"With more types of financial institutions joining the open banking system, it will help promote competition and improve consumer convenience," the FSC said.
The lawsuit will allege that Ripple, its CEO and its Co-founder sold unlicensed securities that should be registered with the SEC.
The Tencent-backed virtual bank allows customers to bind their bank accounts to WeChat Pay HK for use in making payments in Hong Kong, China and Macau.
The RBI has reduced the net worth requirement of participating firms and said it will allow partnerships and LLPs to participate.
The move is aimed at combatting rising financial fraud as consumers increasingly prefer e-payments over the use of credit cards.
The timing of regulatory data reporting commencing in APRA Connect will vary by industry. Existing data collections for banks will continue through D2A for the time being.
In its fifth issue of 'Regtech Watch', the HKMA outlines four potential regtech use cases relevant to the pandemic environment.
The upgraded AML system has increased KoFIU's processing capacity by about five times, helping it address an increasing number of suspicious transaction reports it receives.
Australia's eftpos, BPAY Group and NPPA will be preserved as distinct operations under a single Board with a shared roadmap for innovation and investment.
Taiwan's new digital-only banks should offer innovative products and services instead of resorting to pricing competitions to attract clients, says FSC Chairman Thomas Huang.
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