Four state-owned banks and three telecom companies, along with Tencent and Alipay, are all said to be involved in the development of the digital currency.
The CPMI and World Bank have set out key actions to help stakeholders address fintech risks in the context of achieving financial inclusion outcomes.
The new industry body will be co-chaired by SFA president Chia Hock Lai and OneConnect Financial Technology's APAC chief Ms Tan Bin Ru.
The consultative report proposes 10 high-level recommendations for jurisdictional authorities to advance consistent and effective regulation and supervision of global stablecoin arrangements.
‘Mox Bank’ - backed by Standard Chartered, PCCW, HKT and Trip.com - has become the third virtual bank to launch pilot services in Hong Kong.
The Association of Banks in Singapore, support by MAS, is offering incentives to encourage uptake and usage of peer-to-peer funds transfer service PayNow.
Korea’s bond market stabilisation fund has begun operating. Additional support will come through a new bond underwriting programme, P-CBOs, and direct investment into fintechs.
New technologies have the potential to facilitate fast, low cost, transparent and scalable payments, but should be accompanied by measures to address all relevant risks.
Successful digital bank applicants will be informed in the second half of this year, instead of June 2020 as originally intended.
The FSS has been applying AI to monitor insurance telemarketing, loan collections and online advertising, as well as to analyse complaints and PE fund reports.