The first phase of the project, now complete, allows Thai users to make QR code payments to merchants in Malaysia, including for online e-commerce transactions.
The initiative will eliminate paperwork, reduce transaction processing time and offer a secure environment for processing LCs.
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.
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.
Banks that do not meet specified conditions are prohibited from marketing themselves as digital banks, the BSP said in a circular.
There are insufficient incentives within the framework to ensure the FATF Standards are implemented in a way that supports inclusion.
MAS' Sopnendu Mohanty says the collaboration will enable the global fintech ecosystem to better understand financial innovations around digital currencies.
The Nordic Centre was opened in collaboration with the central banks of Denmark, Iceland, Norway and Sweden.
Loading more posts...
Sorry, no more posts
No more pages to load