Chinese banks’ big tech threat

Investors have doubts about Chinese banks’ ability to withstand the competition in a market where tech companies have a solid grip, writes Brian Caplen. Statistics about Chinese banks are always impressive. In The Banker’s Top 1000 World Banks ranking for 2018, China’s banks hold the top four slots globally in terms of Tier 1 capital. They have the highest profits and the … http://bit.ly/2DAGkix

How Europe Can Learn From China On Blockchain

Despite a hardline on blockchain from the government, software companies in China continue to leap ahead. China is changing. That becomes clearer to see when we look at the field of financial technology and the talent that has emerged over the last few decades. But attitudes in China when it comes to blockchain still sway from a useful resource to a tool for gambling. So … http://bit.ly/2JRbP8q

StanChart first foreign bank to get China fund custody licence

Standard Chartered Bank (China) has become the first foreign bank to be granted a licence to provide custody services to domestic funds and asset managers in China, the bank said on Monday, as Beijing took another step towards opening its capital markets. Since 2017, a handful of foreign asset managers have been permitted to set up onshore operations and sell investment … https://reut.rs/2SCmXtK

China issues rules for online financial bodies to battle money laundering

China’s central bank on Wednesday issued anti-money laundering and counter-terrorism financing regulations for online financial institutions, as part of Beijing’s efforts to rein in financial risks. The institutions must set up internal control mechanisms for combating money laundering and terrorism financing, follow “know your customer” (KYC) rules, and report lar … https://s.nikkei.com/2NAL2NS

China to Cut Banks’ Reserve Requirement, Freeing Up $175 Billion

China’s central bank announced on Sunday that it will cut the amount of cash lenders must set aside as reserves from Oct. 15, freeing up additional liquidity in the banking system in a bid to support the economy. The People’s Bank of China (PBOC) will lower the reserve requirement ratios (RRRs) by 100 basis points for most commercial banks and all the foreign banks, accor … http://bit.ly/2NBsSLK