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Fintech / Regtech
BNM Opens Six Month Application Period for Digital Bank Licences
By Manesh Samtani | 03/01/2021
Applicant must demonstrate a commitment to driving financial inclusion. Preference will be accorded to applications where the controlling interest resides with Malaysian nationals.
AML / KYC
Hong Kong Launches New Digital Identity Platform ‘iAM Smart’
By Manesh Samtani | 02/01/2021
The SFC, HKMA, IA and MPFA are encouraging FIs to adopt iAM Smart in their businesses for customer authentication, document signing, and remote onboarding.
Fintech / Regtech
US Regulators Call for Responsible Stablecoin Design, Operation
By Editors | 31/12/2020
Stablecoin participants and arrangements should register with FinCEN and comply with AML, sanctions, recordkeeping and reporting requirements.
Fintech / Regtech
Chinese Regulators Order Ant Group to Reorganise Business
By Manesh Samtani | 31/12/2020
Ant Group is directed to refocus on its payments business and correct regulatory violations in its credit, insurance, wealth management and asset securitisation businesses.
Fintech / Regtech
ACCC Extends Consumer Data Right to Business Customers
By Editors | 29/12/2020
The amendments will encourage CDR participation by expanding its benefits to more businesses, including companies and partnerships, the ACCC said.
Crypto / Digital Assets
IOSCO Offers Guidance on Educating Investors on Crypto Asset Risk
By Editors | 29/12/2020
The report identifies the possible risks to retail investors in crypto-assets and describes how regulators can help inform them about these risks.
AML / KYC
UPDATED – FinCEN Proposes Reporting, Recordkeeping Rules for Crypto
By Editors | 23/12/2020
Under the proposed rule, FIs will have to keep records of customers’ crypto transactions and counterparties, and whether they are using unhosted wallets.
Fintech / Regtech
Chinese Fintechs Remove Bank Deposit Products from Online Platforms
By Editors | 23/12/2020
Smaller regional lenders have circumvented the geographical limits of their licences by offering deposit products on online platforms operated by Ant Group and Tencent, among others.
Fintech / Regtech
FSC Korea Expands Open Banking Access, Grants ‘MyData’ Licences
By Editors | 22/12/2020
“With more types of financial institutions joining the open banking system, it will help promote competition and improve consumer convenience,” the FSC said.
Crypto / Digital Assets
UPDATED: US SEC Files Lawsuit Against Ripple, Top Execs
By Editors | 22/12/2020
The lawsuit will allege that Ripple, its CEO and its Co-founder sold unlicensed securities that should be registered with the SEC.
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