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China Merchants Bank (CMB) will next week sharply tighten eligibility rules for mainlanders to open accounts at its Hong Kong branches, the latest move by Chinese lenders to curb capital outflows as Beijing steps up efforts to temper a slide in the yuan.
The Jetco survey found 76 per cent of respondents use mobile payments, while 43 per cent make peer-to-peer transfers
Chinese banks are sailing into uncharted waters as they follow their wealthy corporate and retail clients abroad, though obstacles brought about by compliance investigations are unlikely to slow the momentum as mainland lenders buck the trend that has seen their foreign counterparts trim global operations, market observers said.
Hong Kong Life, a joint venture life insurance company owned by five financial firms, is drawing particular takeover interest thanks to its business portfolio and bank branch network. Its corporate history can also illustrate how a group of smaller lenders can join hands to compete with bigger players.
Hong Kong’s banks have been told to up their game when it comes to conducting China-related business as the industry undergoes a painful contraction driven by the mainland’s economic slowdown.
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Hans Hanegraaf, Country Executive Singapore & CEO Private Banking Asia & Middle East Ian Pollock, Regional Head of Private Banking International North Asia Angel Wu, Regional Head of Products & Solutions Asia & Middle East (0-1)
Hong Kong has a new app that allows users to transfer money to other individuals over smartphones -- something that could be useful when divvying up a meal expense, or paying for small transactions.