Asia-Pacific
Banking and finance news from China, Japan, India, Australia, Southeast Asia, and the Pacific
Reserve Bank of India Holds Repo Rate at 6.50% for Seventh Consecutive Meeting
The RBI kept its repo rate at 6.50% for a seventh straight meeting, maintaining its withdrawal-of-accommodation stance as CPI inflation stood at 5.1% in February 2024.
Singapore MAS Expands Payment Services Act to Cover Broader Digital Payment Token Providers
Singapore's MAS has widened the Payment Services Act on 4 April 2024 to require licensing for a broader range of digital payment token providers, with transitional arrangements for firms already active.
India's Navi Technologies Seeks $2 Billion Valuation in First Major External Fundraise
Sachin Bansal's Navi Technologies is seeking to raise between $200 million and $400 million at a $2 billion valuation in the fintech's first significant outside funding round.
Andrew Irvine Takes Over as National Australia Bank Group CEO, Succeeding Retiring Ross McEwan
Andrew Irvine became NAB's Group CEO and Managing Director on 2 April 2024, succeeding Ross McEwan after previously leading the bank's Business and Private Banking division since 2020.
Grab Discontinues GrabPay Card in Singapore and Philippines from June 2024
Grab will cease all GrabPay Card transactions in Singapore and the Philippines from 1 June 2024, directing users toward its GrabPay Wallet and PayLater products instead.
Lesha Bank Qatar Signs Deal to Acquire 100% of Kazakhstan's Bereke Bank for KZT 65 Billion
Lesha Bank has signed a share purchase agreement for full ownership of Bereke Bank Kazakhstan, from state holding Baiterek, subject to approvals.
Bank BTPN completes acquisition of 51% stakes in OTO and Summit Oto Finance
The SMBC-owned Indonesian lender took control of the two vehicle-financing companies known as OTO Group, with Sumitomo Corporation and Sinar Mas Multiartha retaining minority stakes.
UOB Appoints Adaline Zheng as Hong Kong CEO and Kelvin Ng as Head of Group Global Markets
UOB has named Adaline Zheng as CEO of UOB Hong Kong Branch and Kelvin Ng as Head of Group Global Markets.
GrabPay and Triple-A Enable Cryptocurrency Wallet Top-Ups for Singapore Users
GrabPay users in Singapore can now load e-wallets with Bitcoin, Ether or stablecoins via a new partnership with digital payments firm Triple-A.
Reserve Bank of Australia Holds Cash Rate at 4.35% Under New Eight-Meeting Annual Schedule
The RBA kept its cash rate at 4.35% at its second meeting under a new eight-meeting annual schedule, citing a still-tight labour market.
Bank of Japan Ends Negative Rates in First Hike Since 2007, Scraps Yield Curve Control
The Policy Board raised the short-term policy rate to a range of 0 to 0.1%, ending eight years of negative rates and dismantling yield curve control, but Governor Kazuo Ueda said financial conditions will remain accommodative.
MUFG Establishes Green Finance Framework for New Tokyo Headquarters Building
MUFG established a Green Finance Framework in March 2024 for its new Tokyo headquarters, backed by a JCR second-party opinion, to fund construction of the building.