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Total contributions are capped at HK$1,500 a month. [3] Employees and self-employed are required to contribute 5% of their earnings to their MPF fund. [ 12 ] When the scheme was launched, the upper relevant income limit for contributions was $20,000. [ 10 ]
The MAS Electronic Payment System, or MEPS in short, is an SGD-only online interbank payment and fund transfer system in Singapore. [1] It went online in July 1998, and is owned and operated by the Monetary Authority of Singapore (MAS). The irrevocable transfer of funds and the real-time nature of transfers are some of the key features of MEPS.
The rate of contribution was progressively increased to 25% for both employers and employees in 1985. The employer contribution was cut to 10% during a recession in 1986. The employer contribution rate was reverted to match the employee rate until the 1997–1998 Asian Financial Crisis, and thereafter lowered to 10% for workers 55 years or younger.
Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act.
As one of the top five financial centres worldwide, Hong Kong has one of the highest concentrations of banking institutions in the world, with 70 of the largest 100 banks in the world having an operation in Hong Kong. As of 2019, there were 164 licensed banks, 17 restricted licence banks and 13 deposit-taking companies in business, constituting ...
The Hong Kong Accounting Standards (HKAS), formerly HKSSAP, is a set of accounting standards issued by the Hong Kong Institute of Certified Public Accountants. Details [ edit ]
HSBC is one of the three commercial banks which are authorised to issue banknotes for Hong Kong - the other two being the Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong). [5] Of the total notes in circulation measured by value, HSBC is the most prolific issuer, its notes representing 67.7% of those in issue.
The Hongkong Chinese Bank Limited (HKCB) (Traditional Chinese: 香港華人銀行有限公司) was a bank in Hong Kong. It was owned by HKCB Bank Holding Company Limited ( SEHK : 655 ), which in turn was majority owned by a joint venture company owned by listed companies Lippo China Resources and the China Resources Enterprise .