The FSB warns that BigTechs can achieve scale in finance very quickly, raising competitive pressures on incumbents. Rising dependencies on third-party services also present risks.
The new panel will assess formal applications for internet-only bank licences. Chunghwa Telecom, Waterland Financial and Line Financial are each seeking licences.
South Korea’s booming P2P lending market is in need of new legislation to enhance protections for investors and borrowers, says FSC chairman Choi Jongku.
The FSB is launching new studies to assess the impact of post-crisis reforms while actively working to identify new sources of risk to the financial sector.
The new regulations cover the acquisition of crypto assets, including utility and security tokens, as well as issuer requirements relating to registration, security and investor protection.
The proposals will expand MAS' powers to impose requirements on banks' and merchant banks' outsourcing arrangements, regardless of where outsourced functions are performed.
Financial services firms lack engagement from boards and risk and compliance functions, according to a new survey from Thomson Reuters Regulatory Intelligence.
A bespoke framework for ICOs can provide regulatory clarity and encourage economic activity, but the costs and benefits must be weighed, says a paper from Australia's Treasury.
Stock exchanges, clearing corporations, depositories required to disclose their use of artificial intelligence and machine learning starting from the current quarter.
The GFIN's 29 members include the HKMA, SFC, MAS and ASIC. Applications are now open for firms looking to test innovative cross border financial services.