Asia-Pacific
Banking and finance news from China, Japan, India, Australia, Southeast Asia, and the Pacific
BlackRock and MAS sign COP29 statement of intent on FAST-P industrial transformation debt programme
BlackRock, the Monetary Authority of Singapore, IFC, MUFG, NEXI and AIA agreed in Baku to explore a blended-finance debt initiative for corporate decarbonisation projects, mainly in Southeast Asia.
HKMA Fines Fubon Bank Hong Kong HK$4 Million for AML Transaction Monitoring Failures
Hong Kong's HKMA imposed a HK$4 million penalty on Fubon Bank after the bank self-reported transaction monitoring failures spanning more than three years.
ANZ Group Reports A$6.535 Billion Statutory Profit for FY2024 After Suncorp Bank Acquisition
ANZ Group posted A$6.535 billion in statutory profit for the year to September 2024, down 8%, with the Suncorp Bank acquisition adding A$70 billion in net loans.
National Australia Bank Posts AU$7.10 Billion FY2024 Cash Earnings, Down 8.1% as Margin Compression Weighs
NAB reported FY2024 cash earnings of AU$7.10 billion, down 8.1% year-on-year, as net interest margin compressed to 1.71%, revenue fell 2.0% and costs rose 4.5%.
Singapore's Nium Joins Partior Blockchain Network as First Fintech Payment Service Provider
Nium announced at the Singapore Fintech Festival that it has joined Partior's blockchain-based global clearing network as the first fintech PSP, enabling 24/7 real-time payouts to over 100 markets.
Westpac FY2024 Net Profit Falls 3% to A$6.99 Billion as Margin Compression Weighs
Westpac reported a 3% decline in full-year net profit to A$6.99 billion as its net interest margin fell two basis points to 1.93%, operating costs rose 2%, and return on equity stood at 9.8%.
Viva Republica Abandons Korea IPO for US Listing as Toss Valuation Challenges Mount
South Korean super-app operator Viva Republica shelved its domestic IPO in favour of a US listing, reportedly judging that it would not be fairly valued in Korea given the lack of comparable listed fintech companies.
Razorpay's Payment Gateway Business Posts 24% Revenue Growth to Rs 2,068 Crore in FY2024 After Securing Final RBI Payment Aggregator Licence
India's Razorpay grew revenue at its payment gateway business 24% to Rs 2,068 crore in FY2024 after the RBI granted its final payment aggregator licence in the second half of the year.
People's Bank of China Cuts One-Year and Five-Year Loan Prime Rates by 25 Basis Points Each
The PBoC lowered its one-year LPR to 3.10% and five-year LPR to 3.60% , part of a broader stimulus package.
Vietnam's MB Bank Completes Mandatory Takeover of OceanBank Under State Bank Directive
MB Bank completed the mandatory transfer of OceanBank on 17 October 2024, making OceanBank a wholly owned subsidiary under a State Bank of Vietnam zero-dollar resolution.
Vietnam's Military Bank Completes Mandatory Acquisition of OceanBank in State-Directed Cleanup
MB (Military Bank) has completed the mandatory takeover of OceanBank following a transfer directed by the State Bank of Vietnam as part of its ongoing weak-bank resolution programme.
Vietcombank Completes Mandatory Acquisition of CBBank Under State Bank of Vietnam Directive
Vietnam's Vietcombank completed the mandatory acquisition of CBBank on 17 October 2024 under a State Bank of Vietnam mandatory-transfer decision.