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MAS and AMBD have committed to new areas of cooperation, including financial sector development, cross-border supervision, crisis management and AML/CFT.

FIs will have to adopt provisions in financial contracts binding counterparties to temporary stays on termination rights that may be imposed by the HKMA during bank resolution.

The CFTC has ordered Propex Derivatives to pay $1mn, comprising restitution, disgorgement, and a civil monetary penalty. The DOJ has also entered a deferred prosecution agreement with the firm.

In 3Q 2019, eight Thai banks and two Hong Kong banks (HSBC and ZA Bank) participated in a THB-HKD cross-border corridor network PoC using a CBDC.

For homes worth more than THB 10 million, first home buyers have to pay a minimum down payment of 10%, compared to 20% earlier.

Banks and insurers are required to complete complaints handling processes within 15 days in cases where the facts are clear and the matter in dispute are simple.

State-owned enterprises may only engage in derivatives trading for hedging purposes. Speculative derivatives trading is explicitly prohibited.

The exchange will match buyers and sellers of financial data and facilitate the use of big data analytics to improve product development in the financial industry.

Implementing strict KYC processes to comply with the 'travel rule' may be costly, but it is a necessary sacrifice to build a stronger industry in the long-run, says Michael Ou at CoolBitX.

The progressive development of digitalisation initiatives will bring profound changes to how the HKMA works and further enhance its efficiency, says deputy chief Howard Lee.