Over the next ten years, banks expect to continue to play a key role in fintech innovation and adoption, and are confident they will not be displaced by new competitors.
A cash subsidy of HK$50,000 will be available for securities firms ranked 15th onwards by market turnover, and HKD 2,000 for each individual licensed by the SFC.
IFSC banking units are required to report their OTC foreign exchange, interest rate and credit derivative transactions to CCIL's reporting platform from 1 June.
As a common depository, CCB (Asia) will facilitate access to the international capital markets for Chinese issuers, and provide APAC investors easier access to the Eurobond market.
The Taiwan branch of Cardif Assurance Vie was fined for collaborating with banks to get clients to borrow money against old policies to buy new insurance products.
Korea will join Japan, Thailand, Australia and New Zealand in implementing ARFP on 27 May, paving the way for cross-border sales of eligible publicly offered local funds.
FIs will be allowed to reopen more customer service locations from 2 June. MAS will take action against FIs that fail to comply with safe management requirements.
The firm failed to comply with product due diligence requirements, client suitability obligations and specific guidance on the sale of fixed income products.
The draft bills were reportedly motivated by Cambodia's placement on the FATF's 'grey-list' last year, which impacts foreign investment and the economy.
Higher expected capital adequacy under the internal ratings-based approach for calculating risk-weighted assets will help to fuel M&A activity at the bank.