Cloud & Infrastructure

Structural Regulation

EU to Ramp Up Monitoring of BigTech Financial Services

By Manesh Samtani | 05/02/2024

The provision of financial services by BigTechs does not yet pose a financial stability risk, but policy action may be required as these activities continue to grow.

Cybersecurity

FSC Korea Unveils Rule Changes Targeting Cyber Resilience

By Editors | 04/02/2024

The revisions will make the existing rules simpler and less prescriptive, allowing financial firms more room to make decisions autonomously.

Supervision & Enforcement

RBI Issues Directive on Streamlining Internal Compliance Monitoring

By Ajoy K Das | 01/02/2024

A review found that internal compliance monitoring is still carried out with “significant manual intervention”.

Payments & Settlements

HKMA, BOT to Enhance Cross-border Collaboration

By Sanday Chongo Kabange | 31/01/2024

HKMA and BOT will explore the use of local currencies in cross-border trade and collaboration in financial digitalisation, fintech, and sustainable finance.

Emerging Prudential Risks

APRA Finalises Updates to EFS Reporting Standards

By Mark Johnston | 31/01/2024

The revised standards apply to reporting periods ending on or after 30 June. The updated Priority Listing for Data Items apply to reporting periods ending after 31 October.

Cloud & Infrastructure

Taiwan Won’t Reopen Applications for Online-only Insurers

By Editors | 27/01/2024

Applications submitted in 2022 were not approved. Following a “comprehensive assessment”, the FSC said it will not reopen applications.

Cybersecurity

UK Government Seeks Feedback on Cyber Governance Code

By Mark Johnston | 25/01/2024

The government said that cyber threats should be prioritised as a key business risk, alongside financial and legal challenges.

AI Risk & Governance

China Seeks Feedback on AI Industry Standardisation Plan

By Mark Johnston | 25/01/2024

China’s MIIT has issued draft guidelines for the construction of a comprehensive standardisation system for the AI industry.

Payments & Settlements

Hong Kong to Phase Out Cheques Amid Digital Payments Boom

By Mark Johnston | 23/01/2024

The Hong Kong Association of Banks will set up a task force to explore options for encouraging cheque users to shift to digital payments.