Fintech Reg Update: Gear up for a thriving Lunar New Year.

January 29, 2024
1 min read

TLDR: This article provides an update on fintech regulations and highlights the need for sustainable practices in the financial industry in preparation for the Lunar New Year. Some key points include:

  • The Monetary Authority of Singapore (MAS) is encouraging the use of environmentally friendly currency notes or e-hong baos during the Lunar New Year.
  • The Hong Kong Monetary Authority has launched a pilot for the Interbank Account Data Sharing initiative, allowing customers to share their bank account data with other banks.
  • Regulations for the UK Digital Securities Sandbox have come into force, creating a legal framework for the Bank of England and the Financial Conduct Authority to operate the sandbox.
  • The Fraud Compensation Fund and the Financial Services Compensation Scheme are working together to facilitate compensation payments for financial losses related to occupational pension schemes.
  • The European Council and European Parliament have agreed on an AML package to protect against money laundering and terrorist financing.
  • The International Organization of Securities Commissions (IOSCO) has addressed integrity and investor protection issues in decentralized finance (DeFi).
  • The Reserve Bank of India has enabled Card-on-File Tokenization (CoFT) for cardholders.
  • The Taskforce on Nature-related Financial Disclosures has announced that over 320 organizations from 46 countries have committed to making nature-related disclosures.

These regulatory updates highlight the importance of sustainability and innovation in the financial industry, and the need for continued efforts to align regulations with technological advancements.

Source: Finextra

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