Stablecoins

UK Gov Publishes Financial Services and Markets Bill

22/07/2022

The bill establishes HM Treasury’s authority to make regulations for digital assets including stablecoins.

Data Privacy

China CAC Fines Didi ¥8bn for Data Security Breaches

22/07/2022

The fine is seen as a sign that China’s regulatory crackdown in the tech sector is winding down. Didi is expected to be able to resume normal operations.

Payments & Settlements

Mortgage Refinancing Transactions Made Safer in Hong Kong

21/07/2022

Under the new PAPT mechanism, mortgage refinance proceeds can be transferred directly from one bank to another rather than via a law firm.

Structural Regulation

BNM Sets Deadline for Foreign Insurers to Reduce Stakes in Local Firms

21/07/2022

Most foreign insurers in Malaysia have not complied with a 70 percent limit set in 2009 on their ownership in local firms.

Payments & Settlements

Five ASEAN Central Banks to Link Payment Systems

21/07/2022

The central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand will formally sign an agreement on payment connectivity in November.

Cloud & Infrastructure

Philippines: Diokno Directs SEC to Further Digitalise Markets

21/07/2022

Finance Secretary Benjamin Diokno directed the SEC to use digital technologies to improve monitoring, build investor trust, protect the investing public, and better serve the economy.

Conduct, Culture & Accountability

NZ FMA Consults on New Licence Conditions Under CoFi

21/07/2022

Banks, insurers and non-bank deposit takers will need a ‘financial institution licence’ issued by the FMA starting in early 2025.

Capital Adequacy

China to Recapitalise Small Banks Through Local Government Debt

21/07/2022

Regulators are working to accelerate the issuance of special local government bonds to help boost the capital of small and medium-sized banks.

Supervision & Enforcement

SFC Fines RBC Investment Services for Mishandling Client Assets

21/07/2022

The SFC said RBC Investment Services failed to segregate client money and transferred securities from client accounts without valid standing authority.