The BOT has adjusted its definition of business groups to provide SMEs easier access to funding and will allow them to apply twice.
The first draft policy covers governance policies for payment system operators. The second covers the local adoption of the PFMI for designated payment systems.
The measure is expected to help boost lending, bolster economic growth and diversify credit exposures, said BSP governor Benjamin Diokno.
A standard business loan application form will simplify and improve the application process, while also facilitating banks’ risk assessments and speeding up turnaround time.
The report, released by ASIFMA and FOSDA, says the recommendations are critical to supporting and enabling the further development of green and sustainable markets in Asia.
Regulated entities will have to create a separate Information Security Group and appoint a Chief Information Security Officer.
Taiwan, Thailand, and India have been added to Treasury's monitoring list. Singapore intervened in the foreign exchange market in a "sustained, asymmetric manner".
Regulation Asia held its third annual Awards ceremony on 15 December 2020 to recognise those in the industry that have helped address changing regulatory requirements in Asia Pacific over the past year.
DTCC’s David LaFalce highlights the need for firms to remove manual processes, re-evaluate their interconnectedness, and seek out opportunities for industry collaboration.
APAC has overtaken the US in terms of the value of enforcement actions for the first time since 2015, largely due to the Goldman and Westpac cases.
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