The guidelines set out principles for the use of facial recognition technology in payments, covering user consent and the collection, storage and use of facial data.
In 3Q 2019, eight Thai banks and two Hong Kong banks (HSBC and ZA Bank) participated in a THB-HKD cross-border corridor network PoC using a CBDC.
The exchange will match buyers and sellers of financial data and facilitate the use of big data analytics to improve product development in the financial industry.
Implementing strict KYC processes to comply with the 'travel rule' may be costly, but it is a necessary sacrifice to build a stronger industry in the long-run, says Michael Ou at CoolBitX.
The progressive development of digitalisation initiatives will bring profound changes to how the HKMA works and further enhance its efficiency, says deputy chief Howard Lee.
The group will assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and share knowledge on emerging technologies.
Industry veteran Jamie Lloyd Evans discusses the introduction of digital identities in Singapore, and what it could mean for banking.
The Digital Dollar Project is a multi-stakeholder initiative to explore options for creating a US dollar CBDC, which would coexist with other Federal Reserve liabilities.
Regulation Asia sat down with Ian Rennie, Managing Director at Kaizen Reporting, to understand how testing reduces costs, improves quality and increases confidence in regulatory reporting.
The guidelines require platform operators to carry out due diligence on prospective issuers of digital tokens, and issuers to satisfy governance and capital requirements.