For the purposes of this Chapter:

financial service

means a service of a financial nature, including insurance and insurancerelated services, banking and other financial services (excluding insurance), and services incidental or auxiliary to a service of a financial nature. Financial services include the following activities:

(a) insurance and insurance-related services 
(i) direct insurance (including co-insurance): 
(A) life; or 
(B) non-life; 
(ii) reinsurance and retrocession; 
(iii) insurance intermediation, such as brokerage and agency; or 
(iv) services auxiliary to insurance, such as consultancy, actuarial, risk assessment, and claim settlement services; and 

(b) banking and other financial services (excluding insurance): 
(i) acceptance of deposits and other repayable funds from the public; 
(ii) lending of all types, including consumer credit, mortgage credit, factoring, and financing of commercial transactions; 
(iii) financial leasing; 
(iv) all payment and money transmission services, including credit, charge and debit cards, travellers cheques, and bankers drafts; 
(v) guarantees and commitments; 
(vi) trading for own account or for account of customers, whether on an exchange, in an over-the-counter market or otherwise, the following: 
(A) money market instruments (including cheques, bills or certificates of deposits); 
(B) foreign exchange; 
(C) derivative products including futures and options; 
(D) exchange rate and interest rate instruments, including products such as swaps and forward rate agreements; 
(E) transferable securities; or 
(F) other negotiable instruments and financial assets, including bullion; 
(vii) participation in issues of all kinds of securities, including underwriting and placement as agent (whether publicly or privately), and supply of services related to such issues; 
(viii) money broking; 
(ix) asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial, depository, and trust services; 
(x) settlement and clearing services for financial assets, including securities, derivative products, and other negotiable instruments; 
(xi) provision and transfer of financial information, and financial data processing and related software; or 
(xii) advisory, intermediation and other auxiliary financial services on all the activities listed in sub-sub-paragraphs (i) through (xi), including credit reference and analysis, investment and portfolio research and advice, and advice on acquisitions and on corporate restructuring and strategy;