AI, Technology & Data

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    Operational Risk

    BNM Penalises Maybank, CIMB for Multiple Service Disruptions

    By Jaya Prakash Balakrishnan | 15/08/2024

    BNM said that CIMB and Maybank’s inability to promptly recover from system disruptions severely impacted customers and counterparties.

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    Cybersecurity

    MAS Partners with Banks and Tech Firms on Quantum Security

    By Nithya Subramanian | 15/08/2024

    MAS and participating banks will experiment with “Quantum Key Distribution” solutions to address the cybersecurity threats posed by quantum computing.

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    Cybersecurity

    FSC Korea Offers Roadmap for Relaxing Network Separation Rules

    By Manesh Samtani | 15/08/2024

    Financial institutions will be allowed to use cloud computing and generative AI provided they have adequate security assurance measures in place.

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    KYC & CDD

    BSP Mandates Acceptance and Verification of Digital IDs

    By Ranamita Chakraborty | 14/08/2024

    Financial institutions in the Philippines must now accept all national ID formats, including digital IDs, after verifying its authenticity.

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    AI Risk & Governance

    HKMA Launches New GenAI Sandbox at Hong Kong Cyberport

    By Sanday Chongo Kabange | 14/08/2024

    HKMA CEO Eddie Yue said sandbox will empower banks to pilot their novel GenAI use cases within a risk-managed framework.

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    AI Risk & Governance

    Taishin Bank Set to Launch Taiwan’s First Responsible AI System

    By Ranamita Chakraborty | 14/08/2024

    Singapore-based cybersecurity firm OneDegree Global will verify the fairness, security, and privacy protection of Taishin Bank’s AI model.

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    AI Risk & Governance

    Taiwan FSC Urges Banks to Embrace Fintech in Lending Practices

    By Nithya Subramanian | 13/08/2024

    The FSC encourages banks to test the use of big data analytics and financial assessment models to replace income documentation for unsecured credit loans.

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    Data Privacy

    RBI Proposes to Introduce Public Repository for Digital Lending Apps

    By Ajoy K Das | 13/08/2024

    The repository will serve as a comprehensive list of digital lending apps that are operated by RBI regulated entities such as banks and NBFCs.

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    Data Privacy

    Australia Outlines Plan for Revamp of Consumer Data Right

    By Manesh Samtani | 13/08/2024

    Assistant Treasurer Stephen Jones said the CDR currently costs too much to implement, which has resulted in little takeup.

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    Structural Regulation

    Taiwan FSC Launches New Policy Communication Platform

    By Nithya Subramanian | 12/08/2024

    The platform will be used to promote open discussions on regulatory issues in the financial industry to enhance Taiwan’s global competitiveness.

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