Asia-Pacific

The Asian fintech scene witnessed a raft of new announcements at this year's Singapore Fintech Festival held from 8-12 November 2021.

The BSP has been in dialogue with ASEAN central banks including MAS, BNM and BOT to make cross-border payment flows cheaper and more seamless.

Banks will no longer be required to cap their dividends at the previous year's payout ratio. However, they will still have a limit set at 50 percent of 2021 net profit.

Businesses in Cambodia are warned to "be mindful of interactions with entities in corrupt business practices, criminal activities and human rights abuses”.

LANKAQR targets SMEs and customers will not be charged for payments made by scanning a QR code with their mobile device.

Crypto assets as a currency are considered haram, or banned, for Muslims, according to Indonesia's National Ulema Council.

Sri Lanka extended its foreign exchange declaration requirements to include the full range of bearer negotiable instruments, in line with Recommendation 32.

Central banks will cooperate on cross-border payments, fintech, and AML. Financial services regulators will cooperate on developing the Islamic finance industry.

The ASEAN Sectoral Bodies make inclusivity and credibility central to the regional taxonomy for sustainable finance.

'BI-Fast' will enable real-time payments 24/7 for retail customers, and will also be used in cross-border payments in future.