Fintech / Regtech

The measures include enhanced disclosures for borrowers, consent-based data collection, a cooling-off period for online loans, and the establishment of a new SRO.

ESG-related information disclosed on each company's website for the most recent three months will be displayed on the portal.

A CBDC track has been added to Global Fast Track 2022. Banks, fintechs and tech firms are asked to submit innovative solutions in eight focus areas.

All entities in the transaction chain other than acquiring banks, card issuers and card networks must purge card-on-file data from 1 October 2022.

The FSB's recommendation that the LEI should be used more widely in payments will catalyze increased global LEI adoption, says GLEIF's Clare Rowley.

Vice chairman Kim So-young said the FSC will remove barriers that prevent financial services firms from making use of big data and AI technology effectively.

MAS conducted thematic inspections on the operational risk management standards and practices of selected banks, with a focus on third party risk management.

GoTyme Bank, a joint venture of digital banking group Tyme and members of the Gokongwei Group of companies, was awarded a Certificate of Authority.

The FSS said KakaoBank launched the new remittance service without proper testing, and provided prohibited loans to major shareholders.

Bitcoin and stablecoins are "unlikely" to be the "holy grail" of cross-border payments. Interlinked domestic payment systems and interoperable CBDCs show the most promise.