AML / KYC

Taiwan Financial Firms Call for KYC Rule Changes

04/07/2020

Taiwanese financial firms are asking the FSC to allow identity authentication methods other than the unwieldy government-issued Citizen Digital Certificates.

Enforcement

CBIRC Strengthens Administrative Procedures for Penalising Illegal Acts

04/07/2020

The maximum administrative penalties for illegal acts are effectively increased to ¥5mn for banking institutions and ¥500,000 for banking industry personnel.

Securities / Derivatives

SFC Asks HKEX to Raise Guard Against Conflicts of Interest

04/07/2020

The SFC says Listing Department personnel should not attend business meetings with prospective listing applicants, and HKEX should further reinforce ‘Chinese Walls’.

RBI Asks Banks, NBFCs to Adopt New Classification Norms for MSMEs

03/07/2020

Banks and NBFCs have to classify enterprises as micro, small or medium based on new thresholds for turnover and investment in plant and machinery or equipment.

Fintech / Regtech

South Korea Enhances Credit Database in Open Data Push

03/07/2020

Korea’s CreDB system will be enhanced with additional datasets and increased server capacity to support deep learning and other types of AI-based data analysis.

Big Picture

Virtual Banks Could Shake Up Funds Industry – Report

03/07/2020

Successful virtual banks are likely to branch out into wealth management services, robo-advisory and fund distribution, says a new Calastone paper.

Securities / Derivatives

CBIRC Issues Treasury Bond Futures Trading Rules for Insurers

02/07/2020

Insurers can only trade treasury bond futures to hedge asset risk, lock in the price on future purchases, or manage interest rate risks caused by asset and liability mismatches.

Securities / Derivatives

Singapore Banks Join Forces to Reduce Commodity Lending Risk

02/07/2020

Some 20 banks in Singapore have set up a working group to propose new guidelines to improve lending practices and transparency for the commodity sector.

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.