Asia-Pacific
Banking and finance news from China, Japan, India, Australia, Southeast Asia, and the Pacific
RBI Imposes ₹1 Crore Penalty on ICICI Bank for Loans and Advances Compliance Failures
India's Reserve Bank imposed a ₹1 crore monetary penalty on ICICI Bank for non-compliance with regulatory directions on loans and advances, citing findings from a 2022 inspection.
Japan's MUFG Reports Record Net Income of ¥1.49 Trillion for FY2023/24 on Rate Tailwinds
Mitsubishi UFJ Financial Group posted record net income of ¥1.49 trillion for FY2023/24, up 33.5% year-on-year, and targeted a further record of ¥1.5 trillion for FY2024/25 .
Taiwan FSC Fines Yuanta Commercial Bank NT$4 Million Over Internal Control Failures
Taiwan's FSC has fined Yuanta Commercial Bank NT$4 million after a former debt-collection employee misappropriated repayments from bad-debt customers, exposing internal control gaps.
Al Rajhi Bank Malaysia Appoints Mohd Syahrul Ishak as CEO Following Departure of Former Chief
Al Rajhi Banking & Investment Corporation (Malaysia) has appointed Mohd Syahrul Ishak as its new CEO effective 13 May 2024, succeeding Arsalaan Ahmed, who announced his departure in October 2023.
India's State Bank of India Posts Record FY2024 Net Profit of Rs 61,077 Crore, Up 22%
SBI reported record FY2024 net profit of Rs 61,077 crore, up 21.59% year-on-year, with return on equity of 20.32% despite absorbing a Rs 7,100 crore exceptional pension-related charge.
Bank Negara Malaysia Holds Overnight Policy Rate at 3.00% in May 2024
Bank Negara Malaysia held its overnight policy rate at 3.00% in May 2024, noting that headline inflation averaged 1.7% in the first quarter and that economic activity picked up in the first quarter.
Reserve Bank of Australia holds cash rate at 4.35%, says inflation falling more slowly than expected
The RBA Board left rates unchanged on 7 May 2024, warned that services inflation was easing only gradually and repeated that it was not ruling anything in or out.
Ant Group Plans Alipay+ Global Expansion Targeting Europe, Latin America and Middle East
Ant Group confirmed plans to expand Alipay+ cross-border payments into Europe, Latin America, and the Middle East, building on existing investments in Singapore's 2C2P and South Korea's Kakao Pay.
Bank of Japan Holds Rate at 0.0–0.1% in April 2024 as Yen Slides to Multi-Decade Lows
The BoJ kept its policy rate unchanged following March's exit from negative rates, even as the yen fell to its weakest levels in decades.
Bank Indonesia Raises Policy Rate by 25 Basis Points to 6.25% to Defend Rupiah
Bank Indonesia delivered a surprise 25 basis point rate hike to 6.25% in April 2024, acting to defend the rupiah after the currency weakened past 16,200 per US dollar.
Hong Kong: HKMA Imposes HK$9 Million Penalty on Hua Nan Commercial Bank for AML Breaches
The HKMA imposed a HK$9 million penalty on Hua Nan Commercial Bank, Ltd., Hong Kong Branch on 19 April 2024 for contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.
Monetary Authority of Singapore Holds SGD NEER Policy Settings Amid Elevated Core Inflation
The MAS kept the slope, width, and mid-point of its Singapore dollar NEER band unchanged in April 2024, with core inflation still running above 3% in early 2024.