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09 Mar Stress and despair: new year, old wounds for Hong Kong bankers with IPO market in slump and windfalls elude investors

Posted at 02:00h in Asia

Wall Street investment banks have seen some significant lay-offs. Goldman Sachs’ headcount fell 7 per cent globally in 2023, while Morgan Stanley and Bank of America reported a 2 to 3 per cent drop. Those who managed to retain their jobs have suffered a 40...

08 Mar Opinion | What’s the point of a mandatory pension that offers no financial security?

Posted at 21:30h in Asia

The conviction was deep that savings are more reliably nurtured by savers themselves, rather than entrusted to highly paid fund managers. Families believed fund managers had more interest in the fees that made them rich than in the financial security of Hong Kong families in...

08 Mar Private credit funds appeal to Hong Kong family offices, wealthy investors as returns sizzle amid market challenges

Posted at 05:04h in Asia

A few years ago, 16 Hong Kong family offices contributed US$50 million to the initial capital of a private credit fund established by Chicago-based Adams Street Partners. Since then, the fund has grown manifold with additional capital from new investors.It showcases the appeal of such...

Exclusive | Hong Kong’s ‘cutting-edge’ central bank digital currency pilot burnishes blockchain credentials, boosts international financial hub status, HKMA’s Yue says

07 Mar Exclusive | Hong Kong’s ‘cutting-edge’ central bank digital currency pilot burnishes blockchain credentials, boosts international financial hub status, HKMA’s Yue says

Posted at 21:00h in Asia

Central banks around the world have been pivoting towards innovating future types of money on digital networks, aligning with the “unified ledger” vision that the Bank for International Settlements (BIS) outlined last June.A unified ledger combines central bank and commercial bank money with other assets...

07 Mar ‘Seeing is believing’: Hong Kong launches ‘Financial Mega Event Week’ in major push to attract more foreign investors, business travellers

Posted at 13:39h in Asia

Apart from showing Hong Kong’s charm and dynamism to financial industry heavyweights, Chan said the events are also expected to bring high-spending business travellers to the city, giving a boost to the local retail and catering sectors.From left right: Poman Lo, founder of the Institute...

07 Mar Hong Kong launches world’s first wholesale CBDC pilot as city positions itself at cutting edge of blockchain evolution

Posted at 11:03h in Asia

The city’s de facto central bank is testing an ecosystem that includes digital forms of deposits by commercial banks, financial products using distributed ledger technology and central bank money for settlement purposes, said Howard Lee, the HKMA’s deputy chief executive.The aim of the project is...

07 Mar Hong Kong to host major cryptocurrency conference in 2025 as city woos virtual asset firms

Posted at 08:00h in Asia

The 2025 Consensus, one of the world’s biggest cryptocurrency-themed conferences, will be held in Hong Kong as the city’s government woos global virtual asset businesses in an effort to become a hub.The event will take place at the Hong Kong Convention and Exhibition Centre next...

06 Mar Exclusive | Hong Kong Monetary Authority asks banks to exercise caution when offering property loans for speculative ‘confirmor sales’

Posted at 23:30h in Asia

A confirmor sale occurs when a purchaser or confirmor enters into an agreement for the sale and purchase of a property with the owner or vendor, but before completion sub-sells the property to a sub-purchaser. A few such transactions have been noticed since the removal...

06 Mar Why China’s cybersecurity company Qi An Xin set up Hong Kong headquarters to boost global expansion

Posted at 04:00h in Asia

The company, which set up its first office in the city in 2020, believes now is an opportune time to further expand its presence in Hong Kong, especially since the establishment of the Office for Attracting Strategic Enterprises (Oases) at the end of 2022.Oases is...

05 Mar Cryptocurrency: game-changing blockchain will need shrewd regulation to protect consumers, says Franklin Templeton boss

Posted at 11:15h in Asia

Blockchain is quickly shaking up the financial sector and, given the popularity of bitcoin exchange-traded funds (ETFs), regulators will need to step up their game when it comes to consumer protection and oversight of the burgeoning industry, according to the president and chief executive of...

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