The chief executive of Hong Kong's Securities and Futures Commission, Ashley Alder, will replace ASIC chair Greg Medcraft as the chair of the International Organisation of Securities Commissions. Medcraft is stepping down after three years at the head of IOSCO. Alder started his career as a corporate lawyer and moved from London to Hong Kong in 1989 with the law form Herbert Smith. He has been at the SFC since 2011 and has been actively involved with IOSCO since 2013. Chinese banks cut back sharply on new lending in April, CNBC reports. Banks made 555.6 yuan of new loans, which was less than half the 1.4 trillion yuan of new loans in March. The People's Bank of China said the fall was the result of "seasonal and technical" factors. "On the whole, current financial support to the real economy is still strong," it said. The number of app-only banks in the United Kingdom is growing fast, the Guardian reports. Atom Bank and Fidor Bank are the established players, while B (a Clydesdale and Yorkshire Bank spin-off) was launched this month. They all offer services based on apps that can be downloaded to a smartphone or other mobile device. Tandem Bank has a licence and will launch later this year. Mondo and Starling are going through their approval processes and expect to be in operation next year.