top of page

AF Advisory Board BannerNew.png

Asia First Banner.jpg

NEWS THIS WEEK

Register Button.jpg

Hong Kong insurance gross premiums dip 7% YoY in Q1

02 June 2023 - Hong Kong's insurance sector saw gross premiums decline by 7% YoY to HKD147.2bn (USD18.9bn) in Q1 2023, with long-term business revenue premiums dropping by 8.9% to HKD126.6bn, the Insurance Authority reported. However, new business premiums rose by 10.7% to HKD47bn, aided by a 26.9-fold YoY increase in premiums from mainland visitors, following the resumption of... Click for more

Stephen Jones 2.jpg

Finance minister Stephen Jones to inaugurate global actuaries congress in Sydney

31 May 2023 - Australia's federal finance minister, Stephen Jones, is set to officially inaugurate the 32nd International Congress of Actuaries in Sydney, where over 1,500 global actuaries will congregate to tackle pressing issues including climate change and artificial intelligence. The high-profile event, taking place in Australia for the first time in almost 40 years, will assemble actuaries from 50 countries, and... Click for more

Featured Story.jpeg

Advisory Boards in the Financial Sector

SPECIAL FOCUS

Part 7: Advisory Boards – everyone is doing it

02 June 2023 - For people who are newly coming to understand Advisory Boards (ABs), and who might be considering the significant benefits of setting one up, a common question is … who else is doing it? Today, we’ll address exactly that point. Before we see the extent to which business globally are growing their use of ABs, let’s see how we got here... Click for more

Asia-Pacific family offices eye China for increased investments

02 June 2023 - Asia's wealthiest families are gearing up to boost their investments in China following a pullback in 2022 due to stringent Covid-19 restrictions and regulatory curbs, says a UBS Group survey. Approximately 30% of Asia-Pacific family offices anticipate increasing their asset allocation in Greater China over the next five years, contrasting with just 6% planning to avoid the region altogether... Click for more

Woori Financial Capital CEO tapped to head Woori Bank

29 May 2023 - Woori Financial Group has named Cho Byung-kyu, current CEO of Woori Financial Capital, as the prospective leader of Woori Bank. Cho's nomination came after a meticulous screening process which included a strategic business presentation and interview. Pending approval from shareholders and the board of directors during the July 3 meeting, Cho will serve a two-year term. The group's executive... Click for more

Chinese credit rating firms want to be on HKMA’s list.jpg

Hong Kong banks take USD482m in short-term cash amid tightened liquidity

01 June 2023 - Hong Kong banks have borrowed the largest amount of short-term cash since January 2021 from the Hong Kong Monetary Authority (HKMA), suggesting a surge in liquidity demand. According to Bloomberg data, the de-facto central bank loaned out HKD3.77bn (USD482m) via its discount window last Monday. Liquidity tightening due to the HKMA managing the city’s dollar peg has... Click for more

Asia Pacific to lead global economic growth, S&P predicts

30 May 2023 - S&P Global Market Intelligence forecasts the Asia Pacific region, led by China and India, to outpace other regions in economic growth. The anticipated GDP growth rate for 2023 is 4.3%, up from 3.2% in 2022, with a further increase to 4.5% in 2024. Despite slower growth in Taiwan, South Korea, and Australia, Vietnam, the Philippines, and Indonesia are expected to maintain robust... Click for more

Japan's capex rises for fourth consecutive quarter

02 June 2023 - Japan's businesses boosted their spending for the fourth consecutive quarter, signaling recovery from the pandemic's impact, Bloomberg reported. According to the finance ministry, capital expenditure, excluding software, climbed 2.7% in the quarter ending in March. The data, stronger than the cabinet office's preliminary 0.9% increase, will be integrated into the revised GDP figures... Click for more

Ultra-rich population in Vietnam doubles in five years

02 June 2023 - The number of ultra-wealthy individuals in Vietnam, those with a net wealth over USD30m, has nearly doubled in the past five years, from 583 in 2017 to 1,059 in 2022, according to Knight Frank's The Wealth Report. This number is projected to increase to 1,295 in the next five years. Furthermore, the number of millionaires also grew by 70% and is expected to exceed 112,250 by 2027... Click for more

Crypto.com Arena.jpg

Crypto.com secures key licence in Singapore amid HK crypto expansion

01 June 2023 - Crypto.com has secured a significant payment institution license from the Monetary Authority of Singapore (MAS), enabling the continuation of its digital payment token services to Singaporean customers. The announcement aligns with Hong Kong's decision to permit retail traders to engage in cryptocurrency trading. Amid increased regulatory scrutiny globally, Hong Kong is making... Click for more

Business closures surge in Vietnam amid tough economic climate

01 June 2023 - About 88,000 businesses in Vietnam withdrew from the market in the first five months of 2023, a 22.6% increase from the previous year, according to the country's General Statistics Office (GSO). The number includes 55,200 firms that temporarily ceased operations, marking a 20.3% yearly rise. Over the same period, about 61,900 new companies were established, a decrease from... Click for more

WB urges Thailand to boost revenue collection

31 May 2023 - The World Bank advised Thailand to enhance its revenue collection long-term to address increasing public spending requirements, notably from its aging populace. The nation must balance rising expenditures on pensions, healthcare, education, and climate adaptation without hindering economic growth or exacerbating public debt, according to a World Bank report. Fabrizio Zarcone, the World Bank's country manager for Thailand, recommended progressive... Click for more

Vietnam's overseas investments reach USD316.4m in Jan-May period

30 May 2023 - Vietnam's overseas investment reached approximately USD316.4m in the first five months of this year, accounting for 93.5% of the corresponding period last year, reports the Foreign Investment Agency under the Ministry of Planning and Investment. Of this total, USD142.7m was allocated to 47 new projects, representing 48.6% compared to the same period in 2022, while USD173.7m... Click for more

Philippine central bank considers regulatory easing for small, mid-sized lenders

30 May 2023 - The Bangko Sentral ng Pilipinas (BSP) is considering easing regulations for small and mid-sized banks by allowing their loans to micro, small, and medium enterprises (MSMEs) to count towards reserve requirements. As regulatory relief measures implemented during the pandemic are phased out, BSP Governor Felipe Medalla revealed plans to enable these banks to continue using... Click for more

Vietnam among the world's first in digital banking transformation

30 May 2023 - Vietnamese banks have emerged as one of the global leaders in digital transformation, according to experts at the Financial Services - Retail Banking Forum in HCM City. Vu Viet Ngoan, former chairman of the National Financial Supervisory Commission, highlighted the rising popularity of digital products in Vietnam, with over 30% of the population using banking apps, ranking second... Click for more

Singapore's TRIREC launches USD100m decarbonisation fund with Thai firm

31 May 2023 - Singapore's TRIREC and Thailand's INNOPOWER announced their partnership today to launch a growth-stage venture fund, Energy Ignition Ventures, aimed at advancing decarbonisation solutions. This move supports global efforts to achieve a net-zero economy by 2050. The fund will target companies demonstrating significant decarbonisation impact, proven product-market fit... Click for more

Philippine youth prioritise hybrid work, salary expectations drop: survey

01 June 2023 - A recent Universum Talent Survey revealed that 82% of young Filipino talents are interested in companies offering hybrid work arrangements. The study polled 5,000 students across 103 universities from November 2022 to March 2023. Despite recognizing work-from-home challenges such as unstable internet connections and social disconnect, they expressed preference for employers... Click for more

US Secretary of Commerce Gina Raimondo.jpg

US commerce secretary expresses concern over China's actions vs US firms

29 May 2023 - US Secretary of Commerce Gina Raimondo raised concerns about China's recent actions against US companies in a high-level meeting with Chinese Commerce Minister Wang Wentao. The meeting, the first in over two years, saw Raimondo voicing concerns over China's targeting of US firms, with particular mention of actions taken against Idaho-based Micron Technology. Despite not naming... Click for more

Deutsche Bank doubles down on Vietnam with USD200m capital injection

29 May 2023 - Deutsche Bank has substantially increased its capital allocation in Vietnam to over USD200m, nearly doubling previous investments. The bolstered funds will enable expanded operations in the developing Southeast Asian nation, where the German bank has seen significant growth. This follows after Deutsche Bank's Asia-Pacific revenues doubled over the last two years, with Vietnam... Click for more

Malaysia prepares to roll out energy transition roadmap

29 May 2023 - Malaysia is readying to roll out its Energy Transition Roadmap in phases starting from next month, aiming to reach a 70% renewable energy capacity by 2050. Economy Minister Rafizi Ramli revealed that the initial phase will incorporate strategic projects including hydrogen and solar farms and a renewable energy special zone. A subsequent phase in August will focus on legislative reforms... Click for more

All news

eNew sign up.jpg

bottom of page