HSBC Holdings’ exploration of options for its insurance business in Singapore may lead to a sale of the unit as the group reallocates resources to its insurance business in Hong Kong and mainland China, according to analysts. “It makes sense for HSBC to consider an exit from Singapore’s insurance market to focus on Hong Kong…
Hong Kong’s stablecoins ordinance, which took effect on Friday, puts cryptocurrency’s most-traded cash substitute under the same regulatory framework as banks, triggering a rush for a limited number of licences from the Hong Kong Monetary Authority (HKMA). Some market observers were caught by surprise after learning that the first batch of stablecoin licences was only…
Fintech firm Ant International, the global affiliate of Chinese tech giant Ant Group, said it would apply for a stablecoin issuer licence in Hong Kong once the new ordinance governing fiat-backed cryptocurrencies comes into effect in August. “We welcome the passage of the Stablecoins Bill … and hope to contribute more to the city’s vision…