Payments & Settlements

Payments & Settlements

RBA Asked to Require Banks to Provide Least-cost Routing Options

By Editors | 03/09/2021

Treasurer Josh Frydenberg has asked the RBA to consider mandating the issuance of dual-network debit cards for major and medium-sized banks.

CBDCs

BIS, Four Central Banks Partner to Test Cross-Border CBDC Use

By Sanday Chongo Kabange | 03/09/2021

The BIS Innovation Hub Singapore Centre will test CBDCs for international settlements with the RBA, MAS, BNM and SARB.

Payments & Settlements

PBOC Introduces New Business Reporting Rules for Payment Firms

By Editors | 02/09/2021

Nonbank payment firms must report new products and services, stock market listings, capital increases and other activities classified as ‘significant matters’.

Structural Regulation

S. Korea Bans Payment Monopolies in App Stores

By Sanday Chongo Kabange | 02/09/2021

South Korea is the first country to pass legislation forcing companies like Apple and Google to offer payment alternatives in their app stores.

Data Privacy

RBI Halts Plan to Allow New Umbrella Entities in Retail Payments

By Editors | 01/09/2021

The decision is reportedly based on data security concerns following recent breaches at payment firms and non-compliance by global payment giants with India’s data localisation rules.

Payments & Settlements

MAS Grants New Payment Services Licences to FOMO Pay

By Manesh Samtani | 01/09/2021

MAS has granted three new licenses to FOMO Pay, including a DPT services licence. More new licences are expected to be announced shortly.

Payments & Settlements

Australia Payments System Review Exposes Regulatory Gaps

By Sanday Chongo Kabange | 31/08/2021

The review recommends enhancing the government’s powers to protect the payments system. A single, integrated licensing framework for payment services should also be introduced.

Payments & Settlements

IMF Spotlights Legal Challenges of Fintech for Central Banks

By Sanday Chongo Kabange | 30/08/2021

A new IMF paper discusses the impacts fintech will have on currency issuance, monetary policy implementation, and payment system soundness, among other functions of a central bank.

Clearing & Post-Trade

ASIFMA Warns SEBI Against Move to T+1 Settlement

By Ranamita Chakraborty | 30/08/2021

SEBI has established a panel of experts to look into moving from T+2 to T+1. ASIFMA says such a move will prove problematic for global investors.