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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.
Payments & Settlements
Korea FSC Adjusts Card Processing Fee Rates
By Editors | 24/12/2021
The revised fees will take effect from January 2022 and save businesses almost half a trillion won.
Payments & Settlements
Bank Indonesia Launches New Fast Payments System, BI-Fast
By Sanday Chongo Kabange | 24/12/2021
BI-Fast lowers the interbank transfer fee, set at IDR 2,500 (USD 0.18) per transaction, down from the usual IDR 6,500 fee for interbank transfers. 21 banks have so far enrolled on BI-Fast.
Payments & Settlements
Cambodia, Laos to Step Up Cross-Border Cooperation in 2022
By Editors | 23/12/2021
The National Bank of Cambodia and Bank of the Lao PDR will cooperate on payment innovation and cross-border connectivity, among other areas.
Data Privacy
Australian Treasury Confirms Plans to Expand Consumer Data Right
By Mark Johnston | 23/12/2021
Action initiation functionality will be applied first in the banking sector to enable the development of new, competitive and consumer-focused payment services.
Payments & Settlements
Singapore, Shanghai Bolster Collaboration in Finance, Innovation
By Darien Choong | 22/12/2021
A public private sector workgroup was established by MAS and the Shanghai Municipal Financial Regulatory Bureau to deepen bilateral financial cooperation and connectivity.
CBDCs
PBOC to Connect Digital Yuan to HK Faster Payment System
By Sanday Chongo Kabange | 22/12/2021
The second phase of the ongoing CBDC trails between the Mainland and Hong Kong will involve connecting e-CNY wallets to Hong Kong’s FPS.
Payments & Settlements
HKMA Directs Banks to Use Name Matching in Fund Transfers
By Editors | 21/12/2021
Banks are directed to perform name matching for fund transfers over HKD 10,000 to reduce the chance of error inputs by customers.
Structural Regulation
Korea to Improve Foreign Access to Domestic Currency Market
By Editors | 17/12/2021
The move is aimed at helping Korea win inclusion in the MSCI developed markets index. Currently, there is no offshore currency market for the won.
Payments & Settlements
BNM Proposes New Rules For Payment System Operators
By Mark Johnston | 17/12/2021
BNM proposes governance, risk management and operational requirements to ensure safety, efficiency, reliability and confidence in payment systems.
Trading & Investment
Shanghai Bourse Set to Launch New Bond Trading System
By Manesh Samtani | 15/12/2021
The new system – to be launched on Monday – adds a night trading session, uses RTGS settlement, and allows multilateral netting, the SSE says.
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