China's foreign exchange regulator has developed an open blockchain platform to help address the inefficiencies of cross-border trade finance.
KT Corporation was planning to up its stake in the internet-only bank to 34%, but the FSC put its review process on hold amid an FTC antitrust probe.
The FSA reportedly wants to ensure appropriate measures have been implemented for customer protection and legal compliance after recent management changes.
AML/CFT is an ideal test field for new technologies given the risk factors and complex challenges Asian banks face, says Synpulse's Prasanna Venkatesan.
The framework details a comprehensive selection process to identify 10-12 entities to participate in the sandbox, including a 5 million rupee minimum net worth requirement.
The FSC wants to ensure consumers are protected as financial services become more accessible through digital platforms through the introduction of open banking.
South Korea’s financial regulator has announced the first nine fintech services that it will allow to operate in its regulatory sandbox.
Only 100 P2P lending platforms are expected to qualify for new licences under the new registration system set to be introduced later this year.
Following two months of industry deliberation, the FSC has said the new open banking system will be piloted in October, and fully implemented in December.
The purpose of the project is to help the IMF and World Bank staff become more familiar with the principles behind DLT, as well as its challenges and real world applications.