Firms must establish resilience as a business-owned strategic initiative, and be willing to prioritise business resilience over efficiency in some cases, says a new DTCC whitepaper.
Financial institutions in India are known to be giving fintech firms and institutional agents direct access to data from credit bureaus, without customer consent.
The paper makes the case for a "embedded supervision", a regulatory framework that automates compliance monitoring using the information in a distributed ledger.
Tencent Credit and Alibaba’s Sesame Credit hold more customer data than any of their online lending peers, but they are not providing the data to the national credit database.
FSC chairman Eun Sung-soo told fintech executives that a 300 billion won fund will be set up to invest in the sector and regulations will be eased to promote fintech development.
The Hub will foster collaboration between central banks and scale up the application of innovative technologies globally, says the HKMA’s Norman Chan.
A code of ethics and code of conduct have been adopted by members of FinTechAlliance.ph prohibiting the harassment and shaming of delinquent borrowers.
A recent whitepaper commissioned by Deutsche Bank looks at the need for effective regulations for cross-border data sharing and the ethical use of artificial intelligence.
The committee will inquire into the opportunities of fintech and regtech, and benchmark Australia’s environment for innovation against comparable global regimes.
Banks cannot have executives or board members serving concurrently as directors or supervisors at the virtual banks in which they are invested.