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Structural Regulation
Philippine Lawmaker Proposes Regulatory Framework for Virtual Banks
By Editors | 08/01/2020
The bill proposes that the BSP grant five virtual bank licences every year for at least five years, and to allow both financial and non-financial firms to apply.
Payments & Settlements
India’s NPCI Unveils DLT Based Platform to Further Streamline Payments
By Editors | 07/01/2020
The Vajra Platform will enhance data security and transparency, facilitate real-time transactions and reduce reconciliation challenges and processing errors, the NPCI said.
Structural Regulation
UPDATED – 21 Digital Bank Licence Applications Received: MAS
By Editors | 07/01/2020
MAS will announce the successful applicants in June 2020. The new digital bank licencees will be expected to commence business by mid-2021.
Trading & Investment
HKEX Chief Lays Out Vision for Decade Ahead
By Editors | 07/01/2020
Charles Li says HKEX will leverage the disruptive power of technology to enhance connectivity between China and the rest of the world in stock, bond and commodity markets.
Cybersecurity
Open Banking Reveals Security Risks at Korean Fintech SMEs
By Editors | 30/12/2019
More than 40 fintech SMEs reportedly could not pass the security checks required for final approval to participate in the open banking initiative.
Structural Regulation
Malaysia Issues Draft Licensing Framework for Digital Banks
By Manesh Samtani | 28/12/2019
Foreign financial institutions will be allowed to hold a majority stake, but preference will be given to applications where Malaysian nationals own the controlling equity interest.
Anti-Money Laundering
HKMA Publishes Highlights from First AML/CFT RegTech Forum
By Manesh Samtani | 27/12/2019
Access to quality data and a more proactive knowledge sharing approach are critical to moving to intelligence-led methods in financial crime risk management.
Anti-Money Laundering
Taiwan FSC Outlines Bank Examination Priorities for 2020
By Editors | 26/12/2019
The FSC’s Financial Examination Bureau will reportedly focus on compliance with rules on AML, corporate governance, information security, consumer protection and personal data protection.
Cloud & Infrastructure
ASIC Publishes Findings from 2019 Regtech Initiatives
By Editors | 25/12/2019
Participants said the exponential growth in data volume means the financial services industry must consider implementing regtech as an ‘imperative’ to undertake risk management and compliance functions.
AI Risk & Governance
HKMA Publishes Report on AI Adoption by Hong Kong Banks
By Manesh Samtani | 24/12/2019
The lack of employees with AI expertise was cited by 70% of respondents as the top barrier to AI adoption, according to a survey.
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