Crypto / Digital Assets

US Banks Lobby Against Possible Issuance of CBDC

26/05/2022

The American Bankers Association says a CBDC would risk moving 71% of bank deposits to the Fed and undermine the financial system.

Taiwan Extends Application Period for Loan Deferrals

26/05/2022

Borrowers that have difficulty repaying their loans can apply for a three to six month deferment. The deadline for applications is 30 June 2023.

RBI Directs All Banks to Enable Cardless ATM Withdrawals

26/05/2022

The RBI’s directions are expected to curb frauds like card skimming and cloning. The UPI will be used for customer authorisation.

OJK Enhances Consumer Protection Rules for FIs

26/05/2022

Financial services firms are required to protect consumers and the public during the entire lifecycle of a financial product or service.

Market Infrastructure

Implementation of Global Tax Reforms to Be Delayed

26/05/2022

The full text of the agreement will not be ready by mid-year as originally planned. Implementation is now expected in 2024 rather than 2023.

Securities / Derivatives

‘Significant Issues’ Remain on US-China Audit Deal

26/05/2022

The SEC’s YJ Fischer confirmed that progress has been made in talks with Chinese regulators, but warned that time was “quickly running out”.

Securities / Derivatives

China Allows Expanded Use of Currency Hedging Tools

26/05/2022

Financial institutions are allowed to offer American-style and Asian-style FX options, in addition to European-style FX options already allowed.

HKMA Publishes Findings from Front Office Incentives Review

26/05/2022

Some incentive systems used in retail banks’ front offices may unintentionally push staff to prioritise business objectives over customer outcomes.

Crypto / Digital Assets

GBBC, GDF Merge to Create 500 Member Association

25/05/2022

The combined influence of GBBC and GDF is expected to help facilitate global collaboration on a robust global framework for crypto assets.