Fintech / Regtech

Market Infrastructure

CCP12 Publishes Best Practices to Address Outsourcing Risk

By Editors | 26/07/2019

As CCPs move to more complex supply chain models, proper oversight mechanisms and controls need to be in place to manage the risks introduced by third-parties.

Fintech / Regtech

First Non-Financial Firm Approved to Raise Stake in Korean Digital Bank

By Editors | 25/07/2019

According to the FSC, messenger app operator Kakao has met the qualification criteria for owning a 34% stake in Kakao Bank, one of Korea’s two internet-only banks.

Fintech / Regtech

Govt Panel Formally Recommends Complete Crypto Ban in India

By Manesh Samtani | 24/07/2019

An inter-ministerial committee has formally recommended a complete ban on cryptocurrencies in India and to punish any crypto-related activity with up to 10 years’ jail.

Fintech / Regtech

SFA, AFIN Agree to Jointly Promote Fintech Marketplace APIX

By Editors | 24/07/2019

The Singapore Fintech Association will leverage its network to promote the APIX platform to fintech firms worldwide, while AFIN connects banks with fintechs through the platform.

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.