Compare Australia's and Hong Kong's financial system - types of financial products & services, importance of banks vs stock exch

Compare Australia
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Finance & Accounting
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Comparative Study Australia's and Hong Kong's financial system Types of financial services and products in Hong Kong and Australia With reference to the writings by Viney and Phillips (2012), financial products have been described as instruments through which, or through the acquisition of which, a person is able to make a financial investment, manage financial risk, and make payments without the use of liquid cash…

Introduction

To begin with, Barnett et al. (2013) stated that Hong Kong and Australia’s financial sector bears some form of great similarities and a few insignificant differences, this is affirmed by the fact that various international banks such as Citibank operates in both countries thereby alluding to similarity in business operations and environment in both countries. Financial products and services in both countries are classified into personal and business categories (Viney and Phillips, 2012). Under both the personal and business categories, banks in both Australia and Hong Kong offer the depository and custodial services, whereby they accept deposits from customers and even grant them safe custody keeping for their valuable items. Secondly, the banks in these two countries also specialize in providing financial advice to the individual and business customers on matters to do with the banking, other investments, as well as insurance. Thirdly, these banks offer insurance services to their customers but it is important to note that most banks in Hong Kong have a subsidiary that specialize in offering insurance services. Fourthly, these banks also offer the services of mobile banking, which enable customers to do transactions from their mobile phones. ...
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