08/05/2020
DBS supports IRAS in digital payment implementation
IRAS now offers PayNow QR as a payment option on its myTax portal for all major tax types
Legal, Regulation & Compliance
08/05/2020
PBoC Magazine Details Baoshang Bank’s Collapse
Suggestions for improving corporate governance and transparency include diversified shareholding structures, strengthened external supervision and better information disclosures.
08/05/2020
Taiwan's BLF incurs loss as Covid-19 hits investments
The seven funds incurred an investment loss of NT$158.2 billion (US$5.38 billion) in the first half of 2020, shedding 3.43% through the six-month period, the BLF says in a statement on August 3.
08/05/2020
Interpol Reveals ‘Alarming Rate’ of Cyberattacks During Covid-19
“The report’s findings again underline the need for closer public-private sector cooperation if we are to effectively tackle the threat Covid-19 also poses to our cyber health.”
08/04/2020
Ex Coutts Banker Fined Over $700m 1MDB Transfer
Despite the unorthodox demand, the Coutts banker – identified as “A” – approved Low’s request to transfer USD 700 million from 1MDB to an account held.
08/04/2020
Policymakers still Needed
Developed market equities returned 4.7% underperforming emerging markets which were up 8.4% led by that strong performance from China.
08/04/2020
HSBC plans up to 3,000 new Asian jobs amid the global carnage
The first batch of 100 “digitally-enabled wealth planners” have been on-boarded in Guangzhou and Shanghai, and the “plan is to reach 2,000-3,000 planners by 2024”, according to Quinn’s presentation slides.
08/04/2020
MAS Enhances its Significantly Rooted Foreign Bank Framework
Under the enhanced SRFB Framework, MAS will consider granting an additional full bank licence to an SRFB that substantially exceeds the SRFB baseline criteria.
08/04/2020
How HSBC’s gamble on China failed to pay off
The group publicly backed Beijing’s controversial Hong Kong security law, angering critics in the west. Welcome to life on a geopolitical fault line, writes James Moore
08/03/2020
Singapore introduces regulatory regime for insolvency practitioners as new law comes into force
Banking law expert Jia Lin Ho of Pinsent Masons, the law firm behind Out-Law, said the legislation was good news for businesses and practitioners.
08/03/2020
China to extend grace period for asset management rules to end-2021
The grace period for implementation had been set for the end of 2020.
08/03/2020
HSBC treads a fine line between angering China and alienating the west
The bank’s support for Hong Kong laws will see boss Noel Quinn in a tricky spot this week as he reveals its latest results
08/03/2020
Islamic finance seen as driver for FDI inflow to Philippines, say govt officials
“Islamic banking will surely help Peza achieve its vision in promoting economic growth in the countryside,”
08/03/2020
Regulatory, legal exam questions trip up advisers
A total of 10,239 advisers sat the exam in June - with the exam held online due to COVID-19 restrictions.
08/03/2020
Culture Audits: Removing the Blindfold
Starling’s annual Compendium series has traced an evolution in thought regarding the supervision and governance of conduct risk among bank regulators and industry leaders, worldwide.
08/03/2020
HKMA Relaxes Rules on Retail Sales of Government Bonds
Where there is no risk mismatch, audio-recording is not required, and a companion for vulnerable customers is not required.
08/03/2020
PBOC Extends Deadline for New Asset Management Rules
The transitional period, originally set for the end of 2020, has been extended to the end of 2021.
07/31/2020
Trade Bodies Jointly Commit to Tackling Market Inefficiencies
With the completion of post-crisis regulatory reforms, market participants are now turning their attention to how they can use new technology solutions to optimise their systems, processes and data, the letter says.
07/30/2020
Singapore's DBS and GovTech pilot Singpass face verification technology
Signing up for digital banking services with DBS just got faster.
07/30/2020
Singapore central bank revokes Apical’s licence for breach of anti-money laundering rules
The central bank reprimanded Yeh Yin Yee and Bernard Kan Cheok Yin, Apical’s only directors, for failing to discharge their duties and functions to ensure compliance with the rules. Mr. Yeh is the firm’s chief executive officer.