Alternative credit is flourishing in Thailand as big technology platforms fill in the lending gaps left by traditional financial institutions. Known for fast and efficient end-to-end services, these challengers are drawn to the country because of the large market for unsecured lending and higher profit potential.
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Banks have not experienced a significant deterioration in asset quality of their MSME exposure, supported by various policy measures. An uptick in the non-performing small business loans is expected with the expiry of these measures.
The weak sales growth for this year’s Double 11 shopping festival was largely driven by the depressed consumer sentiment and logistical disruptions under the zero-COVID policy, along with the regulatory scrutiny.
DBS CEO Piyush Gupta, Public Bank CEO Tay Ah Lek and UOB CEO Wee Ee Cheong are the top three highest-paid bank chief executives in Asia Pacific in FY 2021. The combined total remuneration eared by the top ten reached $56.5 million in FY 2021, up from $53.6 million in FY 2020
Tay Ah Lek saw a 6.5% rise in total remuneration to $9.2 million in 2020 despite the pandemic, which was 250 times the average pay Public Bank’s employees received.
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Indian banks still dominate the list of the top 10 banks with the highest nonperforming loan (NPL)ratio among the 500 largest banks in Asia Pacific, despite the improved asset quality. In addition, the list also includes two banks from Bangladesh and one each from China, Japan, and Pakistan.
Some countries in Asia Pacific posted stronger growth in bank lending to small businesses between 2019 and 2021 as compared to the period from 2017 to 2019
Banks in most Asian markets booked lower provisions to cover potential loan losses as economies recover, which has contributed to the improved profitability in 1H 2021
Ethereum, Terra and Binance Smart Chain (BSC), the top three largest DeFi blockchain networks, represented 76.5% of all DeFi activity. Ethereum is facing stiff competition from other DeFi blockchains and is moving to Ethereum 2.0.
The number of unicorns has increased dramatically amid a surge in venture capital investments, making 2021 a record year for privately held startup companies achieving unicorn status.
China’s pilot of the central bank digital currency has made promising progress. However, the digital RMB system collects and shares less transaction information than traditional electronic payments according to a PBOC digital RMB white paper.
In June 2021, Chinese ride hailing giant Didi and digital freight platform Full Truck Alliance made their debuts in the US amid the volatile initial public offering (IPO) environment.
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