Fintech / Regtech

Govt Panel Formally Recommends Complete Crypto Ban in India

24/07/2019

An inter-ministerial committee has formally recommended a complete ban on cryptocurrencies in India and to punish any crypto-related activity with up to 10 years’ jail.

AML / KYC

HKMA Grades SVF Sector as ‘Medium Risk’ in Latest AML/CTF Assessment

22/07/2019

While most of the sector presents low risk, higher risk has emerged in SVF products that allow overseas cash withdrawals, cross border remittances, and person-to-person transfers.

Fintech / Regtech

BOT Concludes Project Inthanon’s Second Phase

22/07/2019

Phase 2 used smart contracts to automate bond lifecycle events, and introduced pre-validation to reduce error and fraud in funds transfers. Phase 3 will be a joint effort with the HKMA.

Fintech / Regtech

Philippine SEC Consults on Draft Rules for Digital Asset Exchanges

19/07/2019

The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.

Big Picture

Competitive Dynamics in Banking Intensify Across APAC: S&P Global

18/07/2019

Indigenous virtual banks, global digital-only banks, and digitised traditional banks are all vying for market share, says a new report from S&P Global Ratings.

Capital / Liquidity

Singapore Can Withstand Severe Adverse Shocks: IMF

17/07/2019

The IMF says Singapore’s financial system would continue to be resilient even under very adverse scenarios, but that foreign currency liquidity risk needs to be addressed.

Market Infrastructure

CFTC Eases Foreign Clearinghouse Access to US Customers

15/07/2019

An alternative compliance regime will be provided for non-US DCOs registered with the CFTC, while exempt DCOs will be allowed to offer clearing through foreign intermediaries.

Market Infrastructure

Regulator Coordination Insufficient to Scale Up Sustainable Finance

02/07/2019

Most financial institutions say coordination among regulators is not sufficient to effectively promote sustainable finance globally, according to a GFMA survey.

Market Infrastructure

Hong Kong ‘Greenness’ Assessment Framework for Banks by Year-End

02/07/2019

The framework will comprise guiding principles and possible metrics for the greenness assessments, drawing from industry feedback and the HKMA’s participation in the NGFS.