Regulation Asia: Top Ten News Stories for 2020

This list presents the most-read new stories published by Regulation Asia in 2020, based on aggregated user traffic analytics.

Philippines Begins Roll-out of New National ID System (16 Oct 2020)
PhilSys will mean wider inclusion in the financial ecosystem for the unbanked, allowing cash aid, credit and other welfare spending to reach them faster.

Wirecard Fraud: A Timeline of Events (30 Jun 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.

Chinese Regulators to Combine QFII, RQFII from 1 November (28 Sep 2020)
The move to combine the QFII and RQFII into a single ‘qualified foreign investor’ regime is aimed at further easing foreign access to China’s capital markets.

FATF Releases New Report on Trade-based Money Laundering (9 Dec 2020)
A key finding of the report is that greater awareness about all aspects of the trade process would likely increase opportunities to detect and disrupt TBML.

Japan’s New Foreign Investment Rules Take Effect (10 May 2020)
While a series of exemptions for foreign financial institutions have been granted, the new requirements only allow 30 days for full implementation on 7 June.

Known Applicants for Singapore Digital Bank Licences (6 Jan 2020)
Grab, Singtel, Razer, Ant Financial, V3 Group, EZ-Link, iFast Corporation, ByteDance, AMTD, Xiaomi, PhillipCapital, Temasek, Enigma Group and Singapura Finance are among applicants.

HKMA Sets Out Key LIBOR Transition Milestones for Banks (13 Jul 2020)
Fall-back provisions should be in place by January 2021, and authorised institutions should cease to issue new LIBOR-linked products maturing after 2021 by 30 June 2021.

MAS Best Execution Requirements to Take Effect in March 2022 (4 Sep 2020)
Following from a November 2017 consultation paper, MAS has set an 18-month transitional period for Singapore financial firms to comply with best execution requirements.

SWIFT Details How Cyber Criminals Encash Stolen Funds (4 Sep 2020)
In a new report, SWIFT and BAE Systems reveal how cyber attackers launder money and ‘cash out’ following large-scale heists.

Two More Virtual Banks Launch in Hong Kong (1 Oct 2020)
Ant Bank and Ping An OneConnect Bank launched virtual banks in Hong Kong. Fusion Bank is the only virtual bank that has not yet commenced operations.

For our top ten contributed articles of the year, click here.

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