Hong Kong

Banks are asked to review and assess the impact of the SFC's revised framework and take action to ensure compliance.

Selected companies will be showcased prominently at Hong Kong Fintech Week 2021 which takes place from 1 to 5 November.

All licensed banks with significant operations in Hong Kong must prepare and submit a questionnaire on fintech adoption by 31 December.

Raising professional standards is crucial to maintain quality markets, particularly in view of the rapidly evolving financial landscape, says SFC chief Ashley Alder.

Guidance is provided on the use of APIs to address barriers to adoption created by legacy systems that are inflexible to change.

The HKMA will explore the potential conversion of regulations into machine-executable codes and the introduction of a system that automatically creates regulatory reports.

Hong Kong's SFC and Thailand's SEC say the MRF scheme has taken effect. Both have issued new guidance on obtaining authorisation under the scheme.

The former financial planning manager told a client he was required to buy an insurance policy before he could open a corporate bank account.

The FSDC recommends the development of legislation to provide legal certainty and protection, clarity on cross-border data transfers, and a framework for accountability.

Banks have an additional six months to implement the revised frameworks on credit risk, operational risk, output floor and leverage ratio. The market risk and CVA risk frameworks are also deferred.