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.
Domestic brokerages Phillip Securities and iFAST prepare to draw up applications digital banking licence to fend off competition from foreign entrants and domestic banks expanding into brokerage business.
October’s 10-bank pilot attracted over 5.5 million bank accounts with the open banking service now expanded to include eight additional banks and fintech firms.
The China Banking Association is working to develop technology standards to facilitate data analysis, while also ensuring adequate security and data quality management.
A bill passed by the national policy committee will subject digital asset businesses to penalties for not meeting FATF standards in their oversight systems for preventing money laundering.
The DLT project was first announced in September, and will first test trading with bonds before expanding to equities, derivatives and investment funds.
We need to enable a wider application of technology to AML work in the sector, deputy chief Arthur Yuen said at the HKMA's its first AML/CFT RegTech Forum on Friday.
The MAS has received indications of interest for bitcoin and ether derivatives, regulated under the SFA, to be made available to investors in Singapore.