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Reporting on regulatory developments, innovations, and risks in payment systems and settlement processes essential for the transfer of money and securities.
Clearing & Post-Trade
SWIFT Launching New Service to Reduce Settlement Fails
By Editors | 02/10/2022
The service will use UTIs to enable automated tracking of both sides of the transaction by all market participants involved.
PEPs & Sanctions
Turkish Banks to Stop Using Russia’s Mir Payment System
By Editors | 30/09/2022
Three Turkish state banks will stop using the Mir system in response to guidance issued by OFAC earlier this month. Two others stopped last week.
CBDCs
BIS Innovation Hub Nordic Centre Launches Retail CBDC Project
By Editors | 30/09/2022
The central banks of Israel, Norway and Sweden will develop a “hub” to which they will connect their domestic proof-of-concept CBDC systems.
Data Privacy
Australia Proposes Framework to Enable CDR ‘Action Initiation’
By Editors | 30/09/2022
Consumers would be able to instruct businesses to make payments, open and close accounts, switch providers, and update personal details on their behalf.
Structural Regulation
HKMA Unveils Details of Financial Forum to be Held in November
By Manesh Samtani | 29/09/2022
Financial Secretary Paul Chan said this week that “bold reforms” are in the pipeline to attract talent and enterprises to the city.
CBDCs
BIS Announces Successful Completion of mBridge CBDC Pilot
By Editors | 29/09/2022
The month-long testing phase facilitated more than 160 transfers and FX exchanges worth USD 22 million on the mBridge Ledger.
Payments & Settlements
SEBI Developing New Settlement Process for Stock Market
By Editors | 28/09/2022
Under the new system, funds for secondary stock market transactions would be blocked until securities settlement is done.
Payments & Settlements
MAS, IMDA Propose Measures to Make SGQR More Interoperable
By Manesh Samtani | 28/09/2022
Merchant acquirers will have to remove all proprietary static QR code payment labels. A new fee model will be introduced for SGQR members.
Payments & Settlements
Taiwan to Allow Insurers to Bring Investment Income Home
By Editors | 26/09/2022
Taiwan’s central bank may allow insurers to remit their overseas investment income back home to ease pressure on the TWD.
Cybersecurity
HKMA Issues Guidance on Protecting Payment Card Data
By Manesh Samtani | 26/09/2022
The guidance emphasises the need for due diligence of third-party service agents, ongoing monitoring, and prompt reporting of incidents.
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