Digital banks should have a minimum paid-up capital of IDR 10 trillion (USD 694 million). However, the capital deposit required at the time of application is IDR 3 trillion.
Fund managers have 12-15 months to comply with the requirements, which cover governance, investment management, risk management and disclosure.
Banks can sell FX without prior BSP approval if they will be used for activities such as online e-commerce payments, certain imports of goods, and fee payments.
City Commercial Banks Clearing Company and the Rural Credit Bank Funds Clearing Centre have launched “one point integration” digital yuan systems.
The law establishes a set of rules for the collection, processing and protection of personal information, effective from 1 November.
The SFC approved HKEX's launch of the new futures contract on Friday, calling it a major milestone for Hong Kong's capital markets.
The probe is a response to a growing scandal involving a local gift card provider, which offered users of its app large discounts and then changed its terms.
The ATO has set out in a discussion paper the most common tax consequences that may arise from the transition from LIBOR to RFRs.
Three governmental agencies have agreed to extend the transaction tax cut for day trading after it expires at year-end.
In the fourth quarter, the frequency at which banks have to report data to the HKMA will also increase from quarterly to monthly, with a simplified reporting template.
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