Emerging Prudential Risks

BIS Report Offers Guidance on Managing FX and Capital Flow Volatility

03/11/2022

Financial authorities should advance their FX market monitoring approaches, further develop onshore hedging markets, and introduce temporary capital flow management measures.

Anti-Money Laundering

Crypto Being Used to Finance More Terrorist Activities: UN Official

03/11/2022

Up to 20 percent of terrorist attacks are seen as crypto-financed or linked to digital assets, compared to just 5 percent a couple of years ago.

Cloud & Infrastructure

Six Southeast Asian Fintech Associations Agree to Cooperate

03/11/2022

The six fintech associations are from Singapore, Cambodia, Malaysia, the Philippines, Thailand and Vietnam.

Payments & Settlements

China to Establish RMB Clearing Arrangement in Pakistan

03/11/2022

The arrangement will enable Chinese and Pakistani companies and FIs use RMB in cross-border transactions, thereby promoting trade and investment between the two countries.

Payments & Settlements

MAS Proposes to Eliminate Cheque Usage in Singapore

03/11/2022

MAS proposes that financial institutions collectively cease the issuance of new cheque books to all corporates by end-2024.

Clearing & Post-Trade

BNP Paribas Completes Successful DRR Test for CFTC Rewrite

03/11/2022

BNP Paribas is ready to implement Digital Regulatory Reporting for the CFTC’s new swap data reporting rules coming into effect on 5 December.

Payments & Settlements

Singapore Launches Digital Banker’s Guarantees, Insurance Bonds

03/11/2022

Banker’s guarantees and insurance bonds historically took a few days to issue. The new digital service enables issuance and delivery to government agencies within a day.

Payments & Settlements

Hong Kong, Macau Enable Real-time Payments Between Banks

03/11/2022

Macau already has a local RTGS system for local payments denominated in HKD. The new system enables real-time settlement of HKD payments between Macau and Hong Kong banks.

Stablecoins

MAS Grants Approvals to Stablecoin Issuers Paxos, Circle

03/11/2022

Paxos provides has its own stablecoin (USDP) and provides infrastructure for Binance Coin. Circle is the issuer of stablecoins USD Coin and Euro Coin.