FINTECH / REGTECH

Fintech / Regtech

FSC Korea Opens Applications for New MyData Licences

By Editors | 13/07/2020

MyData businesses will allow financial firms and fintechs to offer financial advice to customers using the data they make available through the MyData platform.

Fintech / Regtech

MAS, Temasek, JPM Complete Final Phase of Project Ubin

By Editors | 13/07/2020

The prototype that was built can integrate with other blockchain-based platforms and be used for cheaper, faster and safer cross-border payments and to settle foreign exchange transactions.

Fintech / Regtech

PBOC Partners with Didi Chuxing to Test Digital Currency

By Editors | 10/07/2020

The PBOC has established a partnership with ride-hailing firm Didi Chuxing to test its digital currency in payments.

AML / KYC

Revised FATF Standards ‘Clearly Apply’ to Stablecoins

By Editors | 09/07/2020

Stablecoins are better placed than many virtual assets to achieve mass-adoption, which makes them vulnerable to AML/CTF risk, the FATF says.

Fintech / Regtech

Denmark Introduces Mandatory Data Ethics Disclosure Rule

By Editors | 08/07/2020

From 1 January 2021, large and listed Danish companies will disclose information about their data ethics policy, AI tools and algorithms in annual reports.

AML / KYC

FATF Highlights Progress to Adopt AML Standards for Virtual Assets

By Manesh Samtani | 08/07/2020

35 of 54 reporting jurisdictions have implemented the FATF Standards on virtual assets and VASPs, and progress has been made to develop technology for travel rule implementation.

AML / KYC

S. Korea Uses AI, Big Data Analytics to Detect Tax Evasion

By Editors | 07/07/2020

A new AI-based big data analytics system will be used by the National Tax Service to detect cases of tax evasion using borrowed-name accounts.

Fintech / Regtech

China Progresses Development of Data Security Law

By Editors | 07/07/2020

The draft law says the government will protect the rights of individuals and organisations over the use of their data.

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.