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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
HKMA, HKEX Adopt New Messaging Standard
By Editors | 13/04/2018
Monetary authority and stock exchange to use messaging system across cross-border payments and remittances, support ‘open banking’.
Data Privacy
India Directs Payment Firms to Store User Data Onshore
By Garima Chitkara | 09/04/2018
Payment service providers have been asked to move all consumer data, including end-to-end transaction details to India within six months to ensure easier access by the central bank for supervisory purposes. Foreign firms to be impacted more than domestic firms.
Payments & Settlements
PBOC Pilots Phase Two Interbank Payment System
By Editors | 30/03/2018
The second phase of CIPS will pilot at ten banks covering cross-border yuan clearing and settlement for all time zones.
Payments & Settlements
China Opens Door to Foreign Payment Firms
By Samuel Riding | 22/03/2018
Foreign companies will be able to set up individual entities, but must keep systems and data onshore.
Payments & Settlements
Thailand Banks on Blockchain
By Manesh Samtani | 22/03/2018
Central bank plans adoption of blockchain for interbank settlements, bond issuance; leading banks launch joint initiative on blockchain based letters of credit.
Cybersecurity
Systemically Damaging Cyber-attack Inevitable – DTCC
By Manesh Samtani | 21/03/2018
White paper calls for industry collaboration to develop common response and recovery standards and contingencies to mitigate impending attack.
Payments & Settlements
China Minsheng, Ping An Banks Fined for Clearing, Payments Violations
By Editors | 19/03/2018
Banks violated rules on management of clearing, yuan settlement, and NBFI payments; Minsheng Bank’s $25.7mn fine is highest levied in financial industry by PBOC.
Cryptocurrency
Money 20/20: MAS Speaks Out on Crypto Risks, Blockchain
By Manesh Samtani | 17/03/2018
In a speech at Money 20/20 Asia, MAS managing director Ravi Menon spoke about the promise of blockchain technology and containing cryptocurrency risks; AML/CTF risks present a “clear and present danger”.
CBDCs
BIS, CPMI Report Outlines Dangers of Central Bank Digital Currencies
By Manesh Samtani | 14/03/2018
Central bank-issued digital currencies can enhance payments, settlement, efficiency; but financial stability implications warrant consideration.
Payments & Settlements
Taiwan to Explore Blockchain-based Payments System
By Manesh Samtani | 04/03/2018
New central bank governor suggests artificial intelligence, big data and blockchain technology will revolutionise Taiwan’s financial landscape.
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