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Hong Kong, Singapore rivalry hobbling Asia in $100b fintech race
HONG KONG: Asia's competitiveness in fintech is being undermined by the rivalry among the region's financial centres that has created regulatory complexity and uncertainty, a financial lobby group has warned.
Asean bond market stature rises Vital funding source besides banks
KUALA LUMPUR: Asean bond markets are growing as an important source of long-term funding to pay for the development of infrastructure projects in fast-expanding economies across the region.
New fix for the ringgit
PETALING JAYA: In a move that Bank Negara sees as a trading mechanism reflecting the actual supply and demand for the ringgit, a new fixing methodology will come into effect starting July 18
Milestone HK-Shanghai stock link to launch
HONG KONG: A trading link between Hong Kong and Shanghai's stock exchanges will start on Nov 17 after weeks of delays, the HK exchange announced Monday, in a move that lifted both markets and is expected to lead to billions of dollars in daily transactions.
Blythe Masters and ASX are blockchain’s real cool cats
ASX Ltd had a choice. The operator of Australia's main stock exchange could develop a new version of Chess, its faithful but ageing clearing and settlements system introduced in 1994, or it could build for the future.
Wall Street makes plans to open Monday even as Sandy bears down
NEW YORK (Reuters) - New York-based stock exchanges are sending officials into Manhattan on Sunday to stay in hotels and coworkers' homes as the NYSE and Nasdaq prepare to open for business on Monday, even as Hurricane Sandy closes off public transportation links.
Bank Negara slaps RM1.4mil fine on financial institution
KUALA LUMPUR: Bank Negara Malaysia (BNM) has imposed an administrative monetary penalty of RM1.4mil on a financial institution for failure to notify it promptly after learning of its dealers’ misconduct involving the fixing of the US dollar/ringgit exchange rate.
Malaysia's Klibor unlikely to be manipulated
PETALING JAYA: The chances of interest rates on the Kuala Lumpur Interbank Offered Rate (Klibor) being manipulated is quite remote compared with interbank offered rates in other jurisdictions as it is closely tied to the overnight policy rate (OPR) coupled with the ample liquidity in the banking system, according to industry observers.
Tougher money laundering laws get backing of Wall St lobby
WASHINGTON: Legislation that would toughen money-laundering rules is a priority of Wall Street banks, and lobbyists are busy working to get it passed by Congress even as the rest of Capitol Hill fixates on impeachment and the 2020 elections.
Ringgit seen rebounding from 19-year low
KUALA LUMPUR: Malaysia’s ringgit is set to rebound from a 19-year low as official measures to boost demand for the currency kick in, according to a top banker and member of the central bank’s financial markets committee.