Cybersecurity

Chinese Police Summon Alibaba Staff to Probe Data Breach

18/07/2022

Personal information on 1 billion Chinese citizens was reportedly stolen from a Shanghai police database located on an Alibaba server.

Structural Regulation

HKEX, SFC Extend HKIDR Testing Period Until 5 August

18/07/2022

Firms that have not completed the mandatory E2E Test yet are reminded to complete the test “as soon as possible”.

Resolution & Recovery

Hong Kong’s Target Insurance Deemed Insolvent, Winding-up Initiated

18/07/2022

Target is Hong Kong’s largest motor insurer, providing coverage for mini buses and more than 60 percent of the 18,000-plus taxis in the city.

Credit Risk

Pakistan Sets January 2023 Deadline for IFRS 9 Adoption

18/07/2022

IFRS 9 will prompt a one-off increase in banks’ loan-loss provisioning, diminishing shareholder capital. Banks will also be pressured by increased taxes.

PEPs & Sanctions

Sanctions Over-Compliance Causes Human Rights Violations: UN Expert

18/07/2022

UN Special Rapporteur Alena Douhan says governments and FIs should be doing more to ensure over-compliance with sanctions does not negatively impact human rights.

Credit Risk

CBIRC Calls on Banks to Help Resolve Mortgage Boycotts

18/07/2022

Hundreds of thousands of homebuyers stopped making payments on mortgages involving more than 200 property projects last week.

Cryptocurrency

UK Commences Inquiry Into Crypto Asset Risks and Opportunities

17/07/2022

A UK parliamentary committee is collecting evidence on the opportunities and risks that crypto-assets may bring to consumers, businesses and the government.

Trading & Investment

Malaysia and Shanghai to Collaborate on Derivatives Products

17/07/2022

Bursa Malaysia Derivatives will work with SHFE and INE on the development of new derivatives products to meet the needs of increasingly sophisticated customers.

Liquidity Risk

Korea Extends Corporate Debt Purchase Programmes to March 2023

17/07/2022

Policy banks will have KRW 6 trillion until 30 March 2023 to buy up corporate bonds and commercial paper.