Market Infrastructure

Market Infrastructure

Philippines Signs Islamic Banking Framework into Law

By Editors | 03/09/2019

The law grants Islamic banks powers to carry out the business of a bank in accordance with Sharia principles, in addition to the general powers granted to corporations.

Market Infrastructure

ACCC Calls for Lower Fees, More Competition in FX Services

By Editors | 03/09/2019

An ACCC inquiry found that consumers continue to rely on the big four banks for FX services despite the availability of much cheaper alternatives.

Market Infrastructure

Indian Banks Taking Nearly Two Years to Detect Fraud: RBI

By Editors | 02/09/2019

The RBI said in its annual report that banks take an average of 22 months to detect fraud, and up to 55 months for frauds involving large amounts.

Market Infrastructure

SFC Launches ‘Key Risk Indicator’ Reporting Platform

By Editors | 02/09/2019

Initially, licensed corporations of 22 global FIs will have to submit data relating to their operations, conduct issues and prudential risk exposures on a monthly, quarterly and yearly basis.

Market Infrastructure

China Moves to Cut Off P2P Lenders’ Payment Channels

By Editors | 02/09/2019

Cutting off payment and settlement services will restrict the funds flowing in and out of P2P lenders, part of a regulatory crackdown on the sector.

Market Infrastructure

ASX to Streamline Transfers to CHESS Subregister

By Editors | 02/09/2019

ASX will remove a requirement for settlement-only participants to receive and provide a registrable transfer document for transfers, but will require validation checks.

Market Infrastructure

Singapore Takes Steps to Transition Away from SOR

By Editors | 02/09/2019

Singapore’s banking body and foreign exchange market committee have identified SORA as “the most robust and suitable” alternative interest rate benchmark to SOR.

Market Infrastructure

Shenzhen to Pilot Easier Rules on Foreign Exchange Transactions

By Editors | 30/08/2019

To facilitate payments in foreign currencies, SAFE’s Shenzhen branch will move away from the approval-based system to shorten settlement to just minutes rather than hours.

Enforcement

APRA to Improve Capabilities to Combat Non-Financial Risks

By Editors | 30/08/2019

In its four-year corporate plan, APRA identifies four areas of strategic focus, including to improve cyber-resilience and governance standards in the financial sector.