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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.
Structural Regulation
RBA Keeping ‘Close Eye’ on LIBOR Transition Progress
By Manesh Samtani | 18/03/2021
Firms should not wait for a term RFR or credit-spread adjustments to reference in non-derivatives products, says RBA assistant governor Christopher Kent.
Trading & Investment
HKEX Sets Launch Date for Mini USD/CNH Futures
By Editors | 16/03/2021
The new contract will provide investors additional risk management tools, help them optimise their capital efficiency, and support the RMB’s internationalisation.
KYC & CDD
HK, China Working to Simplify Cross-border Account Opening
By Editors | 15/03/2021
Regulators are reportedly working to simplify cross-border bank account opening processes to facilitate the launch of Wealth Management Connect.
Payments & Settlements
China Pilots Greater FX Autonomy for Multinational Companies
By Editors | 14/03/2021
Under the pilot programme, certain multinational companies will be able to purchase foreign currencies at their discretion, rather than seeking authorisation for each transaction.
Payments & Settlements
SWIFT to Launch Enhanced Platform in November 2022
By Editors | 14/03/2021
The first release of the enhanced platform will go live in November 2022, supporting MT messaging and ISO 20022, while also allowing connections via APIs.
Payments & Settlements
Bangladesh Cabinet Approves Bill on Payments Supervision
By Editors | 13/03/2021
The bill is aimed at providing additional safeguards against fraud, allowing Bangladesh Bank to monitor all electronic payments and penalise violations.
Payments & Settlements
Philippine SEC Launches New Online Payments System
By Editors | 13/03/2021
The ‘SEC Payment Portal’ allows for the payment of registration fees, penalties and other fees using other cashless payment options.
Payments & Settlements
ACCC Accepts Visa Commitment to Address Competition Concerns
By Editors | 11/03/2021
Visa is legally bound to ensuring that merchants will not pay higher processing costs if they process debit card payments through eftpos rather than the Visa network.
Payments & Settlements
Myanmar Banks Fail to Resume Operations Despite CBM Order
By Ranamita Chakraborty | 11/03/2021
The banking sector is not fully operational due to staff shortages as employees take part in nationwide protests against the military government.
Payments & Settlements
HKMA Issues Guidance for Bond Connect FX Settlement Banks
By Editors | 09/03/2021
Hong Kong FX Settlement Banks should ensure that FX conversion and hedging transactions arise from “genuine and reasonable” Bond Connect investment needs.
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