Korea Unveils Measures to Address Revolving Credit Concerns

31/08/2022

Credit card revolving services charge high interest rates, lead to poor credit scores for consumers, and raise the risk of delinquency.

Capital / Liquidity

BSP Approves Guidelines on Large Exposures Monitoring

31/08/2022

The guidelines set out the criteria banks should use to assess economic interdependence between connected counterparties, among other requirements.

AML / KYC

Indian Banks Inconsistently Reporting Fraud Incidents to Regulator

31/08/2022

Kotak Mahindra Bank suggests such digital frauds are not being reported by other banks, making its own figures look disproportionately higher.

Market Infrastructure

Singapore Industry Group Launches New Funds Settlement Utility

31/08/2022

The utility will reduce manual steps, centralise processing, and facilitate reconciliation, thereby reducing settlement time and improving efficiency.

Fintech / Regtech

Grab-Singtel Digital Bank Set to Launch First Financial Product

31/08/2022

GXS Bank will launch a savings account product on 5 September, and expand into wealth and credit products over the coming months.

Securities / Derivatives

China to Reintroduce Approval System for Offshore Debt Issuance

31/08/2022

The NDRC is reverting to its pre-2015 approval-based system for companies looking to issue offshore debt with a maturity longer than one year.

Fintech / Regtech

US to Launch FedNow Instant Payments Platform in Mid 2023

31/08/2022

The technical testing phase of the new FedNow Service will kick off in mid-September. The service will be ready to launch between May and July of 2023.

AML / KYC

Chinese Police Arrest 234 Suspects for Henan Bank Fraud

31/08/2022

Authorities say they have made “significant progress” in recovering the stolen money and have also started repaying more victims of the fraud.

Sanctions

MOEX Set to Start Listing ‘Replacement Bonds’ – Report

31/08/2022

Replacement bonds are intended to help Russian companies replace Eurobond issuances that are no longer serviceable due to sanctions.