trending Market Intelligence /marketintelligence/en/news-insights/trending/Wf_Xfc1Zv9cYjCEGbfxEag2 content esgSubNav
In This List

ASIC, Singapore talk fintech rule; TPG Capital to raise US$4B global fund

Blog

Insight Weekly: Global stock performance; hydrogen pilot projects; Powell's Fed future unsure

Blog

How Financial Institutions are Managing Exposure to U.S. Municipals

Blog

Top 100 Banks: Capital Ratios Show Resilience to the Pandemic

Blog

Banking Essentials Newsletter: October Edition


ASIC, Singapore talk fintech rule; TPG Capital to raise US$4B global fund

* TheAustralian Securities and Investments Commission has entered into discussions withthe Monetary Authority of Singaporeregarding a deal to make sure that regulation does not limit the progress of financialtechnology startups looking to operate across the two countries' borders, The Sydney Morning Herald reported.

* U.S.-basedTPG Capital plans to raise a US$4 billion global infrastructure fund for core destinationsin emerging markets, which include India, TheEconomic Times reported,citing "people in the know."

* Bangladesh'sCity Bank Ltd. it signed a trade finance programagreement with the Asian DevelopmentBank to strengthen its trade finance solutions.

GREATER CHINA

* Chineseauthorities raided the Shanghai offices of several companies related to ZhongjinCapital Management Co., with 21 senior executives arrested on suspicion of illegalfundraising, the Shanghai Morning Post reported.The company said on its website that its total investments surpassed 34 billionyuan as of Feb. 10.

* Shanghaihas suspended financial information services and wealth management enterprise registrationin the city in its efforts to tighten supervision of its financial sector, the 21st Century Business Herald reported, citingvarious sources.

* ThePeople's Bank of China's Shanghai branch required all banks in the city to reportindividual home loan issuances between March 25 and April 12, as the city rolledout a series of tightening measures to cool the home market, Wallstreetcn.com reported.

* Seventy-sixcompanies have registered 261 asset-backed securitization plans, with a combinedfund size of 251 billion yuan, Caixinreported, citingan official with the Asset Management Association of China. Finance leasing ABSplans accounted for one-quarter of the fund, followed by public utilities ABS productplans, which are at about 58 billion yuan. 

* Manyinstitutions predict that consumer asset-backed securitization, collateralized loanobligation products and residential mortgage-backed securities products will developrapidly in China, Caixin reported.

* and 's Shanghaibranch completed an interest rate swap transaction in the Shanghai free trade zone,the first such swap product to be traded in the zone, Reuters reported.

JAPAN AND KOREA

* Japan'sFinancial Services Agency has considered regulating high frequency trading to preventvolatility in the stock market, The AsahiShimbun reported.The country, which does not regulate HFT firms, is looking to implement similarrules as those enforced in European countries and the U.S.

* Japan'sMinistry of Finance and Japan InternationalCooperation Agency agreed to collaborate with Inter-American Development Bank to support infrastructureprograms in Central and South America, Tokyo's The Nikkei reported.Under the new agreement, Japan will invest US$5 million to form a new fund, whileJICA will increase the amount for project financing to US$3 billion from US$1 billion.

* AsSouth Korean credit card businesses are experiencing excessive market saturationand low profitability, credit card companies are putting in aggressive efforts todevelop untapped cash markets, including housing and education-related sectors,Yonhap News Agency reported.

* A totalof 165 bank branches have shut down in South Korea in 2015 due to the rise of mobileand Internet-based banking, which led to mergers or closures of offline banks, YonhapNews Agency reported.

* Accordingto South Korea's Financial Supervisory Service, while major banks' overseas branchoffices increased to 167 from 162, total net profit dropped 9.0% to US$570 millionin 2015 from the previous year, the ChosunIlbo reported.

* Accordingto the Bank of Korea,the country's major corporations are borrowing from savings banks due to stricterloan requirements, with a total loan balance of 1.11 trillion won in 2015, up 46.4%from 2014, the Chosun Ilbo reported. 

ASEAN 

* has been named Thailand'sBank of the Year by Money and Banking,a monthly business magazine, Manager Dailyreported.

* Post Today reported that Thailand'sbusiness sentiment index improved to 51.5 in March from 48.2 in February, indicatinghigher confidence among businesses in the food and beverage, automotive, electronicappliance, and plastics and petrochemicals sectors, according to the .

* said itwill suspend ATM services for system maintenance and security improvement from April23 to April 24, Manager Daily reported.

* decided tocut its minimum retail rate by 35 basis points to 7.125% and minimum lending rateby 20 basis points to 6.5%, effective April 12, Krungthep Turakij reported. Themove is aimed at helping small and medium-sized businesses amid current economicconditions in Thailand.

* BankIndonesia Governor Agus Martowardojo said the central bank will be very prudentin deciding whether to cut its benchmark rate further when meeting in April, afterthree consecutive cuts of 25 basis points each from January to March, Bisnis Indonesia reported.

* NestorEspenilla Jr., deputy governor of Bangko Sentral ng Pilipinas, said the Philippinecentral bank looks to implement a "sender only pays" policy for its NationalRetail Payments System electronic credit transfer scheme, the Philippines' BusinessWorld reported.The scheme was launched by the central bank in December 2015.

SOUTH ASIA

* TheIndian government is mulling over a scheme for encouraging its employees to investpart of their seventh pay commission salary hike in a fund that will be used forrecapitalizing public sector banks, the Press Trust of India reported,citing unnamed sources.

* Indianmicrofinance firms have shored up hiring with plans to recruit as many as 15,000people in 2016, India's Mint reported.The move is in line with their plans to set up small finance banks. The ReserveBank of India granted in-principle approval to 10 microfinance firms to start smallfinance banks in September 2015.

* is collaboratingwith Phillip Capital Management (Singapore) Ltd.'s Indian unit for managing itsnonresident Indian Portfolio Investment Scheme, The Economic Times reported.

AUSTRALIA AND NEW ZEALAND

* Australianbanks will provide information in line with an industrywide drive by the AustralianPrudential Regulation Authority, which requires bank boards to define banks' riskculture and identify a plan to improve standards, The Sydney Morning Heraldreported.

* Analystssaid major Australian banks are likely to shore up interest rates for homeownersand investors, following a similar move by Bankof Queensland Ltd., The Australianreported.

IN OTHER PARTS OF THE WORLD

* Banksare using a footnote found in a 2013 regulatory document to ease the burden of newcapital rules, The Wall Street Journalreported. The referencein the footnote allows banks to hold less capital against shorter-term derivatives,which are particularly useful to banks when they enter into longer-term contracts.

* Romania'sUniCredit Bank SA Mircea Cotiga — the bank's riskmanagement director for recovery and fraud prevention — was named CEO of UniCreditLeasing.

* UkrainianPrime Minister Arseniy Yatsenyuk announcedhis resignation April 10.

* Aspreviously agreed upon in principle, WellsFargo & Co. unit WellsFargo Bank NA reachedan agreement with U.S. authorities, including the Justice Department, to settlecivil mortgage fraud claims against the bank and an executive, Kurt Lofrano, overthe bank's participation in the Federal Housing Administration's direct endorsementlender program.

Sally Wang, Sarun Saelee, CathyHwang, Emi White and Aditya Suharmoko contributed to this report.

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