Fintech / Regtech

OCBC Enables Instant Bank Account Opening for Startups

For certification, fintech products will be subject to testing and inspection for safety, quality assurance and product consistency.

The high-level principles cover governance, application design and development, and ongoing monitoring and maintenance of banks' AI applications.

Bills related to tax, government rates and rent, and water will be issued with FPS QR codes moving forward.

Among the key measures announced by PBOC Shanghai is the possible introduction of a regulatory sandbox, drawing on international practice.

Licensed corporations must ensure cyber and operational risks are properly mitigated and that the SFC’s access to regulatory records is not restricted or otherwise undermined.

The draft guidance analyses the use, reliability and independence of digital ID systems, and looks at how they can meet FATF requirements around customer due diligence.

Initially, bank customers will be able to access services from 10 banks, before the system is expanded to other banks and fintech firms in December.

The roadmap includes the development of new structured data capabilities, third party payment initiation, and the ability to link regular payments to a mobile number.

The HKMA outlines its expectations for the consumer protection practices financial institutions should adopt for Open API Phase II and beyond.