Fintech / Regtech

Philippines SEC Approves Crowdfunding Rules

10/07/2019

The Philippines SEC has issued rules governing the operation and use of equity- and lending-based crowdfunding to help smaller firms access financing.

Enforcement

ASIC to Target Short Term Credit Industry With New Powers

10/07/2019

Queensland-based Cigno and its associate, Gold-Silver Standard Finance, are the focus of ASIC’s proposed first use of its new product intervention power.

Enforcement

Chinese Payments Provider Caught Embezzling Funds – Report

10/07/2019

China-based UCF Pay, a subsidiary of Hong Kong-listed Chong Sing Holdings, reportedly used client funds for other purposes, causing a shortfall of ¥240mn.

Capital / Liquidity

APRA Raises Capital Requirements for Big Banks

10/07/2019

The big four banks will need to raise A$50bn to meet higher loss-absorbing capacity requirements by 2024, though the increase is less than was proposed last November.

Capital / Liquidity

Korea FSS Warns Banks of Liquidity Risk at China Units

10/07/2019

KB Kookmin and KEB Hana have three months to submit plans for reducing their China corporate bodies’ reliance on support from their Korean parents.

Crypto / Digital Assets

Singapore Proposes GST Exemption for Digital Token Payments

09/07/2019

Transactions involving digital tokens or cryptocurrencies that function or are intended to function as a medium of exchange will be exempt from GST.

Enforcement

Punjab National Bank Detects $550mn Fraud by Indian Steelmaker

09/07/2019

Punjab National Bank says Bhushan Power & Steel misappropriated bank funds and manipulated its books to raise funds from lenders.

Enforcement

ICBC Shanghai Branch Deputy Under Investigation – Report

09/07/2019

Regulators have reportedly found ICBC’s Shanghai branch deputy head to be in violation of regulations related to fundraising and buying wealth management products.

Securities / Derivatives

SFC Strengthens Protections for Client Assets Held by AIs

09/07/2019

Intermediaries and AIs must sign an acknowledgement letter making clear that assets held in designated client asset accounts are protected from recourse.