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Structural Regulation
Financial Firms Offered Incentives to Set Up Shop in Shenzhen
By Sanday Chongo Kabange | 19/04/2022
Newly registered financial enterprises that choose to be headquartered in Shenzhen will be offered a one-off incentive worth up to CNY 50 million.
Cloud & Infrastructure
FSC Korea to Relax Network Separation, Cloud Computing Rules
By Sanday Chongo Kabange | 19/04/2022
The rule amendments seek to address excessive regulations that have hindered digital transformation efforts in the financial sector.
Structural Regulation
China to Unify Domestic Markets to Prevent Unfair Competition
By Editors | 19/04/2022
China will cultivate a unified national ecological and environment market and create unified carbon emissions and water rights trading markets.
Payments & Settlements
HKMA Asks Banks to Help Reactivate Dormant Mainland Accounts
By Editors | 18/04/2022
Hong Kong customers are facing difficulties reactivating their Mainland accounts due to travel restrictions preventing them from visiting the banks’ branches in person.
Fraud, Scams & Cybercrime
Vietnam Rushes to Finalise Regulatory Framework for Fintech Activities
By Mark Johnston | 17/04/2022
The SBV has warned of fraud incidents involving e-wallets and asks banks to monitor the use of data by fintechs until the new regulatory framework is in place.
Data Privacy
FSC Korea Bolsters Consumer Safeguards in MyData Licensing System
By Editors | 14/04/2022
The FSC will prohibit MyData services providers from buying and selling consumer data, and start conducting post-licensing inspections to ensure adequate protections are in place.
Emerging Prudential Risks
ASEAN Ministers, Central Banks Prioritise Financial Stability, Inclusion
By Sanday Chongo Kabange | 14/04/2022
Finance ministers and central bankers have committed to promoting financial stability, financial inclusion and banking integration in the ASEAN region.
Cybersecurity
Singapore Starts Licensing Cybersecurity Service Providers
By Darien Choong | 14/04/2022
Firms that provide penetration testing or managed security operations centre monitoring services have to apply for a licence by 11 October.
Cloud & Infrastructure
Australia, Singapore to Deepen Collaboration via ‘FinTech Bridge’
By Editors | 13/04/2022
The bilateral FinTech Bridge will enable stronger cooperation and collaboration on policy and regulation to better support the cross-border growth of the fintech industry.
Anti-Money Laundering
AUSTRAC Offers Update on Work to Enhance Reporting System
By Editors | 13/04/2022
The IFTI-E schema version 2.0 will be finalised in the next few months. This will be used to enable the upload of IFTI-E reports through a new API and user interface.
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