Tencent and Alibaba licenced to compete world’s biggest banks to offer Hong Kong banking

Tencent and Alibaba are set to compete with some of the world’s biggest banks including HSBC and Standard Chartered as Hong Kong opens up its market to online competitors. The Hong Kong Monetary Authority has issued virtual banking licences to China’s top technology groups, adding to the growing number of companies that have already been approved to provide digital services in the Asian financial hub. China’s Xiaomi, the world’s fourth largest smartphone maker, and PingAn, the world’s largest insurer, were also granted a licence on Thursday by the city’s banking…

Read More

Ethiopians in diaspora allowed to invest in banking, insurance sectors after a precedence setting court victory in 2017 by Sophia Bekele

“Sophia took up the gauntlet and headed to the court to vindicate her right” The National Bank of Ethiopia (NBE), the agency in charge of regulating the financial sector of the country, will soon introduce a new regulation that will allow Ethiopians in the diaspora to invest in the financial sector that includes banking, insurance and micro finance. The Council of Ministers during its extraordinary meeting approved the Draft Banking Business Proclamation, allowing Diaspora citizens to establish banks in Ethiopia. This was indicated by Yinager Desse (PhD), Governor of NBE,…

Read More