While initially, governments around the world ignored cryptocurrencies/digital currencies, they have still shown massive growth in popularity. Bitcoin has been the headline act, leading the way as the rest follow. While Singapore has always been interested in digital currencies, the recent announcement by the Monetary Authority of Singapore (MAS) could lead to monumental changes.
A recent report by Visa has cast a fascinating light on the potential for a cashless society in the short to medium-term. The Hong Kong report looked at both payment methods available at the moment (and going forward) and the actions of consumers. While many people believe that governments worldwide are pushing consumers into a cashless society, it looks as though consumers are making up their own minds!
Hong Kong is widely seen as the international gateway to China, with systems such as Connect also allowing Chinese companies to tap into global funding opportunities. The combination of a strong financial sector, upbeat insurance industry and technological innovation has created a perfect storm. European insurance companies, with Irish groups particularly active, are now looking to tap into the APAC insurance markets.
While Sri Lanka confirms expected default on sovereign debt repayments there are high hopes for frontier markets such as Vietnam, a technical default by Sri Lanka on sovereign debt obligations will act as a wake-up call to many. Confirmation that Sri Lanka has exceeded the 30 day grace period formissed interest payments has seen debt rating agencies update their advice. Even though this move was not unexpected, confirmed by the Sri Lankan government last month, there will still be repercussions.
For the first time in three years, the Vietnamese government was able to attend the Joint Economic and Trade Committee meeting with their UK counterparts. This is the latest move to expand trade between Vietnam and the UK. At this moment in time, Vietnam is the UK’s 35th largest trading partner, currently worth around £5.5 billion a year.
Financial giant JPMorgan has turned bullish on Chinese tech stocks with a new era of pro-tech regulations on the horizon. This comes after the Chinese government held an event on Tuesday to promote the digital economy. At the same time, several Chinese-based tech stocks have been returning to Hong Kong/Chinese mainland stock markets. So is this the start of a new era?
While many investment trends have come and gone, it seems that ESG (Environmental, Social and Governance) investment strategies are here to stay. This week saw UBS focusing on sustainable investment themes for the future across the APAC region. At the same time, the company issued an update on the amount of funding going into sustainable investments.
An ongoing disagreement regarding accountancy practices for overseas companies listed in the US appears to be benefiting Singapore and Hong Kong stock exchanges. Electric vehicle start-up, Nio, is the most recent to apply for an alternative listing, with Singapore the chosen destination. This is just the latest in a growing list of tech giants such as JD.com, Pinduoduo, Tencent Music Entertainment and NetEase, which are “coming home”.
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