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HSBCi

HSBC is one of the world's largest banking and financial services organisations, serving around 39 million customers across its wealth and personal banking, commercial banking and global banking & markets segments. The bank was established in Hong Kong in 1865 and now operates in 62 countries. In 1993, the lender moved its headquarters to London following its acquisition of Midland Bank in the UK.

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With the Fed expected to start cutting rates before the end of the year, margins for lenders will narrow, potentially exposing threats in other areas. Hong Kong’s banks have made provisions and shored up balance sheets to ward off China property risk

Banking is a fundamental utility like water and electricity, and that’s precisely why democratic societies are increasingly turning to its use as a method of censorship and repression.

  • Hong Kong to play a key role in Janus Henderson’s Asia expansion plan because the city is a portal to 1.4 billion people in China, CEO Ali Dibadj says
  • Hong Kong’s investment-migration scheme will create demand for long-term investment products, fund manager says

The HKMA’s new wholesale central bank digital currency project aims to enhance interbank settlements for tokenised money. A planned sandbox will test settlement of tokenised real-world assets.

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The Hong Kong Monetary Authority has launched the second phase of a pilot programme to explore ‘innovative’ uses for a central bank digital currency (CBDC) for public use, five months after it unveiled the results of the first trial run.

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HSBC plans to promote its family office and digital banking services to attract the growing horde of ultra-high-net-worth clients in Asia to its private banking unit.

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‘We’ve always been at the cutting edge of the whole blockchain evolution, including CBDCs,’ Yue, CEO of the Hong Kong Monetary Authority, the city’s de facto central bank, tells the Post.

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The Hong Kong Monetary Authority is testing an ecosystem that includes digital forms of deposits, blockchain-based financial products and central bank money for settlement purposes.

Financial firms have been flooded with inquiries after the government started accepting applications under the revamped investment migration programme, under which clients need to invest at least US$3.8 million.

The sale to an Asian customer handily surpasses the US$201 million cover bought by a tech billionaire in California in March 2014. It was certified by Guinness World Records.

HSBC, Standard Chartered and Hang Seng Bank are rolling out more products tied to the Wealth Management Connect scheme amid a drive by Beijing to boost the Greater Bay Area’s financial markets.

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HSBC, the biggest commercial bank in Hong Kong, has completed the latest round of its stock buy-back, taking the cumulative spending to US$7 billion since May last year. It will release its 2023 report card this week.

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Qianhai’s tax incentives are among measures that have attracted major Hong Kong banks to invest in grade-A office buildings, and to develop a wide range of banking, securities and insurance businesses in the area.

In the third of a four-part series on the Greater Bay Area’s fifth anniversary, we look at how Hong Kong has become the de facto wealth management hub for the wealthy. Enhancements to cross-border payments and investments will only add to the city’s lustre.

HSBC plans to tighten risk management at Hong Kong unit Hang Seng Bank because of worries about a potential rise in bad loans amid growing economic headwind and property sector crisis in China, sources say.

Standard Chartered is considering restructuring its institutional banking arm, the unit that houses the firm’s investment bankers and traders, as part of the latest effort by chief executive officer Bill Winters to improve the lender’s returns.

Hong Kong’s sophisticated investor base is bringing lending expertise to Asia’s rapidly growing private credit market, which still only accounts for only 5 per cent of the global tally, indicating its growth potential.

A Post poll of 10 lenders found that this year’s packets range from HK$100 (US$12.82) to HK$1,000, with bank employees also set to enjoy hampers full of treats, lucky draws and even extra time off.

Many financial firms including UBS, Julius Baer, and KGI Asia have opted to use the dragon’s image on their lai see envelopes as opposed to a generic design, illustrating the mythical creature’s popularity with the public.

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Hong Kong banks are going all out to promote e-lai see, as sending and receiving lucky money electronically is fast rivalling the traditional practice of handing out red envelopes with money.

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Hong Kong banks have launched marketing campaigns to kick off the Year of the Dragon. The giveaways include fireworks dinners, lucky draws and air tickets to lock in new clients and entertain wealthy customers.

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Property deals in Hong Kong surged in January to their highest since August on stepped-up buying amid expectations of stable interest rates and hopes that a government residency scheme will draw more investments into the sector.

The banks’ decisions followed the Hong Kong Monetary Authority (HKMA), which left the city’s base rate at 5.75 per cent hours after the Fed kept its target range unchanged in its first policy move of the year.

HSBC Holdings was fined £57.4 million (US$73 million) by the UK for incorrectly excluding billions of pounds of its customers’ money from a depositor protection programme.

Airport Authority Hong Kong’s HK$5 billion (US$640 million) retail bonds are expected to be oversubscribed, but have not generated as much buzz as the green bonds the Hong Kong government issued in September, banks and brokers said.

Hong Kong’s role as a ‘superconnector’ between the capital markets of mainland China and the rest of the world will continue because of hugely untapped investment opportunities, HKEX CEO says.

‘We welcome HSBC Group and other international financial institutions to continue to actively participate in China’s financial reform and opening-up and achieve better development in China,’ Han said, according to Xinhua.

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The use of cheques in the city could end as the Hong Kong Association of Banks works out a road map to phase it out amid an irreversible shift to electronic payments.

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Hong Kong’s airport operator will raise up to HK$5 billion (US$640 million) from a retail bond this month, its first offering to the general public in 20 years, to fund its third runway and other operations.

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