AML / KYC

FSC Korea Fines Four Brokers for False Name Accounts

17/05/2019

South Korea’s FSC has fined four local brokerages for holding accounts belonging to Samsung Group chairman Lee Kun-hee under other people’s names.

Market Infrastructure

India to Quadruple Digital Transactions in Three Years – RBI

17/05/2019

In its three year roadmap for India’s payment and settlement systems, the RBI says it expects the number of digital transactions in the country to increase to 87 billion by December 2021.

Fintech / Regtech

Korea Delays Basel III for New Online-Only Banks

17/05/2019

Only Basel I rules will apply for the first three years after launch. Basel III will be phased in from the fourth year onwards, including NSFR and the leverage ratio.

Capital / Liquidity

BSP to Cut Reserve Requirements for Biggest Banks

17/05/2019

The 200 basis point RRR cut will take place over three phases by end-July, and free up an estimated $3.6bn in banking system liquidity.

Securities / Derivatives

‘No Concrete Timetable’ for Shanghai-London Connect – SSE

17/05/2019

The project to link the Shanghai and London stock exchanges has reportedly lost momentum in China, after earlier plans to launch in December were called off.

Fintech / Regtech

Koscom to Open Robo-Advisory Testbed from 3 June

17/05/2019

Robo-advisory services will have to undergo testing and verification before they can be used to directly manage funds and entrusted assets under new enabling FSC regulations.

Market Infrastructure

Hong Kong, Netherlands Agree Mutual Recognition of Funds

16/05/2019

Hong Kong and Dutch regulators have set out a framework for the exchange of information and mutual recognition of funds registered in both jurisdictions.

Market Infrastructure

SGX to Introduce 10-Minute ‘Trade at Close’ Session in June

16/05/2019

SGX will introduce a 10-minute ‘trade at close’ session starting from 3 June. The session will allow participants to execute orders at the closing price of a security.

Fintech / Regtech

S. Korea Accepts Eight More Fintech Sandbox Participants

16/05/2019

The FSC has approved eight more fintech services for the regulatory sandbox, bringing the total number of approved companies to 26.