* Wellington Koo, chairman of Taiwan's Financial Supervisory Commission, said it is considering adding special clauses to the island's Insurance Act to provide assistance to people paying substantial damages from traffic accidents, the Taipei Times reported. The move came after a 20-year-old man accidentally crashed into four parked Ferraris in New Taipei City. Local media reported it could cost NT$12 million to repair the damaged vehicles, which have a combined market value of NT$60 million.
* Taiwan's Financial Supervisory Commission is urging local lenders with exposures to China exceeding 80% of their net worth to pay more attention to their credit extensions and to prepare allowance for bad debts equivalent to at least 1.5% of their loans offered in the Chinese market, the Taipei Times reported.
JAPAN AND KOREA
* Japan's MS&AD Insurance Group Holdings Inc. signed an agreement with Swiss Re AG for an additional investment of £315 million into ReAssure, Swiss Re's U.K.-based closed book business. MS&AD holds a 15% stake in ReAssure, but will acquire an additional 10% in the transaction.
* Daiwa Securities Group Inc. will acquire Spain's Montalbán Atlas Capital through its affiliate, Daiwa Corporate Advisory Holdings Ltd., to become a wholly owned subsidiary. The acquisition amount is not disclosed. The company is set to boost a strategic partnership between Montalbán Atlas and Daiwa Corporate Advisory in Spain, Portugal and other European countries.
* South Korean internet-only lender K Bank completed its capital increase of 74.3 billion won amid recent financial difficulties, the Chosun Ilbo reported. Following the injection, the bank now has 477.5 billion won capital.
* Small & Medium Enterprise Development Bank of Thailand is looking to extend low-interest loans to 120,000 local taxi drivers, Post Today reported, citing Mongkol Leelatham president of the bank.
* Government Savings Bank President and CEO Chatchai Payuhanaveechai said the policy rate hike by Thailand's monetary policy committee had no impact on the lender's personal and retail customers and that it would be the last local bank to increase interest rates, Manager Daily reported.
* Chinese payment service provider Alipay is looking to cooperate with PT Bank Rakyat Indonesia (Persero) Tbk and PT Bank Central Asia Tbk to operate in Indonesia, Antara News Agency reported, citing Bank Indonesia Deputy Governor Sugeng. Indonesia requires overseas payment service providers to cooperate with domestic banks in doing business in the country. Another Chinese payment service provider, WeChat, is working on a pilot project with PT Bank Negara Indonesia (Persero) Tbk and has signed an agreement with PT Bank CIMB Niaga Tbk.
* Bank Indonesia Governor Perry Warjiyo said the regulator held its key reference rate BI seven-day reverse repo rate at 6% as it aims to reduce the current account deficit to 2.5% in 2019, Bisnis Indonesia reported.
* The Reserve Bank of India placed a restriction on the outstanding stock of external commercial borrowings at 6.5% of GDP at current market prices. The outstanding stock of external commercial borrowings as of Sept. 30 stood at US$126.29 billion.
* The Indian government plans to inject 830 billion rupees in public sector banks in the next few months of the current fiscal year, Mint reported, citing Finance Minister Arun Jaitley.
* Bank of India is looking to raise 20 billion rupees via a stake sale in joint venture firm Star Union Daiichi to fund growth as it struggles to maintain capital adequacy under prompt corrective action, The Economic Times reported. Dai-ichi Life Holdings Inc., Bank of India and Union Bank of India own 45%, 29% and 26% stake in Star Union Daiichi, respectively, the publication noted.
AUSTRALIA AND NEW ZEALAND
* The Australian Securities and Investments Commission said Maureen Johnston, a former director of Small Business Management Pty Ltd and Investman Nominees (USA) Pty Ltd., has been sentenced to prison for five years and six months for deceiving clients into investing money in various fraudulent property developments in the U.S. and Australia.
* ASIC has secured approval from the Federal Court of Australia to take action against Berndale Capital Securities Pty Ltd, its associated entities and Stavro D'Amore to freeze their bank accounts and prohibit them from selling or dealing with their properties without the commission's consent.
* HSBC Bank Australia Ltd. appointed Jessica Power its new head of retail banking and wealth management, effective immediately, InvestorDaily reported.
IN OTHER PARTS OF THE WORLD
Middle East & Africa: Nasdaq Dubai to launch futures trading; Gulf nations hike rates after Fed move
Europe: EU outlines no-deal Brexit plan; UK banks named in RBS scheme
Latin America: Argentina falls into recession; XP gets approval to launch bank
North America: Stock Yard Bancorp to buy King Bancorp; Fed projects 2 rate hikes in 2019
Global Insurance: Assurant, AXIS loss estimates; US-UK covered agreement; MS&AD ups ReAssure stake
R Sio, Sally Wang, Sarun Saelee, Cathy Hwang, Emi White and Aditya Suharmoko contributed to this report.
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