Enforcement

Korea: Optimus Asset Management Accused of Fraud, Embezzlement

23/07/2020

Optimus Asset Management CEO Kim Jae-hyun misappropriated investor funds to personally invest in stocks, futures and options since 2018.

Market Infrastructure

Covid Disrupts APAC LIBOR Transition, But Market Participants Unfazed

23/07/2020

A poll of APAC corporate treasury, finance and legal executives by APLMA and Bloomberg showed most participants still aim to be on track for the move to risk-free-rates by end-2021.

Market Infrastructure

‘Business As Usual’ for Hong Kong Banks, says HKMA Chief

23/07/2020

Chief executive Eddie Yue said the HKMA does not see that the national security law would affect the normal conduct of business in Hong Kong, provided it is permissible under existing regulations.

Big Picture

Singapore Financial Sector Sees Increased Cyber Attack Frequency

23/07/2020

In a VMware Carbon Black report, financial services firms cited a rise in attack frequency and sophistication, with custom malware the most frequently experienced attack.

APRA Urges Super Licencees to Simplify, Consolidate Products

23/07/2020

This level of choice in the super industry may work against competition, overwhelming members with the more than 40,000 available options, says APRA’s Helen Rowell.

Market Infrastructure

BOJ, FSA Again Urge FIs to Step Up Preparation for LIBOR Transition

23/07/2020

Financial institutions are urged to continue to take the necessary steps to ensure a smooth transition from LIBOR, even as they allocate resources to support Japanese businesses and households.

Capital / Liquidity

APRA Signals Intent to Ease Bank Dividend Restrictions

23/07/2020

APRA will modify its capital management guidance next week to account for a ‘longer-term outlook’, chairman Wayne Byres said.

Fintech / Regtech

CBIRC Issues Final Rules for Banks Engaged in Online Lending

23/07/2020

Online loans by banks should generally not exceed a one year term or 200,000 yuan per household. Banks must ensure loan proceeds are not used for property or risky investments.

Capital / Liquidity

Korean Regulators Approves K Bank Recapitalisation Plan

23/07/2020

K Bank’s recapitalisation plan was halted last April, forcing Korea’s first internet-only bank to stop offering loan products. It is now looking to regain ground lost to Kakao Bank.