Fintech / Regtech

From 1 January 2021, large and listed Danish companies will disclose information about their data ethics policy, AI tools and algorithms in annual reports.

35 of 54 reporting jurisdictions have implemented the FATF Standards on virtual assets and VASPs, and progress has been made to develop technology for travel rule implementation.

A new AI-based big data analytics system will be used by the National Tax Service to detect cases of tax evasion using borrowed-name accounts.

The draft law says the government will protect the rights of individuals and organisations over the use of their data.

The three shortlisted firms, including one from Sweden, will begin work on a proof-of-concept, which is expected to be completed in six to nine months.

Privacy enhancing technologies, or PETs, may provide a "similar or, even, identical utility" compared to analysis of the raw data in some use-cases, says an FFIS paper.

Foreign individuals will be allowed to own up to 40% of a digital bank, while qualified foreign banks can own up to 100%.

The unified payment solution for consumers and merchants across Europe will encompass a payment card, digital wallet, and online and P2P payments.

Korea's Fair Trade Commission has revised bank transaction law to allow the use of biometrics for identification in bank teller transactions.

Taiwanese financial firms are asking the FSC to allow identity authentication methods other than the unwieldy government-issued Citizen Digital Certificates.