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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.
Fintech / Regtech
Fusion Bank Launches Virtual Banking Services in Hong Kong
By Editors | 22/12/2020
The Tencent-backed virtual bank allows customers to bind their bank accounts to WeChat Pay HK for use in making payments in Hong Kong, China and Macau.
Fintech / Regtech
RBI Invites Firms to Test Cross-border Payments Tech in Sandbox
By Editors | 21/12/2020
The RBI has reduced the net worth requirement of participating firms and said it will allow partnerships and LLPs to participate.
AML / KYC
Taiwan to Lower Payment Thresholds for Customer Notification
By Editors | 21/12/2020
The move is aimed at combatting rising financial fraud as consumers increasingly prefer e-payments over the use of credit cards.
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