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Securities / Derivatives
BSP Approves Sale of Unit Investment Trust Funds via Third Parties
By Editors | 26/09/2020
New rule amendments allow trust corporations to offer their investment products through third-party distributors, including individual and institutional agents.
BSP Orders Mandatory 60-Day Moratorium on All Loans
By Sanday Chongo Kabange | 23/09/2020
Lenders are asked to implement a mandatory one-time 60-day grace period for all loans falling due on or before 31 December 2020.
Fintech / Regtech
BSP Launches Digital Payment Platform for Retail Transactions
By Sanday Chongo Kabange | 14/09/2020
The New Order of Payment System, or NOPS, is a secure web-based system that offering various channels through which payments can be made to the BSP.
Securities / Derivatives
BSP to Start Issuing Debt Securities Next Week
By Editors | 10/09/2020
The BSP’s authority to issue its own debt paper was restored through legislation passed last year. The first auction of BSP securities will take place on 18 September.
Market Infrastructure
BSP, OJK Sign MoU on Financial System Development
By Sanday Chongo Kabange | 07/09/2020
As part of the MoU, the BSP and OJK have reportedly lined up talks in the areas of supervisory frameworks, consumer protection, financial inclusion, fintech and capacity building.
ESG / Sustainability
NGFS Publishes Two-year Work Programme, New Charter
By Editors | 07/09/2020
A new NGFS workstream being created will identify missing data items needed for effective climate-related and environmental risk analysis.
Fintech / Regtech
BSP Targets September Issuance of Digital Banks Framework
By Editors | 06/09/2020
Separately, new legislation is under development to expedite the digital banking sector, targeted to pass by the end of 2020.
AML / KYC
BSP Confirms Ongoing Probe into State-run Bank Over Cyber Theft
By Sanday Chongo Kabange | 05/09/2020
Over $3mn was stolen from United Coconut Planters Bank through fraudulent ATM withdrawals and online transfers over a three-day holiday in June.
BSP Proposes to Impose Cap on Credit Card Finance Charges
By Editors | 31/08/2020
The BSP says it is looking to impose a maximum finance charge equivalent to an effective annual interest rate of 24 percent for credit card cash advances and installment purchases.
Capital / Liquidity
BSP Relaxes Real Estate Lending Limits for Banks
By Editors | 21/08/2020
The higher limit will encourage bank lending to households for the acquisition or construction of a residential real estate property the BSP said.
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