Fintech / Regtech

BSP to Start Accepting New Digital Bank Applications in January

09/08/2024

The BSP will lift the moratorium on granting new digital bank licences starting 1 January 2025. Only four new licences will be granted.

AML / KYC

Australia to Roll Out ‘Confirmation of Payee’ in Early 2025

09/08/2024

SWIFT has been selected to develop a central matching service to underpin the ‘confirmation of payee’ services at Australian banks.

Enforcement

Ex-China Forestry Execs Found Culpable of Market Misconduct

08/08/2024

Former CEO and former chairman culpable for disclosing false information in China Forestry’s IPO prospectus, annual results, and annual report in 2008 and 2009.

AML / KYC

HKMA Issues Circular on Changes to Tax Reporting Jurisdictions

08/08/2024

The HKMA said banks are expected to treat customers fairly and minimise their burden when reporting their tax information.

Crypto / Digital Assets

Australian Police Obtain New Intelligence on Crypto Scams

08/08/2024

The AFP identified over 2,000 compromised crypto wallets belonging to Australians by participating in a global anti-scam initiative launched by Chainalysis.

Market Infrastructure

BSP Unveils 5yr Financial Services Cyber Resilience Plan

08/08/2024

The plan set out key goals, priority actions and milestones to be achieved between 2024 to 2029 to enhance industry resilience against cyber threats.

Crypto / Digital Assets

Mox Becomes First HK Virtual Bank to Offer Crypto ETFs

08/08/2024

Mox customers can invest in bitcoin and ether ETFs listed in Hong Kong and the US via the bank’s mobile app.

BSP Launches New Online Financial Literacy Initiative

07/08/2024

The ‘BSP E-Learning Academy’ seeks to broaden the reach of financial education and strengthen consumer protection.

Fintech / Regtech

HKMA Consults on Renaming ‘Virtual Banks’ as ‘Digital Banks’

07/08/2024

HKMA also published the results of its review of the industry, saying the requirement for virtual banks to primarily deliver retail banking services will be removed.