Fintech / Regtech

Hong Kong Offers Wage Subsidy to Local Fintechs

02/07/2020

Fintech companies registered in Hong Kong can apply for a salary subsidy to fill a new full-time position for a maximum of 12 months.

Market Infrastructure

Taiwan to Tighten Rules on Chinese Investment – Report

02/07/2020

New rules will empower Taiwan’s government to investigate whether funds from Hong Kong or other countries are actually from Chinese investors.

Market Infrastructure

BSP Approves New Payment System Oversight Framework

02/07/2020

The BSP will be empowered to designate a payment system as systemically important, and replace its operator for a failure to satisfy regulatory obligations.

Capital / Liquidity

S. Korea Advances OTC Derivatives Reforms

02/07/2020

Cabinet-approved legislative revisions will introduce an OTC derivatives reporting requirement, a licensing system for trade repositories, and penalties for circumventing margin rules.

AML / KYC

Automatic Exchange Uncovers €10tr in Offshore Accounts in 2019

02/07/2020

The automatic exchange of information by tax authorities in nearly 100 countries uncovered data on 84 million accounts held offshore in 2019.

APRA Heatmap Having Desired Effect on Super Fees

02/07/2020

APRA is putting more than a dozen MySuper trustees on notice that it is considering enforcement action against those that continue to underperform on fees.

AML / KYC

BCBS Updates AML Guidance to Advance Supervisory Cooperation

02/07/2020

Prudential and AML/CFT supervisors should establish an effective cooperation mechanism regardless of the institutional setting, the updated guidelines say.

PBOC Cuts Funding Costs for Small Firms, Rural Sectors

02/07/2020

The PBOC has cut the rediscount rate for the first time in a decade, and the relending rate for the second time this year.

Sri Lanka: CBSL to Absorb Credit Risk on Business Loans

02/07/2020

The CBSL will provide credit guarantees ranging from 80% for smaller loans to 50% for larger loans issued to businesses affected by Covid-19.