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China

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

Open Banking

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,”

Taiwan Virtual Banking

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

China Wealthtech

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

Wealthtech

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

Korea Lending

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

China

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

China Lending

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

Blockchain/Bitcoin

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

Korea Virtual Banking

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