Latest news with #financialcenter
Coin Geek
07-07-2025
- Business
- Coin Geek
Vietnam to establish international financial center in Da Nang
Getting your Trinity Audio player ready... Vietnamese authorities are targeting regional and international digital asset dominance following the passage of a new law recognizing digital currencies. The latest push by the country is a proposed financial center to compete with regional heavyweights in the Asia Pacific. The Ministry of Finance is collaborating with relevant ministries to draft a bill for the National Assembly to establish a financial center. The report reveals that Vietnamese authorities have picked Da Nang to host the incoming financial center. Sources with knowledge of the matter say Da Nang was chosen for its growth potential and strategic advantages. Da Nang is between Hanoi and Ho Chi Minh City in central Vietnam. Furthermore, a strong tourism industry, a deep-sea port, and an international airport are supporting the push for the launch of an international financial center in Da Nang. 'We believe Da Nang can become a powerful new international financial hub,' said Le Hoang Phuc, Director of Da Nang's Semiconductor and AI Center (DSAC). The National Assembly Resolution 136 has given the green light for Da Nang to experiment with 'special mechanisms' in a sandbox model. With the backing of the highest law-making body, the city has welcomed a pilot project allowing tourists to make stablecoin payments. For now, tourists are limited to using USDT to pay for goods and services, with city officials keen to expand the offering after initial rounds of evaluation. However, the draft regulation will contain strict guardrails for digital asset service providers, mandating them to comply with global Know Your Customer (KYC) and Anti-Money Laundering (AML) rules. Furthermore, service providers in the incoming financial center will reserve a compensation fund for users in the event of black swan events like cybersecurity breaches that align with international best practices. Vietnam makes national push for digital assets In mid-June, Vietnam passed a new legislation that formally recognized digital assets. Vietnam's Ho Chi Minh has earmarked a portion of its national budget for blockchain, joining the growing list of regional initiatives. The metrics for adoption are largely impressive, with 21% of the Vietnamese population holding digital assets. Outside of blockchain, authorities are pursuing artificial intelligence (AI) and other emerging technologies, urging SOEs to embrace digitization. Taiwan prepaid card and digital wallet market to soar to $14.94 billion in 2029 Elsewhere, a new report predicted that the adoption of prepaid cards and digital wallets in Taiwan would record impressive growth levels before the end of the decade. Research and Markets highlight an upward growth trend in the local prepaid card and digital wallet market. Between 2020 and 2024, the sector racked up a compound annual growth rate (CAGR) of 8.8% to reach $11.51 billion. However, the report anticipates a projected 5.2% CAGR from 2025 to 2029, representing a market valuation of $14.94 billion before the end of the decade. By the end of the year, the market will grow to $12 billion in a run fueled by a raft of factors. The biggest growth driver is changing consumer habits among Taiwan's residents. As smartphone penetration reaches its highest levels, a surge in mobile-first payments incorporating prepaid cards and digital wallets is mainstream. Analysts are stressing the trend of contactless payments after the COVID-19 pandemic, while an e-commerce and food delivery boom is tipped to contribute to the sector's CAGR. Furthermore, Taiwan's gamification and cashback payments culture is backing the rise of digital wallets in the island nation. Outside consumer habits, a raft of government agencies also contribute to the rising prepaid card and digital wallet adoption. Taiwan's Financial Supervisory Commission (FSC) is advancing mobile payment and e-money adoption by issuing licenses to a wider class of service providers. The country's real-time payment infrastructure and integration, as well as plans to roll out a national digital wallet by the end of 2025 can trigger growth metrics. By 2029, the report tips LINE Pay to hold the biggest share of the digital wallet space, followed by Apple Pay (NASDAQ: AAPL) and Google Pay (NASDAQ: GOOGL). For prepaid card providers, EasyCard and iPASS will lead the cohort, driven by their wide application across retail, hospitality, and transport segments in the economy. Bank-issued prepaid cards will contribute to the slice, while corporate card utilities for customer rewards and employee incentives are projected to add volume to the sector. Digital assets to power Taiwan's sector growth While not mentioned in the report, digital assets are expected to support Taiwan's digital wallet growth. A new digital asset law and the influx of global service providers signal ecosystem growth. Furthermore, establishing strict AML rules sets the foundation for the country's integration of digital assets into key sectors of the global economy. Taiwan also embraces artificial intelligence while striking key regional and international partnerships to improve its local payment landscape. Watch: IoT, IPv6 and the future of monetization title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen=""> Da Nang Digital Transformation Digital Wallet Regulation Taiwan Vietnam
Bloomberg
26-06-2025
- Business
- Bloomberg
China Opens First Offshore Gold Vault and Contracts in Hong Kong
The Shanghai Gold Exchange has expanded outside mainland China for the first time, with the roll out of two new contracts and a bullion vault in Hong Kong. The launch serves a number of purposes, from broadening the Shanghai exchange's international reach, to strengthening China's clout in commodity and currency markets and Hong Kong's status as a financial center.
Reuters
25-06-2025
- Business
- Reuters
Mamdani lead in New York mayoral Democratic primary leaves businesses on edge
NEW YORK, June 25 (Reuters) - Business leaders in New York City voiced concerns on Wednesday, following progressive Democrat Zohran Mamdani's likely victory in the city's hotly contested primary for mayor the day before. New York, the nation's preeminent financial center, boasts an annual GDP of more than $1 trillion and more residents than any city in the nation - many who are struggling with the high cost of rent, health care and groceries. Those concerns motivated voters to come out in early voting, and in 100 degrees Fahrenheit heat (37.7 degrees Celsius) on Tuesday for the 33-year-old Mamdani, a self-described democratic socialist who finished first in the city's initial round of ranked-choice voting ahead of the frontrunner, former New York state governor Andrew Cuomo. Final results of the city's ranked-choice system will not be known for a couple of weeks. Mamdani campaigned on freezing rent, free buses, and subsidized groceries, policies that business leaders say may not solve the affordability crisis and could push many to leave the city under threat of higher taxes. He has also called for a higher minimum wage and a new office to promote small businesses. "Think about how crazy this situation is. A man who prides himself on being a socialist has a real shot at becoming the mayor of the heart of the global financial system," said Anthony Pompliano, founder and chief executive officer at Professional Capital Management, and one of the biggest investors in cryptocurrencies. "Irony doesn't even start to describe the situation." Mamdani did not respond for immediate request for comment. He will still have to win November's general election against current Mayor Eric Adams who is running as an independent and Republican Curtis Sliwa, who lost to Adams in 2021. Cuomo may also run in the general election as an independent. Mamdani's promise to freeze rent resonated particularly in Manhattan, where the median monthly rent for an apartment sits at a record $4,571. A renter typically must earn 40 times the rent. As mayor, Mamdani would be able to appoint members of the city's rent guidelines board. Apartment owners say such a move would make buildings unlivable. "A four-year rent freeze all but ensures these buildings completely crumble," said Kenny Burgos, chief executive officer of the New York Apartment Association, which represents several thousand property owners and managers. "I sympathize with folks who have an issue with the cost of rent and the lack of affordability, but there's a conversation to be had on policy that doesn't ignore the cost." Shares of New York-based banks exposed to real estate fell on Wednesday, with Flagstar Financial (FLG.N), opens new tab and Flushing Financial (FFIC.O), opens new tab, down 3.8% and 3.4%, respectively. As of May, Manhattan's median rent was up 7.6% from a year earlier, up 6.6% in northwest Queens, and is at a record in Brooklyn, according to real estate company Douglas Elliman. "I've lived in New York since 1990; it's only gotten worse for what it costs," said Marc Chandler, chief market strategist at Bannockburn Capital Markets. "Most young people I know have to have roommates." Mamdani also campaigned on subsidized grocery stores, which drew opposition from store owners. "If he opens stores and gives the product away for nothing on the city's budget, how do you compete with City Hall? People walk in, take what they want, they don't pay," said John Catsimatidis, a Republican donor and CEO of New York-based grocery chains Gristedes and D'Agostino Supermarkets. Mamdani, if elected, would have to also contend with the city's dwindling operating budget surplus, which has been falling as the city's workforce shrinks due to retirees and people leaving the city, according to New York's independent budget office. Whitney Tilson, a hedge fund executive who also ran for mayor but attracted little support, said that Mamdani was "totally unqualified to be mayor of one of the world's largest, most complex cities," and predicted that Adams would drop out and support Cuomo in an effort to defeat Mamdani. Hedge fund managers Bill Ackman and Daniel Loeb blasted the outcome on social media following the results, with Loeb reposting a meme about Florida real estate agents laughing in delight. Chandler dismissed the idea of a mass exodus. "If I had a nickel for every time I heard that, I wouldn't have to work anymore."
Forbes
12-06-2025
- Business
- Forbes
The United Kingdom's Largest Companies 2025: Banks And Defense Firms Gain Ground
London has Europe's largest stock exchange and has many of Europe's largest banks, which have thrived in the last year. Getty The United Kingdom doesn't have Europe's largest GDP, a title that belongs to Germany by a wide margin, but London is still the continent's financial center and the home of its largest stock exchange. That helps give the U.K. the most representation of any European country on the Global 2000, Forbes' annual ranking of the world's largest public companies, with 68 firms based in the United Kingdom on the list. That's 19 more than Germany and more than any nation in the world aside from the United States, China, Japan and India. Very few of those companies are anywhere near the top of the list, however. HSBC Holdings at No. 15 and Shell at No. 23 are the only two of those 68 companies that are ranked among the top 100 on the overall list. HSBC is Europe's largest bank, with $3 trillion in assets. Shell is among the world's largest energy producers, with $284 billion in 12-month sales and $16 billion in net profit, though both of those numbers have slightly declined year over year. The Global 2000 ranks companies based on their sales, profits, assets and market value using stock prices and the latest 12 months of data available as of April 25 this year. Many of the U.K.'s largest companies are financial institutions, including Barclays, Lloyds Bank, NatWest and Standard Chartered, which are in the top 250 in the world on the Global 2000 and join HSBC as five of the top 11 in the U.K. Barclays revenues grew 9% to $34 billion and profit 34% to $6.8 billion, helping boost its stock price by 35%. That strength was driven by growth in trading income for its investment bank, and it committed last year to return $13.5 billion to shareholders via dividends and share buybacks in a span of two years. Lloyds, NatWest and Standard Chartered have also announced buybacks worth more than $1 billion in the12 months, and all three have also enjoyed stock price gains of more than 30% in the last year as well. To combat inflation, the Bank of England raised interest rates from near zero to 5.25% between December 2021 and August 2023 and didn't start cutting again until last summer, providing a boon for banks' net interest margins. It began cutting rates again last August, though the current rate of 4.25% is still much higher than it was for most of the last 15 years. Other success stories include BAE Systems (No. 320), Europe's largest defense contractor which manufactures several types of fighter jets, and aircraft engine maker Rolls-Royce Holdings (No. 330). Both have benefitted from the European Union's pledge to ramp up defense spending following Donald Trump's decision to suspend U.S. military aid for Ukraine in March. Rolls-Royce stock has doubled in the last year, and BAE Systems is up 25%. Britain's most notable decliner was BP, which fell from the top 50 to 421st on the Global 2000 because of a crash in profitability from $9.2 billion to just $399 million and a 27% decline in its share price. In addition to falling oil prices, BP has been plagued by a series of power outages at refineries in Rotterdam and Whiting, Indiana which have sometimes disrupted operations for weeks. With BP and Shell shares falling as well as a few other large-cap stocks like drugmaker AstraZeneca and mining firm Rio Tinto, the FTSE 100 index tracking the largest stocks on the London Stock Exchange only managed an 8% gain since last June, underperforming the S&P 500 by four percentage points. The index's largest sector is financials, making up 23% of its weight, but London's investors are still anxious for most other sectors to start performing.
Bloomberg
11-06-2025
- Business
- Bloomberg
Hong Kong's Dollar Peg Is Too Tight
Hong Kong is on the cusp of a big, beautiful bull run. But it's in danger of being ruined. The financial center is finally getting back on its feet. The city is leading in global initial public offerings rankings this year. Its stock market is one of the world's best performing. Meanwhile, rents have returned to pre-pandemic levels, giving homebuyers some comfort that a yearslong slump in residential real estate may be near its end.
