top of page

Asia First Banner.jpg

NEWS THIS WEEK

Register Button.jpg

APAC insurance premiums to grow 2.3% annually in 2024-2025

23 November 2023 - Swiss Re Institute projects a significant growth in insurance premiums in the Asia-Pacific region, estimating a 2.3% annual increase for 2024 and 2025, a jump from the 0.7% growth expected in 2023. Globally, insurance premiums are forecasted to rise by 2.2% annually over the next two years, surpassing the 1.5% growth in 2023 and the 1.6% five-year... Click for more

Hong Kong residents want MPF to invest in higher-risk, higher return funds

21 November 2023 - A survey conducted by the Hong Kong Investment Funds Association (HKIFA) showed that city residents want the Mandatory Provident Fund to invest in higher-risk, higher-return funds to help them achieve their retirement target. The survey, which involved more than 1,000 respondents, finds that Hongkongers want to retire at 61 with HKD7.6m (USD975K)... Click for more

Singapore 20Oct23.jpg

Singapore ranks in top five of the Global Innovation Index 2023

22 November 2023 - Singapore now joins Switzerland, Sweden, the US, and the UK as the world's most innovative economies in 2023, according to the World Intellectual Property Organisation's Global Innovation Index (GII). The city-state's ranking in the GII highlights its robust innovation landscape,according to the index. It ranks highest in institutions (1st), human capital and... Click for more

Green fintech on the Rise in SE Asia, finds UOB-PwC-SFA report

20 November 2023 - A report released by UOB, PwC Singapore, and the Singapore Fintech Association said green fintech is a promising new growth area in Southeast Asia, with green fintech firms bringing innovative solutions to help businesses and governments address challenges and opportunities of going green. The report - Fintech in ASEAN 2023: Seeding the Green Transition - said the... Click for more

Taiwan’s economy forecast to grow 3% in 2024: Fubon

20 November 2023 - Taiwan’s economy has survived the worst and could grow 3% this year, according to Taiwanese financial conglomerate Fubon Financial Holding. The forecast was based on the improvement in the nation’s exports, which is a critical economic gauge. Taiwan’s Ministry of Finance said exports in October slipped back into contraction but might stage a sustained... Click for more

Singapore, Malaysia launch real-time payment linkage

20 November 2023 - The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) have introduced a real-time payment system linkage between Singapore's PayNow and Malaysia's DuitNow. This follows the earlier QR payment linkage and features live cross-border transfers. The PayNow-DuitNow linkage facilitates instant, secure, and cost-effective transfers... Click for more

Hong Kong IPO fundraising hits 20-year low

23 November 2023 - IPO fundraising in Hong Kong dropped dramatically by 59% to HKD41.3bn (USD5.3m), marking a 20-year low and relegating the city to sixth globally in listing venues, trailing behind India. This decline came as Hong Kong Exchanges and Clearing (HKEX) revised policies to enable major pre-IPO and cornerstone investors to buy additional shares during IPOs, aiming to attract more independent investors and align offer prices with market... Click for more

Kuala Lumpur 2.jpg

Malaysia's business confidence soars to 3.2% in Q4 2023

24 November 2023 - Malaysia's business confidence indicator has risen to 3.2% in Q4 2023, up from 0.7% in the previous quarter, signalling stronger business expectations. Chief Statistician Datuk Seri Dr. Mohd Uzir Mahidin reports optimism in the services, industry, and construction sectors. The services sector's confidence has increased to 6.3%, and the industry sector to 4.0%... Click for more

Zhu Hexin.jpg

China to name CITIC head as new forex regulator chief

23 November 2023 - China is reportedly poised to appoint Zhu Hexin, the head of CITIC Group, as the new chief of its foreign exchange regulator. A Reuters report, which quoted four sources, indicates that Zhu's appointment to lead the State Administration of Foreign Exchange could be announced soon, possibly within the week. In addition to this role, Zhu, 55, is expected to be... Click for more

96% of Asian asset managers eyeing tokenisation in three years

22 November 2023 - A recent survey by global fund network Calastone shows a clear shift towards tokenisation among Asian asset managers: 61% expect to launch tokenised products within a year, compared with 67% for the United States. In Asia, enthusiasm is even more pronounced: 96% of asset managers plan to tokenise funds within three years, while 37% are currently... Click for more

Asia Futurists Leadership Festival new.jpeg

South Korea sees decline in direct lending to companies in October

22 November 2023 - Data showed direct lending to South Korean companies fell in October compared to the previous month due to a significant drop in initial public offerings (IPOs). Local companies raised a total of KRW19.4tr (USD15.06bn) from stock and bond sales last month, compared with KRW23.78tr in September, according to data from the Financial Supervisory Service (FSS)... Click for more

Philippines economic growth likely to fall below target until 2025

22 November 2023 - The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, said the country’s economic growth is likely to fall below the government target for the next three years. Despite the upward revisions, the BSP sees the GDP outturn in 2023, 2024, and 2025 falling below the growth targets set by the cabinet-level Development Budget Coordination... Click for more

SP Global 24Nov23 ed.jpg

S&P Global sees demand to rise for risk assessments in private credit

24 November 2023 - S&P Global expects increased revenue from rating private debt financings as credit markets potentially turn down, says CFO Ewout Steenbergen. The private credit market, now at USD1.6tr, has surged from USD500bn in 2015, with investors likely to seek more risk information in tough times. Steenbergen points out that private credit investors... Click for more

HSBC on track to hit China wealth business headcount by 2025

21 November 2023 - Despite China’s current economic headwinds, HSBC said it is on track to hit its target of expanding its wealth business headcount in the country to 3,000 by 2025. Trista Sun, a senior HSBC executive, told Reuters that the bank, which focuses on Asia’s affluent, has already recruited around 1,500 wealth managers since 2021. The target headcount comes as... Click for more

Robust Q3 growth bumps up 2023 growth predictions for Philippines

24 November 2023 - Oxford Economics has upgraded its 2023 growth forecast for the Philippines to 5%, an increase from the previously projected 4.5%. This revision follows a robust 5.9% economic expansion in the third quarter, exceeding the 4.3% growth of the second quarter. Despite this, the forecast remains below the government's 6-7% target. The country's economy... Click for more

Maybank launches Islamic Wealth Management hub in Singapore

21 November 2023 - Maybank Group launched its Islamic Wealth Management (IWM) regional offshore hub in Singapore, extending its IWM reach beyond Indonesia and Malaysia. The move aligns with its M25+ Strategy for global leadership in Islamic finance, particularly in wealth management. Maybank Islamic Berhad, part of the Group, is the 5th largest Islamic bank... Click for more

Mergers and acquisitions.jpg

UOB completes acquisition of Citibank Indonesia

21 November 2023 - United Overseas Bank (UOB) has completed the acquisition of Citigroup’s consumer banking business in Indonesia. Citibank Indonesia’s assets and liabilities have also been fully integrated into UOB Indonesia. It follows the completions in Malaysia and Thailand in November 2022 and Vietnam in March this year. The acquisition, which comprises Citigroup’s unsecured... Click for more

The Carlyle Group.jpg

Carlyle cuts target for latest Asia buyout fund

20 November 2023 - US investment giant Carlyle Group has cut the fundraising target for its latest pan-Asia buyout fund by at least 30% from its original USD8.5bn, Reuters reported, quoting sources familiar with the matter. The move comes as investors’ appetite waned due to a slowing global economy and geopolitical tensions. Carlyle did not disclose the reason for the cut, but the firm has raised less than USD3bn of the USD6bn in total... Click for more

Citigroup revamps APAC leadership in major global reorganisation

24 November 2023 - Citigroup has announced pivotal appointments in its Asia Pacific division following a significant global reorganisation. Jan Metzger, previously heading Capital Markets and Advisory in Asia, now leads the investment bank for Asia North, Australia, and Asia South. Former Asia corporate head, Kaleem Rizvi, is appointed as corporate bank head for Asia North and... Click for more

Peter Stein.jpg

ASIFMA names Peter Stein as chief executive

23 November 2023 - Peter Stein, a former Wall Street Journal editor, has been named the new chief executive of the Asia Securities Industry & Financial Markets Association (ASIFMA), effective February 8, 2024. Stein, who currently heads the Private Wealth Management Association (PWMA), will take over the role at ASIFMA's Hong Kong office, succeeding Alice Law who resigned in July 2023. Stein previously worked at UBS in regulatory advisory and relations... Click for more

All news

eNew sign up.jpg

bottom of page