Payments & Settlements

SFA, Remittance Association to Jointly Strengthen SG Remittance Industry

22/03/2021

The SFA Remittance Sub-Committee has been launched to promote the adoption of technologies to strengthen Singapore’s money remittance industry.

Structural Regulation

CBIRC Probes Reveal 19,900 Shareholder Violations at Rural Banks

22/03/2021

Over 70 percent of the violations have so far been resolved; 281 institutions were fined a total CNY 150 million; 711 shareholders were fined CNY 20.4 million.

Liquidity Risk

Hong Kong: Enhanced 100% Loan Guarantee Set to Take Effect

22/03/2021

The maximum loan amount per enterprise, total loan ceiling, maximum repayment period, and duration of moratorium will be extended.

Fraud, Scams & Cybercrime

Singapore Police Issue First Charges in Nickel Trading Fraud Case

22/03/2021

At least SGD 1 billion was invested for the purported sale and purchase of nickel, making the case one of the largest financial fraud cases in Singapore.

Supervision & Enforcement

CBIRC Finds Violations in XW Bank’s Consumer Loans Business

22/03/2021

Xiaomi-backed digital bank, XW Bank, breached financial regulations for charging over 30 percent interest on consumer loans.

PEPs & Sanctions

EU Sanctions Officials from China, Myanmar, Others

22/03/2021

The EU, US, UK and Canada all imposed sanctions against Chinese officials and entities on Monday, citing human rights abuses in Xinjiang.

Trading & Investment

BOJ Scraps ETF Buying Target, Tweaks Yield Curve Controls

22/03/2021

The BOJ is scrapping its JPY 6 trillion annual target for buying ETFs, but will keep the JPY 12 trillion annual ceiling. The BOJ now owns about 7% of the Japanese equity market.

Payments & Settlements

Japan Banks Finalise Decision to Lower Interbank Transfer Fees

22/03/2021

Effective from 1 October, interbank money transfer fees will be lowered to JPY 62 per transaction, the first reduction in 40 years.

Clearing & Post-Trade

LCH Sets Dates for Conversion of SwapClear LIBOR Contracts

21/03/2021

Conversion of CHF, EUR and JPY LIBOR shall apply to SwapClear contracts outstanding on 3 December. Conversion of GBP LIBOR will apply to contracts outstanding on 17 December.