AI, Technology & Data

Cybersecurity

HK Banks Introducing Biometrics Expected to Comply With IT Upgrade Guidelines

By JP Reimann | 17/04/2018

Secretary for Financial Services and the Treasury expects banks to comply with requirements of HKMA personal data privacy ordinance.

Data Privacy

Singapore Moves Towards Open Banking Without Regulatory Mandate

By Garima Chitkara | 16/04/2018

MAS chief data officer says data sharing between financial firms will happen “organically” without need for regulatory mandate; may release guidelines on ethical data practices.

KYC & CDD

Outsourcing Compliance and Cybersecurity is Increasingly Risky Business

By Peter Guy | 16/04/2018

Recent FCA case highlights cost of mismanaged outsourcing. Potential IT problems are brewing for private equity GPs too as big deals systemically overlap banking system.

Trading & Investment

SFC Eying Rules on Instant Message Trade Orders

By Samuel Riding | 16/04/2018

Executive director also says regulator to develop common standard on the content and format of data required to be kept by investment firms.

Payments & Settlements

HKMA, HKEX Adopt New Messaging Standard

By Editors | 13/04/2018

Monetary authority and stock exchange to use messaging system across cross-border payments and remittances, support ‘open banking’.

Market Data & Technology

India to Level Playing Field Through ‘Managed Co-location Services’

By Garima Chitkara | 12/04/2018

SEBI asks exchanges to provide technical know-how and expertise to small traders that buy their co-location services in order to level the playing field among exchange members.

Data Privacy

Alipay Fined for Customer Rights, Data Protection Failures

By Editors | 12/04/2018

The company did not ensure customers had sufficient product information, failed to comply with rules on customer data, included misleading information in ads.

Data Privacy

India Directs Payment Firms to Store User Data Onshore

By Garima Chitkara | 09/04/2018

Payment service providers have been asked to move all consumer data, including end-to-end transaction details to India within six months to ensure easier access by the central bank for supervisory purposes. Foreign firms to be impacted more than domestic firms.

Cybersecurity

GFMA Publishes Common Approach for Cyber Penetration Testing

By Manesh Samtani | 05/04/2018

New penetration testing framework establishes process for industry-wide cross-jurisdictional coordination on development and use of existing frameworks.