Fintech / Regtech

FSC Korea Grants Toss Bank Final Approval to Operate as Digital Bank

10/06/2021

With the final approval, Toss Bank will officially launch as early as September, making it the third internet-only bank in the country.

Big Picture

MAS Sets Out Climate Strategy in Inaugural Sustainability Report

09/06/2021

Five asset managers have been appointed to manage S$1.8bn of Singapore’s official foreign reserves under new mandates focused on climate change and the environment.

Capital / Liquidity

BCBS to Consult on Capital Rules for Banks’ Crypto Exposures

09/06/2021

The proposed consultation builds on an earlier paper which outlined an approach that would subject direct crypto exposures to full deductions from CET1 capital.

Market Infrastructure

CFTC Subcommittee Proposes Switch to SOFR for Interdealer Swaps

09/06/2021

The ARRC said the change, proposed for 26 July, will allow it to formally recommend forward-looking SOFR term rates published by CME Group.

Capital / Liquidity

APRA Proposes Phased Approach to New Credit Risk Reporting Standard

09/06/2021

An interim and simplified reporting standard will apply while ADIs develop their capabilities for delivering the full suite of credit risk data collected by ARS 220.0.

ESG / Sustainability

SFC Raises Supervisory Focus on Fund Manager Resilience

08/06/2021

The SFC is on the lookout for funds with outsized and concentrated bets to prevent an Archegos-type event in Hong Kong.

Capital / Liquidity

PBOC Accepts Applications to Establish Financial Holding Companies

07/06/2021

China CITIC Limited and China Everbright Group have become the first to apply for approval to establish financial holding companies.

AML / KYC

AUSTRAC Publishes Guidance on Detecting Cuckoo Smurfing

07/06/2021

The guidance offers indicators to help financial services firms identify and report suspicious transactions related to cuckoo smurfing.

ESG / Sustainability

G7 Finance Ministers Agree on 15pc Global Minimum Tax Rate

07/06/2021

The global minimum tax will end the race-to-the-bottom in corporate taxation and ensure fairness for the middle class and working people, Janet Yellen said.