Market Infrastructure

India Launches Payments Bank Using Postal Network

04/09/2018

On 1 September, India’s postal services launched a payments bank to offer basic banking and remittance services, starting from 650 post offices with an aim to expanding to its network of 155,000 post offices by 31 December.

AML / KYC

SFC Urges Licensed Firms To Strengthen AML/CFT Measures

03/09/2018

Hong Kong firms need to step up AML/CFT compliance keeping in mind deficiencies and gaps found during the regulator’s thematic reviews and on-site exceptions.

Market Infrastructure

First Commodity Derivatives Clearing House Starts Operations in India

03/09/2018

First commodity derivatives clearing house in India, MCX Clearing Corporation, begins operations from 3 September 2018.garima

Capital / Liquidity

HKMA to Exempt Overseas Incorporated Banks from IRRBB Framework

03/09/2018

Central bank to exempt institutions incorporated overseas from new local IRRBB framework in cases where parent group is not additionally represented in Hong Kong through a locally incorporated institution.

Enforcement

Chinese Police Detain Fugitive Hedge Fund Manager

31/08/2018

The chairman of Shanghai Fuxing Group fled the country in June amid allegations of market manipulation, after defaulting on bank loans and $2.6bn in investor payouts.

Enforcement

MAS Bars Former UOB Officer for 12 Years

31/08/2018

The ex-UOB employee, without a capital markets services licence, had setup a company to invest on behalf of other investors, and later misappropriated SG$520,000 entrusted to him by clients.

Fintech / Regtech

Xiaomi Seeks Entry to India Payments Market

30/08/2018

The Chinese smartphone maker is conducting tests for its upcoming payments service in India, which is set to be powered by the UPI, if approval is granted by the RBI.

Capital / Liquidity

Chinese Distressed Asset Exchange to Boost Foreign Investor Access

30/08/2018

Qianhai Financial Assets Exchange, the Chinese first exchange to sell bad debt to foreign investors, seeks to simplify processes to enable easier access for investors overseas.

Securities / Derivatives

Axis Becomes First Bank Subsidiary to Offer Commodity Derivatives

30/08/2018

Clients can now trade commodity futures and options on the MCX; trading on NCDEX to be supported by end-September.