Asia-Pacific

Asian banks have a large and complex operational task ahead of them as they prepare for a post-LIBOR world after 2021, say KPMG’s Marie Gervacio and Luke Gower.

The BSP is considering placing limits on the interest rates and other fees lenders and finance companies can charge borrowers in response to a request from the SEC.

The BOT invites wholesale FX market participants to comment on a draft 'Thailand FX Code' by 25 November.

The fresh 100bp RRR cut follows a 100bp cut announced last month and a three-step 200bp cut from May to July this year.

The new IDs will make it easier for the unbanked to open accounts and avail of financial financial services, said BSP governor Benjamin Diokno.

Launched in partnership with 7 financial institutions, the new system will enable real-time interbank transfers, mobile payments, and QR code payments.

The SECM has decided to open the stock market only to foreign nationals living in Myanmar for the time being, but a new board planned for Q3 2020 will reportedly allow foreigners to trade freely.

Once the national QR code standard is established, bank and non-bank payment providers will have 30 days for adoption. Those already offering QR-enabled payments will have until mid-2020.

Under Thailand's regulatory framework, 'ICO portals' help screen ICOs, conduct due diligence, prove smart contract source codes and verify KYC processes before they are released to the market.

Sri Lanka has made "significant progress" to address strategic AML/CFT deficiencies; Pakistan has only largely addressed 5 of 27 action items and has failed to meet agreed deadlines.