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UOB’s acquisition of Citi’s consumer assets in four southeast Asia markets strengthens its status in one of the world’s fastest growing regions. The Singapore lender’s CEO Wee Ee Cheong talks to Euromoney about why this matters and what comes next.
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Several Chinese bubble-tea makers are looking at Hong Kong IPOs. When high-end tea maker Nayuki listed three years ago the market drank it up, but the deal now trades 90% below its listing price. Can a new group of issuers revive the market?
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The Singapore lender is looking to India in search of new business and growth opportunities, its chief executive Piyush Gupta tells Euromoney. Long term, it aims to emulate onshore the country’s best private-sector lenders, HDFC and Kotak Mahindra.
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Global money is flooding into India to profit from high-performing stocks, a booming economy, and the ease of investing via Gift City, a growing financial hub in Gujarat. Local wealth is flowing the other way, notably to Dubai. It’s a gold mine for private banks, and the process has only just begun.
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Stock market reform has not only revitalized the country's capital markets but has also permeated the real economy. Countries like Korea are quickly following suit. Interestingly, China also seems to be drawing inspiration.
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In a world of higher interest rates, economic uncertainties and data overload, corporate treasurers are turning to cutting-edge tools and strategies to predict and optimize their cash flows.
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AsiamoneyThe German lender’s decision to put its chips on southeast Asia is paying off handsomely. Under the leadership of Asia CEO Alexander von zur Mühlen, Deutsche Bank has doubled its capital in Vietnam and Indonesia, with more to come, moved a host of global roles to the region, and has seen Asean eclipse its India and China business in terms of growth and absolute numbers.
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It is not hard to find short-term worries over global markets’ state of readiness for the US’s transition to one-day settlement in late May. But even if the UK, Europe and those Asian markets still using two-day settlement can adapt to the shift in the longer term, they will also face intense pressure to lessen their dislocation from the US cycle by copying its move. Many also fear the ultimate end-game of same-day or even instant settlement.
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AsiamoneyIt has become fashionable to describe private credit as an opaque and fast inflating bubble that could bring crisis to the global financial system. But in Asia even banks and regulators hope it will grow to bridge the yawning financing gap.
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Many factors explain Japan’s renewed allure to global corporate and financial institutions. Inbound FDI is rising, with local stock prices regularly hitting record highs. Is the economy’s long-awaited renaissance a passing phase or here to stay?
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With its economy embattled and investors fleeing in droves, getting good data on China has never been more important. There are some great analysts and research shops out there. Trouble is, too many China-facing reports suffer from a lack of imagination, groupthink brought on by a fear of irritating Beijing and an over-reliance on state data. That must change.
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Hong Kong-based Chinese investment banks, plagued by the market’s liquidity issues, are looking to China's economic pivot and the renminbi's rise as a fundraising currency to restore their fortunes.
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While the dollar’s international supremacy is unchallenged for now, the wider landscape is shifting. Companies are raising more funding in renminbi and the currency’s use in international payments and settlements is growing.
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Mongolia’s five big lenders have successfully completed their IPOs, doubling the size of the local stock market. But the challenge of attracting more foreign institutional investment remains.
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Singapore’s big-three lenders – UOB, DBS and OCBC – have won Euromoney awards for best SME bank in Asia each year since 2016, two of them taking the global award as well. Why?
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Southeast Asia’s capital markets are buzzing, making them hot favourites with global investors. But be warned: some big obstacles are expected in the months ahead, testing the ability of issuers and investment banks to get deals over the line.
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Indonesia was recently re-ranked by the World Bank as an upper middle-income country, even though as many as 100 million Indonesians remain unbanked. Andi Taufan Garuda Putra tells Asiamoney how his Amartha microlending platform is bringing them into the financial system.
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AsiamoneyAfter years of easy Eurobond access and ramped-up Chinese lending, developing economies are now caught between rising interest rates and geopolitical tensions, making debt restructurings more numerous and more complicated. Despite some progress in inter-creditor talks, many debtor nations face an uncertain financial future.
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AsiamoneyFor decades, transaction banking was a profitable but largely ignored corner of the banking industry. Then Covid happened. Today, bank chiefs see it as critical to everything they do. Given the challenges ahead – collaborating with fintechs and embedding ESG principles in global supply chains – the revolution under way in this business is unstoppable.
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The abrupt departure of the US NGO fund from military-run Myanmar leaves a vacuum for microfinanciers.
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President Ferdinand Marcos Jr’s latest policy splash is the $8.8 billion Maharlika Investment Fund, a sovereign wealth vehicle that aims to boost growth and inward investment. But it has drawn criticism, even within Marcos’s family. Many highlight the cautionary tale of Malaysia’s 1MDB, and fret about the capacity for corruption and poor governance.
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AsiamoneyOutbound Chinese M&A deal-flow has slowed to a crawl even as inbound activity remains steady. So focus in the region is moving elsewhere: to rising India, steady-and-lucrative Australia and even Japan, where once-bloated conglomerates are streamlining portfolios under intense pressure from activist shareholders.
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Singapore’s new digital bank Trust has put rivals on notice and pushed some to focus more intensely on innovation. But its long-term success will depend on many things – not least CEO Dwaipayan Sadhu’s ability to retain clients.
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The Japanese bank is now well placed to take advantage of growing confidence in the country.
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As relative newcomers to India’s financial markets, small finance banks have made considerable progress in attracting customers with little or no credit history. Ittira Davis, managing director and chief executive of Ujjivan Small Finance Bank, tells Asiamoney about initiatives to reach the country’s vast underbanked population.
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The government’s ambitious plan for full digitalization could reduce crime and increase tax revenue. It could also lead to greater innovation in the banking sector.
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Greg Krasnov, a banker from war-torn Ukraine, is shaking up finance in the Philippines with the assistance of his digital neobank.
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Issuance has barely stopped in Indonesia’s IPO market this year. Global investors have bought into the resource-led story with glee – and there are plenty of deals in the pipeline.
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Indonesia is one of the world’s brighter prospects right now: growth, demographics, infrastructure momentum, inflation under control, more equity raised in the first quarter in Jakarta than New York. Banks are positioning to benefit – while keeping an eye on next year’s elections.
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AsiamoneyInvestors in Asia are still reeling from the shock write-off of Credit Suisse’s additional tier-1 bonds, threatening future demand for the product from the region’s ultra-wealthy.
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Pakistan has been trying to improve financial inclusion for the last 20 years with little success. Are new digital licences the answer?
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Sri Lanka has just navigated a once-in-a-lifetime economic crisis. Sanath Manatunge, chief executive of Commercial Bank of Ceylon, and Jonathan Alles, CEO of HNB, talk to Asiamoney about what challenges remain for the country’s embattled banking sector.
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Corporate governance challenges and a lack of domestic demand have constrained ESG issuance in India so far. The blowout dual-tranche domestic rupee sovereign green bond in January could be set to change that.
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Nandalal Weerasinghe has returned from exile to rescue the country’s battered economy. Will he succeed?
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From the Asian financial meltdown of the late 1990s to the recent pandemic, Thailand central bank governor Sethaput Suthiwartnarueput’s career has been bookended by crises. Now almost three years into his term as governor, he may well be the right man to keep Thailand safe from another calamity – runaway inflation.
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The Philippines has the potential to become a regional wealth management hub. The race is on among global and local private banks to attract – and keep - the country’s newly wealthy.
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The Korean government and the central bank will have their work cut out for them in 2023. They must overcome a loss of trust and criticisms over raising rates too quickly if they want to keep the economy humming and avoid a new crisis.
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Being stuck between Russia and China has never put more pressure on Mongolia than in the past year. But the authorities and banks are making the best of a near-impossible situation – and succeeding in the process.
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From 1990s economic superstar to jail and now finally to the top job, Malaysia’s prime minister has had an extraordinary political journey. Now that Anwar Ibrahim is finally the boss, can he fix Malaysia’s many problems?
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The Kazakhstan central bank’s reliance on an oversimplified toolbox to combat rising inflation could threaten its economy in the longer run. Seeking out alternatives and reassessing monetary policy is now more urgent than ever.
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TMB Bank boss Piti Tantakasem gamed out everything in his careful pursuit of Thailand’s Thanachart Bank. Then came Covid to help him bed down the deal.
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Afghanistan’s economy is in a mess. After the Taliban took back control of the country in August 2021, the US froze the central bank’s foreign reserves. Can an unassuming Afghan-American economist secure the release of these funds so that the economy can recover?
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Vietnam’s latest digital bank Cake is the talk of the town and has attracted more than 1.5 million customers in just over a year. Now, its chief executive wants to challenge banks in southeast Asia.
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UOB’s penchant for acquisitions to expand its Asean franchise is paying off handsomely in Thailand, where the bank is preparing for an even bigger boom to its business.
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After more than a decade of working to achieve big things in Malaysia, Hong Leong Bank is increasingly thinking small as it steers its business towards supporting startups.
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The Malaysian bank has a new CEO in Cambodia who plans to make the most of the lender’s regional scale and savvy to spot opportunities in an overbanked market.
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What does a new government hold for the Philippine economy and its banks? There are plenty of concerns – mingled with some optimism that the president may help steady the ship.
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Banks and bond investors are waking up to the difficulty of recovering their money from Indonesian companies that have been hit by the pandemic. Here’s what creditors need to know.
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It has been a tough decade for AmBank Group as it navigated the aftermath of Malaysia’s 1MBD scandal. But following AmBank’s record legal settlement over its role in this corporate nightmare, the bank is emerging as a new takeover target.
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Imran Khan’s government was toppled in April, but it didn’t take long for its replacement to make a new deal with the IMF, just as many have done before. How can Pakistan break its IMF addiction?
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The combination of China’s crackdown on technology companies, its zero-Covid strategy and its domestic property crisis have buffeted Chinese stocks this year. In order for sentiment to stabilize and for the economy to develop, reforms are needed urgently, putting more emphasis on the private sector and less on GDP growth.
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Faced with a political and economic crisis, Sri Lanka’s top bank chief executives took matters into their own hands to prevent a collapse of the country’s financial system.
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Within two years, virtual bank WeLab has quickly found its place in Hong Kong. But its chief executive says this is just the beginning of an ambitious plan to expand its foothold in Asia.
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The outlook for the Chinese real estate sector is bleak, with many more highly indebted companies expected to default on their bonds and loans. If the market is to recover, however, the government will need to ease more restrictions so that firms can access funding again and demand for homes picks up.
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The nation has navigated the Covid-19 pandemic better than many of its peers, but its luck won’t last unless it brings in some big, meaningful reforms.
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Cash-starved small businesses and microfinance institutions in Myanmar are increasingly relying on a United Nations initiative to make ends meet. But results are mixed, showing there is still a long way to go to revive the industry.
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The firm’s wealth management arm positioned itself early for a possible spurt in unicorns in India and the opportunities that may bring. It is now reaping the rewards.
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The country’s lost decade appears to be assured: the military coup hit the financial system and the economy – and it is scaring away many investors.
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Fintech firm bKash has revolutionized Bangladesh’s payments industry in the 11 years since it was founded. But its CEO still has more tricks up his sleeve.
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Fresh from the success of listing Allo Bank in Jakarta, Indonesian billionaire Chairul Tanjung speaks to Asiamoney about his vision for the digital lender, and how to keep an eye out for the next big thing.
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India is chipping away at the many obstacles on its way to achieving carbon neutrality by 2070. The path is uphill, but will its efforts pay off?
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AsiamoneyThe Liechtenstein private bank means business. After a slew of strategic hires in Asia, it hopes its focus on intermediaries and access to digital investment opportunities will attract new clients in the region.
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Russia’s invasion of Ukraine has far-reaching consequences for Uzbekistan’s privately owned Hamkorbank. The bank had just pulled through the pandemic when it had to take a hard look at exposure to Russian trade and the rouble.
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Uzbekistan promises to transform its stock and bond markets in an effort to lure much-needed capital from abroad. Roadshows, tax cuts and easing of restrictions are on the agenda as Tashkent prepares to sell off state assets.
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Tony Fernandes made his fortune after launching an airline in Malaysia 21 years ago. But as Covid continues to batter AirAsia, he’s hoping to remake his fortune with a new, fintech-based super app – and transform Asean banking much as he did with the aviation industry.
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India is embracing crypto-currencies and has even floated the idea of a digital rupee. These are natural steps for a country whose digital infrastructure is rapidly evolving, but with the future of the policy environment still unclear, details matter.
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Zafar Masud survived a plane crash a month after he took over as Bank of Punjab’s chief executive. The experience pushed him to double down on his beliefs – and take this regional Pakistani bank to the next level.
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As the economy lands with a thud, there’s a dearth of talent in Colombo’s official ranks. Pragmatic diplomacy might now be a better option for the embattled Rajapaksa clan.
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The profligate island’s economy is in meltdown, but authorities appear clueless about how to fix it. The government has consulted the IMF, but a bailout is by no means assured.
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The merger of Credit Bank with TransBank offers a template for Mongolia’s financial industry, which is ripe for more consolidation and better governance.
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ABA Bank has helped to transform Cambodia’s banking sector through digitalization and a razor-sharp focus on financial inclusion – efforts that are paying off.
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Indonesia is spawning new startups by the day, many of which are propelling financial inclusion. Asiamoney speaks to the founders of some thriving platforms that bring together technology and finance to make a difference.
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To traditional bankers, Jakarta’s gaming salons might seem unlikely places to launch a hot fintech startup. But for veteran gamer Vincent Iswaratioso, battling virtual bad guys in World of Warcraft has proved the perfect training ground for his universal Dana e-wallet.
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Cambodia’s government, central bank and financial institutions rose to the challenge of mitigating the impact of the pandemic, with some success. There is more work to be done – but a growing focus on innovation and digitalization could herald a new beginning.
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Alfa Bank has married its SME focus and its digital ambitions to much success in Kazakhstan, but will its business model be enough to ward off the competition?
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With its razor-sharp focus on SMEs, technology firms and ESG, Busan Bank has come a long way in the last 50 years, and is moving in the right direction.
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The community of economies going green in a hurry has the unlikeliest of new members: coal-addicted Mongolia. Can the country shed its past?
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Sprawling conglomerates dominate South Korea’s economy, making it hard to retool a creaking economic model. With a presidential election looming and financial technology firms growing, the market is ripe for disruption.
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MUFG Bank is investing in its Greater China business, but will its strategy pay off?
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Predicting the direction of markets has never been harder than during the past two years of pandemic-fuelled worries and volatility. Asiamoney speaks with the top-rated analysts across markets in Asia to see how they navigated 2021 – and how they are positioning themselves and their clients for 2022.
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Since Kazakhstan left the Soviet Union and embraced capitalism, its banks have been locked in a boom-bust cycle, but a banker who lamented the passing of Communism has emerged as the industry’s leader. Now Halyk Bank’s Umut Shayakhmetova faces what could be her biggest test yet.
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The chief executive of Malaysia’s HelloGold is on an important mission: to make the global gold market accessible to all.
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Meezan has rapidly become one of Pakistan’s leading banks, thanks to a couple of early acquisitions.
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Indonesia’s ambitions of being Asia’s Islamic finance hub have long been hobbled by lack of infrastructure and support. But can a recent change in government attitude spur the industry?
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Vietnam’s capital markets have perked up in the past year during the pandemic, but they are hamstrung by outdated technological infrastructure at the stock exchange. Is change on the way?
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In the five years since it was caught up in a money-laundering probe, Rizal Commercial Banking Corporation has focused on digitalization and transparency to get on the right track.
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The future of banks in Afghanistan is uncertain after the Taliban toppled the government in August.
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Thailand’s oldest bank is betting on its venture capital arm to drive profits and growth in the future. But is that a good strategy?
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Malaysia’s hopes of political and economic reform proved short-lived. The appointment of a new prime minister means the discredited political party UMNO is back in the driving seat.
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Asiamoney has selected two senior women who have advanced in Asia’s highly competitive banking industry. Their stories throw light on how the sector is tackling gender diversity.