Tencent Credit and Alibaba’s Sesame Credit hold more customer data than any of their online lending peers, but they are not providing the data to the national credit database.
FSC chairman Eun Sung-soo told fintech executives that a 300 billion won fund will be set up to invest in the sector and regulations will be eased to promote fintech development.
The Hub will foster collaboration between central banks and scale up the application of innovative technologies globally, says the HKMA’s Norman Chan.
A recent whitepaper commissioned by Deutsche Bank looks at the need for effective regulations for cross-border data sharing and the ethical use of artificial intelligence.
The committee will inquire into the opportunities of fintech and regtech, and benchmark Australia’s environment for innovation against comparable global regimes.
Banks cannot have executives or board members serving concurrently as directors or supervisors at the virtual banks in which they are invested.
Outdated systems are preventing one in four Asia Pacific banks from investing in disruptive technologies, says Greg Watson, citing a recent Fenergo survey.
The APAC RegTech Network was established by the regtech committees of the fintech associations of Hong Kong, Japan and Singapore in May.
Financial firms say public cloud projects are delivering better-than-expected cost reductions and enabling innovation, but data privacy and regulatory concerns are slowing adoption.
The initiative will help connect the payments industry with specialist law firms through a streamlined process to help them comply with the new Payment Services Act.