Capital / Liquidity

Malaysia Establishes Policy on Recovery and Resolution Planning

31/07/2021

Financial institutions will be required to submit their first recovery plans within 18 months from the date they receive a request from BNM.

Fintech / Regtech

BSP Grants Fourth Digital Bank Licence to UnionBank

31/07/2021

UnionBank is the latest to receive the licence after Landbank’s Overseas Filipino Bank, Tonik Bank, and UNOBank.

Market Infrastructure

ISDA, NAFMII Publish Standard Text to Enable IBOR Fallbacks in China

31/07/2021

New definitions will come into effect on 29 October 2021 to enable firms to include contractual IBOR fallbacks into onshore derivatives transactions.

Enforcement

ASIC Files Suit Against AMP Over Superannuation Fees

30/07/2021

AMP companies are said to have charged advice fees to more than 1,500 customers despite being notified they were no longer able to access the relevant advice.

Market Infrastructure

ASX to Replace Standard Definitions for Interest Rate Swaps

29/07/2021

From 4 October, all OTC interest rate derivatives contracts will be treated as if they incorporated the new 2021 ISDA Definitions.

Market Infrastructure

RBI Opens RTGS, NEFT to Non-bank Payment System Providers

29/07/2021

Prepaid payment instruments, white label ATM operators and card networks can now connect to the RTGS and NEFT systems.

Capital / Liquidity

MAS Ends Dividend Cap for Banks, Finance Companies

29/07/2021

Local banks and finance companies should still exercise continued prudence in their discretionary distributions, and prioritise support to customers.

AML / KYC

FSC Finds VASP Deposit Accounts Linked to Fraudulent Activity

29/07/2021

Crypto exchanges in Korea are required to use bank accounts under their real names. Third party bank accounts are not allowed.

ESG / Sustainability

BOJ to Pursue ‘Learning-by-doing’ Approach to Climate Risk

29/07/2021

The BOJ will offer zero-interest funds to FIs making loans and investments to tackle climate change, study the programme’s impacts, and make adjustments when necessary.