trending Market Intelligence /marketintelligence/en/news-insights/trending/vj3j_ytdk-x8i0utgficzq2 content esgSubNav
In This List

Thailand to issue ICO, cryptocurrency rules in March; ANZ faces lawsuit


Banking Essentials Newsletter May 29th Edition


Managed Services Insights: The client lifecycle management solution


Technology & Automation Insights: Elevating KYC and onboarding efficiency


Banking Essentials Newsletter: May 15th Edition

Thailand to issue ICO, cryptocurrency rules in March; ANZ faces lawsuit


* Pretax profit from the China operations of Hong Kong-based Hang Seng Bank Ltd. dropped in 2017 on the back of tightening funding. The lender saw a 13% year-over-year drop in pretax China profit to HK$241 million, which accounted for just 1% of the bank's HK$23.67 billion in overall pretax earnings.

* China-led Asian Infrastructure Investment Bank and Islamic Development Bank are collaborating to provide joint financing of infrastructure projects in Africa and in predominantly Islamic countries, the Financial Times reported, citing Bandar Hajjar, president of IDB.

* Taiwan's Financial Supervisory Commission called on Taiwanese citizens to purchase basic seismic insurance on houses to reduce losses caused by earthquakes, which frequently strike the island, the Economic Daily reported. The FSC said the insured rate of such products stands at 33.55%.


* Japan's cryptocurrency industry is working to establish a self-regulatory body in an effort to win back the public's trust following a recent cyberheist, The Nikkei reported. The body will consist of cryptocurrency marketplaces approved by the government.

* Choe Heung-sik, governor of South Korea's Financial Supervisory Service, said the regulator will expand its probe into banks' hiring irregularities to insurance companies, credit card companies and other nonbanking financial institutions, The Chosun Ilbo reported.

* KIWOOM Securities Co. Ltd. said in a stock market disclosure that it will raise 355.2 billion South Korean won from a rights issuance of redeemable convertible preferred shares at 107,859 won per share, The Financial News reported.

* KB Securities Co. Ltd. will issue 300 billion South Korean won worth of bonds March 9, The Financial News reported.


* Thailand is set to introduce a regulatory framework in March to supervise funding raised via initial coin offerings and cryptocurrencies, the Bangkok Post reported Feb. 20, citing Securities and Exchange Commission Secretary-General Rapee Sucharitakul. Companies involved in ICOs are expected to disclose information about the fundraising's connection to money laundering, Rapee noted.

* Indonesia's foreign debts in both the public and private sectors grew by 10.1% year over year to US$352.2 billion in the fourth quarter of 2017, The Jakarta Post reported, citing Agusman, spokesman for Bank Indonesia.

* PT Bank Tabungan Negara (Persero) Tbk posted a 15.59% yearly increase in net profit to 3.02 trillion rupiah, supported by a 21.01% loan growth to 198.99 trillion rupiah, Bisnis Indonesia reported.

* PT Bank Central Asia Tbk posted a credit growth of 12.3% year over year in 2017, exceeding its target of 9% to 10%, Kompas reported.

* Bank of the Philippine Islands said in a bourse filing that Singapore-based GIC Private Ltd. trimmed its stake in the lender to less than 5% through a series of transactions during the last two months.


* Bangladesh Bank extended the deadline for the country's lenders to lower their loan-deposit ratio to Dec. 31 from the previous deadline of June 30, The Daily Star reported. The move is expected to help dissipate the liquidity crisis in the banking sector.

* The Reserve Bank of India is reviewing its process of allowing Indian companies to raise money overseas to avoid a situation where an increase in the rupee's volatility may hurt borrowers' ability to repay debt, Mint reported, citing "a person familiar with the matter." The regulator is scrutinizing companies' hedging practices and vetting borrowers closely to prepare for a potential financial market fallout from an increase in U.S. interest rates, which could lead to slower approvals for offshore debt sales.

* National Bank of Pakistan's net profit attributable to shareholders for full-year 2017 rose to 23.18 billion rupees, or 10.90 rupees per share, from 23.04 billion rupees, or 10.83 rupees per share, in the year-ago period.

* The net profit of Sri Lanka's DFCC Bank Plc increased 35% to 1 billion rupees in the December 2017 quarter from figures in the year-ago period, as net interest income grew 17% to 3.1 billion rupees, Economynext reported, citing interim accounts filed with the stock exchange.


* Michele Bullock, assistant governor of the Reserve Bank of Australia, said that while there were "pockets of financial stress" among mortgaged households at some Australian banks, the overall level of stress in these portfolios remained relatively low. The central bank, however, expects to keep an eye on developments.

* Law firm Levitt Robinson filed a case against Australia & New Zealand Banking Group Ltd. and convenience store operator 7-Eleven on behalf of franchisees who individually borrowed money from the Australian lender to purchase 7-Eleven stores, The Australian reported. The lawsuit accuses the bank of contract breaches and unconscionable conduct over the loans, while 7-Eleven stands accused of a series of wrongdoing including misleading buyers about potential earnings, among others.

* Australia & New Zealand Banking Group said it was extensively focusing on home loan development in the owner-occupier sector while staying well below the prudential limits on riskier lending, The Australian reported.


Middle East & Africa: Saudi cabinet approves bankruptcy law; Capitec Bank 'back to normal'

Europe: Spain's De Guindos set for key ECB post; HSBC FY'17 profit up on Asia growth

Latin America: Supervielle, Banco Macro Q4'17 profits jump; ex-Caixa VP acquitted

North America: JPMorgan considering M&A to grow ETF biz; 2 Oklahoma banks mergings

North America Insurance: Cat losses unlikely to dampen ILS growth; Aspen closes Bermuda unit

R Sio, Sally Wang, Sarun Saelee, Jaekwon Lim, Emi White and Aditya Suharmoko contributed to this report.

The Daily Dose has an editorial deadline of 6:30 a.m. Hong Kong time. Some external links may require a subscription.