Lead Stories
Bitcoin Bug Bites Japan and South Korea as China Clamps Down
By NATHANIEL POPPER – NY Times
Until recently, China was a center of Bitcoin activity while the rest of Asia looked on with little interest.
https://goo.gl/wgxbUq
US citizens lose half a decade in lifespan versus people born in rich European and Asian countries
Lianna Brinded – Quartz
The US ranks a dismal 34th place for life expectancy in the World Economic Forum’s highly-anticipated Global Competitiveness Report. However, people living in major financial centers in Europe and Asia, such as Hong Kong or Switzerland, can expect to live longer.
https://goo.gl/pRtvsU
Asean digital laxity a cyber raider’s dream; Laggard cybersecurity measures are taking a rising toll on the regional bloc’s increasingly integrated digital economy
By ALAN BOYD – Asia Times
Long accused of complacency over the economic toll of cyber breaches, Southeast Asian governments are starting to make all the right noises on enhanced safeguards – but there are still few signs that the vulnerable business sector is getting the message.
https://goo.gl/fuwcSr
IOSCO Launches World Investor Week 2017 – Securities Regulators Across The Globe Are Promoting Investor Education And Protection
Mondovisione
The International Organization of Securities Commissions (IOSCO) today launched its first World Investor Week (WIW). A bell-ringing ceremony at the Tokyo Stock Exchange marked the start of this week-long campaign to promote greater investor education and protection worldwide that will run from today, October 2nd, through October 8th.
https://goo.gl/ecuiMN
Exchange News
Trading Overview in September 2017 & First Half of Fiscal Year 2017 (April to September)
JPX
Japan Exchange Group released Trading Overview in September 2017 & First Half of Fiscal Year 2017 (April to September).
In the first half of FY2017, the daily average trading value for the TSE 1st Section (domestic common stocks) was JPY 2.6589 trillion.
In the first half of FY2017, total derivatives trading volume was 148,412,376 contracts. In terms of individual product, TOPIX Futures marked its second-highest trading volume over the same period.
https://goo.gl/hgzUXy
MPs and Soccer Legends Score For A Good Cause at SGX Bull Charge Charity Futsal
SGX
The annual Singapore Exchange (SGX) Bull Charge Charity Futsal match – featuring Speaker of Parliament Tan Chuan-Jin, other Members of the Parliament and Singapore soccer legends – raised $125,250 for five beneficiaries today.
https://goo.gl/RGwk8o
FinTech News
Hong Kong’s TideBit drawing Chinese bitcoin investors frozen out in Beijing’s crackdown; Company drawing new accounts from Chinese looking to continue trading virtual currencies after mainland exchanges shut down
Amanda Lee – South China Morning Post
Hong Kong-based tech company TideBit is looking to expand its bitcoin trading operations, seeing growing demand from Chinese investors frozen out by Beijing’s crackdown on the virtual currency.
https://goo.gl/HnjZ6s
Asia Cracks Down on Cryptocurrency
NHK.or.jp
Virtual currencies are gaining popularity worldwide. The price of Bitcoin has tripled since the beginning of this year. Amid the ongoing boom, some Asian countries are starting to tighten regulations.
https://goo.gl/ke5dbC
Regulatory News
HSBC fined $175m as traders use chartrooms for illicit gains; FX traders allegedly used electronic chatrooms to manipulate benchmarks and fix market prices.
By Hayley McDowell – The Trade
HSBC has been fined more than $175 million in the US after its FX traders used electronic chatrooms and misused confidential customer information.
https://goo.gl/rNaqum
Investing News
Stock Picker Who Snared a 7,000% Hong Kong Return Eyes His Next Win
By Sofia Horta E Costa and Beth Mellor – Bloomberg
Allianz GI small-cap fund manager is turning bullish on banks; ‘Digital derivatives’ also attractive for Allianz GI
Money manager Andrew Neville barely blinks when asked to pick his portfolio’s crown jewel.
https://goo.gl/38BXAg
Japan
Japan FSA finds smaller banks lag in money laundering fight
Reuters
Japan’s smaller banks are behind in taking steps against money-laundering and terrorism financing, Japan’s financial regulator has found, according to people familiar with the matter and documents seen by Reuters.
https://goo.gl/4D5wfT
Yuriko Koike hits trouble in Japan election campaign; Pressure mounts on Tokyo governor to stand as her new party scrambles for candidates
Robin Harding in Tokyo – FT
Yuriko Koike is facing a dilemma over whether to stand in Japan’s general election on October 22 amid signs her ambitious attempt to take on Prime Minister Shinzo Abe is in trouble.
https://goo.gl/WBwNTS
Japan Approves 11 Bitcoin Exchanges In Regulatory Framework
By: David Pimentel – BlockTribune
Japan’s Financial Services Agency (FSA) has granted regulatory approval to 11 domestic virtual currency exchanges, making them the first to be allowed to operate under the country’s new financial services regulations.
https://goo.gl/Go17Af
Surveys show upbeat economic, investment outlook for Japan
The Associated Press
A quarterly survey by the Bank of Japan released Monday showed business sentiment rising to its strongest level in a decade, exceeding analysts’ expectations for the world’s third largest economy.
https://goo.gl/qnd8WM
Japanese Megabanks’ Tight Spot; The nation’s biggest banks are struggling both at home and abroad.
By Nisha Gopalan
No joy at home, and little more abroad. That’s the situation facing Japan’s megabanks, which have bet big expanding overseas only to find gains elusive. At the same time, they’re not benefiting from the pickup in household lending domestically. Prime Minister Shinzo Abe’s decision to call a snap election for later this month and the likelihood negative interest rates, introduced in early 2016 to encourage spending, will persist won’t improve matters.
https://goo.gl/x7paoY
Mainland China
China Throws Its Sinking Private Sector a Life Vest; Getting rich in the new China isn’t getting any easier
By Nathaniel Taplin – WSJ
It’s not easy being an entrepreneur in China. A high-level document published last week by China’s cabinet emphasized that entrepreneurs are important contributors to growth—but also that they need to be more patriotic and approach their role with the mind-set of serving society. Little wonder private investment has been weak for years.
https://goo.gl/Rt7csL
RCEP ushers transition to China’s order in East Asia
Asia Times
It was precisely when Xi Jinping first took office in 2012 that American observers started to formulate questions on China’s role in East Asia that were unimaginable just a few years before.
https://goo.gl/So8MhS
China steps up battle against runaway property prices; Banks ordered to clamp down on use of credit for mortgage downpayments
Xinning Liu in Beijing and Gabriel Wildau in Shanghai – FT
Chinese banking regulators have told lenders to crack down on the use of consumer loans to finance home purchases, the latest effort to cool down the overheated property market and rein in financial risk.
https://goo.gl/JNfvwq
China is trying to juice its economy with even more debt
by Daniel Shane – CNN
China is planning to pump even more credit into its economy despite fears about its massive buildup of debt.
https://goo.gl/vdb2dt
Chinese investors bemoan Beijing’s bitcoin crackdown
Economic Times
Beijing’s decision to shut down bitcoin trading platforms has left investors scrambling to cut their losses and threatens to deprive the crypto-currency of a crucial market.
https://goo.gl/zC4YdZ
China’s Geely to take control of Denmark’s Saxo Bank
Teis Jensen – Reuters
Chinese carmaker Zhejiang Geely Holding Group will increase its stake in Denmark’s Saxo Bank to more than 50 percent in a deal that highlights China’s drive to tap the expertise of European financial firms.
https://goo.gl/3HZmwj
Beijing Probably Counts Tillerson’s China Trip as a Success
By Keith Zhai – Bloomberg
China has long urged U.S. and North Korea to speak directly; Tillerson said U.S. has direct channels to Pyongyang
U.S. Secretary of State Rex Tillerson’s visit to China ended with an awkward public rebuke from his president for raising the prospect of talks with North Korea. But for Beijing the trip probably counted as a success.
https://goo.gl/TWHJri
Hong Kong
HONG KONG AND CHINA AT RISK OF SUFFERING A FINANCIAL CRISIS
By CFO Innovation Asia
Hong Kong and China are most at risk of suffering a financial crisis, according to an indicator devised by investment bank Nomura Holdings Inc., reports Bloomberg.
https://goo.gl/8Sio8E
Hong Kong’s SFC unveils regtech sandbox
Antony Peyton – Banking Technology
Hong Kong’s Securities and Futures Commission (SFC) has launched its SFC Regulatory Sandbox to provide a place for firms to test out their ideas.
https://goo.gl/BQ3vwC
Singapore
Indians in Singapore celebrate Gandhi Jayanti; Nearly 500 students from an Indian school in Singapore along with community leaders celebrated Mahatma Gandhi’s 148th birth anniversary today.
Financial Express
Nearly 500 students from an Indian school in Singapore along with community leaders celebrated Mahatma Gandhi’s 148th birth anniversary today. India’s acting High Commissioner, Ninad Deshpande delivered Mahatma Gandhi’s peace message after garlanding his statue at the school premises. The students of the Global Indian International School (GIIS) Singapore heard the Mahatma’s struggle for independence from keynote speakers, Dr V P Nair and Ameerali Jumabhoy, the two lead members of the committee organising Gandhi Jayanti and International Day of Non-Violence here.
https://goo.gl/9RSwRi
Vietnam
Banks urged to serve low earners
Viet Nam News
Việt Nam has significant room to promote inclusive finance, given 70 per cent of its population is living in rural areas and many are locked out of the conventional banking system due to low income, experts have said.
https://goo.gl/dAWysA
Will Vietnam Grow Old Before it Gets Rich?; A closer look at the country’s aging population and what that means.
By David Hutt – The Diplomat
Demography is destiny, Auguste Comte once claimed. The Vietnamese government, one imagines, hopes the French philosopher was wrong and fate can be altered, because the country’s demographic destiny doesn’t look good.
https://goo.gl/w24rLZ
Thailand
BoT Act: Banks must help to bail out peers; Amendment clarifies shared responsibility
PAWEE SIRIMAI & ORANAN PAWEEWUN – Bangkok Post
The Thai central bank has amended section 19 of the Bank of Thailand Act to clearly state that financial institutions must be mutually responsible in shouldering the costs incurred from bailing out financially…
https://goo.gl/Y34DYW
Thai Bankers form group to ensure world-class IT security
The Nation
A group of financial institutions have created a group to address issues of stability and security of IT systems and prepare for cyber threats.
https://goo.gl/Pmz5mN
TrueMoney finds a niche in Myanmar’s mobile fintech space
MMTimes.com
TrueMoney, one of the newest additions to the string of fintech firms vying for a slice of the mobile money market in Myanmar, is upping its game in the face of rising competition.
https://goo.gl/ukwa6g
Taiwan
How Taiwanese banks compete with tech giants for talent
By Derrick Hong – The Asset
TAIWANESE banks and financial holding companies, such as Fubon and E.Sun, are looking to recruit employees with technology backgrounds for their management associate programmes. However, due to the increasing demand and limited pool of tech talents, the battle for talent with only intensify.
https://goo.gl/BcgAT7
South Korea
Trump-Kim barbs obscure new reality for South Korea; Kim Jong Un’s weapons milestones have shifted balance of power in east Asia
by Bryan Harris in Seoul – FT
In recent weeks a nervous world has watched on as Donald Trump and North Korea’s Kim Jong Un trade recriminations and threats of annihilation.
https://goo.gl/vGyf2v
Philippines
Palace sees politics in call for Philippine’s ouster from United Nations body
By Alexis Romero – PhilStar.com
Malacañang has claimed that the United Nations Human Rights Council (UNHRC) is being used to pursue partisan agenda after a group called for the ouster of the Philippines from the body because of drug-related killings.
https://goo.gl/oFM6j2
The golden rule in personal finance
By Zell Sulit – Business Mirror
“We have committed the golden rule to our memory; let us now commit it to life.”—Edwin Markham
Life is a constant change. We feel these around us. They may or may not have bearing on our existence, yet, to some people, there are major shifts that intimately affect their being. Are we comfortable with the idea of change or do we feel that the constant change means constant uncertainty?
https://goo.gl/w4QGzG
India
GIFT-IFSC among top 15 global financial centres
The Hindu BusinessLine
It is coming of age for the ambitious project of Gujarat International Finance Tec-City (GIFT) — International Financial Services Centre (IFSC), conceptualised by Prime Minister Narendra Modi, as it finds place in the top 15 emerging Global Financial Centres.
https://goo.gl/ESPJqP
McDonald’s battles to regain control of brand in India; Restaurants still open 6 weeks after fast-food giant ended deal with franchise partner
Kiran Stacey in New Delhi – FT
McDonald’s restaurants across north India are still open and selling their McAloo Tikki burgers six weeks after losing their contract to do so, as the global fast-food chain battles to regain control of its brand from its local business partner.
https://goo.gl/EYZH5B
India exporters struggle with Modi’s new tax system; Trade body says up to 40,000 businesses face funding crisis
Kiran Stacey in New Delhi – FT
Narendra Modi’s push to boost Indian exports is being undermined by the problems plaguing his government’s new tax system, companies have warned, with tens of thousands of exporters struggling to meet their short-term funding needs.
https://goo.gl/nGrzyz
India’s Ola Raises $2 Billion From SoftBank, Tencent
By Saritha Rai – Bloomberg
Investment would help bankroll Uber’s fiercest rival in India; Cash influx is second-largest in country after Flipkart
Ola scored $2 billion in new funding from a group of investors including SoftBank Group Corp. and Tencent Holdings Ltd., according to a person familiar with the matter, helping to bankroll Uber Technologies Inc.’s fiercest rival in India.
https://goo.gl/PfykgX
Australia
Big four banks reap billions in fees
The Australian
The big four Australian banks are skimming billions of dollars off customers via hidden foreign exchange charges at up to 30 times the rate of US, British and German banks, as part of a growing fee bonanza that dwarfs their losses from abolishing ATM fees.
https://goo.gl/PNqkjS
An Asian Stock Market Beats Peers But Few Traders Get to Profit
By Matthew Burgess – Bloomberg
Australia’s stocks finally got a chance to outperform most of their Asia-Pacific peers, but few were around to appreciate it.
https://goo.gl/LyPQaA
OTC Markets Group Welcomes Australia’s Digital Banking Platform Change Financial to OTCQX
By Samantha Hurst – CrowdFundInsider.com
OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 10,000 U.S. and global securities, announced on Monday Australia-based digital banking platform Change Financial Ltd. (ASX: CCA) has qualified to trade on the OTCQX Best Market. Change Financial upgraded to OTCQX from OTC’s Pink market.
https://goo.gl/H7ysdj
The post Asia Pacific Financial News from John Lothian News – October 2, 2017 appeared first on John Lothian News (JLN).