Fintech / Regtech

Algorithmic trading is not illegal in Korea, but authorities have long been concerned that the practice may cause market confusion and disadvantage retail investors.

Local and foreign financial institutions and fintech firms are welcome to apply to test new products and services that could enhance financial inclusion and the provision of financial services.

While no immediate financial stability risks have been identified, there may be new issues to consider given the scale of services provided via the cloud and the small number of globally dominant players.

BigTech firms could raise a range of issues for policymakers, warranting additional regulation and/or financial oversight over their activities, the FSB says in a new report.

The pilot will allow the PBOC to explore regulatory tools that it can use as part of a nationwide supervisory framework for fintech.

Japan's antitrust agency is looking into how banks decide fees for using the national interbank funds transfer system and whether they present an entry barrier for fintechs.

The National Internet Finance Association has launched a 23-firm pilot scheme to address concerns around risks to user privacy from financial institutions' mobile apps.

Under the bill, major violations of data privacy norms can be penalised with jail terms, or monetary fines up to 150 million rupees or 4% of a company's worldwide turnover, whichever is higher.

The CBSL is inviting software development companies to apply (by 31 December) to help in the development of a proof-of-concept of a shared KYC facility.

Among other measures, the FSC said that it would promote the use of regulatory sandboxes to produce at least 100 cases of innovative financial services by March 2020.