Fintech / Regtech

UK Promises ‘Adaptable Approach’ to Regulating AI

29/03/2023

Five principles will guide the use of artificial intelligence in the UK. In future, a statutory duty may require regulators to have due regard to the principles.

AML / KYC

Hong Kong ICAC Issues Corruption Prevention Guide for Banks

27/03/2023

The HKMA said banks operating in Hong Kong must use and make reference to the new corruption prevention guide.

Market Infrastructure

Hong Kong: New Regime for Depositaries to Start in Oct 2024

27/03/2023

Electronic licensing forms for RA 13 will be available in Q3 2023. Depositaries operating in Hong Kong will then have four months to submit a licensing application.

Market Infrastructure

Macau Launches Charles Li’s New Financial Assets Exchange

27/03/2023

The exchange will trade in certificates that entitle holders to daily cash flows from micro and small businesses in Mainland China.

Crypto / Digital Assets

US SEC Warns Against Investing in Crypto Assets

24/03/2023

The SEC warns against dealing with unregistered crypto platforms and in unregistered crypto asset securities, though it doesn’t have a registration path for such products.

Market Infrastructure

Australia Proposes Measures to Improve Competition in Clearing and Settlement

24/03/2023

ASIC will gain rule-making and enforcement powers and the ACCC arbitration powers, enabling them to enhance competition in the provision of clearing and settlement services.

Fintech / Regtech

Hong Kong’s Fusion Bank Launches Business Banking Services

23/03/2023

Fusion Bank promises SMEs a “hassle-free” account opening experience and a six month exemption on fees for new accounts.

Capital / Liquidity

APRA Directs Banks to Declare Links to Crypto Firms

23/03/2023

APRA has asked banks to declare and report their business ties to crypto firms and start-ups, which worry increased supervision will make it harder to access financial services.

ESG / Sustainability

HKMA Chief Outlines Plans to Continue Developing Green Bond Market

21/03/2023

At ASIFMA’s event on Friday, Eddie Yue said some future green bonds will be set aside for MPF funds, and that Hong Kong’s green bond programme will expand to cover sustainable bonds.