Group 1 - Hong Kong bank stocks continue to rise, with HSBC and Standard Chartered reaching new highs, with HSBC up 2.81% to HKD 117.2 and Standard Chartered up 2.09% to HKD 180.7 [1] - The Federal Reserve announced a 25 basis point interest rate cut and plans to expand its balance sheet by purchasing USD 40 billion in short-term government bonds starting this month [1] - Bank of America Securities forecasts significant growth for HSBC in two areas next year: Hong Kong deposit business and Asian wealth management, citing HSBC's competitive advantages and management's commitment to increase investment in these areas [1] Group 2 - Goldman Sachs reports that despite Standard Chartered's stock price rising 83% this year, there is still room for further revaluation [1] - Goldman Sachs expects Standard Chartered's return on tangible equity (ROTE) to reach 14.6% by the end of this year, exceeding management's guidance of 13%, and to further rise to 15% by 2027 and 15.7% by 2028 [1] - The bank anticipates that Standard Chartered will raise its mid-term ROTE guidance during its 2025 financial report or the investor day in May 2026, which could act as a catalyst for the stock price [1]

香港银行股早盘继续上扬，汇控、渣打股价齐创新高。截至发稿，汇丰控股(00005)涨2.81%，报117.2港 元；渣打集团(02888)涨2.09%，报180.7港元。 高盛则发布研报称，尽管渣打集团今年以来港股股价升83%，但认为仍有进一步重估空间。高盛预计， 到今年年底，渣打集团的基础风险调整后股东权益回报率(ROTE)将达14.6%，超过管理层13%的指引， 并在2027年进一步升至15%，2028年则达15.7%。因此，该行预计渣打集团将于2025年财报或2026年5月 举行的投资者日活动中，上调其中期ROTE指引，这或为该股股价的进一步催化剂。 消息面上，美联储此前宣布降息25个基点，且宣布将在本月开始扩大资产负债表，购买400亿美元的短 期国债。美银证券研报指出，预计汇丰控股明年将有两个领域实现显著增长，包括香港存款业务及亚洲 财富管理业务；认为汇控在这两方面拥有显著竞争优势，管理层也已承诺加大投资在相关领域，预计增 加的资源配置将进一步提升其竞争优势，并带来市占率提升。 ...

Group 1 - HSBC Holdings saw a 2.5% increase in stock price, reaching a peak of 117 HKD, marking a historical high [1] - The stock has accumulated a rise of over 65% year-to-date [1]

Key Takeaways HSBC is likely to pay about $300M to settle French "Cum-Cum" allegations and end a criminal probe.The proposed deal includes repayment of related tax bills and aligns with HSBC's prior provision.French prosecutors will present the settlement soon, mirroring actions seen with Credit Agricole.HSBC Holdings PLC (HSBC) is likely to pay roughly $300 million to resolve its alleged involvement in the French “Cum-Cum” tax scandal, which has ensnared several major banks in the country. This was reporte ...

Core Insights - The collaboration between Swift, Ant International, and HSBC has successfully completed a proof of concept (POC) for tokenized deposit cross-border transfers based on the ISO 20022 standard [1] - This project aims to enhance liquidity, enable programmable finance, and provide 24/7 real-time settlement services [1] - Ant International and HSBC have integrated Ant International's blockchain infrastructure with the Swift network, facilitating cross-border real-time fund management [1] Group 1 - The POC marks a significant step in unlocking the potential of tokenized deposits for enterprises [1] - The standardized protocol developed in collaboration with Swift and HSBC allows Ant International to efficiently utilize bank tokenized deposit services without establishing bilateral AML and compliance arrangements with each banking partner [1]

Core Viewpoint - The collaboration between Swift, Ant International, and HSBC in Singapore has successfully completed a proof of concept (POC) for tokenized deposit cross-border transfers based on the ISO 20022 standard, marking a significant step in enhancing liquidity and enabling programmable finance [1] Group 1: Project Overview - The project leverages Swift's global financial messaging network, HSBC's newly launched tokenized deposit service, and Ant International's blockchain technology [1] - The POC aims to provide 24/7 real-time settlement services, enhancing the potential of tokenized deposits for enterprises [1] Group 2: Integration and Efficiency - Ant International and HSBC successfully integrated Ant International's blockchain infrastructure with the Swift network [1] - The collaboration allows for cross-border real-time fund management through HSBC's tokenized deposit services in Singapore and Hong Kong [1] - The development of a standardized protocol enables Ant International to efficiently utilize banking services without establishing bilateral anti-money laundering (AML) and compliance arrangements with each banking partner [1]

Core Insights - Ant International, HSBC, and Swift have successfully tested a new cross-border payment solution utilizing tokenized deposits and ISO 20022 messaging standards, marking a significant milestone in enhancing liquidity and real-time settlement for businesses [2][4]. Group 1: Technology and Standards - The initiative leverages Swift's global messaging network, HSBC's tokenized deposit service, and Ant's blockchain technology to facilitate cross-border transfers [2]. - The transition from the MT messaging standard to the XML-based ISO 20022 format is described as one of the most significant data migrations in modern finance, improving the structure and clarity of payment data [5][6]. Group 2: Benefits and Features - The integration of ISO 20022 with blockchain technology is expected to provide enhanced value through improved payment processing speed, anti-money laundering (AML) measures, and regulatory compliance [4][3]. - The new system allows for easier adoption by banks and external customers, promoting interoperability between digital and traditional fiat currencies [5]. Group 3: Industry Impact - The shift to ISO 20022 is anticipated to enable automated screening, straight-through processing, and harmonized reporting, addressing the limitations of the previous MT standard [7]. - A key consideration for CFOs during this transition is whether their banks and systems are fully utilizing the capabilities of ISO 20022, as many institutions may still rely on legacy formats [7].

Group 1 - HSBC predicts that the Federal Reserve will not adjust interest rates before 2027 in a risk-balanced context [1]

Ant International, HSBC and Swift have successfully tested cross-border transfers of tokenised deposits using an international financial messaging standard, in a move that could streamline global blockchain-based payments and corporate treasury management. The milestone, announced on Thursday, marked the first case leveraging the Swift network and ISO 20022 as a messaging standard in cross-border payments using tokenised deposits. The standard is a universal language for exchanging electronic data in fi ...

美银证券发布研报称，预计汇丰控股(00005)明年将有两个领域实现显著增长，包括香港存款业务及亚 洲财富管理业务;认为汇控在这两方面拥有显著竞争优势，管理层也已承诺加大投资在相关领域，预计 增加的资源配置将进一步提升其竞争优势，并带来市占率提升。美银证券对汇控2026及2027年的每股盈 利预测较市场预期高约7%至9%，主要得益于更高的收入及股份回购，又预计汇控股份回购的速度将从 明年第二季起恢复至每季度20亿至30亿美元的水平。基于上调的每股盈利预测，该行将汇控评级从"中 性"上调至"买入"。 ...