HSBC Reports Surge in
After-Tax Profit
HSBC
reported a significant increase in its after-tax profit, which came in at $6.26
billion for the quarter ending in September, marking a 235% increase compared
to the same period last year. The surge was mainly attributed to a higher
interest rate environment. Despite the impressive figures, HSBC fell short of
economists’ expectations.
The bank
also announced a $3 billion share buyback. The increase in profit was partly
due to a $2.3 billion impairment related to the planned sale of its retail
banking operations in France, which was later reversed. HSBC’s revenue also
rose to $7.71 billion, up from $3.23 billion a year ago.
UK Fintech Railsr Secures
$24 Million in Funding
Railsr, a
UK-based fintech startup, has secured $24 million in its latest funding round .
The company was saved from collapse seven months ago by an investor consortium
and underwent a management reshuffle. Railsr, initially known as Railsbank, has
raised over $180 million in total and was once valued near $1 billion. However,
the valuation has since dropped to around $250 million. The company also had
its license revoked in Lithuania and is now seeking a license in France.
The latest
funding round included long-time investors D Squared Capital and Moneta Venture
Capital. New CEO Philippe Morel expressed optimism about the company’s future,
acknowledging the challenges faced by the fintech sector. He emphasized that
the new investment positions the company well for sustainable growth.
Laser Digital and Nomura
Debut in The Sandbox Metaverse
Laser
Digital Holdings AG, in collaboration with Nomura Holdings, Inc., has launched
the ‘Nomura & Laser Digital Botanical Garden’ in The Sandbox metaverse. The
experience is part of The Sandbox Fall Event and aims to accelerate Nomura’s
innovations in the digital asset sector.
The virtual
garden features quests and QR codes that provide information about the
companies’ digital asset strategies.
“The
Sandbox enables renowned financial and digital asset institutions such as
Nomura to experiment creatively and appeal to a broader audience,” said
Sebastien Borget, the COO and Co-Founder of The Sandbox. “We’re pleased to see
Nomura and Laser Digital step into Web3 and take users on a spiritual,
immersive journey where they will experience digital innovation through a
combination of architecture, Japanese culture and quests.”
FMA Completes 2022
Re-licensing of Financial Supervisors
The
Financial Markets Authority (FMA) in New Zealand has completed its third
licensing process for Supervisors overseeing specific financial products like
KiwiSaver schemes and superannuation schemes. The assessment considered various
factors, including compliance with the Financial Markets Supervisors Act 2011
and feedback from ongoing monitoring. All five applicants were re-licensed for
another five years, demonstrating their capability to perform supervisory
functions effectively.
The FMA
noted improvements in monitoring practices and board governance. However, it
also identified areas for further improvement, such as refining risk-based
monitoring approaches, enhancing governance arrangements, and better resource
capacity planning. The FMA is committed to ongoing engagement with supervisors
to ensure they adapt to evolving sector needs and regulatory expectations.
Financial Services
Companies Charged for Failing to Lodge Financial Accounts
Two
financial services companies, APC Securities Pty Ltd and Brava Capital Pty Ltd,
have been charged with multiple criminal offenses for failing to lodge
financial accounts with the Australian Securities and Investments Commission
(ASIC). Both companies are connected to Sydney businessman David Sutton, who
has been banned from providing any financial services. The companies failed to
lodge their financial accounts and auditor’s report for each of the financial
years from 2020 to 2022.
The charges
come as part of ASIC’s increased focus on enforcing financial reporting
obligations. Both matters have been adjourned until November 21, 2023, for
further proceedings. The maximum penalty for each failure to lodge required
documents is $1,332,000.
MAS Cyber Security
Advisory Panel Discusses Mobile Malware and AI Risks
The
Monetary Authority of Singapore’s (MAS) Cyber Security Advisory Panel (CSAP)
held its seventh annual meeting to discuss global cybersecurity trends
affecting the financial sector. The panel emphasized the need for a
multi-pronged approach to tackle mobile malware scams and supported the
adoption of advanced authentication methods for mobile banking. They also
discussed the growing adoption of Generative AI (GenAI) in financial
institutions and the associated risks.
The panel
suggested AI-enabled solutions to enhance cybersecurity capabilities. The
meeting was part of a two-day event that also included a Technology and Cyber
Risk Seminar, jointly organized by The Association of Banks in Singapore and
MAS.
Court Extends Deadline for
Maxim Fund Investors
The Court
of First Instance has extended the deadline for investors to make claims
related to investment schemes operated by Maxim Capital Limited and Maxim
Trader in Hong Kong. The Securities and Futures Commission (SFC) had initially
set the cut-off date in July 2022 but decided to extend it after receiving new
inquiries from investors.
The new
cut-off date is 30 November 2023. The court’s decision aims to balance the
interests of all stakeholders involved in the case.
MAS Partners with Global
Policymakers for Digital Asset Innovation
MAS is partnering with financial regulators
from Japan, Switzerland, and the UK to advance digital asset pilots. Under MAS’
Project Guardian, the partnership aims to discuss the legal, policy, and
accounting treatment of digital assets and identify potential risks.
The group
also plans to develop common standards for digital asset networks and promote
high standards of interoperability. Deputy Managing Director of MAS, Mr. Leong
Sing Chiong, expressed that the partnership aims to support the sustainable
growth of the digital asset ecosystem.
HSBC Reports Surge in
After-Tax Profit
HSBC
reported a significant increase in its after-tax profit, which came in at $6.26
billion for the quarter ending in September, marking a 235% increase compared
to the same period last year. The surge was mainly attributed to a higher
interest rate environment. Despite the impressive figures, HSBC fell short of
economists’ expectations.
The bank
also announced a $3 billion share buyback. The increase in profit was partly
due to a $2.3 billion impairment related to the planned sale of its retail
banking operations in France, which was later reversed. HSBC’s revenue also
rose to $7.71 billion, up from $3.23 billion a year ago.
UK Fintech Railsr Secures
$24 Million in Funding
Railsr, a
UK-based fintech startup, has secured $24 million in its latest funding round .
The company was saved from collapse seven months ago by an investor consortium
and underwent a management reshuffle. Railsr, initially known as Railsbank, has
raised over $180 million in total and was once valued near $1 billion. However,
the valuation has since dropped to around $250 million. The company also had
its license revoked in Lithuania and is now seeking a license in France.
The latest
funding round included long-time investors D Squared Capital and Moneta Venture
Capital. New CEO Philippe Morel expressed optimism about the company’s future,
acknowledging the challenges faced by the fintech sector. He emphasized that
the new investment positions the company well for sustainable growth.
Laser Digital and Nomura
Debut in The Sandbox Metaverse
Laser
Digital Holdings AG, in collaboration with Nomura Holdings, Inc., has launched
the ‘Nomura & Laser Digital Botanical Garden’ in The Sandbox metaverse. The
experience is part of The Sandbox Fall Event and aims to accelerate Nomura’s
innovations in the digital asset sector.
The virtual
garden features quests and QR codes that provide information about the
companies’ digital asset strategies.
“The
Sandbox enables renowned financial and digital asset institutions such as
Nomura to experiment creatively and appeal to a broader audience,” said
Sebastien Borget, the COO and Co-Founder of The Sandbox. “We’re pleased to see
Nomura and Laser Digital step into Web3 and take users on a spiritual,
immersive journey where they will experience digital innovation through a
combination of architecture, Japanese culture and quests.”
FMA Completes 2022
Re-licensing of Financial Supervisors
The
Financial Markets Authority (FMA) in New Zealand has completed its third
licensing process for Supervisors overseeing specific financial products like
KiwiSaver schemes and superannuation schemes. The assessment considered various
factors, including compliance with the Financial Markets Supervisors Act 2011
and feedback from ongoing monitoring. All five applicants were re-licensed for
another five years, demonstrating their capability to perform supervisory
functions effectively.
The FMA
noted improvements in monitoring practices and board governance. However, it
also identified areas for further improvement, such as refining risk-based
monitoring approaches, enhancing governance arrangements, and better resource
capacity planning. The FMA is committed to ongoing engagement with supervisors
to ensure they adapt to evolving sector needs and regulatory expectations.
Financial Services
Companies Charged for Failing to Lodge Financial Accounts
Two
financial services companies, APC Securities Pty Ltd and Brava Capital Pty Ltd,
have been charged with multiple criminal offenses for failing to lodge
financial accounts with the Australian Securities and Investments Commission
(ASIC). Both companies are connected to Sydney businessman David Sutton, who
has been banned from providing any financial services. The companies failed to
lodge their financial accounts and auditor’s report for each of the financial
years from 2020 to 2022.
The charges
come as part of ASIC’s increased focus on enforcing financial reporting
obligations. Both matters have been adjourned until November 21, 2023, for
further proceedings. The maximum penalty for each failure to lodge required
documents is $1,332,000.
MAS Cyber Security
Advisory Panel Discusses Mobile Malware and AI Risks
The
Monetary Authority of Singapore’s (MAS) Cyber Security Advisory Panel (CSAP)
held its seventh annual meeting to discuss global cybersecurity trends
affecting the financial sector. The panel emphasized the need for a
multi-pronged approach to tackle mobile malware scams and supported the
adoption of advanced authentication methods for mobile banking. They also
discussed the growing adoption of Generative AI (GenAI) in financial
institutions and the associated risks.
The panel
suggested AI-enabled solutions to enhance cybersecurity capabilities. The
meeting was part of a two-day event that also included a Technology and Cyber
Risk Seminar, jointly organized by The Association of Banks in Singapore and
MAS.
Court Extends Deadline for
Maxim Fund Investors
The Court
of First Instance has extended the deadline for investors to make claims
related to investment schemes operated by Maxim Capital Limited and Maxim
Trader in Hong Kong. The Securities and Futures Commission (SFC) had initially
set the cut-off date in July 2022 but decided to extend it after receiving new
inquiries from investors.
The new
cut-off date is 30 November 2023. The court’s decision aims to balance the
interests of all stakeholders involved in the case.
MAS Partners with Global
Policymakers for Digital Asset Innovation
MAS is partnering with financial regulators
from Japan, Switzerland, and the UK to advance digital asset pilots. Under MAS’
Project Guardian, the partnership aims to discuss the legal, policy, and
accounting treatment of digital assets and identify potential risks.
The group
also plans to develop common standards for digital asset networks and promote
high standards of interoperability. Deputy Managing Director of MAS, Mr. Leong
Sing Chiong, expressed that the partnership aims to support the sustainable
growth of the digital asset ecosystem.
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- Source: https://www.financemagnates.com//forex/news-nuggets-30-october-hsbcs-3b-share-buyback-railsr-24m-funding-round/
