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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.
Trading & Investment
China, Hong Kong to Establish Wealth Management Connect Scheme
By Editors | 07/11/2019
The scheme will enable residents of Hong Kong and other GBA cities to invest in wealth management products in each other’s market through their respective banking systems.
Payments & Settlements
Hong Kong Enables Govt Bill Payment Via FPS QR Code
By Editors | 04/11/2019
Bills related to tax, government rates and rent, and water will be issued with FPS QR codes moving forward.
Cloud & Infrastructure
S. Korea Launches 10-Bank Pilot of Open Banking System
By Editors | 31/10/2019
Initially, bank customers will be able to access services from 10 banks, before the system is expanded to other banks and fintech firms in December.
Payments & Settlements
NPP Australia Unveils Roadmap for New Payments Capabilities
By Editors | 30/10/2019
The roadmap includes the development of new structured data capabilities, third party payment initiation, and the ability to link regular payments to a mobile number.
Structural Regulation
Trade Woes Prompt Easing of China’s Forex Rules
By Editors | 28/10/2019
SAFE will ease controls on equity investment from non-investment foreign firms, among 12 measures to help draw overseas funds into the domestic market and facilitate cross-border trade.
Payments & Settlements
Cambodia Announces Soft Launch of New Payment System
By Editors | 24/10/2019
Launched in partnership with 7 financial institutions, the new system will enable real-time interbank transfers, mobile payments, and QR code payments.
Payments & Settlements
Philippines to Adopt QR Codes for Payments Nationally
By Editors | 24/10/2019
Once the national QR code standard is established, bank and non-bank payment providers will have 30 days for adoption. Those already offering QR-enabled payments will have until mid-2020.
Supervision & Enforcement
MAS, CBIRC Enhance Cross-Border Supervisory Cooperation
By Editors | 22/10/2019
The MOU will enhance supervisory cooperation and facilitate information exchange between the two regulators in the areas of banking and insurance supervision and crisis management.
Trading & Investment
Singapore Banks Gain Access to China Interbank Bond Market
By Editors | 17/10/2019
The PBOC will allow designated Singapore banks to offer trading and custody services for China’s bond market, starting with DBS.
Payments & Settlements
Korea to Pilot Open Banking Platform From 30 Oct
By Editors | 16/10/2019
Banks and fintechs will pilot test the ability of customers to manage multiple bank accounts and withdraw and transfer money from within a single app.
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