MARKET INFRASTRUCTURE

Fintech / Regtech

CBIRC Issues Final Rules for Banks Engaged in Online Lending

By Editors | 23/07/2020

Online loans by banks should generally not exceed a one year term or 200,000 yuan per household. Banks must ensure loan proceeds are not used for property or risky investments.

Capital / Liquidity

Korean Regulators Approves K Bank Recapitalisation Plan

By Editors | 23/07/2020

K Bank’s recapitalisation plan was halted last April, forcing Korea’s first internet-only bank to stop offering loan products. It is now looking to regain ground lost to Kakao Bank.

ESG / Sustainability

Inconsistent Data Hindering Quantification of Climate Risks: FSB

By Manesh Samtani | 22/07/2020

Multiple layers of uncertainty on the course of climate change give rise to a lack of consistent data and methodologies for translating potential outcomes into financial exposure estimates.

AML / KYC

BNM Issues Draft Rules on Merchant Acquiring Services

By Editors | 22/07/2020

The exposure draft sets out regulatory requirements for merchant acquiring services to ensure proper risk management amid rapid changes in the e-payments landscape.

Market Infrastructure

Refinitiv Launches Term SONIA Reference Rate Prototype

By Editors | 22/07/2020

Refinitiv’s announcement follows the launch of a beta version of term SONIA reference rates by ICE Benchmark Administration earlier this month.

Fintech / Regtech

FSC Korea Targets Fair Competition, Data Safeguards for Financial Sector

By Editors | 22/07/2020

FSC chairman Eun Sung-soo is eyeing regulatory reforms to ensure fair competition, data security, and consumer protection as bigtechs enter financial services.

Market Infrastructure

Bloomberg Begins Publishing IBOR Fallback Rates for Derivatives

By Editors | 21/07/2020

The calculations being published include the adjusted RFRs, the spread adjustment and the ‘all in’ IBOR fallback rates for certain key IBORs across various tenors.

AML / KYC

MAS Seeks Expanded Powers to Address Financial Sector Risks

By Manesh Samtani | 21/07/2020

MAS proposes to expand its powers to issue prohibition orders, regulate virtual asset service providers, and impose technology risk management requirements on firms.

Market Infrastructure

Australia Extends Coronavirus SME Guarantee Scheme

By Editors | 20/07/2020

With the extension, the government is expanding the allowed purpose of the loans, increasing the maximum loan size and duration, and allowing secured lending and repayment holidays.