More actions needed to further strengthen the framework, including a greater focus on terrorist financing risk from the private sector and foreign source threats.
In APAC, Singapore is the most prepared for open banking, followed by Australia and Hong Kong, according to Finastra’s ‘Open Banking Readiness Index’.
A number of non-EU benchmark administrators may fail to obtain BMR registration by January 2020, according to a new report from ASIFMA and Herbert Smith Freehills.
Bank Negara Malaysia intends to conduct further on-site assessments to ensure robustness in liquidity and funding at banks.
All payments during the trial were processed end-to-end within 60 seconds, demonstrating the service's capabilities to scale and integrate with other real-time payment systems.
Moody's says problem loan coverage has improved for many APAC banks, offsetting overall declines in CET1 ratios as a result of IFRS 9.
The new standards complement the ASEAN Green Bond Standards introduced last year. A new framework also announced will facilitate cross-border movement of investment advisers.
The MOU will facilitate information sharing, promote joint innovation projects and establish a framework to help fintech firms better understand each market.
While AMLD5 confirms the EU’s leadership role in AML legislation, similar efforts have been seen in Asia, says Claus Christensen at Know Your Customer Ltd.
New ASIFMA whitepaper advocates regional harmonisation of data privacy rules to facilitate continued growth of fintech ecosystems in Asia.