Fintech / Regtech

MAS board member Ong Ye Kung pledges to eliminate cheque usage by 2025, while also reducing the need for ATM cash withdrawals, through increased adoption of e-payments.

New report guides digital asset exchanges towards international nest practices for listing processes, market manipulation, pricing and liquidity, AML/KYC and cybersecurity, among other areas.

The HKMA and its new regulations fail to recognise that virtual banking has long existed. Redundant and irrelevant rules only hold back fintech development in Hong Kong.

New rules aim to control growth of the $24.7bn industry by requiring greater disclosures for secured lending, notarised mortgages valuations, among other measures.

Legislation introduced to bring cryptocurrency exchanges under the direct supervision of KoFIU, obligating them to adopt AML/CFT directives including systems to monitor for and report suspicious transactions.

High granularity data for new reporting regime requires reporting of approx. 300,000 data elements, the top concern for Singapore banks next year, according to Wolters Kluwer survey.

Korea Federation of Banks to introduce BankSign system next month; will significantly enhance and simplify user verification process for online and mobile banking through blockchain technology.

Wolters Kluwer research says legacy systems no longer fit for purpose; most firms plan to integrate data in regulatory workflows despite low confidence in data quality.

Theft facilitated by $6.7mn dark web marketplace for crypto-related malware; cryptocurrency exchange most vulnerable to attack.

Central bank to reduce fraud by tokenising checks with blockchain and having operations conducted by smart contracts; new system will remove manual cross-checking process, shorten transaction times to about 3 seconds.