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HKMA Publishes Corporate Resilience Standards
The Hong Kong Monetary Authority has published operational resilience standards and required implementation measures to manage major risks of remote working.
Hong Kong Banking Fintech Platform to Tie up with PBOC
Hong Kong banks and fintech tech firms will work more closely with Chinese banking regulators in developing trial fintech services following an agreement between the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBOC).
Singaporean Public Companies to See Greater ESG Disclosure
Public companies in Singapore should be required to provide qualitative information to help investors better understand the company’s ESG reporting information and investors should be informed, leading global investment manager BlackRock has recommended
Rules Come into Effect for Thai and Malay Banks to Set Up in Each Other’s Markets
Thai and Malaysian banking institutions have been invited to indicate their interest to be a Qualified ASEAN Bank (QAB) in Malaysia and Thailand, which would pave the way for their operation in respective markets.
China’s Big Banks to Tighten Capital Reserves
Chinese banks will be required to increase their capital reserves, reduce their leverage ratio and file group-level recovery plans and disposal plan proposals under changes to banking regulations targeting the systemically important banks.
Singapore and India to Introduce Cross-Border Payments
In line with plans to facilitate cross-border payments within ASEAN, Singapore’s Monetary Authority of Singapore (MAS) and the Reserve Bank of India have announced plans to link Singapore’s PayNow and India’s Unified Payments Interface (UPI) real-time payment systems by July 2022.
Thai Public Companies Advised to Disclose Digital Assets Exposure
Thailand’s Securities and Exchange Commission (SEC) has issued a warning to publicly listed companies over proposed investments in invest digital assets, advising them to consider disclosing information related to digital asset investment to the market
China re and China Re P&C Issue First Insurance-linked Security
China Reinsurance (Group) Corporation and the China Property & Casualty Reinsurance Company Ltd have issued the first insurance-linked security in the form of a catastrophe bond.
Hong Kong Takes the Lead in Forging Plans Central Bank Digital Currency
The Hong Kong Monetary Authority (HKMA) has issued an invitation for industry and academic to provide input on a proposed architecture for a retail central bank digital currency
South Korea’s FSC Expands Availability of Fractional Trading
South Korea’s FSC has announced plans to reform its current fractional trading system and make fractional trading of both domestic and foreign stocks available as part of plans to expand the options available to local investors.
South Korea Proposes Higher Penalties and Enhanced Corporate Governance Requirements
Investors failing to abide by report significant holdings in public securities will be subject to greater fines, firms issuing private convertible bonds (CBs) or bonds with warrants (BWs) will be required to file material disclosures earlier, and newly listed companies will have submit additional financials to the market.
China to Investigate Banking Regulators and Stock Exchanges for First Time in Years
China’s Communist Party leadership has launched a round of inspections of the country’s banking regulators, stock exchanges, the biggest state-owned banks, as well as bad-debt managers for the first time in several years.
CBIRC Updates Bank Ratings Guidelines
The China Banking and Insurance Regulatory Commission (CBIRC) has issued updated measures governing the supervisory ratings of commercial banks. The measures consist of five chapters and 27 articles, including general provisions, ratings elements and rating methods, rating procedures, guidance on the application of rating results, and by-laws, which regulate the supervisory rating of banking institutions in general.
Chinese Online Mediation and Litigation Rules Extend to Banking and Insurance Sector
China’s China Banking and Insurance Regulatory Commission (CBIRC) and the Supreme People’s Court have launched an online litigation and docking system to handle a growing number of banking and insurance industry disputes.
Further MAS Consultation on FI Business Continuity Resilience
The Monetary Authority of Singapore has issued a second consultation on proposed revisions to its Guidelines on Business Continuity Management aimed at encouraging financial institutions to take an end-to-end view to ensure the continuous delivery of critical business services.
New BIS Asian Green Bond Fund
The opportunities for Asian central banks to invest in green environmental projects in Asia will be expanded vastly from January 2022 with the launch of a Bank for International Settlements (BIS) Asian Green Bond Fund.
China Introduces New Rules to Prevent Major Shareholder Abuse of Position
Major shareholders in China will be prevented from improperly interfering with the operation of banking and insurance institutions by using other licensed institutions to agitate for them at shareholder meetings.
Singapore and Malaysia to Phase in Interbank Consumer Payments
Consumers in Singapore and Malaysia are expected to soon be able to make inter-bank payments between the two countries using their mobile phone numbers.
South Korea to Reform Asset-Backed Securities Issuances
South Korea is further opening up its asset-backed securities market, abolishing the requirement for issuance to be restricted to companies with a credit rating of BB or higher.
New AML/CFT Risk Assessment Guidelines Come into Effect in Hong Kong for Financial Institution
Financial institutions operating in Hong Kong are subject to new AML/CFT risk assessment guidelines when dealing with customers under updated rules that have come into effect.