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FINTECH / REGTECH
Fintech / Regtech
Australia Introduces Policy for Responsible AI Use in Government
By Ranamita Chakraborty | 21/08/2024
The government will issue a standard for AI transparency statements and further guidance on additional measures over the coming months.
ESG / Sustainability
Singapore Financial Industry Bodies Sign MOU on Skills Development
By Editors | 21/08/2024
Seven associations including IMAS and ABS signed an MOU with IBF and NTUC to promote the adoption of Financial Sector Job Transformation Maps.
AML / KYC
Banks Exercise Caution in Transition to AI-Based AML Systems
By Bradley Maclean | 20/08/2024
Participants at a recent Regulation Asia roundtable in Hong Kong expressed caution, but also optimism, about the use of AI for AML purposes.
AML / KYC
China, US Exchange Letters of Cooperation on Financial Stability
By Editors | 20/08/2024
PBOC and US Treasury officials agreed to strengthen information sharing and coordinate in times of financial stress and operational resilience issues.
Fintech / Regtech
Malaysia’s SC Implements Revised Technology Risk Management Rules
By Nithya Subramanian | 20/08/2024
The revised guidelines include new requirements on reporting to the SC, performing cyber security assessments, and conducting penetration testing.
Big Picture
MIT Researchers Create World’s First Catalogue of AI Risks
By Ranamita Chakraborty | 20/08/2024
The AI Risk Repository reveals that only 10% of AI risks are detected before deployment, underlining the importance of post-launch monitoring.
Fintech / Regtech
HKMA Issues Guidance for Banks on Using Generative AI
By Sanday Chongo Kabange | 20/08/2024
The HKMA encourages banks to proactively explore the use of GenAI to enhance consumer protection and better tailor products to individual customers.
Enforcement
FSS Korea Assessing Data Protection at Naver Pay & Toss
By Editors | 20/08/2024
KakaoPay shared customer credit information with Alipay without consent. The FSS is assessing whether Naver Pay and Toss had similar breaches.
Fintech / Regtech
Getting Your Ducks in a Row for APAC Rules Rewrites
By Priya Kundamal | 19/08/2024
DTCC’s Priya Kundamal discusses the lessons learned from markets that have implemented the first phase of changes to derivatives reporting rules.
Fintech / Regtech
Hong Kong SFC Proposes to Abolish Mixed Media Offers
By Sanday Chongo Kabange | 19/08/2024
The SFC says MMOs have become “obsolete” since the introduction of the paperless listing and subscription regime in 2021.
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