Other Asia Pacific

Fintech / Regtech

Cambodia to Allow Tourists to Use Bakong Payment App

By Nithya Subramanian | 23/07/2024

Tourists visiting Cambodia will be able to download the Bakong app and use a credit card from their home country to top up the wallet.

AML / KYC

Thai Banks Urged to Tighten Scrutiny of Myanmar Transactions

By Editors | 20/07/2024

Thai Foreign Minister told parliament that the government will meet with banks regarding their due diligence processes for Myanmar transactions.

Vietnam Banks Can Resume Investment-linked Insurance Business

By Nithya Subramanian | 17/07/2024

The decision allows banks to resume selling investment-link insurance products, after the activity was prohibited in March.

ESG / Sustainability

ASIFMA Report Offers APAC Guidance on ISSB Adoption

By Manesh Samtani | 15/07/2024

The report says APAC jurisdictions should adopt IFRS S1 and IFRS S2 simultaneously, to prevent the risk of a “country or market discount”.

Sanctions

Expert Calls for International Sanctions on Myanmar Central Bank

By Editors | 15/07/2024

Sean Turnell says sanctioning the CBM would effectively embargo Myanmar’s entire banking system and limit the SAC’s ability to oppress the Myanmar people.

Crypto / Digital Assets

Cambodian Online Platform Involved in $11bn Illicit Transactions

By Nithya Subramanian | 12/07/2024

A report by Elliptic said that Huione Guarantee hosts merchants providing services to perpetrate deepfake, money laundering, and pig-butchering scams.

AML / KYC

Australia, US to Help Boost Correspondent Banking in Pacific

By Manesh Samtani | 11/07/2024

Australia pledged A$6.3mn in funding to help counter the decline in correspondent banking services in the Pacific.

Sanctions

Thai Banks Facilitating Procurement for Myanmar Military: UN Report

By Nithya Subramanian | 28/06/2024

A UN report identifies 16 banks in seven countries that have processed transactions linked to procurement for Myanmar’s military junta.

AML / KYC

Vietnam Made “Minimal Progress” to Address AML Deficiencies

By Manesh Samtani | 27/06/2024

Vietnam was upgraded on just one recommendation for strengthening its correspondent banking requirements. The country is moved to enhanced follow-up.