UPDATED – Bangladesh Banks Ordered to Block E-commerce Payments

03/09/2021

Bangladesh Bank has directed banks to block e-commerce firms from receiving direct payments from customers.

Market Infrastructure

RBA Asked to Require Banks to Provide Least-cost Routing Options

03/09/2021

Treasurer Josh Frydenberg has asked the RBA to consider mandating the issuance of dual-network debit cards for major and medium-sized banks.

Securities / Derivatives

BNP Paribas to Form Wealth Management Venture in China

03/09/2021

BNP Paribas Asset Management will reportedly hold a majority stake in the planned venture with AgBank’s wealth management subsidiary.

Market Infrastructure

China to Set Up New SME-Focused Stock Exchange in Beijing

03/09/2021

President Xi Jinping announced that a new stock exchange will be set up in Beijing and reforms at the NEEQ will be deepened to further support SMEs.

Fintech / Regtech

PBOC Introduces New Business Reporting Rules for Payment Firms

02/09/2021

Nonbank payment firms must report new products and services, stock market listings, capital increases and other activities classified as ‘significant matters’.

Enforcement

Mizuho Unable to Identify Cause of System Failure

02/09/2021

In a report to the FSA, Mizuho says it will revamp its system restoration procedures, review its customer response measures, and reassess its core banking system.

Securities / Derivatives

SAFE Assesses Bank Processes for Managing FX Volatility

02/09/2021

Regulators are said to be preparing for policy normalisation in major developed markets and for stimulus measures to end, which could prompt currency volatility.

Market Infrastructure

AFMA Calls For Speedy Passage of OBU Legislation

01/09/2021

Delays in passing legislation to reform the Offshore Banking Unit regime could harm Australia and undermine how it is perceived by foreign investors.

Fintech / Regtech

RBI Halts Plan to Allow New Umbrella Entities in Retail Payments

01/09/2021

The decision is reportedly based on data security concerns following recent breaches at payment firms and non-compliance by global payment giants with India’s data localisation rules.