MEMBER NEWS | Beijing To Raise Monthly Minimum Wage From July 1

Written by: Zoey Ye Zhang, Asia Briefing, Dezan Shira & Associates On May 9, the Beijing Municipal Human Resources and Social Security Bureau announced plans to raise the city’s minimum wage from July 1, 2019. The monthly minimum wage for full-time employees will be raised from RMB 2,120 (US$309) to RMB 2,200 (US$321). The hourly wage for part-time employees, …

MEMBER NEWS | Singapore monetary authority consults on payment services regulations

Written by: Pinsent Masons, Out-Law.com The Monetary Authority of Singapore (MAS) has carried out a consultation into proposed payment services regulations that will enable it to carry out its functions under the new Payment Services Act. The consultation covers areas such as licensing structure and fees, licensing requirements, proposed exemptions from the regulations, and transitional …

TALKING POINTS | Financial Services 26/03/19

In today’s talking points, the Australian share market has suffered broad-based losses across the index, China’s newly passed Foreign Investment Law looks to bring substantive changes to foreign investment into China and China’s first private and digital-only bank seeks expansion into Australia.   Australia’s share market update On Monday the Australian share market closed sharply lower, with broad-based …

TALKING POINTS | Financial Services 21/01/19

In today’s talking points, Australia’s share market lowers as banks and miners weigh heavily, China unveils special individual income tax deductions, and around 100 billion Yuan tax reduction accomplished within three months after the reform of personal income tax.   Australia’s Share Market Lowers as Banks and Miners Weigh Heavily The Australian share market opened …

Member News | Analysis: China’s Crackdown on Daigou under the New Cross-Border e-Commerce Policies

Written by: Frank Ka-Ho Wong, Asia Briefing, Dezan Shira & Associates China’s crackdown on daigou is part of its moves to strengthen e-commerce regulation and better control the rapidly expanding sector. Cross-border e-commerce in China has grown steadily in recent years, on the back of strong consumer demand for premium brands and high-quality overseas products. A significant …

TALKING POINTS | Financial Services 3/1/2019

  In today’s talking points, New E-Commerce Law Implemented in China, New Chinese Bank can be Launched in Australia, and Younger Chinese spend more thanks to internet financial services.    New E-Commerce Law Implemented in China   China’s very first e-commerce law finally takes into effort. From Tuesday January 1, the e-commerce business sector would be under …

Member News | Commonwealth Bank Launches Alipay in Australia

Alipay is now available in Commonwealth Bank of Australia’s (CBA) 94,000 touchscreen services across Australia, as Business Insider Australia reports. The payment, which is performed through an innovative apps ecosystem Albert App Bank, comes as a result of the agreement in 2016 between CBA and Ant Financial Service Group, a financial technology company affiliated with e-commerce …

Financial Services Talking Points | 13/12/2018

  In today’s talking points Darwin and Guangzhou sign agreement to forge stronger relations, Australia’s Financial Regulators are Concerned Over the Recent Credit Reduction, Green finance grows and flourishes.   Darwin and Guangzhou sign agreement to forge stronger relations Darwin’s City Council has signed an agreement to build stronger relationships with Guangzhou, the capital of …

Member News | 2018 report showcases upsurge in minimum wages throughout China

The minimum wage in China has historically been low comparatively to global standards, largely owing to its prevalent manufacturing sector, and significantly aiding processes of domestic economic growth over the past several decades. However, the recent report composed by Dezan Shira & Associates illustrates that such a trend is becoming less of a reality, with …