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Operational Risk
CBIRC Issues New Guidelines on Managing Outsourcing Risk
By Manesh Samtani | 10/01/2022
The guidelines emphasise the need for appropriate governance, differentiated controls based on the importance of outsourced functions, and awareness of concentration risk.
Credit Risk
China to Create National Platform for MSME Credit Data
By Editors | 09/01/2022
The platform will amass information about MSMEs from various sources for banks to use when providing credit to MSMEs.
Data Privacy
RBI Issues Eligibility Criteria for Use of Credit Information Services
By Sanday Chongo Kabange | 07/01/2022
More entities will become eligible to tap credit information disseminated by CICs, which observers say will benefit digital lenders and neobanks.
Data Privacy
UK National Security and Investment Act 2021 Takes Effect
By Editors | 07/01/2022
The NSI Act gives the government broader powers to scrutinise and intervene in acquisitions in 17 sectors that could give rise to national security risks.
Cloud & Infrastructure
PBOC Outlines 2022-2025 Fintech Development Plan
By Editors | 07/01/2022
The plan includes measures to strengthen fintech governance, enhance data capabilities, and establish a new ‘green’ data centre.
Cybersecurity
China’s Rules on Cybersecurity Reviews to Take Effect in Mid-Feb
By Manesh Samtani | 06/01/2022
The final rules, proposed in July, require companies holding personal data of more than one million users to undergo a cybersecurity review before they can list overseas.
Structural Regulation
BNM Proposes New Licensing Framework For Digital Insurers
By Sanday Chongo Kabange | 05/01/2022
Digital insurers and takaful operators should have a minimum paid-up capital of MYR 40 million during the foundational phase.
Payments & Settlements
RBI Issues New Framework on Offline Digital Payments
By Mark Johnston | 05/01/2022
Offline digital payments are expected to benefit areas with weak internet or telecom connectivity, particularly semi-urban and rural areas.
Data Privacy
South Korean Financial Institutions Launch ‘MyData’ Services
By Sanday Chongo Kabange | 05/01/2022
On Wednesday, 33 firms started offering MyData services, enabling consumers to centralise management of their data from different institutions.
Reporting & Disclosures
Taiwan FSC Revises Guidelines on Financial Industry Disclosures
By Darien Choong | 04/01/2022
The amendments will enhance disclosures on environmental and social issues, board diversity and independence, and information security policies and risks.
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