Telekom Malaysia Suffers Data Breach, Over 250,000 Users Affected

04/01/2023

The government has instructed Malaysia’s NC4 and JPDP to investigate the breach and take necessary action. Maybank has also launched its own investigation into the breach.

Japan Insurance Gap to Limit LNG Flow from Russia

04/01/2023

Following talks with reinsurers, Japanese insurers can continue offering marine war insurance to LNG carriers in Russian waters until March.

Fintech / Regtech

Hong Kong Consults on Crowdfunding Regulatory Regime 

03/01/2023

A Crowdfunding Affairs Office will be set up to centrally process and coordinate regulatory and administrative matters related to crowdfunding activities.

ESG / Sustainability

Thailand Consults on ‘Pilot Version’ of Sustainable Finance Taxonomy

02/01/2023

Like the ASEAN Taxonomy, the Thailand Taxonomy uses a traffic light system. The objectives of the taxonomy largely draw from the EU taxonomy.

HK Regulators Identify Issues in Sales of Tax-deductible Products

28/12/2022

Mystery shopping programme identified deficiencies in QDAP and TVC sales practices. Insurers and intermediaries with adverse findings will be required to take remedial actions.

Securities / Derivatives

Korean Brokers Put on Notice for Selling, Lending Practices

28/12/2022

The concerns relate to self-issued equity and derivative-linked bonds sold by securities firms, and the offering of high interest credit loans to investors.

Sanctions

Russia, Iran Spend Billions on New Trade Route – Report

28/12/2022

Russia and Iran are investing an estimated USD 25 billion in the new 3,000 km trade route. The existing route is 14,000 km long.

Crypto / Digital Assets

Bank of Canada Papers Shine Spotlight on Stablecoins

27/12/2022

The first paper calls for effective regulation to gain payments-related benefits. The second highlights concentration risks applicable to stablecoins and their holders.

Crypto / Digital Assets

FINRA Issues Additional Guidance on Ransomware Risk

22/12/2022

Attacks have proliferated due to the increased use of technology, continued adoption of cryptocurrencies, and the emergence of Ransomware-as-a-Service models.