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.

Capital / Liquidity

Amended Bank Liquidity Rules to Take Effect 1 Jan: HKMA

01/07/2019

The amendments expand the scope of HQLA recognisable as “level 2B assets” under the LCR and introduce a 5% stable funding requirement on total derivative liabilities under the NSFR.

AML / KYC

Hong Kong Welcomes FATF ‘Overall Compliant’ Result

01/07/2019

According to a government statement, Hong Kong was found to be particularly effective in the areas of risk identification, law enforcement, asset recovery, counter-terrorist financing and international co-operation.

AML / KYC

SFC Enables Technology Approach for Overseas Client Onboarding

01/07/2019

From 5 July, intermediaries can access embedded data in client identity documents for onboarding. Captured biometric data such as a facial image can be used for identity verification.