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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
Singapore, UAE Conclude Digital Trade Financing Pilot
By Editors | 12/11/2021
The pilot enabled trading counterparties and transacting banks to digitally validate and exchange trade documents in real-time.
Payments & Settlements
Malaysia Joins PoC Project to Test Cross-border Payment Links
By Editors | 11/11/2021
BNM and PayNet are joining Project Nexus, which was first announced in July by BIS Innovation Hub and MAS to explore new cross-border payment linkages.
Anti-Money Laundering
Indonesia, UAE to Cooperate on Payments, Fintech, AML
By Editors | 11/11/2021
Central banks will cooperate on cross-border payments, fintech, and AML. Financial services regulators will cooperate on developing the Islamic finance industry.
KYC & CDD
Wolfsberg Group Endorses ISO 20022 Screening Guidelines
By Sanday Chongo Kabange | 11/11/2021
Wolfsberg Group says the adoption of ISO 20022 enables improved adherence to the group’s own ‘Payments Transparency Principles’.
Payments & Settlements
Bank Indonesia Set to Launch Faster Payment System
By Sanday Chongo Kabange | 11/11/2021
‘BI-Fast’ will enable real-time payments 24/7 for retail customers, and will also be used in cross-border payments in future.
Clearing & Post-Trade
India Recalibrates Approach to Shortening Settlement Cycle
By Editors | 09/11/2021
T+1 settlement will now be introduced in a phased manner, starting with the smallest stocks on 25 February, and ending with the biggest stocks around January 2023.
Payments & Settlements
HK, Mainland Expand Connectivity of Trade Finance Platforms
By Editors | 09/11/2021
Phase 1 connectivity supported exports to Hong Kong and imports from the Mainland, while phase 2 will cover exports to the Mainland and imports from Hong Kong.
Payments & Settlements
Singapore, Philippines to Pursue Cross Border Payment Links
By Editors | 08/11/2021
MAS and the BSP have agreed to pursue real time and QR payment systems links to enable instant, seamless and low-cost cross-border payments.
Payments & Settlements
Singapore Banks to Automate GIRO Application Process
By Darien Choong | 08/11/2021
The current GIRO application process takes three to four weeks to complete. The eGIRO service will reduce turnaround time to a few minutes for consumers.
Structural Regulation
Philippines Streamlines Bank Merger Application Processes
By Editors | 07/11/2021
A five agency agreement will see documentary requirements cut in half and total processing times reduced from 160 to 55 business days.
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