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Listed China Banking Corp. (China Bank) looks to generate up to P100 billion in fresh funds in the next three years. In a disclosure on Thursday, the Sy-led lender said its board of directors greenlighted on March 3 the planned fundraising, to be done in several tranches. These may be in the form of retail bonds and/or commercial papers, or a combination of both. “The proceeds shall be used to support the bank’s strategic initiatives and expansion program. This is also in line with the bank’s intention to be an active participant in the country’s economic recovery and expansion,” China Bank said. China Bank has 634 branches and 1,022 automated teller machines (ATMs) to date. These include the 158 branches and 164 ATMs of thrift subsidiary China Bank Savings. Earlier, the bank reported a net income to P12.1 billion last year, despite the huge buffer it had set aside to cushion its lending business from the economic impact of the coronavirus pandemic. The amount, up 20 percent ... » Learn More about China Bank to raise P100B in 3 years

Security Bank Corporation launched its latest credit card offering called the Security Bank NEXT Mastercard. Tagged as the credit card for the savvy millennial, “Next” features no annual fees for life and is the only card in the country that automatically converts purchases P5,000 and above into 12-month installments. “Next” Mastercard allows cardholders to get whatever is next on their shopping list, may it be groceries, appliances, gas, or other commodities, while enjoying easy payment terms. “The introduction of the Security Bank “Next” Mastercard is a testament to the banks’ mission to provide consumers with BetterBanking products and services. Through the unique features of the “Next” Mastercard, Filipinos can enjoy financial flexibility with every transaction,” says Celeste Lim, FVP and head of SB Cards Business Development and Operations Group. Aside from waived annual fees for life and automatic conversion of transactions above 5,000 pesos to 12 monthly installments, ... » Learn More about Security Bank launches NEXT Mastercard

Listed China Banking Corp. (China Bank) has generated P20 billion in fresh funds from its three-year fixed-rate bond offering. In a statement on Thursday, the Sy-led lender said the proceeds were four times the original offer of P5 billion and credited these to “overwhelming demand from individual and institutional investors.” The bonds, which were the first offered by a local financial institution this year, are due in 2024 and carry an interest rate of 2.50 percent per annum, payable monthly. “The proceeds from the offer will be used to support China Bank’s strategic initiatives and expansion programs,” it stressed. China Bank Capital Corp. was the issue coordinator, structuring advisor, and joint lead arranger and bookrunner. Hongkong and Shanghai Banking Corp. Ltd. and Philippine Commercial Capital Inc. were the joint lead arrangers and bookrunners, and selling agents. “This successful issuance represents a strong start of the year for China Bank. We would like to extend ... » Learn More about China Bank raises P20B from bond issuance

The Bank of Thailand has left its key interest rate unchanged at a record low on Wednesday, preserving its limited policy ammunition, but warned of risks as the country deals with a fresh wave of coronavirus infections. Southeast Asia’s second-largest economy continues to recover but risks remain high and it could grow less than the previously forecast 3.2% this year, Monetary Policy Committee Secretary Titanun Mallikamas told a news conference. The Bank of Thailand’s committee members voted unanimously to keep the one-day repurchase rate unchanged at 0.50% for a sixth straight meeting, after three cuts in the first half of 2020 to mitigate the impact of the pandemic. The tourism-reliant economy still needs support from low interest rates and monetary policy will remain accommodative, he told Reuters . The BOT said in a statement the impact of the recent outbreak on the Thai economy would be less severe than last year due to less strict containment measures, but it expects ... » Learn More about Bank of Thailand Leaves Key Interest Rate Unchanged at Record Low

Thailand’s Bank of Ayudhya reports the baht’s value is anticipated to surge past the 30-per-dollar mark next year driven by Thailand’s huge current account surplus and also the US’s ultra-loose monetary policy. The local currency’s value is forecast to hover between 29.50-30.50 baht per US dollar, with an appreciation bias expected throughout every quarter of 2021, said Tak Bunnag, head of global markets group at BAY. The baht is expected to appreciate to 30 baht per dollar in the first quarter before strengthening to 29.75 in the second quarter, according to BAY. The local currency’s value is forecast to strengthen further to 29.50 and 29.25 baht against the greenback in the third and fourth quarters, respectively. “The baht’s value tends to get stronger, but it would not appreciate past 29 baht per dollar and we are not expected to see an appreciation of 7-8% as witnessed in 2019,” said Mr Tak. Despite substantial outflows of net foreign funds seen in Thailand’s capital ... » Learn More about Bank of Ayudhya Anticipates Thai Baht to Surge in New Year

Police in Thailand are intensifying their efforts on tracking down criminals who run scam call centers and SMS smartphone scams. Cyber criminals send fake SMS messages to trick victims into replying back with their banking information. The widespread adoption of online payment methods in Thailand was highlighted by the Ministry of Digital Economy and Society showing that the number of internet users in Thailand has leapt from about 18 million in 2009 to more than 50 million in 2020. More than one in five activities carried out on the internet involves a financial transaction of some kind. In early December, 29 Siam Commercial Bank (SCB) customers received an SMS after they contacted its call centre. The SMS told them to send back their 13-digit ID number and a one-time password (OTP). The scammers then reportedly used the ID number and OTP to sign up to a mobile banking app which they used to transfer funds from the victims’ accounts. The Money Trap Siam Commercial Bank ... » Learn More about Thai Banks Warn Over Call Center and SMS Smartphone Scams

Hi all, In today's bulletin: Two people were killed and several others injured when Myanmar police fired on protesters in northern Myitkyina town; American and Chinese spacecraft reach Mars in quick succession last month, sparking talk of a space race between the two major powers; Indonesia eases rules to attract foreign investment; and more. Reading this on the web or know someone who might enjoy receiving Asian Insider? Our sign-up page is here . More killed in Myanmar protests as unions call for economic shutdown Two people were killed  and several others injured when Myanmar police fired on protesters in the northern town of Myitkyina on Monday (March 8), witnesses said. This was as shops, factories and banks were closed in Myanmar’s biggest city Yangon on Monday (March 8), after major trade unions called for a shutdown of the economy as part of the uprising against the country’s military rulers who had ousted the civilian government in a Feb 1 coup. ... » Learn More about Asian Insider, March 8: More deaths in Myanmar protests; US-China rivalry extending to space

EVERY Filipino parent wants the best education for his or her children. Every working Filipino looks forward to a good and comfortable retirement life. Every Filipino wants to have the best medical care as needed. All these need advance preparation. The question is: are Filipinos making the right preparations? Let us look at the facts. According to the latest data from Bangko Sentral ng Pilipinas, only 29 percent of Filipino adults had bank deposits in 2019. Though this is already a 6 percent increase from 2017 data, it’s still one of the lowest savings rates in Southeast Asia. Did the 71 percent save their money somewhere else, which they can use during crunch time? A Manulife Investor Sentiment Index survey showed Filipino investors only have personal income equivalent to 3.6 months set aside for retirement, the lowest in Asia with an average of 2 to 3 years. What happens after four months into retirement? Further, of the Philippines’ total health expenditure of P906 billion ... » Learn More about What keeps Filipinos from preparing for the future

YANGON: Three protesters were killed in Myanmar on Monday (Mar 8), witnesses said, as demonstrators across the country sought to paralyse the economy with strike action following a weekend of night raids and arrests. Shops, factories and banks were closed in the main city of Yangon. Photos posted on Facebook showed the bodies of two men lying on the street in the northern town of Myitkyina. Witnesses said they were taking part in a protest when police fired stun grenades and tear gas. Several people were then hit by gunfire from buildings nearby. One witness, who said he helped move the bodies, told Reuters two people were shot in the head and died on the spot. Three people were injured. "How inhumane to kill unarmed civilians," said the witness, a 20-year-old man. "We must have our right to protest peacefully." It was not immediately clear who fired on the protesters although both police and the military were at the protest, the witnesses said. At least one person was ... » Learn More about 3 protesters killed in Myanmar; shops and factories closed as workers go on strike

Bangkok – Three major pro-democracy demonstrations had been staged around Bangkok all day yesterday, March 5th, mainly to demand the release of their protest leaders who were denied bail several times over lese majeste charges. As of 9:00 AM., the first group of pro-democracy protesters, led by Jatupat “Pai Dao Din” Boonpattararaksa, arrived at the Rangsit area of Bangkok after walking about 250 kilometers from Nakhon Ratchasima under the campaign “Walk Through the Sky: Return Power to the People”. The peaceful march was to demand the release of nine detained people and “Ratsadon” protest leaders, including Parit “Penguin” Chiwarak, Anon Nampa, Somyot Pruksakasemsuk, and Patiwat “Morlum Bank” Saraiyeam who were detained over lese majeste charges. The walking group continued the march to the Kasetsart intersection throughout the afternoon regardless of some minor attempts of prevention from crowd control police. They safely arrived and camped out at their destination at around ... » Learn More about RECAP: Three major pro-democracy demonstrations peacefully staged in several areas around Bangkok yesterday