Market Infrastructure

ISDA Unveils Preliminary Results of 2nd IBOR Fallbacks Consultation

31/07/2019

For USD LIBOR, HIBOR and CDOR fallbacks, respondents prefer ‘compounded setting in arrears’ for the adjusted RFR and the ‘historical mean/median approach’ for spread adjustments.

Fintech / Regtech

India Enables Consent-Based Financial Data Sharing

26/07/2019

Four years of collaboration between India’s major financial regulators has resulted in a new platform that enables financial services providers to share data with other institutions based explicitly on user consent.

Hong Kong Names Eddie Yue as New HKMA Chief

26/07/2019

Yue is the “person best suited for this position”, said Hong Kong’s Financial Secretary Paul Chan announcing the appointment on Thursday.

Fintech / Regtech

Govt Panel Formally Recommends Complete Crypto Ban in India

24/07/2019

An inter-ministerial committee has formally recommended a complete ban on cryptocurrencies in India and to punish any crypto-related activity with up to 10 years’ jail.

AML / KYC

HKMA Grades SVF Sector as ‘Medium Risk’ in Latest AML/CTF Assessment

22/07/2019

While most of the sector presents low risk, higher risk has emerged in SVF products that allow overseas cash withdrawals, cross border remittances, and person-to-person transfers.

Fintech / Regtech

BOT Concludes Project Inthanon’s Second Phase

22/07/2019

Phase 2 used smart contracts to automate bond lifecycle events, and introduced pre-validation to reduce error and fraud in funds transfers. Phase 3 will be a joint effort with the HKMA.

Fintech / Regtech

Philippine SEC Consults on Draft Rules for Digital Asset Exchanges

19/07/2019

The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.

Big Picture

Competitive Dynamics in Banking Intensify Across APAC: S&P Global

18/07/2019

Indigenous virtual banks, global digital-only banks, and digitised traditional banks are all vying for market share, says a new report from S&P Global Ratings.

Capital / Liquidity

Singapore Can Withstand Severe Adverse Shocks: IMF

17/07/2019

The IMF says Singapore’s financial system would continue to be resilient even under very adverse scenarios, but that foreign currency liquidity risk needs to be addressed.