Fintech / Regtech

Cambodia Explores Cross-border Transactions Using ‘Bakong’

10/08/2021

Cambodia launched its Bakong digital currency in October 2020. In the first half of 2021, 1.4 million transactions worth $500mn were recorded.

Myanmar Central Bank Restricts Foreign Hiring at Banks

10/08/2021

CBM approval is needed to hire foreign employees. Large banks are limited to 25 foreign employees; medium-sized banks to 15; and small banks to 8.

Market Infrastructure

ACCC Consults on Merger of BPAY, eftpos and NPP Australia

10/08/2021

A court enforceable undertaking is proposed to address concerns that the merger could reduce investment and support for eftpos and decrease the availability of least-cost routing.

Securities / Derivatives

Australia Tweaks Fee Component of Super Fund Performance Test

10/08/2021

The test will be based on the most recent financial year of administration fees, rather than the past eight years, to incentivise fee reductions.

Capital / Liquidity

India Progresses Key Deposit Insurance Reforms

09/08/2021

The reforms will enable customers to access their deposits within 90 days if a bank is unable to fulfill its obligations due to a moratorium.

Korean President Nominates New Chiefs for FSC, FSS

09/08/2021

BOK board member Koh Seung-beom will lead the FSC, subject to a confirmation hearing. Former financial regulator Jeong Eun-bo will lead the FSS.

Capital / Liquidity

RBI Extends Liquidity Facilities for Banks, NBFCs

09/08/2021

The impacts of the second wave of the Covid-19 pandemic have been visible in the real estate sector, the RBI said. It is also monitoring stressed assets in the banking sector.

AML / KYC

China, UAE Agree to Exchange Intelligence on AML Investigations

09/08/2021

The FIUs in China and the UAE will exchange information on investigations concerning money laundering, terrorist financing, and the persons or entities involved.

Fintech / Regtech

Bank of Korea CBDC Pilot to Kick off This Month

09/08/2021

Ground X, Kakaobank, Kakao Pay, Consensys, Samsung and Onther are among the firms that will participate in the pilot. Phase one will be complete by December.