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AI, Technology & Data
Fraud, Scams & Cybercrime
Taiwan FSC Issues New Guidelines for P2P Lending Platforms
By Editors | 20/10/2023
P2P platform operators have to implement six risk control mechanisms, including a real-name account system and arrangements for segregating customer funds.
AI Risk & Governance
China Unveils Global AI Governance Initiative at Belt and Road Forum
By Editors | 20/10/2023
The initiative emphasises equal rights for all countries and regions in the development and governance of AI technologies.
Operational Risk
MAS Instructs DBS, Citi to Investigate Delayed Recovery from Outage
By Editors | 19/10/2023
The banks took longer than the required four hours to recover from last Saturday’s outage. MAS said it will take appropriate supervisory actions after gathering the necessary facts.
Cybersecurity
Lloyd’s Simulates $3.5tr Cyber Attack on Financial System
By Mark Johnston | 19/10/2023
Lloyd’s published a scenario that simulates a cyber attack that would cause $3.5tr in global economic losses over five years.
Fraud, Scams & Cybercrime
Singapore Prosecutors Establish Technology and Crypto Crime Task Forces
By Editors | 19/10/2023
Singapore’s Attorney General’s Chambers has established a Technology Crime Task Force and Virtual Currency Task Force.
Cybersecurity
ASIC Warns Firms of Third-Party Cyber Risk
By Mark Johnston | 19/10/2023
44 percent of respondents to an ASIC survey indicated that they did not manage third-party or supply chain risk.
Cloud & Infrastructure
MAS to Cooperate with Saudi Central Bank on Fintech
By Editors | 19/10/2023
MAS and SAMA will enable cooperation between their innovation departments and share information regarding fintech.
AI Risk & Governance
Taiwan FSC Issues Core Principles and Policies on the Use of AI
By Manesh Samtani | 18/10/2023
The FSC has also started developing regulatory guidelines on the use of AI in the financial industry, which will be completed by year-end.
Operational Risk
Kakao Faces Possible Class Action Over Data Centre Fire
By Mark Johnston | 18/10/2023
Lawyer says Kakao owes compensation to users of its platforms who were affected by a fire at its data centre last year.
Data Privacy
China Imposes Controls on Foreign Travel by State Employees – Report
By Mark Johnston | 18/10/2023
The restrictions, also imposed on bankers, are part of a campaign against foreign influence and the risks of espionage by foreign powers.
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