Fintech / Regtech

    AML / KYC

    S. Korea Uses AI, Big Data Analytics to Detect Tax Evasion

    By Editors | 07/07/2020

    A new AI-based big data analytics system will be used by the National Tax Service to detect cases of tax evasion using borrowed-name accounts.

    Fintech / Regtech

    China Progresses Development of Data Security Law

    By Editors | 07/07/2020

    The draft law says the government will protect the rights of individuals and organisations over the use of their data.

    AML / KYC

    Sri Lanka Shortlists Three Firms to Build Shared KYC Facility

    By Duruthu E Chandrasekera | 07/07/2020

    The three shortlisted firms, including one from Sweden, will begin work on a proof-of-concept, which is expected to be completed in six to nine months.

    AML / KYC

    Using Privacy Preserving Analysis to Tackle Financial Crime

    By Manesh Samtani | 07/07/2020

    Privacy enhancing technologies, or PETs, may provide a “similar or, even, identical utility” compared to analysis of the raw data in some use-cases, says an FFIS paper.

    Fintech / Regtech

    BSP Set to Issue Digital Bank Licensing Framework

    By Editors | 07/07/2020

    Foreign individuals will be allowed to own up to 40% of a digital bank, while qualified foreign banks can own up to 100%.

    Market Infrastructure

    16 Banks Announce Initiative to Digitalise Payments Across EU

    By Editors | 06/07/2020

    The unified payment solution for consumers and merchants across Europe will encompass a payment card, digital wallet, and online and P2P payments.

    AML / KYC

    S. Korea Approves Use of Biometrics for Digital Identification

    By Editors | 06/07/2020

    Korea’s Fair Trade Commission has revised bank transaction law to allow the use of biometrics for identification in bank teller transactions.

    AML / KYC

    Taiwan Financial Firms Call for KYC Rule Changes

    By Editors | 04/07/2020

    Taiwanese financial firms are asking the FSC to allow identity authentication methods other than the unwieldy government-issued Citizen Digital Certificates.

    Fintech / Regtech

    South Korea Enhances Credit Database in Open Data Push

    By Editors | 03/07/2020

    Korea’s CreDB system will be enhanced with additional datasets and increased server capacity to support deep learning and other types of AI-based data analysis.

    Big Picture

    Virtual Banks Could Shake Up Funds Industry – Report

    By Editors | 03/07/2020

    Successful virtual banks are likely to branch out into wealth management services, robo-advisory and fund distribution, says a new Calastone paper.

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