AI, Technology & Data

Custody & Infrastructure

CBIRC Proposes Stricter Rules for Banks’ Custody Businesses

By Editors | 04/01/2023

The draft rules strengthen requirements on internal governance, risk management systems, data protection and security controls within banks’ custody businesses.

Payments & Settlements

BNM Finalises New Rules for Electronic Money Issuers

By Editors | 03/01/2023

E-money issuers with more than 500,000 active users are subject to stricter governance, business continuity management and technology risk management requirements.

Cybersecurity

Korea FSC to Revise Rules to Mitigate IT Security Risks

By Manesh Samtani | 02/01/2023

On-site inspection will be initiated “immediately” in the event that financial services are interrupted for more than three hours due to a computer accident.

CBDCs

Boston Fed, MIT Conclude CBDC Research Project

By Editors | 02/01/2023

Project Hamilton focused on better understanding the capabilities and limitations of different technologies that might be used to manage and transfer CBDCs.

Cloud & Infrastructure

InvestHK Launches Platform to Promote Fintech Development

By Editors | 30/12/2022

The ‘FintechHK Community Platform’ allows users from fintechs, corporates, investors, and service providers to connect with one another.

Data Privacy

Meta to Pay $725m to Settle Cambridge Analytica Claims

By Editors | 30/12/2022

Facebook allowed Cambridge Analytica to access data of 87 million users. The proposed settlement is the largest ever in a US data privacy class action.

Data Privacy

Korea to Enhance KCIS Data to Facilitate SME Lending

By Editors | 28/12/2022

More granular information on SMEs will be added to the public credit registry. Additional measures will enhance competition in the credit rating market.

Data Privacy

EU Commission Approves Pilot Use Cases for Digital ID Wallet

By Editors | 27/12/2022

The approved pilots cover payments, travel, and business compatibility. The EU Digital Identity Wallet is expected to go live in 2024.

Cybersecurity

FINRA Issues Additional Guidance on Ransomware Risk

By Sanday Chongo Kabange | 22/12/2022

Attacks have proliferated due to the increased use of technology, continued adoption of cryptocurrencies, and the emergence of Ransomware-as-a-Service models.