News

Rejected applicants Toss Bank and Kiwoom Securities are welcome to re-apply.

The sector makes up 5.7.8% of the total loans.

And bank licensing boom hits South Africa.

Its platform matches users with financial products like insurance, credit cards, and trade finance.

The sector’s interest rates could exceed 50% per year.

Government initiatives could boost halal economy and bolster demand for Islamic financial services.

ROAA is still relatively low at -0.9% in December 2018.

and Austrian banks survive government's staged cyberattacks.

Investor loan growth slowed to less than 1%.

It is ahead of the APAC average adoption rate of 64%.

Malaysian Islamic banks could lean on their parent groups cashing in to boost digital drive.

ACU-driven overseas loans rose 7.5%.

Sumitomo Mitsui Trustbank received approval to operate an information bank. Japanese banks are entering a new era as they go into personal info brokering, The Asahi Shimbun reports. The government-backed Japan Federation of IT Associations has given the green light for Sumitomo Mitsui Trustbank and Felica Pocket Marketing, a subsidiary of retailer Aeon Co., to operate a data brokerage service that will allow them to establish an information bank that will buy and sell customers' personal data. Under the service, the company will receive data from customers such as their name, purchase history and health-related information, in trust. Upon customer consent, the bank will provide data to companies that are eyeing to develop new products. Similar to the bank's practice of paying interest on a deposit, customers who shared their information will be compensated with cash, coupons or bank services.

The five licenses are split into two full digital and three wholesale.

The prominent default of a financing firm in 2018 hit bank confidence.

HSBC, BEA, StanChart, and Hang Seng did the move in anticipation of stiffer competition from virtual lenders. Amidst the rise of virtual banks, three major Hong Kong banks revealed that they will waive minimum balance fees for their customers in a move to further boost financial inclusion. Starting August 1, HSBC, Bank of East Asia (BEA) and Hang Seng Bank will remove minimum balance fees for certain accounts. HSBC was the first to announce that it will enable free basic banking services for their customers with passbooks, statement accounts, personal and advance integrated accounts, as well as those with super ease accounts. The move will also kill monthly or annual service fees and miscellaneous charges such as counter transaction fees for some personal savings account. Currently, bank users of HSBC’s personal integrated account need to pay a monthly fee of $7.68 (HK$60) once the average total balance reaches $640 (HK$5,000) over a period of three months. Meanwhile, those with advanced integrated accounts pay $15.36 (HK$120) when a three-month average balance is less than $25,601 (HK$200,000).