PBoC lays out three-year plan to channel fintech towards supporting the economy

The People’s Bank of China (PBoC) has laid out a three-year plan to increase the use of technology in the financial sector to improve customer satisfaction, trust and to ensure such services are secure.

Better whistleblower protections go live in Australia

Those who report on wrongdoing within their firms are now better protected from reprisal by their employers, the Australian Securities and Investments Commission (ASIC) said in a statement. 

China plans more cash management product rules

China is apparently planning tougher rules on the pricing and fund inflows into the $2tn cash management products (CMP) industry.

China to further open up foreign ownership of financial firms

China premier Li Keqiang said the country is to scrap all limits on the foreign ownership of Chinese financial firms in 2020, a year earlier than originally flagged.

Australian regulators press banks to act on Libor transition

Several CEOs of large Australian banks have received a joint letter from three Australian regulators urging them to plan for the end of the London interbank offer rate (Libor).

Singapore ponders digital only bank licences

Singapore could be set to join other jurisdictions such as Hong Kong in setting up a special licencing regime for digital only banks to help maintain its position as a cutting edge centre for technology.

ASIC chair outlines new approach to curbing misconduct

Australia’s regulatory approach is all about promoting permanent cultural and behavioural change in institutions individually and the financial services industry more broadly, said James Shipton, chair of the Australian Securities and Investment Commission (ASIC).

Hong Kong’s regulators consult on aligning OTC derivatives regime with global standards

Hong Kong’s regulators are consulting on a series of measures so that the city’s over-the-counter (OTC) derivatives regime closely aligns with international standards.

Hong Kong Stock Exchange

Lost face, lost money: Hong Kong’s empty IPOs

Hong Kong has suffered a series of scandals involving companies listing on its stock market misrepresenting their businesses triggering a series of share price plunges and trading suspensions. The regulator is now fighting back to protect Hong Kong’s reputation as a key global capital market

Hong Kong regulators sound warnings over complex financial structures

Following an inspection of a mainland China-based banking group, Hong Kong’s regulators are asking financial institutions to “urgently” take steps to address risks that could result from complex and opaque structures.