SE Asia has nearly 150 e-wallet licence holders, and firms including Grab, Go-Jek, Tencent, and others fighting for dominance.
IPOs & Markets
The Asia unit raised about $5 billion in the world’s second-biggest IPO this year.
Most of the eight newly licensed digital banks in HK, including JVs involving StanChart and Bank of China Hong Kong, had aimed to begin operating b
Morgan Stanley, which currently owns 49% of the JV, picks up 2% additional stake.
Asia-Pacific banks must radically reform or else they will eventually be forced to put themselves up for sale.
Policy & Regulations
MAS is studying the potential for allowing "digital-only banks with non-bank parentage."
The move marks the latest step in Grab's big push into the financial services sector.
A bipartisan group of U.S. lawmakers have introduced a bill to force Chinese companies listed on American bourses to submit to regulatory oversight.
The scheme was intended to begin late last year with the December listing of Huatai, backed by Alibaba Group.
Credit Suisse plans to increase its stake in its onshore China securities joint venture to 51%.
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