Market Infrastructure

Philippines Signs Islamic Banking Framework into Law

03/09/2019

The law grants Islamic banks powers to carry out the business of a bank in accordance with Sharia principles, in addition to the general powers granted to corporations.

Capital / Liquidity

India to Merge 10 State Owned Banks into Four

03/09/2019

“In place of fragmented lending capacity with 27 public sector banks in 2017, now there will be only 12 state-run banks post consolidation,” said India’s finance minister Nirmala Sitharaman.

Market Infrastructure

ACCC Calls for Lower Fees, More Competition in FX Services

03/09/2019

An ACCC inquiry found that consumers continue to rely on the big four banks for FX services despite the availability of much cheaper alternatives.

Securities / Derivatives

Bursa Malaysia Consults on Listing Rule Amendments

03/09/2019

The amendments focus on the issuance of new securities, seeking to enhance transparency, promote better corporate governance, ensure board integrity and protect investors.

Capital / Liquidity

CBIRC Identifies Numerous Violations at Small and Mid-sized Banks

03/09/2019

“In response … all relevant regulatory agencies should take targeted prudential supervision measures … and carry out administrative punishment according to law,” the CBIRC said.

AML / KYC

Singapore Police, Banks Collaborate to Thwart Scammers

03/09/2019

Since the Anti-Scam Centre was set up in June, DBS, OCBC and UOB have frozen 815 bank accounts and recovered S$840,000 in scam-related losses.

AML / KYC

Philippines Launches Pilot Test of New National ID System

02/09/2019

The pilot test phase will initially focus on government and welfare services, but will later be expanded to include financial services.

Market Infrastructure

Indian Banks Taking Nearly Two Years to Detect Fraud: RBI

02/09/2019

The RBI said in its annual report that banks take an average of 22 months to detect fraud, and up to 55 months for frauds involving large amounts.

Market Infrastructure

SFC Launches ‘Key Risk Indicator’ Reporting Platform

02/09/2019

Initially, licensed corporations of 22 global FIs will have to submit data relating to their operations, conduct issues and prudential risk exposures on a monthly, quarterly and yearly basis.