The PBOC and the banking regulator issued a notice Jan. 15 formally barring banks from selling personal fixed deposit products online via third-party platforms, citing a recent surge of online deposits that exposed regulatory loopholes and financial …
HONG KONG – Major Hong Kong banks are offering higher rates amid a hike in the interest rate environmen t to attract new customers, pushing the time deposit rates for the Hong Kong dollar up to the 5 percent level.
Many of Hong Kong''s largest banks have been in a race to promote fixed-time deposit schemes, themed around Mother''s Day with offers of higher interest rates to attract more savings – a clear...
Nearly a dozen Hong Kong banks, as Dah Sing Bank, China Citic Bank International and China Construction Bank (Asia), have raised deposit rates over the past two weeks. Some of them are offering 3.9-4% per year on three-month deposits, a level …
A large number of these products are off-balance-sheet and considered a substitute for bank deposits. China''s banking sector, especially the small and medium-sized banks (SMBs), uses these products to avoid regulatory restrictions and …
The Deposit Protection Scheme (DPS) offers statutory protection to bank depositors in Hong Kong. Administered by the Hong Kong Deposit Protection Board (the Board) under the Deposit Protection Scheme Ordinance, the DPS is a key component of …
6 · The theme for this year''s Banking Report focuses on the future for the sector. There have been significant advances in technology recently, notably the emergence of GenAI. There has been a lot of noise in the market about GenAI, and we look at how …
According to statistics published today (28 February) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 2.6% in January 2022. Among the total, Hong Kong dollar deposits and foreign currency deposits grew …
Tight liquidity on the mainland and in Hong Kong has led to banks raising interest rates for deposits to attract funds. Citibank raised its rates by 0.2 percentage point yesterday. Citigold and...
However, smart deposits are different in two important ways. First, they offer significantly higher interest rates than other timed deposits in China. For example, some private banks offer three-year smart deposits with interest rates ranging from …