Enforcement

Global Banks Under Probe for Breaking UK Competition Law

25/05/2023

The CMA “provisionally” found that five global banks broke competition law in the aftermath of the global financial crisis.

HSBC Planning Exit from Up to a Dozen Markets – Report

25/05/2023

It is not yet known which jurisdictions HSBC is considering exiting, but they are understood to be relatively small markets that may have underperformed.

AML / KYC

MAS Bars Insurance Agent for 8 Years After Corruption Conviction

24/05/2023

The former AIG and Liberty insurance agent paid bribes to an Indonesian Embassy official and one other individual.

Fintech / Regtech

RBA Considers Banning ‘Default’ Route on Dual Network Cards

23/05/2023

The RBA had set an expectation that merchants would be offered least-cost routing by end-2022, but the industry did not meet this timeline.

Fintech / Regtech

Australia Confirms Plans to Regulate BNPL as Credit Products

23/05/2023

BNPL providers will be required to hold Australian Credit Licences and comply with Responsible Lending Obligations, among other requirements.

Fintech / Regtech

MAS Launches AI & Data Analytics Talent Development Programme

23/05/2023

MAS will work with the IBF, educational institutions and training providers to develop and co-curate training programmes to address a shortage of AIDA talent.

Market Infrastructure

Singapore, Shanghai Exchanges Sign MoU to Link ETF Markets

23/05/2023

A similar MoU was signed between SGX and SZSE in December 2021 which has led to three cross-market ETF listings.

Market Infrastructure

LCH SwapClear Completes USD LIBOR to SOFR Conversion

23/05/2023

In aggregate, LCH SwapClear has successfully converted approximately 600,000 USD LIBOR contracts with notional value of $45tr.

ESG / Sustainability

Indonesia Becomes First Asian Sovereign to Sell Blue Bond

22/05/2023

Indonesia sold a JPY 104.8 billion blue bond with four-tranches, less than two years after establishing a framework to do so.