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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
RBI Mandates LEI Use for Large Payments via RTGS, NEFT
By Manesh Samtani | 06/01/2021
From 1 April 2021, all non-individual bank customers initiating or receiving transactions over 500m rupees via the RTGS or NEFT systems will need an LEI.
Payments & Settlements
China Relaxes Restrictions on Cross-Border RMB Business
By Editors | 05/01/2021
Domestic banks can open personal RMB accounts for Hong Kong and Macau residents, which can be used to receive up CNY 80,000 daily from same name accounts.
Payments & Settlements
BSP Consults on Draft Policies to Strengthen Payment Systems
By Editors | 03/01/2021
The first draft policy covers governance policies for payment system operators. The second covers the local adoption of the PFMI for designated payment systems.
Trading & Investment
S. Korea Selects Market Makers for Won-Yuan Direct Market
By Editors | 03/01/2021
The selected banks will play a leading role in price formation and in supplying liquidity to the KRW/RMB direct trading market.
Clearing & Post-Trade
HKEX Clears First Cross Currency Swaps for Japanese FIs
By Editors | 29/12/2020
Japan’s FSA granted HKEX’s OTC Clear a licence allowing it to offer clearing services to Japanese financial institutions in January 2020.
Payments & Settlements
Shanghai International Energy Exchange Optimises FX Conversion Model
By Editors | 23/12/2020
To date, FX conversion has been carried out daily. Under the new model, FX conversion can be carried out for overseas participants on a monthly basis.
Data Privacy
FSC Korea Expands Open Banking Access, Grants ‘MyData’ Licences
By Editors | 22/12/2020
“With more types of financial institutions joining the open banking system, it will help promote competition and improve consumer convenience,” the FSC said.
Payments & Settlements
Fusion Bank Launches Virtual Banking Services in Hong Kong
By Editors | 22/12/2020
The Tencent-backed virtual bank allows customers to bind their bank accounts to WeChat Pay HK for use in making payments in Hong Kong, China and Macau.
Trade Based Money Laundering
Regulation Asia: Top Ten News Stories for 2020
By Editors | 22/12/2020
This list presents the most-read new stories published by Regulation Asia in 2020, based on aggregated user traffic analytics.
Payments & Settlements
RBI Invites Firms to Test Cross-border Payments Tech in Sandbox
By Editors | 21/12/2020
The RBI has reduced the net worth requirement of participating firms and said it will allow partnerships and LLPs to participate.
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