The new penalty for violations will be capped at 500,000 rupees, or double the amount of contravention, whichever is higher.
The efforts are aimed at developing data from non-financial sources, an electronic identification system, and a suitable regulatory framework.
Herbert Smith Freehills breaks down Malaysia's new framework for digital banks, comparing the regime to those in Singapore and Hong Kong.
HKEX's Qianhai Mercantile Exchange will use blockchain tech from Ant Financial to provide verifiable warehouse receipts which will help commodities businesses to obtain financing.
The latest approval comes over two years after Amex was approved to start preparing a joint venture business with local partner LianLian.
The bills allow the commercial use of unidentified individuals without seeking their consent. A new data exchange will be launched in March.
A retail CBDC could ultimately hurt commercial banks, as it would translate to a fall in deposits and a reduction in the availability of funds for lending to households and businesses, the RBA says.
Regulation Asia sat down with Natalie Curtis, Partner at Herbert Smith Freehills, to understand MAS' new framework on individual accountability and conduct, ahead of its formal introduction expected in early 2020.
Phase two of the DRR pilot highlighted the importance of agreed data standards. An appropriate solution for producing machine-executable regulation has not yet been identified.
The new Banking Act will streamline the licensing process, branch approvals, and adopt a proportionality framework for banking regulations, among other changes.