Market Infrastructure

Singapore Consults on Adjustment Spreads for Legacy SIBOR Contracts

15/03/2023

Steering Committee proposes to have a period of active transition until 30 April 2024, before banks initiate an industry-wide automatic conversion process around June 2024.

Market Infrastructure

FSC to Ease Rules to Help Korean FIs Expand Overseas

15/03/2023

New FSC taskforce will work on measures to help FIs expand and invest overseas and address issues that prevent global firms from entering the Korean market.

AML / KYC

UK to Start Collecting New Economic Crime Levy from July

15/03/2023

The economic crime levy will apply to financial firms, auditors, tax advisers, crypto firms, and other regulated entities.

Enforcement

US OCC Fines Ex-Wells Fargo Exec for Sales Misconduct

15/03/2023

Carrie Tolstedt was not required to admit or deny the OCC allegations, but she faces up to 16 months in prison under a plea agreement with federal prosecutors.

Crypto / Digital Assets

Coinbase Partners With StanChart to Enable SGD Fund Transfers

15/03/2023

Customers in Singapore can transfer funds to and from their Coinbase account using any local bank in Singapore for free.

China to Raise Retirement Age to Cope With Ageing Population

15/03/2023

China to raise the retirement age to tackle ageing population challenge and pension budget deficits.

Fintech / Regtech

Sea Group Launches Digital-only MariBank in Singapore

15/03/2023

Invitations are currently limited to users of Sea Group’s ecosystem such as Shopee customers and individual sellers.

Crypto / Digital Assets

US Prosecutors Probe Possible Terra Manipulation by Trading Firms

15/03/2023

SDNY prosecutors are said to be looking into Telegram chats among employees at Jump Trading and Jane Street from last May.

Crypto / Digital Assets

SEC Thailand Consults on Proposal to Ban Crypto Lending

15/03/2023

The ban is being proposed to protect investors from situations where service providers suffer financial problems or their services are discontinued.