Core Insights - GIFT City is emerging as a significant financial hub in India, attracting global banks and capturing market share from established centers like Hong Kong and Singapore [1][17] - The hub offers tax incentives, including a 10-year tax holiday on business income and the absence of withholding tax on loans, making it an attractive option for lenders [3][17] - Indian companies are increasingly preferring to borrow from GIFT City, with the hub disbursing nearly $20 billion in dollar loans in the fiscal year ended March, representing over a third of total offshore loans for local companies [1][17] Financial Growth and Investment - S&P Global Ratings anticipates that top Indian businesses will increase capital expenditure to approximately $800 billion between fiscal 2026 and 2030, and an additional $1 trillion by fiscal 2035 [5][17] - The banking assets and funds in GIFT City have grown more than twofold since June 2023, with banks managing $94 billion as of June, nearly triple the amount from three years prior [7][10] - The shift of the SGX Nifty contract to GIFT City has boosted the derivatives business, with annual equity derivatives turnover crossing $1 trillion in the fiscal year ended March, up from $255 billion in fiscal 2023 [11][17] Competitive Landscape - GIFT City is taking a larger share of the offshore borrowing market for Indian companies, posing a challenge to established financial centers [4][17] - Domestic banks like Axis Bank have consolidated their foreign business to GIFT City, shutting down branches in other global hubs [9][17] - The all-inclusive borrowing cost in GIFT City is reported to be 50 to 70 basis points lower compared to other global centers, enhancing its competitive edge [17] Challenges and Future Prospects - Despite progress, GIFT City faces challenges in attracting talent and competing with established cities in terms of infrastructure and social amenities [14][17] - The push for Indian corporates to raise foreign equity capital from GIFT City is still in early stages, with no immediate plans from large Mumbai-listed companies [12][17] - The Indian government's initiatives to spur green bond trading in the hub have not gained traction, indicating areas for improvement [13][17]

Hong Kong's de facto central bank has begun facilitating real-value transactions using tokenised deposits and digital assets under a controlled pilot programme from Thursday, reinforcing the city's status as a fintech hub. The new phase of the Project Ensemble sandbox would enable seven commercial banks and 13 industry participants to settle tokenised transactions "faster, more transparently and efficiently", the Hong Kong Monetary Authority (HKMA) said in a press release on Thursday. The programme would ...

Core Insights - Tether is hiring two top global precious metals traders from HSBC to build a substantial gold reserve and challenge existing market leaders [1][2] - Tether has accumulated one of the largest gold reserves globally, valued at over $12 billion as of September, and is a significant player in the gold market [2] - The rise in gold prices this year has benefited Tether, driven by central bank purchases and concerns over sovereign debt [3] Group 1: Company Developments - Tether plans to expand its gold reserves significantly, leveraging its financial strength and aiming to become a major competitor in the gold market [1] - The company has reported an average weekly increase of over 1 ton of gold over the past year, making it one of the largest gold buyers [2] - Tether's flagship stablecoin, USDT, is backed by a reserve that includes gold and U.S. Treasury securities, with a market capitalization of approximately $20 billion for its gold-backed stablecoin, XAUT [2] Group 2: Market Context - The departure of key traders from HSBC represents a setback for the bank's precious metals business amid increasing competition for talent in the sector [2] - Gold prices have seen their best annual performance since 1979, prompting various financial entities to expand their precious metals teams [2] - Tether's profitability has surged, with $13 billion in earnings last year and an expected $15 billion this year, comparable to top Wall Street investment banks [2]

Group 1 - Tether Holdings SA is accelerating its entry into the physical gold market by hiring two senior precious metals trading executives from HSBC [1] - The company aims to leverage its substantial capital to build a large gold reserve and challenge traditional financial institutions in the gold market [1] - Tether's recent expansion in the precious metals sector has made it one of the largest gold buyers globally, holding over $12 billion in gold [2] Group 2 - Tether has been increasing its gold holdings by over one ton per week on average over the past year, positioning itself just behind central banks and some national reserve institutions [2] - The company issues a stablecoin backed by physical gold, Tether Gold, which currently has a circulation of approximately $2 billion [2] - Tether's profit for 2024 is projected to be around $13 billion, comparable to major Wall Street investment banks, with an expected profit of $15 billion for the current year [2]

Core Viewpoint - HSBC Holdings announced the appointment of Sun Wei as an independent non-executive director and member of the Group Risk Management Committee and the Nomination and Corporate Governance Committee, effective January 1, 2026 [1] Group 1: Appointment Details - Sun Wei, aged 69, retired from Morgan Stanley in 2022 and has since served as a senior advisor for the company [1] - Prior to his retirement, Sun Wei held the position of Co-CEO for Morgan Stanley Asia Pacific and served as CEO for Morgan Stanley China from 2006 to 2022 [1] Group 2: Previous Experience - Before joining Morgan Stanley, Sun Wei held several senior regulatory positions at the Hong Kong Securities and Futures Commission, where he contributed to establishing regulatory frameworks and facilitating the overseas listing of Chinese enterprises [1]

Core Viewpoint - HSBC Holdings has appointed Wei Sun Christianson, aged 69, as an independent non-executive director, effective January 1, 2026 [1] Group 1 - Wei Sun Christianson will also serve as a member of the Group Risk Management Committee and the Nomination and Corporate Governance Committee [1]

Group 1 - HSBC Holdings has appointed Wei Sun Christianson, aged 69, as an independent non-executive director [1] - Wei Sun Christianson will also serve as a member of the Group Risk Management Committee and the Nomination and Corporate Governance Committee [1] - The appointment will take effect from January 1, 2026 [1]

Core Viewpoint - HSBC Holdings has appointed Wei Sun Christianson, aged 69, as an independent non-executive director and a member of the Group Risk Management Committee and the Nomination and Corporate Governance Committee, effective from January 1, 2026 [1] Group 1 - The appointment of Wei Sun Christianson is part of HSBC's strategy to enhance its governance and risk management frameworks [1] - Wei Sun Christianson brings extensive experience to the board, which may strengthen the company's oversight capabilities [1] - The effective date of the appointment is set for January 1, 2026, indicating a planned transition [1]

(香港股份代號 : 5) HSBC Holdings plc 滙豐控股有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 2025 年 11 月 11 日 董事會及下設委員會成員變動 隨附之公告現正於 HSBC Holdings plc 滙豐控股有限公司上市之證券交易所發布。 代表 滙豐控股有限公司 公司秘書長 戴愛蘭 於本公告發表之日，滙豐控股有限公司董事會成員包括：利伯特*、艾橋智、鮑哲鈺†、段小纓†、 范貝恩女爵士†、傅偉思†、高安賢†、古肇華†、郭珮瑛、麥浩智博士†、莫佩娜†、梅愛苓†及張瑞蓮†。 * 獨立非執行主席 † 獨立非執行董事 HSBC Holdings plc 滙豐控股有限公司 註冊辦事處及集團總管理處： 8 Canada Square, London E14 5HQ, United Kingdom 網站：www.hsbc.com 英格蘭及威爾斯註冊有限公司。註冊編號 617987 2025 年 11 月 11 日 HSBC ...

Market Outlook - HSBC chief multi-asset strategist Max Kettner discusses market outlooks [1] Expert Analysis - Max Kettner from HSBC provides insights on market trends [1]