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Enforcement
ASIC Takes Former ANZ Unit to Court Over Cybersecurity Failures
By Sanday Chongo Kabange | 24/08/2020
ASIC is seeking orders requiring RI Advice Group to pay a civil penalty and ensure it implements systems to adequately manage cyber risk.
Capital / Liquidity
China: Top Court Cuts Private Lending Rates Nationwide
By Editors | 23/08/2020
Private lenders can charge a maximum four times the one-year loan prime rate. Based on the current rate, the maximum lending rate is 15.4%, compared to 24% previously.
AML / KYC
ISO Sets Standard for Embedding LEIs in Digital Certificates
By Editors | 22/08/2020
Simplified LEI integration paves the way for all digital certificates to be linked by a universal identifier and reduces the resource burden on certificate issuers.
Market Infrastructure
Eximbank Issues South Korea’s First SOFR-linked Bonds
By Editors | 20/08/2020
State lender Eximbank is the first financial institution in South Korea and the third in Asia to issue SOFR-linked bonds.
ESG / Sustainability
Taiwan FSC Unveils Green Finance Action Plan 2.0
By Lucy Zhang | 20/08/2020
The action plan seeks to promote green and sustainable financial markets, improve ESG disclosures, and establish a classification standard for the financial industry.
Market Infrastructure
The Case for a Central Lending Platform in Singapore
By Irene Liu | 20/08/2020
Not enough SMEs are taking advantage of government supported loan programmes, in part due to the onerous processes involved in accessing them, say PwC’s Irene Liu and Shierly Mondianti.
Market Infrastructure
MAS Becomes First Asian Government Entity to Issue RFR Debt
By Manesh Samtani | 19/08/2020
Singapore is seen to be leading Asia in its preparation for the cessation of LIBOR at the end-of 2021. Earlier this month, MAS announced new initiatives to catalyse SORA markets.
Big Picture
Asian Central Banks Fear Return of USD Funding Stress
By Editors | 19/08/2020
Trade frictions, a resurgence of Covid-19 infection rates, and rising corporate insolvency and credit rating downgrades could prompt renewed US dollar funding stress, says a new report.
Market Infrastructure
India Planning Specialised Cyber Agency for Financial Sector
By Editors | 19/08/2020
The specialised agency was proposed in 2017 by then finance minister Arun Jaitley. On Saturday, Prime Minister Narendra Modi said India will soon have a new cyber security policy.
Market Infrastructure
China to Promote Cross-Border Use of Renminbi, says PBOC
By Editors | 19/08/2020
China will facilitate trade and investment using the renminbi, the PBOC said in its annual RMB Internationalization Report.
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