Anti-Money Laundering

FATF Grants Pakistan More Time to Address AML/CFT Deficiencies

12/04/2020

Pakistan will now have to submit its progress report in August instead of April, and the FATF review scheduled for June will instead take place in October.

Structural Regulation

‘Mox Bank’ Becomes Latest Virtual Bank to Launch HK Pilot

12/04/2020

‘Mox Bank’ – backed by Standard Chartered, PCCW, HKT and Trip.com – has become the third virtual bank to launch pilot services in Hong Kong.

Fraud, Scams & Cybercrime

China Probes Abuse of Epidemic Control Lending Programme

12/04/2020

Local authorities are directed to review the list of companies that received loans under a central bank initiative aimed at channelling low-cost funds into epidemic control.

Liquidity Risk

SC Malaysia Asks Fund Managers to Ramp Up Liquidity Stress Testing

12/04/2020

Stress testing should be conducted more regularly to assess the impact on fund liquidity and redemptions, and to pre-empt liquidity shortages before they occur.

Credit Risk

Australia Commences Coronavirus SME Guarantee Scheme

12/04/2020

The 50% government guarantee under the scheme enables lenders to offer loans to SMEs “cheaply and more freely compared to ordinary business loans”.

Credit Risk

New Zealand: Mortgage Deferrals Will Not Impair Credit Ratings

10/04/2020

Banks have agreed with credit reporting agencies that customers who defer mortgage repayments due to Covid-19 will not have their credit ratings downgraded.

Payments & Settlements

MAS, ABS Push Greater Adoption of Digital Financial Services

10/04/2020

The Association of Banks in Singapore, support by MAS, is offering incentives to encourage uptake and usage of peer-to-peer funds transfer service PayNow.

Trading & Investment

FSC Korea Moves to Support Corporate, Fintech Funding Needs

10/04/2020

Korea’s bond market stabilisation fund has begun operating. Additional support will come through a new bond underwriting programme, P-CBOs, and direct investment into fintechs.

Trading & Investment

SGX Marks First Listing of Dual Class Shares in Digital Ceremony

10/04/2020

AMTD International’s listing ceremony was SGX’s first to be conducted digitally with a live global broadcast. It was also the first SGX listing of a NYSE company.