HSBC subsidiary Hang Seng Bank appointed Gilbert Lee Man-lung, the eldest son of Hong Kong Chief Executive John Lee Ka-chiu, as deputy head of its China unit. The lender said that it would promote the junior Lee, 47, to vice-chairman of Hang Seng Bank (China) from his current position as head of strategy and planning…
The Hong Kong Monetary Authority (HKMA) will announce on Monday new measures to be implemented by banks to safeguard the public from financial fraud, stepping up its vigilance to prevent scams that caused losses of HK$9.15 billion (US$1.2 billion) last year. Called “E-Banking Security ABC”, the “ABC” refers to tightening “authorisation” methods for transactions, saying…
Washington: The stock market rout triggered by US President Donald Trump’s punishing tariff wars wiped over $10 trillion off major markets across the globe. The financial destruction, historic in scale, was equivalent to just over half of the GDP of the European Union, according to a report by Bloomberg. After Trump announced sweeping tariffs last…
Euroclear has joined Project Ensemble, the wholesale central bank digital currency (wCBDC) initiative from the Hong Kong Monetary Authority (HKMA). The project explores using wCBDC for the settlement of tokenization transactions and for interbank settlement of tokenized deposits. Euroclear becomes a member of the Architecture Community and is the sole financial market infrastructure (FMI) community…
Beijing’s point man on Hong Kong affairs has called on HSBC to serve as an “important bridge” in Sino-British ties while also promoting the country and the city to the international community as he met its group chairman in the capital. HSBC Group chairman Mark Tucker also met Chinese Vice-President Han Zheng on Wednesday and…
Major stock benchmarks in Hong Kong, Singapore and the US have upside potential in 2025 as breakthroughs in artificial intelligence (AI) create big opportunities, according to HSBC’s survey of wealthy investors in the two Asian financial hubs. Some 55 per cent of the respondents said the Hang Seng Index, the Straits Times Index and the…
The New York Fashion Tech Lab (NYFTL) has named this year’s cohort of companies transforming the fashion industry and retail sector. The community-driven platform returns for its 12th year of accelerating the women-led startups developing innovations at the intersection of fashion and technology. Cofounded by venture catalyst Springboard Enterprises, the nonprofit is designed for early-to-growth-stage…
The new Kai Tak Stadium is set to welcome visitors to Hong Kong, with players and supporters of the fifth stage of the Cathay/HSBC sevens tournament among the first to experience its high-tech features. The stadium features a retractable roof and an advanced bowl cooling system, enhancing the experience for both players and spectators. Opened…
The Hong Kong Monetary Authority (HKMA) maintained its base rate at 4.75 per cent on Thursday. Hours earlier, the Fed left its target rate in the 4.25 to 4.5 per cent range, following the second Federal Open Market Committee (FOMC) meeting of the year. The HKMA last cut the city’s base rate to 4.75 per…
China Vanke has sold around a quarter of the more than 200 units on offer at its Le Mont project on the first day of sales, despite earlier reports indicating that some Hong Kong banks were refusing to extend mortgages to prospective buyers. By 1pm on Saturday, 58 of the 228 available flats at the…