Hong Kong

HSBC, BEA, StanChart, and Hang Seng did the move in anticipation of stiffer competition from virtual lenders. Amidst the rise of virtual banks, three major Hong Kong banks revealed that they will waive minimum balance fees for their customers in a move to further boost financial inclusion. Starting August 1, HSBC, Bank of East Asia (BEA) and Hang Seng Bank will remove minimum balance fees for certain accounts. HSBC was the first to announce that it will enable free basic banking services for their customers with passbooks, statement accounts, personal and advance integrated accounts, as well as those with super ease accounts. The move will also kill monthly or annual service fees and miscellaneous charges such as counter transaction fees for some personal savings account. Currently, bank users of HSBC’s personal integrated account need to pay a monthly fee of $7.68 (HK$60) once the average total balance reaches $640 (HK$5,000) over a period of three months. Meanwhile, those with advanced integrated accounts pay $15.36 (HK$120) when a three-month average balance is less than $25,601 (HK$200,000).

Competition and cooperation will shape the interaction between incumbents and TSPs.

The hottest roles will include data scientists, UI engineers, and full stack developers.

His sons, Adrian David Li Man-kiu and Brian David Li Man-kiu, will pick up in their father's stead.

Global transaction banking revenues are estimated at nearly $1t in 2017 or 43% of wholesale banking revenues.

A unit backed by Chinese insurer Ping An also scored a license.

Only 47% cited quick and easy banking as their top priority.

Beyond unique digital offerings, Ajay is also focusing his efforts on improving culture.

Loans for use inside Hong Kong rose by 1.2%.

They will be hunting for more fintech talents.

It singled out an unnamed Chinese lender that engaged in share pledging.

The first batch of licensees were granted to applicants with experience in running a deposit-taking and lending business.

Trade finance loans fell for the sixth straight month to $60.86b.

The region’s payment power players will grace the prestigious event.

The licenses were awarded to Livi VB, SC Digital Solutions and ZhongAn Virtual Finance.

The bank’s key focus will be on harnessing the power of fintech to bring more breakthroughs in digital services and channels.