Other Asia Pacific

Resolution & Recovery

CBSL to Require Banks to Maintain Recovery Plans from 2022

By Sanday Chongo Kabange | 24/06/2021

Starting in 2022, Sri Lankan banks with assets above LKR 1 trillion must formulate and submit their recovery plans to the CBSL annually.

Data Privacy

BSP Unveils Open Finance Framework, Plans Tiered Implementation

By Sanday Chongo Kabange | 23/06/2021

The framework promotes consent-driven data portability, interoperability, and collaborative partnerships between FIs and fintech players, the BSP said.

Cybersecurity

Enterprise Ireland, Kapronasia Publish APAC Regtech Study

By Manesh Samtani | 23/06/2021

Lengthy procurement processes, cumbersome IT and security approvals, and implementation complexity are hindering APAC regtech adoption.

Payments & Settlements

Malaysia, Thailand Establish Cross-border QR Payment Link

By Manesh Samtani | 21/06/2021

The first phase of the project, now complete, allows Thai users to make QR code payments to merchants in Malaysia, including for online e-commerce transactions.

Anti-Money Laundering

Philippine SEC Backs Amendments to Bank Secrecy Law

By Ranamita Chakraborty | 21/06/2021

Bank secrecy has prevented the SEC from validating information and establishing the owners of bank accounts linked to securities violations.

Trading & Investment

Hong Kong-Thailand Mutual Recognition of Funds Takes Effect

By Manesh Samtani | 17/06/2021

Hong Kong’s SFC and Thailand’s SEC say the MRF scheme has taken effect. Both have issued new guidance on obtaining authorisation under the scheme.

Structural Regulation

BSP to Issue Strict Regulations On ‘Digital Bank’ Branding

By Ranamita Chakraborty | 17/06/2021

Banks that do not meet specified conditions are prohibited from marketing themselves as digital banks, the BSP said in a circular.

Trading & Investment

Vietnam: HoSE Commences Trials on New Trading System

By Ranamita Chakraborty | 17/06/2021

HoSE has commenced connection trials with securities firms and intends to start functional trials from 26 July.

Anti-Money Laundering

SEC Orders Finance, Lending Companies to Submit AML Plans

By Editors | 16/06/2021

All financing and lending companies have until 21 June to submit plans for implementing a comprehensive and risk-based AML/CFT programme.