Asia-Pacific

The Philippine central bank has amended rules that previously prohibited the election and appointment of foreign nationals as directors and officers of financial institutions in the country.

Singapore payment services provider NETS Group is helping the Myanmar Payment Union develop a unified e-payment system modelled after the SGQR.

From 30 June, loans will be classified as 'bad' only once they have been overdue for at least 12 months, compared to nine months previously, among other changes.

The UK FCA has been a definitive leader in driving the global supervisory agenda in relation to culture and conduct risk, say Jeff Kupfer and Stephen Scott at Starling Trust Sciences.

The Wolfsberg Group has endorsed the latest Anti Human Trafficking Toolkit from the Thomson Reuters Foundation, tailored for use in Asia Pacific by banks and financial institutions.

The Philippine central bank has issued a draft circular to support its new mandate as the primary regulator for the country’s payment systems.

An MoU sign by the SZSE and SET this week will facilitate the development of cross-border products such as ETFs, depositary receipts, indices and green finance products.

In its April quarterly round-up, ISDA detailed efforts in the three jurisdictions to ensure legal certainty on close-out netting, seen to be a critical issue for derivatives market development.

AML/CFT is an ideal test field for new technologies given the risk factors and complex challenges Asian banks face, says Synpulse's Prasanna Venkatesan.

FSS first senior deputy governor Yoo Kwang-yeol in a closed door meeting told Korean financial institutions with units in Southeast Asian countries to offer more localised financial services.