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Cloud & Infrastructure
FSC Korea Issues Guidelines on Mobile Bank Apps
By Editors | 01/03/2022
Banks are expected to introduce updated versions of their mobile applications to make them more “senior friendly” by the first half of 2023.
Data Privacy
UK, Singapore Bolster Cooperation on Data Flows, Financial Services
By Editors | 01/03/2022
The UKSDEA promotes free flows of data between the UK and Singapore including in financial services. Both countries will work towards recognising each other’s digital identity systems.
Cloud & Infrastructure
RBI Directs Selected NBFCs to Centralise Core Systems
By Sanday Chongo Kabange | 28/02/2022
Middle and upper layer NBFCs with ten or more places of operation will be required to implement a core financial services solution by 30 September 2025.
Operational Risk
BSP Issues Revised Outsourcing Rules for Banks
By Editors | 27/02/2022
Banks need BSP approval to enter into material outsourcing arrangements. They must also conduct periodic assessments to ensure outsourcing risks are properly managed.
Fraud, Scams & Cybercrime
PBOC Warns Credit Repair Firms Against Cheating Customers
By Sanday Chongo Kabange | 23/02/2022
Credit-repair service providers have been falsely telling customers they can change the information in the PBOC’s credit reporting system and delete records relating to overdue debts from credit reports.
Operational Risk
APRA Offers Guidance on Managing Compliance Risk
By Sanday Chongo Kabange | 22/02/2022
APRA wants regulated entities to give compliance risk management the same attention they give to cyber risk, operational risk management and other risk classes.
Cybersecurity
Japan FSA to Inspect FIs for Cybersecurity Effectiveness
By Editors | 22/02/2022
The FSA will carry out inspections to verify the effectiveness of cyber security systems at FIs. Common issues and good practices identified will be shared with the industry.
Structural Regulation
RBI to Consolidate Reg Reporting Requirements in Single View
By Editors | 21/02/2022
The RBI will withdraw 100 circulars and consolidate all regulatory reporting and return submission requirements on a single webpage.
Credit Risk
BNM Allows Individuals to Complete eCCRIS Registration Digitally
By Editors | 21/02/2022
The enhancements make it more convenient and safer for individual users to register for eCCRIS and access their credit reports, for free, BNM says.
Cloud & Infrastructure
HKMA, PBOC Invite Firms to Test Fintech Initiatives Across GBA
By Editors | 21/02/2022
The objective of the link is to provide a “one-stop platform” to allow FIs and technology firms to pilot test their cross-boundary fintech initiatives, concurrently in Hong Kong and GBA cities.
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