MAS renews plan to establish KYC storehouse; HK and PBoC to collaborate on CBDC; MAS unleashes AI based compliance tool; BoT eases capital restrictions amid baht volatility
Hong Kong's crackdown on backdoor listings now in force; Global financial system watchdog flags stablecoins as huge regulatory risk; API industry standards in the works
FATF releases report on HK anti money laundering framework effectiveness; India central bank directs banks to refer to external benchmarks; MAS kicks off digital bank application process; MAS puts together committee to drive benchmark rate transition
HKMA to get new chief; PBoC rolls out draft rules for financial firms; HK business collective proposes four point resolution to end political impasse; RBI vows to enhance public engagement in new vision document
Jul 29, 2019
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Hong Kong and Singapore are both on the verge of introducing virtual lenders into their markets, but both are taking a contrasting approach to online-only banking. CT takes a look
Both China and Hong Kong are attempting to tackle businesses that have deliberately mis-invoiced goods traded across the border to sneak money offshore.
The HKMA has said that it will continue to integrate its gross settlement system with China’s settlement system CIPS, which will streamline payments and give treasurers access to RMB. But obstacles remain, and no timeframe is set.