Philippines

Fintech / Regtech

BSP Set to Issue Digital Bank Licensing Framework

By Editors | 07/07/2020

Foreign individuals will be allowed to own up to 40% of a digital bank, while qualified foreign banks can own up to 100%.

Securities / Derivatives

BSP On Course to Issue Central Bank Securities in Q3

By Editors | 05/07/2020

February 2019 amendments to the Central Bank Act restored the BSP’s authority to issue debt paper as part of its regular operations to manage liquidity and monetary policy.

AML / KYC

Singapore Authorities Probe Two Companies with Wirecard Links

By Editors | 04/07/2020

Citadelle Corporate Services is said to have handled Wirecard monies without a trust business licence. Senjo Group is said to have falsified accounts.

Market Infrastructure

BSP Approves New Payment System Oversight Framework

By Editors | 02/07/2020

The BSP will be empowered to designate a payment system as systemically important, and replace its operator for a failure to satisfy regulatory obligations.

Market Infrastructure

Philippine SEC Seeks Independent Board at Stock Exchange

By Editors | 01/07/2020

The Philippine Stock Exchange currently has three independent directors on its 15-seat board. Under the proposed rules, a majority of the directors will have to be independent.

Capital / Liquidity

BSP Defers Adoption of New Supervisory Assessment Framework

By Editors | 30/06/2020

The six-month deferral is intended to give FIs more time to prepare for implementation, given the impact of the Covid-19 pandemic.

AML / KYC

UPDATED – Wirecard Fraud: A Timeline of Events

By Editors | 30/06/2020

Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.

Market Infrastructure

ASEAN+3 Strengthens Regional Emergency Liquidity Programme

By Editors | 24/06/2020

The 2010 crisis liquidity programme has been revised to reinforce financial support, create additional flexibility, and introduce conditionality.

Enforcement

BaFin Efficacy Called into Question for Wirecard Handling

By Manesh Samtani | 22/06/2020

Last February, BaFin responded to whistleblower allegations and critical media reports by banning short-selling in Wirecard and filing criminal charges against journalists.