Payments & Settlements

China Directs Banks to Use Yuan in Cross-border Transactions

17/01/2023

Banks are directed to prioritise the use of the yuan in cross-border trade, as well as in overseas investment and financing transactions.

Cryptocurrency

Nepal ISPs Ordered to Block Crypto Websites, Apps

17/01/2023

Nepal declared crypto illegal in September 2021. The order for ISPs and email providers to block crypto websites and apps is new.

Fraud, Scams & Cybercrime

BitConnect Victims Receive $17mn Restitution from Crypto Fraud

16/01/2023

BitConnect was an online crypto lending platform that collapsed in 2018, causing investor losses estimated at over USD 2.4 billion.

Market Abuse

Indonesian Court Imposes $370m Fine for Stock Manipulation

16/01/2023

The fine is one of the largest ever in an Indonesian corruption case. Prosecutors reportedly plan to appeal the ruling to seek the death penalty.

Cloud & Infrastructure

Korea to Start Charging for Use of Open Banking Platform

16/01/2023

The FSS will develop billing standards and retroactively calculate fees MyData service providers will have to pay in 2024 for their usage in 2023.

Cloud & Infrastructure

China to Fully Digitalise Bank Confirmation Letter Issuance

16/01/2023

Banks are directed to allow accounting firms to use digital platforms to request and receive confirmation letters for use in audits.

Reporting & Disclosures

WWF-Singapore Publishes Sustainable Banking Assessment 2022

16/01/2023

The report calls on financial sector regulators to implement and align E&S risk management requirements for banks to ensure financial stability.

Structural Regulation

Schroders Wins Approval to Set Up Mutual Fund Unit in China

16/01/2023

The Schroders approval follows several other new approvals for foreign-owned mutual fund businesses, granted to Neuberger Berman, Fidelity International, and Manulife.

Data Privacy

CBIRC Issues New Rules on Reporting Regulatory Statistics Data

15/01/2023

Banks and insurers are required to manage statistical reporting work centrally, from a dedicated department, and to establish data review, governance, and quality control mechanisms.