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Standard Chartered's SC Ventures is set to expand aggressively in the GCC, targeting the over $200 billion financing opportunity in the SME sector. With plans to launch in the UAE and Saudi Arabia within 9-12 months, the initiative aims to support economic diversification and innovation through strategic partnerships with major players like Visa and LuLu Financial Holdings. The focus is on co-creating solutions that address SMEs' key challenges, enhancing financial inclusion and operational efficiency in the region.
Vivek Mathur has stepped down as partner and COO of Elevation Capital after 14 years, shifting his focus to advisory and mentorship roles. His tenure included support for startups like ACKO and Paytm, and his exit aligns with the firm's efforts to enhance its leadership team, recently appointing Krishna Mehra and promoting several others.
OKX has launched the Ordinals Launchpad, an all-in-one platform for creators to launch, document, and trade digital collectibles on the Bitcoin blockchain. This initiative includes JRNE's Geminions, the first Ordinal collection that integrates NFC-enabled authentication with Bitcoin, enhancing trust and traceability in consumer products. The platform aims to simplify the process of managing digital assets on Bitcoin while promoting innovation in decentralized technology.
The digital asset derivatives market is poised for significant growth, with GFO-X set to launch the UK’s first regulated trading venue for these products in early 2025, supported by major partners like Standard Chartered. Meanwhile, D2X has become the first MiFID-regulated crypto futures and options exchange in the EU, emphasizing the increasing institutional demand for regulated trading platforms. November saw a remarkable surge in crypto derivatives volumes, with centralized exchanges reporting an 89.4% increase, driven by heightened market confidence.
China's consumer inflation rate fell to a five-month low of 0.2% in November, missing expectations, while core inflation rose slightly to 0.3%. The producer price index continued its decline for the 26th month, dropping 2.5% year-on-year, indicating persistent deflationary pressures amid sluggish domestic demand. Despite some signs of recovery in retail sales and manufacturing, Fitch Ratings has revised down its GDP growth forecasts for 2025 and 2026, citing risks from the property market and potential U.S. trade policy shifts.
Bitcoin has surged over 140% in 2024, crossing the $100,000 mark as institutional adoption grows, particularly following the launch of Bitcoin ETFs that attracted significant inflows. Key political support, including from President-elect Donald Trump, and favorable comments from Federal Reserve Chair Jerome Powell have further legitimized the cryptocurrency. Institutions have net-bought 683,000 bitcoins this year, with notable purchases following the recent U.S. election.
Shares of Kotak Mahindra Bank are gaining attention following the Competition Commission of India's approval for its acquisition of Standard Chartered's unsecured personal loans portfolio in India for Rs 4,100 crore. This strategic move aims to enhance Kotak's presence in the retail credit market and focus on affluent salaried customers. The acquisition marks a significant transaction under the leadership of Ashok Vaswani.
Singapore is proposing a new bill to empower police to restrict banking transactions for individuals suspected of sending money to scammers, amid a surge in scam cases that have increased nearly fivefold since 2019. The Protection for Scams Bill aims to protect victims who, despite warnings, continue to authorize transfers, with 86% of reported scams in early 2024 involving such individuals. The bill allows for temporary restriction orders on banking activities, which can be extended if necessary, as part of broader efforts to combat rising financial crime.
Biocon Biologics has successfully priced its debut USD 800 million senior secured notes due 2029 at a 6.67% coupon, marking a significant milestone as the first USD bond issuance by a biopharmaceutical company in the Asia Pacific. The transaction, which is expected to settle on October 9, 2024, aims to refinance existing long-term debt of USD 1.1 billion, enhancing the company's financial flexibility and supporting its growth in the biosimilars market. The bond issuance received robust interest, with an oversubscription of over 3x, reflecting strong investor confidence in Biocon Biologics' credit profile and growth potential.
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