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TOP NEWS IN BANKING & FINANCIAL SERVICES
* A consortium comprising Singapore Telecommunications Ltd., or Singtel, and Grab Holdings Ltd. launched GXS Bank, the first digital bank in Singapore aimed at consumers and businesses. Its digital bank app will be available Sept. 5 and services will be rolled out progressively to consumers thereafter, according to a release.
* UBS Group AG laid off several people in its Hong Kong office who were involved in China-focused businesses, including debt capital markets, investment banking and real estate, due to a drop in dealmaking, Bloomberg News reported, citing sources. A UBS spokesman declined to comment.
➤ China's biggest banks bulk up on bad loan buffers as economy slows
Chinese banks' asset quality will likely withstand the impact of rising risks emanating from the country's weakening economy.
➤ Japan's Sumitomo Mitsui Trust dials up risk with alternative investments push
Sumitomo Mitsui Trust Bank Ltd. plans to invest $1.5 billion into alternative funds managed by Apollo Global Management Inc. The deal has highlighted a growing need by Japanese institutional investors to invest in riskier assets to raise returns.
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