HSBC and a joint venture led by Standard Chartered are expected to be among the first companies to obtain Hong Kong’s stablecoin licences within two weeks, according to people familiar with the matter. The number of licences and timetable had yet to be finalised and remained subject to change, but sources said a possible date…
HSBC Holdings is phasing out its remote-work flexibility as it tightens its post-pandemic policy in Hong Kong, requiring frontline employees to be in the office or meet clients five days a week. In an internal memo seen by the South China Morning Post, the city’s largest bank asked client-facing staff, including traders and salespeople, to…
Beijing should create a “connect” scheme for initial public offerings (IPOs) in the Greater Bay Area to allow mainland Chinese and Hong Kong investors to buy into new listings across the border, HSBC Asia-Pacific chairman Peter Wong Tung-shun said on the eve of China’s annual “two sessions” meetings. “If investors in both Shenzhen and Hong…
HSBC, the largest lender in Europe and Hong Kong by assets, has signalled for the first time its intent to engage with the city’s forthcoming stablecoin regime, citing Hong Kong’s sound regulatory environment and its potential to drive innovation in the digital asset space. “We are interested in every part of Hong Kong’s innovation landscape,…
A man who claims to have Aids has been arrested after hijacking a bus in Hong Kong and causing it to crash, the South China Morning Post has learned. A source said the 28-year-old mainland Chinese man, surnamed Miao, had blood stains on his hands when he was apprehended. The man also incoherently spoke in…
HSBC Holdings, the largest banking group in Europe and Hong Kong by assets, on Wednesday reported a 7 per cent decline in profit last year, as bad debt in commercial property and lawsuits related to the Bernard Madoff fraud case offset strong growth in its wealth business. Pre-tax profit in 2025 dropped to US$29.9 billion…
When Wilson Chan Fung-cheung joined Hong Kong’s banking industry as a foreign-exchange trader more than four decades ago, his work involved US dollars, UK pounds, Japanese yen and various European and Asian currencies – but not Chinese yuan. “Back then, there was no yuan trading at all as, in fact, the internationalisation of the yuan…
Thousands of Hong Kong bank employees will receive a return-to-work lai see on Friday, with some banks handing out extra benefits and gifts to their staff amid improving economic and market sentiment. While it is a Chinese tradition for companies to give their staff lai see on the first working day of the Lunar New…
Gold, mahjong sets, fancy lai see packets and dinners with fireworks views are among the incentives Hong Kong banks are using to lure wealthy customers from the city and the mainland during the Lunar New Year, which kicks off on Tuesday. Hong Kong authorities estimated that as many as 1.43 million mainland visitors would cross…
Hong Kong’s retail banks posted 7.3 per cent pre-tax profit growth last year, as rising bad debts and a narrower net interest margin offset growing income from wealth-management services. The city’s 30 retail banks recorded lower growth in aggregated pre-tax profit than in 2024, when profits increased 8.4 per cent, according to data from the…