Hong Kong note-issuing banks HSBC and Standard Chartered on Monday completed trades at the launch of the city’s cross-boundary bond repurchase (repo) scheme, according to the two lenders. The cross-boundary bond repo business was launched by the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China, alongside other mainland authorities, as the latest…
Hong Kong’s monetary authority will launch a Renminbi (RMB) Business Facility from next month to support banks in offering yuan loans to companies, a move that aims to promote trade finance and direct investment as the city strengthens its role as an offshore yuan hub. “The potential usage of the RMB Business Facility by participating…
Hong Kong’s monetary authority will launch a Renminbi (RMB) Business Facility from next month to support banks in offering yuan loans to companies, a move that aims to promote trade finance and direct investment as the city strengthens its role as an offshore yuan hub. “The potential usage of the RMB Business Facility by participating…
Three in five multinational companies expect costs to rise due to ongoing geopolitical uncertainties, which is spurring their adoption of artificial intelligence and smart manufacturing to offset financial pressure, according to a Standard Chartered survey on Wednesday. About 62 per cent of top executives surveyed predicted cost increases of 5 to 14 per cent in…
Hong Kong’s three note-issuing banks – HSBC, Standard Chartered and Bank of China (Hong Kong) – will trim their prime lending rates for the first time since December, reducing funding costs and providing some relief to businesses and mortgage borrowers in the city. HSBC and the Hong Kong unit of Bank of China said on…
The development of fintech and the strong desire of mainland Chinese companies to go global are conducive to Chinese and international banks setting set up operations in Hong Kong, according to the head of the city’s de facto central bank. “While many international and mainland banks already use Hong Kong as a base to develop…
The development of fintech and the strong desire of mainland Chinese companies to go global are conducive to Chinese and international banks setting set up operations in Hong Kong, according to the head of the city’s de facto central bank. “While many international and mainland banks already use Hong Kong as a base to develop…
A subsidiary of Fosun International this week marked a new milestone in bringing traditional financial instruments onto a blockchain infrastructure, which it touted as Asia’s first “comprehensive” technical solution for stock performance-linked tokens. Fosun Wealth Holdings-backed start-up Finloop Finance Technology Holding collaborated with FinChain, a Web3 brand under Fosun Wealth, in creating the new solution…
Sales of non-listed investment products soared to a record last year in Hong Kong, as capital poured into mutual funds, debt and equity-lined financial products amid improving market sentiments, underscoring the city’s growth as a financial hub. As many as 1.2 million customers traded at least once on a product last year, 28 per cent…
Bank of East Asia (BEA), Hong Kong’s largest family-owned lender, beat expectations with 14 per cent growth in its first-half net profit, as a robust wealth-management business offset an increase in bad debt from commercial real estate. The bank recorded HK$2.41 billion (US$309 million) in net profit for the six months to June, or 86…