FINTECH / REGTECH

    AML / KYC

    South Pacific Nations Complete First Phase of KYC Facility Project

    By Editors | 22/11/2020

    The KYC facility will improve CDD processes and AML/CFT compliance, and support the provision of correspondent banking services to Pacific Island nations.

    Fintech / Regtech

    ASIC Seeks Greater Powers to Collect Data from Managed Funds

    By Shruti Khairnar | 21/11/2020

    ASIC’s Karen Chester says insolvencies and macro forces could present greater liquidity challenges to fund managers and affect investors’ ability to withdraw from funds.

    Fintech / Regtech

    BOK, FSC Clash Over Supervisory Authority in Fintech, Payments

    By Sanday Chongo Kabange | 21/11/2020

    The FSC has proposed legislative amendments that would give it power over payment settlements in the fintech industry. The BOK says this will create redundant regulations.

    Fintech / Regtech

    Vietnam Working to Allow Cooperation With Foreign Firms in Payments

    By Sanday Chongo Kabange | 21/11/2020

    Currently, Vietnam has no regulations for international payments to be made via foreign intermediary payment operators or e-wallets.

    Fintech / Regtech

    BSP Seeks Interoperability, Unified Standard in Payments

    By Sanday Chongo Kabange | 21/11/2020

    BSP governor Benjamin Diokno envisions that payment facilities operated by individual banks and payment firms will operate under a single standard.

    Fintech / Regtech

    FSC Korea Threatens to Withdraw Incentives for Internet-only Banks

    By Sanday Chongo Kabange | 20/11/2020

    The FSC has criticised Kakao Bank for disregarding customers with average credit scores, and instead favouring borrowers with high credit scores.

    Crypto / Digital Assets

    Australian Police Charge Ex-Promoter of Failed Crypto Platform

    By Sanday Chongo Kabange | 19/11/2020

    The former BitConnect promoter is said to have operated an unregistered managed investment scheme and provided unlicensed financial advice.

    Fintech / Regtech

    SFC Signs Fintech Cooperation Agreement with Israeli Regulator

    By Editors | 17/11/2020

    The agreement establishes a framework for information sharing, potential joint innovation projects and referrals of innovative firms seeking to enter one another’s markets.

    Fintech / Regtech

    BSP, MAS Declare Opposition to Data Localisation Requirements

    By Editors | 16/11/2020

    Data mobility in financial services supports economic growth, innovative financial services, risk management and compliance, BSP and MAS say in a joint statement.

    Fintech / Regtech

    Korean MyData Industry ‘The First of its Kind’, says FSC Vice Chair

    By Editors | 15/11/2020

    The FSC’s Doh Kyu-sang says 35 entities are currently under review to receive preliminary licences to participate in the MyData ecosystem.

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