Hong Kong’s de facto central bank left its base rate unchanged after a similar move overnight by the US Federal Reserve, leaving borrowers in the city with a longer wait for funding costs to fall. The Hong Kong Monetary Authority (HKMA) announced its decision on Thursday morning to keep the city’s base rate at 4…
The use of technology in trade finance is advancing from digitising existing paperwork to re-engineering entire processes with artificial intelligence and shared data, according to bank executives at the Development & Innovation of AI for Digital Finance forum on Monday in Hong Kong. “When we are talking about digitalisation, we are actually making the current…
Hong Kong banks may not cut their prime rates this year, but local interbank rates will still follow US rates lower, benefiting a majority of borrowers, according to a senior executive of the Hong Kong Monetary Authority (HKMA). Analysts widely expect the US Federal Reserve to cut its key rate by three-quarters of a point…
The Hong Kong Monetary Authority (HKMA) issued requirements on Wednesday for banks to improve their services for elderly customers, as the proportion of the city’s population over the age of 65 increases rapidly. Banks will be required to upgrade their apps to meet the needs of elderly customers, improve branch facilities and ensure that staff…
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 banking and finance sector is tipped to lead retail property leasing activity, with massive uptake by firms like Forthright Securities, Futu Holdings and HSBC providing support to landlords struggling through a multi-year real estate slump. Forthright Securities leased three storeys totalling 14,000 sq ft at Golden Centre in Sheung Wan for its first…
Hong Kong’s banking and finance sector is tipped to lead retail property leasing activity, with massive uptake by firms like Forthright Securities, Futu Holdings and HSBC providing support to landlords struggling through a multi-year real estate slump. Forthright Securities leased three storeys totalling 14,000 sq ft at Golden Centre in Sheung Wan for its first…
Following the January 8 shareholder vote that overwhelmingly approved the largest privatisation deal in Hong Kong’s history, many questions remain about the future of Hang Seng Bank, its stakeholders and the broader financial landscape. For Hang Seng Bank’s shareholders, the immediate question is what to do with the HK$106.16 billion (US$13.6 billion) windfall from HSBC…
Former commerce chief Frederick Ma Si-hang has urged the public to deepen their support for disabled students in the city at a charity golf event organised by the Hong Kong Special Schools Council to raise awareness for this group. The tournament, held on Friday at the Fanling Golf Club, drew 21 teams of 84 people,…
Hong Kong’s banking sector is set for a landmark transformation as thousands of Hang Seng Bank shareholders vote on HSBC Holdings’ bid to take the lender private on Thursday morning. Analysts expected an overwhelming approval for the proposal, which offers shareholders HK$155 a share – 30 per cent higher than Hang Seng Bank’s HK$119 closing…