A new era of smart banking in Hong Kong is anticipated to begin at the end of this year with the establishment of virtual banks. Competent players will embrace enormous opportunities to challenge the city's traditional banking model.
The government is asking the 4 state-owned asset managers set up in 1999 to repair bank balance sheets for help with custody, liquidation and restructuring of P2P assets.
The Facebook controversy around user data hasn’t discouraged it from advancing its ambitions in financial services like payment and remittance processing.
On-site inspections revealed a lack of internal controls, inadequate governance and poor business models at exchanges.
Risk and regulatory executives surveyed have identified data challenges, regulatory change and compliance resources as top pain points in financial services sector.
Developed by the World Bank, a A$100 million kangaroo bond, issued and distributed through blockchain, will open to investors later this month in Washington and Sydney.
Banks still prohibited from issuing, buying or selling digital tokens directly, but bank subsidiaries will be allowed to trade cryptocurrency and issue digital tokens with permission from supervisory body.
HKMA, MAS, ASIC among 12 regulators seeking views from interested parties on new Global Financial Innovation Network initiative, including its role, tools and where it should prioritise activity.
Draft rules propose issuers undergo initial assessment to determine if ICO tokens are securities; security tokens must be registered with the SEC and proceeds must be maintained in escrow.
FSS is advocating for regulatory agencies and private companies to work together to enable stock trading through blockchain, noting progress in the US, UK, Japan and Australia to move forward on the technology.