0%B4%E8%B4%A3%E5%8F%8A%E7%BD%9A%E6%AC%BE200%E4%B8%87%E6%B8%AF%E5%85%83%EF%BC%8C%E5%9B%A0%E6%9C%9F%E8%B4%A7%E4%BA%A4%E6%98%93%E8%BF%9D%E8%A7%84-idCNL4S1P62ZI British Financial Regulators Fined EFG for Poor Money Laundering Regulation Swiss private banking group EFG International associated with UK subsidiary has been charged 4.2 million pounds by the...