Amex Affiliate Wins Approval to Enter China Bank Card Market
The affiliate, 50 percent owned by Amex subsidiaries, will be able to operate a credit card payment network that will allow Amex-branded cards to be used in China.To continue reading... Sign in...
View ArticleMore Chinese Institutions to be Designated ‘Systemically Important’
Regulators will designate more financial institutions as 'too big to fail' and subject them to additional prudential and supervisory requirements.To continue reading... Sign in Password * Remember me...
View ArticlePBOC Consults Internally on Draft Rules for Financial Conglomerates – Report
New rules for financial holding companies could include requirements on capital adequacy, caps on non-financial assets, and segregation of business units.To continue reading... Sign in Password *...
View ArticleBigTechs Contribute to Efficiency – and Risk – in Financial Services
A BIS working paper says BigTechs enhance competition, financial inclusion and efficiency in financial services, but they also concentrate market power and give rise to systemic risk.To continue...
View ArticleHKMA Grants Four More Virtual Bank Licences
Ant Financial, Tencent, ICBC Asia, HKEX, Xiaomi and Ping An are among the backers of the four licence recipients, bringing the total number of virtual banks in Hong Kong to eight. The HKMA (Hong Kong...
View ArticleHSBC Scraps Fees Ahead of Virtual Bank Launches
HSBC will remove below-balance, counter transaction and annual fees for most personal savings accounts as it braces for incoming competition from newly approved virtual banks.To continue reading......
View ArticleFacebook’s Libra – An Enabler of Money Laundering?
Regulators need to get up to speed with Facebook’s stablecoin technology so they can assess how it mitigates money laundering risks and where its weaknesses lie, says ComplyAdvantage CEO Charles...
View ArticleThe Rise of Digital Banks in Asia Raises Compliance Questions
The entrance of FinTech and BigTech firms into banking is forcing incumbents to adapt, but it should not come at a cost to compliance obligations, writes Claus Christensen at Know Your Customer Ltd....
View ArticlePBOC Issues Draft Rules for Financial Holding Companies
Financial holding companies controlled by non-financial enterprises that meet certain conditions will be supervised by the PBOC, with licences issued by the State Council.To continue reading... Sign in...
View ArticleUncovering the Terms and Conditions for Technology
Legislators and industry leaders need to work together to ensure the benefits of innovation do not come at the cost of fairness, choice, and privacy, says Zilliqa co-founder Max Kantelia. Amid the...
View ArticleSingapore Brokerages to Enter Race for Digital Bank Licenses
Domestic brokerages Phillip Securities and iFAST prepare to draw up applications digital banking licence to fend off competition from foreign entrants and domestic banks expanding into brokerage...
View ArticleUPDATED – Fifteen Known Applicants for Singapore Digital Bank Licences
Grab, Singtel, Razer, Ant Financial, V3 Group, EZ-Link, iFast Corporation, ByteDance, AMTD, Xiaomi, PhillipCapital, Temasek, Enigma Group and Singapura Finance are among applicants. 7 Jan 2020 –...
View ArticleUPDATED – 21 Digital Bank Licence Applications Received: MAS
MAS will announce the successful applicants in June 2020. The new digital bank licencees will be expected to commence business by mid-2021. 8 Jan 2020 – updated to include Funding Societies consortium...
View ArticlePBOC Reverses No Interest Policy for Payments Companies – Report
The PBOC will pay just 0.35% annually on customer money that payments firms hold with the central bank, but the move marks a reversal of an earlier decision to pay no interest.To continue reading......
View ArticleQME to Leverage Blockchain to Standardise Warehouse Receipts
HKEX's Qianhai Mercantile Exchange will use blockchain tech from Ant Financial to provide verifiable warehouse receipts which will help commodities businesses to obtain financing.To continue reading......
View ArticleMalaysia to Boost Digital Payments with $110m Giveaway
Every Malaysian aged 18 years and above, and earning less than 100,000 ringgit a year, is eligible to receive a one-off 30 ringgit through one of three e-wallet companies.To continue reading... Sign in...
View ArticleGoldman, Morgan Stanley Approved to Control China Securities JVs
The two US banks have approval to raise their stakes in their securities joint ventures to 51%. On 1 April, foreign ownership caps for securities firms and fund managers will be scrapped entirely.To...
View ArticleFund Houses Plot China Growth Plans After Rules Relaxed
With full ownership now on the table and various alternatives also open, foreign fund groups in China are weighing how to expand into a fast-changing market with lots of potential. Foreign and domestic...
View ArticleIndia to Tighten KYC Rules for Hong Kong, China FPIs
Alongside stricter KYC procedures during FPI registration, India may set a 10% beneficial ownership cap on foreign investment from China including Hong Kong. India is reportedly considering additional...
View ArticleMAS Seeks Cooperation with China on Green Finance
MAS managing director Ravi Menon suggests that China and Singapore work together to create frameworks for green and sustainability-linked loans, customised for Chinese and Singaporean SMEs.To continue...
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