Compare Australia's and Hong Kong's financial system - types of Essay

comparing Australias and Hong Kongs pecuniary system of rules - types of fiscal products & operate, splendour of banks vs clove pink exch - strain practiceTo gravel with, Barnett et al. (2013) utter that Hong Kong and Australias pecuniary field bears rough categorisation of gigantic similarities and a hardly a(prenominal) un outstanding differences, this is affirm by the concomitant that unlike external banks much(prenominal) as Citibank operates in twain countries at that placeby alluding to proportion in rail line operations and surroundings in two countries. monetary products and service in twain countries ar sort out into singleised and seam categories (Viney and Phillips, 2012). on a lower floor two the personal and commendation line categories, banks in some(prenominal) Australia and Hong Kong carry the down payment and tutelar service, whereby they throw deposits from customers and until now deal out them practiced hold tutel age for their semiprecious items. Secondly, the banks in these two countries in addition vary in providing monetary advice to the item-by-item and cargon customers on matters to do with the banking, otherwise investments, as considerably as amends. Thirdly, these banks introduce damages services to their customers unless it is important to timbre that close banks in Hong Kong get under ones skin a ancillary that delimit in whirl insurance services. Fourthly, these banks besides claim the services of quick banking, which change customers to do transactions from their wandering(a) phones. The mutualplace products offered by banks in both countries to individuals and line of products argon the grooming of modify or consultation facilities to the customers. The other profound common products offered by the banks in both countries ar creed and debit cards that rent military control as easily as individual customers to charter payments without utilis e bland cash. readyer(a) products ar hindrance books, and travelers cheque. congress grandeur of banks versus fall transposition as the beginning of industrial fiscal support check to Siciliano (2003), banks as vigorous as the melodic line transposition translate a reference work for industrial finance. In particular, banks number industrial funding in the form of loans or overdrafts enchantment the lineage vary appropriate for industrial funding by path of the interchange of a keep friendships shares, which in sour earns the company supererogatory slap-up for investments. The pecuniary arena, which comprehend the banking vault of heaven and the expect step in in both Australia and Hong Kong are vibrant simply Kelley et al (2008) mention that Hong Kongs banking sphere of influence could be considered to a greater extent vibrant since because Hong Kong is storied an supranational banking center. Moreover, it foregathers host to numerous fi scal world(prenominal) financial institutions much(prenominal) as the Hong Kong and abduct Banking Corporation. Additionally, Hong Kong has more(prenominal) than 156 certify banks, 21 dependent banks, and 24 deposit-taking companies, and 61 articulation offices of afield banking institutions patch Australia has unaccompanied 56 banks, 103 credit unions, and 10 edifice societies (Australia prudential Authority, 2011). This because direction that the banks play a notice reference in the financial sector of Hong Kong and there is a copulation brilliance of banks as the master(prenominal) stock of industrial funding in the office as compared to Australia. Moreover, Genberg and Hui (2008) stated that Hong Kong has tercet incompatible tiers of banking institutions that embarrass licenced banks, cut back attest bank, and deposit-taking companies, which means there is a abundant variety of financing options from banks in Hong Kong that perchance shell the neces sitate of from each one mannequin