Fintech / Regtech

Enforcement

S. Korea To Tighten P2P Lending Regulation Amid Rising Fraud

By Garima Chitkara | 20/06/2018

New rules aim to control growth of the $24.7bn industry by requiring greater disclosures for secured lending, notarised mortgages valuations, among other measures.

AML / KYC

S. Korea FIU to Supervise Crypto Exchanges Like Banks

By JP Reimann | 19/06/2018

Legislation introduced to bring cryptocurrency exchanges under the direct supervision of KoFIU, obligating them to adopt AML/CFT directives including systems to monitor for and report suspicious transactions.

Fintech / Regtech

MAS 610 a Top Concern for Singapore Banks in 2019 – Report

By Manesh Samtani | 15/06/2018

High granularity data for new reporting regime requires reporting of approx. 300,000 data elements, the top concern for Singapore banks next year, according to Wolters Kluwer survey.

Fintech / Regtech

S. Korean Banks to Introduce Blockchain-based User Verification

By Manesh Samtani | 15/06/2018

Korea Federation of Banks to introduce BankSign system next month; will significantly enhance and simplify user verification process for online and mobile banking through blockchain technology.

Market Infrastructure

Data Driven Regulatory Regimes Challenge Bank Workflows – Report

By Manesh Samtani | 12/06/2018

Wolters Kluwer research says legacy systems no longer fit for purpose; most firms plan to integrate data in regulatory workflows despite low confidence in data quality.

Crypto / Digital Assets

Cryptocurrency Worth $1.1bn Stolen in H1 2018 – Report

By JP Reimann | 12/06/2018

Theft facilitated by $6.7mn dark web marketplace for crypto-related malware; cryptocurrency exchange most vulnerable to attack.

Market Infrastructure

PBOC Develops Blockchain System to Digitise Paper Checks

By JP Reimann | 07/06/2018

Central bank to reduce fraud by tokenising checks with blockchain and having operations conducted by smart contracts; new system will remove manual cross-checking process, shorten transaction times to about 3 seconds.

Crypto / Digital Assets

Indonesia Recognises Cryptocurrencies As Commodities

By Garima Chitkara | 07/06/2018

Commodities regulator reportedly introducing futures trading in crypto even as Indonesia’s financial services regulator continues to bar financial firms from trading in any crypto-based instruments.

AML / KYC

Cryptocurrency in APAC: Opportunity, Challenge, and Risk

By David Liu | 06/06/2018

Financial institutions are at risk from the inherently opaque nature of cryptocurrency transactions, and require robust compliance programs to mitigating legal, financial, reputational, and regulatory risks.