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NEWS THIS WEEK

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Global financial crime compliance costs hit USD206bn

28 September 2023 - Global financial institutions are facing crime compliance costs exceeding USD206bn, according to a study released by LexisNexis Risk Solutions. The figure accounts for over 12% of global R&D spending, or about USD3.33 per working-age individual per month. The study, which incorporates views from 1,181 professionals around the world, revealed that... Click for more

75% of global firms not ready for ESG data audits: KPMG

27 September 2023 - A new report from KPMG reveals that 75% of companies globally are unprepared for external audits of their environmental, social, and governance (ESG) data, with stricter regulations impending. Stricter global, EU, and US rules, mostly set for the 2024 reporting season, aim to mitigate misleading environmental claims and ensure transparent... Click for more

Hong Kong investors shows preference for stable income, liquidity

28 September 2023 - A 2022 survey conducted by the Hong Kong Monetary Authority and the Securities and Futures Commission showed a preference shift among investors toward stable income and liquidity. The findings also reveal that money market funds accounted for 61% of total top-five collective investment schemes (CIS) transactions, up from 33% in... Click for more

Asia-Pacific family offices diversify with alternative investments

29 September 2023 - Asia-Pacific family offices are increasing their focus on alternative investments like private equity, real estate, and venture capital, as these offer higher non-correlated returns and diversification benefits. Singapore and Hong Kong are particularly active, with 59% of the region’s family offices located in Singapore. Real estate is drawing significant... Click for more

China to launch massive fund for AI, biotech investments

25 September 2023 - China Reform Holdings Corp, a Chinese state asset manager, is launching a development fund targeted at a minimum of CNY100bn (USD15.6bn) to foster investments in strategic emerging sectors, according to China Business News. With over 20 government entities, provincial governments, and private capital expressing investment intentions... Click for more

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Standard Chartered foresees Vietnam’s Q3 GDP at 5.1%

29 September 2023 - Standard Chartered Bank predicts a rise in Vietnam’s Q3 GDP growth to 5.1% YoY, showcasing ongoing recovery with early signs marked in Q2. The projection for 2023’s GDP growth remains at 5.4%, as detailed in the bank’s report “Vietnam Macro: Q3 GDP to show ongoing recovery”. September is expected to experience slight improvements, with... Click for more

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Indonesia eyes global markets for MSMEs with QRIS

29 September 2023 - The Indonesian Coordinating Ministry for Economic Affairs states that the Quick Response Code Indonesian Standard (QRIS) can aid micro, small, and medium enterprises (MSMEs) in reaching international markets and enhancing financial inclusivity. Mohammad Rudy Salahuddin, the ministry’s deputy for digital economy, employment, and MSME... Click for more

South Korea business sentiment stagnates amid sluggish exports

28 September 2023 - South Korea’s business sentiment index remains at 73 for October, reflecting unchanged sentiments from September, as per the Bank of Korea survey. The index, which gauges corporate prospects for upcoming business conditions, indicates a predominance of pessimism with a reading below 100. This stagnant sentiment is attributed to continued... Click for more

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Indonesia debuts carbon emission trading

27 September 2023 - Indonesian President Joko Widodo has inaugurated the nation’s inaugural carbon emission trading system, intending to cultivate a market to subsidise initiatives to curtail greenhouse gas emissions and to secure a significant role in international carbon trade. Indonesia aims for carbon neutrality by 2060 and is one of the leading global greenhouse gas emitters. Thirteen transactions were completed at launch, representing... Click for more

Money-laundering scandal prompts Singapore banks to up client scrutiny

26 September 2023 - Banks in Singapore are intensifying scrutiny of customers, particularly those from China, amid a USD1.8bn money-laundering scandal. The waiting period to open private banking accounts has reportedly increased from one month to three to four. This follows the exposure of a transnational money laundering syndicate in August. Singapore’s status as... Click for more

Vietnam’s financial sector leads charge in digital transformation

25 September 2023 - Vietnam is ardently pursuing digital transformation in its financial sector, seen as crucial to a national digital shift and enabling transformation across sectors, said officials at Vietnam Digital Finance 2023. Nguyen Durc Hien, of the Party Central Committee’s Economic Commission, stated digital finance is witnessing explosive growth globally... Click for more

HSBC set to acquire Citigroup’s China consumer wealth unit

29 September 2023 - HSBC is reportedly acquiring Citigroup’s consumer wealth management business in China, managing over USD3bn in assets, marking a significant expansion for HSBC in the region. While the financial details remain undisclosed, the deal involves the transition of several hundred of Citi’s China-based staff to HSBC. This development follows... Click for more

UBS rekindles China expansion plans with ICBC partnership

28 September 2023 - Swiss banking group UBS has signed a memorandum of understanding with Industrial and Commercial Bank of China (ICBC) to explore collaborative opportunities in China and global markets, focusing on asset and wealth management, and investment and corporate banking. Despite UBS’s interest in expanding its Chinese footprint, uncertainties... Click for more

S&P cuts Philippines’ 2023 GDP growth forecast to 5.2%

27 September 2023 - S&P Global Ratings has revised its 2023 GDP growth forecast for the Philippines down to 5.2% from 5.9%, citing the slowing global economy, delayed impact of rate hikes by the Bangko Sentral ng Pilipinas, and the effects of El Niño. The GDP growth projection for the Asia-Pacific region is also lowered to 4.3% from 4.5%. Despite the cut, the Philippines... Click for more

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HKMA sees significant progress in banks’ AML regtech adoption

27 September 2023 - The Hong Kong Monetary Authority (HKMA) has reported significant advances made by banks in implementing anti-money laundering (AML) regulatory technology, or regtech, aimed at enhancing AML and Counter-Financing of Terrorism (CFT) efforts. The report highlighted practical applications of regtech in areas such as real-time fraud monitoring and... Click for more

Grab shuts down investment products, winds down GrabInvest

26 September 2023 - Grab is discontinuing its investment products, AutoInvest and Earn+, and is winding down its GrabInvest business, effective from September 25, following an extensive review that concluded the business was not commercially viable. GrabInvest was exclusively serving the Singapore market, and customers have until October 13 to withdraw their funds... Click for more

Aviva to acquire AIG’s UK life insurance business

26 September 2023 - British insurer Aviva has agreed to acquire AIG’s UK life insurance business, AIG Life UK, from Corebridge Financial for GBP460m (USD561.5m), marking its largest acquisition under CEO Amanda Blanc. This move is part of Aviva’s strategy to concentrate on its core markets and elevate investor returns, utilising funds raised from recent global... Click for more

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Ant Group expands its A+China Program with seven new Asian e-wallets

25 September 2023 - Ant Group’s ‘Alipay+-in-China’ Program (A+China Program) has added seven new e-wallets and payment apps from across Asia, allowing users of these services a seamless mobile payment experience within Alipay’s extensive merchant network in mainland China. These additions, including mPay and OCBC, bring the total number of international e-wallets... Click for more

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Indonesia’s Jokowi urges control on social commerce to safeguard MSMEs

25 September 2023 - Indonesian President Joko Widodo has expressed concern over the impact of social commerce platforms like TikTok Shop on micro, small, and medium enterprises (MSMEs) and traditional merchants, asserting that TikTok should remain a social media platform rather than morph into an e-commerce entity. In response to the emerging landscape... Click for more

Hackers steal USD200m from HK crypto platform Mixin

26 September 2023 - Crypto firm Mixin reported a loss of approximately USD200m due to a hack, marking the biggest crypto theft of 2023, the company revealed on social media platform X, previously known as Twitter. The Hong Kong-based company stated hackers targeted the database of its network’s cloud service provider. While Mixin has temporarily suspended user... Click for more

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