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Structural Regulation
MAS: 14 of 21 Digital Bank Applicants Assessed as ‘Eligible’
By Editors | 18/06/2020
These applicants assessed as eligible will progress to the next stage of assessment, where they will be invited to present their proposals via virtual meetings.
Clearing & Post-Trade
Leveraging Technology and Hong Kong’s Unique Position to Manage Risk
By John Killian | 18/06/2020
Hong Kong markets have continued to operate resiliently, due in large part to the emphasis HKEX places on risk management, says Group Risk Officer John Killian.
Operational Risk
MAS Issues Directions on Safe Re-opening of Financial Sector
By Editors | 16/06/2020
Although access to in-person services will expand, MAS “strongly encourages” FIs and their customers to continue using digital financial services and e-payments as much as possible.
Data Privacy
FSC Korea Outlines Key Policy Tasks for H2 2020
By Editors | 14/06/2020
The measures include continued support for businesses and individuals, with some focus being diverted back to pre-Covid policy work to support innovation and data-driven initiatives.
Payments & Settlements
RBI Updates Oversight Framework for FMIs, Retail Payment Systems
By Editors | 14/06/2020
The framework details the oversight objectives, supervisory processes and assessment methodology the RBI will apply to financial market infrastructures and retail payment systems.
Structural Regulation
Taiwan Fintechs to Gain Access to Canada’s Securities Sandbox
By Editors | 12/06/2020
The CSA sandbox allows firms to obtain exemptive relief from securities law requirements to test new products and services in the Canadian market on a time-limited basis.
Fraud, Scams & Cybercrime
Korea: Unauthorised Toss Payments Prompt Wider Review of Fintechs
By Editors | 12/06/2020
The FSS is considering conducting reviews of some 40 fintech companies after eight unauthorised transactions were detected on Viva Republica’s payments platform Toss.
Structural Regulation
Xiaomi-AMTD Joint Venture Launches Hong Kong Virtual Bank
By Editors | 11/06/2020
Airstar Bank commits to becoming “Everyone’s Bank”, contrasting itself with conventional banking models which focus on high net-worth individuals.
Cloud & Infrastructure
SFA Launches Self-assessment Framework, Toolkit for FinTechs
By Manesh Samtani | 10/06/2020
The framework and toolkit allow FinTechs to benchmark themselves against minimum standards on outsourcing, technology risk, and cyber hygiene, helping to fast-track onboarding with FIs.
Data Privacy
FSC Korea Opens Applications for New Data Specialist Designation
By Editors | 10/06/2020
Designated ‘data specialising institutions’ will be able to use anonymised and pseudonymised customer data for statistical and industry research and for public documentation purposes.
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