Foreign Exchange
India, Maldives ink deal to promote local currencies for cross-border trade
India, Maldives ink deal to promote local currencies for cross-border trade
Both countries aim to reduce costs and expedite settlement times for transactions.
Malaysia fines money changer for customer due diligence lapses
BSB Darussalam has paid the $7,000 penalty.
BofA launches guaranteed FX rates with up to a 1-year tenor
The 1-year tenor is available in 37 currency pairs.
Japan and Indonesia renew their bilateral swap agreement
The size of the BSA is up to $22.76b or its equivalent Japanese yen.
Citi poaches JPMorgan banker to lead FX institutional sales in 4 APAC regions
Anand Goyal will begin in December, and will be based in Singapore.
Korea, Turkey renew bilateral swap agreement
The extension is effective for a period of 3 years beginning August 2024.
Philippine central bank rolls out Intraday Settlement Facility
The ISF is designed to support a paperless process.
Philippine regulators amend FX regulations, set penalties
A maximum penalty of $17,130 is set for each transactional violation.
Philippine remittances up 3.7% to $2.88b in May
Cumulative personal remittances rose by 3% during the month.
Krungsri sees FX profits rise 21% in Q1
Digital FX transactions is 64% higher year-to-date.
HSBC, Visa team up to develop multi-currency app Zing
Users can hold funds in 10 different currencies and transact in 200 countries.
APAC emerging markets buck global remittance decline
China, India, and the Philippines remain “bright spots” for remittance activity, says Visa.
Overseas Filipinos’ personal remittances up 3.1% in April
Remittances from the US, Saudi Arabia, and Singapore all grew.
Singapore, Japan renew bilateral swap arrangement
Singapore can swap up to $3b whilst Japan can swap up to US$1b.
China, Thailand ink MOU to enhance local currency use
They will also promote cross-border payment and settlement.
Deutsche Bank appointed by Euroclear as cash settlement and forex bank in Korea
It involves bond activities for Korea Treasury Bonds and Monetary Stabilization Bonds.
PH central bank revokes license of local money changer
Money changer NIKKO reportedly committed “serious violations” of money laundering laws.
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