China Construction Bank was fined, while senior executives and responsible personnel at Shanghai Pudong Development Bank and Guangfa Bank were punished individually.
October 21, 2020Credit bureaus will be subject to similar technology risk management requirements and cyber security measures as required of other financial institutions in Singapore.
October 20, 2020The financial system is only as strong as its weakest link, the FSB says, encouraging the use of the final toolkit to enhance cyber incident response and recovery activities.
October 20, 2020The revisions will enhance governance, improve board and senior management accountability, strengthen capital and risk management requirements, and raise penalties for violations.
October 19, 2020Fitch Ratings says the new regulations for conglomerates with interests in financial services will help contain systemic risks by limiting irregular financial activities and misconduct.
October 19, 2020A new State Council guideline promotes the issuance of domestic shares to purchase overseas assets, and greater inbound investment from qualified foreign investors.
October 18, 2020By end-2020, firms should be in a position to offer non-LIBOR loans to customers. By 25 January, firms should adhere to the ISDA fallbacks protocol.
October 18, 2020Global stablecoin arrangements are expected to adhere to all applicable regulatory standards and address risks to financial stability before commencing operation, the FSB says.
October 13, 2020The majority of authorities surveyed by the FSB had a SupTech, innovation or data strategy in place. SupTech is most commonly used in regulatory reporting and data management.
October 12, 2020The BSP will no longer consider a distinction between a basic and advance digital bank, according to a revised circular issued for industry review and feedback.
October 9, 2020