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AML / KYC
Sri Lanka Shortlists Three Firms to Build Shared KYC Facility
By Duruthu E Chandrasekera | 07/07/2020
The three shortlisted firms, including one from Sweden, will begin work on a proof-of-concept, which is expected to be completed in six to nine months.
AML / KYC
Using Privacy Preserving Analysis to Tackle Financial Crime
By Manesh Samtani | 07/07/2020
Privacy enhancing technologies, or PETs, may provide a “similar or, even, identical utility” compared to analysis of the raw data in some use-cases, says an FFIS paper.
Fintech / Regtech
BSP Set to Issue Digital Bank Licensing Framework
By Editors | 07/07/2020
Foreign individuals will be allowed to own up to 40% of a digital bank, while qualified foreign banks can own up to 100%.
Market Infrastructure
16 Banks Announce Initiative to Digitalise Payments Across EU
By Editors | 06/07/2020
The unified payment solution for consumers and merchants across Europe will encompass a payment card, digital wallet, and online and P2P payments.
AML / KYC
S. Korea Approves Use of Biometrics for Digital Identification
By Editors | 06/07/2020
Korea’s Fair Trade Commission has revised bank transaction law to allow the use of biometrics for identification in bank teller transactions.
AML / KYC
Taiwan Financial Firms Call for KYC Rule Changes
By Editors | 04/07/2020
Taiwanese financial firms are asking the FSC to allow identity authentication methods other than the unwieldy government-issued Citizen Digital Certificates.
Fintech / Regtech
South Korea Enhances Credit Database in Open Data Push
By Editors | 03/07/2020
Korea’s CreDB system will be enhanced with additional datasets and increased server capacity to support deep learning and other types of AI-based data analysis.
Big Picture
Virtual Banks Could Shake Up Funds Industry – Report
By Editors | 03/07/2020
Successful virtual banks are likely to branch out into wealth management services, robo-advisory and fund distribution, says a new Calastone paper.
Fintech / Regtech
BIS Innovation Hub Can Draw Lessons from GFIN
By Manesh Samtani | 03/07/2020
As the BIS Innovation Hub widens its reach, success will rely on its ability to cultivate a supportive ecosystem which includes financial institutions and innovators alike.
Fintech / Regtech
Hong Kong Offers Wage Subsidy to Local Fintechs
By Editors | 02/07/2020
Fintech companies registered in Hong Kong can apply for a salary subsidy to fill a new full-time position for a maximum of 12 months.
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