Capital Adequacy

RBNZ Consults on Insurance Act, Solvency Standards

02/12/2020

The consultations form part of a multi-year review to ensure the existing frameworks remain effective and promote public trust in the insurance sector.

Structural Regulation

RBI Chief Calls for Smooth Transition from LIBOR

02/12/2020

Achieving a smooth transition from LIBOR will require “significant efforts” from all stakeholders, RBI governor Shaktikanta Das said.

Supervision & Enforcement

ASIC Files Court Proceedings Against CBA for Overcharged Interest

02/12/2020

The overcharging of interest in overdraft accounts was caused by a systems error, which CBA tried to fix manually. ASIC says the bank broke the law over 12,000 times.

Anti-Money Laundering

Cambodia Enacts Law to Regulate Local Gaming Industry

29/11/2020

The new law seeks to address a FATF requirement for Cambodia to implement risk-based supervision for casinos, while also helping to further develop the gaming sector.

Payments & Settlements

Myanmar Launches New Interbank Payment, Settlement System

29/11/2020

Modelled after Japan’s national payment system, the new system is expected to enhance straight-through processing between the central bank and FIs.

Sustainable Finance

Singapore, Chongqing Work to Enhance Financial Connectivity

25/11/2020

MAS managing director Ravi Menon spoke of collaboration between the two cities on trade, cross-border lending, green finance, and disaster risk insurance.

Data Privacy

Taiwan Credit Bureau to Provide Fintechs Access to Borrower Data

25/11/2020

The Joint Credit Information Center is planning to establish a new credit database by October 2021 which will provide lending and repayment data to fintech firms.

Credit Risk

Korean Banks Move to Lower Lending Limits for Overdraft Accounts

25/11/2020

Major Korean banks have started lowering limits on overdraft account products, amid a move by financial regulators to curb the accumulation of household debt.

Cryptocurrency

Consortium of Japanese Firms to Test Digital Currency in April

24/11/2020

The consortium, which includes Japan’s three megabanks as members, aims to address a lack of interoperability between digital payment platforms in the country.