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Cybersecurity
Equifax to Pay Up to $700m to US Authorities for 2017 Data Breach
By Editors | 24/07/2019
The penalty amounts allocated to the consumer compensation fund represent less than 3 US dollars for each of the estimated 147 million consumers who had their data stolen in 2017.
Cloud & Infrastructure
SFA, AFIN Agree to Jointly Promote Fintech Marketplace APIX
By Editors | 24/07/2019
The Singapore Fintech Association will leverage its network to promote the APIX platform to fintech firms worldwide, while AFIN connects banks with fintechs through the platform.
Data Privacy
Australia to Re-Introduce Open Banking Legislation This Week
By Editors | 23/07/2019
The Australian Banking Association welcomes the re-introduction of the legislation, following a lapse earlier this year when the federal parliament was dissolved.
KYC & CDD
SET Unveils Gateway to Access National Digital ID Platform
By Editors | 22/07/2019
The new gateway will reduce the setup costs required to access the NDID and enable financial firms to enable full digitisation of customer onboarding more quickly.
Cryptocurrency
Philippine SEC Consults on Draft Rules for Digital Asset Exchanges
By Manesh Samtani | 19/07/2019
The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.
Cybersecurity
New Zealand FMA Assesses Financial Sector Cyber Resilience
By Editors | 18/07/2019
Market participants appear to be relying heavily on protective measures, while underinvesting in detection measures as part of their overall cyber-resilience, the FMA said.
Cloud & Infrastructure
Competitive Dynamics in Banking Intensify Across APAC: S&P Global
By Manesh Samtani | 18/07/2019
Indigenous virtual banks, global digital-only banks, and digitised traditional banks are all vying for market share, says a new report from S&P Global Ratings.
Custody & Infrastructure
UPDATED – Bitpoint Japan Loses $28m in Crypto in Hot Wallet Hack
By Editors | 15/07/2019
The majority of the stolen funds belonged to clients and were held in hot wallets. Crypto exchanges in Japan are required to hold client assets offline in segregated cold wallets.
Cybersecurity
FSB Seeks Industry Input on Cyber Incident Response and Recovery
By Editors | 15/07/2019
The survey will inform the FSB’s development of a toolkit of effective practices for responding to and recovering from cyber incidents.
Anti-Money Laundering
OCBC to Speed Up Police Investigations with Automated Data Retrieval
By Editors | 11/07/2019
OCBC Bank and the Singapore Police Force are collaborating on a new project to reduce the amount of time it takes for investigators to access banking information to just 1-2 days.
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