Fintech / Regtech

Market Infrastructure

Australia to Re-Introduce Open Banking Legislation This Week

By Editors | 23/07/2019

The Australian Banking Association welcomes the re-introduction of the legislation, following a lapse earlier this year when the federal parliament was dissolved.

AML / KYC

HKMA Grades SVF Sector as ‘Medium Risk’ in Latest AML/CTF Assessment

By Manesh Samtani | 22/07/2019

While most of the sector presents low risk, higher risk has emerged in SVF products that allow overseas cash withdrawals, cross border remittances, and person-to-person transfers.

AML / KYC

SET Unveils Gateway to Access National Digital ID Platform

By Editors | 22/07/2019

The new gateway will reduce the setup costs required to access the NDID and enable financial firms to enable full digitisation of customer onboarding more quickly.

Fintech / Regtech

BOT Concludes Project Inthanon’s Second Phase

By Manesh Samtani | 22/07/2019

Phase 2 used smart contracts to automate bond lifecycle events, and introduced pre-validation to reduce error and fraud in funds transfers. Phase 3 will be a joint effort with the HKMA.

Fintech / Regtech

Philippine SEC Consults on Draft Rules for Digital Asset Exchanges

By Manesh Samtani | 19/07/2019

The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.

Crypto / Digital Assets

Thailand to Mandate Extra Reporting Rule for Digital Asset Trades

By Editors | 19/07/2019

Digital asset exchanges will have to report all trades exceeding 5 million baht to commercial banks, which will then report the transactions to the Thailand’s Anti-Money Laundering Office.

Big Picture

Competitive Dynamics in Banking Intensify Across APAC: S&P Global

By Manesh Samtani | 18/07/2019

Indigenous virtual banks, global digital-only banks, and digitised traditional banks are all vying for market share, says a new report from S&P Global Ratings.

Fintech / Regtech

Korea to Enhance Transparency of Digital Bank Evaluations

By Editors | 18/07/2019

The FSC has announced changes to the operational procedures of its evaluation committee for internet-only bank, amid plans to reopen applications for new licences on 10 October.

Crypto / Digital Assets

Leaked Draft Shows India’s Zero-Tolerance for Cryptocurrency

By Editors | 17/07/2019

The leaked draft bill being circulated, though unauthenticated, specifies up to 10 years’ jail for buying, selling or storing cryptocurrency in India.