Fintech / Regtech

Crypto / Digital Assets

IOSCO Offers Guidance on Educating Investors on Crypto Asset Risk

By Editors | 29/12/2020

The report identifies the possible risks to retail investors in crypto-assets and describes how regulators can help inform them about these risks.

AML / KYC

UPDATED – FinCEN Proposes Reporting, Recordkeeping Rules for Crypto

By Editors | 23/12/2020

Under the proposed rule, FIs will have to keep records of customers’ crypto transactions and counterparties, and whether they are using unhosted wallets.

Fintech / Regtech

Chinese Fintechs Remove Bank Deposit Products from Online Platforms

By Editors | 23/12/2020

Smaller regional lenders have circumvented the geographical limits of their licences by offering deposit products on online platforms operated by Ant Group and Tencent, among others.

Fintech / Regtech

FSC Korea Expands Open Banking Access, Grants ‘MyData’ Licences

By Editors | 22/12/2020

“With more types of financial institutions joining the open banking system, it will help promote competition and improve consumer convenience,” the FSC said.

Crypto / Digital Assets

UPDATED: US SEC Files Lawsuit Against Ripple, Top Execs

By Editors | 22/12/2020

The lawsuit will allege that Ripple, its CEO and its Co-founder sold unlicensed securities that should be registered with the SEC.

Fintech / Regtech

Fusion Bank Launches Virtual Banking Services in Hong Kong

By Editors | 22/12/2020

The Tencent-backed virtual bank allows customers to bind their bank accounts to WeChat Pay HK for use in making payments in Hong Kong, China and Macau.

Fintech / Regtech

RBI Invites Firms to Test Cross-border Payments Tech in Sandbox

By Editors | 21/12/2020

The RBI has reduced the net worth requirement of participating firms and said it will allow partnerships and LLPs to participate.

AML / KYC

Taiwan to Lower Payment Thresholds for Customer Notification

By Editors | 21/12/2020

The move is aimed at combatting rising financial fraud as consumers increasingly prefer e-payments over the use of credit cards.

Fintech / Regtech

APRA Sets September Go-Live for New Data Collection Solution

By Editors | 21/12/2020

The timing of regulatory data reporting commencing in APRA Connect will vary by industry. Existing data collections for banks will continue through D2A for the time being.