Market Infrastructure

PBOC Announces Licence Application by Foreign Payment Firm

02/08/2018

World First Asia subsidiary Yuefan Business Consulting would become the first foreign-funded third-party payment institution in China if its licence is approved.

Fintech / Regtech

Japan’s Line Corp to Set Up Digital Bank in Taiwan

30/07/2018

‘Line Bank’ will be set up in partnership with up to five local partners to take deposits, provide loans, and sell mutual funds and insurance policies.

Enforcement

S. Korea FSC Imposes Six Month Suspension on Samsung Securities

29/07/2018

A result of April’s dividend payout error, Samsung Securities has been barred from accepting new clients for six months and order to suspend its chief executive, who has instead resigned.

Market Infrastructure

SWIFT Pilots Enhanced Multi-Bank Cross Border Payment Standard

29/07/2018

Pilot participants of SWIFT enhanced gpi standard include 10 multinational corporates and 12 banks; new standard to enable multinational firms to initiate and track gpi payments to and from banks in a single format and integrate payment flows with internal systems.

Enforcement

ASIC Imposes Lifetime Ban on Former Westpac Banker

28/07/2018

Former premium banking relationship manager shared personal client information with external third parties, and “knowingly or recklessly” submitted false supporting documents to help clients obtain home loans.

Fintech / Regtech

ASIFMA Publishes Report on Outsourcing Regulation

24/07/2018

The report includes nine proposed leading principles for regulation of outsourcing to help securities, futures and banking intermediaries navigate different regulatory landscapes in Asia-Pacific.

Market Infrastructure

BOJ Forms Benchmark Reform Committee

24/07/2018

Committee to discuss developing recommendations on JPY interest rate benchmarks, the challenges arising from each and proposals for other solutions.

Crypto / Digital Assets

S. Korea FSC Reorganises to Meet ‘Fourth Industrial Revolution’

24/07/2018

New body charged with industry-wide consumer protection issues; Financial Innovation Bureau formed to respond to new challenges including cryptocurrency.

Market Infrastructure

SGX Proposes Clearing House Enhancements for Managing Defaults

23/07/2018

Proposals include introduction of auction protocol for liquidating defaulted derivatives clearing members’ positions, with a mechanism to distribute the resulting losses.