Asia

​SEC flags more illegal investment schemes;
Asia

​SEC flags more illegal investment schemes;

he Securities and Exchange Commission (SEC) has exposed a new batch of scammers peddling illegal get-rich-quick investment schemes while the nation is suffering from the COVID-19 pandemic. The SEC issued on April 28 a new advisory against three new groups: CROWD1 Asia Pacific Inc., Sharebiz Ads/ Sharebiz Advertising/ Sharebiz Online Advertising Services; and, Winners Ecommerce International Network Corp. (WINCORP). All of these three entities have no secondary license to solicit and take investments form the public as required under Republic Act No. 8799, or The Securities Regulation Code. The SEC found no record of either Sharebiz and WINCORP being registered as corporations or partnerships. CROWD1 is incorporated with the SEC but it still needs a secondary license before it could engage ...
Digital Payments Startup GPay Awarded Vietnam License
Asia, China

Digital Payments Startup GPay Awarded Vietnam License

The State Bank of Vietnam granted FinTech startup GPay a 10-year license to provide intermediary payment services in the country — electronic payment portals, payment services, digital money transfer services and eWallet services. GPay, a member company of the Vietnam investment firm G-Group, joins a tight FinTech market in Vietnam with 33 other firms licensed for intermediary payment services. In 2019, Payme, FinViet, EPay, PayTech, Dibee and Smart Net were granted licenses from Vietnam’s central bank. “GPay has a supportive ecosystem from G-Group with above 20 million users of financial platforms, game community, social network and technology companies. We will invest more in technology and hiring talents, and will have Series A funding round soon too,” Cong Tran, a board member of GPay,...
Vietnam-based e-commerce enabler OnPoint raises $8m Series A
Asia, China

Vietnam-based e-commerce enabler OnPoint raises $8m Series A

Vietnam-based e-commerce enabler OnPoint has raised over $8 million in Series A fundinground led by Kiwoom Investment and Daiwa-SSIAM Vietnam Growth Fund II L.P,according to an announcement. The new funding, which brings the total funding raised by OnPoint to date to an eight-digitnumber, will enable the company to invest in strategic technology, recruit talent, and developdata-driven capabilities to provide better services to its clients. Founded in December 2017, OnPoint enables consumer brands in pushing their presence one-commerce platforms, social channels, or via brand-owned websites. The company claims that it has served more than 50 brands to date. Its clients includeL’Oreal, Shiseido, P&G, Rohto, Beiersdorf, Unilever International, Watsons, KimberlyClark, Unicharm, CJ Group. I...
Vietnam International bank has just announced the first quarter 2020 result
Asia, China

Vietnam International bank has just announced the first quarter 2020 result

Stable business growth Total revenue of VIB in quarter I (Q.I) was VND2.260 billion, of which service revenue reached VND411 billion, accounting for 18%. Operating expenses (OPEX) reached VND1.029 billion. The bank saw a rise in cost to income ratio (CIR) to 46%. Profit before tax (PBT) was VND1.075 billion. From the beginning of the year, VIB has promptly taken actions on cost-cutting and actively participated in a programme to prevent Covid-19, set up by the State bank of Vietnam (SBV) and the Government. The bank’s leader has proactively reduced salaries to support customers. Maintain a strong balance sheet in the context of market volatility As of March 31, 2020, total assets of the bank reached VND193 trillion, while outstanding credit balance reached VND135 trillion, up 4% compared t...
Boosting disbursement of public investment
Asia, Singapore

Boosting disbursement of public investment

The General Statistics Office (GSO) calculates that a 1% increase in the disbursement of public investment will contribute 0.06 percentage points to GDP growth. Therefore, public investment is an important source of capital to attract others to invest in the economy, contributing to fueling production, business, and growth. Progress from an urgent project The project on the upgrade of runways and taxiways at Tan Son Nhat and Noi Bai International Airports, which have been deteriorating for over three years, was finally approved by the Government to be added to the list of medium-term public investment projects for the 2016-2020 period. Relevant procedures will be promptly implemented to start construction of the project in July this year. The runways and taxiways at the two airports have b...
Coronavirus: Millions of jobs at stake in South-east Asia
Asia, China

Coronavirus: Millions of jobs at stake in South-east Asia

BANGKOK - Millions of jobs could be lost in South-east Asia as economies grind to a halt amid efforts to contain the coronavirus pandemic, wreaking havoc particularly in countries with weak social protection systems. A report by the United Nations Economic and Social Commission for Asia and the Pacific (Escap) says regional governments should - and still have ample policy space - to both save jobs as well as support minimum living standards for households. In the policy paper on the Asia Pacific region issued last week (March 26), Escap noted that while exact data on the impact of the pandemic on employment remained unavailable, "the impact is likely to be substantial as services and labour-intensive manufacturing comprise over 80 per cent of the region's informal sector and small and medi...
SE Asia Stocks-Vietnam leads plunge as region battered by oil rout
Asia, China

SE Asia Stocks-Vietnam leads plunge as region battered by oil rout

* Vietnam marks worst day since March 30    * Malaysia's worst session in over four weeks Southeast Asia markets closed lower ledby Vietnam stocks on Tuesday, rattled by a historic crash inU.S. oil prices that laid bare the disruption caused by thecoronavirus pandemic.     The plunge, which pressured global markets, was a result ofa storage squeeze which turned holders of U.S. crude contractsexpiring later on Tuesday to forced sellers. This amid a lack ofdemand for oil as countries around the world observe lockdownsto curb the spread of the coronavirus.    "The impact of negative oil means different things fordifferent Asian economies - but if you have to generalize, itisn't great news," Robert Carnell, regional head of research,Asia-Pacific at ING, wrote in a note.    Such a big negative ...
Facebook, three Indonesian firms in early talks for mobile payment approval: sources
Asia, China

Facebook, three Indonesian firms in early talks for mobile payment approval: sources

Facebook Inc is preparing to apply for regulatory approval in Indonesia to launch mobile payments in partnership with three local digital fintech firms, people familiar with the matter told Reuters. The plan, if approved, could be among the first such services under the unified payment service Facebook Pay it, which the social media platform unveiled in November. It allows users across its various platforms including WhatsApp and Instagram to make payments without exiting the app. The move comes amid early partnership talks between the social network and ride-hailing and payments firm Gojek. Four sources said Facebook wants to capitalize on the Indonesian market and is preparing for regulatory approval in the country. The three e-wallet operators are Indonesian ride hailing firm Gojek’s Go...
Rationale behind issuance of Indonesia’s ‘pandemic bond’
Asia, China

Rationale behind issuance of Indonesia’s ‘pandemic bond’

Earlier this month, the Indonesian government issued a series of three sovereign US dollar-denominated bonds totaling US$4.3 billion. The three bonds are the RI1030, worth $1.65 billion with a tenor of 10.5 years, the 30.5-year RI1030 worth $1.65 billion, and the 50-year RI0470 worth $1 billion. The last has the longest tenor among dollar-denominated bonds issued in Asia. Indonesia is also the first country in the region to issue global bonds as a response to the COVID-19 pandemic. The issuance of the "pandemic bond" series is one of the most visionary measures stipulated in regulation in Regulation in lieu of Law (Perppu) No. 1/2020 on state finance and financial system stability, in addition to the fiscal stimulus deployment, the budget deficit cap adjustment to above 3 percent, and the ...
Bank Indonesia buys $108m of government bonds at auction, first time since rule change
Asia

Bank Indonesia buys $108m of government bonds at auction, first time since rule change

Bank Indonesia (BI) directly purchased Rp 1.7 trillion (US$108 million) worth of sharia sovereign bonds during an auction held by the government on Tuesday, the first such direct purchase since the government issued the COVID-19 stimulus playbook. The central bank acted as a noncompetitive bidder during the auction and only bought “a small portion” of the bonds in order to maintain low inflation levels, BI Governor Perry Warjiyo said. The government pocketed a total of Rp 9.98 trillion of proceeds from the auction to finance the country’s widening budget deficit. “BI acts as the last resort when the market is unable to absorb all of the offers,” Perry told reporters during a regular media briefing on Wednesday. “We projected that most of the bonds would be absorbed by the market and the ce...