Hong Kong, southern China’s special administrative region, is counted as one of the world’s foremost financial hubs, ranking high in digital transformation, and is currently rolling out virtual banks, which are keeping traditional banks on their toes. One of the well-established banks in Hong Kong, China CITIC Bank International (CNCBI), has staked claim to being a frontrunner in digitalization and is rapidly expanding its innovation footprint in China’s Greater Bay Area.
Singapore has much to celebrate. Along with Hong Kong, it is regarded as one of Southeast Asia’s top financial hubs. Although these rivals match each other on many fronts, their stock exchanges do not. Singapore’s SGX is shrinking, while Hong Kong’s stock exchange continues to grow. It’s easy to see that the SGX is ailing but much harder to figure out exactly why—and how to reverse the trend.
Interview with Mr. Domenic Fuda, Group Managing Director & CEO and Mr. Charles Sik, Managing Director, Personal Financial Services, Hong Leong Bank
Malaysia is amongst Southeast Asia’s most prosperous nations, with consistently high economic growth. It is also amongst the region’s most progressive; one of its top five banks, Hong Leong Bank, is leading the widespread adoption of digital solutions in finance. We were pleased to be joined by two of HLB’s senior executives, Domenic Fuda and Charles Sik, to discuss HLB’s newest strategies toward being “digital at the core”.
Hong Kong’s property prices have soared, due mainly to demand from the world’s wealthiest investors, especially Chinese. The Hong Kong government has taken measures to ward off international buyers, but there are still plenty of opportunities to snag a luxury property in this global hub, in exchange for a few million dollars.
According to the World Federation of Exchanges, China’s stock markets currently account for 10 percent of the total market capitalisation of all exchanges in the world, and hold an even greater share in terms of market turnover.
Saudi Arabia’s state-owned oil company Saudi Aramco is on the verge of becoming the world’s biggest company, after the government recently confirmed plans to sell a 5-percent stake in the country’s sole oil producer.