Fintech / Regtech

Fintech / Regtech

BNM Opens Six Month Application Period for Digital Bank Licences

By Manesh Samtani | 03/01/2021

Applicant must demonstrate a commitment to driving financial inclusion. Preference will be accorded to applications where the controlling interest resides with Malaysian nationals.

AML / KYC

Hong Kong Launches New Digital Identity Platform ‘iAM Smart’

By Manesh Samtani | 02/01/2021

The SFC, HKMA, IA and MPFA are encouraging FIs to adopt iAM Smart in their businesses for customer authentication, document signing, and remote onboarding.

Fintech / Regtech

US Regulators Call for Responsible Stablecoin Design, Operation

By Editors | 31/12/2020

Stablecoin participants and arrangements should register with FinCEN and comply with AML, sanctions, recordkeeping and reporting requirements.

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.