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In a boost for overseas insurance companies, China is set to scrap a cap on foreign ownership of insurance asset management companies under draft rules announced on Friday.
News highlights from Asean countries in the Star-AseanPlus section for Tuesday (Feb 25)
HONG Kong fintech WeLab said on Tuesday it will buy a controlling stake in Indonesian commercial lender PT Bank Jasa Jakarta and launch a digital bank in the country - one of Asia's fastest-growing digital economies.
WeLab is pushing its financial services into Indonesia with a digital bank, expected to launch by the second half of 2022.
Banks face competition from new upstarts as demand for digital services surges
BANKS in Asia’s financial hubs such as HSBC Holdings Plc and Citigroup Inc. are finding that the disruption from the coronavirus outbreak is helping them push back on a threat from a new breed of virtual upstarts.
The US$131 million fund started by Jack Ma seeks to nurture the next biotech unicorn, as it looks to mirror the success of AI start-up SenseTime and fintech firm WeLabThe fund has invested US$35 million in more than 20 start-ups, including Hong Kong-based genetics testing company Prenetics
Singapore is discussing the possibility of allowing virtual banks to operate in the city state, the Monetary Authority of Singapore said on May 7.
SINGAPORE: Singapore is discussing the possibility of allowing virtual banks to operate in the city state, the Monetary Authority of Singapore said Tuesday.