AI, Technology & Data

Data Privacy

From Data Governance to Data Culture: BCBS 239 and Beyond

By Garima Chitkara | 10/10/2019

Asian firms need to look beyond regulatory compliance with respect to data to ensure the most effective use of their data resources.

Payments & Settlements

MPFA to Complete eMPF Platform Bidding Process by Year-End

By Editors | 09/10/2019

Hong Kong’s MPF System relies on cheque settlement, manual handling and paper transactions. The MPFA aims to launch a new ‘eMPF Platform’ in 2022.

KYC & CDD

BOT Plan to Allow Biometric e-KYC Delayed in Testing

By Editors | 09/10/2019

The BOT had planned to allow the use of biometric identity verification for account opening by Q3 this year, but testing in the sandbox has not yet been completed.

Cryptocurrency

Korean Court Orders CoinOne to Compensate Hacked Client

By Editors | 07/10/2019

South Korean crypto exchange CoinOne has been ordered to repay a client after a hacker who stole his login information was able to withdraw 25mn won over the withdrawal limit.

Structural Regulation

New HKMA Chief Signals Priorities for Term Ahead

By Manesh Samtani | 04/10/2019

Incoming HKMA chief Eddie Yue vowed to defend Hong Kong’s currency peg, promote market development opportunities, and foster a better ecosystem for fintech, regtech and suptech.

Payments & Settlements

SWIFT, HSBC to Define Common API Standard for Hong Kong

By Editors | 04/10/2019

The new standard will re-use ISO 20022 components to ensure interoperability with Hong Kong’s clearing and settlement systems, facilitating the next phases of open banking in the city.

Data Privacy

Hong Kong Making Slow Progress on Open Banking: S&P

By Editors | 03/10/2019

S&P Global Ratings says Hong Kong’s approach to open banking makes it hard for third-party service providers to participate, limiting the potential of the new digital ecosystem.

Data Privacy

ACCC Selects Ten Firms to Test Open Banking Data-Sharing

By Editors | 01/10/2019

The ten companies will work with Australia’s big four banks to test the data-sharing ecosystem through open banking APIs in the lead up to open banking’s official launch in February.

Cybersecurity

Singapore FIs Need Stronger Cyber Risk Culture: MAS CSAP

By Editors | 01/10/2019

CSAP members cite poor risk culture as a frequent contributing factor during cyber incidents, highlighting that clear expectations must be set at the board and senior management level.