The decision is reportedly based on data security concerns following recent breaches at payment firms and non-compliance by global payment giants with India's data localisation rules.
The new unit is supported by MAS and will focus on creating sustainable finance capabilities across Singapore’s fintech ecosystem.
MAS has granted three new licenses to FOMO Pay, including a DPT services licence. More new licences are expected to be announced shortly.
The review recommends enhancing the government's powers to protect the payments system. A single, integrated licensing framework for payment services should also be introduced.
RBI governor Shaktikanta Das said the central bank is studying various aspects of a digital rupee with a view to conducting trials in December.
The SEC has proposed new additional requirements for digital asset businesses regarding the custody of clients’ assets, both fiat money and cryptocurrency.
A new Data Sharing Handbook provides a framework for banks and non-bank ecosystem partners to share data in a safe, secure and responsible manner.
A new IMF paper discusses the impacts fintech will have on currency issuance, monetary policy implementation, and payment system soundness, among other functions of a central bank.
The finalists include ANZ, Citibank, Consensys, HSBC, IBM, Soramitsu, Standard Chartered, among others. They will progress to an eight-week Acceleration Phase to further develop and refine their solutions.
24 of the 63 crypto exchanges operating in Korea have not yet applied for ISMS certification, a KoFIU registration requirement that takes months to obtain.
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