Tag "regulation"
Hong Kong Releases Consultation Conclusions for Virtual Asset Exchange Licensing Regime
Hong Kong’s Financial Services and the Treasury Bureau (FSTB) has released a paper outlining the conclusions to its consultation on a proposed licensing regime for virtual asset exchanges. The Hong Kong government is proposing legislative changes to enhance anti-money laundering
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Ant Group Ordered to Revamp Its Business As Beijing Pursues Crackdown on Tech Giants
On December 26, 2020, four Chinese financial regulators, including the central bank, summoned Ant Group for regulatory talks, ordering the fintech giant to “rectify” its regulatory violations and “return to its payment origins.” Pan Gongsheng, a deputy governor at the
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Open Banking Development Stalls in Hong Kong
More than two years after the Hong Kong Monetary Authority (HKMA) issued the Open API Framework for the Hong Kong Banking Sector, development of open banking is stalling as the industry “is clouded by uncertainty on data and privacy governance,”
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Taiwan’s First Virtual Banks: The Progress So Far
In July 2019, the Financial Supervisory Commission of Taiwan (FSC) gave its approval for the establishment of three virtual banks, though none of them have launched yet. Line Bank, a consortium led by Japan’s Line, was amongst the three companies
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Robo-Advisors Poised for Growth in China
Though robo-advisors are relatively new in China, they are rapidly rising in popularity, with now roughly 38% of adult Internet users using automated, algorithm-driven financial planning services, according to 2020 survey from Kagan, a research division within S&P Global Market
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Wealthtech Firms Make Their Moves in Hong Kong
With shifting demographics, higher expectations and favorable regulations, wealthtech has become a rapidly growing industry around the world. In Hong Kong, the wealthtech industry is gathering more momentum this year with several notable developments being recorded since the beginning of
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South Korea’s Rapidly Growing P2P Lending Industry Faces Scrutiny
With a mushrooming delinquency rate and investment fraud allegations, South Korea’s rapidly growing peer-to-peer (P2P) lending industry has come under scrutiny. Over the past couple of years, the delinquency rate, or the percentage of loans that are past due, has
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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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