Daily News Headlines

  • News Headlines – 1-2 Sept 2021

    [Mainland China] Chinese regulator vows to crack down on private equity, venture capital funds

    Business Times, 1 Sept 2021

    The China Securities Regulatory Commission will work to root out "fake" private equity funds that are actually sold to the general public instead of targeted investors, chairman Yi Huiman said in a speech to a fund industry association. The CSRC will also crack down on money managers that illicitly take public deposits, offer loans or embezzle fund assets. The watchdog's focus has been on issues including compliance, liquidity risks and illegal fundraising. In the 2019 probe of 497 private funds, regulators found malpractices such as borrowing new money to repay existing investors, raising money from disqualified investors and promising guaranteed returns. Regulators have in the meantime encouraged the development of private equity funds as a channel of direct financing to support the economy.

    Full text: click here

    [Mainland China] Robust demand seen for financial products in Greater Bay Area

    China Daily, 1 Sept 2021

    The Guangdong-Hong Kong-Macao Greater Bay Area is showing robust demand for more diversified and in-depth cross-border financial services and products, said a survey led by a unit of the People's Bank of China. The Financial Society of Shenzhen Special Economic Zone, a research institute led by the Shenzhen Central Sub-branch of the PBOC, published a report on Aug 28 based on a survey of more than 20,000 people and about 700 representative firms across the border. Its data showed the three most popular Hong Kong investment tools for Guangdong residents are funding, insurance and stock products. With the expansion of cross-border stock and bond channels, more than half the people in the area foresee enlarging their stock investment targets.

    Full text: click here

    [Singapore] FOMO Pay obtains new MAS licences to operate three more regulated activities

    Business Times, 1 Sept 2021

    Singapore fintech FOMO Pay has obtained new licences from the Monetary Authority of Singapore to operate three new regulated activities. Starting from Wednesday, merchants will be able to leverage FOMO Pay's services to accept and process payment transactions. FOMO Pay will also be able to carry out local money transfer services in Singapore for its clients, as well as facilitate transactions with digital payment tokens - including cryptocurrency and the central bank digital currency (CBDC).

    Full text: click here

    [Singapore & Hong Kong] Singapore stays one step ahead of HK in SPAC race

    The Standard, 2 Sept 2021

    The Singapore Exchange is preparing to roll out easier rules for listings of special purpose acquisition companies (SPAC), while the Hong Kong bourse has yet to conduct a public consultation on such action. The move will make Singapore the first major Asian stock exchange to accept such investment vehicles. Singapore Exchange's regulatory arm is now said to be considering easing a minimum S$300-million market value proposal for SPACs along with a proposal to rule that warrants cannot be detached from underlying shares.

    Full text: click here

WeChat Official Account