Virtual banks typically have lower operational costs than traditional lenders that rely on brick-and-mortar branch networks.
OCBC becomes the latest foreign bank seeking to capitalize on China's financial-industry loosening.
Citigroup Inc., which held second place in 2017, was dropped from the annual ranking together with DBS Group Holdings Ltd.
Indonesia is among the markets where BNP Paribas is exploring an onshore presence.
Chinese millionaires are increasingly looking to set up offshore structures to protect their fortunes from the mainland’s newly toughened tax regime
In return, Malaysia offered stakes in railway and pipeline projects as part of China’s Belt and Road Initiative.
Most of the former BNP bankers are based in Hong Kong, with the remainder in Singapore.
IPOs & Markets
There are more than 250 companies in the IPO pipeline for next year, including many in the technology sector, according to Li.
Under Menon, MAS became one of the earliest adopters of “regulatory sandboxes” for fintech companies, a concept pioneered by the U.K.’s financia
Managers in Singapore handled S$3.3 trillion ($2.4 trillion) in 2017, with drivers coming from traditional assets as well as those from private equity
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