Chinese life insurance slump hits Hong Kong
Life and annuity revenue premium rose over 10%, year-on-year, during 2017 despite the flow of money from mainland China levelling off, figures from the Hong Kong Insurance Authority reveal.
Hong Kong
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Cryptocurrency exchange puts $250k bounty on hackers
Anyone with information that leads to the arrest of would-be cryptocurrency thieves stands to collect $250,000, after the exchange that was attacked placed a bounty on the hackers’ heads.
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Hong Kong to roll out insurance lifeboat scheme
Policyholders in Hong Kong will be protected for the first time should their insurer become insolvent if plans to introduce a mandatory industry-funded compensation scheme come to fruition.
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Hong Kong budget targets major financial service growth
Hong Kong will make a major push to diversify its financial services and insurance industries through a HK$500m cash injection into bond market development, fintech, green finance and a training academy, the finance secretary outlined in the budget on Tuesday.
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Credit Suisse fined in Hong Kong
Hong Kong’s regulator has fined and reprimanded Swiss wealth manager Credit Suisse for internal control failures and selling unsuitable products.
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Swiss and HK sign wealth management deal
Switzerland and Hong Kong have signed a trio of deals to strengthen financial services between the jurisdictions.
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MetLife joins insurers offloading Hong Kong businesses
US-headquartered MetLife is following in the footsteps of its international rivals by looking to sell its Hong Kong insurance unit, according to media reports.
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Convoy set for triple whammy court hearing
Hong Kong’s High Court has ruled that three separate legal cases against beleaguered investment company Convoy Global should be heard together and has set a court date of 6 March.
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Globaleye exits Hong Kong, sells out to Holborn
Holborn Assets has acquired Globaleye Hong Kong, in a move that sees the Dubai-headquartered advice firm exit the special administrative region.
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Convoy chairman thwarts boardroom coup
The second largest shareholder in embattled Hong Kong financial advisory firm Convoy has lashed out at the company’s chairman, calling him “rude”, for taking away his voting rights in a meeting where he had attempted to remove several members of the management team.
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China resumes approval from Hong Kong equity funds
China’s financial regulator has resumed the approval process for funds allocating more than 80% of assets to Hong Kong equities after it encountered some bait-and-switch cases prompting a shut down.
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How peer review improves advice
Putting every piece of advice through its “four eyes approach” ensures quality and healthy debate, David Benskin, director of Strabens Hall Hong Kong, told International Adviser.