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Market Infrastructure
RBI Proposes Authorisation of New Retail Payment Systems
By Editors | 12/02/2020
The draft framework is said to be aimed at addressing concerns that the NPCI has become ‘too big to fail’ and presents increased concentration risk.
Enforcement
US Charges 4 Chinese Military Officers for Equifax Hack
By Editors | 12/02/2020
The four Chinese nationals are charged for breaking into Equifax’s computer systems to steal US citizens’ personal data and sensitive trade secrets.
Market Infrastructure
Indian Banks Association Pushes for LIBOR Transition Readiness
By Editors | 12/02/2020
The IBA has written to companies asking them to assess the impacts that the LIBOR phase-out will have on their businesses, and to prepare accordingly.
Market Infrastructure
Hong Kong Considers Reforms to Data Privacy Laws
By Editors | 12/02/2020
Key recommendations include higher penalties for breaches, mandatory data breach notifications, and a requirement for clear personal data retention policies.
Market Infrastructure
China Green Lights Mastercard JV to Enter Bank Card Clearing Market
By Editors | 12/02/2020
The approval follows a commitment from China to expedite pending licence applications from US payments providers as part of the phase one trade deal.
Fintech / Regtech
Federal Reserve Explores Feasibility of US Dollar CBDC
By Editors | 11/02/2020
The Fed is exploring policy and design issues, legal considerations, and financial stability and resilience implications, governor Lael Brainard says.
Market Infrastructure
Sri Lanka Should Start LIBOR Transition ‘Immediately’ – ICRA
By Editors | 11/02/2020
The central bank, financial institutions, and companies must assess the impact, and the LIBOR transition should start “immediately”, says ICRA Lanka, a Moody’s group company.
ESG / Sustainability
FSAP Stress Tests to Prioritise Climate Risk Assessments: IMF
By Manesh Samtani | 08/02/2020
The IMF is adding climate-related factors to its existing stress-testing methodology to help government and private-sector leaders prepare for potential financial shocks.
Market Infrastructure
RBA Considers Mandating ‘Least Cost Routing’ – Reports
By Editors | 07/02/2020
Forcing banks to route payments through EFTPOS rather than Visa or Mastercard could save retailers an estimated A$500mn a year.
Market Infrastructure
US, Singapore Jointly Declare Opposition to Data Localisation
By Editors | 06/02/2020
The US and Singapore support allowing financial service suppliers to transfer data across borders and oppose generally applicable data localisation requirements.
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