Hong Kong has prospered mightily on the back of turbo-charged globalisation, the ascent of China and the symbiotic US–Chinese economic relationship. But these conditions are now unravelling, raising questions over whether the city can maintain its status as a leading financial hub.
Asia-Pacific
Capital markets question APRA’s clampdown on bank bond calls
On November 1, 2022, the Australian Prudential Regulation Authority published an open letter to deposit-taking institutions, general insurers and life companies, concerning expectations on capital calls for Additional Tier 1 capital and Tier 2 capital instruments.
CIPS could prove to be a long-term threat to US-centric financial system
China’s Cross-Border Interbank Payment System does not pose an immediate threat to the dollar, the US-centric global payment system nor the country’s ability to wage sanctions. But this could change further down the road.
Singapore paves way for ‘differentiated’ stablecoins
The Monetary Authority of Singapore (MAS) has published new proposals for the regulation of stablecoin issuers and intermediaries, in a move that underscores the city-state’s intent to become a global leader in the sector.
Hong Kong to spend $3.8bn to attract talent and boost its financial centre
Following years of social restrictions to stem the spread of Covid-19, Hong Kong has launched a HK$30bn ($3.8bn) initiative to boost the city’s attractiveness as a financial and business centre and to stop an exodus of talent.
Singapore plots course towards becoming a smart financial centre
Singapore has deployed regulatory and legislative tools, and partnered with the financial services industry on other initiatives, to supercharge its fintech sector. By James King.
ASIFMA paper advises listed companies to pay closer attention to labour relations
Companies and investors should engage with each other on ESG matters and the managements of listed companies need to stay on top of labour issues, according to a paper published in Hong Kong for asset managers.
China's near-term economic outlook is troubling
The government’s pursuit of a zero Covid policy via strict lockdowns is hitting households and businesses hard, while a slow-burn crisis in the real estate sector is threatening to upend financial system stability. All trends that have big consequences for banks.
SFC to enhance disclosures to boost Hong Kong’s role as a green financial centre
Providing better quality information and enhanced data disclosures are part of the Hong Kong Securities and Futures Commission’s (SFC’s) plans to help investors make better climate change-related decisions.
ASIC extends licensing relief for foreign financial firms operating in Australia
Foreign financial services providers (FFSPs) are to get a further 12 months relief from having to hold an Australian financial services (AFS) licence for providing financial services to Australian wholesale clients.
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