Fintech / Regtech

The initiative will help connect the payments industry with specialist law firms through a streamlined process to help them comply with the new Payment Services Act.

Under new guidelines, rules limiting how much financial firms can invest in non-financial sector tech firms will be lifted, and investment will be allowed in a wider range of fintech firms.

The panel has also proposed the development of a marketplace model for P2P lending, and the introduction of virtual banking in India.

An ACCC inquiry found that consumers continue to rely on the big four banks for FX services despite the availability of much cheaper alternatives.

The HKMA is allowing lenders to further develop business involving the use of innovative financial technology to assess and approve personal loan applications.

Successful applicants will be announced in mid-2020, with the expectation that they meet MAS requirements and commence business by mid-2021.

The ACCC is seeking participants to help it test the data-sharing ecosystem under the consumer data right, which was passed into law earlier this month.

Legislators and industry leaders need to work together to ensure the benefits of innovation do not come at the cost of fairness, choice, and privacy, says Zilliqa co-founder Max Kantelia.

The PBOC said it will accelerate the development of a regulatory framework for fintech in a bid to promote China as a world leader in financial technology.

Tech Bureau Corp – the ex-operator of hacked exchange Zaif – will become the first FSA-registered crypto exchange operator to shut down its operations.