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Another separate central bank report also showed that businesses were faced with more cash strains in the first quarter.

Another graduate who has made her way to Southeast Asia is Krista Young from New Jersey. The recipient of the Princeton in Asia scholarship, Young is currently working with a social enterprise in Myanmar to help improve the local community’s awareness in education, public health, environmental protection and social justice.

Ann Cairns, president of Mastercard's international operations, makes a point at a roundtable at the Singapore FinTech Festival in November last year. [Photo provided to China Daily]

Another masked gang smashed the window of a shop in Central Hong Kong at midnight in December. Around 14 second-hand designer bags worth HK.44 million were taken.

Ant Group, which filed in late August to float on the Shanghai Stock Exchange STAR Market, is poised to raise .4 billion in a record IPO, surpassing Saudi Aramco's .4 billion listing last year. Ant Group is estimated to be valued at about 5 billion, based on public filings. Its debut on the two exchanges was scheduled for Nov 5.