AI, Technology & Data

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    Cybersecurity

    BSP Unveils 5yr Financial Services Cyber Resilience Plan

    By Sanday Chongo Kabange | 08/08/2024

    The plan set out key goals, priority actions and milestones to be achieved between 2024 to 2029 to enhance industry resilience against cyber threats.

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    Structural Regulation

    HKMA Consults on Renaming ‘Virtual Banks’ as ‘Digital Banks’

    By Sanday Chongo Kabange | 07/08/2024

    HKMA also published the results of its review of the industry, saying the requirement for virtual banks to primarily deliver retail banking services will be removed.

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    Anti-Money Laundering

    HKMA Expands FINEST Platform to Ten Participating Banks

    By Editors | 07/08/2024

    HKMA’s Raymond Chan said the proposal to expand FINEST to allow sharing of personal account information received broad support.

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    Anti-Money Laundering

    The Case for Change: Leveraging GenAI in Anti-Financial Crime

    By Bradley Maclean | 07/08/2024

    GenAI’s emergence will revolutionise financial crime prevention, but a balanced approach that includes strict oversight will be key to maximising its benefits.

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    Cybersecurity

    HKMA Looks to Bolster Internal Cybersecurity Capabilities

    By Manesh Samtani | 07/08/2024

    HKMA is planning to deploy a new solution to help it identify “assets, vulnerabilities, and potential entry points that could be targeted by attackers” and manage its attack surface.

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    Data Privacy

    US Regulators to Jointly Adopt Common Data Standards

    By Editors | 06/08/2024

    The Federal Reserve, SEC, CFTC and six other agencies will adopt common identifiers including the LEI and UPI.

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    AI Risk & Governance

    SEBI to Overhaul Approval Process for IPOs Using AI

    By Ajoy K Das | 06/08/2024

    A “template fill-in-the-blank IPO document” will be introduced and AI-based tools will be used to review the documents.

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    Cybersecurity

    MAS Paper Warns FIs of Cyber Risks Arising from GenAI

    By Ranamita Chakraborty | 04/08/2024

    The paper focuses on deepfakes, GenAI-enabled phishing, AI-powered malware, data leakage and output manipulation.

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    Payments & Settlements

    RBI Proposes New Framework on Digital Payments Authentication

    By Ajoy K Das | 04/08/2024

    The draft framework would require all digital payment transactions to be authenticated with AFA unless otherwise exempted.

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    Cloud & Infrastructure

    BigTech Integration in Finance Poses Challenges: RBI Report

    By Ajoy K Das | 03/08/2024

    RBI report discusses BigTech in financial services, financial sector digitalisation, international payments initiatives and India’s CBDC.

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