MARKET INFRASTRUCTURE

Fintech / Regtech

S. Korea FSC Receives Three Applications for Internet-Only Banks

By Editors | 29/03/2019

The FSC will review the applications with an aim to approving a preliminary licence for one or two new internet-only banks in May.

Market Infrastructure

The MAS Approach to Cultivating Ethical Culture in Banking

By Manesh Samtani | 29/03/2019

MAS emphasises incentive structures as the key to driving ethical behaviour and encourages banks to adopt good practices highlighted in a new information paper.

Enforcement

APRA May Intervene to Shift Bank Remuneration Practices

By Editors | 28/03/2019

APRA chairman Wayne Byres says banks could lose their power to set executive pay if they are not more proactive about changing remuneration practices.

Market Infrastructure

CFTC Approves Margin Comparability Determination for Australia

By Editors | 28/03/2019

Despite some differences between its own rules and Australia’s regime for uncleared swaps margining, the CFTC has determined that the end result is the same.

Fintech / Regtech

HKMA Approves Three Virtual Banks, Five More Being Considered

By Editors | 27/03/2019

The three newly licenced virtual banks are joint ventures involving BOCHK, JD Digits, Jardines, Standard Chartered, HKT, PCCW, Ctrip, ZhongAn Online and Sinolink.

Market Infrastructure

China Regulators Share Common Message of Opening Up

By Manesh Samtani | 27/03/2019

Regulators at the three-day China Development Forum in Beijing had a common message for the market – that China plans to ramp up efforts to open up the financial sector this year.

Enforcement

India’s PNB Fined for Non-Compliance with SWIFT Norms

By Editors | 27/03/2019

The fine is significant because it was at Punjab National Bank where the $1.8b fraud occurred that prompted the RBI’s order for banks to link their core systems with SWIFT.

Market Infrastructure

APRA Proposes Updated Guidance on Information Security

By Editors | 27/03/2019

APRA is seeking feedback on updated guidance which will help the industry embed the new prudential standard on information security in July.

Market Infrastructure

CFTC Expands Margin Comparability Determination for Japan

By Editors | 27/03/2019

The amended determination for Japan finds comparability regarding the scope of entities subject to the margin requirements, and the treatment of margining for inter-affiliate transactions.