AI systems that pose minimal risk will not have to meet any specific obligations. High risk systems will have strict requirements. Systems that pose unacceptable risk will be banned.
The cloud facility will be a dedicated public infrastructure for the financial sector. The repository will hold information about fintechs.
The revision proposal will establish "reasonable" standards for pricing data transfer costs and allow data specialising institutions to provide consulting services.
Payment service providers would need to be licensed by ASIC, and in some cases, APRA. The ePayments Code will also be updated and made mandatory.
Australia intends to fully phase out the use of cheques by 2030, in line with the government’s strategic plan for the payments system.
The agreements include a cross-border e-CNY pilot, a possible PayNow-UnionPay linkage, and an MoU between SGX and GFEX.
The new legislation will require identity verification services to adhere to privacy and security standards and report breaches to the OAIC.
BI and CBUAE will strengthen cooperation in areas including monetary policy, financial stability, payments, AML/CFT, and Islamic finance.
HSBC is using its own AI-powered tool to safeguard trades of any value from quantum attacks and other cyber risks.
The strategy outlines four key themes and actions to leverage data for timely, informed and influential policy advice.
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