Residents of Suzhou, an ancient city in the Yangtze Basin, recently pioneered China’s new digital currency – and banks and fintechs are taking note.
Asia-Pacific
SFC wants to tighten requirements for Hong Kong licensed financial professionals
A consultation by the Hong Kong Securities and Futures Commission would see licensed financial professionals needing to have higher minimum academic qualifications and undergo further training.
Trade associations launch Asia-Pacific charter to drive market consistency
A group of industry associations have come together to launch an Asia-Pacific Indications of Interest (IOIs) charter to provide transparency and consistency for market participants.
Singapore looking to allow foreign banks to set up digital-only subsidiaries
The Singapore Monetary Authority (MAS) said it is thinking of allowing foreign banks with a significant local presence to open digital-only banking units.
Ryozo Himino appointed to lead Japan’s FSA
Ryozo Himino took over from Toshihide Endo as commissioner of Japan’s Financial Services Agency (FSA) and will focus on keeping the country’s financial regulatory frameworks in line with global rules.
HKMA sets out Libor transition timetable for banks
On July 31, the Hong Kong Monetary Authority (HKMA) announced its London interbank offered rate (Libor) transition milestones to alternative reference rates (ARRs) for financial institutions operating in the territory.
APRA gives green light for banks and insurers to resume dividend payments
Banks and insurers can resume dividend payments to shareholders provided payouts are limited to 50% of profits, the Australian Prudential Regulation Authority (APRA) said on July 29.
China cracking down on market abuse by listed companies
China is taking a zero-tolerance stance towards financial fraud, insider trading and market manipulation, warned Yi Huiman, chairman of the China Securities Regulatory Commission (CSRC) at a national investor protection day event.
Ashley Alder to lead SFC for three more years from September
Ashley Alder, the CEO of the Securities and Futures Commission (SFC), who was due to step down in September, will stay in charge for another three years, according to the Hong Kong government.
Diverging approaches to IFRS 9 loan provisioning raise APAC fragmentation fears
Although there are common themes among approaches, Asia-Pacific regulators have been pursuing their own measures for how banks should provision for bad loans under IFRS 9, raising fears of further fragmentation. By Victor Smart
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