Asia-Pacific
Banking and finance news from China, Japan, India, Australia, Southeast Asia, and the Pacific
Bank of Thailand Cuts Rate by 25bps to 2.25% in Divided MPC Vote
Thailand's central bank cut its policy rate by 25 basis points to 2.25% in a 5–2 MPC vote, the first reduction since 2020, saying a lower rate would ease debt-servicing burdens for borrowers.
Bank of Korea Cuts Benchmark Rate to 3.25% in First Easing Move Since 2020
The Bank of Korea lowered its benchmark rate by 25 basis points to 3.25%, its first cut since May 2020.
Reserve Bank of New Zealand Cuts Official Cash Rate by 50 Basis Points to 4.75%
The RBNZ has cut its Official Cash Rate by 50 basis points to 4.75%, accelerating its easing cycle as annual inflation returned to its 1–3% target band.
Reserve Bank of India Holds Repo Rate at 6.50% Amid Global Easing Cycle
The Reserve Bank of India has kept its repo rate at 6.50% and changed its stance to neutral, citing elevated food inflation as a reason for caution despite global monetary easing trends.
Qatar's Lesha Bank Completes Acquisition of Kazakhstan's Bereke Bank for USD 134.9 Million
Lesha Bank has completed its acquisition of Bereke Bank in Kazakhstan for USD 134.9 million.
Klarna Partners with Adyen to Bring Buy-Now-Pay-Later to Over 450,000 Physical Terminals Globally
Klarna and Adyen announced on 26 September an extension of their partnership to integrate Klarna's BNPL options into Adyen's physical POS terminals across Europe, North America, and Australia.
Islamic Banking's Global Expansion: Growth Beyond the GCC — TGB Intelligence Report Q3 2024
Islamic banks held 45.6% of Malaysian financing and 23.2% of Pakistani deposits at end-2023, Indonesia's Islamic banking share rose to 7.44%, and IILM sukuk outstanding hit a highest-ever USD4 billion on 21 August 2024.
People's Bank of China Announces RRR Cut and Mortgage Rate Reduction in Broad Stimulus Package
PBoC Governor Pan announced a 50bp reserve requirement ratio cut releasing CNY 1 trillion, a 50bp mortgage rate reduction, and a CNY 500bn swap facility for securities firms, funds and insurers.
Bank of Japan Holds Policy Rate at 0.25% in September 2024, Stressing Data Dependency
The Bank of Japan kept its policy rate unchanged at 0.25% in September 2024, with Governor Ueda citing the need for more clarity on the US economic outlook.
WeBank wins platinum SME Financier of the Year awards at Global SME Finance Awards 2024
The Tencent-backed Chinese digital bank took the global commercial-bank platinum award and the Asia regional platinum award in the SME Financier of the Year category at the IFC-managed forum in São Paulo.
Bank Indonesia Cuts Policy Rate by 25 Basis Points to 6.00% in First Easing Since 2021
Bank Indonesia lowered its benchmark BI Rate to 6.00% on Wednesday, the first cut since February 2021, in a move made hours before the US Federal Reserve's own cut.
RBI Fines Axis Bank and HDFC Bank a Combined INR 2.91 Crore for Compliance Failings
India's RBI has penalised Axis Bank INR 1.91 crore and HDFC Bank INR 1 crore for KYC, deposit rate, and customer service violations.