Tag "regulation"

Mastercard’s Entry into China Paints of Picture of China’s Market Liberalisation

Mastercard was granted preparatory approval from the People’s Bank of China (PBOC) to begin setting up a domestic bankcard clearing institution in China, the company announced on February 11. The news is significant for Mastercard, which has been looking to

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China’s P2P Lending Sector Is Coming to an End

Every peer-to-peer (P2P) lending platforms in China must become small loan providers within two years, according to an official notice issued by China’s Internet Financial Risk Special Rectification Work Leadership Team Office. It also states that all outstanding loans must

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Hong Kong Has Issued Regulations for Crypto-Assets — Here Are the Key Takeaways

The Securities and Futures Commission of Hong Kong (SFC) has issued regulations for fund managers investing in virtual assets, setting requirements for the custody of virtual assets, how to manage counterparty risk, and more. On October 4, 2019, The financial

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South Korea Eyeing to Grant More Virtual Banking Licenses

South Korea’s Financial Services Commission (FSC), the government’s top financial regulator, will resume a new round of procedures for granting preliminary approval for digital banks, the FSC said on July 17. Earlier this year, the FSC said it intended to

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New Study Highlights Price Manipulation, Scams and Fraud in Crypto Market

A new report by finance and accounting professor Paul Barnes released in November 2018 explores the cryptocurrency market, highlighting its susceptibility to speculative bubbles, manipulation, scams and fraud. The paper, which was presented at a blockchain and cryptocurrency conference organized

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Virtual Banks to Shake up Hong Kong Banking Landscape

Hong Kong is gearing up for the arrival of virtual banks, or financial institutions without physical branches. The Hong Kong Monetary Authority (HKMA) is set to issue the first batch of virtual bank licenses as early as this year. The

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Government Efforts Push Fintech Innovation In Guangzhou

China is undeniably the world leader in fintech, hosting some of the most innovative and successful companies in the sector, including Alibaba’s Ant Financial worth a whopping US$150 billion and Lufax, China’s largest online wealth management platform worth an estimated

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Hong Kong Remains ICO Crypto Hub Despite Regulator Skepticism

The Hong Kong Securities and Futures Commission (SFC) has taken a critical tone on initial coin offerings (ICOs), qualifying many of these as “dubious, if not downright frauds.” In a speech at the Hong Kong Investment Funds Association on April

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Hong Kong Pushes Fintech Innovation

The Hong Kong government will be allocating HK$500 million over the next five years to support its financial services industry, including the development of fintech, Hong Kong’s financial secretary Paul Chan said on February 28. In his annual budget speech,

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Crowdfunding Fails To Take Off In Hong Kong

In recent years, crowdfunding has emerged as a popular way for individuals, startups and businesses to raise funding from a global audience of investors. Crowdfunding refers to the practice of funding a project or venture by raising money from a

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