Enforcement

CBA Increases Remediation Provisions Ahead of Full-Year Results

05/08/2020

Customer remediation provisions have been increased by A$300mn, bringing CBA’s total remediation bill to A$834. The full-year results are due on 12 August.

Market Infrastructure

HKMA Defers Trade Facility Repayments by a Further 90 Days

05/08/2020

Banks have agreed to allow corporate customers who still face cash-flow pressures to further extend their trade facilities for a further 90 days, on top of the 90 days granted from May.

Fintech / Regtech

UOB Launches Training Programme to Address Transformation in Finance

05/08/2020

The UOB Finance Academy will allow participants to deepen their knowledge in areas such as risk management, regulation, liquidity management and data analytics.

Securities / Derivatives

SGX to Launch Asia’s First International REIT Futures

05/08/2020

Two new REIT futures contracts will launch on 24 August, both designed in accordance with CFTC guidelines to allow for distribution to US and global institutional investors.

AML / KYC

Interpol Reveals ‘Alarming Rate’ of Cyberattacks During Covid-19

04/08/2020

Interpol warns that a further increase in cybercrime is highly likely in the near future, citing vulnerabilities related to working from home.

Fintech / Regtech

DBS, Tax Department Collaborate to Digitalise Payments

04/08/2020

IRAS now offers PayNow QR as a payment option for individual income tax, corporate income tax, property tax and goods and services tax.

Enforcement

Ex-GM of Hong Kong Investment Firm Charged with Theft

04/08/2020

The former general manager of Max Dragon Investment is alleged to have stolen HK$22mn from the company bank account between December 2012 and May 2014.

ESG / Sustainability

BSP Joins Network for Greening the Financial System

04/08/2020

The NGFS membership will strengthen BSP’s collaboration with central banks and supervisors on the effective management of climate risks in the financial sector.

Fintech / Regtech

Malaysia Launches New Initiative to Boost Fintech Development

04/08/2020

The Fintech Booster programme is expected to spur a more dynamic fintech ecosystem that can facilitate continued innovation in the financial services sector.