China

The framework will enable foreign banks in China to set up separate digital banking platforms, while also covering existing online-only banks WeBank, MYbank and AiBank.

Fuxing's former chairman and ex-president received lifetime bans for running a six-year scheme to defraud investors of $5.3bn. Five others received market bans.

HKEX's Qianhai Mercantile Exchange will use blockchain tech from Ant Financial to provide verifiable warehouse receipts which will help commodities businesses to obtain financing.

The latest approval comes over two years after Amex was approved to start preparing a joint venture business with local partner LianLian.

An investigation into the firm found fewer-than-required experienced compliance officers, and a lack of independence of its compliance function from other departments.

The PBOC has announced key policies and tasks for 2020, following an annual work conference held last week in Beijing.

Of over 10,000 financial leasing companies in China at the end of June, more than 70% have either halted, are shell companies, or are mired in crisis.

The PBOC will pay just 0.35% annually on customer money that payments firms hold with the central bank, but the move marks a reversal of an earlier decision to pay no interest.

The application to take a majority stake in Guangdong-based JPMorgan Futures follows the removal of the foreign ownership limit for futures companies on 1 January 2020.

The PBOC is looking to enhance its digital supervision capabilities and improve risk governance in fintech development across the financial sector.