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Coverage of regulatory trends, risks, and innovations in the adoption of cloud services and critical infrastructure for financial institutions.
Payments & Settlements
RBI Launches New Services to Drive Digital Payments Adoption
By Editors | 15/03/2022
UPI-based instant payments can be enabled on some 400 million feature phones in India that do not have an internet connection.
Structural Regulation
SFC, HKEX Fine HSBC Securities for Regulatory Breaches
By Editors | 04/03/2022
The firm made errors when assigning BCANs to clients. It also oversold China securities due to deficiencies in its order management and algorithmic trading systems.
Cloud & Infrastructure
FSC Korea Issues Guidelines on Mobile Bank Apps
By Editors | 01/03/2022
Banks are expected to introduce updated versions of their mobile applications to make them more “senior friendly” by the first half of 2023.
Cloud & Infrastructure
RBI Directs Selected NBFCs to Centralise Core Systems
By Sanday Chongo Kabange | 28/02/2022
Middle and upper layer NBFCs with ten or more places of operation will be required to implement a core financial services solution by 30 September 2025.
Operational Risk
BSP Issues Revised Outsourcing Rules for Banks
By Editors | 27/02/2022
Banks need BSP approval to enter into material outsourcing arrangements. They must also conduct periodic assessments to ensure outsourcing risks are properly managed.
Cybersecurity
Japan FSA to Inspect FIs for Cybersecurity Effectiveness
By Editors | 22/02/2022
The FSA will carry out inspections to verify the effectiveness of cyber security systems at FIs. Common issues and good practices identified will be shared with the industry.
Structural Regulation
RBI to Consolidate Reg Reporting Requirements in Single View
By Editors | 21/02/2022
The RBI will withdraw 100 circulars and consolidate all regulatory reporting and return submission requirements on a single webpage.
Cloud & Infrastructure
HKMA, PBOC Invite Firms to Test Fintech Initiatives Across GBA
By Editors | 21/02/2022
The objective of the link is to provide a “one-stop platform” to allow FIs and technology firms to pilot test their cross-boundary fintech initiatives, concurrently in Hong Kong and GBA cities.
Cloud & Infrastructure
Korea FSS Includes NFT, Metaverse Monitoring in Annual Work Plan
By Sanday Chongo Kabange | 20/02/2022
The FSS said it will strengthen its supervision of “new trading assets such as NFTs” and “prepare countermeasures” if necessary to protect consumers against damage.
Data Privacy
Applications Open for ‘Data Specialising Institutions’ Designation: FSS
By Sanday Chongo Kabange | 16/02/2022
Data specialising institutions are allowed to converge anonymised and pseudonymised data originating from different businesses for analytics purposes.
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