in Hong Kong Payment/Mobile Wallet
|
|
- Ronald Baldwin
- 6 years ago
- Views:
Transcription
1 Industry Report Fintech in Hong Kong Payment/Mobile Wallet 1 APRIL 2018 Contacts David Chung Director (852) david.chung@dagonghk.com A complicated Ecosystem Recently, we have seen a surge in the number of offerings in the HK Payments space. This report discusses some of its recent trends. In addition to the 16 Stored Value Facilities (SVF) operators, there are a number of other payment operators such as those from tech (namely, ApplePay, SamsungPay, AndroidPay) and the more traditional card operators (namely, MasterCard, VISA, JETCO and UnionPay). These operators can also cooperate, further complicating the market ecosystem. This is not to mention they are already in competition with the physical credit cards and Octopus. SVF mainly limited to point of sale currently HKMA statistics revealed that in HK, there are more than 6 SVF accounts per capita (with Octopus having a ~74% market share). SVF accounts grew at almost 15% annualized in 9M17. 97% of the number of transactions are point-of-sale, which is likely attributable to transport and small transactions in grocery stores as the average point-of-sale transaction is about HKD14. In terms of value of transactions, point-ofsale accounted for 60% and online 40%, mainly due to the average online transaction being about HKD320. Using data from Octopus, we estimate further the total size of the SVF market by turnover at about HKD1bn. Octopus has a Net Margin of just over 40% with revenue as % of the value of transaction at ~1.5%, which should be mostly bore by the merchants currently. HKers not fully utilizing their phones yet Having looked at a number of surveys (Google, Mastercard, Paypal), we have several observations: 1) mobile banking/payments are not really penetrated into some of its supposed target market such as the low income segment; 2) as expected, younger generations are more receptive; 3) HK consumers are active in online purchases but not through their mobile phones; 4) HK merchants still need to catchup with regards to accepting payments online. The penetration rate of EFT-POS terminals at merchants is high at >70% in HK. This combined with the 2.6 credit cards per person are some of the key reasons for the relative slow development in mobile payments. Apps Review shows startup/tech leading We have done an Apps Review based on the scores at the ios App Store and Google Play. We found that the new and specialized names such as TNG has a relatively high score while the more traditional names such as PPS, Octopus, Tap & Go and Payme (HSBC) are relatively mediocre. Tech operators such as AlipayHK also scores relatively high. We also note the significantly higher number of reviews for some of these apps such as TNG, Octopus in Google Play compared with the ios App Store The Center, 99 Queen s Road Central, Hong Kong
2 Fintech in HK an overview According to a Financial Services Development Council report in May 2017, The Future of FinTech in Hong Kong, there are about 160 FinTech start-ups in HK. EY Fintech quotes the HK FinTech workforce at about 8,000 or about 3.6% of the total employed within the Financing and Insurance sector. In the same report, 5 key areas for Fintech in HK was identified, namely, Cybersecurity Payments and Securities Settlement Digital ID and KYC Utility WealthTech and InsureTech RegTech Separately, according to a PWC survey completed in Dec 2016 with over 1,300 responses, 82% of financial institutions in HK plan to increase partnerships with Fintech over the next 3-5 years. 14% of their annual turnover is allocated to Fintech (this compares with 15% globally, 32% China, 15% US, 9% UK and 13% Singapore). Recent government budgets have continued to express support for the industry while regulators such as the HKMA, SFC and Insurance Authority also have their own supporting measures. In terms of funding, the Innovation and Technology Fund (ITF), the Innovation and Technology Venture Fund and the Cyberport Macro Fund has a combined pool of about HKD5bn (if including the potential for 40% matching of industry contributions to ITF supported projects). Additionally, according to the Secretary for Financial Services and the Treasury back then, there were USD370m VC investment in Fintech from Jan 14 to Sep 16 2
3 Payments/Mobile Wallets in HK In this report, our focus is on Payments/Mobile Wallets. The Stored Value Facilities (SVF) Ordinance was introduced on November 13, The HKMA currently has granted 16 stored value facilities (SVF) licenses as per below. 33 Financial Services Limited, Alipay Financial Services (HK) Limited, Autotoll Limited, Bank of Communications Co., Ltd., Dah Sing Bank, Limited, epaylinks Technology Co., Limited, HKT Payment Limited, Hongkong and Shanghai Banking Corporation K & R International Limited, Octopus Cards Limited, Optal Asia Limited, PayPal Hong Kong Limited, TNG (Asia) Limited, Transforex (Hong Kong) Investment Consulting Co., Limited UniCard Solution Limited and WeChat Pay Hong Kong Limited. 13 of them are mobile e-wallet service providers and 3 (highlighted in bold) are banks. Note that the list above does not include ApplePay, SamsungPay, AndroidPay, MasterCard, VISA, JETCO and UnionPay, which according to our understanding, should imply that these/their apps cannot store value unless they partner with one of the above companies. For example, Tap & Go with MasterCard, Octopus with Samsung Pay (Smart Octopus). The table below is a comparison of 5 E-wallets in HK from the website MoneyHero though this was done back in Sep 16 so some of the features could have being updated. Source: MoneyHero - It is interesting to note that some E-wallets such as WeChat Pay and Alipay rely more on QR code scans while some rely more on near-field communications (NFC) such as Octopus and ApplePay. QR code seems generally easier and more cost effective to introduce from the merchant perspective. NFC requires a terminal and it appears that other SVFs would not be compatible with the Octopus terminals. 3
4 The Stats 4Q16 1Q17 2Q17 3Q17 Total number of SVF accounts in use ('000) 40,491 42,036 43,480 44,850 Total SVF float and deposit (HK$ Mn) 6,784 6,916 7,212 7,521 Number of transactions ('000) Point-of-sale 1,366,980 1,323,932 1,330,188 1,378,962 Online 41,341 32,242 37,160 41,683 Total Spending Payment 1,408,321 1,356,174 1,367,348 1,420,645 P2P Funds Transfer ,213 Total 1,408,571 1,356,657 1,368,016 1,421,858 Value of transactions (HKD m) Point-of-sale 18,074 17,875 18,903 19,983 Online 11,650 11,561 12,293 13,676 Total Spending Payment 29,724 29,436 31,196 33,659 P2P Funds Transfer Total 30,261 29,968 31,812 34,501 HKMA publishes quarterly statistics on SVF schemes based on data from the 16 SVF licensees beginning from March We have summarized the data in the table. Source: HKMA, Dagong Our observations are summarized below: According to the HK Census and Statistics Department, the population of HK is about 7.4m as at end of With around 45m SVF accounts in circulation, this implies more than 6 SVF accounts per capita. Other than each person holding multiple cards, we think this could also be due to the around 26m overnight visitors per annum. According to the Octopus website, there are more than 33m Octopus cards in circulation (or 99% of people in Hong Kong using Octopus cards according to the Octopus website). This implies o Octopus has a ~74% market share in the SVF market by number of accounts; o There are more than 10m other SVF accounts in circulation. Total number of SVF accounts in use is growing at almost 15% annualized (with the float growing at a similar pace). There is almost USD1bn in float how is this managed or invested? 97% of the transactions are point-of-sale, which we think is likely attributable to transport and small transactions in grocery stores as the average point-of-sale transaction is about HKD14. Looking at value of transactions though, we see a different picture with point-of-sale accounting for 60% and online 40%. This is because the average online transaction is about HKD320. A primitive calculation using HK retail sales data suggests online is about 10% of total retail sales value. Finally, P2P Funds Transfer is showing significant growth in number of transactions though its value per transaction is also falling likely indicating more common use by the mass market. 4
5 HKers not fully utilizing their phones yet According to a Google whitepaper published in Sep 17, 81% of HK mobile users believe they are digital savvy people, however, their actual behavior indicates only 42% are. The same research found that only slightly more than half of the survey participants use mobile banking and mobile contactless payments while only a third use P2P mobile transfer. It also found that high monthly household income (64% of participants) and years old (60% of participants) are more likely to use these smarter finance digital activities. These seem to imply that Mobile banking/payments are not really penetrating into its supposed target market, ie, the lower income segment, to help them save cost/improve convenience; It may still take time for the people in HK to adapt to these smarter finance digital activities as the older generation still mostly prefers cash or other traditional methods such as Octopus. Another survey published in April 17, the Mastercard Survey, revealed that 88% of HK respondents made at least one online purchase in the past 3 months, which ranks HK 10 th in Asia, though we note the difference is relatively small compared to the other Asia countries. However, only 44% made at least one mobile phone purchase in the past 3 months, which ranks 11 th in Asia but with a much larger difference. Percentage of respondents who have made at least one mobile purchase in the past three months in Asia Pacific. Source: MasterCard, Dagong Vs. Percentage of respondents who have made at least one mobile purchase in the past three months in Asia Pacific. Source: MasterCard, Dagong Therefore, it appears HKers are mostly receptive to online purchases but not necessarily through their mobile phones yet and perhaps that s where the opportunities lie. 5
6 Going cardless, not just cashless A study from Paypal published in Aug 17 suggests cash payments only account for 44% for people in HK, which is below the Asia average. That is, HK is already relatively cashless compared to Asia. Percentage of respondents who answered cash is the most often payment method they used. Source: Paypal However, the same study also revealed that only 53% of HK merchants are accepting payment from consumers online via internet banking, which is lower than the 64% Asia average. Percentage of merchants accepting payment from consumers online via internet banking. Source: Paypal This appears to suggest that HK consumers may have appetite to go more online/cashless, however, this is not matched by merchants. Could this be due to added monetary cost, inconvenience or security issues bore by the merchants? 6
7 Credit card is clearly an important substitute product to mobile payments/e-wallets The below is a diagram from the prospectus of EFT Solutions Holdings Limited (8062 HK) that illustrates the card payment flow process. According to data from the HKSAR Census and Statistics Department and Frost & Sullivan, the consulting firm, as at 2015, there are about 115,000 merchants in HK and the number of establishment using EFT-POS terminals was about 82,000 leading to a penetration rate of 72%. The latest HKMA data indicates that there are almost 19.5m credit cards in circulation in HK by 3Q17 implying 2.6 card per person. The relatively high penetration rates of credit cards in terms of both merchants and users, the ease of use and the overall population s confidence in financial institutions, in our opinion, are the possible key reasons for the relatively slow development of mobile payments in HK. While we understand that certain promotions could boost mobile payment uses in short periods, we think more drastic changes may be required to structurally change the habit. Other than that and without stating the obvious, new payment apps will need to target certain niche segments, which have been underserved by the more traditional financial players. For example, TNG with the Philippines helper market, which do not have easy access to banking. 7
8 Octopus is another important substitute product especially with low value transactions According to Octopus, there are more than 7,000 service providers covering about 20,000 outlets that were accepting Octopus as at end of We take a look at some of its figures based on its website and 2016 annual report. Source: Octopus, Dagong Our observations again are summarized below: The market size of the total SVF market by turnover is about HKD1bn. Octopus appears to have a relatively stable Net Margin of just over 40% if we simply divide its Net Profit by Revenue. Both revenue and net profit are growing at a relatively healthy rate. Net Profit per card is about HKD12 though we have not accounted for the inactive cards implying the actual figures could be higher. However, we would also note that most of Octopus infrastructure has been setup so for a new entrant, the initial expenses could be higher. As noted previously in the report, Octopus has a ~74% market share in the SVF market by number of accounts. However, by both number and value of transactions, we estimate this increases to ~90%. This implies the other SVF accounts are even more dormant. Revenue as % of the value of transaction is ~1.5%. We think this cost is mostly bore by the merchant currently. 8
9 The Apps Review The below is a list of the apps review we could gather from the ios App Store and Google Play. Note that we have not included some apps as they are either unavailable (such as ApplePay, which is only available for the ios App Store) or inappropriate (such as WePay, which is linked to the WeChat app so there is no specific review for WePay as such). We note a number of observations from these figures: Most of these apps score higher in Google Play than the ios App Store, which seems interesting since Google Play also has higher number of reviews. The higher number of reviews in Google Play is likely a reflection of its more dominate position in terms of app downloads. According to appannie.com, in 4Q17, worldwide downloads on Google Play exceeded 19 billion, or 145% of the Apple Store. Therefore, perhaps the higher reviews is due to a relatively better app given the higher user level. However, it is worth noting that (according to the same report) ios accounted for USD11.5bn of worldwide consumer spend in 4Q17, which is a nearly 2x lead over Google Play. This implies the per app spend for ios is much higher, which should mean developers pay more attention to ios. That said, if we just use the number of reviews as a very crude index comparing the number of downloads/users, the difference is quite phenomenal for some of these apps such as TNG, Octopus. This could be also a reflection of their respective targeted markets, which for TNG, is more niche while Octopus is more mass market. The new and specialized names such as TNG has a relatively high score while the more traditional names such as PPS, Octopus, Tap & Go and Payme (HSBC) are relatively mediocre. Clearly, strong user experience is a key differentiator for new names while the traditional names can rely more on their existing customer base/reputation. Tech operators such as AlipayHK also scores relatively high. ios App Store Google Play Review Score Number of Reviews Review Score Number of Reviews Weighted Score TNG Wallet , KeyChain Pay AlipayHK 4.2 1, , Finance na na PPS , Octopus , JetcoPay Tap & Go , Payme (HSBC) 2.6 1, , Data as at Feb 18; Source: ios App Store, Google Play, Dagong 9
10 Disclaimer THE CREDIT RATINGS OR RESEARCH ISSUED BY DAGONG GLOBAL CREDIT RATING (HONG KONG) CO., LIMITED ( DAGONG HK, US, WE, OR OUR ) REFLECT OUR OPINION ON THE CREDIT CONDITION OF THE SUBJECT AND/OR INDUSTRY, WHICH INCLUDES THE ENTITY AND/OR ITS RELATED DEBT INSTRUMENTS (IF APPLICABLE), AS OF THE DATE THE CREDIT RATINGS OR RESEARCH IS ISSUED. NONE OF THE INFORMATION CONTAINED IN THE CREDIT RATINGS OR RESEARCH ISSUED BY DAGONG HK, NOR THE PUBLICATION ITSELF, SHALL BE CONSIDERED A RECOMMENDATION TO BUY, SELL, OR HOLD ANY SECURITY. THE CREDIT RATINGS OR RESEARCH IS NOT INTENDED TO ADDRESS AND/OR REFLECT THE MARKET VALUE OF THE RATED ENTITY AND/OR ITS RELATED DEBT INSTRUMENTS (IF APPLICABLE). DAGONG HK ASSUMES NO RESPONSIBILITY FOR ANY LOSS OR DAMAGE ARISING FROM USE OF THE CREDIT RATINGS OR RESEARCH WE PRODUCE. IN RELATION TO PROVIDING CREDIT RATING SERVICES AND PRODUCING RESEARCH, DAGONG HK RELIES ON FACTUAL INFORMATION PROVIDED BY THE RATED ENTITY AND/OR ACQUIRED FACTUAL PUBLIC INFORMATION. DAGONG HK ENDEAVORS TO ENSURE THAT THE INFORMATION USED IN THE CREDIT RATINGS OR RESEARCH IS OF SUFFICIENT QUALITY; HOWEVER, NO AUDIT IS CONDUCTED BY DAGONG HK, AND NO IMPLICIT OR EXPLICIT GUARANTEE IS MADE OR SHALL BE ASSUMED FOR THE ACCURACY, CORRECTNESS, TIMELINESS, AND/OR COMPLETENESS OF THE FACTUAL INFORMATION AVAILABLE. The credit ratings included in the rating report were solicited and disclosed to the rated entity prior publishing. Neither the rated entity nor its related party did not participate in the credit rating process aside from providing the information requested by Dagong HK s rating team. The credit ratings or research issued by DAGONG HK is not intended for distribution to, or use by, any person in any jurisdiction where such usage would infringe the law. Any user accessing information available through the research is responsible for consulting the relevant agencies or professionals accordingly and for complying with applicable laws and regulations. The contact information for the Complaint Officer is available at DAGONG HK expects and understands that users of the credit ratings or research provided by DAGONG HK are professionally trained and capable of exercising independent assessments when making investment and business decisions. None of the content related to the credit ratings or research produced by DAGONG HK may be modified, reproduced, distributed, or reverse engineered without prior written consent from DAGONG HK. For any further information on key elements underlying the rating and rating procedures, please refer to the following link: DAGONG HK is a subsidiary of Dagong Global Credit Rating Co., Ltd. The Credit Rating Committee of DAGONG HK is responsible for and reserves the ultimate power of interpretation for the methodology used in its independent credit ratings or research. Copyright Dagong Global Credit Rating (Hong Kong) Co., Limited 10
INTRODUCING THE HSBC HK EASY INVEST APP
News Release 20 October 2017 INTRODUCING THE HSBC HK EASY INVEST APP ***An innovative stock trading app in Hong Kong with tradable and interactive charts, personalised news and other new and smart features***
More informationNational real estate sales volume normalize to 2.3% YoY in 2M18. Low inventory level to mitigate the risk of sharp property price correction
Industry Report China Property 1 APRIL 2018 Contacts Dagong Global Credit Rating (HK) Co. Ltd Tel: (852) 3615 8605 contact@dagonghk.com National real estate sales volume normalize to 2.3% YoY in 2M18 National
More informationGeneral Terms and Conditions on BOC Credit Card Up to HK$4,000 Cash Rebate Program :
General Terms and Conditions on BOC Credit Card Up to HK$4,000 Cash Rebate Program : 1. BOC Credit Card Up to HK$4,000 Cash Rebate Program (the Promotion ) is only applicable to BOC Credit Card, BOC Dual
More informationRequirement(s) for each Designated Transaction during the Promotion Period ( Eligible Transaction )
Terms and Conditions of "Online Transaction Lucky Draw":. The promotion period of "Online Transaction Lucky Draw" ("Lucky Draw") starts from 6 November 207 to 3 December 207 (both dates inclusive) ("Promotion
More informationPAYME INTRODUCES HSBC BANK ACCOUNT TOP-UP & HIGHER LIMITS More Flexibility and Even Greater Payment Options
News Release 19 June 2018 PAYME INTRODUCES HSBC BANK ACCOUNT TOP-UP & HIGHER LIMITS More Flexibility and Even Greater Payment Options HSBC announced today that PayMe users will be able to top up their
More informationMARKET SUMMARY MALAYSIA. Data snapshot. Business and economic growth
1 THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY - MARKET SUMMARY: MALAYSIA MARKET SUMMARY MALAYSIA Data snapshot Business and economic growth Small es that expect to grow in next 12 months (Malaysia
More informationGeneral Terms and Conditions: 1. Up to HK$1,100 Cash Rebate at Broadway, Up to 40% off on Selected Items, the Interest-free Purchase Instalment
General Terms and Conditions: 1. Up to HK$1,100 Cash Rebate at Broadway, Up to 40% off on Selected Items, the Interest-free Purchase Instalment Program and Instant Rewards (The Program ) runs from 1 September
More informationTHE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2017
THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY GENERAL REPORT FOR AUSTRALIA, MAINLAND CHINA, HONG KONG, INDONESIA, MALAYSIA, NEW ZEALAND, SINGAPORE AND VIETNAM Legal notice CPA Australia Ltd ( CPA
More informationMacro outlook March 2019
Macro outlook 219 March 219 Asia: Brace, brace Asia has started to loose some steam of late PMI manufacturing orders (3 mma) 54 53 52 51 5 49 48 47 46 Dec-11 Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16
More informationHSBC Collective Investment Trust HSBC Asia Pacific ex Japan Equity Volatility Focused Fund
Important information: The Fund invests mainly in Asia Pacific ex Japan Equity. The Fund is subject to the risks of investing in emerging markets. The Fund may invest in financial derivative instruments
More information70% 50% 2017 Rank Survey average
1 THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY - MARKET SUMMARY: HONG KONG MARKET SUMMARY HONG KONG 5 Data snapshot Business and economic growth 90% Small es that expect to grow in next 12 months
More informationMARKET SUMMARY VIETNAM. Data snapshot. Business and economic growth. Small businesses that expect to grow in next 12 months (Vietnam against survey
1 THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY - MARKET SUMMARY: VIETNAM MARKET SUMMARY VIETNAM Data snapshot Business and economic growth Small es that expect to grow in next 12 months (Vietnam
More informationForward-looking Statements
2017 Annual Results Forward-looking Statements This presentation and subsequent discussion may contain certain forward-looking statements with respect to the financial condition, results of operations
More informationEnjoy Welcome Offer up to total 360,000 FWC Points in exchange for 8 sets of roundtrip Business Class Award Ticket* to Japan
Enjoy Welcome Offer up to total 360,000 FWC Points in exchange for 8 sets of roundtrip Business Class Award Ticket* to Japan Enjoy up to 15,000 FWC Points in exchange for round-trip Award Ticket* to Taipei
More informationINDUSTRY OVERVIEW. The global, PRC and Hong Kong economies are assumed to maintain a steady growth over the forecast period; and
Certain facts, statistics and data presented in this section and elsewhere in this document have been derived, in part, from government official publications that we believe to be reliable and appropriate
More informationChina Life Insurance Sector
Research Sector Report Hong Kong China Undervalued; Maintain Positive on long-term outlook China has released a series of policies for the insurance sector following the third Plenum of China. Some policies
More informationAsia Bond Monitor November 2018
7 December 8 Key Developments in Asian Local Currency Markets T he monetary board of the Bangko Sentral ng Pilipinas decided to keep its key policy rates steady during its final meeting for the year on
More informationFinancial Inclusion and Social Network
Financial Inclusion and Social Network China Experience Young Jiang A Survey on Mobile Payments Penetration India and China are the top two countries with the highest mobile payments penetration rate 90%
More informationCredit Card Business in Thailand
Credit Card Business in Thailand Chinnawut Jedsadayanmeta Consultant Credit card business in Thailand is expected to grow at 7.5% over the next few years 1 due to several factors including the rise of
More information- Public Bank ATM/CDM RM FPX (Financial Process Exchange) RM MobiltyOne * RM EPay * RM MPay Authorised Agent * RM1.
1. What is this product about? MPay Balance Account is an account that you can open online, anytime and anywhere without going into a physical office, giving you immediate usage of the account. Once you
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Spain
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Spain Introduction Beset by political unrest in Catalonia in 2017, Spain's economic growth is predicted to slow slightly but remain
More informationAddressing Three Questions About The Hong Kong Economy
Ryan Lam, CFA Senior Economist ryancwlam@hangseng.com Addressing Three Questions About The Hong Kong Economy In this note, we address what we believe are some of the most important questions in assessing
More informationTHE ONE IN ALL APP WECHAT MATTHEW BRENNAN CHINACHANNEL.CO
THE ONE IN ALL APP WECHAT MATTHEW BRENNAN CHINACHANNEL.CO THE REPULIC OF THE PEOPLE S REPULIC OF & AVERAGE HRS CHINESE SPEND PER MONTH USING MOBILE APPS 75.1 95.0 = 2.42 HRS PER DAY = 3.06 HRS PER
More informationGet Local, Globally! How having a local presence can optimise your payments.
Get Local, Globally! How having a local presence can optimise your payments. Linus Goh Business Development Director, Global ecom Industry trends There are more consumers than ever before Emerging markets
More informationForward-looking Statements
2018 Annual Results Forward-looking Statements This presentation and subsequent discussion may contain certain forward-looking statements with respect to the financial condition, results of operations
More informationChow Tai Fook (1929 HK)
Equity Research Consumer Discretionary Chow Tai Fook (1929 HK) Accumulate Target price: HK$11.60 3QFY15 sales disappoint SSS plunge 21% YoY in HK and Macau The sluggish sales was attributable to protest
More informationAIA Singapore Launches FIRST-IN-MARKET Mobile Application for Employees to View Their Employee Benefits and Submit Insurance Claims on the Go
AIA Singapore 1 Robinson Road, AIA Tower Singapore 048542 T : 1800 248 8000 AIA.COM.SG Real change to health begins at AIAVitality.com.sg Media Release FOR IMMEDIATE RELEASE AIA Singapore s innovation
More informationSummer Spending Reward Program
Summer Spending Program Earn up to 470,000 bonus point 1 to redeem 39,000 miles 2 or HK$1,880 spending rebate 1 Enjoy your summer shopping fun by using Bank of Communications Credit Card! Register and
More informationIntroduction to Token Sales (ICO) Best Practices
www.pwchk.com Introduction to Token Sales (ICO) Best Practices US$ million What is a token sale? A token sale also commonly referred to as a initial coin offering ( ICO ) * is a limited period of sale
More informationAsianBondsOnline WEEKLY DEBT HIGHLIGHTS
AsianBondsOnline WEEKLY 9 January 7 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Consumer price inflation in Indonesia eased to.% year-on-year (y-o-y) in December from.6% y-o-y
More informationPower. Schroder Asian Income. your way to higher yields. p.a.
Schroder Asian Income POTENTIAL PAYOUTS 6% PAID MONT HLY* p.a. Power your way to higher yields * It is Schroder Investment Management (Singapore) Ltd s (the Manager s ) current intention to declare distributions
More informationEmployer s Guide. mpf.aia.com.hk
Employer s Guide mpf.aia.com.hk The information stated or expressed in this document is for reference purpose only. This document has been produced to help you better understand your MPF scheme and its
More informationWHITEPAPER REDEFINING DOMESTIC PAYMENT SCHEMES: Next-generation payment technology creates new opportunities for central banks
WHITEPAPER REDEFINING DOMESTIC PAYMENT SCHEMES: Next-generation payment technology creates new opportunities for central banks Contents Executive summary 1 Creating financial inclusion 1 Developing a cash-lite
More informationMARKET SUMMARY AUSTRALIA. Data snapshot. Business and economic growth
1 THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY - MARKET SUMMARY: AUSTRALIA MARKET SUMMARY AUSTRALIA Data snapshot Business and economic growth 90% Small businesses that expect to grow in next 12
More informationLuk Fook (590 HK) Hold (downgraded) Target price: HK$ HFY18 results beat, but downgrade from Accumulate to Hold on rich valuation
Equity Research Consumer Discretionary Luk Fook (590 HK) Hold (downgraded) Target price: HK$34.80 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong) Brokerage
More informationSafeguarding Growth Account Opening Guide for Businesses in Hong Kong
Safeguarding Growth Account Opening Guide for Businesses in Hong Kong Y7-E0-OTHE1201-SEP01 Issued by The Hongkong and Shanghai Banking Corporation Limited 02 INTRODUCTION Safeguarding your finances with
More informationPICC Group (1339 HK)
Equity Research Financials PICC Group (1339 HK) Accumulate (Maintained) Target price: HK$4.40 Company undervalued; maintain Accumulate Positive signs for both the P&C sector in China and PICC P&C We see
More information2014/2015 Survey of Results and Assumptions for Actuarial Valuations of Defined Benefit Schemes in accordance with
2014/2015 Survey of Results and Assumptions for Actuarial Valuations of Defined Benefit Schemes in accordance with Hong Kong Accounting Standard 19 Employee Benefits Survey of Results and Assumptions for
More informationBank of Mauritius. National Payment Switch
Bank of Mauritius National Payment Switch January 2016 1 Introduction The Bank of Mauritius (Bank) is empowered under the Bank of Mauritius Act to safeguard the safety, soundness and efficiency of payment,
More informationThe Scheme. Trustee. MassMutual Trustees Limited 4/F & 12/F MassMutual Tower 38 Gloucester Road Wanchai, Hong Kong. Investment Manager.
A The Scheme Trustee MassMutual Trustees Limited 4/F & 12/F MassMutual Tower 38 Gloucester Road Wanchai, Hong Kong Investment Manager Allianz Global Investors Asia Pacific Limited 27/F, ICBC Tower, 3 Garden
More informationWebinar: China 2016 Financial Industry Trends and Outlook January 13th, :00 17:45 Beijing Standard Time
Webinar: China 2016 Financial Industry Trends and Outlook January 13th, 2016-17:00 17:45 Beijing Standard Time The webinar will start in a few minutes. For more information and to sign-up to our monthly
More informationAnta Sports (2020 HK)
Equity Research Consumer Discretionary Anta Sports (2020 HK) Buy (maintained) Target price: HK$18.50 Strong FY14 results; order book momentum maintained FY14 results above expectation Net profit jumped
More informationARE CANADIANS MAKING EMBARRASSING FINANCIAL DECISIONS?
September 2016 ARE CANADIANS MAKING EMBARRASSING FINANCIAL DECISIONS? Results from a 2016 survey of 2,501 Canadians Choice matters. But not where you think. Canadians love to shop around. We compare brands
More informationASF Hong Kong Market Report
HONG KONG ECONOMY ASF 2016 - Hong Kong Market Report Background As everyone knows, Hong Kong has a very good geographic location, it is surround by sea and backup by a huge China market. HK has taken a
More informationAnnual Results. IGG Inc March 2018
Annual Results IGG Inc March 2018 Disclaimer This presentation and the accompanying slides (the Presentation ) do not constitute any offer or invitation to purchase or subscribe for any securities, and
More informationBANKING IN CHINA TEN PRACTICES YOU NEED TO UNDERSTAND
INTERNATIONAL SERVICES BANKING IN CHINA TEN PRACTICES YOU NEED TO UNDERSTAND By Chris Chen, CertICM, Representative, PNC s Shanghai Representative Office This whitepaper focuses on the top 10 concepts
More informationG5 Entertainment Quarter Update Q1 16
May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 Quarter Update Q1 16 Share Price Market Capitalisation Target Price 30.7 SEK 270.2 msek 44.0 SEK Last updated on the
More informationChow Sang Sang (116 HK)
Equity Research Consumer Discretionary Chow Sang Sang (116 HK) Hold (maintained) Target price: HK$14.00 1H16 China sales outperformed peers; still cautious on HK market Maintain Hold We revise down our
More informationHK Retail Sector Monthly
Equity Research Consumer Discretionary May 4, 218 HK Retail Sector Monthly March retail sales jump 11.2%; momentum continued into April and Labor Day holiday Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk
More informationAPPLE BLOCKCHAIN COIN
APPLE COIN www.apcoin.co APPLE BLOCKCHAIN COIN The world s advanced blockchain based platform with Secure, Fast and Infinite Opportunities. WHITEPAPER THE NEXT GLOBAL PAYING WHITEPAPER Introduction APPLE
More informationLeju Holdings (LEJU US)
Equity Research Property Leju Holdings (LEJU US) Hold (Initiation) Target price: US$16.00 Fairly valued major real estate services provider; initiate at Hold Major real estate services provider in China
More informationGet Local, Globally! How having a local presence can optimise your payments. Juan D Antiochia General Manager Latin America, Global ecom
Get Local, Globally! How having a local presence can optimise your payments Juan D Antiochia General Manager Latin America, Global ecom Industry trends There are more consumers than ever before Emerging
More informationMARKET SUMMARY NEW ZEALAND. Data snapshot. Business and economic growth
1 THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY - MARKET SUMMARY: NEW ZEALAND MARKET SUMMARY NEW ZEALAND Data snapshot Business and economic growth 90% Small businesses that expect to grow in next
More informationPayment Painkillers for asian PsPs:
Payment Painkillers for asian PsPs: identifying the opportunities and tackling the challenges for asian businesses making payments into europe the network for GloBal CommerCe PAYMENT PAINKILLERS FOR ASIAN
More informationTechnology. Internet The Mobile App Economy. Citigold Private Client 4Q Selection is key...
Technology Internet The Mobile App Economy Selection is key... After generating over 120% returns in 2013, Citi s Internet index of 79 companies is down 2.3% YTD through 10 October 2014, as compared to
More informationInterim Results. IGG Inc August 2017
Interim Results IGG Inc August 2017 Disclaimer This presentation and the accompanying slides (the Presentation ) do not constitute any offer or invitation to purchase or subscribe for any securities, and
More informationBANK OF THE FUTURE COMBINING CONVENIENCE OF PLASTIC CARDS AND INDEPENDENCE OF BLOCKCHAIN FOR 2 BILLION TRANSACTIONS
BANK OF THE FUTURE COMBINING CONVENIENCE OF PLASTIC CARDS AND INDEPENDENCE OF BLOCKCHAIN FOR 2 BILLION TRANSACTIONS White Paper 2017 STEP-BY-STEP INTRODUCTION 1 2 3 4 5 6 7 ABOUT US PROBLEMS WE SOLVE 5
More informationDollarama Inc. Q4 F2017 Results. A straight-forward beat and other notable business updates HIGHLIGHTS. The NBF Daily Bulletin.
DOL (T) $110.88 Stock Rating: Outperform (Unchanged) Target: $122.00 (Was $113.00) Risk Rating: Below Average (Unchanged) Est. Total Return: 10.4% Stock Data: 52-week High-Low (Canada) Bloomberg $104.94
More informationS p e c i a l R e p o r t
S p e c i a l R e p o r t U.S. Economic Indicators Powered by This report is based upon information we consider reliable, but its accuracy and completeness cannot be guaranteed. Information provided is
More informationGathering momentum. BUY Target Price: HK$2.70 (+37%) Price: HK$1.97 HKEx Code: 206 Mon, 28 Mar Result Update. Key points:
Mar-10 May-10. Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 TSC Group (TSC 集團 ) BUY Target Price: HK$2.70 (+37%) Price: HK$1.97 HKEx Code: 206 Mon, 28 Mar 2011 Gathering momentum Equity Research Oil & Gas equip/
More informationAsia Bond Monitor March 2015
June 1 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Consumer price inflation in Malaysia accelerated to.1% year-on-year (y-o-y) in May from 1.8% y-o-y in April, mainly due
More informationEnrolment Kit. HSBC Mandatory Provident Fund
Enrolment Kit HSBC Mandatory Provident Fund Your total MPF planning HSBC MPF Member Hotline 3128 0128 HSBC MPF Website www.hsbc.com.hk/mpf L-MPF003B v11/0318 (0318) H Important notes The HSBC Mandatory
More information2015 SCPC Table of Contents Adoption of Accounts and Payment Instruments
2015 SCPC Table of Contents Adoption of Accounts and Payment Instruments Table 1 Current Ownership of Accounts and Account Access Technologies Table 2 Table 3 Table 4 Table 5a Table 5b Table 6 Table 7
More information360 Easy Payroll Services
360 Easy Payroll Services General Terms and Conditions: 1. Promotion Period is from 1 January 2018 to 30 June 2018 (both dates inclusive) ("Promotion Period"). 2. Dah Sing Octopus App Card refers to Dah
More informationAMUNDI ETF Series. AMUNDI Hang Seng HK 35 Index ETF. AMUNDI FTSE China A50 Index ETF. Announcement Amendment to investment restrictions disclosure
IMPORTANT: The Stock Exchange of Hong Kong Limited (the SEHK ), Hong Kong Exchanges and Clearing Limited ( HKEx ), the Securities and Futures Commission ( SFC ) and the Hong Kong Securities Clearing Company
More informationVANIG BUSINESS ANALYSIS
VANIG BUSINESS ANALYSIS About US Market Analysis Contents ASEAN Competitor Analysis Risk Analysis Financial Analysis ABOUT US What is Vanig Vanig is an integrated e-commerce and supply chain solution powered
More informationAsia Bond Monitor November 2018
January 9 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Japan s November industrial production was revised upward to.% year-on-year (y-o-y) from the preliminary estimate of.%
More informationStreet view. UBS Asset Management For professional and qualified investors only. Travel notes from our emerging markets equities research team
Street view UBS Asset Management For professional and qualified investors only Travel notes from our emerging markets equities research team With 100 million users, Russia has the seventh largest internet
More informationIndia & ICICI Group. Trends & Outlook. September 2015
India & ICICI Group Trends & Outlook September 2015 Certain statements in these slides are forward-looking statements. These statements are based on management's current expectations and are subject to
More informationPicture area. HSBC Commercial Banking. Citibank Investor Presentation. Alan Keir Group Managing Director and Global Head, Commercial Banking
Picture area HSBC Commercial Banking Citibank Investor Presentation Alan Keir Group Managing Director and Global Head, Commercial Banking March 2012 Forward-looking statements This presentation and subsequent
More informationPower your way to higher yields
Schroder Asian Income SGD Class Power your way to higher yields * Distributions at a variable percentage per annum of the net asset value per unit of the Schroder Asian Income SGD Class (the Fund ) will
More informationVANGUARD ADDS USD AND RMB COUNTERS TO ITS HONG KONG ETFS
For more information strictly in relation to the factual contents of this press release, please contact: Weber Shandwick Steve Price, +852 2533 9957, sprice@webershandwick.com PRESS RELEASE VANGUARD ADDS
More informationQ HK$billion Total exports. Feb HK$billion Private Consumption Expenditure. HK$billion Q Dec 2010 Feb 2011 %
PROPERTY INSIGHTS Hong Kong Quarter 1, 2011 Market Overview Hong Kong s real GDP increased by 6.2% year-on-year (y-o-y) in Q4, whereas the growth is primarily driven by merchandise trading and financial
More informationAsia Bond Monitor November 2018
January 9 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets L ast week, the Philippines raised USD. billion from the sale of -year global bonds priced at basis points above benchmark
More informationNIELSEN: HONG KONG EXPERIENCES HIGHEST RISE IN CONSUMER CONFIDENCE AMONG 29 COUNTRIES SURVEYED IN THE FOURTH QUARTER
The Nielsen Company www.nielsen.com News Release FOR IMMEDIATE RELEASE CONTACT: Acky Chan Tel: (852) 2856 7337 / 9223 5793 Email: acky.chan@nielsen.com NIELSEN: HONG KONG EXPERIENCES HIGHEST RISE IN CONSUMER
More informationSpotlight on Golden Age Health. Swiss Re Asia Consumer Health Research 8 March 2013
Spotlight on Golden Age Health Swiss Re Asia Consumer Health Research 8 March 2013 a Table of Contents Background & Research Objectives Overview: Pre-retirees & Retirement Protection Health Protection
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE The Netherlands
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE The Netherlands Introduction The Dutch economy is performing well, driven by the positive performance of the Eurozone, as well as
More informationCR Lands. Winner of next 5 years, BUY. March 21, 2018 Equity Research. Stock code: 1109.HK Rating: BUY Price target (HK$) 34.74
Equity Research Winner of next 5 years, BUY 2017 result: slow growth, but high profitability Revenue slightly improved by 8.5% YoY to HKD 118.5 bn. Thanks to GPM growing by 6.5 pts to 40%, gross profit
More informationProfile of the Stock Options Market in Hong Kong Joseph Lee and Yan Yuhong, Research Department of the Supervision of Markets Division 1 June 2004
Profile of the Stock Options Market in Hong Kong Joseph Lee and Yan Yuhong, Research Department of the Supervision of Markets Division 1 June 2004 Summary Trading activities of stock options in Hong Kong
More informationIn this phase, here we bring you Hung Fook Tong Goodie bag which valued up to HK$109. Offer 1: Redeem Hung Fook Tong exclusive Goodie Bag at HK$30
Hung Fook Tong Goodie Bag Promotion Goodie Bag means sharing the fortune. Bank of Communications Credit Card shares the fortune with you and offers you to redeem exclusive goodie bag at HK$30 every month.
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Norway
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Norway Introduction Norway's GDP growth was hit significantly after the fall in oil prices in the second part of 2014. Since then,
More informationThe Hong Kong Polytechnic University. MPF Member Briefing. September Fidelity Worldwide Investment
The Hong Kong Polytechnic University MPF Member Briefing Fidelity Worldwide Investment September 2015 Fidelity Retirement Master Trust ( FRMT ) Please note: You should consider your own risk tolerance
More information5 th ANNUAL SKBI CONFERENCE 2015ON "DIGITAL BANKING, FINANCIAL INCLUSION AND IMPACT INVESTING" P2P in China
5 th ANNUAL SKBI CONFERENCE 2015ON "DIGITAL BANKING, FINANCIAL INCLUSION AND IMPACT INVESTING" P2P in China Dr. Rui, Oliver Meng(CFA, FRM) Professor of Finance and Accounting Director Ph.D. Program Co-director
More informationAnta Sports (2020 HK)
Equity Research Consumer Discretionary Anta Sports (2020 HK) Hold (downgraded) Target price: HK$22.80 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong)
More informationTable 1A : Low Balance/ Inactive Charges - HKD Savings Accounts *
Table 1A : Low Balance/ Inactive Charges HKD Savings Accounts * Code Bank Notes Period of no transaction (number of Minimum balance (HK$) Charges (HK$) Notes (A) Low Balance Inactive Accounts (accounts
More informationIndia. Building an Infrastructure for a Truly Digital Economy and Financial Inclusion. BIIA Biennial Conference Bangkok, Thailand October 2017
India Building an Infrastructure for a Truly Digital Economy and Financial Inclusion BIIA Biennial Conference Bangkok, Thailand October 2017 Copyright 2017 TransUnion LLC. All Rights Reserved. No part
More informationLooking past the abyss 穿越市場陰霾
January 2012 Looking past the abyss 穿越市場陰霾 -- 2012 Outlook Issued by The Hongkong and Shanghai Banking Corporation Limited Market Overview Market performance in 2011 Equities Fixed Income Source: Morningstar
More informationConnecting you to opportunities around the world. HSBC Foreign Exchange Solutions
Connecting you to opportunities around the world HSBC Foreign Exchange Solutions REACH OUT TO THE WORLD The world is getting smaller every day. Opportunities await us everywhere. Be it investing globally,
More informationYear-round unlimited travel. WiFiBB just before your flight and Double Fun. return it after you come back to Travel Service Package 2 =
Double Fun Travel Service Package x Up to 20X Spending Reward CUP Dual Currency Diamond Card/ VISA Platinum Card 1 Cardholders can call to register our Double Fun Travel Service Package 2, and enjoy limited-time
More informationGlobal Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China
EMBARGO: :1BST/1:1CET/19:1EDT Global Equity Trading Volumes Surge 36% in 1 st half 215 driven by Mainland China Global Equity Trading Volumes Ex Mainland China Up 5% Mainland China Share Trading Vols Rise
More informationPROPERTY INSIGHTS. Market Overview. Finance sector active once again in Central. Citigold. Hong Kong Quarter 1, 2014
PROPERTY INSIGHTS Hong Kong Quarter 1, 2014 Citigold Finance sector active once again in Central Market Overview The finance sector was very active in Central and continued to be the most active demand
More informationAnta Sports (2020 HK)
Equity Research Consumer Discretionary Anta Sports (2020 HK) Buy (maintained) Target price: HK$18.50 Product mix improvement in 4Q15 order book 4Q15 order book kept at low-teen, better product mix Order
More informationFenghui Leasing Co., Ltd.
Fenghui Leasing Co., Ltd. Rating Report Credit Drivers Summary Category Rating Report Location China Industry Leasing GICS 4020 Issuer rating B+ Outlook Stable Date 4AUG2017 Strengths Solid profitability
More informationThe Development of Microinsurance and the Role of Credit Rating Agencies
ADB FSD CoP The Development of Microinsurance and the Role of Credit Rating Agencies Andrea E. Keenan Vice President Research & Ratings Criteria A.M. Best - Oldwick, NJ Disclaimer AM Best Company (AMB)
More informationThe quest for profitable growth
Global banking outlook 2015: transforming banking for the next generation The quest for profitable growth We estimate that if the average global bank grew revenues by 17% from FY13 levels, it would be
More informationFinTech and Financial Inclusion
B B B FinTech and Financial Inclusion Martin Čihák Advisor and Unit Chief, International Monetary Fund Regional Conference Financial Inclusion in Asia-Pacific: The Way Forward Cambodia, December 7 8, 2017
More informationTerms and Conditions: 1. The promotion period is from 3 April 2018 to 30 June 2018 (both dates inclusive) ( Promotion Period ). 2.
Terms and Conditions: 1. The promotion period is from 3 April 2018 to 30 June 2018 (both dates inclusive) ( Promotion Period ). 2. Welcome Reward - To be eligible for the Credit Card Free Spending Credit
More informationNo significant jump in retail electronic payments post demonetization
No significant jump in retail electronic payments post demonetization Confirms a considerable dent in consumer demand in 4Q2016 29 December 2016 ECOSCOPE The Economy Observer The government s attempts
More information2013 The year of the renminbi
2013 The year of the renminbi Economic and regulatory conditions affecting the renminbi are unfolding quickly. This document reflects HSBC s views on how the development of the renminbi will unfold as
More informationDigital MEGAtrends Online platforms are tech-blazers of massive, widespread disruption
Digital MEGAtrends Online platforms are tech-blazers of massive, widespread disruption Lewis Sun Managing Director, Regional Head of Product Management, Asia Pacific, Global Liquidity & Cash Management,
More information