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Category: Banking

  • MIL-OSI Economics: AIIB Accredited as Green Climate Fund Entity to Accelerate Climate Action in Developing Members

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) has been accredited as an International Access Entity (Accredited Entity) of the Green Climate Fund (GCF) at the 40th GCF Board meeting in Songdo, Incheon, Republic of Korea, Oct. 21-24.

    The partnership is in line with AIIB’s Corporate Strategy and GCF’s reform agenda. It will enable both institutions to leverage their resources to more effectively support members in achieving their Nationally Determined Contributions targets for low emissions and climate-resilient development, a critical component of the Paris Agreement.

    “AIIB’s top priority is to develop green infrastructure that facilitates climate transition and is resilient to climate change impacts in the coming decades,” said Sir Danny Alexander, AIIB Vice President for Policy and Strategy. “This partnership with GCF is a testament to our commitment to this mandate as outlined in our corporate strategy.”

    With this accreditation, AIIB will gain access to GCF funds through a flexible combination of grants, concessional debt, guarantees and equity instruments. These will enable AIIB to leverage blended finance and attract private capital for climate action in developing members. As a GCF Accredited Entity, AIIB will continue to deepen its collaboration with other international, regional and national development finance institutions; equity funds; and UN agencies to develop high-quality, climate-focused projects.

    Henry Gonzalez, Chief Investment Officer of the Green Climate Fund (GCF), welcomed the GCF Board’s decision to approve the accreditation. “This partnership opens new and exciting opportunities for collaboration on scaled-up climate action that focuses on green and resilient infrastructure in various countries,” he said. “Both GCF and AIIB have a shared focus on innovative solutions that provide a pathway for a low-emission, climate-resilient pathway towards sustainable development.”

    In 2023, AIIB’s climate finance reached 60% of total approved regular financing, an increase from 56% in 2022, surpassing the targets outlined in its corporate strategy. In terms of volume, its climate finance rose from USD 2.39 billion in 2022 to USD 3.43 billion in 2023.

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    About GCF

    The Green Climate Fund (GCF) – a critical element of the historic Paris Agreement – is the world’s largest climate fund, mandated to support developing countries raise and realize their Nationally Determined Contributions (NDC) ambitions towards low-emissions, climate-resilient pathways.

    MIL OSI Economics –

    January 24, 2025

  • MIL-OSI Asia-Pac: SFST’s speech at Accenture FinTech Innovation Lab Asia-Pacific Demo Day (English only)

    Source: Hong Kong Government special administrative region

    SFST’s speech at Accenture FinTech Innovation Lab Asia-Pacific Demo Day (English only)
    SFST’s speech at Accenture FinTech Innovation Lab Asia-Pacific Demo Day (English only)
    **************************************************************************************

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Accenture FinTech Innovation Lab Asia-Pacific Demo Day today (October 22): Simon (Chairman of the Hong Kong Cyberport Management Company Limited, Mr Simon Chan), Rocky (Chief Executive Officer of the Hong Kong Cyberport Management Company Limited, Dr Rocky Cheng), Marco (Managing Director and Head of Financial Services of Accenture, Mr Marco Tsui), Eric (Chief Public Mission Officer of the Hong Kong Cyberport Management Company Limited, Mr Eric Chan), distinguished guests, ladies and gentlemen,      Good afternoon. It is a pleasure to stand before you today at the Accenture FinTech Innovation Lab Asia-Pacific Demo Day. This event represents the culmination of hard work, innovation, and collaborative effort, showcasing the remarkable advancements that are shaping the future of financial technology in our region.      As we gather here, I am reminded of the incredible journey that the FinTech Innovation Lab Asia-Pacific has undertaken over the years. This year, the programme has once again proven to be a highly competitive platform, attracting over 100 applicants from 35 countries. From this pool of talent, we celebrate the achievements of nine outstanding companies selected to present their innovations today. Each of these start-ups embodies the spirit of resilience and creativity that is essential in today’s fast-paced financial landscape. The role of artificial intelligence      One common thread among these nine companies is their deployment of artificial intelligence (AI) in their service offerings. The excitement surrounding AI, particularly Generative AI, has been palpable over the last two years. Despite the fluctuations in the global financial environment, start-ups leveraging generative models continue to attract significant funding. Investors and market participants recognise the vast opportunities that AI presents, allowing businesses to enhance efficiency, improve customer experiences, and create innovative solutions tailored to ever-evolving market demands.      As we look ahead, I want to share that during the upcoming Hong Kong Fintech Week 2024, we will be issuing a policy statement that outlines the Government’s stance towards the responsible application of AI in financial markets. This statement will provide a framework for integrating AI into our financial ecosystem, ensuring that innovation is harmonised with robust security and regulatory frameworks. The vibrant ecosystem of fintech in Hong Kong      The fintech ecosystem in Hong Kong is not only vibrant but also continues to grow at an unprecedented pace. According to the latest Global Financial Centres Index, Hong Kong ranks ninth globally in fintech offerings, placing us among the elite top 10 fintech hubs worldwide. This recognition is a testament not only to our achievements but also to our commitment to fostering innovation in the financial sector.      We understand that promoting fintech is essential for enhancing the overall competitiveness of Hong Kong’s financial services industry. To this end, we work closely with financial regulators, industry leaders, and innovators to ensure that our fintech sector remains at the cutting edge of global developments. Advancing financial services      As outlined in the latest Policy Address presented just last week, the Government is dedicated to solidifying Hong Kong’s position as a global leader in financial innovation. We are advancing the development of cutting-edge financial services that will reshape the financial landscape of tomorrow. Key areas of focus include Central Bank Digital Currencies (CBDCs), mobile payments, virtual banking, virtual insurance, and virtual asset (VA) transactions.      Each of these innovations holds the potential to significantly alter how we conduct financial transactions, interact with financial institutions, and manage our assets. By deepening our efforts in these areas, we are not just keeping pace with global advancements; we are striving to remain at the forefront of this evolution. Initiatives to cultivate innovation      Over the past few months, we have introduced a range of initiatives aimed at cultivating a vibrant ecosystem for fintech innovation. These efforts span multiple key areas, from enhancing cross-boundary payment systems to advancing digital asset regulation and fostering a dynamic fintech talent pool.      In May, we expanded the cross-boundary e-CNY pilot programme, providing safe and convenient retail payment options for residents in both Hong Kong and the Mainland. The Hong Kong Monetary Authority (HKMA) is actively exploring new technological solutions for cross-boundary trade settlements through the mBridge platform. By expanding use cases and widening participation from both public and private sectors, we aim to make cross-border transactions faster, more secure, and more cost efficient.      Moreover, we are promoting real-world asset tokenisation and developing a digital money ecosystem. Through Project Ensemble, the HKMA is laying the groundwork for the tokenisation of real-world assets and the use of digital money for interbank settlements. This initiative is designed to facilitate more efficient asset trading and further integrate digital currencies into our financial system. Stablecoin regulation and digital currencies      As part of our commitment to fostering a secure digital financial environment, potential stablecoin issuers will have the opportunity to test their business plans and use cases through the stablecoin issuer sandbox. Later this year, we will introduce legislation to regulate fiat-referenced stablecoin issuers, creating a secure and consistent framework for the growth of this emerging market.      Further underlining our dedication to digital currencies, we launched Phase 2 of the e-HKD Pilot Programme in September, now renamed Project e-HKD+. This initiative allows us to explore innovative use cases for new forms of digital money, including e-HKD and tokenised deposits. Our expanded focus on the digital money ecosystem will ensure that we remain at the forefront of technological advancements in this space. Regulatory frameworks and risk mitigation      Regulations play a critical role in mitigating risks in the rapidly evolving world of virtual assets. To protect investors and uphold market integrity, the Financial Services and the Treasury Bureau (FSTB) is conducting a second round of public consultation on regulatory proposals for over-the-counter VA trading. We will also introduce a proposed licensing regime for VA custodian service providers, ensuring the safekeeping of digital assets in line with international standards. Commitment to digital securities      Our commitment to innovation extends to the digital securities market as well. The HKMA is preparing to launch the Digital Bond Grant Scheme, which will incentivise financial institutions and issuers to adopt tokenisation technology in capital market transactions. This initiative will unlock new opportunities in the digital securities space, modernising our financial infrastructure and ensuring that Hong Kong continues to lead in global financial innovation. The horizon ahead      As demonstrated by today’s gathering of innovators, Hong Kong is truly an ideal platform for nurturing fintech talent and fostering global engagement. The upcoming ninth Hong Kong Fintech Week, themed “Illuminating New Pathways in Fintech”, will soon take place, from October 28 to November 1. Last year’s event set a new benchmark, drawing a record 35 000 attendees and garnering 5.5 million online views from over 100 economies.      This year, we welcome top leaders, policymakers, and investors from around the world for insightful discussions on the fintech landscape and cutting-edge technologies such as AI, tokenisation, and Web3. I encourage each of you to join us for what promises to be an exciting and transformative event. Supporting start-ups and entrepreneurs      To further support innovators like you, the Government is introducing a $10 billion I&T Industry-Oriented Fund to drive investment into the innovation and technology sectors. In addition, we are enhancing the Innovation and Technology Venture Fund by redeploying $1.5 billion to create matching funds with market partners. This will provide greater opportunities for start-ups and entrepreneurs to access capital, ensuring that our vibrant start-up ecosystem continues to flourish. Conclusion      Ladies and gentlemen, as I conclude, I would like to express my sincere gratitude to Accenture and Cyberport for organising today’s Demo Day. I also extend my heartfelt thanks to the participating fintech companies and our financial institutions for their invaluable contributions. Your hard work and dedication are what drive innovation in our sector.      Thank you, and I look forward to witnessing the groundbreaking advancements that will emerge from this dynamic ecosystem.

     
    Ends/Tuesday, October 22, 2024Issued at HKT 16:42

    NNNN

    MIL OSI Asia Pacific News –

    January 24, 2025

  • MIL-OSI Economics: AIIB Backs Early-Stage Innovation in India, Investing in Endiya Partners under Venture Capital Investment Program

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) has approved investments in Endiya Partners Fund III under the AIIB Venture Capital (VC) Investment Program. The investments will support early-stage companies focused on green and technology-enabled infrastructure in India and Southeast Asia.

    Launched in December 2022, AIIB’s VC Investment Program for Green and Technology-Enabled Infrastructure began with a commitment of USD100 million, with an additional USD30 million for co-investments. The program aims to fill the capital gap for early-stage ventures by investing through small-scale VC funds.

    Endiya Partners Fund III will invest in early-stage start-ups in India, focusing on intellectual property that aligns with AIIB’s strategic priorities.

    “Endiya Partners shares AIIB’s vision of promoting innovation in green and technology-enabled infrastructure through strategic investments in the digital industry, healthcare and enterprise sectors,” said Sateesh Andra, Managing Partner at Endiya Partners. “We thank AIIB for their confidence and LP (limited partners) investment as we drive impactful change.”

    This will be the second signed commitment, previously approved as MSA Emerging Technology Markets Fund I in 2023. The total investment under the VC Program now represents about 20% of its investable corpus. The program’s goal is to build a diversified portfolio of 10 to 12 VC funds across sectors, geographies and stages of development.“These investments are pivotal as they operationalize AIIB’s forward-looking VC Program, with significant potential to grow the innovation landscape in our Members,” said Gregory Liu, AIIB Director General of Financial Institutions and Fund Clients, Global. “Our focus will be to enhance this program by identifying innovative ideas that deliver scalable impacts, creating a portfolio that generates returns and positive outcomes.”

    The investments align with AIIB’s Private Capital Mobilization thematic priority and mission of Financing Infrastructure for Tomorrow, emphasizing technology as a competitive advantage. AIIB’s Environmental and Social Policy applies to the program, ensuring that each VC Fund adheres to the Bank’s environmental and social standards.

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    MIL OSI Economics –

    January 24, 2025

  • MIL-OSI: Recording of LHV Group’s 22 October investor webinar

    Source: GlobeNewswire (MIL-OSI)

    To give an overview of the 2024 Q3 and nine month financial results, LHV Group organised an investor meeting webinar on 22 October. An overview of the company’s progress was given by Madis Toomsalu, Chairman of the Management Board of LHV Group and Meelis Paakspuu, CFO of LHV Group.

    The live coverage was followed by 38 participants, the live feed of the presentation was broadcast over Zoom.

    Recording of the investor meeting (in Estonian) is available at: https://youtu.be/JCNtp004Z48 

    LHV Group is the largest domestic financial group and capital provider in Estonia. The LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs nearly 1,200 people. As at the end of September, LHV’s banking services are being used by 445,000 clients, the pension funds managed by LHV have 116,000 active clients, and LHV Kindlustus protects a total of 169,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Marthi Lepik
    Communication Specialist
    Phone: +372 5666 2944
    Email: marthi.lepik@lhv.ee   

    The MIL Network –

    January 24, 2025

  • MIL-OSI Economics: BoBC Auction Results – 22 October 2024

    Source: Bank of Botswana

    The Monetary Policy Rate (MoPR) was unchanged at 1.9 percent of the previous week, for a paper maturing on 29 October 2024.  The summarised results of the auction held on 22 October 2024, are attached below:

    BOBC Results 22 October 2024.pdf

    MIL OSI Economics –

    January 24, 2025

  • MIL-OSI United Kingdom: Flagship Government export initiative to be sponsored by Santander UK

    Source: United Kingdom – Executive Government & Departments

    Santander UK has committed to a three-year sponsorship of a programme of Department for Business and Trade (DBT) events.

    Santander UK has committed to a three-year sponsorship of a programme of Department for Business and Trade (DBT) events, which will help UK businesses of all sizes realise the opportunities presented by global trade.

    The sponsorship will cover DBT’s flagship annual export initiative, International Trade Week, taking place from 11th to 15th November 2024, as well as the UK Export Academy and a number of international trade shows.

    Now in its fourth year, International Trade Week is a collaboration between DBT and industry featuring a variety of free activities such as masterclasses, workshops and webinars. It’s aimed at all UK businesses, whether they are looking to secure their first export contract or expand their existing international sales.
    Themes running through the week this year include digital trade, selling to Europe and exporting for the first time, although events will cover a wide range of topics. Attendees will be able to develop their exporting knowledge and skills, hear from international-trade experts and learn about the support on offer from DBT and its partners, including Santander UK.

    DBT and Santander UK share a common goal; to help UK SMEs grow through exports. This partnership demonstrates that both organisations are working hand in hand to that end.

    John Carroll, Head of International and Transactional Banking, Santander UK, said:

    “It’s an exciting time to be a UK business looking to expand globally, but it’s not without its challenges. Our Trade Barometer research shows that businesses are calling out for more support from government and the private sector, and we’re pleased to be working with DBT to play our part in helping businesses turn their international dreams into a reality.

    “Through our local connections, international teams and digital international trade platform, Santander Navigator, we’ve already helped over 1,500 companies grow internationally since 2019.  We are thrilled to be supporting International Trade Week as part of the launch of a multi-year partnership, enabling us to make a difference to the UK’s economic growth by supporting even more UK businesses in taking their next step on their export journeys.”

    Gareth Thomas, Minister for Exports, said:

    “When businesses export, they hire more staff and increase wages which all helps to grow the economy. That’s why we’re working with businesses of all sizes to cut trade barriers and open new routes to market.

    “Santander’s three-year backing of our International Trade Week is a strong endorsement of the UK’s trade and investment strategy, as we work together to get more small businesses growing and exporting around the world.”

    Businesses can register for International Trade Week at: great.gov.uk/campaign-site/itw.

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    Updates to this page

    Published 22 October 2024

    MIL OSI United Kingdom –

    January 24, 2025

  • MIL-OSI: Arab Petroleum Pipelines Company “SUMED” Signs Agreement with Soukhna Refinery and Petrochemical Company “SRPC”

    Source: GlobeNewswire (MIL-OSI)

    CAIRO, Oct. 22, 2024 (GLOBE NEWSWIRE) — Mr. George Matharu, President of Elite Capital & Co. Limited “ECC” (Financial Lead Arranger of Soukhna Refinery), and His Excellency Eng. Sameh Fahmy, Chairman of Egyptian Petroleum Investments Corporation “EPI Corp.” (Founding Director and Lead Consultant of Soukhna Refinery), announced today that the Arab Petroleum Pipelines Company “SUMED” has signed a Term Sheet for handling, storing, and transferring crude oil feedstock and petroleum products with the Soukhna Refinery and Petrochemical Company “SRPC”.

    “SUMED signing the Term Sheet with Soukhna Refinery – SRPC will reduce the refinery construction cost by USD 700 Million, making the project’s capital USD 4.7 Billion, which will positively reflect on the appetite of targeted investors to enter as partners into the project, while reducing any future financing burdens and contributing to the expected financing process,” Mr. George Matharu said.

    The SUMED Pipeline (also known as the Suez-Mediterranean Pipeline) is an oil pipeline in Egypt, running from the Ain Sokhna terminal in the Gulf of Suez, the northernmost terminus of the Red Sea, to offshore Sidi Kerir port, Alexandria in the Mediterranean Sea. It provides an alternative to the Suez Canal for transporting oil from the Arabian Gulf region to the Mediterranean.

    The pipeline is owned by the Arab Petroleum Pipelines Company “SUMED”, a joint venture of Egyptian General Petroleum Corporation “EGPC” (50%, Egypt), Saudi Aramco (15%, Saudi Arabia), Mubadala Investment Company “Formerly IPIC” (15%, the United Arab Emirates), Kuwait Investment Authority “KIA” (15%, Kuwait), and QatarEnergy (5%, Qatar).

    His Excellency Eng. Sameh Fahmy, Chairman of EPI Corp (former Minister of Petroleum), added, “Soukhna Refinery and Petrochemical Company – SRPC is a promising project and will be one of the most important petroleum and petrochemical projects globally, especially since it is located in the heart of the world to serve four important markets – Europe, Asia, the Middle East, and Africa. Therefore, the project’s success is inevitable, as all companies involved in this project are currently cooperating with Elite Capital & Co. Limited to provide the necessary financing to build it.”

    SRPC’s Project is a petroleum complex consisting of an oil refinery, petrochemical technology, mini hospital, and petroleum studies institute. This project is located at the heart of the Suez Canal Economic Zone, specifically in Ain Sokhna, and it is surrounded by the continents of Asia from the east, Europe from the north, and Africa from the west.

    The refining capacity of the oil refinery is 208 thousand barrels per day, which will be relied upon in selling oil derivatives and fed by petrochemical technology, and therefore the project will be one of the world scale state of the art strategic refinery project in the world in selling oil derivatives and petrochemical products.

    “Implementation of the project will support the economy of Egypt, which witnessed remarkable development in all sectors during the era of His Excellency President Abdel Fattah El-Sisi, and which are expected to flourish in the coming period,” Eng. Sameh Fahmy said.

    Elite Capital & Co. Limited is a Financial Management company that provides project-related services including Management, Consultancy, and Funding, particularly for large infrastructure and mega commercial projects.

    Elite Capital & Co. Limited offers a wealth of experience in Banking and Financial transactions and has a range of specialized advisory services for private clients, medium and large corporations as well as governments. It is also the exclusive manager of the Government Future Financing 2030 Program®.

    Mr. George Matharu concluded his statement by saying: “We are currently working on preliminary negotiations with international sovereign entities to enter the project as major partners representing the main source of crude oil supply to the refinery. After that, we will move to the potential financing process according to the data that will be available at the time.”

    Elite Capital & Co. – Contact Details –

    Elite Capital & Co. Limited
    33 St. James Square
    London, SW1Y4JS
    United Kingdom

    Telephone: +44 (0) 203 709 5060
    SWIFT Code: ELCTGB21
    LEI Code: 254900NNN237BBHG7S26

    Website: ec.uk.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ccd23ff-3956-40af-9c99-7fa85dfd3325

    The MIL Network –

    January 24, 2025

  • MIL-OSI Europe: The EBA clarifies the procedure for the classification of asset referenced tokens and e-money tokens as significant and the transfer of supervisory powers between the EBA and competent authorities

    Source: European Banking Authority

    The European Banking Authority (EBA) published today a Decision setting out the procedural aspects related to the significance assessment of asset-referenced tokens (ARTs) and e-money tokens (EMTs) and the transfer of supervisory responsibilities, including the establishment of supervisory colleges for significant ARTs (s-ARTs) and significant EMTs (s-EMTs).

    The Markets in Crypto Assets Regulation (MiCAR) sets out a new supervisory regime for ART and EMT issuers, which includes significance assessments and reassessments of ARTs and EMTs by the EBA, transfer of supervisory responsibilities from national competent authorities to the EBA and the establishment of supervisory colleges for s-ARTs and s-EMTs. 

    In its Decision, the EBA details the following procedural aspects:

    • it introduces a harmonised reporting calendar for national competent authorities and clarifies the respective reference periods and remittance dates.   
    • it clarifies the reporting obligations for issuers of s-ARTs and s-EMTs and the reporting of data relevant for the establishment of the supervisory colleges. 
    • it sets out the procedural arrangements and timeline to be followed for the consultation procedures with related parties when the EBA is to notify its draft and final decisions on significance assessment to the home NCA of the issuer, the issuer, the ECB and the national central bank, where relevant.  
    • it establishes the procedural steps and information required in this respect to support a smooth transition of supervisory competences between the EBA and national competent authorities for issuers of s-ARTs and issuers of s-EMTs.
    • it provides for different templates to facilitate the implementation of the procedure, including a template for national competent authorities’ notification of voluntary classification requests from issuers of ART and EMT and a template for the issuer, the competent authority of the issuer’s home Member State, the ECB and relevant central bank to provide observations and comments in writing to the EBA’s draft decision to classify or to no longer classify an ART or EMT as significant.

    Legal basis and background

    The EBA Decision EBA/DC/558 was adopted on the basis of Articles 35 and 44 of Regulation (EU) No 1093/2010 (EBA Regulation), and Articles 43, 44, 56, 57, 117, 119 of Regulation (EU) 2023/1114 (MiCAR).

    The EBA is responsible for carrying out assessments of ARTs and EMTs in order to identify if they meet the criteria for significance as set out in MiCAR. When classifying an ART or EMT as ‘significant’, the EBA is responsible for carrying out relevant supervisory tasks under MiCAR, including establishing, managing and chairing supervisory colleges. 

    The EBA is responsible for conducting direct supervision of issuers of s-ARTs, while s-EMTs (where issued by electronic money institutions) are subject to ‘dual supervision’ by the EBA and the respective home NCA. The EBA will exercise its supervisory powers in close cooperation with any other competent authorities responsible for supervising the respective issuers (in cases where the issuer also carries out other financial services activities). As part of its supervisory activities, the EBA may request information from issuers, conduct investigations, carry out on-site inspections, take supervisory measures and impose fines. 

    The EBA is continuously and actively engaging with national competent authorities to ensure it can carry out effectively its supervision mandate under MiCAR.  

    MIL OSI Europe News –

    January 24, 2025

  • MIL-OSI Asia-Pac: Fraudulent websites and phishing instant messages related to Bank Julius Baer & Co. Ltd.

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

         The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank Julius Baer & Co. Ltd. relating to fraudulent websites and phishing instant messages, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.

         The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).

         Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the websites or instant messages concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

    MIL OSI Asia Pacific News –

    January 24, 2025

  • MIL-OSI Economics: Sam Woods: Competing for growth

    Source: Bank for International Settlements

    Regulation, competitiveness and growth

    A lot has been said about the UK financial regulators’ new secondary competitiveness and growth objective, so I hesitate to add to the chat. Our focus is on actions because they are said to speak louder than words. However, it is regularly reported to me that some stakeholders doubt that we are taking any meaningful action to deliver our new objective – and from this I have learned that sometimes in life it is necessary to tell people what actions you are taking, as well as taking them!

    I will also attempt a little myth-busting, because I have observed that the debate on regulation can be dominated by extremes. On the one hand, it is surprisingly often asserted that the regulators are trying to remove all risk from the system and don’t care about their impact on the wider economy. It is easy to demonstrate that this is nonsense. On the other hand, it’s simply not true that any change to our regulations will unleash financial mayhem, and there is plenty in our regime that can be improved without undermining stability.

    So if you take only two things from this speech, I hope they are these:

    • first, that we are strongly committed to our new objective, and are taking concrete steps to improve our regime’s contribution to UK growth and competitiveness;
    • and second, that we are going about this in a careful, balanced way – reducing bureaucratic processes and some excess conservatism while preserving financial stability.

    MIL OSI Economics –

    January 24, 2025

  • MIL-OSI Economics: Ahmet Ismaili: Opening speech – 22nd Meeting of the Central, Eastern and South-Eastern European – European Insurance Supervision Initiative 

    Source: Bank for International Settlements

    Dear Mr. Peter Braumüller, Managing Director of Insurance and Pension Supervision at the Austrian Financial Market Authority,

    Dear Deputy Governor Cakaj,

    Distinguished representatives of Insurance Regulatory Authorities,

    Ladies and gentlemen,

    It is with great pleasure that I welcome you to Prishtina at the 22nd Meeting of the CESEE – European Insurance Supervision Initiative – ISI (Central, Eastern and South-Eastern European).

    Before I continue with my opening remarks, I would like to extend a special thank you to Mr. Peter Braumüller and to all the team involved to the organisation of this event.

    Mr. Braumüller, your leadership continue to be crucial in keeping this initiative a success. Your commitment to fostering collaboration and knowledge-sharing among our diverse community is truly admirable, and we are grateful for your efforts!

    This event marks a significant milestone, not only for Kosovo, but also for the Central Eastern and South-Eastern European region, as we unite under the common goal of enhancing insurance supervision and cross-border cooperation. Since its inception in 2011, the meeting has proven to be an invaluable platform for insurance regulators where they are able to exchange insights, share experiences, and discuss pressing issues on insurance supervision.

    Today, as we meet in Kosovo for the first time, we continue to honour this wonderful tradition of cooperation, knowledge-sharing, but also collegiality. It is a privilege to host such a diverse group of dedicated professionals committed to enhancing supervision and strengthening our regulatory frameworks and ensuring the integrity of our insurance markets.

    This year is particularly special for us; as the Central Bank of the Republic of Kosovo proudly celebrates its 25th anniversary. Hosting the forum aligns perfectly with our anniversary events and we believe that this occasion resonates with the spirit of our meeting – a celebration of growth, resilience, and commitment to mutual as well as shared values.

    I would like to briefly highlight the significant progress we have made in our insurance sector, particularly through specific reforms which we have successfully implemented with the aim of restoring the financial position of our insurance sector. CBK as regulator and supervisor has successfully addressed serval challenges while implementing prudent measures to resolve those issues and make sure that the sector perform according to the rules and protect the policyholders or beneficiaries and victims.

    Taking into consideration all the important measures we have undertaken, including the strengthening of our regulatory framework, these efforts have paved the way for further growth and sustainability, and an increase of the consumer confidence.

    We are committed to advancing the regulatory and supervisory framework of the Insurance Industry in line with EU standards and best practices.

    We have received the Roadmap for Solvency II from the World Bank, which is an ambitious, challenging, and demanding project. This means we are gradually transitioning from purely compliance-based supervision to prudential risk-based supervision. This transition also involves the introduction of a risk-based supervision manual, with support from the IMF.

    We have received also the roadmap for the IFRS 17. The implementation of the Solvency II and the IFRS 17 in our regional countries can certainly be a significant challenge, for which we will have the support of the World Bank.

    We are working on enhancing the supervision of market conduct among our financial institutions by ensuring the CBK has adequate powers and resources to implement effective oversight. Recently, we established the Consumer Protection Department to improve support for financial consumers. Within this department, we have created a dedicated division focused on market conduct.

    In our sector and in the most jurisdictions in the region, Motor Third Party Liability (MTPL) continues to play a dominant role in the insurance market. While MTPL is essential to provide basic cover and protect consumers from liabilities arising from the use of vehicles, as regulators we recognise the importance of diversifying the insurance portfolio to enhance overall financial stability. We are therefore committed to increasing the share of voluntary non-life and life insurance products.

    Currently, Kosovo is the only European country not a member of the Green Card system, despite our ongoing efforts to gain membership. Therefore, our insurers cannot issue Green Cards and vehicles from most European countries entering Kosovo must purchase border MTPL at the frontier for their stay. Although Kosovo officially applied to join the Green Card system, this application was unsuccessful. While progress has been made in meeting many criteria for membership, Council of Bureaux membership remains the step to be achieved. Addressing this issue is important for improving cross-border insurance coverage, support free move of people and capital and aligning Kosovo with regional insurance standards. Here, dear participants and guest, the support of your institutions and followed countries is needed.

    Our team will provide you with more detailed insights on these developments later today, and I strongly encourage you to engage with them on this important topic.

    As a Central Bank we recognize the importance of strong collaboration with other financial regulators and supervisors. Working together allows us to ensure the stability and security of our financial systems. By coordinating efforts, sharing information, and aligning policies we can better manage risks and support sustainable growth in our economies.   

    And lastly, as we embark on this journey together, let us embrace the opportunities ahead of us. There is an intensive agenda ahead of us, filled with discussions on current challenges in insurance supervision and a vision for our joint future. I encourage each of you to actively engage, share your insights, and build connections that will extend beyond this meeting.

    By working together, we can strengthen our commitment to advance the insurance regulatory and supervisory framework towards a more integrated and resilient financial sector in our region.

    Once again, thank you for being here, and let us make this meeting a success!

    MIL OSI Economics –

    January 24, 2025

  • MIL-OSI: Bybit Card Opens up Pre-registration in New Regions Offering Sign-up Bonus

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Oct. 22, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, expands the global footprint of Bybit Card in collaboration with S1LKPAY, an international payment solution provider. Pre-registration is now open with a $10 bonus in addition to the multiple benefits of the Bybit Card for the first 1,000 applicants. 

    The go-to option for crypto spending for crypto-native users across the world, the Bybit Card has been on an expansion streak. Now spanning across markets including Argentina, Brazil, and the Netherlands, it is trusted for its robust security, excellent customer support, user-friendly and rewarding experience, and ease of access to the Mastercard network. 

    The latest development is led by Bybit Limited, the entity regulated by the Astana Financial Services Authority (AFSA), and marks the first branded card issuance by Bybit Limited (AFSA) in collaboration with S1LKPAY, a certified principal member of Mastercard’s payment network and a provider of Banking-as-a-Service (BaaS) and Card-as-a-Service (CaaS), to support the issuance and integration of in-app payment functions for the Bybit Mastercard prepaid card.

    “The past year has seen tremendous growth of the Bybit Card and we are pleased to be able to serve more regions and users from the EEA to South America, bridging their crypto wealth and their payment needs. Spending and growing your crypto has never been so easy with Bybit, and now it comes with a bonus until the official launch,” said Joan Han, Sales and Marketing Director at Bybit. 

    “We are thrilled to announce the launch of the first crypto prepaid card in the region and to partner with Bybit in offering this long-waited solution in its next chapter of card expansion. The partnership provides crypto holders with frictionless access to the Mastercard network anytime, anywhere,” said Gani Uzbekov, Founder and CEO of S1LKPAY.

    Offering a smooth experience for users with digital wealth in their portfolios, the Bybit Card is instrumental in making crypto spending and daily consumption more seamless. It also boasts clear and low fees, generous rewards with up to 10% cashback and 8% APY, and a wide array of tokens supported. The mainstreaming of crypto includes not only crypto as an investment asset class, but also retail use and merchant acceptance. Bybit is committed to refining its products to encourage the adoption of digital assets among everyday users.

    Bybit invites users to get a Bybit Card and enjoy its full benefits: Pre-register for the Bybit Card 

    #Bybit / #TheCryptoArk 

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

    For more details about Bybit, users can visit: Bybit Press 

    For media inquiries, users can contact: media@bybit.com

    For more information, users can visit: https://www.bybit.com

    For updates, users can follow: Bybit’s Communities and Social Media

    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    About Mastercard

    Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

    Mastercard press office in Kazakhstan

    mastercard@pressclub.kz

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    The MIL Network –

    January 24, 2025

  • MIL-OSI Europe: At COP16, EIB to announce new partnerships to strengthen environmental protection

    Source: European Investment Bank

    • EIB and WWF set for financing initiative.
    • Bank deepens cooperation with European Environment Agency.
    • Findings to be released from EIB-backed survey of public development banks’ support for green transition in Latin America and Caribbean.

    The European Investment Bank (EIB) will announce a series of steps to bolster global environmental protection during the United Nations Biodiversity Conference in Cali, Colombia from 21 October to 1 November 2024.  

    At the event, which marks the 16th meeting of the Conference of the Parties to the Convention on Biological Diversity (COP16), the EIB will publish an agreement with WWF on developing natural ways to protect biodiversity and enhance climate resilience. In addition, the EIB and the European Environment Agency are strengthening cooperation to support environmental sustainability and climate action. Furthermore, in partnership with the Association of Public Development Banks of Latin America and the Caribbean (ALIDE), the EIB will release the findings of a survey on the role of public development banks in supporting the two regions’ green transition.

    “The role of finance will be front and centre of the COP16 discussions on how to meet the world’s goals in supporting biodiversity,” said EIB Vice-President Ambroise Fayolle. “We must act with urgency to reduce financial flows to activities that harm nature and scale up financing to projects that have a positive impact on the environment. Doing so is central to overcoming the triple planetary crisis of climate change, pollution and biodiversity loss. The EIB is working closely with countries, the European Commission, fellow multilateral development banks, national promotional banks and the private sector to scale up nature-positive finance.”

    EIB at COP16

    The EIB delegation will be led by Vice-President Ambroise Fayolle. For interview requests with members of the EIB delegation, please get in touch with the press contact below. Find out more about the EIB at the United Nations Biodiversity Conference here.

    On 28 October, Vice-President Fayolle will address the COP16 plenary to speak about unlocking opportunities to align and enhance responses to nature-related risks. On 30 October representatives from multilateral development banks will discuss progress on the joint MDB statement on supporting nature, people and the planet. A special focus will be MDBs’ role in defining and tracking nature finance as outlined in the MDB Common Principles for Tracking Nature Positive Finance that were announced at the United Nations Climate Conference COP28 in Dubai.

    Background information

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It is active in more than 160 countries and makes long-term finance available for sound investment in order to contribute towards EU policy goals.

    EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance.  EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world. 

    The EIB has been providing economic support for projects in Latin America since 1993, facilitating long-term investment with favourable conditions and providing the technical support needed to ensure that these projects deliver positive social, economic and environmental results. Since the EIB began operating in Latin America, it has provided total financing of around €14 billion to support more than 160 projects in 15 countries in the region.

    MIL OSI Europe News –

    January 24, 2025

  • MIL-OSI Europe: A facility for fairness

    Source: European Investment Bank

    In the Western Balkans, women face unfair treatment in the job market. Over half the productive potential of women aged between 15 and 64 remains untapped, according to a report by the Regional Cooperation Council.

    This is mostly due to social norms, lack of childcare facilities, and the traditional distribution of household roles. Women’s employment rates in the region are consistently below those of the European Union, with high informal employment. In Bosnia and Herzegovina, men are on average paid 37.8% more than women, and 15.8% more in North Macedonia.

    Difficulties women face on the labour market vary depending on the industry, but the construction sector  is particularly challenging due to long working hours and physically demanding conditions. With over 150 employees, the Belgrade company RAS Inžinjering is looking to address these issues with its inclusivity practices.

    “In our company,” says Executive Director Vuk Vujović, “we have been traditionally employing women in administration, bookkeeping, and financial departments, as well as for warehouse and human resources operations. They primarily held office-based positions.”

    “However, since some five to six years ago, we began hiring female construction engineers. And now, when bringing on new engineers, we strive to maintain a balanced ratio of men and women.”

    The construction sector is also unique for its highly flexible payment-due dates, often extending up to four months. Additionally, the prices of construction materials can fluctuate significantly in the market, impacting the cost of projects that may take two to three years to complete. Without access to bank credit lines or sufficient internal resources, a company may struggle to complete a project.

    “Since we are already fostering inclusivity practices, our motivation for applying for this loan was to further develop these efforts, while reducing costs, effectively aligning value with purpose.”

    For each new employee, the company assigns an experienced mentor to guide them through processes and oversee their career development. It also promotes open-door communication between staff and management at all levels, ensuring efficient problem-solving.

    “Owing to our reputation, extensive portfolio of projects and employee relations practices, people are eager to work for our company and apply to our job postings,” Vujović says.

    MIL OSI Europe News –

    January 24, 2025

  • MIL-OSI Europe: EIB and Banca March sign guarantee agreement to provide up to €300 million in financing to Spanish companies with 250 to 3 000 employees

    Source: European Investment Bank

    • The agreement seeks to promote private sector investment and support the financing needs of a key segment of the Spanish economy in terms of growth, competitiveness and job creation.

    The European Investment Bank (EIB) and Banca March have signed a new agreement under which Banca March will provide up to €300 million of additional financing to Spanish companies with 250 to 3 000 employees. The EIB will offer an institutional guarantee covering 50% of the total amount.

    The goal of this agreement is to promote and accelerate private sector investment and offer working capital and liquidity solutions to Spanish mid-caps – many of which are family businesses, the strategic focus area of Banca March – making it easier for them to access finance with attractive terms in a high-interest rate environment.

    At least 35% of investments are expected to be made in regions with a per capita income below the EU average, helping to improve competitiveness and cohesion between regions, which is among the EIB Group’s strategic priorities.

    “The EIB is once again joining forces with Banca March to take another step forward in developing attractive lending solutions tailored to the needs of Spanish mid-caps,” said EIB Director of Financial Institutions Gemma Feliciani. “This agreement is yet another example of cooperation between the public and private sectors to boost the competitiveness of a key business segment for economic growth and job creation in Spain.”

    The agreement is part of the EIB’s efforts to finance small and medium companies (SMEs) and mid-caps and Banca March’s commitment to provide its financing capacity, all of which is in line with EU priorities and the goal of both institutions to help improve industrial competitiveness in the European Union.

    Banca March CEO José Luis Acea added: “As a bank specialising in advising businesses, business-owning families and family businesses, this agreement reflects our ongoing commitment to make it easier for Spanish companies to access finance from top-tier European institutions, enabling them to play their role as key motors of economic and social development in their domains.”

    Background information

    EIB

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

    Banca March

    Banca March is one of Spain’s leading specialised private and corporate banking institutions. It is also the only bank to be fully family-owned since it was founded in 1926. In line with its prudent and long-term management philosophy, Banca March’s business model is supported by strong financial and capital ratios. It maintains the highest CET 1 solvency ratio in the Spanish banking sector (20.93%), one of the lowest default rates in the sector in Spain (1.81% as of June 2024, compared to 3.43% on average in the sector) and liquidity ratios – liquidity coverage ratio (287.8%) and direct taxation liability (182.4%) – and coverage of non-performing risks (51.89%) among the highest in the sector. The strength of Banca March’s value proposition has been supported by the Moody’s rating agency, which has raised Banca March’s long-term rating to A2 with a positive outlook, meaning it remains one of the best-rated entities in the Spanish financial system, ahead of the government itself (which currently has a Baa1 rating). Banca March is one of the main shareholders of Corporación Financiera Alba, with major stakes in Naturgy (indirect), Acerinox, Profand, Ebro Foods, BME, Viscofan, Atlantic and Parques Reunidos, among others.

    MIL OSI Europe News –

    January 24, 2025

  • MIL-OSI Asia-Pac: Auction for Sale (re-issue) of (i) ‘6.79% GS 2034’, (ii) ‘7.46% GS 2073’

    Source: Government of India

    Posted On: 22 OCT 2024 11:39AM by PIB Delhi

    Government of India (GoI) has announced the sale (re-issue) of “6.79% Government Security 2034” for a notified amount of ₹22,000 crore (nominal) through price based auction using multiple price method and “7.46% Government Security 2073” for a notified amount of ₹10,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on October 25, 2024 (Friday).

    Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

    Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 25, 2024. The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m.

    The result of the auctions will be announced on October 25, 2024 (Friday) and payment by successful bidders will be on October 28, 2024 (Monday).    

    The Securities will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.

    *****

    NB/AD

    (Release ID: 2066950) Visitor Counter : 76

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

    January 24, 2025

  • MIL-OSI Asia-Pac: DoPPW to conduct Nationwide Digital Life Certificate Campaign 3.0 from 1st to 30th November, 2024

    Source: Government of India

    DoPPW to conduct Nationwide Digital Life Certificate Campaign 3.0 from 1st to 30th November, 2024

    Camps to be held at 800 Districts/Cities across the country, Largest ever DLC Campaign

    To promote Digital Empowerment of Pensionersusing face authentication technology

    Saturation model adopted to achieve 2 crore DLCs with 1 crore Face Authenticated DLCs

    19 Banks, 785 District Post offices, 57 Welfare Associations, MeitY & UIDAI teams, CGDA to collaborate in the month-long campaign

    Posted On: 22 OCT 2024 2:46PM by PIB Delhi

    Pensioners have to submit Life Certificate every year in the month of November for continuation of pension. DoPPW will be conducting the 3rd Nation-wide Digital Life Certificate campaign which will be held in 800 cities/ Districts across India from November 1-30, 2024. The department has notified the guidelines through O.M. dated 9th August, 2024. 

    The Campaign will be held in collaboration with Pension Disbursing Banks, India Post Payments Bank, Pensioners’ Welfare Associations, CGDA, DoT, Railways, UIDAI & MeitY with the aim of touching all the pensioners in remotest corners of the country.

    The DLC Campaign 2.0 was held at 597 locations in 100 cities in November, 2023 under which a total of 1.47 crore DLCs were generated, of which, 45.46 lakh were of Central Government Pensioners. 25.41 lakh DLCs were generated using Face Authentication technique and more than 30,500 pensioners above 90 years of age availed the benefit of DLCs.

    The preparatory phase for the forthcoming campaign has been commenced by holding extensive outreach meetings with all stakeholders. Dedicated DLC portal has been created with mapping of 800 Districts, 1900 camp locations and 1000 nodal officers. Trainings have been scheduled in a phased manner for all nodal officers.

    IPPB will be holding Camps at 785 districts through its vast network of 1.8 lakh postmen and Gramin Dak Sewaks. IPPB provides doorstep DLC services. This facility will be available to all the categories of Pensioners across the country irrespective of the fact their pension accounts are in different bank.In order to avail “Doorstep service for submission of DLC” through IPPB, pensioners can get detailed information on ippbonline.com. All postmen and Gramin Dak Sewaks are well equipped with mobile phones which will be used for DLC generation through Finger biometric & Face Authentication techniques.

    19 Pension Disbursing Banks will also hold camps at 150 cities at more than 750 locations. Visits will be made to the homes/hospitals for aged/disabled/sick pensioners, thus affording them the ease of digitally submitting life certificates.These steps are aimed at ensuring that all pensioners benefit from the Campaign and is particularly helpful to the super senior pensioners.

    57 Pension Welfare Associations, registered with DoPPW, will play a crucial role in the campaign by organizing camps and also mobilizing pensioners for the camps which will be held by IPPB and Pension Disbursing Banks.

    This year the focus will be on promoting Face Authentication Technology. MeitY and UIDAI will provide full technical support during this Campaign. Face Auth has been made more seamless and convenient for the elderly Pensioners.

    DD, AIR and PIB teams are fully geared up to provide full support to this campaign for Audio, Visual and Print publicity. Outreach efforts will be further complemented by SMSs, tweets (#DLCCampaign3), Jingles and Short films to spread awareness about the campaign.

    This will be the largest ever digital empowerment campaign and seeks toachieve maximum outreach to all the categories of  the Pensioners.

    *****

    NKR/KS/AG

    (Release ID: 2067012) Visitor Counter : 44

    MIL OSI Asia Pacific News –

    January 24, 2025

  • MIL-OSI Economics: Top 25 global banks navigate market shifts with 4% gain in MCap in Q3 2024, reveals GlobalData

    Source: GlobalData

    Top 25 global banks navigate market shifts with 4% gain in MCap in Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    The aggregate market capitalization (MCap) of the top 25 global banks went up by 4% to $4.27 trillion quarter-on-quarter (QoQ) during the third quarter (Q3) ended 30 September 2024. This growth was fueled by interest rate cuts from several central banks, including the US Federal Reserve and the European Central Bank, alongside stronger-than-expected US economic performance, according to GlobalData, a leading data and analytics company.

    Royal Bank of Canada (RBC) and Bank Central Asia (BCA) stocks recorded over 15% growth, while Charles Schwab saw a decline of nearly 12% in market value. JPMorgan Chase retained its position as the most valuable bank for the tenth consecutive quarter, reflecting resilient performance amidst evolving economic landscapes.

    Murthy Grandhi, Company Profiles Analyst at GlobalData, comments: “The third quarter of 2024 concluded with healthy returns across most major asset classes, despite periods of market turbulence. Early August saw stocks come under pressure, driven by weaker US economic data, an interest rate hike by the Bank of Japan, and thin summer trading volumes. However, the Federal Reserve’s much-anticipated rate cuts in September, combined with a softer stance from Japanese policymakers and fresh stimulus measures in China, helped ease investor concerns and fuel a strong stock market rally by the end of the quarter.”

    As inflation eased and economic activity remained subdued, several other Western central banks followed suit in cutting rates. The European Central Bank implemented its second-rate reduction in September, lowering interest rates to 3.5%. Similarly, the Bank of England commenced its own easing cycle, introducing a 25-basis point cut during its August meeting.”

    In Q3 2024, RBC’s stock value surged 17.2%, driven by a 17% increase in earnings from its personal and commercial banking segment, which reached CAD2.49 billion ($1.80 billion), including a CAD198 million boost from its CAD13.5 billion acquisition of HSBC’s domestic operations. RBC’s overall profit rose 16% to CAD4.5 billion, surpassing expectations. Similarly, BCA’s market value climbed 15.1%, ending the quarter with a market cap of $83.3 billion, fueled by strong quarterly results and optimism about future performance.

    JPMorgan Chase reinforced its global leadership with a 22% rise in net revenue to $50.2 billion, largely driven by a 41% increase in net interest income and gains from Visa shares.

    Meanwhile, Charles Schwab’s market cap fell to $118.6 billion due to reduced interest revenue and regulatory scrutiny, partly linked to its cash sweep program financing the 2020 TD Ameritrade acquisition.

    Overall, for the nine months ended Sept 2024, Wells Fargo lost $13 billion in market value due to persistent regulatory challenges stemming from past scandals and inconsistent earnings performance. The bank is working to lift a $1.95 trillion asset cap imposed by the Federal Reserve. Recent assessments revealed insufficient safeguards against money laundering has limited its ability to expand in deposit intake and trading.

    Grandhi concludes: “As the Fed begins its easing cycle, Q4 2024 market focus will shift to the US elections, with the outcome likely to have an impact on the country’s fiscal policy, debt, and trade, especially tariffs. Potential policy changes could stoke inflation, while escalating geopolitical risks may hit consumer confidence and trigger market selloffs, driving investors toward safer assets amidst global uncertainty.”

    MIL OSI Economics –

    January 24, 2025

  • MIL-OSI Economics: Risks facing the global economy

    Source: Bank for International Settlements

    While the global economy remains on track for a soft landing, the path ahead is not without risks. Real rates may remain higher than they were before the pandemic as central banks deal with a structurally more inflation-prone landscape. Fiscal policy may not be restrained enough to ensure financial stability. Productivity growth may remain sluggish in most advanced economies. Markets may be volatile, with potential spillovers to financial intermediaries. To guard against these risks and ensure resilience and stability, prudent monetary policy, fiscal consolidation and structural reforms are all necessary.

    MIL OSI Economics –

    January 24, 2025

  • MIL-OSI Economics: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – The National Co-operative Bank Ltd., Bangalore – Extension of Period

    Source: Reserve Bank of India

    The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The National Co-operative Bank Ltd., Bangalore vide Directive No. BLR.DOS.SSMS.No.S836/09-01-112/2023-2024 dated July 24, 2023, for a period of six months up to close of business on January 24, 2024, as modified from time to time which were last extended up to close of business on October 24, 2024 vide Directive DOR.MON/D-34/12-23-112/2024-2025 dated July 22, 2024. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond close of business on October 24, 2024.

    2. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from close of business on October 24, 2024, to close of business on January 24, 2025, subject to review.

    3. All other terms and conditions of the Directive under reference shall remain unchanged.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1352

    MIL OSI Economics –

    January 24, 2025

  • MIL-OSI: HSBC Bank Plc – Form 8.5 (EPT/RI) – Learning Technologies Group plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.5 (EPT/RI)

    PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
    Rule 8.5 of the Takeover Code (the “Code”)

    1.         KEY INFORMATION

    (a) Name of exempt principal trader: HSBC Bank Plc
    (b) Name of offeror/offeree in relation to whose relevant securities this form relates:
         Use a separate form for each offeror/offeree    		 Learning Technologies Group plc
    (c) Name of the party to the offer with which exempt principal trader is connected: OFFEROR: GASC APF, L.P. and certain of its managed or advised funds (including Atlantic Park), accounts and/or affiliates (collectively, General Atlantic)
    (d) Date dealing undertaken: 21 October 2024
    (e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?
         If it is a cash offer or possible cash offer, state “N/A”    		 N/A      

    2.         DEALINGS BY THE EXEMPT PRINCIPAL TRADER

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchases/ sales

     

    		 Total number of securities Highest price per unit paid/received
    (GBP)    		 Lowest price per unit paid/received
    (GBP)
     

    Ordinary Shares

    		  

    Purchase

    		 29,583 93.454 p 92.530 p
    Ordinary Shares Sale 948 92.756 p 92.530 p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description Nature of dealing Number of reference securities Price per unit (GBP)
    e.g. CFD e.g. opening/closing a long/short position, increasing/reducing a long/short position
    ­ Ordinary shares Swap Increasing a short position 695 92.702 p
    ­ Ordinary shares Swap Increasing a short position 1 93.309 p
    ­ Ordinary shares Swap Increasing a short position 538 93.454 p
    ­ Ordinary shares Swap Increasing a short position 879 92.702 p
    ­ Ordinary shares Swap Increasing a short position 680 93.454 p
    ­ Ordinary shares Swap Increasing a short position 1 93.309 p
    ­ Ordinary shares Swap Increasing a short position 2,470 92.702 p
    ­ Ordinary shares Swap Increasing a short position 1,904 93.454 p
    ­ Ordinary shares Swap Increasing a short position 2,379 92.702 p
    ­ Ordinary shares Swap Increasing a short position 1 93.309 p
    ­ Ordinary shares Swap Increasing a short position 1,834 93.454 p
    ­ Ordinary shares Swap Increasing a short position 2,361 93.454 p
    ­ Ordinary shares Swap Increasing a short position 3,063 92.702 p
    ­ Ordinary shares Swap Increasing a short position 2 93.309 p
    ­ Ordinary shares Swap Increasing a short position 2 93.309 p
    ­ Ordinary shares Swap Increasing a short position 1,274 93.454 p
    ­ Ordinary shares Swap Increasing a short position 1,651 92.702 p
    ­ Ordinary shares Swap Increasing a short position 3 93.309 p
    ­ Ordinary shares Swap Increasing a short position 3,873 93.454 p
    ­ Ordinary shares Swap Increasing a short position 5,024 92.702 p

    (c)        Stock-settled derivative transactions (including options)

    (i)         Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit
             

     

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
       

     

    		    

    3.         OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included.  If there are no such agreements, arrangements or understandings, state “none”
     

    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
    (i)  the voting rights of any relevant securities under any option; or
    (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
     

    None
    Date of disclosure: 22 October 2024
    Contact name: Dhruti Singh
    Telephone number: 0207 088 2000

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. 

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at http://www.thetakeoverpanel.org.uk.

    The MIL Network –

    January 24, 2025

  • MIL-OSI United Kingdom: Housing Summit to address housing challenge in Highland

    Source: Scotland – Highland Council

    The Highland Council has called a Housing Challenge Summit, designed to bring together all parties from National and Local government and private sector interests, both large and small, from across the fields of energy, housing development and commerce, to focus on the Housing Challenge in Highland.

    Highland Council declared a Housing Challenge following an event in November 2023 and agreed a number of strategic objectives in June 2024, with the aim of finding solutions to a Highland Housing Challenge. 

    The summit will be held today, 22 October, in Aviemore and delivered in partnership with Prosper, with sponsorship from SSEN, Burness Paull and The Scottish National Investment  Bank (SNIB).

    Housing Minister, Paul McLennan will attend and address delegates in a Keynote speech. 

    He said: 

    “I am pleased to be attending Highland Council’s Housing Challenge Summit and speaking with a range of stakeholders about how we work together to deliver the homes that people need. We know that tackling the housing emergency requires a joint approach between the Scottish Government, UK Government and local authorities and this summit will provide a valuable opportunity for stakeholders to come together to find ways to deliver more homes for communities across the Highlands. 

     “Good quality housing is essential to attract and retain people in our communities. We remain focused on delivering 110,000 affordable homes across Scotland by 2032, with at least 70% for social rent and at least 10% in our rural and island communities supported by our Rural and Island Housing Action Plan. Since 2021, we have invested over £180 million grant funding that has supported the delivery of nearly 2,000 affordable homes across the Highland Council area.” 

    Convener of The Highland Council, Bill Lobban who will chair the summit, said: “I am delighted to welcome the Housing Minister Paul McLennan, and over 100 delegates from a range of public and private sectors, whose input, together with Scottish Government and political representatives, will be invaluable to addressing the housing challenge in the Highlands. 

    “Affordable housing is an issue that is raised everywhere we speak to communities across the Highlands. For this reason, it is a high priority in the Council’s Programme and Members have declared a Highland Housing Challenge. 

    “There are also many wider socio-economic benefits in providing more housing, including boosting the construction industry, regeneration of town centres and reversing depopulation of communities. The economic benefits continue over the longer term, through savings on housing benefit, and wider benefits including reduced homelessness, increased employment, and improved health benefits.”  

    “Bringing the envisaged housing solutions to the Highlands is a key component of the economic growth required for the area in the next twenty years, helping us to seize important energy development opportunities, create benefits and sustain both our urban and rural communities.” 

    Chair of the Council’s Housing and Property Committee, Cllr Glynis Campbell Sinclair summarised the challenges saying: “It is anticipated that 24,000 new houses will be required in Highland in the next ten years. This is around double that which would normally be built.  

    “The future demand for housing is based on an updated ten-year Housing Needs Demand Assessment, which incorporates economic modelling including potential increases in jobs connected to the development of the Inverness and Cromarty Firth Green Free Port. 

    Leader of The Highland Council, Raymond Bremner said: “Highland Council and its partners are on course to meet the challenge of building 24,000 houses, but over 20 years. To accelerate this will require additional investment of around £2.8 billion. The challenge will require public and private sector co-investment and significant increases in the supply of land for housing and development capacity. 

    “Some solutions to future housing supply can be addressed through benefits flowing from the Social Value Charter from Renewables and from future retained business rates relating to the Green Free Port, as well as legacy housing from energy and infrastructure projects. 

    “The next steps will be to seek collaborative action in the co-design and delivery of a strategic plan which addresses the housing needs in the short, medium and long-term future.”  

    Chief Executive of Prosper, Sara Thiam added: “Housing continues to be a barrier to growth for many industries but it also underpins the quality of life of our people and impacts on our health, education and equality of opportunity so finding ways to overcome the various challenges will continue to be at the top of the to do list for government, industry and wider society.” 

    The summit will explore the Council’s agreed objectives including levering finance from different means; finding varied mechanisms to build new housing; flexibility regarding the ownership of housing; and finding new ways to maximise the supply of land.

    MIL OSI United Kingdom –

    January 24, 2025

  • MIL-OSI China: Announcement on Open Market Operations No.208 [2024]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.208 [2024]

    (Open Market Operations Office, October 22, 2024)

    In order to keep liquidity adequate at a reasonable level in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB158.4 billion through quantity bidding at a fixed interest rate on October 22, 2024.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB158.4 billion

    1.50%

    Date of last update Nov. 29 2018

    2024年10月22日

    MIL OSI China News –

    January 24, 2025

  • MIL-OSI China: Announcement on SFISF Operations No.1 [2024]

    Source: Peoples Bank of China

    Announcement on SFISF Operations No.1 [2024]

    (Open Market Operations Office, October 21, 2024)

    In order to better leverage the role of security firms and funds companies in stabilizing the market, the People’s Bank of China has conducted the Securities, Funds and Insurance companies Swap Facility (SFISF) operation for the first time with an allotment amount of RMB50 billion. Twenty institutions participated in the tender. The highest and lowest bid rate was 50 bp and 10 bp, respectively, and the winning rate was 20 bp. 

    Date of last update Nov. 29 2018

    2024年10月21日

    MIL OSI China News –

    January 24, 2025

  • MIL-OSI China: Deputy Governor Xuan Changneng Moderates the Lecture Given by BOK Governor Rhee Chang Yong

    Source: Peoples Bank of China

    At the invitation of the People’s Bank of China (PBOC), Governor of Bank of Korea Rhee Chang Yong gave a lecture entitled “Monetary Policy in Practice: Applying a Dose of Integrated Policy Framework and Forward Guidance”, and answered questions from the PBOC and the State Administration of Foreign Exchange staff. Deputy Governor Xuan Changneng moderated the lecture.

    Date of last update Nov. 29 2018

    2024年10月22日

    MIL OSI China News –

    January 24, 2025

  • MIL-OSI Economics: BaFin warns consumers about a further FinFlex website: finflex.info

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    On 9 August 2024, BaFin issued a warning about FinFlex and its website finflex.org, which has since been deactivated. The unknown operators are now using the nearly identical website finflex.info. BaFin suspects the operators of the websites of offering consumers financial and investment services on these platforms without the required authorisation.

    The content of the websites is identical to other platforms that BaFin has previously warned consumers about and that display the same opening sentence: “Upgrade Your Trading With…”.

    Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.

    Theinformation provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

    January 24, 2025

  • MIL-OSI Banking: Governor Ulrik Nødgaard’s presentation at Grisekongres 2024

    Source: Danmarks Nationalbank

    Financial stability and financial risks

    22 October 2024

    Governor Ulrik Nødgaard gave a presentation at Grisekongres 2024 on 22 October. The presentation gave an overview of the Danish economy, geo-economic fragmentation, and the economic situation in the agricultural sector. The main messages were: We expect a soft landing for the Danish economy; there are initial signs of fragmentation in the global economy, and the agricultural sector has generally become more economically robust. (The presentation is in Danish only).

    MIL OSI Global Banks –

    January 24, 2025

  • MIL-OSI: Navatar’s Latest CRM Platform For M&A Helps Investment Banks Leverage Superior Proprietary Intelligence As M&A Deal Activity Increases

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK and LONDON, Oct. 22, 2024 (GLOBE NEWSWIRE) — The M&A advisory business relies on good intelligence. Bankers must connect a lot of disparate threads of information whether they are pitching, researching buyers, managing sponsors, executing mandates or simply prioritizing their agenda for the week. To do that, bankers must find a way to automatically capture and then connect all of this proprietary information, most of it gathered painstakingly from their network over time.

    The new Navatar platform is designed to capture and harness this intelligence for investment bankers. It uses AI to automatically capture information from all of the firm’s interactions and then consolidates intelligence for each company, person, lead, sponsor, pitch, mandate, sector or even a niche subsector.

    The ability to create a sector/subsector knowledge-base incorporating proprietary intelligence is becoming critical as sector-specific opportunities in technology, energy and life sciences drive deal activity, according to the latest EY M&A Activity Report.

    “Today’s market demands your A-game. Your A-game primarily relies on proprietary intelligence. This intelligence must be collated from all the information your team painstakingly acquires from your network. The new Navatar Platform will synthesize this intelligence to help step up your game,” said Alok Misra, CEO of Navatar.

    For more information on Navatar for M&A advisory, please visit:
    https://www.navatargroup.com/mergers-and-acquisitions-crm-software/

    ABOUT NAVATAR
    Navatar (@navatargroup), the CRM platform for alternative assets and investment banking firms, raises the bar to help dealmakers move beyond efficiency gains and focus on competitive differentiation. Navatar is used by hundreds of firms including private equity funds, M&A boutiques and bulge brackets, fund of funds, multi-asset credit, hedge funds, real estate funds, venture capital firms, corporate development groups, family offices, private placement and other financial services companies.

    Sales Team
    Navatar
    sales@navatargroup.com

    The MIL Network –

    January 24, 2025

  • MIL-OSI Economics: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The Konark Urban Co-operative Bank Ltd., Ulhasnagar – Extension of period

    Source: Reserve Bank of India

    The Reserve Bank of India, vide directive No.CO.DOS.SED.No.S592/45-11-001/2024-25 dated April 23, 2024, had placed The Konark Urban Co-operative Bank Ltd., Ulhasnagar under Directions from the close of business on April 23, 2024 for a period of six months.

    2. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank till close of business on January 23, 2025 as per the directive DOR.MON/D-62/12.22.805/2024-25 dated October 17, 2024, subject to review.

    3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated October 17, 2024, notifying the above extension is displayed at the bank’s premises for the perusal of public.

    4. The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1354

    MIL OSI Economics –

    January 24, 2025

  • MIL-OSI: UP Fintech Announces Proposed Follow-on Public Offering of American Depositary Shares

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Oct. 22, 2024 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced that it intends to offer and sell 15,000,000 American Depositary Shares (“ADSs”), each representing 15 Class A ordinary shares of the Company, subject to market and other conditions, in an underwritten public offering. The underwriters have an option to purchase up to an aggregate of 2,250,000 additional ADSs from the Company at the public offering price, less underwriting discounts and commissions, exercisable within 20 days from the date of the prospectus supplement.

    The Company expects to use the net proceeds from the proposed ADS offering for strengthening the Company’s capital base and furthering the Company’s business development initiatives.

    Deutsche Bank AG, Hong Kong Branch, China International Capital Corporation Hong Kong Securities Limited and US Tiger Securities, Inc. will act as the joint bookrunners for the proposed ADS offering.

    The proposed ADS offering will be made pursuant to an automatic shelf registration statement on Form F-3 filed with the United States Securities and Exchange Commission (the “SEC”) and is available on the SEC’s website at http://www.sec.gov. A preliminary prospectus supplement and an accompanying prospectus related to the proposed ADS offering have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov. The final prospectus supplement will be filed with the SEC and will be available on the SEC’s website at: http://www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus may be obtained by contacting Deutsche Bank AG, Hong Kong Branch, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong; China International Capital Corporation Hong Kong Securities Limited 29/F, one International Finance Centre, 1 Harbour View Street, Central, Hong Kong; or, US Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York, NY 10022, United States of America.

    This announcement shall not constitute an offer to sell, or a solicitation of an offer to buy, the securities described herein, nor shall there be any offer, solicitation or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About UP Fintech Holding Limited

    UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

    For more information on the Company, please visit: https://ir.itigerup.com.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 22, 2024. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

    For investor and media inquiries please contact:

    Investor Relations Contact
    UP Fintech Holding Limited
    Email: ir@itiger.com

    The MIL Network –

    January 24, 2025
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