As tokenised assets surge, institutions, innovators and regulators, are converging to rewrite how global capital moves, including in Apac, according to a high-level panel discussion at Token2049 in Singapore.

The proposal values the group at $4.2bn and will involve delisting from the Singapore Exchange. Alibaba and Ant Group have agreed to buy 13 floors of Mandarin Oriental's new Hong Kong office building One Causeway Bay; the group is expanding in Seoul.

CEO Darren Wang described the process to FA as “difficult” and said that reaching out to more US-based private investors, while expanding globally, is the next step.

After a deluge of defaults, a new state-owned bank called United Islamic Bank is set to emerge out of the five banks, with the plan to privatise them over time.

Prudential Financial is selling its 13% stake in the Hong Kong-headquartered reinsurer, which is majority owned by Chinese conglomerate Fosun.

Hari Janakiraman, head of industry and innovation, transaction banking at ANZ, discussed legal frameworks, digital standards and tokenisation pilots, including Australia's Project Acacia, with FA in an exclusive interview.

After over six years with the infrastructure investment bank, Cross will take up a senior leadership role at another institution outside of Asia.

Citi Commercial Bank in India has appointed Kannan as head of digital, technology, communication, business & professional services and industrials; he will join in December and has worked at JP Morgan for over 15 years.

The $1.3bn raise from the electronics giant and $1.75bn IPO from Tata Group's financial services arm attracted strong demand from institutional investors. Citi is seeing its largest Indian IPO pipeline on record.

Rich Chun is appointed managing director, head of Asia at Tradeweb, effective immediately; he joins from HPS Investment Partners.