South Korea’s financial regulator has announced the first nine fintech services that it will allow to operate in its regulatory sandbox.
IPO sponsors will be required to hold stakes of 2-5% in the companies they help list on Shanghai's new science and technology board.
Settlement processes are attracting more attention as regulators require shorter and more certain settlement, with potential penalties for noncompliance.
Only 100 P2P lending platforms are expected to qualify for new licences under the new registration system set to be introduced later this year.
The focus of the joint audit will be on the small business lending practices at Shinhan Bank, KB Kookmin Bank, Woori Bank and KEB Hana Bank.
The reforms will lower the risk weights Korean banks use, resulting in reduced risk-weighted assets and freed-up capital, which will likely be used for new loans or to pay out dividends.
Following two months of industry deliberation, the FSC has said the new open banking system will be piloted in October, and fully implemented in December.
Singapore's Ministry of Home Affairs has confirmed that a Singaporean man has been charged for allegedly financing the publication of ISIS propaganda.
Additional policy work is needed to level the playing field for internationally active entities, according to Financial Stability Institute chairman Fernando Restoy.
Under the new enforcement approach, APRA will be more willing to use its full range of powers to deter bad practices and hold entities and individuals to account.