Payments, fintech and the money moves powering Asia's retail economy.
Faced with a variety of challenges, UBS saw profits contract in all of its major units. Switzerland’s largest bank booked a net profit of $1.733 billion in the third quarter, helped by rising interest rates around the globe and expense controls contributing…
President Xi Jinping’s report to the 20th Communist Party congress hints at more tax and regulatory measures aimed at reducing wealth disparities. In the last two decades, the Swiss wealth management sector has been forced to directly confront and contend…
Over the past two weeks, the balance sheets of major US banks have provided clear indicators of where international banking is headed. It is unlikely that UBS will be able to escape the global market trend. Rising interest rates and the continued weakness of…
Goldman Sachs has named the leadership for its newly consolidated global business which has been divided into three core units. Goldman Sachs appoints Marc Nachmann as head of asset and wealth management, Ashok Varadhan, Dan Dees and Jim Esposito as global…
A McKinsey Report reveals that retail banking makes up almost half of all financial sector profit worldwide. All that talk about structured products, discretionary investment mandates, M&A – even crypto – may have confused everyone about what banking is. Even…
The dong depreciated to a new low against the U.S. dollar Wednesday morning, with state-owned Vietcombank selling the greenback at VND24,620 at 11.30 a.m. The Vietnamese currency fell 0.12% from Tuesday and 7.24% since the beginning of the year. Eximbank sold…
Mastercard will debut crypto trading services next year that will enable financial firms, such as banks, to extend access to their clients. Mastercard will launch its crypto trading services – Crypto Source – in the US, Israel and Brazil in early 2023,…
The mobile money service, which allows users to deposit, withdraw, pay or transfer money on mobile devices, has signed up nearly 2.2 million subscribers in eight months. Of the customers, 69% are from rural and mountainous areas, according to the Ministry of…
By scaling back its exposure to assets like commercial paper, the company improves its credibility. The controversial Tether Holdings completely removed the commercial paper from its reserves. The world’s largest stablecoin issuer reported in a blog post that…
Singapore-based Crypto.com chooses Paris as the location for its regional headquarters after getting regulatory approval in a number of countries. Digital asset platform Crypto.com has selected Paris as its base in Europe. It expects to invest 150 million…
Swiss digital bank Alpian received its banking license from Finma in April. The launch of its private banking app marks the start of business operations. Alpian bills itself as the first Finma-licensed digital private bank in Switzerland. The app, through…
The Swiss retail banking business is becoming increasingly digitalized. A study sheds light on the newcomers challenging established players. Efforts to digitize banking services continue to grow in Switzerland, with the gap between retail banks and digital…
It has been months since Hai Van last checked her purse, since she makes almost all payments by scanning QR codes with her phone. The media company in Hanoi’s Cau Giay District says: “Whether it is having breakfast and lunch at the office, making supermarket…
Switzerland’s largest bank will lease 250,000 square feet of new office space in Hong Kong outside the traditional central business district. Swiss banking giant UBS will lease 250,000 square feet of new office space in Hong Kong, according to a statement by…
Vietnam’s stock market was the world’s worst performer this week with an 8.5% decline. It was followed by Russia, down 4.8%, and Venezuela, down 1.87%, according to market data provider StockQ. Over the last four weeks Vietnam has been the world’s second…
Most commercial banks expect deposit and lending interest rates to rise in the fourth quarter this year, a survey by the State Bank of Vietnam has found. The central bank’s survey, which polled 96% of all domestic and foreign lenders in Vietnam between August…
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Read by retail operators, investors and brand teams across Asia.