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
The lender will recruit 30-40 private bankers every year in the next two to three years, primarily in Hong Kong and Singapore.
This is the second senior departure this week after the ousting of group CEO John Flint.
It has become the first foreign firm to move closer to taking control of an onshore funds business under new rules.
Policy & Regulations
Officials from the Monetary Authority of Singapore (MAS) made the request last month to wealth managers, including DBS and a unit of OCBC.
IPOs & Markets
AB InBev said in May that an IPO of its Asia business could help create a brewing champion for the region.
Some Hong Kong tycoons have begun moving their personal wealth offshore as concerns deepen over a government plan to allow extraditions of suspects to
The approval is likely to come in the second half of the year.
Serai is expected to help HSBC access new clients for its banking services.
MAS is studying the potential for allowing "digital-only banks with non-bank parentage."
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