Fintech / Regtech

Singapore, Canada Conclude First Trial on CDBC Cross-Border Payments

02/05/2019

MAS and the Bank of Canada linked up experimental payment networks despite their being built on two different DLT platforms.

Market Infrastructure

New Opening Up Measures Coming ‘Soon’ – CBIRC Chairman

02/05/2019

CBIRC chairman Guo Shuqing says 12 new measures will soon be introduced to further open up China’s financial sector to banks and insurers.

Capital / Liquidity

CBIRC Issues Stricter Rules for Banks on Loan Classification

02/05/2019

The new rules broaden the range of assets banks have to classify. If more than 5% of a borrower’s loans are 90 days past due, all loans from that borrower will be classified as non-performing.

Enforcement

Westpacs Provision Extra A$510mn for Customer Remediation

02/05/2019

Misconduct linked to the issues identified by the royal commission could cost Australia’s four largest banks up to A$10bn.

Securities / Derivatives

MAS Consults on Proposed Framework for Variable Capital Companies

02/05/2019

The proposals include an AML/CFT framework for VCCs requiring them to engage an eligible financial institution to perform the necessary checks.

Market Infrastructure

FSS to Relaunch Inspections of Financial Firms This Month

02/05/2019

The FSS will look into corporate governance, internal controls and consumer protection practices at KB Financial Group, KB Kookmin Bank and KB Securities, among others.

Market Infrastructure

HK-China Stock Connect to Include Dual Class Shares from July

02/05/2019

HKEX and the CSRC have agreed to allow listed companies with dual class shares to be included in the southbound Stock Connect trading starting in July.

Enforcement

China Arrests 41 People Linked to Tuandai.com in P2P Crackdown

02/05/2019

Following the collapse of P2P platform Tuandai.com in March, Chinese authorities have arrested 41 people connected to the platform, including its owners.

Market Infrastructure

APRA Revises Prudential Standard to Enhance Superannuation Outcomes

02/05/2019

The revisions will require superannuation licensees to review their performance, analyse member outcomes, and take action to address areas that require improvement.