Market Infrastructure

Philippines to Adopt QR Codes for Payments Nationally

24/10/2019

Once the national QR code standard is established, bank and non-bank payment providers will have 30 days for adoption. Those already offering QR-enabled payments will have until mid-2020.

CBIRC Tightens Oversight on Structured Deposits Sold by Banks

24/10/2019

Banks can only offer structured deposit products if they have derivatives trading licences, and they must ensure the sales process is done in a “legally compliant manner”.

AML / KYC

Three Indonesians Charged with Terrorism Financing in Singapore

24/10/2019

The three individuals are said to have provided a total of about S$1,500 to individuals in Indonesia for the purpose of facilitating terrorist acts after being ‘radicalised’ last year.

Enforcement

UBS Identifies ‘Inappropriate Spreads’ Charged to HK, SG Clients

24/10/2019

UBS may have charged some wealth management clients booked in Hong Kong and Singapore ‘inappropriate spreads’ on debt securities transactions between 2008 and 2015.

Fintech / Regtech

Thailand SEC Approves First ICO Portal

23/10/2019

Under Thailand’s regulatory framework, ‘ICO portals’ help screen ICOs, conduct due diligence, prove smart contract source codes and verify KYC processes before they are released to the market.

Securities / Derivatives

SEBI Allows Stock Exchange Listings of Commercial Paper

23/10/2019

SEBI says issuers have shown an interest in listing their commercial paper on stock exchanges to capture broader investor participation.

Enforcement

JPM, SocGen Earned $6.8mn on Money-Losing DLFs Sold in Korea

23/10/2019

FSS data shows that JP Morgan Chase and Société Générale earned nearly $6.8mn from the high-risk derivatives products sold through KEB Hana and Woori Bank.

Capital / Liquidity

China Criminalises Loans with Annual Interest Over 36pc

23/10/2019

All agency fees, consulting fees, management fees and default penalties will be included in the interest rate calculation, effectively lowering the threshold.

Enforcement

More Shanghai Bank Executives Assisting in Corruption Probes

23/10/2019

The current and former Shanghai chiefs of Ping An Bank and the Suzhou branch head of China Guangfa Bank are assisting in an anti-graft probe linked to former CSRC chairman Liu Shiyu.