Mr.Bank

作者： bankr

  • Financial firms cry foul over ‘double standard’

    Controversy is growing over the entry of big tech companies, such as Naver and Kakao, into the financial sector, as they are not subject to the same regulations as financial firms.

    Banks and other financial services firms are crying foul over a “double standard” that they claim is providing regulatory loopholes for the tech giants to more easily expand their presence in the industry by capitalizing on their platforms and technologies.

    Naver and Kakao have begun to establish financial businesses. Naver earlier this month launched a cash management account service together with securities firm Mirae Asset Daewoo. The tech company established Naver Financial as a subsidiary last year, after seeing its online payment service grow.

    Kakao has set up an internet bank and also has Kakao Pay, a financial platform based on mobile money transfers. Kakao Pay has acquired an insurtech firm, and is taking steps to establish a separate digital non-life insurer. Kakao Pay also launched a brokerage as a subsidiary, after taking over Baro Investment & Securities.

    Financial firms are worried as the tech companies have immense potential in the financial sector considering brand awareness, capital and massive amounts of data from their e-commerce platforms. Naver Shopping has grown into Korea’s largest e-commerce platform with 30 million users as of the third quarter of last year. Kakao Commerce has seen annual transactions grow to several trillions of won.

    The rapid growth of the companies’ online payment and money transfer services is attributed to Naver and Kakao’s respective dominance as the No. 1 web portal and mobile messenger service providers.

    The firms also pose a threat as they hold an advantage in developing innovative technology-based services.

    Financial firms are unhappy about the situation as tech companies are subject to lighter regulations even if they offer financial services.

    They contend the government has been too lax in regulating big tech companies, because they have prioritized fostering innovative technology and services.

    Banks and financial companies are subject to various regulations in the areas of capital requirement, financial soundness and majority shareholders’ qualification.

    In contrast, if tech giants engage in the electronic banking business, they are controlled by specific laws governing e-transactions which provide leeway for them to get around these stricter regulations.

    Naver is seen to have held back from launching an internet bank, despite widespread expectations, as internet banks face more regulations than companies offering financial services as non-bank entities.

  • South Korea’s move to tax cryptocurrency faces backlash

    The government should not make any rash decisions in levying a “cryptocurrency tax,” as the new taxation scheme may end up blocking industrial growth in the emerging digital currency market, economists said Sunday.

    The nation’s financial authorities ― headed by the Ministry of Economy and Finance ― have discussed for years whether to impose taxes on virtual currencies in line with the global rise of bitcoin.

    The cryptocurrency market has been considered a tax-exempt safe haven here despite its rapid growth, as regulators and experts remained poles apart over whether to accept virtual currencies as universal assets subject to regulations.

    Wrapping up the years-long discussion, the finance ministry decided recently to impose taxes on cryptocurrency transactions. Minister Hong Nam-ki said Thursday it will announce a reformed tax system in July with details over the encrypted currency taxation.

    “It is premature for the government to impose cryptocurrency taxes at a time when the market has not developed enough in a stable manner,” Yonsei University economist Sung Tae-yoon said. From an economic viewpoint, he said, cryptocurrencies cannot be considered a universal asset like traditional paper currencies.

    He also raised worries that any tough regulations or taxation schemes may block growth in the overall digital currency market.

    “The financial authorities should think twice before imposing taxes on the market, as the digital currency industry is still in its infancy,” he said. “Any rash taxation or introduction of regulations can be a stumbling block for sustainable growth of the industry.”

    The finance ministry is in internal discussion over how to levy taxes on cryptocurrency transactions. For now, the authority is likely to impose a capital gains tax over revenues generated by encrypted currency transactions.

    Chances are the financial authority will follow in the footsteps of its counterparts from the world’s leading financial powerhouses ― such as the United States and Japan ― all of which impose taxes on transactions involving bitcoin and other encrypted currencies.

  • 德国版“瑞幸咖啡”？Wirecard涉嫌造假

    围绕德国金融科技公司Wirecard金融丑闻，越来越多迹象显示，事涉一起巨大金融欺骗行为。该公司曾称，在菲律宾银行存有19亿欧元。但总部位于马尼拉的菲律宾央行否认见到过这笔钱。

    菲律宾央行表示，德国电子支付公司Wirecard账本上缺少的近20亿欧元并不在菲律宾。央行行长迪奥克诺（Benjamin Diokno）明确表示，首批报告证实，Wirecard在菲律宾银行根本没有任何资金。

    菲律宾银行指控造假

    上周五（6月19日），菲律宾联合银行（BDO Unibank）和群岛银行（BPI）双双声明，这家德国达克斯金融康采恩非其客户。群岛银行称，Wirecard外部审计公司递交的相关文件乃属伪造，银行将继续调查此案。联合银行亦表示，Wirecard用以证明有该行账号的文件上的银行代表签名是伪造的，外部审计公司关于文件属实的说法违背事实。

    Wirecard曾称，在这两家菲律宾银行共存有约值19亿欧元的资金。

    上周四，Wirecard第四次宣布推迟公布人们期待已久的2019年经审计年报，原因是，安永审计公司的审计专家们未能找到有关这19亿欧元下落的任何线索。这一数字相当于Wirecard资产负债表总数的四分之一。

    由于安永审计师们因此拒绝做出年终审计报告，各家银行现在都可能终止对Wirecard的贷款。不过，多年里，安永审计师们曾一再为早就资金周转不灵的Wirecard的年终审计报告开放绿灯。

    股值暴跌

    因报表造假丑闻，Wirecard总裁布劳恩（Markus Braun）上周五辞职，周四晚刚被任命为董事会成员的美国高管弗赖斯（James Freis）暂行总裁职。Wirecard股票一连数天暴跌。国际著名评级公司穆迪将Wirecard的信用降至垃圾级。

    Wirecard认为自己是受害方，并对不知名者提告。该企业称，有迹象显示，出于造假目的，托管人及经营托管账号的银行向终极审计师们提供了伪造的资金证明。

    顺应电子支付逐渐普及的潮流，总部位于慕尼黑的Wirecard近年得到投资者极大关注。在2018年市值超过德意志银行，并取代德国商业银行成为达克斯指标股30强之一。不过，过去一段时间里，媒体曾一再报道Wirecard在资产负债表上造假。不过，Wirecard始终矢口否认。

    今年4月，在美国纳斯达克上市的中国瑞幸咖啡自爆22亿元财务造假，当时引起一片哗然、瑞幸股价暴跌，并引发外界对于其他中概股财务真实状况的质疑。

  • 银行让利1.5万亿会流向何方

    银行让利1.5万亿会流向何方

    疫情使中国经济在一季度出现罕见地下滑，而且幅度达到6.8%。

    相对经济整体受挫，中国银行业的日子好过得多。一季度财报显示，上市银行净利润达到6000亿元，同比增长5%。

    对于中国银行业来说，“1.5万亿元”几乎榨干自身年度利润。中国银监会数据显示，2019年银行业净利润接近2万亿元。

    利润要被银行用于分红等用途。如果75%的利润消失，对于各银行股本分红将产生冲击。

     

    要求银行让利的消息传出后，中国的银行股普遍下跌。

    有分析人士认为，银行”放水养鱼”似乎是必要之举。
    有观点认为，在经济下行之时，可能会有更多的企业倒闭，金融系统面临更高的不带资产率，银行需要资金应对这部分风险。

    但也有分析人士认为，银行“放水养鱼”似乎是必要之举。如果经济困难，金融之水逐渐干涸，实体企业之鱼难以为继，即便渡过困境，水中也再无鱼可养，只有在困难时刻适当“放水养鱼”，经济恢复也更有保证，银行业不至于面对大规模坏账，既救人业救己。

  • 瑞信集团等银行已取得开曼群岛法庭的指令，以清算瑞幸咖啡董事长陆正耀所持有总值数千万美元的瑞幸咖啡股票

    据悉，瑞信集团（Credit Suisse Group AG）等银行已取得开曼群岛法庭的指令，以清算瑞幸咖啡(美股LK)董事长陆正耀所持有总值数千万美元的瑞幸咖啡股票。因特别股东大会在即，这一事态发展可能会削弱陆正耀对瑞幸咖啡的控制权。

    据此前报道，在会计欺诈被揭发导致股价暴跌之后，陆正耀对5.18亿美元保证金贷款违约。然而，在以极低价格出售了陆正耀质押的股份之后，包括瑞信集团和摩根士丹利在内的多家银行出借的保证金贷款仍面临3亿美元的缺口。

    据一份6月16日发出的清盘令，陆正耀家族信托控制的博智投资基金有限责任公司（Primus Investments Fund LP）持有的1.3125亿股B类股将在两个工作日内转移给毕马威进行清算。根据瑞幸咖啡每股美国存托股票最近3.82美元的收盘价计算，这些股票价值约6,300万美元。

    包括摩根士丹利（Morgan Stanley）、高盛集团（Goldman Sachs Group）和巴克莱银行（Barclays Bank PLC）在内的贷款方还在英属维尔京群岛向陆氏家族信托基金持有的另一家实体豪德投资公司（Haode Investment Inc．）提交了清盘申请。目前尚不清楚英属维尔京群岛法院是否对该请愿做出了裁决。

  • Foreign purchases of Chinese bonds double to US$19.4 billion in May as ‘hot money’ flows in

    Foreign purchases of onshore Chinese bonds more than doubled in the May suggesting the world’s second-largest economy with its relatively high yields is becoming a magnet for hot money.
    According to figures released by the State Administration of Foreign Exchange on Friday, net purchases of bonds by foreign funds rose by 104 per cent from April to US$19.4 billion.
    Meanwhile, Chinese banks reported a 61 per cent increase in foreign exchange trading to US$23.8 billion, the agency said, suggesting a growing willingness among Chinese individuals and companies to convert US dollars into yuan.
    The figures confirmed the trend of strong capital inflows seen in data from other institutions. The latest figures from the Shanghai Clearing House, which records onshore bond positions, show that foreign ownership of China’s onshore bonds has risen to a record high.

    The outstanding positions of onshore Chinese bonds owned by non-mainland investors amounted to 2.43 trillion yuan (US$343.4 billion) at the end of May, or 2.6 per cent of the total – its highest proportion ever.

    In May alone, foreign investors increased their holdings of Chinese bonds by 114.6 billion yuan, marking the largest rise for 18 months, the clearing house said.

    The strong inflows into Chinese onshore securities may be a result of global monetary easing, led by the US Federal Reserve, amid the coronavirus outbreak and a search for yields in a world of ultra-low or even negative interest rates, analysts said.
    “Overseas investors are showing great interest in the Chinese bond market because its sovereign treasury bonds have relatively strong returns,” Robin Xing, Morgan Stanley’s chief China economist, said on Wednesday.
    China could expect its annual portfolio inflows to reach US$100 billion, he said.

  • 波士顿咨询集团发布的最新报告显示，如今，全球百万富翁的人数几乎是20年前的三倍

    根据波士顿咨询集团（BCG）本周四（6月18日）发布的第20版的《全球财富报告》，到2019年底，全球超过2400万人的个人财富价值达到100万美元或以上。1999年这个数字为890万，20年里几乎增加了三倍。

    该研究调查的个人财富包括现金和存款、债券、股票和投资基金、人寿保险、养老金和其他小额资产。

    报告显示，在过去20年中，全球个人理财总额也增长了近两倍，从1999年的80万亿美元增加到2019年底的226万亿美元。

    报告说，总体而言，在2019年，百万富翁控制了全球财富的50％。

    德国百万富翁20年翻番

    该研究表明，作为欧洲最大的经济体，德国拥有40万百万富翁，位居2019年全球百万富翁国家排名第七。过去20年来，德国的百万富翁人数增长了一倍。

    2019年，德国有2400人的个人财富达到或超过1亿美元，仅次于美国和中国，位居全球第三。

    世界上绝大多数的百万富翁居住在美国。

    全世界富人都显著增加

    这项研究表明，在过去的20年中，全球各地的富人数量都显著增加。

    研究报告的作者安娜•扎克泽斯基（Anna Zakrzewski）说：”在过去的20年中，我们从未见过像2019年那样全球各地如此均衡的增长。”
    报告说，过去20年来，发展中经济体–亚洲、中东、非洲、拉丁美洲和东欧–所占有的个人财富份额从全球财富的十分之一增长到了四分之一。

    2019年，中国个人财富超过1亿美元的人数是1999年的29倍。

  • Fiscal Package To Tackle Pandemic May Delay Demand And Growth Recovery

    The Covid-19 pandemic is unique because perhaps for the first time in history, an economic shock has hit both demand and supply, equally and simultaneously. If one looks back at the world’s economic history, the Great Depression was a demand slump; the US recession of the 1970s was due to an oil-supply shock; and the global financial crisis of 2008 was, broadly speaking, a demand crisis as well. All along, these shook either side of the demand-supply equilibrium, followed by the policy prescriptions, which were either Keynesian, monetary, or a mix of both—albeit with an emphasis on one more than the other.

    However, the Covid-contraction is a problem policymakers have never faced before. On one hand, discretionary consumer spending has fallen off the cliff; on the other, factory shutdowns, transport suspension, and restricted labour inputs have severely disrupted supply chains across all industries.

    To tackle such an unprecedented situation, the Indian government announced a fiscal and monetary package of 10.5 per cent of the country’s GDP addressing a mix of short-term and long-term challenges. While the measures are seen as a balanced call to counter concerns around the rising fiscal deficit, there has been a debate about what more can be done. There have been some calls from industry for measures to spark demand and also increase direct cash transfers to cover a greater section of the population.

    While the demand is well-justified, it is important for a resource-starved nation to institutionalise the mechanism so that help reaches the right beneficiaries. The key announcement of the government providing a blanket credit guarantee is to ensure that there is cash flow for working capital available. While the government absorbs the risk of lending to those who need it, banks will now be lending willingly without fearing the implications future defaults may have on their balance sheets. Besides, it is believed that the government has made announcements in phases and spaced out measures so that it can analyse the real situation, assess the existing (and limited) resources, and decide on the next steps. Undoubtedly, this has not been the first one and may not be the last either.

    The other issue is that of financing fiscal expansion. With a fall in GDP, the fiscal deficit exceeding the target rate in FY 2021 may be unavoidable. The government announced that it will borrow an additional two percent of GDP to finance its spending; however, with a fall in revenue, even this borrowing may not be sufficient to meet the promised expenses.

    A few analysts have expressed concerns over India’s outlook, growth, and the added debt that the nation may have to incur to finance the fiscal expansion. In a situation such as this, it is important to not alarm investors, especially when the government is trying to attract more foreign investors and turn the crisis into an opportunity.

    Besides, the added sovereign debt could constrain the ability of the government to incur capital expenditure on investment in the future and may even have to raise taxes. So far, the RBI has not taken a view on the monetisation of the government deficit, but if the government has to resort to it, there could be risks of inflation, currency depreciation, and possibly, debt servicing problems.

    While several major economies have engaged in massive and unprecedented levels of fiscal expansion, there are fallouts to such measures in the long run. On the contrary, there are countries that have taken relatively modest steps to protect households and businesses from economic disruption, such as South Korea and China, because their governments are averse to taking too much debt (despite having one of the least debt to GDP ratio among major economies). Caution has its virtues—when this crisis ends, these governments will not face some of the fiscal and credit market imbalances that will characterise many other countries who have made big bang announcements. Therefore, India following a similar approach may not be as bad as perceived. Of course, a weak fiscal expansion might delay the speed of recovery of demand and growth, and entail prolonged suffering. Unfortunately, these are hard choices to make and the right way forward is ambiguous.

  • Banks in Myanmar ease repayment policy to help clients

    The Central Bank of Myanmar (CBM) has permitted local banks to restructure and reschedule existing loan repayments to help their clients, CBM Deputy Governor U Soe Min, told.

    While the economic impact of the COVID-19 pandemic has yet to be quantified, it is expected that businesses will bear the brunt of a decline in demand for products and services. The CBM anticipates that the impact on small and medium-sized enterprises (SMEs) will be the most severe.

    As such, allowing businesses with healthy repayment track records to defer repaying their outstanding loans should provide them with some reprieve and help many maintain business operations, U Soe Min said.

    KBZ Bank is among the local banks that has launched schemes to help borrowers. Last week, it announced the COVID-19 Credit Assistance Program for SMEs to provide urgent financial relief to its SME customers. Under the program, SMEs can apply for extensions of current overdraft and term loans, deferrals on principal loans and interest and recapitalise principal loans and interest for a period of up to six months.

    “By using their current cash flow for business operations instead of servicing loans, SMEs will have a better chance to stay afloat and recover during this critical period,” U Zaw Lin Aung, Senior Managing Director of KBZ Bank, said in a statement.

    Other banks, including Yoma Bank, CB Bank and uab Bank have also launched similar schemes allowing customers to defer their loans and interest repayments.

  • China calls on banks to give up US$212 billion in profits to finance cheap business lending

    China’s government is reaching beyond its monetary policy tool box to free up capital and direct funds towards the nation’s cash-starved businesses to help the economy claw its way out of its worst slump in four decades.
    The government has called on banks to sacrifice as much as 1.5 trillion yuan (US$212 billion) in profits this year to finance cheap loans, cut fees, defer loan repayments and grant more unsecured loans to help small businesses survive the downturn caused by the coronavirus lockdown.
    Separately, the State Council, China’s cabinet, signalled late on Wednesday that it would cut the amount of reserves banks are required to hold at the central bank, freeing up more money to spur lending.
    “We are guiding the market to lower lending rates through interest-rate reform,” Yi Gang, the governor of the People’s Bank of China (PBOC), told the Lujiazui Forum on Thursday, confirming the move was a de facto cut in interest rates. “Financial institutions are urged to sacrifice profits to benefit corporate borrowers, helping reduce their borrowing costs.”
    Yi added that the PBOC would achieve the goal by directing financial institutions to offer lower lending rates, adding fresh funds at low rates that can be accessed by borrowers directly, and slashing service fees.

    The profits to be sacrificed would be equivalent to roughly 75 per cent of the entire net profit of the commercial banking industry in 2019, based on the data from China Banking and Insurance Regulatory Commission (CBIRC).