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Enforcement
China’s P2P Crackdown Leaves Just 29 Operators in Business
By Manesh Samtani | 17/08/2020
Savers who invested in the thousands of now-defunct P2P platforms over the last several years have not yet managed to recover their funds.
Fintech / Regtech
BOT, UK Government Agree to Cooperate in Financial Services
By Editors | 16/08/2020
The MoU will see increased cooperation in areas such as accounting standards, governance and transparency, fintech development, and sustainable finance.
Fintech / Regtech
Federal Reserve, MIT to Develop, Test ‘Hypothetical’ Digital Dollar
By Sanday Chongo Kabange | 16/08/2020
Fed governor Lael Brainard said lessons from the collaboration will be published, and any codebase developed will be offered as open-source software.
Fintech / Regtech
UPDATED – China to Include Beijing, Hong Kong in Digital Yuan Pilot
By Sanday Chongo Kabange | 16/08/2020
The move to expand the digital yuan pilot to major cities including Shanghai, Beijing, Guangzhou and Hong Kong brings coverage to a potential user base of around 400 million.
Fintech / Regtech
Singapore Premiers Blockchain-based Bond Exchange, BBX
By Sanday Chongo Kabange | 13/08/2020
BondbloX Bond Exchange uses a permissioned blockchain to enable electronic trading of bonds in $1,000 denominations, with instant settlement and greater price transparency.
Fintech / Regtech
MAS Pledges SG$250m to Boost Financial Sector Innovation
By Editors | 13/08/2020
Maximum funding under the POC Grant and AIDA Grant will be increased. Support for large-scale innovation projects and staff training will also increase.
AML / KYC
Wolfsberg Group Outlines Steps to AML/CTF Effectiveness
By Manesh Samtani | 13/08/2020
FIs should consider adopting technology such as AI and machine learning more widely. The Wolfsberg Group “strongly encourages” participation in PPPs.
Fintech / Regtech
EBA Launches Industry Survey on RegTech Adoption
By Editors | 12/08/2020
The EBA is looking to identify the main barriers and risks of using RegTech and potential ways to support its uptake across the EU.
Market Infrastructure
PBOC Clearing Arm to Adopt Blockchain for Letters of Credit
By Lucy Zhang | 12/08/2020
The China National Clearing Center has signed an agreement with three major banks to use their blockchain forfaiting platform to enhance its letter of credit system.
Fintech / Regtech
ACCC Declines to Pursue Banks Over Screen Scraping Warnings
By Sanday Chongo Kabange | 12/08/2020
Australia’s competition watchdog says the banks’ warnings against screen scraping security risks do not constitute anti-competitive conduct.
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