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Cybersecurity
Banking on API Management to Succeed in the Digital World
By David Chan | 16/06/2021
AdNovum’s David Chan discusses the need to safeguard APIs as financial institutions increasingly seek to digitalise their services.
Cybersecurity
Hong Kong Needs New Cybersecurity Legislation: FSDC
By Manesh Samtani | 16/06/2021
The FSDC recommends the development of legislation to provide legal certainty and protection, clarity on cross-border data transfers, and a framework for accountability.
Conduct, Culture & Accountability
Japan FSA Considers Sanctioning Mizuho for System Glitches
By Ranamita Chakraborty | 15/06/2021
A new report from a third-party committee has attributed the bank’s system failures to poor corporate culture within Mizuho Financial Group.
Data Privacy
China Passes Data Security Law, Effective in September
By Manesh Samtani | 15/06/2021
Companies that provide data to foreign judicial or law enforcement agencies without approval can have their business licences revoked and be penalised up to CNY 5 million.
Anti-Money Laundering
AUSTRAC Seeks Input to Develop New Reporting Systems
By Editors | 14/06/2021
Input is sought as part of a discovery phase of a four-year systems transformation programme to replace ‘AUSTRAC Online’.
Model Risk
ISDA Chief Calls for Use of Common Risk Data Reporting Standard
By Ranamita Chakraborty | 14/06/2021
CRIF will reduce the risk data reporting burden, increase the accuracy and consistency of the information reported, and allow for more automation.
Structural Regulation
Shenzhen to Further Open to Foreign Financial Institutions
By Editors | 14/06/2021
Shenzhen’s five-year plan calls for the establishment of foreign-controlled securities firms, investment funds, futures companies and insurers in the city.
Cloud & Infrastructure
UOB Pilots Digital Signing Capability via SingPass
By Editors | 14/06/2021
UOB is testing the use of GovTech’s ‘Sign with Singpass’ to allow a set of retail and corporate customers to confirm transactions and product applications.
Cloud & Infrastructure
BIS, BOE Launch Innovation Hub London Centre
By Editors | 12/06/2021
The launch is part of a plan to expand the global reach of the BIS Innovation Hub, which includes the opening of Centres in Toronto, Frankfurt, Paris and Stockholm.
Structural Regulation
FSC Korea Grants Preliminary Approval to ‘Kakao Insurance’
By Sanday Chongo Kabange | 11/06/2021
This first time the FSC has granted approval for digital insurance business to a new entrant that is not already an insurer.
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