Payments & Settlements

Korea Warns Against Direct FX Transactions Between Individuals

19/10/2022

Any foreign currency transactions worth more than KRW 5,000 has to be reported to the central bank, or face penalties for violating Korea’s foreign exchange laws.

Fraud, Scams & Cybercrime

Philippines to Curb Scams by Requiring ID Registration for SIM Cards

19/10/2022

Telcos are required to collect customer ID information when selling SIM cards. The law is aimed at curbing the spread of spam text messages and scams.

Cloud & Infrastructure

India Launches Digital Banking Units to Advance Financial Inclusion

19/10/2022

The units were established by 24 banks to house digital infrastructure for the delivery of digital banking products and services in self-service and assisted mode.

Supervision & Enforcement

Malaysia SC Signs Regional MMoU on Supervisory Cooperation

19/10/2022

Malaysia’s SC now has a cooperative arrangement on supervisory matters with regional counterparts in Australia, Hong Kong, Japan, Singapore and Thailand.

Cryptocurrency

US Regulators Probe Failed Crypto Firm Three Arrows Capital

19/10/2022

The SEC and CFTC are reportedly looking into whether Three Arrows misled investors and violated rules by not registering its business.

Trading & Investment

South Korea Scraps Foreigner Tax on Government Bond Income

19/10/2022

The government was planning to waive the tax for non-residents and foreign corporations in January but decided to bring the measure forward.

Structural Regulation

CBIRC Approves BNP-AgBank Wealth Management JV

19/10/2022

BNP’s asset management arm will own 51 percent stake in the venture while Agricultural Bank of China’s wealth management unit owns the rest.

Cloud & Infrastructure

Kakao Under Probe Over Unprecedented Service Disruption

19/10/2022

A fire occurred at a data centre where Kakao operates 32,000 servers that support the vast majority of its mobile services.

Structural Regulation

CSRC Mulls Measures to Increase Stock Trading by Foreign Firms

18/10/2022

The CSRC is considering relaxing a rule that currently prevents foreign institutions from engaging in short-term trading activity in onshore markets.