AI, Technology & Data

AI Risk & Governance

Taiwan FSC Consults on AI Use Principles for Financial Industry

By Editors | 16/08/2023

The six core principles cover governance, fairness, privacy, security, transparency and sustainable development.

Data Privacy

HKMA Asks Banks to Participate in New Data Sharing Initiative

By Editors | 15/08/2023

The Interbank Account Data Sharing Initiative will enable banks to share bank account data with other banks, subject to customer consent.

Cloud & Infrastructure

India Contemplates New Law to Regulate Big Tech

By Sanday Chongo Kabange | 15/08/2023

An MCA-led committee led will this month complete the first draft report on the need for ex-ante regulation for big tech firms via a new law.

Cloud & Infrastructure

RBI To Introduce Public Tech Platform for Credit Data

By Ranamita Chakraborty | 15/08/2023

Following the pilot, the Indian central bank will expand the platform’s scope and coverage to include more products, information providers and lenders.

AI Risk & Governance

Taiwan FSC to Establish New Rules for Robo-Advisor Services

By Editors | 15/08/2023

Robo wealth management services are currently being offered by 16 financial institutions. Legislation will be ready in H1 2024.

Data Privacy

China State Council Unveils 24 Measures to Lure Foreign Firms

By Editors | 14/08/2023

Measures include commitment to explore enhanced mechanism for cross-border data flows, and a “green channel” for foreign firms to carry out security assessments for the export of data.

AI Risk & Governance

RBI Awards AI-based SupTech Contract to McKinsey, Accenture

By Editors | 14/08/2023

The RBI invited expressions of interest last September. The $10mn contract has now been awarded to McKinsey and Accenture.

Payments & Settlements

RBI Announces Planned Upgrades to UPI System

By Editors | 13/08/2023

One new feature will enable users to initiate UPI transactions by conversing with an AI-powered system. Japan is exploring a potential UPI linkage.

KYC & CDD

Bangladesh Banks Directed to Simplify Account Opening for NRBs

By Editors | 12/08/2023

Banks are directed to launch digital systems to enable non-resident Bangladeshis to open accounts and invest in the country from overseas.