BOT has issued new guidelines on the use of biometric technology in financial services, and granted approval to five banks to use facial recognition in account opening.
Digital asset wallet providers are asked to contact the SC for an engagement on their business operations and to provide feedback on a regulatory framework for such providers.
Online loans by banks should generally not exceed a one year term or 200,000 yuan per household. Banks must ensure loan proceeds are not used for property or risky investments.
K Bank’s recapitalisation plan was halted last April, forcing Korea’s first internet-only bank to stop offering loan products. It is now looking to regain ground lost to Kakao Bank.
The exposure draft sets out regulatory requirements for merchant acquiring services to ensure proper risk management amid rapid changes in the e-payments landscape.
FSC chairman Eun Sung-soo is eyeing regulatory reforms to ensure fair competition, data security, and consumer protection as bigtechs enter financial services.
MAS proposes to expand its powers to issue prohibition orders, regulate virtual asset service providers, and impose technology risk management requirements on firms.
The key changes will strengthen disclosure rules, prohibit unfair sales activities, restrict sales of high-risk investment products, and impose limits on loans and investments.
FRTB is a significant global industry challenge, but the process to achieve its outcomes can harness value from data that can be applied throughout a bank’s operations.
The BOT is planning to expand CBDC use among large businesses and, in September, to transactions with the HKMA.
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