HSBC has introduced its first open banking feature on the HSBC HK mobile app, allowing customers to view real-time account balances from Bank of China Hong Kong and Hang Seng Bank.
This functionality is part of the Hong Kong Monetary Authority’s Interbank Account Data Sharing (IADS) initiative and is expected to expand to include more banks.
The feature aims to provide customers with greater transparency across their multi-bank finances, supporting better financial decision-making.
HSBC plans to enhance this foundation with future app features, including expense tracking, budget and wealth management tools, improved offers, and faster loan approvals.
As of February 2023, the HSBC HK app had over 2 million active users, with the net growth in active users for 2022 doubling that of 2021.
A survey conducted by HSBC in May 2024 revealed strong demand for multi-bank account aggregation, with nearly 60% of respondents willing to consent to banks accessing their account data for related services.
Among those, 86% expressed interest in account balance consolidation.
HSBC’s open banking launch follows a successful pilot under the IADS framework in July 2024, where selected customers experienced account aggregation features.
This initiative reflects HSBC’s commitment to enhancing digital banking services in Hong Kong.
In a week filled with anticipation and heightened curiosity, Thailand’s political landscape is poised for an electrifying moment as Prime Minister Paetongtarn Shinawatra prepares to take center stage. On Thursday, her eagerly awaited public address will cast a spotlight on her administration’s trailblazing achievements over the past three months while unveiling the cornerstone policies set to shape the nation’s future. As the buzz around this event crescendos, Thais are gearing up for what promises to be a pivotal moment in the country’s political narrative.
In a rather innovative twist, the Prime Minister’s address, aptly titled “2025 Empowering Thais: A Real Possibility,” will be simultaneously broadcasted live on NBT2HD and streamed on the state-run TV channel’s Facebook page. The excitement is palpable, with around 500 distinguished guests gathering at the esteemed headquarters of the National Broadcasting Services of Thailand (NBT) on the bustling Vibhavadi Rangsit Road. A who’s who of political heavyweights, including cabinet ministers, departmental heads, provincial governors, military leaders, and more, are set to grace this momentous occasion.
But as the country braces for this significant address, a recent opinion poll by Suan Dusit Poll has painted a vivid picture of what resonates deeply with the Thai populace. The economic challenges wrought by a sluggish global economy have taken center stage, with most Thais eagerly expecting government interventions to alleviate their financial burdens. The findings underscore widespread enthusiasm for more cash handouts and other measures designed to curb everyday living costs, aligning with a time-honored tradition of New Year’s largesse from the government. As Pornpan Buathong, president of the Suan Dusit Poll, aptly encapsulates, these financial footholds are more critical than ever as the economic grip tightens.
The ripple effects of these economic hurdles are manifesting in various facets of daily life. As articulated by Asst Prof Unchalee Rattana from Suan Dusit University, the downturn is shadowing festive cheer, with only a slight majority of respondents (56.02%) expressing intentions to travel during the New Year—a testament to the prevailing cautious consumer sentiment.
In parallel developments, the upcoming political dynamics in Thailand are taking an interesting turn with Minister of the Prime Minister’s Office, Chousak Sirinil, announcing the readiness of the Pheu Thai Party to table a highly anticipated political amnesty bill. This proposed law aims to grant amnesty to individuals embroiled in politically driven legal proceedings from 2005 to the present—a bold move that underscores the administration’s vision of fostering societal reconciliation. Details about the composition of a formal amnesty committee and the specific offenses covered by the bill are still being fine-tuned, promising intriguing times ahead for the legal landscape.
Simultaneously, the constitutional referendum bill is stirring debates and shaping strategies within political circles. The Pheu Thai Party remains steadfast in its resolve, advocating for a simplified majority vote requirement in the Lower House—a move designed to facilitate the bill’s passage amid differing opinions. The bill, previously stalled by Senate rebuttals, will experience a temporary suspension, allowing for reflections and rapprochements towards a harmonious consensus.
House Speaker Wan Muhammad Noor Matha has signaled this energy by convening a trilateral meeting among the government, opposition, and Senate whips to iron out key contentions, potentially setting the stage for establishing a new charter drafting assembly.
Public sentiment around these legislative processes is mixed but reveals intriguing insights. A Nida Poll survey punctuated the delicate balance, with nearly equal proportions of respondents either supporting or dismissing the need for constitutional amendments. However, a significant majority cautiously favoring partial rather than wholesale amendments reflects a nuanced and discerning perspective among the populace as the country navigates this legislative labyrinth.
As Prime Minister Paetongtarn Shinawatra steps into the spotlight, Thais are not just eager but actively engaged, bracing themselves for a roadmap that promises to tread bold paths and inspire new possibilities. Indeed, political theater has never been this captivating, with each upcoming chapter promising a thrilling blend of diplomacy, innovation, and a shared vision of an empowered and resilient Thailand.
Two members of Ecopetrol SA’s board quit following the company’s decision to pull out of a $3.6 billion deal to buy a stake in Texas shale oil assets from Occidental Petroleum Corp.
The deal was “fundamental” to the Colombian oil producer’s future and without the resources it would have provided, its finances will deteriorate, Juan José Echavarría and Luis Alberto Zuleta wrote in their resignation letter, which is dated Aug. 30 but has already been published by local media. Echavarría confirmed by text message that he intends to resign on that date.
In May, Ecopetrol’s board approved the plan to buy a 30% stake in Permian basin assets that Oxy bought from CrownRock LP, according to the letter. But after Colombian President Gustavo Petro told Ecopetrol Chief Executive Officer Ricardo Roa and some board members in an informal July 31 meeting that he was opposed to the deal, a majority of the board voted against it, the letter states.
Petro has called fighting climate change a matter of “life and death,” proposed a ban on fracking and refused to grant licenses to explore new natural gas wells, even as Colombia faces a shortfall of the fuel.
“Some members of the board of directors have expressed some discomfort” with the Occidental acquisition, Roa told W Radio, confirming that the board will meet later this week. The discussion of the deal “was very complex,” he said, adding that it was untrue that the board at one point had approved it. Ecopetrol didn’t immediately reply to a request for comment.
The acquisition was forecast to add 50,000 bpd to the state energy company’s production and expand its reserves by around 11%. Echavarría and Zuleta were seen as the only two board members that weren’t political appointees.
“This message of government interference sends a very bad signal,” said BTG Pactual analyst Daniel Guardiola. “The independence of a company that is publicly listed in the US isn’t being respected.”
Ecopetrol’s shares fell as much as 1% at the open in Bogotá trading before erasing losses. The company’s American depositary receipts are down 1.1%.
Colombia’s state-owned oil giant, reported a significant decline in its financial performance for the first half of 2024, highlighting pressures faced by the global oil industry amidst fluctuating commodity prices and fears of an economic recession. The company’s profits dropped by 24% in the first semester, totaling COP$7.38 trillion, down from COP$9.74 trillion in the same period last year.
This marks the third consecutive quarter in which Ecopetrol has posted a decline in earnings, signaling persistent challenges that have continued to weigh heavily on the company’s financial health. The second quarter alone saw a 17% year-on-year decline in net income, with the company recording COP$3.37 trillion, a stark contrast to its performance in the same quarter of 2023.
Ricardo Roa, President of Ecopetrol, attributed the company’s declining fortunes primarily to the drop in global oil prices, which have been on a downward trend due to a combination of factors, including concerns over a potential economic slowdown and increased oil supply from non-OPEC countries. The lower oil prices have directly impacted Ecopetrol’s revenue, which fell by more than 12% in the first half of 2024 compared to the previous year.
Additionally, the Colombian peso’s depreciation against the U.S. dollar has further exacerbated the situation. The exchange rate fluctuations had a significant impact on the company’s bottom line, with Roa noting that the peso’s variation by 600 during the first half of the year resulted in a negative impact of COP$3.3 trillion on the company’s results.
“The exchange rate has had a substantial impact on our financial performance,” Roa said during a press conference following the release of the company’s earnings. “To return to the profitability levels of 2022, we would need oil prices to rise back to $100 per barrel and the dollar to stabilize at COP 4,000,” emphasized Roa.
Ecopetrol’s production figures for the second quarter of 2024 also reflect the challenges facing the company. The group’s total production averaged 758,200 barrels of oil per day (bopd), with Ecopetrol S.A. contributing 617,000 bopd and its subsidiaries accounting for the remaining 141,200 bopd. While these figures represent a stable output, they have not been sufficient to offset the financial pressures caused by low oil prices and rising operational costs.
During the second quarter of 2023, the company drilled and completed 124 wells, an 11% increase compared to the same period last year. Despite this uptick in drilling activity, the overall economic environment, characterized by inflationary pressures and the ongoing El Niño phenomenon, has continued to challenge the company’s profitability.
The tax reform enacted by President Gustavo Petro’s administration in 2022 has also played a role in reducing Ecopetrol’s profitability. The reform included an increase in the corporate income tax surcharge from 10% to 15% in 2024, which has further strained the company’s financials. The effective tax rate for the second quarter rose to 42.4%, up from 36.5% in the first quarter of the year and 38.6% in the same period of 2023.
The Constitutional Court’s decision in May 2024 to uphold the ruling that declared Article 19 of the Tax Reform Law unconstitutional, which prohibited taking oil royalties as deductible, has compounded the company’s tax burden. This legal development has added another layer of complexity to Ecopetrol’s financial management, forcing the company to navigate an increasingly challenging regulatory environment.
In a significant strategic decision, Ecopetrol’s board recently opted not to proceed with the acquisition of a stake in CrownRock, a U.S. oil company owned by Occidental Petroleum (OXY). The proposed deal, valued at US$3.7 billion, was expected to bolster Ecopetrol’s asset portfolio but would have required significant debt financing. Roa explained that the decision was made to avoid the potential financial risks associated with taking on additional debt in a volatile market.
The decision has sparked speculation about the influence of the Colombian government, particularly President Petro, on the company’s strategic direction. Roa, however, has denied any direct involvement from the president in the decision-making process, emphasizing that it was a collective decision by the board of directors.
The downturn in Ecopetrol’s finances comes as the national government announced that it will depend on natural gas from Venezuela. The prospect of importing gas from the Maduro regime could cripple Colombia’s energy independence given the Petro government’s decision to also ban fracking and issue new oil and gas exploration licences. Although political and logistical hurdles, such as the lack of infrastructure and current electoral crisis in Venezuela could potentially complicate the gas imports, the idea remains on the table due to a 2007 commercial agreement between the two countries.
