Licensed bank in hong kong

Ironically, the city that should have been first to be swept up by China’s fintech revolution is still a picture of old-world conservatism. Not for long, though. Hong Kong, whose last big innovation in retail payments is as old as the former British colony’s 1997 handover to China, is on the cusp of big change. The Hong Kong Monetary Authority’s revised May 30 guidelines for online-only banks will lead to the first licenses being issued by the end of this year. More than 50 parties, including the likes of homegrown fintech players such as WeLab Ltd., backed by billionaire Li Ka-shing, have evinced interest, even though the minimum capital requirement has been set at a not-insignificant HK$300 million ($38 million). And these will have to be real business plans, marrying traditional risk management with technology; concepts alone won’t fly, the HKMA has told applicants. Still, the prize will be … [Read more...] about Hong Kong Banks, Meet the 21st Century

Peter Oborne 17 August 2019 9:00 AM 17 August 2019 9:00 AM Share Twitter Facebook LinkedIn Email Whatsapp Frank Johnson, editor of The Spectator until cruelly sacked to make way for Boris Johnson, never wasted ideas. He liked to reuse them. Often. Every summer he would write the same column attacking the silly season. August, Mr Johnson maintained, was not silly at all. The first world war started in August. The Nazi-Soviet pact was signed in August. Hitler ordered the invasion of Poland in August. Saddam Hussein marched into Kuwait also in the horror month of August. Once again August has vindicated Mr Johnson — and not only because of Brexit. Darkness has descended on the former princely state of (British-controlled) Kashmir. Meanwhile freedom is dying in the former British colony of Hong Kong. These two events are reported as if unconnected. Yet they are part of a global pattern: centralising states crushing minorities while liberals impotently … [Read more...] about From Hong Kong to Kashmir, a new authoritarianism is on the rise

Even in a cryptocurrency industry teeming with overnight success stories, Zhao Changpeng stands out.In less than eight months, the founder of Binance has grown his company from an idea into the world’s largest digital-asset exchange by traded value. He has vaulted from obscurity to the cover of Forbes magazine, steered Binance to a $200 million profit in its second quarter of existence, and amassed a personal fortune that he claims is worth as much as $2 billion.But after a meteoric rise that defied financial orthodoxy (Binance doesn’t have a bank account or a public address), the 41-year-old coder-turned-exchange kingpin is now facing headwinds that threaten to send him -- and a big swathe of the cryptocurrency trading complex -- back down to Earth.Not only have the world’s virtual currencies lost more than half their value since crypto-mania peaked in January, but trading activity has slumped and hackers have stepped up attacks on cryptocurrency exchanges. Perhaps … [Read more...] about Crypto’s Billionaire Trading King Has Suddenly Run Into Problems

RISE outlined the scheme by which the buffer company in the separatist region became the main electricity supplier overnight, earned millions of profits and hid them in tax havens. Only around 20% of the country’s total electricity demand is produced on the territory of the Republic of Moldova on the right bank of the River Nistru. In recent years, the battle for Moldova’s electricity supply contract has usually been made between two regional players: a representative of the Ukrainian group DTEK, which is part of the business empire of Ukrainian billionaire Rinat Akhmetov, and the Cuciurgan plant, which is owned by the giant Inter RAO UES, controlled by the Russian state. Source: MediaCenter (The Cuciurgan plant) How EnergoKapital appeared in the scheme: After the spring of 2014, when the Ministry of Economy announced that between April 1, 2014, and April 1, 2015, the Republic of Moldova bought electricity from DTEK Vostokenergo and from the Cuciurgan plant, due … [Read more...] about World Bank provides $10 million loan to Moldova for education reform

As carmakers race to sell glitzy new models to wealthy Chinese, the old-fashioned golf cart is the hottest buy in one corner of Hong Kong, with prices topping those of a Tesla Model S and Porsche’s Boxster sports cars.On the two-lane streets of Discovery Bay — a residential development about a 30-minute ferry ride from downtown Hong Kong — the golf carts are both the transportation of choice and an investment play for the wealthy. The buggies can sell for more than HK$2 million ($255,000) in the upscale neighborhood that’s home to airline pilots, bankers and lawyers.Business executives drive them, expatriates love them and nannies ferry kids to school in them. Private passenger cars aren’t allowed in this neighborhood, and the Transport Department has capped golf-cart licenses at about 500. The supply crunch has transformed these slow gas-guzzlers into luxury transportation. Some buyers view them as investments — renting them out or reselling to make … [Read more...] about These Golf Carts Are Pricier Than a Tesla or Porsche