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NEWS THIS WEEK

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China’s economy grows 5.3% in Q1, exceeding expectations

17 April 2024 - China’s economy exceeded expectations in the first quarter of the year, growing at an annual rate of 5.3%, surpassing forecasts of 4.8%, the government announced. This growth, up from 1.6% the previous quarter, comes as the country continues to recover from pandemic-related slowdowns and a property crisis. Despite a recent dip in imports, exports, and... Click for more

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Hong Kong approves first bitcoin, ether ETFs

16 April 2024 - Hong Kong regulators approved the launch of spot bitcoin and ether exchange-traded funds (ETFs), following similar moves in the US this year. The Securities and Futures Commission (SFC) greenlit three ETF providers, including ChinaAMC, which also received approval to manage virtual assets and is preparing to develop these ETFs with OSL Digital Securities as custodian. Harvest Global and Bosera International also obtained SFC approval... Click for more

IMF projects steady global growth at 3.2% through 2025

18 April 2024 - The International Monetary Fund (IMF) forecasts global economic growth to remain steady at 3.2% for 2024 and 2025, supported by robust U.S. economic performance. Despite this outlook, challenges persist including high inflation, sluggish demand in Europe and China, and geopolitical tensions affecting regions like the Middle East. The U.S. growth forecast for 2024... Click for more

Green investments in SE Asia rise 20% to USD6.3bn in 2023

16 April 2024 - Private sector investments in Southeast Asia’s green economy rose 20% to USD6.3bn in 2023, from USD5.2bn the previous year, according to a report by Bain and Temasek. This increase follows two years of decline and is driven by innovative finance and growing interest in green power, including electric vehicles and energy-efficient data centres. However, these investments... Click for more

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Abu Dhabi Islamic Bank eyes USD1.1bn stake in Indonesia’s BSI

18 April 2024 - Abu Dhabi Islamic Bank (ADIB) is in preliminary talks to purchase a 15% stake worth about USD1.1bn in Indonesia’s leading Islamic lender, Bank Syariah Indonesia (BSI). The deal, part of ADIB’s strategy to expand into Southeast Asia’s booming Islamic finance market, is not yet finalised and remains under discussion. Indonesia, with one of the largest Muslim... Click for more

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Singapore SMEs face continued challenges

17 April 2024 - Small and medium-sized enterprises (SMEs) in Singapore remained in contraction for the fifth consecutive quarter, with the OCBC SME Index slightly rising to 49.7 in Q1 2024 from 49.5 the previous quarter. Despite challenges like disinflation trends and high costs, some sectors showed improvement. Education and food and beverage sectors turned expansionary, with readings of 50.5 and 50.2 respectively, boosted by domestic consumption during... Click for more

Banking sector faces AI, ML Risks, Basel committee chair warns

19 April 2024 - Banks must manage risks associated with using artificial intelligence (AI) and machine learning (ML) in their operations, stated Bank of Spain Governor Pablo Hernandez de Cos, chair of the Basel Committee on Banking Supervision. Speaking in Washington, de Cos emphasised the importance of incorporating AI and ML risk considerations into daily governance... Click for more

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Japan aims to reclaim tech leadership with major US investments

15 April 2024 - Japan’s push to reclaim its tech leadership could hinge on embracing rapid innovation and expanding its tech sectors like AI, cybersecurity, and semiconductors, experts told Agence France-Presse (AFP). Significant investments from US tech giants, including Google and Microsoft, underscore this trend. Google recently set up a regional cyberdefence hub, while... Click for more

HKEX proposes multiple clearing banks for investors

15 April 2024 - Investors trading on the Hong Kong Exchanges and Clearing (HKEX) may soon have the option to use multiple clearing banks for cash equities and options, as the Securities and Futures Commission (SFC) is currently reviewing a proposal from HKEX. This initiative is part of Hong Kong’s broader effort to rejuvenate its declining stock market, which has experienced a... Click for more

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South Korea lobbies for position on international accounting board

15 April 2024 - South Korea’s vice chairman of the Financial Services Commission, Kim So-young, met with Andreas Barckow, chief of the International Accounting Standards Board (IASB), in Seoul to seek support for South Korea’s nomination to the IASB. The meeting occurred as Barckow visited for the International Forum of Accounting Standard Setters. During their discussions... Click for more

FEATURE

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Vietnamese banks report strong Q1 growth

16 April 2024 - In Q1 of 2024, several banks in Vietnam reported strong performance indicators, highlighted by significant credit growth. SeABank achieved a pre-tax profit of over VND1.5tr (USD60m), marking a 41% increase from the previous year, with total revenues rising 4.6% to nearly VND6.44tr. Similarly, ACB reported a 3.7% credit growth, surpassing the industry average, and an estimated profit of VND4.9tr. VIB’s credit growth was about 1%, with profits... Click for more

ING enhances APAC team with new corporate finance head

19 April 2024 - Dutch bank ING has named Gautam Saxena as its new head of corporate finance for the Asia-Pacific region, overseeing 11 markets including Australia, China and India. Saxena will report to Rob Van Veldhuizen, the global head of corporate finance. With a 25-year career spanning Asia-Pacific and North America, Saxena has extensive experience in investment... Click for more

Endowus launches full-service wealth management in Hong Kong

18 April 2024 - Singapore-based Endowus has expanded its wealth management services to Hong Kong, launching a full-service platform. The digital wealth firm, which manages USD5bn in assets, will offer its fee-only model that excludes commissions and rebates 100 percent of trailer commissions to clients. Starting May 2024, Endowus will introduce ‘Flagship Portfolios’, managed... Click for more

Taiwan’s asset managers post surge in ETF management fees

17 April 2024 - Taiwan’s fund houses saw a significant increase in management fees from exchange-traded funds (ETFs), earning TWD9.1bn (USD281.1m) in 2023, a 28% rise from the previous year. The surge was fueled by a booming local ETF market that pushed revenues to record levels. ETF management fees constituted 32% of the total revenue for the 16 onshore ETF... Click for more

Philippine SEC reforms broker fees to attract more retail investors

19 April 2024 - The Philippines Securities and Exchange Commission (SEC) has abolished the minimum commission rate that stockbrokers can charge, effective immediately. This move, part of Memorandum Circular No. 7 issued on April 16, aims to increase market activity by allowing brokers to set their own fees. Previously, a 1977 SEC resolution and Philippine Stock Exchange... Click for more

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BNP Paribas gets green light for securities brokerage in China

16 April 2024 - BNP Paribas has been authorised by the China Securities Regulatory Commission (CSRC) to establish a fully-owned securities brokerage in China, enhancing its presence in the world’s second-largest economy. The approval, granted on Friday, allows the Paris-based financial group to operate a platform in Shanghai with CNY1.1bn in capital. This decision... Click for more

Morgan Stanley, HSBC cut investment banking jobs in Asia

18 April 2024 - Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia Pacific region amid cost-cutting efforts. Weaker deal-making and sluggish markets in China and Hong Kong are impacting their business prospects. Morgan Stanley will eliminate at least 50 positions, around 13% of its regional workforce. Meanwhile, HSBC began layoffs affecting... Click for more

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Singapore condemns air strikes on Israel, urges restraint

15 April 2024 - Singapore has condemned recent air attacks on Israel, attributing them to Iran as retaliation for an Israeli strike on Iran’s consulate in Damascus on April 1, as per the Ministry of Foreign Affairs (MFA). These escalating attacks are intensifying tensions in an already volatile region. Iran vowed revenge for the consulate strike, which killed seven Revolutionary Guard officers... Click for more

Toshiba to cut thousands of jobs in major restructuring move

19 April 2024 - Toshiba Corp is set to cut thousands of jobs in Japan, primarily in back-office departments, as part of a new business strategy to be revealed by mid-May. This strategy aims to streamline operations and cut costs, aligning with Toshiba’s focus on growth areas like infrastructure, energy, and digitalisation. The announcement follows Toshiba’s delisting in December... Click for more

Julius Baer names new head for Greater China markets in Singapore

17 April 2024 - Julius Baer, a Zurich-based bank, has named Benjamin Sim as the head of Greater China markets in Singapore, effective June 1. Sim, who joined Julius Baer in 2016 and served as deputy branch manager and chief operating officer (COO) in Singapore, will continue in his role as deputy branch manager. Andreas Zingg will assume the COO responsibilities in Singapore... Click for more

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