From 5 July, intermediaries can access embedded data in client identity documents for onboarding. Captured biometric data such as a facial image can be used for identity verification.
The initiative effectively extends digital bank licences to non-bank players, as existing banking groups in Singapore already have a framework for setting up digital bank subsidiaries.
The proposals seek to ensure resilience of critical systems, reliability of outsourced services, and appropriate management of cyber and data security risks, among other requirements.
The Global Financial Innovation Network has published a report reflecting on its work over the past year, and its ambitions for the future.
Earlier this month, the RBA called for an enforceable sanctions regime and possible financial penalties for participants that do not deliver core NPP capabilities on time.
Singapore's Liquid Group and Indonesia's CIMB Niaga have established a partnership to accelerate adoption of cross border QR payments.
The updated guidance is intended to help regulated entities comply with APRA’s new cross-industry prudential standard on information security, which comes into force on 1 July.
An element of risk is BigTechs' access to data from existing social media, search engines and ecommerce platforms, which raises competition and data privacy issues.
The FATF has established binding obligations for countries and virtual asset service providers to comply with AML/CTF standards to prevent the misuse of virtual assets.
The FSC lifted restrictions barring brokerage firms from entering the payments business last December. WeChat Pay will be used in Mirae Asset Daewoo's new payment gateway.
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